BCB BANCORP INC, 10-Q filed on 11/6/2019
Quarterly Report
v3.19.3
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2019
Nov. 01, 2019
Document And Entity Information [Abstract]    
Document Type 10-Q  
Document Period End Date Sep. 30, 2019  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q3  
Entity Registrant Name BCB BANCORP INC  
Entity Central Index Key 0001228454  
Entity Filer Category Accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   16,478,735
Amendment Flag false  
Current Fiscal Year End Date --12-31  
v3.19.3
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
ASSETS    
Cash and amounts due from depository institutions $ 27,625 $ 18,970
Interest-earning deposits 348,986 176,294
Total cash and cash equivalents 376,611 195,264
Interest-earning time deposits 735 735
Debt securities available for sale 98,218 119,335
Equity investments 5,857 7,672
Loans held for sale 3,195 1,153
Loans receivable, net of allowance for loan losses of $24,691 and $22,359, respectively 2,253,699 2,278,492
Federal Home Loan Bank of New York stock, at cost 15,171 13,405
Premises and equipment, net 20,315 20,293
Accrued interest receivable 8,959 8,378
Other real estate owned   1,333
Deferred income taxes 13,445 13,601
Goodwill and other intangibles 5,570 5,604
Operating lease right-of-use assets 13,951  
Other assets 9,773 9,466
Total Assets 2,825,499 2,674,731
LIABILITIES    
Non-interest bearing deposits 276,235 263,960
Interest bearing deposits 1,987,222 1,916,764
Total deposits 2,263,457 2,180,724
FHLB advances 275,800 245,800
Subordinated debt 36,752 36,577
Operating lease liability 14,054  
Other liabilities and accrued interest payable 11,717 11,415
Total Liabilities 2,601,780 2,474,516
STOCKHOLDERS' EQUITY    
Preferred stock: $0.01 par value, 10,000,000 shares authorized; issued and outstanding 8,340 shares of series C 6%, series D 4.5%, series G 6%, (liquidation value $10,000 per share) and series F 6% (liquidation value $1,000 per share) noncumulative perpetual preferred stock at September 30, 2019 and 7,807 shares of series C 6%, series D 4.5%, (liquidation value $10,000 per share) and series F 6% (liquidation value $1,000 per share) noncumulative perpetual preferred stock at December 31, 2018
Additional paid-in capital preferred stock 25,016 19,706
Common stock: no par value; 40,000,000 shares authorized; issued 18,444,453 and 18,352,748 at September 30, 2019 and December 31, 2018, respectively, outstanding 16,477,235 shares and 15,889,306 shares, at September 30, 2019 and December 31, 2018, respectively
Additional paid-in capital common stock 177,253 175,500
Retained earnings 45,947 38,405
Accumulated other comprehensive (loss) (2,449) (5,076)
Treasury stock, at cost, 1,967,218 and 2,463,442 shares at September 30, 2019 and December 31, 2018, respectively (22,048) (28,320)
Total Stockholders' Equity 223,719 200,215
Total Liabilities and Stockholders' Equity $ 2,825,499 $ 2,674,731
v3.19.3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Sep. 30, 2019
Dec. 31, 2018
Loans receivable, allowance for loan losses $ 24,691 $ 24,691 $ 22,359
Preferred stock, par value per share $ 0.01 $ 0.01 $ 0.01
Preferred stock, shares authorized 10,000,000 10,000,000 10,000,000
Preferred stock, shares issued 8,340 8,340 7,807
Preferred stock, shares outstanding 8,340 8,340 7,807
Common stock, no par value $ 0 $ 0 $ 0
Common stock, shares authorized 40,000,000 40,000,000 40,000,000
Common stock, shares issued 18,444,453 18,444,453 18,352,748
Common stock, shares outstanding 16,477,235 16,477,235 15,889,306
Treasury stock, shares 1,967,218 1,967,218 2,463,442
Series C Preferred Stock [Member]      
Preferred stock, dividend rate 6.00% 6.00% 6.00%
Series D Preferred Stock [Member]      
Preferred stock, dividend rate 4.50% 4.50% 4.50%
Preferred stock, liquidation preference per share     $ 10,000
Series G Preferred Stock [Member]      
Preferred stock, dividend rate 6.00% 6.00%  
Preferred stock, liquidation preference per share $ 10,000 $ 10,000  
Series F Preferred Stock [Member]      
Preferred stock, shares outstanding 6,465 6,465  
Preferred stock, dividend rate 6.00% 6.00% 6.00%
Preferred stock, liquidation preference per share $ 1,000 $ 1,000 $ 1,000
v3.19.3
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Interest and dividend income:        
Loans, including fees $ 28,860 $ 26,019 $ 85,727 $ 69,588
Mortgage-backed securities 652 827 2,160 2,363
Other investment securities 107 116 432 416
FHLB stock and other interest earning assets 1,750 1,009 4,270 2,242
Total interest income 31,369 27,971 92,589 74,609
Deposits:        
Demand 1,898 1,130 5,224 2,902
Savings and club 102 116 325 318
Certificates of deposit 6,603 4,591 18,690 10,726
Total deposits 8,603 5,837 24,239 13,946
Borrowings 2,006 2,054 5,823 4,153
Total interest expense 10,609 7,891 30,062 18,099
Net interest income 20,760 20,080 62,527 56,510
Provision for loan losses 900 907 2,544 4,309
Net interest income after provision for loan losses 19,860 19,173 59,983 52,201
Non-interest income:        
Fees and service charges 855 1,092 2,540 2,773
Gain on sales of loans 89 738 844 1,897
Gain (loss) on bulk sale of impaired loans held in portfolio     107 (24)
Gain on sales of other real estate owned 124 14 177 4
Gain on sale of investment securities 283   304  
Unrealized (loss) gain on equity investments (45) (82) 220 (242)
Other 77 90 179 2,393
Total non-interest income 1,383 1,852 4,371 6,801
Non-interest expense:        
Salaries and employee benefits 7,294 7,156 21,127 20,548
Occupancy and equipment 2,647 2,490 7,926 7,028
Data processing and service fees 776 942 2,128 2,499
Professional fees 368 437 1,474 1,475
Director fees 356 192 990 594
Regulatory assessments (91) 419 783 948
Advertising and promotional 64 129 260 314
Other real estate owned, net (31) 22 77 213
Merger related costs   119   2,303
Other 2,269 2,485 6,558 6,460
Total non-interest expense 13,652 14,391 41,323 42,382
Income before income tax provision 7,591 6,634 23,031 16,620
Income tax provision 2,359 2,040 7,121 5,081
Net Income 5,232 4,594 15,910 11,539
Preferred stock dividends 342 263 1,002 691
Net Income available to common stockholders $ 4,890 $ 4,331 $ 14,908 $ 10,848
Net Income per common share-basic and diluted        
Basic $ 0.30 $ 0.27 $ 0.91 $ 0.70
Diluted $ 0.30 $ 0.27 $ 0.91 $ 0.69
Weighted average number of common shares outstanding        
Basic 16,468 15,789 16,320 15,482
Diluted 16,523 15,896 16,369 15,609
v3.19.3
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Consolidated Statements of Comprehensive Income [Abstract]        
Net Income $ 5,232 $ 4,594 $ 15,910 $ 11,539
Unrealized (losses) gains on available-for-sale debt securities:        
Unrealized holding gains (losses) arising during the period (713) (845) 3,488 (4,189)
Tax Effect 193 155 (861) 967
Net of Tax Effect (520) (690) 2,627 (3,222)
Other comprehensive (loss) income (520) (690) 2,627 (3,222)
Comprehensive income $ 4,712 $ 3,904 $ 18,537 $ 8,317
v3.19.3
Consolidated Statement of Changes in Stockholders' Equity - USD ($)
$ in Thousands
Additional Paid-In Capital [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Series G Preferred Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive Income [Member]
Common Stock [Member]
Series G Preferred Stock [Member]
Total
Beginning Balance at Dec. 31, 2017     $ 177,471 $ 31,241 $ (29,116) $ (3,142)     $ 176,454
Acquisition of IA Bancorp     17,405           17,405
Exercise of Stock Options     2           2
Stock-based Compensation Expense     230           230
Dividends payable on Series C 6%, Series D 4.5%, Series F 6%, and Series G 6% noncumulative perpetual preferred stock       (691)         (691)
Cash dividends on common stock ($0.14 per share declared)       (6,275)         (6,275)
Dividend Reinvestment Plan     247 (247)          
Stock Purchase Plan     321           321
Net income       11,539         11,539
Reclassification of unrealized gains on AFS equity securities       126   (126)      
Other comprehensive income (loss)           (3,222)     (3,222)
Ending Balance at Sep. 30, 2018     195,676 35,693 (29,116) (6,490)     195,763
Beginning Balance at Jun. 30, 2018     195,422 33,571 (29,116) (5,800)     194,077
Stock-based Compensation Expense     66           66
Dividends payable on Series C 6%, Series D 4.5%, Series F 6%, and Series G 6% noncumulative perpetual preferred stock       (263)         (263)
Cash dividends on common stock ($0.14 per share declared)       (2,125)         (2,125)
Dividend Reinvestment Plan     84 (84)          
Stock Purchase Plan     104           104
Net income       4,594         4,594
Other comprehensive income (loss)           (690)     (690)
Ending Balance at Sep. 30, 2018     195,676 35,693 (29,116) (6,490)     195,763
Beginning Balance at Dec. 31, 2018     195,206 38,405 (28,320) (5,076)     200,215
Issuance of stock $ 6,239 $ 5,310         $ 6,239 $ 5,310  
Stock-based Compensation Expense     688           688
Treasury Stock allocated to Common Stock     (5,707) (565) 6,272        
Dividends payable on Series C 6%, Series D 4.5%, Series F 6%, and Series G 6% noncumulative perpetual preferred stock       (1,002)         (1,002)
Cash dividends on common stock ($0.14 per share declared)       (6,516)         (6,516)
Dividend Reinvestment Plan     285 (285)          
Stock Purchase Plan     248           248
Net income       15,910         15,910
Other comprehensive income (loss)           2,627     2,627
Ending Balance at Sep. 30, 2019     202,269 45,947 (22,048) (2,449)     223,719
Beginning Balance at Jun. 30, 2019     201,783 43,347 (22,048) (1,929)     221,153
Stock-based Compensation Expense     291           291
Dividends payable on Series C 6%, Series D 4.5%, Series F 6%, and Series G 6% noncumulative perpetual preferred stock       (343)         (343)
Cash dividends on common stock ($0.14 per share declared)       (2,190)         (2,190)
Dividend Reinvestment Plan     99 (99)          
Stock Purchase Plan     96           96
Net income       5,232         5,232
Other comprehensive income (loss)           (520)     (520)
Ending Balance at Sep. 30, 2019     $ 202,269 $ 45,947 $ (22,048) $ (2,449)     $ 223,719
v3.19.3
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Cash dividends declared (per share) $ 0.14 $ 0.14 $ 0.14 $ 0.14  
Series C Preferred Stock [Member]          
Preferred stock, dividend rate 6.00% 6.00% 6.00% 6.00% 6.00%
Series D Preferred Stock [Member]          
Preferred stock, dividend rate 4.50% 4.50% 4.50% 4.50% 4.50%
Series E Preferred Stock [Member]          
Preferred stock, dividend rate   6.00%   6.00%  
Series F Preferred Stock [Member]          
Preferred stock, dividend rate 6.00% 6.00% 6.00% 6.00% 6.00%
Series G Preferred Stock [Member]          
Preferred stock, dividend rate 6.00%   6.00%    
v3.19.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Cash Flows from Operating Activities:          
Net Income $ 5,232 $ 4,594 $ 15,910 $ 11,539  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation of premises and equipment     2,146 2,039  
Amortization and accretion, net     (2,206) (2,191)  
Provision for loan losses 900 907 2,544 4,309 $ 5,130
Deferred income tax (benefit)     (859) (284)  
Loans originated for sale     (15,065) (17,320)  
Proceeds from sales of loans     13,867 18,740  
Gain on sales of loans originated for sale (89) (738) (844) (1,897)  
Gain on sales of other real estate owned (124) (14) (177) (4)  
Gains on sales of securities available for sale (283)   (304)    
Fair value adjustment of OREO       101  
Unrealized (gain) loss on equity investments 45 82 (220) 242  
(Gain) loss on bulk sale of impaired loans held in portfolio     (107) 24  
Stock-based compensation expense     688 230  
(Increase) in interest receivable     (581) (1,870)  
(Increase) in other assets     (307) (2,637)  
(Decrease) increase in accrued interest payable     (331) 1,132  
Increase in other liabilities     831 1,376  
Net Cash Provided by Operating Activities     14,985 13,529  
Cash flows from investing activities:          
Proceeds from repayments, calls, and maturities on securities available for sale     13,691 20,286  
Purchases of securities available for sale     (1,153) (16,353)  
Proceeds from sales of other real estate owned     2,417 502  
Proceeds from bulk sale of impaired loans held     402 250  
Proceeds from sales of securities available for sale     14,234    
Net decrease (increase) in loans receivable     23,693 (401,888)  
Additions to premises and equipment     (2,168) (829)  
(Purchase) of Federal Home Loan Bank of New York stock     (1,766) (3,381)  
Cash acquired in acquisition       7,597  
Cash paid in acquisition       (2,550)  
Net Cash Provided by (Used In) Investing Activities     49,350 (396,366)  
Cash flows from financing activities:          
Net increase in deposits     82,733 368,818  
Proceeds from Federal Home Loan Bank of New York advances     40,000 175,800  
Repayments of Federal Home Loan Bank of New York advances     (10,000) (105,000)  
Cash dividends paid on common stock     (6,516) (6,275)  
Cash dividends paid on preferred stock     (1,002) (691)  
Net proceeds from issuance of common stock     6,487 321  
Net proceeds from issuance of preferred stock     5,310    
Net proceeds from issuance of subordinated debt       32,337  
Exercise of stock options       2  
Net Cash Provided by Financing Activities     117,012 465,312  
Net Increase In Cash and Cash Equivalents     181,347 82,475  
Cash and Cash Equivalents-Beginning     195,264 124,235 124,235
Cash and Cash Equivalents-Ending $ 376,611 $ 206,710 376,611 206,710 $ 195,264
Supplementary Cash Flow Information:          
Cash paid during the year for: Income taxes     8,492 6,706  
Cash paid during the year for: Interest     30,393 16,968  
Non-cash items:          
Transfer of loans to other real estate owned     $ 907 $ 972  
v3.19.3
Basis of Presentation
9 Months Ended
Sep. 30, 2019
Basis of Presentation [Abstract]  
Basis of Presentation

Note 1 – Basis of Presentation



The accompanying unaudited consolidated financial statements include the accounts of BCB Bancorp, Inc. (the “Company”) and the Company’s wholly owned subsidiaries, BCB Community Bank (the “Bank”), BCB Holding Company Investment Company, BCB New York Asset Management, Inc., Pamrapo Service Corporation, REO Special Asset I, LLC., and REO Special Asset II, LLC. The Company’s business is conducted principally through the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation.



The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Regulation S-X and, therefore, do not necessarily include all information that would be included in audited consolidated financial statements. The information furnished reflects all adjustments that are, in the opinion of management, necessary for a fair presentation of consolidated financial condition and results of operations. All such adjustments are of a normal recurring nature. These results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2019 or any other future period. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates.



These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the year ended December 31, 2018, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission. In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred between September 30, 2019, and the date these consolidated financial statements were issued.



v3.19.3
Recent Accounting Pronouncements
9 Months Ended
Sep. 30, 2019
New Accounting Pronouncements [Abstract]  
Recent Accounting Pronouncements

Note 2 - Recent Accounting Pronouncements



In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which superseded the lease requirements in Topic 840. The ASU requires lessees to recognize a right of use asset and related lease liability for all leases, with a limited exception for short-term leases. Leases will be classified as either finance or operating, with the classification affecting the pattern of expense recognition in the statement of income. Previously, leases were classified as either capital or operating, with only capital leases recognized on the balance sheet. The reporting of lease related expenses in the statements of operations and cash flows is generally consistent with the prior guidance. The new guidance became effective for the Company in 2019. The standard has been applied using a modified retrospective transition method. The right-of-use asset and lease liability are reported on the Company’s consolidated statement of financial condition. The adoption of the provisions of this update did not have a significant impact to our consolidated statements of income. At September 30, 2019, the Company had $14.0 million in capitalized lease right-of-use assets and $14.1 million in related lease liabilities.



In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses. ASU 2016-13 requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. These expected credit losses for financial assets held at the reporting date are to be based on historical experience, current conditions, and reasonable and supportable forecasts. This ASU will also require enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the consolidated financial statements. The amendments are effective for the Company in 2020. On October 16, 2019, the FASB approved changes to the effective date of ASU No. 2016-13 for smaller reporting companies, as defined by the SEC, and other non-SEC reporting entities. The proposal will delay the effective date to fiscal years beginning after December 31, 2022, including interim periods within those fiscal periods. As the Company is a smaller reporting company, the delay is applicable to the Company. The Company is evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements and results of operations. The effect of this change cannot be ascertained at this point, and will depend upon factors including asset components, asset quality and market conditions at the adoption date.



In January 2016, the FASB issued ASU 2016-01, Financial Instruments- Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This guidance amends existing guidance to improve accounting standards for financial instruments including clarification and simplification of accounting and disclosure requirements and the requirement for public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. These amendments are effective for public business entities for annual periods and interim periods within those annual periods beginning after December 15, 2017. The Company recorded a cumulative effect adjustment to the balance sheet as of January 1, 2018 in the amount of $126,000, representing the unrealized gain of $175,000 at December 31, 2017 net of taxes of $49,000. The Company recorded a loss and gain to the income statement in the amounts of $45,000 and $220,000, respectively, for the three and nine months ended September 30, 2019 and losses of $82,000 and $242,000 for the three and nine months ended September 30, 2018.



In January 2017, FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (Topic 350). The main objective of this ASU is to simplify the accounting for goodwill impairment by requiring impairment charges be based upon the first step in the current two-step impairment test under Accounting Standards Codification (ASC) 350. Currently, if the fair value of a reporting unit is lower than its carrying amount (Step 1), an entity calculates any impairment charge by comparing the implied fair value of goodwill with its carrying amount (Step 2). This ASU’s objective is to simplify how all entities assess goodwill for impairment by eliminating Step 2 from the goodwill impairment test. As amended, the goodwill impairment test will consist of one step comparing the fair value of a reporting unit with its carrying amount. An entity should recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The standard will be applied prospectively and is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. The Company is currently evaluating the impact of the pending adoption on its consolidated financial statements.



In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement as a result of a broader disclosure project. The Update amends the disclosure requirements for fair value measurements to improve the effectiveness of the disclosure. The Update removes and modifies certain disclosure requirements, as well as adds requirements for public business entities. The ASU is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt any removed or modified disclosures upon issuance of the Update and delay adoption of the additional disclosures until their effective date. This ASU will affect the Company’s disclosures only and will not have a financial statement impact.



v3.19.3
Reclassification
9 Months Ended
Sep. 30, 2019
Reclassification [Abstract]  
Reclassification

Note 3 – Reclassification



Certain amounts as of December 31, 2018 and for the three and nine month periods ended September 30, 2018 have been reclassified to conform to the current period’s presentation. These changes had no effect on the Company’s results of operations or financial position.

 

v3.19.3
Pension and Equity Incentive Plans
9 Months Ended
Sep. 30, 2019
Pension and Equity Incentive Plans [Abstract]  
Pension and Equity Incentive Plans

Note 4 – Pension and Equity Incentive Plans



Pension Plan



The Company assumed, through the merger with Pamrapo Bancorp, Inc., a non-contributory defined benefit pension plan covering all eligible employees of Pamrapo Savings Bank. Effective January 1, 2010, the defined benefit pension plan (“Pension Plan”), was frozen by Pamrapo Savings Bank. All benefits for eligible participants accrued in the Pension Plan to the freeze date have been retained. Accordingly, no employees are permitted to commence participation in the Pension Plan and future salary increases and future years of service are not considered when computing an employee’s benefits under the Pension Plan. The Pension Plan is funded in conformity with the funding requirements of applicable government regulations. The Company also acquired through the merger with Pamrapo Bancorp, Inc. a supplemental executive retirement plan (“SERP”) in which certain former employees of Pamrapo Savings Bank are covered. A SERP is an unfunded non-qualified deferred retirement plan. Participants who retire at the age of 65 (the “Normal Retirement Age”), are entitled to an annual retirement benefit equal to 75% of compensation reduced by their retirement plan annual benefits. Participants retiring before the Normal Retirement Age receive the same benefits reduced by a percentage based on years of service to the Company and the number of years prior to the Normal Retirement Age that participants retire.



Net periodic pension cost for the three and nine months ended September 30, 2019 and September 30, 2018 was $63,000,  $146,000,  $10,000, and $30,000, respectively. Net periodic postretirement cost for the SERP plan for each of the three and nine months ended September 30, 2019 and September 30, 2018 was $3,000,  $9,000,  $3,000, and $9,000, respectively.



Equity Incentive Plans



The Company, under the plan approved by its shareholders on April 26, 2018 (“2018 Equity Incentive Plan”), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options and restricted stock units. Employees and directors of the Company and the Bank are eligible to participate in the 2018 Stock Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options.



On June 14, 2019, a grant of 68,750 options was declared for members of the Board of Directors of the Bank and the Company which vest at a rate of 50% per year, over two years, commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on June 14, 2019. On June 14, 2019, a grant of 30,125 options was declared for certain executive officers of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. The exercise price was recorded as of the close of business on June 14, 2019. On June 14, 2019, an award of 33,110 shares of restricted stock was declared for members of the Board of Directors of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. On June 14, 2019, an award of 14,508 shares of restricted stock was declared for certain executive officers of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date.



On December 14, 2018, a grant of 300,000 options was declared for members of the Board of Directors of the Bank and the Company which vest at a rate of 50% per year, over two years, commencing on the first anniversary of the grant date. The exercise price was recorded as of close of business on December 14, 2018. On December 14, 2018, an award of 54,000 shares of restricted stock was declared for members of the Board of Directors of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date. On December 14, 2018, an award of 13,321 shares of restricted stock was declared for certain executive officers of the Bank and the Company, which vest over a 2-year period, commencing on the anniversary of the award date.



The Company, under the plan approved by its shareholders on April 28, 2011 (“2011 Stock Plan”), authorized the issuance of up to 900,000 shares of common stock of the Company pursuant to grants of stock options. Employees and directors of the Company and the Bank are eligible to participate in the 2011 Stock Plan. All stock options will be granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. On September 13, 2017, a grant of 275,000 options was declared for certain members of the Board of Directors of the Bank and the Company which vest at a rate of 10% per year, over ten years commencing on the first anniversary of the grant date. The exercise price was recorded as of the close of business on September 13, 2017. There were 75,000 stock options granted to employees in the fourth quarter of 2017 which vests at a rate of 20% per year.



Note 4 – Pension and Equity Incentive Plans (continued)



The following table presents a summary of the status of the Company’s restricted shares as of September 30, 2019.





 

 

 



Number of Shares Awarded

 

Weighted Average Grant Date Fair Value

Non-vested at December 31, 2018

67,321 

$

11.26 

   Granted

47,618 

 

12.46 

   Vested

 -

 

 

   Forfeited

 -

 

 

Non-vested at September 30, 2019

114,939 

$

11.86 



Expected future expenses relating to the non-vested restricted shares outstanding as of September 30, 2019 was approximately $930,000 over a weighted average period of 1.21 years.



The following tables present a summary of the status of the Company’s outstanding stock option awards as of September 30, 2019 and September 30, 2018.





 

 

 

 

 

 

 

 



  

Number of  Option Shares

 

 

Range of Exercise Prices

 

 

Weighted Average Exercise Price



 

 

 

 

 

 

 

 

Outstanding at December 31, 2018

 

1,104,600 

 

$

8.93 - 13.32

 

$

11.36 



 

 

 

 

 

 

 

 

Options granted

 

98,875 

 

 

12.46 

 

 

12.46 

Options exercised

 

 -

 

 

 

 

 

 

Options forfeited

 

(1,000)

 

 

10.55 

 

 

10.55 

Options expired

 

 -

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Outstanding at September 30, 2019

 

1,202,475 

 

$

8.93 - 13.32

 

$

11.45 



As of September 30, 2019, stock options which were granted and were exercisable totaled 268,633 stock options.



It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to the 866,775 shares of unvested options outstanding as of September 30, 2019 was $1.6 million over a weighted average period of 4.71 years.





 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



  

Number of Option Shares

 

 

Range of Exercise Prices

 

 

Weighted Average Exercise Price



 

 

 

 

 

 

 

 

Outstanding at December 31, 2017

 

889,300 

 

$

8.93-13.32

 

$

11.42



 

 

 

 

 

 

 

 

Options granted

 

 -

 

 

 -

 

 

 -

Options exercised

 

(12,200)

 

 

9.03-13.32

 

 

10.91

Options forfeited

 

(53,000)

 

 

9.03-13.32

 

 

11.69

Options expired

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

Outstanding at September 30, 2018

 

824,100

 

$

8.93-13.32

 

$

11.41



As of September 30, 2018, stock options which were granted and were exercisable totaled 242,033 stock options.



It is Company policy to issue new shares upon share option exercise. Expected future compensation expense relating to 582,067 shares of unvested options outstanding as of September 30, 2018 was $1.1 million over a weighted average period of 6.75 years.  

 

v3.19.3
Net Income per Common Share
9 Months Ended
Sep. 30, 2019
Net Income per Common Share [Abstract]  
Net Income per Common Share

Note 5 – Net Income per Common Share



Basic net income per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the three and nine months ended September 30, 2019 and 2018, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. No adjustments to net income were necessary in calculating basic and diluted net income per share. For the three months ended September 30, 2019 and 2018 the weighted average number of outstanding options considered to be anti-dilutive were 42,958 and 3,665 respectively. For the nine months ended September 30, 2019 and 2018, the weighted average number of outstanding options considered to be anti-dilutive were 32,054 and 1,896, respectively. At September 30, 2019, the Company has 6,465 shares of its Series F 6% noncumulative perpetual preferred stock (“Series F shares”) issued and outstanding, which are convertible into the Company’s common stock. The conversion of Series F shares to common shares was not included in the computation of diluted earnings per share as they would be anti-dilutive.



The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

For the Three Months Ended September 30,



 

2019

 

2018



 

 

Income

 

Shares

 

 

Per Share

 

 

Income

 

Shares

 

 

Per Share



 

 

(Numerator)

 

(Denominator)

 

 

Amount

 

 

(Numerator)

 

(Denominator)

 

 

Amount



 

(In Thousands, except per share data)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders

 

$

4,890 

 

 

 

 

 

 

$

4,331 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stockholders

 

$

4,890 

 

16,468 

 

$

0.30 

 

$

4,331 

 

15,789 

 

$

0.27 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

 -

 

55 

 

 

 

 

 

 -

 

107 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stockholders

 

$

4,890 

 

16,523 

 

$

0.30 

 

$

4,331 

 

15,896 

 

$

0.27 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

For the Nine Months Ended September 30,



 

2019

 

2018



 

 

Income

 

Shares

 

 

Per Share

 

 

Income

 

Shares

 

 

Per Share



 

 

(Numerator)

 

(Denominator)

 

 

Amount

 

 

(Numerator)

 

(Denominator)

 

 

Amount



 

(In Thousands, except per share data)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders

 

$

14,908 

 

 

 

 

 

 

$

10,848 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stockholders

 

$

14,908 

 

16,320 

 

$

0.91 

 

$

10,848 

 

15,482 

 

$

0.70 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

 -

 

49 

 

 

 

 

 

 -

 

127 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stockholders

 

$

14,908 

 

16,369 

 

$

0.91 

 

$

10,848 

 

15,609 

 

$

0.69 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

v3.19.3
Debt Securities Available for Sale
9 Months Ended
Sep. 30, 2019
Debt Securities Available for Sale [Abstract]  
Debt Securities Available for Sale

Note 6 –Debt Securities Available for Sale



The following tables present by maturity the amortized cost, gross unrealized gains and losses on, and fair value of, securities available for sale as of September 30, 2019 and December 31, 2018:



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



September 30, 2019



 

 

  

Gross

  

Gross

  

 



Amortized

 

Unrealized

 

Unrealized

 

 

 



Cost

 

Gains

 

Losses

 

Fair Value



(In Thousands)

Mortgage-backed securities:

 

 

  

 

 

  

 

 

  

 

 

   Due after one year through five years

$

3,482 

 

$

19 

 

$

66 

 

$

3,435 

   Due after five years through ten years

 

1,669 

  

 

34 

  

 

 -

  

 

1,703 

   Due after ten years

 

93,486 

 

 

605 

 

 

1,011 

 

 

93,080 



$

98,637 

  

$

658 

  

$

1,077 

  

$

98,218 









 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



December 31, 2018



 

 

  

Gross

  

Gross

  

 



Amortized

 

Unrealized

 

Unrealized

 

 

 



Cost

 

Gains

 

Losses

 

Fair Value



(In thousands)

Mortgage-backed securities:

 

 

  

 

 

  

 

 

  

 

 

Due after one year through five years

$

5,613 

 

$

10 

 

$

124 

 

$

5,499 

Due after five years through ten years

 

3,246 

 

 

 

 

 

 

3,247 

Due after ten years

 

110,710 

 

 

52 

 

 

3,868 

 

 

106,894 



 

 

 

 

 

 

 

 

 

 

 

Municipal obligations:

 

 

 

 

 

 

 

 

 

 

 

Due within one year

 

495 

 

 

 -

 

 

 -

 

 

495 

Due after one year through five years

 

917 

 

 

10 

 

 

 -

 

 

927 

Due after five years through ten years

 

1,225 

 

 

13 

 

 

 

 

1,237 

Due after ten years

 

1,036 

 

 

 -

  

 

 -

 

 

1,036 



$

123,242 

 

$

87 

 

$

3,994 

 

$

119,335 



The unrealized losses, categorized by the length of time of continuous loss position, and fair value of related securities available for sale were as follows:



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



12 Months or Less

  

More than 12 Months

  

Total



Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized



Value

 

Losses

 

Value

 

Losses

 

Value

 

Losses



(In Thousands)

September 30, 2019

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

Residential mortgage-backed securities

$

12,361 

  

$

525 

  

$

27,797 

  

$

552 

  

$

40,158 

  

$

1,077 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

Residential mortgage-backed securities

$

39,289 

  

$

879 

  

$

62,860 

  

$

3,114 

  

$

102,149 

  

$

3,993 

Municipal obligations

 

1,879 

 

 

 

 

 -

 

 

 -

 

 

1,879 

 

 



$

41,168 

  

$

880 

  

$

62,860 

  

$

3,114 

  

$

104,028 

  

$

3,994 



Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. Consideration is given to (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) whether the Company intends to sell the security or more likely than not will be required to sell the security before its anticipated recovery. At September 30, 2019 and December 31, 2018, management performed an assessment for possible OTTI of the Company’s residential mortgage-backed securities on an issue-by-issue basis, relying on information obtained from various sources, including publicly available financial data, ratings by external agencies, brokers and other sources. The extent of individual analysis applied to each security depended on the size of the Company’s investment, as well as management’s perception of the credit risk associated with each security. Based on the results of the assessment, management believes impairment of these securities, at September 30, 2019 and December 31, 2018, to be temporary.

v3.19.3
Loans Receivable and Allowance for Loan Losses
9 Months Ended
Sep. 30, 2019
Loans Receivable and Allowance for Loan Losses [Abstract]  
Loans Receivable and Allowance for Loan Losses

Note 7 - Loans Receivable and Allowance for Loan Losses



The following tables present the recorded investment in loans receivable as of September 30, 2019 and December 31, 2018 by segment and class:





 

 

 

 

 



 

 

 

 

 



September 30, 2019

 

December 31, 2018



 

(In Thousands)

Residential one-to-four family

$

252,971 

 

$

258,085 

Commercial and multi-family

 

1,668,982 

 

 

1,697,837 

Construction

 

131,697 

 

 

107,783 

Commercial business(1) 

 

161,649 

 

 

165,193 

Home equity(2) 

 

63,645 

 

 

72,895 

Consumer

 

728 

 

 

809 



 

2,279,672 

 

 

2,302,602 



 

 

 

 

 

Less:

 

 

 

 

 

Deferred loan fees, net

 

(1,282)

 

 

(1,751)

Allowance for loan losses

 

(24,691)

 

 

(22,359)

Sub-total

 

(25,973)

 

 

(24,110)



 

 

 

 

 

Total Loans, net

$

2,253,699 

 

$

2,278,492 









 

 

 

 

 



 

 

 

 

 



September 30, 2019

 

December 31, 2018



 

(In Thousands)

Originated loans:

 

 

 

 

 

Residential one-to-four family

$

213,266 

 

$

213,200 

Commercial and multi-family

 

1,536,792 

 

 

1,540,766 

Construction

 

131,697 

 

 

106,187 

Commercial business(1) 

 

140,162 

 

 

136,966 

Home equity(2) 

 

48,498 

 

 

54,271 

Consumer

 

693 

 

 

726 



 

 

 

 

 

Sub-total

 

2,071,108 

 

 

2,052,116 



 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 

 

 

 

Residential one-to-four family

 

38,345 

 

 

43,495 

Commercial and multi-family

 

127,030 

 

 

150,239 

Construction

 

 -

 

 

1,596 

Commercial business(1) 

 

20,531 

 

 

27,373 

Home equity(2) 

 

14,908 

 

 

18,376 

Consumer

 

35 

 

 

83 



 

 

 

 

 

Sub-total

 

200,849 

 

 

241,162 



 

 

 

 

 

Acquired loans with deteriorated credit:

 

 

 

 

 

Residential one-to-four family

 

1,360 

 

 

1,390 

Commercial and multi-family

 

5,160 

 

 

6,832 

Construction

 

 -

 

 

 -

Commercial business(1) 

 

956 

 

 

854 

Home equity(2) 

 

239 

 

 

248 

Consumer

 

 -

 

 

 -



 

 

 

 

 

Sub-total

 

7,715 

 

 

9,324 



 

 

 

 

 

Total Loans

 

2,279,672 

 

 

2,302,602 



 

 

 

 

 

Less:

 

 

 

 

 

Deferred loan fees, net

 

(1,282)

 

 

(1,751)

Allowance for loan losses

 

(24,691)

 

 

(22,359)



 

 

 

 

 

Sub-total

 

(25,973)

 

 

(24,110)



 

 

 

 

 

Total Loans, net

$

2,253,699 

 

$

2,278,492 



 

 

 

 

 

_____________________________

 

 

 

 

 

(1) Includes business lines of credit.

 

 

 

 

 

(2) Includes home equity lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



Purchased Credit Impaired Loans



The carrying value of loans acquired in the IAB acquisition and accounted for in accordance with ASC Subtopic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” was $5.7 million at September 30, 2019, which was $1.6 million less than the balance at December 31, 2018. Under ASC Subtopic 310-30, these loans, referred to as purchased credit impaired (“PCI”) loans, may be aggregated and accounted for as pools of loans if the loans being aggregated have common risk characteristics. The Company elected to account for the loans with evidence of credit deterioration individually rather than aggregate them into pools. The difference between the undiscounted cash flows expected at acquisition and the investment in the acquired loans, or the “accretable yield,” is recognized as interest income utilizing the level-yield method over the life of each loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non- accretable difference,” are not recognized as a yield adjustment, as a loss accrual or as a valuation allowance.



Increases in expected cash flows subsequent to the acquisition are recognized prospectively through an adjustment of the yield on the loans over the remaining life, while decreases in expected cash flows are recognized as impairments through a loss provision and an increase in the allowance for loan and lease losses. Valuation allowances (recognized in the allowance for loan and lease losses) on these impaired loans reflect only losses incurred after the acquisition (representing all cash flows that were expected at acquisition but currently are not expected to be received).



The following table presents changes in the accretable discount on loans acquired with deteriorated credit quality for which the Company applies the provisions of ASC 310-30 (in thousands):







 

 

 

 

 

 

 

 

 



 

Three months ended September 30, 2019

 

Three months ended September 30, 2018

 

 

Nine months ended September 30, 2019

 

Nine months ended September 30, 2018

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

Balance, beginning of Period

$

2,229

$

1,191

 

$

2,704

$

 -

   Additions from acquisition of IAB

 

 -

 

 -

 

 

 -

 

1,399

   Accretion recorded to interest income

 

(229)

 

(180)

 

 

(704)

 

(388)

Balance, end of Period

$

2,000

$

1,011

 

$

2,000

$

1,011



The following table presents the unpaid principal balance and the related recorded investment of acquired loans included in the Company’s Consolidated Statements of Financial Condition. (In thousands):







 

 

 

 

 



 

 

 

 

 



September 30,

 

December 31,



2019

 

2018



 

 

 

 

 

Unpaid principal balance

$

247,207

 

$

301,357 

Recorded investment

 

208,564

 

 

250,486 





Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



Allowance for Loan Losses



The allowance for loan loss is evaluated regularly by management and reflects consideration of all significant factors that affect the collectability of the loan portfolio. The Company’s methodology for assessing the adequacy of the allowance for loan losses consists of several key elements. These elements include a general allocated reserve for performing loans, a specific reserve for impaired loans and an unallocated portion.  



The Company consistently applies the following comprehensive methodology. During the quarterly review of the allowance for loan losses, the Company considers a variety of qualitative factors that include:



·

Lending Policies and Procedures

·

Personnel responsible for the particular portfolio - relative to experience and ability of staff

·

Trend for past due, criticized and classified loans

·

Relevant economic factors

·

Quality of the loan review system

·

Value of collateral for collateral dependent loans

·

The effect of any concentrations of credit and the changes in the level of such concentrations

·

Other external factors



The methodology includes the segregation of the loan portfolio into two divisions. Loans that are performing and loans that are impaired. Loans which are performing are evaluated by loan class or loan type. The allowance for performing loans is evaluated based on historical loan experience with an adjustment for qualitative factors referred to above. Impaired loans are loans which are more than 90 days delinquent, troubled debt restructured, or adversely classified. These loans are individually evaluated for loan loss either by current appraisal, or net present value. Management reviews the overall estimate for feasibility and bases the loan loss provision accordingly.



The loan portfolio is segmented into the following loan classes, where the risk level for each class is analyzed when determining the allowance for loan losses:



Residential single family real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential family real estate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying properties may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower.



Commercial and multi-family real estate lending entails additional risks as compared with residential family property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as economic conditions generally.



Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Bank than construction loans to individuals on their personal residence.



Commercial business lending, including lines of credit, is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. In most cases, any repossessed collateral for a defaulted commercial business loans will not provide an adequate source of repayment of the outstanding loan balance.



Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Bank’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default.



Other consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely effected by job loss, divorce, illness and personal bankruptcy. In most cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan.



An unallocated component is maintained to cover uncertainties that could affect management’s estimates of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended September 30, 2019, and the related portion of the allowances for loan losses that is allocated to each loan class, as of September 30, 2019 (in thousands):





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Residential

 

 

Commercial & Multi-family

 

Construction

 

Commercial Business (1)

 

Home Equity (2)

 

Consumer

 

Unallocated

 

Total

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

$

2,580 

 

$

14,251 

 

$

1,454 

 

$

3,995 

 

$

274 

 

$

 

$

150 

 

$

22,705 

Acquired loans initially recorded at fair value:

 

731 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

731 

Acquired loans with deteriorated credit:

 

146 

 

 

137 

 

 

 -

 

 

67 

 

 

 

 

 -

 

 

 -

 

 

353 

Beginning Balance, June 30, 2019

 

3,457 

 

 

14,388 

 

 

1,454 

 

 

4,062 

 

 

277 

 

 

 

 

150 

 

 

23,789 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge-offs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

Sub-total:

 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

Sub-total:

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 -

 

 

 -

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

(145)

 

 

421 

 

 

83 

 

 

(29)

 

 

15 

 

 

(1)

 

 

208 

 

 

552 

Acquired loans initially recorded at fair value:

 

(316)

 

 

112 

 

 

 -

 

 

627 

 

 

 

 

 -

 

 

 -

 

 

432 

Acquired loans with deteriorated credit:

 

(106)

 

 

23 

 

 

 -

 

 

(1)

 

 

 -

 

 

 -

 

 

 -

 

 

(84)

Sub-total:

 

(567)

 

 

556 

 

 

83 

 

 

597 

 

 

24 

 

 

(1)

 

 

208 

 

 

900 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

2,434 

 

 

14,672 

 

 

1,537 

 

 

3,966 

 

 

289 

 

 

 -

 

 

358 

 

 

23,256 

Acquired loans initially recorded at fair value:

 

415 

 

 

112 

 

 

 -

 

 

627 

 

 

12 

 

 

 -

 

 

 -

 

 

1,166 

Acquired loans with deteriorated credit:

 

40 

 

 

160 

 

 

 -

 

 

66 

 

 

 

 

 -

 

 

 -

 

 

269 

Ending Balance, September 30, 2019

$

2,889 

 

$

14,944 

 

$

1,537 

 

$

4,659 

 

$

304 

 

$

 -

 

$

358 

 

$

24,691 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans Receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance Originated Loans:

$

213,266 

 

$

1,536,792 

 

$

131,697 

 

$

140,162 

 

$

48,498 

 

$

693 

 

$

 -

 

$

2,071,108 

Ending Balance Acquired loans initially recorded at fair value:

 

38,345 

 

 

127,030 

 

 

 -

 

 

20,531 

 

 

14,908 

 

 

35 

 

 

 -

 

 

200,849 

Ending Balance Acquired loans with deteriorated credit:

 

1,360 

 

 

5,160 

 

 

 -

 

 

956 

 

 

239 

 

 

 -

 

 

 -

 

 

7,715 

Total Gross Loans:

$

252,971 

 

$

1,668,982 

 

$

131,697 

 

$

161,649 

 

$

63,645 

 

$

728 

 

$

 -

 

$

2,279,672 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance: Loans individually

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

evaluated for impairment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance Originated Loans:

$

3,868 

 

$

6,044 

 

$

 -

 

$

1,951 

 

$

973 

 

$

 -

 

$

 -

 

$

12,836 

Ending Balance Acquired loans initially recorded at fair value:

 

5,179 

 

 

4,733 

 

 

 -

 

 

564 

 

 

292 

 

 

 -

 

 

 -

 

 

10,768 

Ending Balance Acquired loans with deteriorated credit:

 

1,360 

 

 

4,964 

 

 

 -

 

 

889 

 

 

39 

 

 

 -

 

 

 -

 

 

7,252 

Ending Balance Loans individually 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

evaluated for impairment:

$

10,407 

 

$

15,741 

 

$

 -

 

$

3,404 

 

$

1,304 

 

$

 -

 

$

 -

 

$

30,856 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance: Loans collectively

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 evaluated for impairment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance Originated Loans:

$

209,398 

 

$

1,530,748 

 

$

131,697 

 

$

138,211 

 

$

47,525 

 

$

693 

 

$

 -

 

$

2,058,272 

Ending Balance Acquired loans initially recorded at fair value:

 

33,166 

 

 

122,297 

 

 

 -

 

 

19,967 

 

 

14,616 

 

 

35 

 

 

 -

 

 

190,081 

Ending Balance Acquired loans with deteriorated credit:

 

 -

 

 

196 

 

 

 -

 

 

67 

 

 

200 

 

 

 -

 

 

 -

 

 

463 

Ending Balance Loans collectively 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

evaluated for impairment:

$

242,564 

 

$

1,653,241 

 

$

131,697 

 

$

158,245 

 

$

62,341 

 

$

728 

 

$

 -

 

$

2,248,816 

_____________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes business lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Includes home equity lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table sets forth the activity in the Company’s allowance for loan losses for the nine months ended September 30, 2019 (in thousands).







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Residential

 

 

Commercial & Multi-family

 

Construction

 

Commercial Business (1)

 

 

Home Equity (2)

 

Consumer

 

Unallocated

 

Total

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

$

2,374 

 

$

14,000 

 

$

1,003 

 

$

3,869 

 

$

313 

 

$

 

$

189 

 

$

21,750 

Acquired loans initially recorded at fair value:

 

 

335 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

335 

Acquired loans with deteriorated credit:

 

 

39 

 

 

168 

 

 

 -

 

 

64 

 

 

 

 

 -

 

 

 -

 

 

274 

Beginning Balance, December 31, 2018

 

 

2,748 

 

 

14,168 

 

 

1,003 

 

 

3,933 

 

 

316 

 

 

 

 

189 

 

 

22,359 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge-offs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

 

 

111 

 

 

 -

 

 

145 

 

 

 -

 

 

 -

 

 

 -

 

 

257 

Sub-total:

 

 

 

 

111 

 

 

 -

 

 

145 

 

 

 -

 

 

 -

 

 

 -

 

 

257 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

 -

 

 

 -

 

 

 -

 

 

15 

 

 

 -

 

 

 -

 

 

 -

 

 

15 

Acquired loans initially recorded at fair value:

 

 

 

 

10 

 

 

 -

 

 

 

 

14 

 

 

 -

 

 

 -

 

 

30 

Sub-total:

 

 

 

 

10 

 

 

 -

 

 

18 

 

 

14 

 

 

 -

 

 

 -

 

 

45 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

61 

 

 

783 

 

 

534 

 

 

227 

 

 

(24)

 

 

(2)

 

 

169 

 

 

1,748 

Acquired loans initially recorded at fair value:

 

 

77 

 

 

102 

 

 

 -

 

 

624 

 

 

(2)

 

 

 -

 

 

 -

 

 

801 

Acquired loans with deteriorated credit:

 

 

 

 

(8)

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

 

 

(5)

Sub-total:

 

 

139 

 

 

877 

 

 

534 

 

 

853 

 

 

(26)

 

 

(2)

 

 

169 

 

 

2,544 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

2,434 

 

 

14,672 

 

 

1,537 

 

 

3,966 

 

 

289 

 

 

 -

 

 

358 

 

 

23,256 

Acquired loans initially recorded at fair value:

 

 

415 

 

 

112 

 

 

 -

 

 

627 

 

 

12 

 

 

 -

 

 

 -

 

 

1,166 

Acquired loans with deteriorated credit:

 

 

40 

 

 

160 

 

 

 -

 

 

66 

 

 

 

 

 -

 

 

 -

 

 

269 

Ending Balance, September 30, 2019

 

$

2,889 

 

$

14,944 

 

$

1,537 

 

$

4,659 

 

$

304 

 

$

 -

 

$

358 

 

$

24,691 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes business lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Includes home equity lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended September 30, 2018 (in thousands).







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Residential

 

 

Commercial & Multi-family

 

Construction

 

Commercial Business (1)

 

Home Equity (2)

 

Consumer

 

Unallocated

 

Total

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

$

2,249 

 

$

13,084 

 

$

516 

 

$

3,400 

 

$

447 

 

$

41 

 

$

288 

 

$

20,025 

Acquired loans initially recorded at fair value:

 

 

418 

 

 

92 

 

 

 -

 

 

40 

 

 

 -

 

 

 -

 

 

 -

 

 

550 

Acquired loans with deteriorated credit:

 

 

53 

 

 

12 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

65 

Beginning Balance, June 30, 2018

 

 

2,720 

 

 

13,188 

 

 

516 

 

 

3,440 

 

 

447 

 

 

41 

 

 

288 

 

 

20,640 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge-offs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

 -

 

 

 -

 

 

 -

 

 

10 

 

 

 

 

42 

 

 

 -

 

 

61 

Sub-total:

 

 

 -

 

 

 -

 

 

 -

 

 

10 

 

 

 

 

42 

 

 

 -

 

 

61 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 

 -

 

 

 -

 

 

 -

 

 

15 

 

 

 

 

 -

 

 

 -

 

 

18 

Sub-total:

 

 

 -

 

 

 -

 

 

 -

 

 

15 

 

 

 

 

 -

 

 

 -

 

 

18 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

137 

 

 

1,199 

 

 

136 

 

 

(179)

 

 

(125)

 

 

 

 

(269)

 

 

900 

Acquired loans initially recorded at fair value:

 

 

(138)

 

 

(92)

 

 

 -

 

 

(55)

 

 

(3)

 

 

 -

 

 

 -

 

 

(288)

Acquired loans with deteriorated credit:

 

 

(15)

 

 

241 

 

 

 -

 

 

63 

 

 

 

 

 -

 

 

 -

 

 

295 

Sub-total:

 

 

(16)

 

 

1,348 

 

 

136 

 

 

(171)

 

 

(122)

 

 

 

 

(269)

 

 

907 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

2,386 

 

 

14,283 

 

 

652 

 

 

3,211 

 

 

313 

 

 

 -

 

 

19 

 

 

20,864 

Acquired loans initially recorded at fair value:

 

 

280 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

280 

Acquired loans with deteriorated credit:

 

 

38 

 

 

253 

 

 

 -

 

 

63 

 

 

 

 

 -

 

 

 -

 

 

360 

Ending Balance, September 30, 2018

 

$

2,704 

 

$

14,536 

 

$

652 

 

$

3,274 

 

$

319 

 

$

 -

 

$

19 

 

$

21,504 

_____________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes business lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Includes home equity lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table sets forth the activity in the Company’s allowance for loan losses for the nine months ended September 30, 2018 (in thousands).







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Residential

 

 

Commercial & Multi-family

 

Construction

 

Commercial Business (1)

 

 

Home Equity (2)

 

Consumer

 

Unallocated

 

Total

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

$

2,368 

 

$

11,656 

 

$

518 

 

$

2,018 

 

$

338 

 

$

 

$

177 

 

$

17,081 

Acquired loans initially recorded at fair value:

 

 

242 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

242 

Acquired loans with deteriorated credit:

 

 

40 

 

 

12 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

52 

Beginning Balance, December 31, 2017

 

 

2,650 

 

 

11,668 

 

 

518 

 

 

2,018 

 

 

338 

 

 

 

 

177 

 

 

17,375 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge-offs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

302 

 

 

 -

 

 

 -

 

 

15 

 

 

 

 

42 

 

 

 -

 

 

368 

Acquired loans initially recorded at fair value:

 

 

72 

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

78 

Sub-total:

 

 

374 

 

 

 -

 

 

 -

 

 

15 

 

 

15 

 

 

42 

 

 

 -

 

 

446 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

 

 

 -

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

 

 

Acquired loans recorded at fair value:

 

 

85 

 

 

 -

 

 

 -

 

 

27 

 

 

 

 

 -

 

 

 -

 

 

115 

Acquired loans with deteriorated credit:

 

 

 -

 

 

 -

 

 

 -

 

 

143 

 

 

 

 

 -

 

 

 -

 

 

144 

Sub-total:

 

 

86 

 

 

 -

 

 

 -

 

 

176 

 

 

 

 

 -

 

 

 -

 

 

266 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

319 

 

 

2,627 

 

 

134 

 

 

1,202 

 

 

(16)

 

 

36 

 

 

(158)

 

 

4,144 

Acquired loans initially recorded at fair value:

 

 

25 

 

 

 -

 

 

 -

 

 

(27)

 

 

 

 

 -

 

 

 -

 

 

Acquired loans with deteriorated credit:

 

 

(2)

 

 

241 

 

 

 -

 

 

(80)

 

 

 

 

 -

 

 

 -

 

 

164 

Sub-total:

 

 

342 

 

 

2,868 

 

 

134 

 

 

1,095 

 

 

(8)

 

 

36 

 

 

(158)

 

 

4,309 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

2,386 

 

 

14,283 

 

 

652 

 

 

3,211 

 

 

313 

 

 

 -

 

 

19 

 

 

20,864 

Acquired loans initially recorded at fair value:

 

 

280 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

280 

Acquired loans with deteriorated credit:

 

 

38 

 

 

253 

 

 

 -

 

 

63 

 

 

 

 

 -

 

 

 -

 

 

360 

Ending Balance, September 30, 2018

 

$

2,704 

 

$

14,536 

 

$

652 

 

$

3,274 

 

$

319 

 

$

 -

 

$

19 

 

$

21,504 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes business lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Includes home equity lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 





Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table sets forth the amount recorded in loans receivable at December 31, 2018. The table also details the amount of total loans receivable that are evaluated individually, and collectively, for impairment and the related portion of the allowance for loan losses that is allocated to each loan class (in thousands).







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Residential

 

 

Commercial & Multi-family

 

 

Construction

 

 

Commercial Business (1)

 

 

Home Equity (2)

 

 

Consumer

 

 

Unallocated

 

 

Total

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

$

2,368 

 

$

11,656 

 

$

518 

 

$

2,018 

 

$

338 

 

$

 

$

177 

 

$

17,081 

Acquired loans initially recorded at fair value:

 

 

242 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

242 

Acquired loans with deteriorated credit:

 

 

40 

 

 

12 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

52 

Beginning Balance, January 1, 2018

 

 

2,650 

 

 

11,668 

 

 

518 

 

 

2,018 

 

 

338 

 

 

 

 

177 

 

 

17,375 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge-offs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

302 

 

 

 -

 

 

 -

 

 

15 

 

 

 

 

42 

 

 

 -

 

 

368 

Acquired loans initially recorded at fair value:

 

 

72 

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

78 

Acquired loans with deteriorated credit:

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Sub-total:

 

 

374 

 

 

 -

 

 

 -

 

 

15 

 

 

15 

 

 

42 

 

 

 -

 

 

446 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

 

 

 -

 

 

 -

 

 

14 

 

 

 -

 

 

 

 

 -

 

 

17 

Acquired loans recorded at fair value:

 

 

85 

 

 

 -

 

 

 -

 

 

48 

 

 

 

 

 -

 

 

 -

 

 

139 

Acquired loans with deteriorated credit:

 

 

 -

 

 

 -

 

 

 -

 

 

143 

 

 

 

 

 -

 

 

 -

 

 

144 

Sub-total:

 

 

86 

 

 

 -

 

 

 -

 

 

205 

 

 

 

 

 

 

 -

 

 

300 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

307 

 

 

2,344 

 

 

485 

 

 

1,852 

 

 

(16)

 

 

36 

 

 

12 

 

 

5,020 

Acquired loans initially recorded at fair value:

 

 

80 

 

 

 -

 

 

 

 

 

(48)

 

 

 -

 

 

 -

 

 

 -

 

 

32 

Acquired loans with deteriorated credit:

 

 

(1)

 

 

156 

 

 

 -

 

 

(79)

 

 

 

 

 -

 

 

 -

 

 

78 

Sub-total:

 

 

386 

 

 

2,500 

 

 

485 

 

 

1,725 

 

 

(14)

 

 

36 

 

 

12 

 

 

5,130 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

2,374 

 

 

14,000 

 

 

1,003 

 

 

3,869 

 

 

313 

 

 

 

 

189 

 

 

21,750 

Acquired loans initially recorded at fair value:

 

 

335 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

335 

Acquired loans with deteriorated credit:

 

 

39 

 

 

168 

 

 

 -

 

 

64 

 

 

 

 

 -

 

 

 -

 

 

274 

Ending Balance, December 31, 2018

 

$

2,748 

 

$

14,168 

 

$

1,003 

 

$

3,933 

 

$

316 

 

$

 

$

189 

 

$

22,359 

Loans Receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance Originated Loans:

 

$

213,200 

 

$

1,540,766 

 

$

106,187 

 

$

136,966 

 

$

54,271 

 

$

726 

 

$

-

 

$

2,052,116 

Ending Balance Acquired Loans:

 

 

43,495 

 

 

150,239 

 

 

1,596 

 

 

27,373 

 

 

18,376 

 

 

83 

 

 

-

 

 

241,162 

Ending Balance Acquired loans with deteriorated credit:

 

 

1,390 

 

 

6,832 

 

 

-

 

 

854 

 

 

248 

 

 

-

 

 

-

 

 

9,324 

Total Gross Loans:

 

$

258,085 

 

$

1,697,837 

 

$

107,783 

 

$

165,193 

 

$

72,895 

 

$

809 

 

$

-

 

$

2,302,602 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance: Loans individually

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

evaluated for impairment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance Originated Loans:

 

$

6,043 

 

$

12,822 

 

$

 -

 

$

2,372 

 

$

915 

 

$

 -

 

$

 -

 

$

22,152 

Ending Balance Acquired Loans:

 

 

6,139 

 

 

4,881 

 

 

 -

 

 

53 

 

 

306 

 

 

 -

 

 

 -

 

 

11,379 

Ending Balance Acquired loans with deteriorated credit:

 

 

1,390 

 

 

6,628 

 

 

 -

 

 

810 

 

 

49 

 

 

 -

 

 

 -

 

 

8,877 

Ending Balance Loans individually evaluated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

for impairment:

 

$

13,572 

 

$

24,331 

 

$

 -

 

$

3,235 

 

$

1,270 

 

$

 -

 

$

 -

 

$

42,408 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance: Loans collectively

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

evaluated for impairment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance Originated Loans:

 

$

207,157 

 

$

1,527,944 

 

$

106,187 

 

$

134,594 

 

$

53,356 

 

$

726 

 

$

 -

 

$

2,029,964 

Ending Balance Acquired Loans:

 

 

37,356 

 

 

145,358 

 

 

1,596 

 

 

27,320 

 

 

18,070 

 

 

83 

 

 

 -

 

 

229,783 

Ending Balance Acquired loans with deteriorated credit:

 

 

 -

 

 

204 

 

 

 -

 

 

44 

 

 

199 

 

 

 -

 

 

 -

 

 

447 

Ending Balance Loans collectively 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

evaluated for impairment:

 

$

244,513 

 

$

1,673,506 

 

$

107,783 

 

$

161,958 

 

$

71,625 

 

$

809 

 

$

 -

 

$

2,260,194 



(1) Includes business lines of credit.

(2) Includes home equity lines of credit.



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The table below sets forth the amounts and types of non-accrual loans in the Company’s loan portfolio as of September 30, 2019 and December 31, 2018. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of September 30, 2019 and December 31, 2018, total non-accrual loans differed from the amount of total loans past due greater than 90 days due to troubled debt restructuring of loans which are maintained on non-accrual status for a minimum of six months and until the borrower has demonstrated its ability to satisfy the terms of the restructured loan.   





 

 

 

 

 



 

 

 

 

 



 

As of September 30, 2019

 

 

As of December 31, 2018



 

(In Thousands)

 

 

(In Thousands)

Non-Accruing Loans:

 

 

 

 

 



 

 

 

 

 

Originated loans:

 

 

 

 

 

Residential one-to-four family

$

814 

 

$

1,160 

Commercial and multi-family

 

1,584 

 

 

2,568 

Commercial business(1) 

 

887 

 

 

356 

Home equity(2) 

 

350 

 

 

277 



 

 

 

 

 

Sub-total:

 

3,635 

 

 

4,361 



 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 

 

 

 

Residential one-to-four family

 

1,046 

 

 

2,165 

Commercial and multi-family

 

 -

 

 

605 

Commercial business(1) 

 

378 

 

 

48 

Home equity(2) 

 

15 

 

 

42 



 

 

 

 

 

Sub-total:

 

1,439 

 

 

2,860 



 

 

 

 

 

Total

$

5,074 

 

$

7,221 



 

 

 

 

 



 

 

 

 

 



 

 

 

 

 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.



Nonaccrual loans in the preceding table do not include loans acquired with deteriorated credit quality which were recorded at their fair value at acquisition and totaled $5.5 million at September 30, 2019, and $7.0 million at December 31, 2018.

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three and nine months ended September 30, 2019 and 2018 (In thousands):









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,



 

2019

 

 

2019

 

 

2018

 

 

2018

 

 

2019

 

 

2019

 

 

2018

 

 

2018



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Average

 

 

Interest

 

 

Average

 

 

Interest

 

 

Average

 

 

Interest

 

 

Average

 

 

Interest



 

Recorded

 

 

Income

 

 

Recorded

 

 

Income

 

 

Recorded

 

 

Income

 

 

Recorded

 

 

Income

Originated loans

 

Investment

 

 

Recognized

 

 

Investment

 

 

Recognized

 

 

Investment

 

 

Recognized

 

 

Investment

 

 

Recognized

with no related allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

2,179 

 

$

20 

 

$

1,921 

 

$

 

$

2,627 

 

$

66 

 

$

1,910 

 

$

22 

Commercial and Multi-family

 

8,655 

 

 

56 

 

 

12,345 

 

 

86 

 

 

9,680 

 

 

310 

 

 

12,090 

 

 

257 

Commercial business(1) 

 

1,131 

 

 

43 

 

 

1,074 

 

 

43 

 

 

1,138 

 

 

126 

 

 

910 

 

 

130 

Home equity(2) 

 

598 

 

 

 

 

912 

 

 

 

 

649 

 

 

18 

 

 

910 

 

 

22 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

12,563 

 

$

125 

 

$

16,252 

 

$

143 

 

$

14,094 

 

$

520 

 

$

15,820 

 

$

431 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with no related allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

1,931 

 

$

23 

 

$

3,349 

 

$

16 

 

$

2,081 

 

$

73 

 

$

3,443 

 

$

76 

Commercial and Multi-family

 

3,882 

 

 

55 

 

 

3,733 

 

 

53 

 

 

3,898 

 

 

165 

 

 

3,760 

 

 

168 

Commercial business(1) 

 

119 

 

 

12 

 

 

51 

 

 

 

 

96 

 

 

14 

 

 

34 

 

 

Home equity(2) 

 

311 

 

 

 

 

223 

 

 

 

 

294 

 

 

 

 

230 

 

 

10 

Consumer

 

 -

 

 

 -

 

 

11 

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total

$

6,243 

 

$

93 

 

$

7,367 

 

$

73 

 

$

6,369 

 

$

261 

 

$

7,474 

 

$

256 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with no related allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family(3)

$

839 

 

$

14 

 

$

1,030 

 

$

16 

 

$

898 

 

$

44 

 

$

1,032 

 

$

48 

Commercial and Multi-family(3)

 

4,264 

 

 

 

 

10,980 

 

 

 

 

4,666 

 

 

20 

 

 

7,490 

 

 

20 

Construction(3) 

 

 -

 

 

 -

 

 

1,335 

 

 

 -

 

 

 -

 

 

 -

 

 

890 

 

 

 -

Commercial business(1)(3)

 

894 

 

 

 -

 

 

922 

 

 

 -

 

 

849 

 

 

 -

 

 

614 

 

 

 -

Home equity(2)(3) 

 

41 

 

 

 -

 

 

226 

 

 

 -

 

 

43 

 

 

 -

 

 

151 

 

 

 -

Consumer(3) 

 

 -

 

 

 -

 

 

27 

 

 

 -

 

 

 -

 

 

 -

 

 

18 

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

6,038 

 

$

21 

 

$

14,520 

 

$

23 

 

$

6,456 

 

$

64 

 

$

10,195 

 

$

68 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Impaired Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with no related allowance recorded:

$

24,844 

 

$

239 

 

$

38,139 

 

$

239 

 

$

26,919 

 

$

845 

 

$

33,489 

 

$

755 

__________

(1)

Includes business lines of credit.

(2)

Includes home equity lines of credit.

(3)

Does not include accretable yield on loans acquired with deteriorated credit.



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table summarizes the average recorded investment and interest income recognized on impaired loans with allowance recorded by portfolio class for the three and nine months ended September 30, 2019 and 2018. (In thousands):







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,



 

2019

 

 

2019

 

 

2018

 

 

2018

 

 

2019

 

 

2019

 

 

2018

 

 

2018



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Average

 

 

Interest

 

 

Average

 

 

Interest

 

 

Average

 

 

Interest

 

 

Average

 

 

Interest



 

Recorded

 

 

Income

 

 

Recorded

 

 

Income

 

 

Recorded

 

 

Income

 

 

Recorded

 

 

Income

Originated loans

 

Investment

 

 

Recognized

 

 

Investment

 

 

Recognized

 

 

Investment

 

 

Recognized

 

 

Investment

 

 

Recognized

with an allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

2,032 

 

$

18 

 

$

4,310 

 

$

47 

 

$

2,175 

 

$

67 

 

$

4,601 

 

$

141 

Commercial and Multi-family

 

 -

 

 

 -

 

 

485 

 

 

 -

 

 

 -

 

 

 -

 

 

485 

 

 

 -

Commercial business(1) 

 

822 

 

 

 

 

1,266 

 

 

22 

 

 

658 

 

 

57 

 

 

1,199 

 

 

65 

Home equity(2) 

 

268 

 

 

 

 

155 

 

 

 

 

229 

 

 

 

 

155 

 

 

Consumer

 

 -

 

 

 -

 

 

21 

 

 

 -

 

 

 -

 

 

 -

 

 

14 

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

3,122 

 

$

22 

 

$

6,237 

 

$

71 

 

$

3,062 

 

$

129 

 

$

6,454 

 

$

211 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with an allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

3,291 

 

$

30 

 

$

3,210 

 

$

24 

 

$

3,286 

 

$

82 

 

$

3,384 

 

$

73 

Commercial and Multi-family

 

881 

 

 

14 

 

 

916 

 

 

 

 

889 

 

 

22 

 

 

919 

 

 

13 

Commercial business(1) 

 

377 

 

 

 -

 

 

124 

 

 

 -

 

 

251 

 

 

 -

 

 

82 

 

 

 -

Home equity(2) 

 

84 

 

 

 

 

85 

 

 

 

 

84 

 

 

 

 

85 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total

$

4,633 

 

$

45 

 

$

4,335 

 

$

29 

 

$

4,510 

 

$

108 

 

$

4,470 

 

$

90 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with an allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family(3) 

$

527 

 

$

 

$

369 

 

$

 

$

473 

 

$

19 

 

$

369 

 

$

10 

Commercial and Multi-family

 

943 

 

 

 -

 

 

 -

 

 

 -

 

 

629 

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

1,470 

 

$

 

$

369 

 

$

 

$

1,102 

 

$

19 

 

$

369 

 

$

10 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Impaired Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with an allowance recorded:

$

9,225 

 

$

74 

 

$

10,941 

 

$

105 

 

$

8,674 

 

$

256 

 

$

11,293 

 

$

311 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

(3) Does not include accretable yield on loans acquired with deteriorated credit.



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table summarizes the recorded investment and unpaid principal balances where there is no related allowance on impaired loans by portfolio class at

September 30, 2019 and December 31, 2018. (In thousands):







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

As of September 30, 2019

 

 

As of December 31, 2018



 

Recorded

 

 

Unpaid Principal

 

 

Related

 

 

Recorded

 

 

Unpaid Principal

 

 

Related

Originated loans

 

Investment

 

 

Balance

 

 

Allowance

 

 

Investment

 

 

Balance

 

 

Allowance

with no related allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

2,246 

 

$

2,342 

 

$

-

 

$

2,623 

 

$

2,689 

 

$

-

Commercial and multi-family

 

6,044 

 

 

6,297 

 

 

-

 

 

12,711 

 

 

13,308 

 

 

-

Commercial business(1) 

 

1,124 

 

 

3,695 

 

 

-

 

 

974 

 

 

3,411 

 

 

-

Home equity(2) 

 

589 

 

 

600 

 

 

-

 

 

762 

 

 

779 

 

 

-



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

10,003 

 

$

12,934 

 

$

 -

 

$

17,070 

 

$

20,187 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

value with no related allowance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

1,812 

 

$

1,918 

 

$

-

 

$

3,123 

 

$

3,254 

 

$

-

Commercial and Multi-family

 

3,861 

 

 

3,861 

 

 

-

 

 

3,961 

 

 

3,961 

 

 

-

Commercial business(1) 

 

187 

 

 

602 

 

 

-

 

 

53 

 

 

53 

 

 

-

Home equity(2) 

 

209 

 

 

210 

 

 

-

 

 

222 

 

 

222 

 

 

-



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

6,069 

 

$

6,591 

 

$

 -

 

$

7,359 

 

$

7,490 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

credit with no related allowance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

834 

 

$

1,391 

 

$

-

 

$

1,023 

 

$

1,579 

 

$

-

Commercial and Multi-family

 

3,078 

 

 

4,175 

 

 

-

 

 

6,628 

 

 

7,957 

 

 

-

Commercial business(1) 

 

889 

 

 

5,936 

 

 

-

 

 

810 

 

 

6,253 

 

 

-

Home equity(2) 

 

39 

 

 

49 

 

 

-

 

 

49 

 

 

57 

 

 

-



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

4,840 

 

$

11,551 

 

$

 -

 

$

8,510 

 

$

15,846 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Impaired Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with no related allowance recorded:

$

20,912 

 

$

31,076 

 

$

 -

 

$

32,939 

 

$

43,523 

 

$

 -

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table summarizes the recorded investment, unpaid principal balance, and the related allowance on impaired loans by portfolio class at September 30, 2019 and December 31, 2018. (In thousands):





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

As of September 30, 2019

 

 

As of December 31, 2018



 

Recorded

 

 

Unpaid Principal

 

 

Related

 

 

Recorded

 

 

Unpaid Principal

 

 

Related

Originated loans

 

Investment

 

 

Balance

 

 

Allowance

 

 

Investment

 

 

Balance

 

 

Allowance

with an allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

1,622 

 

$

1,622 

 

$

81 

 

$

3,420 

 

$

3,420 

 

$

229 

Commercial and Multi-family

 

 -

 

 

 -

 

 

 -

 

 

111 

 

 

153 

 

 

111 

Commercial business(1) 

 

827 

 

 

1,943 

 

 

800 

 

 

1,398 

 

 

1,549 

 

 

905 

Home equity(2) 

 

384 

 

 

384 

 

 

22 

 

 

153 

 

 

153 

 

 

21 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

2,833 

 

$

3,949 

 

$

903 

 

$

5,082 

 

$

5,275 

 

$

1,266 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

value with an allowance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

3,367 

 

$

3,532 

 

$

484 

 

$

3,016 

 

$

3,166 

 

$

532 

Commercial and Multi-family

 

872 

 

 

1,064 

 

 

302 

 

 

920 

 

 

1,094 

 

 

369 

Commercial business(1) 

 

377 

 

 

1,489 

 

 

1,117 

 

 

 -

 

 

 -

 

 

 -

Home equity(2) 

 

83 

 

 

83 

 

 

 

 

84 

 

 

84 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total

$

4,699 

 

$

6,168 

 

$

1,907 

 

$

4,020 

 

$

4,344 

 

$

906 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

credit with an allowance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

526 

 

$

573 

 

$

 

$

367 

 

$

414 

 

$

Commercial and Multi-family

 

1,886 

 

 

1,895 

 

 

34 

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

2,412 

 

$

2,468 

 

$

43 

 

$

367 

 

$

414 

 

$



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Impaired Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with an allowance recorded:

$

9,944 

 

$

12,585 

 

$

2,853 

 

$

9,469 

 

$

10,033 

 

$

2,181 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Impaired Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with no related allowance recorded:

$

20,912 

 

$

31,076 

 

$

 -

 

$

32,939 

 

$

43,523 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Impaired Loans:

$

30,856 

 

$

43,661 

 

$

2,853 

 

$

42,408 

 

$

53,556 

 

$

2,181 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



A troubled debt restructured loan (“TDR”) is a loan that has been modified whereby the Company has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Company to maximize the ultimate recovery of a loan. A TDR occurs when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified using a concession that would otherwise not be granted to the borrower. The types of concessions granted generally include, but are not limited to interest rate reductions, limitations on the accrued interest charged, term extensions, and deferment of principal. All TDRs were considered impaired and therefore were individually evaluated for impairment in the calculation of the allowance for loan losses. Prior to their classification as TDRs, certain of these loans had been collectively evaluated for impairment in the calculation of the allowance for loan losses.







 

 

 

 

 



 

At September 30, 2019

 

 

At December 31, 2018



 

(In thousands)

Recorded investment in TDRs:

 

 

 

 

 

Accrual status

$

16,489 

 

$

22,477 

Non-accrual status

 

1,890 

 

 

4,136 

       Total recorded investment in TDRs

$

18,379 

 

$

26,613 





TDRs restructured for the three months ended September 30, 2019 totaled $415,652 for three contracts, and no new TDRs were originated for the three months ended September 30, 2018.



TDRs restructured for the nine months ended September 30, 2019 totaled $1.8 million for six contracts and $640,000 for one contract during the nine months ended September 30, 2018.



TDRs for which there was a payment default within twelve months of restructuring totaled $105,000 during the three months ended September 30, 2019 and $640,000 for one contract during the three months ended September 30, 2018.



TDRs for which there was a payment default within twelve months of restructuring totaled $105,000 during the nine months ended September 30, 2019 and $640,000 for one contract during the nine months ended September 30, 2018. 





Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table sets forth the delinquency status of total loans receivable as of September 30, 2019:





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans Receivable



30-59 Days

 

60-90 Days

 

Greater Than

 

Total Past

 

 

 

 

Total Loans

 

>90 Days



Past Due

 

Past Due

 

90 Days

 

Due

 

Current

 

Receivable

 

and Accruing



 

(In Thousands)

Originated loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

1,288 

 

$

 -

 

$

 -

 

$

1,288 

 

$

211,978 

 

$

213,266 

 

$

 -

Commercial and multi-family

 

2,910 

 

 

1,012 

 

 

 -

 

 

3,922 

 

 

1,532,870 

 

 

1,536,792 

 

 

 -

Construction

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

131,697 

 

 

131,697 

 

 

 -

Commercial business(1) 

 

57 

 

 

529 

 

 

932 

 

 

1,518 

 

 

138,644 

 

 

140,162 

 

 

45 

Home equity(2) 

 

196 

 

 

 -

 

 

27 

 

 

223 

 

 

48,275 

 

 

48,498 

 

 

27 

Consumer

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

693 

 

 

693 

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

4,451 

 

$

1,541 

 

$

959 

 

$

6,951 

 

$

2,064,157 

 

$

2,071,108 

 

$

72 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

274 

 

$

 -

 

$

1,213 

 

$

1,487 

 

$

36,858 

 

 

38,345 

 

$

167 

Commercial and multi-family

 

201 

 

 

77 

 

 

153 

 

 

431 

 

 

126,599 

 

 

127,030 

 

 

153 

Construction

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Commercial business(1) 

 

437 

 

 

 -

 

 

516 

 

 

953 

 

 

19,578 

 

 

20,531 

 

 

138 

Home equity(2) 

 

69 

 

 

 -

 

 

 -

 

 

69 

 

 

14,839 

 

 

14,908 

 

 

 -

Consumer

 

 -

 

 

 -

 

 

 

 

 

 -

 

 

35 

 

 

35 

 

 

 -



 

 

 

 

 

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

981 

 

$

77 

 

$

1,882 

 

$

2,940 

 

$

197,909 

 

$

200,849 

 

$

458 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated credit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

 -

 

$

 -

 

$

 -

 

$

 -

 

$

1,360 

 

 

1,360 

 

$

-

Commercial and multi-family

 

 -

 

 

 -

 

 

4,386 

 

 

4,386 

 

 

774 

 

 

5,160 

 

 

 -

Commercial business(1) 

 

 -

 

 

 -

 

 

891 

 

 

891 

 

 

65 

 

 

956 

 

 

 -

Home equity(2) 

 

239 

 

 

 -

 

 

 -

 

 

239 

 

 

 -

 

 

239 

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 -

 

 

 

Sub-total:

$

239 

 

$

 -

 

$

5,277 

 

$

5,516 

 

$

2,199 

 

$

7,715 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

5,671 

 

$

1,618 

 

$

8,118 

 

$

15,407 

 

$

2,264,265 

 

$

2,279,672 

 

$

530 

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table sets forth the delinquency status of total loans receivable at December 31, 2018:





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans Receivable



30-59 Days

 

60-90 Days

 

Greater Than

 

Total Past

 

 

 

 

Total Loans

 

>90 Days



Past Due

 

Past Due

 

90 Days

 

Due

 

Current

 

Receivable

 

and Accruing



 

(In thousands)

Originated loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

980 

 

$

1,014 

 

$

1,452 

 

$

3,446 

 

$

209,754 

 

$

213,200 

 

$

545 

Commercial and multi-family

 

7,074 

 

 

299 

 

 

988 

 

 

8,361 

 

 

1,532,405 

 

 

1,540,766 

 

 

877 

Construction

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

106,187 

 

 

106,187 

 

 

 -

Commercial business(1) 

 

1,331 

 

 

 -

 

 

349 

 

 

1,680 

 

 

135,286 

 

 

136,966 

 

 

 -

Home equity(2) 

 

498 

 

 

87 

 

 

 -

 

 

585 

 

 

53,686 

 

 

54,271 

 

 

 -

Consumer

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

726 

 

 

726 

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

9,883 

 

$

1,400 

 

$

2,789 

 

$

14,072 

 

$

2,038,044 

 

$

2,052,116 

 

$

1,422 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

1,117 

 

$

520 

 

$

1,917 

 

$

3,554 

 

$

39,941 

 

 

43,495 

 

$

 -

Commercial and multi-family

 

1,480 

 

 

78 

 

 

 -

 

 

1,558 

 

 

148,681 

 

 

150,239 

 

 

 -

Construction

 

594 

 

 

 -

 

 

 -

 

 

594 

 

 

1,002 

 

 

1,596 

 

 

 -

Commercial business(1) 

 

1,876 

 

 

 -

 

 

46 

 

 

1,922 

 

 

25,451 

 

 

27,373 

 

 

 -

Home equity(2) 

 

682 

 

 

22 

 

 

42 

 

 

746 

 

 

17,630 

 

 

18,376 

 

 

 -

Consumer

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

83 

 

 

83 

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

5,749 

 

$

620 

 

$

2,005 

 

$

8,374 

 

$

232,788 

 

$

241,162 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated credit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

 -

 

$

 -

 

$

 -

 

$

 -

 

$

1,390 

 

$

1,390 

 

$

-

Commercial and multi-family

 

 -

 

 

 -

 

 

6,012 

 

 

6,012 

 

 

820 

 

 

6,832 

 

 

 -

Construction

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Commercial business(1) 

 

 -

 

 

 -

 

 

806 

 

 

806 

 

 

48 

 

 

854 

 

 

 -

Home equity(2) 

 

 -

 

 

 -

 

 

48 

 

 

48 

 

 

200 

 

 

248 

 

 

 -

Consumer

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

 -

 

$

 -

 

$

6,866 

 

$

6,866 

 

$

2,458 

 

$

9,324 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

15,632 

 

$

2,020 

 

$

11,660 

 

$

29,312 

 

$

2,273,290 

 

$

2,302,602 

 

$

1,422 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



Criticized and Classified Assets.    



Company policies provide for a classification system for problem assets. Under this classification system, problem assets are classified as “substandard,” “doubtful,” or “loss.”



When the Company classifies problem assets, the Company may establish general allowances for loan losses in an amount deemed prudent by management. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. A portion of general loss allowances established to cover possible losses related to assets classified as substandard or doubtful may be included in determining our regulatory capital. Specific valuation allowances for loan losses generally do not qualify as regulatory capital. As of September 30, 2019, we had $0 in assets classified as losses, and $16.0 million in assets classified as substandard, of which $16.0 million were classified as impaired. The loans classified as substandard are secured either by residential real estate, commercial real estate or heavy equipment. The loans that have been classified substandard were classified as such primarily due to payment status, because updated financial information has not been timely provided, or the collateral underlying the loan is in the process of being revalued.



The Company’s internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies. The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list (risk ratings 1-5) are treated as “pass” for grading purposes. The “criticized” risk rating (6) and the “classified” risk ratings (7-9) are detailed below:



6 – Special Mention- Loans currently performing but with potential weaknesses including adverse trends in borrower’s operations, credit quality, financial strength, or possible collateral deficiency.



7 – Substandard- Loans that are inadequately protected by current sound worth, paying capacity, and collateral support. Loans on “nonaccrual” status. The loan needs special and corrective attention.



8 – Doubtful- Weaknesses in credit quality and collateral support make full collection improbable, but pending reasonable factors remain sufficient to defer the loss status.



9 – Loss- Continuance as a bankable asset is not warranted. However, this does not preclude future attempts at partial recovery.



The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of September 30, 2019. (In thousands):









 

 

 

 

 

 

 

 

 

 

 



Pass

 

Special Mention

 

Substandard

 

Total



 

 

 

 

 

 

 

 

 

 

 

Originated loans:

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

210,463 

 

$

1,989 

 

$

814 

 

$

213,266 

Commercial and multi-family

 

1,530,755 

 

 

2,189 

 

 

3,848 

 

 

1,536,792 

Construction

 

130,352 

 

 

1,345 

 

 

 -

 

 

131,697 

Commercial business(1) 

 

136,702 

 

 

2,013 

 

 

1,447 

 

 

140,162 

Home equity(2) 

 

48,148 

 

 

 -

 

 

350 

 

 

48,498 

Consumer

 

688 

 

 

 

 

 -

 

 

693 



 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

2,057,108 

 

$

7,541 

 

$

6,459 

 

$

2,071,108 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

37,203 

 

$

 -

 

$

1,142 

 

$

38,345 

Commercial and multi-family

 

123,782 

 

 

1,140 

 

 

2,108 

 

 

127,030 

Construction

 

 -

 

 

 -

 

 

 -

 

 

 -

Commercial business(1) 

 

18,829 

 

 

1,187 

 

 

515 

 

 

20,531 

Home equity(2) 

 

14,873 

 

 

 -

 

 

35 

 

 

14,908 

Consumer

 

35 

 

 

 -

 

 

 -

 

 

35 

Sub-total:

$

194,722 

 

$

2,327 

 

$

3,800 

 

$

200,849 



 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated credit:

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

794 

 

$

250 

 

$

316 

 

$

1,360 

Commercial and multi-family

 

196 

 

 

495 

 

 

4,469 

 

 

5,160 

Construction

 

 -

 

 

 -

 

 

 -

 

 

 -

Commercial business(1) 

 

 -

 

 

41 

 

 

915 

 

 

956 

Home equity(2) 

 

200 

 

 

 -

 

 

39 

 

 

239 

Consumer

 

 -

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

1,190 

 

$

786 

 

$

5,739 

 

$

7,715 



 

 

 

 

 

 

 

 

 

 

 

Total Gross Loans

$

2,253,020 

 

$

10,654 

 

$

15,998 

 

$

2,279,672 



 

 

 

 

 

 

 

 

 

 

 

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2018. (In thousands):







 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



Pass

 

Special Mention

 

Substandard

 

Total



 

 

 

 

 

 

 

 

 

 

 

Originated loans:

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

207,991 

 

$

2,400 

 

$

2,809 

 

$

213,200 

Commercial and multi-family

 

1,526,591 

 

 

3,608 

 

 

10,567 

 

 

1,540,766 

Construction

 

105,886 

 

 

301 

 

 

 -

 

 

106,187 

Commercial business(1) 

 

133,054 

 

 

1,923 

 

 

1,989 

 

 

136,966 

Home equity(2) 

 

53,903 

 

 

91 

 

 

277 

 

 

54,271 

Consumer

 

719 

 

 

 

 

 -

 

 

726 



 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

2,028,144 

 

$

8,330 

 

$

15,642 

 

$

2,052,116 



 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

41,009 

 

$

 

$

2,485 

 

 

43,495 

Commercial and multi-family

 

146,701 

 

 

2,618 

 

 

920 

 

 

150,239 

Construction

 

1,596 

 

 

 -

 

 

 -

 

 

1,596 

Commercial business(1) 

 

26,199 

 

 

1,128 

 

 

46 

 

 

27,373 

Home equity(2) 

 

18,309 

 

 

 -

 

 

67 

 

 

18,376 

Consumer

 

83 

 

 

 -

 

 

 -

 

 

83 



 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

233,897 

 

$

3,747 

 

$

3,518 

 

$

241,162 



 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated credit:

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

812 

 

$

562 

 

$

16 

 

 

1,390 

Commercial and multi-family

 

204 

 

 

502 

 

 

6,126 

 

 

6,832 

Construction

 

 -

 

 

 -

 

 

 -

 

 

 -

Commercial business(1) 

 

(4)

 

 

48 

 

 

810 

 

 

854 

Home equity(2) 

 

199 

 

 

 -

 

 

49 

 

 

248 

Consumer

 

 -

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

1,211 

 

$

1,112 

 

$

7,001 

 

$

9,324 



 

 

 

 

 

 

 

 

 

 

 

Total Gross Loans

$

2,263,252 

 

$

13,189 

 

$

26,161 

 

$

2,302,602 

________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

v3.19.3
Stockholders' Equity
9 Months Ended
Sep. 30, 2019
Stockholders' Equity [Abstract]  
Stockholders' Equity

Note 8 – Stockholders’ Equity



On April 17, 2018, the Company issued 631,896 shares of its common stock, 438,889 shares of series E 6% non-cumulative convertible preferred stock and 6,465 shares of series F 6% non-cumulative convertible preferred stock in connection with its acquisition of IA Bancorp, Inc. The series E 6% non-cumulative convertible preferred stock was converted, at the shareholders’ discretion, on July 10, 2018. The series F 6% non-cumulative perpetual convertible preferred stock is convertible at the shareholder’s discretion.



On May 16, 2018, the Company issued 82,950 shares of its common stock in connection with the conversion of the 438,889 shares of Series E preferred stock issued in connection with the acquisition of IA Bancorp, Inc.



On January 30, 2019, the Company closed a private placement of Series G 6.0% Noncumulative Perpetual Preferred Stock, resulting in gross proceeds of $5,330,000 for 533 shares.



On February 25, 2019, the Company closed a private placement offering of 496,224 shares of its common stock, of which directors and officers of the Company purchased 286,244 shares (the “Offering”). The Offering resulted in gross proceeds of $6.272 million to the Company.

 

v3.19.3
Goodwill and Other Intangible Assets
9 Months Ended
Sep. 30, 2019
Goodwill and Other Intangible Assets [Abstract]  
Goodwill and Other Intangible Assets

Note 9 – Goodwill and Other Intangible Assets



The Company’s intangible assets consist of goodwill and core deposit intangibles in connection with the acquisition of IA Bancorp, Inc. as of April 17, 2018. Goodwill is not amortized but is subject to annual tests for impairment or more often if events or circumstances indicate it may be impaired.



The Company’s core deposit intangibles are amortized on an accelerated basis using an estimated life of 10 years and in accordance with U.S. GAAP are evaluated annually for impairment. An impairment loss will be recognized if the carrying amount of the intangible asset is not recoverable and exceeds fair value. The carrying amount of the intangible asset is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset. 



We believe that the fair values of our intangible assets were in excess of their carrying amounts and therefore there was no impairment to intangible assets at September 30, 2019. 



Amortization expense of the core deposit intangibles was $18,000 and $54,000 for the three and nine months ended September 30, 2019, respectively, and $19,000 and $39,000 for the three and nine months ended September 30, 2018, respectively. The unamortized balance of the core deposit intangibles and the amount of goodwill at September 30, 2019 were $317,000 and $5.3 million, respectively, and at September 30, 2018 were $391,000 and $5.2 million, respectively.

v3.19.3
Fair Values of Financial Instruments
9 Months Ended
Sep. 30, 2019
Fair Values of Financial Instruments [Abstract]  
Fair Values of Financial Instruments

Note 10 – Fair Values of Financial Instruments



Guidance on fair value measurements establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:



Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.



Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.



Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported with little or no market activity).



An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

 

The only assets or liabilities that the Company measured at fair value on a recurring basis were as follows. (In thousands):

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

  

(Level 1)

  

(Level 2)

  

 



 

 

 

 

Quoted Prices in

 

Significant

 

(Level 3)



 

 

 

 

Active Markets

 

Other

 

Significant



 

 

 

 

for Identical

 

Observable

 

Unobservable

Description

 

Total

 

Assets

 

Inputs

 

Inputs

As of September 30, 2019:

 

 

 

  

 

 

  

 

 

  

 

 

Debt Securities Available for Sale

 

 

 

  

 

 

  

 

 

  

 

 

     Residential mortgage backed securities

 

$

98,218 

 

$

 -

 

$

98,218 

 

$

 -

Total Debt Securities Available for Sale

 

$

98,218 

 

$

 -

 

$

98,218 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

    Preferred Stock

 

$

5,857 

 

$

5,857 

 

$

 -

 

$

 -

Total Equity Investments

 

$

5,857 

 

$

5,857 

 

$

 -

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2018:

 

 

 

  

 

 

  

 

 

  

 

 

Debt Securities Available for Sale

 

 

 

  

 

 

 

 

 

  

 

 

     Residential mortgage backed securities

 

$

115,640 

 

$

 -

 

$

115,640 

 

$

 -

     Municipal obligations

 

 

3,695 

 

 

 -

 

 

3,695 

 

 

 -

Total Debt Securities Available for Sale

 

$

119,335 

 

$

 -

 

$

119,335 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

     Preferred Stock

 

$

7,672 

 

$

7,672 

 

$

 -

 

$

 -

Total Equity Investments

 

$

7,672 

 

$

7,672 

 

$

 -

 

$

 -



The Company’s policy is to recognize transfers between levels as of the actual date of the event or change in circumstances that caused the transfer. There were no transfers of assets or liabilities into or out of Level 1, Level 2, or Level 3 of the fair value hierarchy during the three months ended September 30, 2019 and 2018.



The only assets or liabilities that the Company measured at fair value on a nonrecurring basis were as follows. (In thousands):

 





 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

  

(Level 1)

  

(Level 2)

  

 

 



 

 

 

 

Quoted Prices in

 

Significant

 

(Level 3)



 

 

 

 

Active Markets

 

Other

 

Significant



 

 

 

 

for Identical

 

Observable

 

Unobservable

Description

 

Total

 

Assets

 

Inputs

 

Inputs

As of September 30, 2019

 

 

 

  

 

 

  

 

 

  

 

 

Impaired Loans

 

$

7,091 

  

$

 -

  

$

 -

  

$

7,091 



 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2018:

 

 

 

  

 

 

  

 

 

  

 

 

Impaired Loans

 

$

7,288 

 

$

 -

 

$

 -

 

$

7,288 

Other real estate owned

 

$

1,333 

  

$

 -

  

$

 -

  

$

1,333 



Note 10 – Fair Values of Financial Instruments (Continued)



The following tables present additional quantitative information as of September 30, 2019 and December 31, 2018 about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value. (Dollars in thousands):







 

 

 

 

 

Quantitative Information about Level 3 Fair Value Measurements



 

Fair Value

Valuation

Unobservable

 



 

Estimate

Techniques

Input

Range

September 30, 2019:

 

 

 

 

 

Impaired Loans

$

7,091 

Appraisal of collateral (1)

Appraisal adjustments (2)

0%-10%



 

 

 

 

 



 

 

 

 

 







 

 

 

 

 



 

Fair Value

Valuation

Unobservable

 



 

Estimate

Techniques

Input

Range

December 31, 2018:

 

 

 

 

 

Impaired Loans

$

7,288 

Appraisal of collateral (1)

Appraisal adjustments (2)

0%-10%



 

 

 

 

 

Other real estate owned

$

1,333 

Appraisal of collateral (1)

Appraisal adjustments (2)

0%-10%



 

 

 

 

 



(1)

Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not objectively determinable.

(2)

Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.



The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments as of September 30, 2019 and December 31, 2018.



Cash and Cash Equivalents and Interest-Earning Time Deposits (Carried at Cost)



The carrying amounts reported in the consolidated statements of financial condition for cash and short-term instruments approximate fair values.



Securities Available for Sale



The fair value of securities available for sale (carried at fair value) are determined by matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices.



Equity Securities



The fair values of available-for-sale securities are based on quoted market prices (Level 1).



Loans Held for Sale (Carried at Lower of Cost or Fair Value)



The fair value of loans held for sale is determined, when possible, using quoted secondary-market prices. If no such quoted prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for specific attributes of that loan. Loans held for sale are carried at their cost as of September 30, 2019 and December 31, 2018.



Loans Receivable (Carried at Cost)



The fair value of loans are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values.

Note 10 – Fair Values of Financial Instruments (Continued)



Impaired Loans



A loan is impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due according to the original contractual terms of the loan agreement. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or as a practical expedient, at the loans observable market price or the fair value of the collateral if the loan is collateral dependent. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value at September 30, 2019 and December 31, 2018 consisted of the loan balances of $9.9 million and $9.5 million, net of a valuation allowance of $2.9 million and $2.2 million, respectively.



Real Estate Owned (Generally Carried at Lower of Cost or Fair Value)



Real Estate Owned is generally carried at fair value less estimated costs to sell which is determined based upon independent third-party appraisals of the properties, or based upon the expected proceeds from a pending sale. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements.



FHLB of New York Stock (Carried at Cost)



The carrying amount of restricted investment in bank stock approximates fair value, and considers the limited marketability of such securities.



Interest Receivable and Payable (Carried at Cost)



The carrying amount of interest receivable and interest payable approximates its fair value.



Deposits (Carried at Cost)



The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits.



Borrowings and Subordinated Debt (Carried at Cost)



Fair values are estimated using discounted cash flow analysis, based on quoted prices for new long-term debt with similar credit risk characteristics, terms and remaining maturity. Prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party.



Off-Balance Sheet Financial Instruments



Fair values for the Company’s off-balance sheet financial instruments (lending commitments and unused lines of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. The fair value of these commitments was deemed immaterial and is not presented in the accompanying table.

 

Note 10 – Fair Values of Financial Instruments (Continued)



The carrying values and estimated fair values of financial instruments were as follows as of September 30, 2019 and December 31, 2018:

 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

As of September 30, 2019



 

 



 

 

 

 

 

 

 

Quoted Prices in Active

 

Significant

 

Significant



 

Carrying

 

 

 

 

Markets for Identical Assets

 

Other Observable Inputs

 

Unobservable Inputs



 

Value

 

Fair Value

 

(Level 1)

 

(Level 2)

 

(Level 3)



 

  

 

 

 

 

 

 

 

 

 

 

 

 

 



 

(In Thousands)

Financial assets:

 

  

 

 

 

 

  

 

 

  

 

 

 

 

 

Cash and cash equivalents

 

$

376,611 

 

$

376,611 

  

$

376,611 

  

$

 -

 

$

 -

Interest-earning time deposits

 

 

735 

 

 

735 

  

 

735 

  

 

 -

 

 

 -

Debt securities available for sale

 

 

98,218 

 

 

98,218 

 

 

 -

 

 

98,218 

 

 

 -

Equity investments

 

 

5,857 

 

 

5,857 

  

 

5,857 

  

 

 -

 

 

 -

Loans held for sale

 

 

3,195 

 

 

3,195 

  

 

 -

  

 

3,195 

 

 

 -

Loans receivable, net

 

 

2,253,699 

 

 

2,264,676 

  

 

 -

  

 

 -

 

 

2,264,676 

FHLB of New York stock, at cost

 

 

15,171 

 

 

15,171 

  

 

 -

  

 

15,171 

 

 

 -

Accrued interest receivable

 

 

8,959 

 

 

8,959 

  

 

 -

  

 

8,959 

 

 

 -

Other Real Estate Owned

 

 

 -

 

 

 -

  

 

 -

  

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

  

 

 

  

 

 

 

 

 

Deposits

 

 

2,263,457 

 

 

2,275,038 

  

 

1,148,516 

  

 

1,126,522 

 

 

 -

Borrowings

 

 

275,800 

 

 

277,344 

  

 

 -

  

 

277,344 

 

 

 -

Subordinated debentures

 

 

36,752 

 

 

36,958 

 

 

 -

 

 

36,958 

 

 

 -

Accrued interest payable

 

 

2,231 

 

 

2,231 

  

 

 -

  

 

2,231 

 

 

 -







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

As of December 31, 2018



 

 



 

 

 

 

 

 

 

Quoted Prices in Active

 

Significant

 

Significant



 

Carrying

 

 

 

 

Markets for Identical Assets

 

Other Observable Inputs

 

Unobservable Inputs



 

Value

 

Fair Value

 

(Level 1)

 

(Level 2)

 

(Level 3)



 

  

 

 

 

 

 

 

 

 

 

 

 

 

 



 

(In thousands)

Financial assets:

 

  

 

 

 

 

  

 

 

  

 

 

 

 

 

Cash and cash equivalents

 

$

195,264 

 

$

195,264 

  

$

195,264 

  

$

 -

 

$

 -

Interest-earning time deposits

 

 

735 

 

 

735 

  

 

735 

  

 

 -

 

 

 -

Debt securities available for sale

 

 

119,335 

 

 

119,335 

 

 

 -

 

 

119,335 

 

 

 -

Equity investments

 

 

7,672 

 

 

7,672 

  

 

7,672 

  

 

 -

 

 

 -

Loans held for sale

 

 

1,153 

 

 

1,153 

  

 

 -

  

 

1,153 

 

 

 -

Loans receivable, net

 

 

2,278,492 

 

 

2,245,150 

  

 

 -

  

 

 -

 

 

2,245,150 

FHLB of New York stock, at cost

 

 

13,405 

 

 

13,405 

  

 

 -

  

 

13,405 

 

 

 -

Accrued interest receivable

 

 

8,378 

 

 

8,378 

  

 

 -

  

 

8,378 

 

 

 -

Other Real Estate Owned

 

 

1,333 

 

 

1,333 

  

 

 -

  

 

 -

 

 

1,333 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

  

 

 

  

 

 

 

 

 

Deposits

 

 

2,180,724 

 

 

2,189,404 

  

 

1,075,539 

  

 

1,113,865 

 

 

 -

Borrowings

 

 

245,800 

 

 

244,049 

  

 

 -

  

 

244,049 

 

 

 -

Subordinated debentures

 

 

36,577 

 

 

36,316 

 

 

 -

 

 

36,316 

 

 

 -

Accrued interest payable

 

 

2,561 

 

 

2,561 

  

 

 -

  

 

2,561 

 

 

 -



v3.19.3
Subordinated Debt
9 Months Ended
Sep. 30, 2019
Subordinated Debt [Abstract]  
Subordinated Debt

Note 11 – Subordinated debt



On July 30, 2018, the Company issued $33.5 million of fixed-to-floating rate subordinated debentures (the “Notes”) in a private placement. The Notes have a ten-year term and bear interest at a fixed annual rate of 5.625% for the first five years of the term (the "Fixed Interest Rate Period"). From and including August 1, 2023, the interest rate will adjust to a floating rate based on the three-month LIBOR plus 2.72% until redemption or maturity (the "Floating Interest Rate Period"). The Notes are scheduled to mature on August 1, 2028. Subject to limited exceptions, the Company cannot redeem the Notes for the first five years of the term. The Company will pay interest in arrears semi-annually during the Fixed Interest Rate Period and quarterly during the Floating Interest Rate Period during the term of the Notes. The Notes constitute an unsecured and subordinated obligation of the Company and rank junior in right of payment to any senior indebtedness and obligations to general and secured creditors. The Notes qualify as Tier 2 capital for the Company for regulatory purposes, when applicable, and the portion that the Company contributes to the Bank will qualify as Tier 1 capital for the Bank. The additional capital will be used for general corporate purposes including organic growth initiatives. Subordinated debt includes associated deferred costs of $872,000 at September 30, 2019.



The Company also has $4,124,000 of mandatory redeemable Trust Preferred securities. The interest rate on these floating rate junior subordinated debentures adjusts quarterly, equal to the three-month LIBOR and 2.65%.



As it is anticipated that LIBOR will be discontinued after 2021, the Company is reviewing the agreements for the above debentures to determine alternative reference rates, and does not anticipate there will be a significant financial statement impact.

 

v3.19.3
Lease Obligations
9 Months Ended
Sep. 30, 2019
Lease Obligations [Abstract]  
Lease Obligations

Note 12 – Lease Obligations



In February 2016, FASB issued ASU 2016-02, Leases, which requires a lessee to recognize the assets and liabilities that arise from all leases with a term greater than 12 months. The core principle requires the lessee to recognize a liability to make lease payments and a right-of-use (“ROU”) asset. The Company adopted this standard in the first quarter of 2019 using the option to apply the transition provisions of the new standard at the adoption date instead of the earliest period presented as provided in ASU 2018-11.





The Company leases 28 of our offices under various operating lease agreements. The leases have remaining terms of 1 year to 13 years. The leases contain provisions for the payment by the Company of its pro-rata share of real estate taxes, insurance, common area maintenance and other variable expenses. The Company will allocate payments made under such leases between lease and non-lease components. Some leases contain renewal options and options to purchase the assets.



The Company evaluates its contracts and service agreements in order to determine if there is an asset imbedded in such contracts and agreements. Such determination is based upon whether there is a specific asset covered by the agreement, whether the Company is entitled to all of the economic benefits to the asset over the term of the agreement, and whether the Company has full control and use of the asset over the term of the agreement without substitution rights or direction of use of the asset by the lessor. 



The Company includes in its determination of its lease liability and concurrent right of use asset those renewal or purchase options for which it is reasonably certain it will exercise. Currently, the Company does not expect to exercise such options and, accordingly, they are excluded in the determination of the lease liabilities and the concurrent right of use assets.



The Company has elected not to recognize a lease liability and a right of use asset for leases with a lease term of 12 or fewer months.



To calculate its lease liabilities, the Company uses a discount rate based upon the applicable borrowing rates of the Federal Home Loan Bank for maturities corresponding to the termination dates of the specific leases.



The following tables present certain information related to the Company’s adoption of ASU 2016-02 (in thousands):





 

 

 

 

 



 

Three Months Ended September 30, 2019

 

 

Nine Months Ended September 30, 2019

Operating lease cost

$

812 

 

$

2,374 

Variable lease cost-operating leases

$

132 

 

$

440 



 

 

 

 

 



 

At September 30, 2019

 

 

 

Supplemental balance sheet information related to leases:

 

 

 

 

 

Operating Leases

 

 

 

 

 

Operating lease right-of-use assets

$

13,951 

 

 

 



 

 

 

 

 

Current liabilities

$

2,631 

 

 

 

Operating lease liabilities (noncurrent portion)

 

11,423 

 

 

 

Total operating lease liabilities

$

14,054 

 

 

 



The following tables summarize the Company’s weighted average remaining lease terms and weighted average discount rates:





 

 

Weighted Average Remaining Lease Term

 

 

Operating leases

6.82 

years



 

 

Weighted Average Discount Rate

 

 

Operating leases

3.08 

%



Note 12 – Lease Obligations (continued)



The following table summarizes the Company’s maturity of lease obligations for operating and finance leases at September 30, 2019 (in thousands):





 

 

Maturities of lease liabilities:



 

At September 30, 2019



 

Operating Leases

One year or less

$

2,631 

Over one year through three years

 

4,782 

Over three years through five years

 

3,062 

Over five years

 

3,579 

Total 

$

14,054 

 

v3.19.3
Subsequent Events
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

Note 13 – Subsequent Events



On October 9, 2019, the Board of Directors of the Company declared a common stock dividend of $0.14 per share to shareholders of record on November 8, 2019 with a payment date of November 22, 2019.

 

v3.19.3
Pension and Equity Incentive Plans (Tables)
9 Months Ended
Sep. 30, 2019
Pension and Equity Incentive Plans [Abstract]  
Summary of Status of Restricted Shares



 

 

 



Number of Shares Awarded

 

Weighted Average Grant Date Fair Value

Non-vested at December 31, 2018

67,321 

$

11.26 

   Granted

47,618 

 

12.46 

   Vested

 -

 

 

   Forfeited

 -

 

 

Non-vested at September 30, 2019

114,939 

$

11.86 



Summary of Stock Option Activity





 

 

 

 

 

 

 

 



  

Number of  Option Shares

 

 

Range of Exercise Prices

 

 

Weighted Average Exercise Price



 

 

 

 

 

 

 

 

Outstanding at December 31, 2018

 

1,104,600 

 

$

8.93 - 13.32

 

$

11.36 



 

 

 

 

 

 

 

 

Options granted                                         

 

98,875 

 

 

12.46 

 

 

12.46 

Options exercised                                        

 

 -

 

 

 

 

 

 

Options forfeited                                    

 

(1,000)

 

 

10.55 

 

 

10.55 

Options expired                                      

 

 -

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Outstanding at September 30, 2019

 

1,202,475 

 

$

8.93 - 13.32

 

$

11.45 









 

 

 

 

 

 

 

 



  

Number of Option Shares

 

 

Range of Exercise Prices

 

 

Weighted Average Exercise Price



 

 

 

 

 

 

 

 

Outstanding at December 31, 2017

 

889,300 

 

$

8.93-13.32

 

$

11.42



 

 

 

 

 

 

 

 

Options granted                                         

 

 -

 

 

 -

 

 

 -

Options exercised                                        

 

(12,200)

 

 

9.03-13.32

 

 

10.91

Options forfeited                                    

 

(53,000)

 

 

9.03-13.32

 

 

11.69

Options expired                                      

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

Outstanding at September 30, 2018

 

824,100

 

$

8.93-13.32

 

$

11.41



v3.19.3
Net Income per Common Share (Tables)
9 Months Ended
Sep. 30, 2019
Net Income per Common Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

For the Three Months Ended September 30,



 

2019

 

2018



 

 

Income

 

Shares

 

 

Per Share

 

 

Income

 

Shares

 

 

Per Share



 

 

(Numerator)

 

(Denominator)

 

 

Amount

 

 

(Numerator)

 

(Denominator)

 

 

Amount



 

(In Thousands, except per share data)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders

 

$

4,890 

 

 

 

 

 

 

$

4,331 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stockholders

 

$

4,890 

 

16,468 

 

$

0.30 

 

$

4,331 

 

15,789 

 

$

0.27 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

 -

 

55 

 

 

 

 

 

 -

 

107 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stockholders

 

$

4,890 

 

16,523 

 

$

0.30 

 

$

4,331 

 

15,896 

 

$

0.27 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

For the Nine Months Ended September 30,



 

2019

 

2018



 

 

Income

 

Shares

 

 

Per Share

 

 

Income

 

Shares

 

 

Per Share



 

 

(Numerator)

 

(Denominator)

 

 

Amount

 

 

(Numerator)

 

(Denominator)

 

 

Amount



 

(In Thousands, except per share data)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to common stockholders

 

$

14,908 

 

 

 

 

 

 

$

10,848 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stockholders

 

$

14,908 

 

16,320 

 

$

0.91 

 

$

10,848 

 

15,482 

 

$

0.70 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

 

 -

 

49 

 

 

 

 

 

 -

 

127 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income available to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stockholders

 

$

14,908 

 

16,369 

 

$

0.91 

 

$

10,848 

 

15,609 

 

$

0.69 



v3.19.3
Debt Securities Available for Sale (Tables)
9 Months Ended
Sep. 30, 2019
Debt Securities Available for Sale [Abstract]  
Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



September 30, 2019



 

 

  

Gross

  

Gross

  

 



Amortized

 

Unrealized

 

Unrealized

 

 

 



Cost

 

Gains

 

Losses

 

Fair Value



(In Thousands)

Mortgage-backed securities:

 

 

  

 

 

  

 

 

  

 

 

   Due after one year through five years

$

3,482 

 

$

19 

 

$

66 

 

$

3,435 

   Due after five years through ten years

 

1,669 

  

 

34 

  

 

 -

  

 

1,703 

   Due after ten years

 

93,486 

 

 

605 

 

 

1,011 

 

 

93,080 



$

98,637 

  

$

658 

  

$

1,077 

  

$

98,218 









 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



December 31, 2018



 

 

  

Gross

  

Gross

  

 



Amortized

 

Unrealized

 

Unrealized

 

 

 



Cost

 

Gains

 

Losses

 

Fair Value



(In thousands)

Mortgage-backed securities:

 

 

  

 

 

  

 

 

  

 

 

Due after one year through five years

$

5,613 

 

$

10 

 

$

124 

 

$

5,499 

Due after five years through ten years

 

3,246 

 

 

 

 

 

 

3,247 

Due after ten years

 

110,710 

 

 

52 

 

 

3,868 

 

 

106,894 



 

 

 

 

 

 

 

 

 

 

 

Municipal obligations:

 

 

 

 

 

 

 

 

 

 

 

Due within one year

 

495 

 

 

 -

 

 

 -

 

 

495 

Due after one year through five years

 

917 

 

 

10 

 

 

 -

 

 

927 

Due after five years through ten years

 

1,225 

 

 

13 

 

 

 

 

1,237 

Due after ten years

 

1,036 

 

 

 -

  

 

 -

 

 

1,036 



$

123,242 

 

$

87 

 

$

3,994 

 

$

119,335 



Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



12 Months or Less

  

More than 12 Months

  

Total



Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized



Value

 

Losses

 

Value

 

Losses

 

Value

 

Losses



(In Thousands)

September 30, 2019

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

Residential mortgage-backed securities

$

12,361 

  

$

525 

  

$

27,797 

  

$

552 

  

$

40,158 

  

$

1,077 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2018

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

Residential mortgage-backed securities

$

39,289 

  

$

879 

  

$

62,860 

  

$

3,114 

  

$

102,149 

  

$

3,993 

Municipal obligations

 

1,879 

 

 

 

 

 -

 

 

 -

 

 

1,879 

 

 



$

41,168 

  

$

880 

  

$

62,860 

  

$

3,114 

  

$

104,028 

  

$

3,994 



v3.19.3
Loans Receivable and Allowance for Loan Losses (Tables)
9 Months Ended
Sep. 30, 2019
Loans Receivable and Allowance for Loan Losses [Abstract]  
Recorded Investment in Loans Receivable



 

 

 

 

 



September 30, 2019

 

December 31, 2018



 

(In Thousands)

Residential one-to-four family

$

252,971 

 

$

258,085 

Commercial and multi-family

 

1,668,982 

 

 

1,697,837 

Construction

 

131,697 

 

 

107,783 

Commercial business(1) 

 

161,649 

 

 

165,193 

Home equity(2) 

 

63,645 

 

 

72,895 

Consumer

 

728 

 

 

809 



 

2,279,672 

 

 

2,302,602 



 

 

 

 

 

Less:

 

 

 

 

 

Deferred loan fees, net

 

(1,282)

 

 

(1,751)

Allowance for loan losses

 

(24,691)

 

 

(22,359)

Sub-total

 

(25,973)

 

 

(24,110)



 

 

 

 

 

Total Loans, net

$

2,253,699 

 

$

2,278,492 









 

 

 

 

 



 

 

 

 

 



September 30, 2019

 

December 31, 2018



 

(In Thousands)

Originated loans:

 

 

 

 

 

Residential one-to-four family

$

213,266 

 

$

213,200 

Commercial and multi-family

 

1,536,792 

 

 

1,540,766 

Construction

 

131,697 

 

 

106,187 

Commercial business(1) 

 

140,162 

 

 

136,966 

Home equity(2) 

 

48,498 

 

 

54,271 

Consumer

 

693 

 

 

726 



 

 

 

 

 

Sub-total

 

2,071,108 

 

 

2,052,116 



 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 

 

 

 

Residential one-to-four family

 

38,345 

 

 

43,495 

Commercial and multi-family

 

127,030 

 

 

150,239 

Construction

 

 -

 

 

1,596 

Commercial business(1) 

 

20,531 

 

 

27,373 

Home equity(2) 

 

14,908 

 

 

18,376 

Consumer

 

35 

 

 

83 



 

 

 

 

 

Sub-total

 

200,849 

 

 

241,162 



 

 

 

 

 

Acquired loans with deteriorated credit:

 

 

 

 

 

Residential one-to-four family

 

1,360 

 

 

1,390 

Commercial and multi-family

 

5,160 

 

 

6,832 

Construction

 

 -

 

 

 -

Commercial business(1) 

 

956 

 

 

854 

Home equity(2) 

 

239 

 

 

248 

Consumer

 

 -

 

 

 -



 

 

 

 

 

Sub-total

 

7,715 

 

 

9,324 



 

 

 

 

 

Total Loans

 

2,279,672 

 

 

2,302,602 



 

 

 

 

 

Less:

 

 

 

 

 

Deferred loan fees, net

 

(1,282)

 

 

(1,751)

Allowance for loan losses

 

(24,691)

 

 

(22,359)



 

 

 

 

 

Sub-total

 

(25,973)

 

 

(24,110)



 

 

 

 

 

Total Loans, net

$

2,253,699 

 

$

2,278,492 



 

 

 

 

 

_____________________________

 

 

 

 

 

(1) Includes business lines of credit.

 

 

 

 

 

(2) Includes home equity lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 



Accretable and Non-Accretable Discount on Loans Acquired



 

 

 

 

 

 

 

 

 



 

Three months ended September 30, 2019

 

Three months ended September 30, 2018

 

 

Nine months ended September 30, 2019

 

Nine months ended September 30, 2018

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

Balance, beginning of Period

$

2,229

$

1,191

 

$

2,704

$

 -

   Additions from acquisition of IAB

 

 -

 

 -

 

 

 -

 

1,399

   Accretion recorded to interest income

 

(229)

 

(180)

 

 

(704)

 

(388)

Balance, end of Period

$

2,000

$

1,011

 

$

2,000

$

1,011



Acquired Loans Included In Loans Receivable in Consolidated Statements of Financial Condition



 

 

 

 

 



 

 

 

 

 



September 30,

 

December 31,



2019

 

2018



 

 

 

 

 

Unpaid principal balance

$

247,207

 

$

301,357 

Recorded investment

 

208,564

 

 

250,486 



Allowance for Loan Losses

The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended September 30, 2019, and the related portion of the allowances for loan losses that is allocated to each loan class, as of September 30, 2019 (in thousands):





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Residential

 

 

Commercial & Multi-family

 

Construction

 

Commercial Business (1)

 

Home Equity (2)

 

Consumer

 

Unallocated

 

Total

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

$

2,580 

 

$

14,251 

 

$

1,454 

 

$

3,995 

 

$

274 

 

$

 

$

150 

 

$

22,705 

Acquired loans initially recorded at fair value:

 

731 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

731 

Acquired loans with deteriorated credit:

 

146 

 

 

137 

 

 

 -

 

 

67 

 

 

 

 

 -

 

 

 -

 

 

353 

Beginning Balance, June 30, 2019

 

3,457 

 

 

14,388 

 

 

1,454 

 

 

4,062 

 

 

277 

 

 

 

 

150 

 

 

23,789 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge-offs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

Sub-total:

 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

Sub-total:

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 -

 

 

 -

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

(145)

 

 

421 

 

 

83 

 

 

(29)

 

 

15 

 

 

(1)

 

 

208 

 

 

552 

Acquired loans initially recorded at fair value:

 

(316)

 

 

112 

 

 

 -

 

 

627 

 

 

 

 

 -

 

 

 -

 

 

432 

Acquired loans with deteriorated credit:

 

(106)

 

 

23 

 

 

 -

 

 

(1)

 

 

 -

 

 

 -

 

 

 -

 

 

(84)

Sub-total:

 

(567)

 

 

556 

 

 

83 

 

 

597 

 

 

24 

 

 

(1)

 

 

208 

 

 

900 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

2,434 

 

 

14,672 

 

 

1,537 

 

 

3,966 

 

 

289 

 

 

 -

 

 

358 

 

 

23,256 

Acquired loans initially recorded at fair value:

 

415 

 

 

112 

 

 

 -

 

 

627 

 

 

12 

 

 

 -

 

 

 -

 

 

1,166 

Acquired loans with deteriorated credit:

 

40 

 

 

160 

 

 

 -

 

 

66 

 

 

 

 

 -

 

 

 -

 

 

269 

Ending Balance, September 30, 2019

$

2,889 

 

$

14,944 

 

$

1,537 

 

$

4,659 

 

$

304 

 

$

 -

 

$

358 

 

$

24,691 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans Receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance Originated Loans:

$

213,266 

 

$

1,536,792 

 

$

131,697 

 

$

140,162 

 

$

48,498 

 

$

693 

 

$

 -

 

$

2,071,108 

Ending Balance Acquired loans initially recorded at fair value:

 

38,345 

 

 

127,030 

 

 

 -

 

 

20,531 

 

 

14,908 

 

 

35 

 

 

 -

 

 

200,849 

Ending Balance Acquired loans with deteriorated credit:

 

1,360 

 

 

5,160 

 

 

 -

 

 

956 

 

 

239 

 

 

 -

 

 

 -

 

 

7,715 

Total Gross Loans:

$

252,971 

 

$

1,668,982 

 

$

131,697 

 

$

161,649 

 

$

63,645 

 

$

728 

 

$

 -

 

$

2,279,672 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance: Loans individually

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

evaluated for impairment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance Originated Loans:

$

3,868 

 

$

6,044 

 

$

 -

 

$

1,951 

 

$

973 

 

$

 -

 

$

 -

 

$

12,836 

Ending Balance Acquired loans initially recorded at fair value:

 

5,179 

 

 

4,733 

 

 

 -

 

 

564 

 

 

292 

 

 

 -

 

 

 -

 

 

10,768 

Ending Balance Acquired loans with deteriorated credit:

 

1,360 

 

 

4,964 

 

 

 -

 

 

889 

 

 

39 

 

 

 -

 

 

 -

 

 

7,252 

Ending Balance Loans individually 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

evaluated for impairment:

$

10,407 

 

$

15,741 

 

$

 -

 

$

3,404 

 

$

1,304 

 

$

 -

 

$

 -

 

$

30,856 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance: Loans collectively

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 evaluated for impairment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance Originated Loans:

$

209,398 

 

$

1,530,748 

 

$

131,697 

 

$

138,211 

 

$

47,525 

 

$

693 

 

$

 -

 

$

2,058,272 

Ending Balance Acquired loans initially recorded at fair value:

 

33,166 

 

 

122,297 

 

 

 -

 

 

19,967 

 

 

14,616 

 

 

35 

 

 

 -

 

 

190,081 

Ending Balance Acquired loans with deteriorated credit:

 

 -

 

 

196 

 

 

 -

 

 

67 

 

 

200 

 

 

 -

 

 

 -

 

 

463 

Ending Balance Loans collectively 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

evaluated for impairment:

$

242,564 

 

$

1,653,241 

 

$

131,697 

 

$

158,245 

 

$

62,341 

 

$

728 

 

$

 -

 

$

2,248,816 

_____________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes business lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Includes home equity lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table sets forth the activity in the Company’s allowance for loan losses for the nine months ended September 30, 2019 (in thousands).







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Residential

 

 

Commercial & Multi-family

 

Construction

 

Commercial Business (1)

 

 

Home Equity (2)

 

Consumer

 

Unallocated

 

Total

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

$

2,374 

 

$

14,000 

 

$

1,003 

 

$

3,869 

 

$

313 

 

$

 

$

189 

 

$

21,750 

Acquired loans initially recorded at fair value:

 

 

335 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

335 

Acquired loans with deteriorated credit:

 

 

39 

 

 

168 

 

 

 -

 

 

64 

 

 

 

 

 -

 

 

 -

 

 

274 

Beginning Balance, December 31, 2018

 

 

2,748 

 

 

14,168 

 

 

1,003 

 

 

3,933 

 

 

316 

 

 

 

 

189 

 

 

22,359 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge-offs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

 

 

111 

 

 

 -

 

 

145 

 

 

 -

 

 

 -

 

 

 -

 

 

257 

Sub-total:

 

 

 

 

111 

 

 

 -

 

 

145 

 

 

 -

 

 

 -

 

 

 -

 

 

257 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

 -

 

 

 -

 

 

 -

 

 

15 

 

 

 -

 

 

 -

 

 

 -

 

 

15 

Acquired loans initially recorded at fair value:

 

 

 

 

10 

 

 

 -

 

 

 

 

14 

 

 

 -

 

 

 -

 

 

30 

Sub-total:

 

 

 

 

10 

 

 

 -

 

 

18 

 

 

14 

 

 

 -

 

 

 -

 

 

45 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

61 

 

 

783 

 

 

534 

 

 

227 

 

 

(24)

 

 

(2)

 

 

169 

 

 

1,748 

Acquired loans initially recorded at fair value:

 

 

77 

 

 

102 

 

 

 -

 

 

624 

 

 

(2)

 

 

 -

 

 

 -

 

 

801 

Acquired loans with deteriorated credit:

 

 

 

 

(8)

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

 

 

(5)

Sub-total:

 

 

139 

 

 

877 

 

 

534 

 

 

853 

 

 

(26)

 

 

(2)

 

 

169 

 

 

2,544 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

2,434 

 

 

14,672 

 

 

1,537 

 

 

3,966 

 

 

289 

 

 

 -

 

 

358 

 

 

23,256 

Acquired loans initially recorded at fair value:

 

 

415 

 

 

112 

 

 

 -

 

 

627 

 

 

12 

 

 

 -

 

 

 -

 

 

1,166 

Acquired loans with deteriorated credit:

 

 

40 

 

 

160 

 

 

 -

 

 

66 

 

 

 

 

 -

 

 

 -

 

 

269 

Ending Balance, September 30, 2019

 

$

2,889 

 

$

14,944 

 

$

1,537 

 

$

4,659 

 

$

304 

 

$

 -

 

$

358 

 

$

24,691 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes business lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Includes home equity lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table sets forth the activity in the Company’s allowance for loan losses for the three months ended September 30, 2018 (in thousands).







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Residential

 

 

Commercial & Multi-family

 

Construction

 

Commercial Business (1)

 

Home Equity (2)

 

Consumer

 

Unallocated

 

Total

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

$

2,249 

 

$

13,084 

 

$

516 

 

$

3,400 

 

$

447 

 

$

41 

 

$

288 

 

$

20,025 

Acquired loans initially recorded at fair value:

 

 

418 

 

 

92 

 

 

 -

 

 

40 

 

 

 -

 

 

 -

 

 

 -

 

 

550 

Acquired loans with deteriorated credit:

 

 

53 

 

 

12 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

65 

Beginning Balance, June 30, 2018

 

 

2,720 

 

 

13,188 

 

 

516 

 

 

3,440 

 

 

447 

 

 

41 

 

 

288 

 

 

20,640 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge-offs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

 -

 

 

 -

 

 

 -

 

 

10 

 

 

 

 

42 

 

 

 -

 

 

61 

Sub-total:

 

 

 -

 

 

 -

 

 

 -

 

 

10 

 

 

 

 

42 

 

 

 -

 

 

61 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 

 -

 

 

 -

 

 

 -

 

 

15 

 

 

 

 

 -

 

 

 -

 

 

18 

Sub-total:

 

 

 -

 

 

 -

 

 

 -

 

 

15 

 

 

 

 

 -

 

 

 -

 

 

18 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

137 

 

 

1,199 

 

 

136 

 

 

(179)

 

 

(125)

 

 

 

 

(269)

 

 

900 

Acquired loans initially recorded at fair value:

 

 

(138)

 

 

(92)

 

 

 -

 

 

(55)

 

 

(3)

 

 

 -

 

 

 -

 

 

(288)

Acquired loans with deteriorated credit:

 

 

(15)

 

 

241 

 

 

 -

 

 

63 

 

 

 

 

 -

 

 

 -

 

 

295 

Sub-total:

 

 

(16)

 

 

1,348 

 

 

136 

 

 

(171)

 

 

(122)

 

 

 

 

(269)

 

 

907 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

2,386 

 

 

14,283 

 

 

652 

 

 

3,211 

 

 

313 

 

 

 -

 

 

19 

 

 

20,864 

Acquired loans initially recorded at fair value:

 

 

280 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

280 

Acquired loans with deteriorated credit:

 

 

38 

 

 

253 

 

 

 -

 

 

63 

 

 

 

 

 -

 

 

 -

 

 

360 

Ending Balance, September 30, 2018

 

$

2,704 

 

$

14,536 

 

$

652 

 

$

3,274 

 

$

319 

 

$

 -

 

$

19 

 

$

21,504 

_____________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes business lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Includes home equity lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table sets forth the activity in the Company’s allowance for loan losses for the nine months ended September 30, 2018 (in thousands).







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Residential

 

 

Commercial & Multi-family

 

Construction

 

Commercial Business (1)

 

 

Home Equity (2)

 

Consumer

 

Unallocated

 

Total

Allowance for loan losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

$

2,368 

 

$

11,656 

 

$

518 

 

$

2,018 

 

$

338 

 

$

 

$

177 

 

$

17,081 

Acquired loans initially recorded at fair value:

 

 

242 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

242 

Acquired loans with deteriorated credit:

 

 

40 

 

 

12 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

52 

Beginning Balance, December 31, 2017

 

 

2,650 

 

 

11,668 

 

 

518 

 

 

2,018 

 

 

338 

 

 

 

 

177 

 

 

17,375 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge-offs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

302 

 

 

 -

 

 

 -

 

 

15 

 

 

 

 

42 

 

 

 -

 

 

368 

Acquired loans initially recorded at fair value:

 

 

72 

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

78 

Sub-total:

 

 

374 

 

 

 -

 

 

 -

 

 

15 

 

 

15 

 

 

42 

 

 

 -

 

 

446 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

 

 

 -

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

 -

 

 

Acquired loans recorded at fair value:

 

 

85 

 

 

 -

 

 

 -

 

 

27 

 

 

 

 

 -

 

 

 -

 

 

115 

Acquired loans with deteriorated credit:

 

 

 -

 

 

 -

 

 

 -

 

 

143 

 

 

 

 

 -

 

 

 -

 

 

144 

Sub-total:

 

 

86 

 

 

 -

 

 

 -

 

 

176 

 

 

 

 

 -

 

 

 -

 

 

266 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

319 

 

 

2,627 

 

 

134 

 

 

1,202 

 

 

(16)

 

 

36 

 

 

(158)

 

 

4,144 

Acquired loans initially recorded at fair value:

 

 

25 

 

 

 -

 

 

 -

 

 

(27)

 

 

 

 

 -

 

 

 -

 

 

Acquired loans with deteriorated credit:

 

 

(2)

 

 

241 

 

 

 -

 

 

(80)

 

 

 

 

 -

 

 

 -

 

 

164 

Sub-total:

 

 

342 

 

 

2,868 

 

 

134 

 

 

1,095 

 

 

(8)

 

 

36 

 

 

(158)

 

 

4,309 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

2,386 

 

 

14,283 

 

 

652 

 

 

3,211 

 

 

313 

 

 

 -

 

 

19 

 

 

20,864 

Acquired loans initially recorded at fair value:

 

 

280 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

280 

Acquired loans with deteriorated credit:

 

 

38 

 

 

253 

 

 

 -

 

 

63 

 

 

 

 

 -

 

 

 -

 

 

360 

Ending Balance, September 30, 2018

 

$

2,704 

 

$

14,536 

 

$

652 

 

$

3,274 

 

$

319 

 

$

 -

 

$

19 

 

$

21,504 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

_____________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes business lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Includes home equity lines of credit.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 





Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table sets forth the amount recorded in loans receivable at December 31, 2018. The table also details the amount of total loans receivable that are evaluated individually, and collectively, for impairment and the related portion of the allowance for loan losses that is allocated to each loan class (in thousands).







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Residential

 

 

Commercial & Multi-family

 

 

Construction

 

 

Commercial Business (1)

 

 

Home Equity (2)

 

 

Consumer

 

 

Unallocated

 

 

Total

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

$

2,368 

 

$

11,656 

 

$

518 

 

$

2,018 

 

$

338 

 

$

 

$

177 

 

$

17,081 

Acquired loans initially recorded at fair value:

 

 

242 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

242 

Acquired loans with deteriorated credit:

 

 

40 

 

 

12 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

52 

Beginning Balance, January 1, 2018

 

 

2,650 

 

 

11,668 

 

 

518 

 

 

2,018 

 

 

338 

 

 

 

 

177 

 

 

17,375 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charge-offs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

302 

 

 

 -

 

 

 -

 

 

15 

 

 

 

 

42 

 

 

 -

 

 

368 

Acquired loans initially recorded at fair value:

 

 

72 

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 -

 

 

 -

 

 

78 

Acquired loans with deteriorated credit:

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Sub-total:

 

 

374 

 

 

 -

 

 

 -

 

 

15 

 

 

15 

 

 

42 

 

 

 -

 

 

446 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

 

 

 -

 

 

 -

 

 

14 

 

 

 -

 

 

 

 

 -

 

 

17 

Acquired loans recorded at fair value:

 

 

85 

 

 

 -

 

 

 -

 

 

48 

 

 

 

 

 -

 

 

 -

 

 

139 

Acquired loans with deteriorated credit:

 

 

 -

 

 

 -

 

 

 -

 

 

143 

 

 

 

 

 -

 

 

 -

 

 

144 

Sub-total:

 

 

86 

 

 

 -

 

 

 -

 

 

205 

 

 

 

 

 

 

 -

 

 

300 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provisions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

307 

 

 

2,344 

 

 

485 

 

 

1,852 

 

 

(16)

 

 

36 

 

 

12 

 

 

5,020 

Acquired loans initially recorded at fair value:

 

 

80 

 

 

 -

 

 

 

 

 

(48)

 

 

 -

 

 

 -

 

 

 -

 

 

32 

Acquired loans with deteriorated credit:

 

 

(1)

 

 

156 

 

 

 -

 

 

(79)

 

 

 

 

 -

 

 

 -

 

 

78 

Sub-total:

 

 

386 

 

 

2,500 

 

 

485 

 

 

1,725 

 

 

(14)

 

 

36 

 

 

12 

 

 

5,130 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Originated Loans:

 

 

2,374 

 

 

14,000 

 

 

1,003 

 

 

3,869 

 

 

313 

 

 

 

 

189 

 

 

21,750 

Acquired loans initially recorded at fair value:

 

 

335 

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

335 

Acquired loans with deteriorated credit:

 

 

39 

 

 

168 

 

 

 -

 

 

64 

 

 

 

 

 -

 

 

 -

 

 

274 

Ending Balance, December 31, 2018

 

$

2,748 

 

$

14,168 

 

$

1,003 

 

$

3,933 

 

$

316 

 

$

 

$

189 

 

$

22,359 

Loans Receivable:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance Originated Loans:

 

$

213,200 

 

$

1,540,766 

 

$

106,187 

 

$

136,966 

 

$

54,271 

 

$

726 

 

$

-

 

$

2,052,116 

Ending Balance Acquired Loans:

 

 

43,495 

 

 

150,239 

 

 

1,596 

 

 

27,373 

 

 

18,376 

 

 

83 

 

 

-

 

 

241,162 

Ending Balance Acquired loans with deteriorated credit:

 

 

1,390 

 

 

6,832 

 

 

-

 

 

854 

 

 

248 

 

 

-

 

 

-

 

 

9,324 

Total Gross Loans:

 

$

258,085 

 

$

1,697,837 

 

$

107,783 

 

$

165,193 

 

$

72,895 

 

$

809 

 

$

-

 

$

2,302,602 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance: Loans individually

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

evaluated for impairment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance Originated Loans:

 

$

6,043 

 

$

12,822 

 

$

 -

 

$

2,372 

 

$

915 

 

$

 -

 

$

 -

 

$

22,152 

Ending Balance Acquired Loans:

 

 

6,139 

 

 

4,881 

 

 

 -

 

 

53 

 

 

306 

 

 

 -

 

 

 -

 

 

11,379 

Ending Balance Acquired loans with deteriorated credit:

 

 

1,390 

 

 

6,628 

 

 

 -

 

 

810 

 

 

49 

 

 

 -

 

 

 -

 

 

8,877 

Ending Balance Loans individually evaluated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

for impairment:

 

$

13,572 

 

$

24,331 

 

$

 -

 

$

3,235 

 

$

1,270 

 

$

 -

 

$

 -

 

$

42,408 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance: Loans collectively

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

evaluated for impairment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending Balance Originated Loans:

 

$

207,157 

 

$

1,527,944 

 

$

106,187 

 

$

134,594 

 

$

53,356 

 

$

726 

 

$

 -

 

$

2,029,964 

Ending Balance Acquired Loans:

 

 

37,356 

 

 

145,358 

 

 

1,596 

 

 

27,320 

 

 

18,070 

 

 

83 

 

 

 -

 

 

229,783 

Ending Balance Acquired loans with deteriorated credit:

 

 

 -

 

 

204 

 

 

 -

 

 

44 

 

 

199 

 

 

 -

 

 

 -

 

 

447 

Ending Balance Loans collectively 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

evaluated for impairment:

 

$

244,513 

 

$

1,673,506 

 

$

107,783 

 

$

161,958 

 

$

71,625 

 

$

809 

 

$

 -

 

$

2,260,194 



(1) Includes business lines of credit.

(2) Includes home equity lines of credit.



Non-Accruing Loans



 

 

 

 

 



 

 

 

 

 



 

As of September 30, 2019

 

 

As of December 31, 2018



 

(In Thousands)

 

 

(In Thousands)

Non-Accruing Loans:

 

 

 

 

 



 

 

 

 

 

Originated loans:

 

 

 

 

 

Residential one-to-four family

$

814 

 

$

1,160 

Commercial and multi-family

 

1,584 

 

 

2,568 

Commercial business(1) 

 

887 

 

 

356 

Home equity(2) 

 

350 

 

 

277 



 

 

 

 

 

Sub-total:

 

3,635 

 

 

4,361 



 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 

 

 

 

Residential one-to-four family

 

1,046 

 

 

2,165 

Commercial and multi-family

 

 -

 

 

605 

Commercial business(1) 

 

378 

 

 

48 

Home equity(2) 

 

15 

 

 

42 



 

 

 

 

 

Sub-total:

 

1,439 

 

 

2,860 



 

 

 

 

 

Total

$

5,074 

 

$

7,221 



 

 

 

 

 



 

 

 

 

 



 

 

 

 

 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Impaired Loans

The following table summarizes the average recorded investment and interest income recognized on impaired loans with no related allowance recorded by portfolio class for the three and nine months ended September 30, 2019 and 2018 (In thousands):









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,



 

2019

 

 

2019

 

 

2018

 

 

2018

 

 

2019

 

 

2019

 

 

2018

 

 

2018



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Average

 

 

Interest

 

 

Average

 

 

Interest

 

 

Average

 

 

Interest

 

 

Average

 

 

Interest



 

Recorded

 

 

Income

 

 

Recorded

 

 

Income

 

 

Recorded

 

 

Income

 

 

Recorded

 

 

Income

Originated loans

 

Investment

 

 

Recognized

 

 

Investment

 

 

Recognized

 

 

Investment

 

 

Recognized

 

 

Investment

 

 

Recognized

with no related allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

2,179 

 

$

20 

 

$

1,921 

 

$

 

$

2,627 

 

$

66 

 

$

1,910 

 

$

22 

Commercial and Multi-family

 

8,655 

 

 

56 

 

 

12,345 

 

 

86 

 

 

9,680 

 

 

310 

 

 

12,090 

 

 

257 

Commercial business(1) 

 

1,131 

 

 

43 

 

 

1,074 

 

 

43 

 

 

1,138 

 

 

126 

 

 

910 

 

 

130 

Home equity(2) 

 

598 

 

 

 

 

912 

 

 

 

 

649 

 

 

18 

 

 

910 

 

 

22 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

12,563 

 

$

125 

 

$

16,252 

 

$

143 

 

$

14,094 

 

$

520 

 

$

15,820 

 

$

431 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with no related allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

1,931 

 

$

23 

 

$

3,349 

 

$

16 

 

$

2,081 

 

$

73 

 

$

3,443 

 

$

76 

Commercial and Multi-family

 

3,882 

 

 

55 

 

 

3,733 

 

 

53 

 

 

3,898 

 

 

165 

 

 

3,760 

 

 

168 

Commercial business(1) 

 

119 

 

 

12 

 

 

51 

 

 

 

 

96 

 

 

14 

 

 

34 

 

 

Home equity(2) 

 

311 

 

 

 

 

223 

 

 

 

 

294 

 

 

 

 

230 

 

 

10 

Consumer

 

 -

 

 

 -

 

 

11 

 

 

 -

 

 

 -

 

 

 -

 

 

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total

$

6,243 

 

$

93 

 

$

7,367 

 

$

73 

 

$

6,369 

 

$

261 

 

$

7,474 

 

$

256 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with no related allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family(3)

$

839 

 

$

14 

 

$

1,030 

 

$

16 

 

$

898 

 

$

44 

 

$

1,032 

 

$

48 

Commercial and Multi-family(3)

 

4,264 

 

 

 

 

10,980 

 

 

 

 

4,666 

 

 

20 

 

 

7,490 

 

 

20 

Construction(3) 

 

 -

 

 

 -

 

 

1,335 

 

 

 -

 

 

 -

 

 

 -

 

 

890 

 

 

 -

Commercial business(1)(3)

 

894 

 

 

 -

 

 

922 

 

 

 -

 

 

849 

 

 

 -

 

 

614 

 

 

 -

Home equity(2)(3) 

 

41 

 

 

 -

 

 

226 

 

 

 -

 

 

43 

 

 

 -

 

 

151 

 

 

 -

Consumer(3) 

 

 -

 

 

 -

 

 

27 

 

 

 -

 

 

 -

 

 

 -

 

 

18 

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

6,038 

 

$

21 

 

$

14,520 

 

$

23 

 

$

6,456 

 

$

64 

 

$

10,195 

 

$

68 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Impaired Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with no related allowance recorded:

$

24,844 

 

$

239 

 

$

38,139 

 

$

239 

 

$

26,919 

 

$

845 

 

$

33,489 

 

$

755 

__________

(1)

Includes business lines of credit.

(2)

Includes home equity lines of credit.

(3)

Does not include accretable yield on loans acquired with deteriorated credit.



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table summarizes the average recorded investment and interest income recognized on impaired loans with allowance recorded by portfolio class for the three and nine months ended September 30, 2019 and 2018. (In thousands):







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,



 

2019

 

 

2019

 

 

2018

 

 

2018

 

 

2019

 

 

2019

 

 

2018

 

 

2018



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Average

 

 

Interest

 

 

Average

 

 

Interest

 

 

Average

 

 

Interest

 

 

Average

 

 

Interest



 

Recorded

 

 

Income

 

 

Recorded

 

 

Income

 

 

Recorded

 

 

Income

 

 

Recorded

 

 

Income

Originated loans

 

Investment

 

 

Recognized

 

 

Investment

 

 

Recognized

 

 

Investment

 

 

Recognized

 

 

Investment

 

 

Recognized

with an allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

2,032 

 

$

18 

 

$

4,310 

 

$

47 

 

$

2,175 

 

$

67 

 

$

4,601 

 

$

141 

Commercial and Multi-family

 

 -

 

 

 -

 

 

485 

 

 

 -

 

 

 -

 

 

 -

 

 

485 

 

 

 -

Commercial business(1) 

 

822 

 

 

 

 

1,266 

 

 

22 

 

 

658 

 

 

57 

 

 

1,199 

 

 

65 

Home equity(2) 

 

268 

 

 

 

 

155 

 

 

 

 

229 

 

 

 

 

155 

 

 

Consumer

 

 -

 

 

 -

 

 

21 

 

 

 -

 

 

 -

 

 

 -

 

 

14 

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

3,122 

 

$

22 

 

$

6,237 

 

$

71 

 

$

3,062 

 

$

129 

 

$

6,454 

 

$

211 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with an allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

3,291 

 

$

30 

 

$

3,210 

 

$

24 

 

$

3,286 

 

$

82 

 

$

3,384 

 

$

73 

Commercial and Multi-family

 

881 

 

 

14 

 

 

916 

 

 

 

 

889 

 

 

22 

 

 

919 

 

 

13 

Commercial business(1) 

 

377 

 

 

 -

 

 

124 

 

 

 -

 

 

251 

 

 

 -

 

 

82 

 

 

 -

Home equity(2) 

 

84 

 

 

 

 

85 

 

 

 

 

84 

 

 

 

 

85 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total

$

4,633 

 

$

45 

 

$

4,335 

 

$

29 

 

$

4,510 

 

$

108 

 

$

4,470 

 

$

90 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with an allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family(3) 

$

527 

 

$

 

$

369 

 

$

 

$

473 

 

$

19 

 

$

369 

 

$

10 

Commercial and Multi-family

 

943 

 

 

 -

 

 

 -

 

 

 -

 

 

629 

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

1,470 

 

$

 

$

369 

 

$

 

$

1,102 

 

$

19 

 

$

369 

 

$

10 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Impaired Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with an allowance recorded:

$

9,225 

 

$

74 

 

$

10,941 

 

$

105 

 

$

8,674 

 

$

256 

 

$

11,293 

 

$

311 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

(3) Does not include accretable yield on loans acquired with deteriorated credit.



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table summarizes the recorded investment and unpaid principal balances where there is no related allowance on impaired loans by portfolio class at

September 30, 2019 and December 31, 2018. (In thousands):







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

As of September 30, 2019

 

 

As of December 31, 2018



 

Recorded

 

 

Unpaid Principal

 

 

Related

 

 

Recorded

 

 

Unpaid Principal

 

 

Related

Originated loans

 

Investment

 

 

Balance

 

 

Allowance

 

 

Investment

 

 

Balance

 

 

Allowance

with no related allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

2,246 

 

$

2,342 

 

$

-

 

$

2,623 

 

$

2,689 

 

$

-

Commercial and multi-family

 

6,044 

 

 

6,297 

 

 

-

 

 

12,711 

 

 

13,308 

 

 

-

Commercial business(1) 

 

1,124 

 

 

3,695 

 

 

-

 

 

974 

 

 

3,411 

 

 

-

Home equity(2) 

 

589 

 

 

600 

 

 

-

 

 

762 

 

 

779 

 

 

-



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

10,003 

 

$

12,934 

 

$

 -

 

$

17,070 

 

$

20,187 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

value with no related allowance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

1,812 

 

$

1,918 

 

$

-

 

$

3,123 

 

$

3,254 

 

$

-

Commercial and Multi-family

 

3,861 

 

 

3,861 

 

 

-

 

 

3,961 

 

 

3,961 

 

 

-

Commercial business(1) 

 

187 

 

 

602 

 

 

-

 

 

53 

 

 

53 

 

 

-

Home equity(2) 

 

209 

 

 

210 

 

 

-

 

 

222 

 

 

222 

 

 

-



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

6,069 

 

$

6,591 

 

$

 -

 

$

7,359 

 

$

7,490 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

credit with no related allowance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

834 

 

$

1,391 

 

$

-

 

$

1,023 

 

$

1,579 

 

$

-

Commercial and Multi-family

 

3,078 

 

 

4,175 

 

 

-

 

 

6,628 

 

 

7,957 

 

 

-

Commercial business(1) 

 

889 

 

 

5,936 

 

 

-

 

 

810 

 

 

6,253 

 

 

-

Home equity(2) 

 

39 

 

 

49 

 

 

-

 

 

49 

 

 

57 

 

 

-



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

4,840 

 

$

11,551 

 

$

 -

 

$

8,510 

 

$

15,846 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Impaired Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with no related allowance recorded:

$

20,912 

 

$

31,076 

 

$

 -

 

$

32,939 

 

$

43,523 

 

$

 -

__________

(1) Includes business lines of credit.
(2) Includes home equity lines of credit.

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table summarizes the recorded investment, unpaid principal balance, and the related allowance on impaired loans by portfolio class at September 30, 2019 and December 31, 2018. (In thousands):





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

As of September 30, 2019

 

 

As of December 31, 2018



 

Recorded

 

 

Unpaid Principal

 

 

Related

 

 

Recorded

 

 

Unpaid Principal

 

 

Related

Originated loans

 

Investment

 

 

Balance

 

 

Allowance

 

 

Investment

 

 

Balance

 

 

Allowance

with an allowance recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

1,622 

 

$

1,622 

 

$

81 

 

$

3,420 

 

$

3,420 

 

$

229 

Commercial and Multi-family

 

 -

 

 

 -

 

 

 -

 

 

111 

 

 

153 

 

 

111 

Commercial business(1) 

 

827 

 

 

1,943 

 

 

800 

 

 

1,398 

 

 

1,549 

 

 

905 

Home equity(2) 

 

384 

 

 

384 

 

 

22 

 

 

153 

 

 

153 

 

 

21 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

2,833 

 

$

3,949 

 

$

903 

 

$

5,082 

 

$

5,275 

 

$

1,266 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

value with an allowance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

3,367 

 

$

3,532 

 

$

484 

 

$

3,016 

 

$

3,166 

 

$

532 

Commercial and Multi-family

 

872 

 

 

1,064 

 

 

302 

 

 

920 

 

 

1,094 

 

 

369 

Commercial business(1) 

 

377 

 

 

1,489 

 

 

1,117 

 

 

 -

 

 

 -

 

 

 -

Home equity(2) 

 

83 

 

 

83 

 

 

 

 

84 

 

 

84 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total

$

4,699 

 

$

6,168 

 

$

1,907 

 

$

4,020 

 

$

4,344 

 

$

906 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

credit with an allowance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

recorded:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

526 

 

$

573 

 

$

 

$

367 

 

$

414 

 

$

Commercial and Multi-family

 

1,886 

 

 

1,895 

 

 

34 

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

2,412 

 

$

2,468 

 

$

43 

 

$

367 

 

$

414 

 

$



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Impaired Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with an allowance recorded:

$

9,944 

 

$

12,585 

 

$

2,853 

 

$

9,469 

 

$

10,033 

 

$

2,181 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Impaired Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

with no related allowance recorded:

$

20,912 

 

$

31,076 

 

$

 -

 

$

32,939 

 

$

43,523 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Impaired Loans:

$

30,856 

 

$

43,661 

 

$

2,853 

 

$

42,408 

 

$

53,556 

 

$

2,181 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Troubled Debt Restructurings



 

 

 

 

 



 

At September 30, 2019

 

 

At December 31, 2018



 

(In thousands)

Recorded investment in TDRs:

 

 

 

 

 

Accrual status

$

16,489 

 

$

22,477 

Non-accrual status

 

1,890 

 

 

4,136 

       Total recorded investment in TDRs

$

18,379 

 

$

26,613 



Delinquency Status of Total Loans



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans Receivable



30-59 Days

 

60-90 Days

 

Greater Than

 

Total Past

 

 

 

 

Total Loans

 

>90 Days



Past Due

 

Past Due

 

90 Days

 

Due

 

Current

 

Receivable

 

and Accruing



 

(In Thousands)

Originated loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

1,288 

 

$

 -

 

$

 -

 

$

1,288 

 

$

211,978 

 

$

213,266 

 

$

 -

Commercial and multi-family

 

2,910 

 

 

1,012 

 

 

 -

 

 

3,922 

 

 

1,532,870 

 

 

1,536,792 

 

 

 -

Construction

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

131,697 

 

 

131,697 

 

 

 -

Commercial business(1) 

 

57 

 

 

529 

 

 

932 

 

 

1,518 

 

 

138,644 

 

 

140,162 

 

 

45 

Home equity(2) 

 

196 

 

 

 -

 

 

27 

 

 

223 

 

 

48,275 

 

 

48,498 

 

 

27 

Consumer

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

693 

 

 

693 

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

4,451 

 

$

1,541 

 

$

959 

 

$

6,951 

 

$

2,064,157 

 

$

2,071,108 

 

$

72 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

274 

 

$

 -

 

$

1,213 

 

$

1,487 

 

$

36,858 

 

 

38,345 

 

$

167 

Commercial and multi-family

 

201 

 

 

77 

 

 

153 

 

 

431 

 

 

126,599 

 

 

127,030 

 

 

153 

Construction

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Commercial business(1) 

 

437 

 

 

 -

 

 

516 

 

 

953 

 

 

19,578 

 

 

20,531 

 

 

138 

Home equity(2) 

 

69 

 

 

 -

 

 

 -

 

 

69 

 

 

14,839 

 

 

14,908 

 

 

 -

Consumer

 

 -

 

 

 -

 

 

 

 

 

 -

 

 

35 

 

 

35 

 

 

 -



 

 

 

 

 

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

981 

 

$

77 

 

$

1,882 

 

$

2,940 

 

$

197,909 

 

$

200,849 

 

$

458 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated credit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

 -

 

$

 -

 

$

 -

 

$

 -

 

$

1,360 

 

 

1,360 

 

$

-

Commercial and multi-family

 

 -

 

 

 -

 

 

4,386 

 

 

4,386 

 

 

774 

 

 

5,160 

 

 

 -

Commercial business(1) 

 

 -

 

 

 -

 

 

891 

 

 

891 

 

 

65 

 

 

956 

 

 

 -

Home equity(2) 

 

239 

 

 

 -

 

 

 -

 

 

239 

 

 

 -

 

 

239 

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 -

 

 

 

Sub-total:

$

239 

 

$

 -

 

$

5,277 

 

$

5,516 

 

$

2,199 

 

$

7,715 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

5,671 

 

$

1,618 

 

$

8,118 

 

$

15,407 

 

$

2,264,265 

 

$

2,279,672 

 

$

530 

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.



Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table sets forth the delinquency status of total loans receivable at December 31, 2018:





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans Receivable



30-59 Days

 

60-90 Days

 

Greater Than

 

Total Past

 

 

 

 

Total Loans

 

>90 Days



Past Due

 

Past Due

 

90 Days

 

Due

 

Current

 

Receivable

 

and Accruing



 

(In thousands)

Originated loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

980 

 

$

1,014 

 

$

1,452 

 

$

3,446 

 

$

209,754 

 

$

213,200 

 

$

545 

Commercial and multi-family

 

7,074 

 

 

299 

 

 

988 

 

 

8,361 

 

 

1,532,405 

 

 

1,540,766 

 

 

877 

Construction

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

106,187 

 

 

106,187 

 

 

 -

Commercial business(1) 

 

1,331 

 

 

 -

 

 

349 

 

 

1,680 

 

 

135,286 

 

 

136,966 

 

 

 -

Home equity(2) 

 

498 

 

 

87 

 

 

 -

 

 

585 

 

 

53,686 

 

 

54,271 

 

 

 -

Consumer

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

726 

 

 

726 

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

9,883 

 

$

1,400 

 

$

2,789 

 

$

14,072 

 

$

2,038,044 

 

$

2,052,116 

 

$

1,422 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

1,117 

 

$

520 

 

$

1,917 

 

$

3,554 

 

$

39,941 

 

 

43,495 

 

$

 -

Commercial and multi-family

 

1,480 

 

 

78 

 

 

 -

 

 

1,558 

 

 

148,681 

 

 

150,239 

 

 

 -

Construction

 

594 

 

 

 -

 

 

 -

 

 

594 

 

 

1,002 

 

 

1,596 

 

 

 -

Commercial business(1) 

 

1,876 

 

 

 -

 

 

46 

 

 

1,922 

 

 

25,451 

 

 

27,373 

 

 

 -

Home equity(2) 

 

682 

 

 

22 

 

 

42 

 

 

746 

 

 

17,630 

 

 

18,376 

 

 

 -

Consumer

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

83 

 

 

83 

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

5,749 

 

$

620 

 

$

2,005 

 

$

8,374 

 

$

232,788 

 

$

241,162 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated credit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

 -

 

$

 -

 

$

 -

 

$

 -

 

$

1,390 

 

$

1,390 

 

$

-

Commercial and multi-family

 

 -

 

 

 -

 

 

6,012 

 

 

6,012 

 

 

820 

 

 

6,832 

 

 

 -

Construction

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Commercial business(1) 

 

 -

 

 

 -

 

 

806 

 

 

806 

 

 

48 

 

 

854 

 

 

 -

Home equity(2) 

 

 -

 

 

 -

 

 

48 

 

 

48 

 

 

200 

 

 

248 

 

 

 -

Consumer

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

 -

 

$

 -

 

$

6,866 

 

$

6,866 

 

$

2,458 

 

$

9,324 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

$

15,632 

 

$

2,020 

 

$

11,660 

 

$

29,312 

 

$

2,273,290 

 

$

2,302,602 

 

$

1,422 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.



Loan Portfolio by Pass Rating





 

 

 

 

 

 

 

 

 

 

 



Pass

 

Special Mention

 

Substandard

 

Total



 

 

 

 

 

 

 

 

 

 

 

Originated loans:

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

210,463 

 

$

1,989 

 

$

814 

 

$

213,266 

Commercial and multi-family

 

1,530,755 

 

 

2,189 

 

 

3,848 

 

 

1,536,792 

Construction

 

130,352 

 

 

1,345 

 

 

 -

 

 

131,697 

Commercial business(1) 

 

136,702 

 

 

2,013 

 

 

1,447 

 

 

140,162 

Home equity(2) 

 

48,148 

 

 

 -

 

 

350 

 

 

48,498 

Consumer

 

688 

 

 

 

 

 -

 

 

693 



 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

2,057,108 

 

$

7,541 

 

$

6,459 

 

$

2,071,108 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

37,203 

 

$

 -

 

$

1,142 

 

$

38,345 

Commercial and multi-family

 

123,782 

 

 

1,140 

 

 

2,108 

 

 

127,030 

Construction

 

 -

 

 

 -

 

 

 -

 

 

 -

Commercial business(1) 

 

18,829 

 

 

1,187 

 

 

515 

 

 

20,531 

Home equity(2) 

 

14,873 

 

 

 -

 

 

35 

 

 

14,908 

Consumer

 

35 

 

 

 -

 

 

 -

 

 

35 

Sub-total:

$

194,722 

 

$

2,327 

 

$

3,800 

 

$

200,849 



 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated credit:

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

794 

 

$

250 

 

$

316 

 

$

1,360 

Commercial and multi-family

 

196 

 

 

495 

 

 

4,469 

 

 

5,160 

Construction

 

 -

 

 

 -

 

 

 -

 

 

 -

Commercial business(1) 

 

 -

 

 

41 

 

 

915 

 

 

956 

Home equity(2) 

 

200 

 

 

 -

 

 

39 

 

 

239 

Consumer

 

 -

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

1,190 

 

$

786 

 

$

5,739 

 

$

7,715 



 

 

 

 

 

 

 

 

 

 

 

Total Gross Loans

$

2,253,020 

 

$

10,654 

 

$

15,998 

 

$

2,279,672 



 

 

 

 

 

 

 

 

 

 

 

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 7 - Loans Receivable and Allowance for Loan Losses (Continued)



The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2018. (In thousands):







 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



Pass

 

Special Mention

 

Substandard

 

Total



 

 

 

 

 

 

 

 

 

 

 

Originated loans:

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

207,991 

 

$

2,400 

 

$

2,809 

 

$

213,200 

Commercial and multi-family

 

1,526,591 

 

 

3,608 

 

 

10,567 

 

 

1,540,766 

Construction

 

105,886 

 

 

301 

 

 

 -

 

 

106,187 

Commercial business(1) 

 

133,054 

 

 

1,923 

 

 

1,989 

 

 

136,966 

Home equity(2) 

 

53,903 

 

 

91 

 

 

277 

 

 

54,271 

Consumer

 

719 

 

 

 

 

 -

 

 

726 



 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

2,028,144 

 

$

8,330 

 

$

15,642 

 

$

2,052,116 



 

 

 

 

 

 

 

 

 

 

 

Acquired loans initially recorded at fair value:

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

41,009 

 

$

 

$

2,485 

 

 

43,495 

Commercial and multi-family

 

146,701 

 

 

2,618 

 

 

920 

 

 

150,239 

Construction

 

1,596 

 

 

 -

 

 

 -

 

 

1,596 

Commercial business(1) 

 

26,199 

 

 

1,128 

 

 

46 

 

 

27,373 

Home equity(2) 

 

18,309 

 

 

 -

 

 

67 

 

 

18,376 

Consumer

 

83 

 

 

 -

 

 

 -

 

 

83 



 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

233,897 

 

$

3,747 

 

$

3,518 

 

$

241,162 



 

 

 

 

 

 

 

 

 

 

 

Acquired loans with deteriorated credit:

 

 

 

 

 

 

 

 

 

 

 

Residential one-to-four family

$

812 

 

$

562 

 

$

16 

 

 

1,390 

Commercial and multi-family

 

204 

 

 

502 

 

 

6,126 

 

 

6,832 

Construction

 

 -

 

 

 -

 

 

 -

 

 

 -

Commercial business(1) 

 

(4)

 

 

48 

 

 

810 

 

 

854 

Home equity(2) 

 

199 

 

 

 -

 

 

49 

 

 

248 

Consumer

 

 -

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

Sub-total:

$

1,211 

 

$

1,112 

 

$

7,001 

 

$

9,324 



 

 

 

 

 

 

 

 

 

 

 

Total Gross Loans

$

2,263,252 

 

$

13,189 

 

$

26,161 

 

$

2,302,602 

________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

v3.19.3
Fair Values of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2019
Fair Values of Financial Instruments [Abstract]  
Fair Value Measurements, Recurring



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

  

(Level 1)

  

(Level 2)

  

 



 

 

 

 

Quoted Prices in

 

Significant

 

(Level 3)



 

 

 

 

Active Markets

 

Other

 

Significant



 

 

 

 

for Identical

 

Observable

 

Unobservable

Description

 

Total

 

Assets

 

Inputs

 

Inputs

As of September 30, 2019:

 

 

 

  

 

 

  

 

 

  

 

 

Debt Securities Available for Sale

 

 

 

  

 

 

  

 

 

  

 

 

     Residential mortgage backed securities

 

$

98,218 

 

$

 -

 

$

98,218 

 

$

 -

Total Debt Securities Available for Sale

 

$

98,218 

 

$

 -

 

$

98,218 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

    Preferred Stock

 

$

5,857 

 

$

5,857 

 

$

 -

 

$

 -

Total Equity Investments

 

$

5,857 

 

$

5,857 

 

$

 -

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2018:

 

 

 

  

 

 

  

 

 

  

 

 

Debt Securities Available for Sale

 

 

 

  

 

 

 

 

 

  

 

 

     Residential mortgage backed securities

 

$

115,640 

 

$

 -

 

$

115,640 

 

$

 -

     Municipal obligations

 

 

3,695 

 

 

 -

 

 

3,695 

 

 

 -

Total Debt Securities Available for Sale

 

$

119,335 

 

$

 -

 

$

119,335 

 

$

 -



 

 

 

 

 

 

 

 

 

 

 

 

Equity Investments

 

 

 

 

 

 

 

 

 

 

 

 

     Preferred Stock

 

$

7,672 

 

$

7,672 

 

$

 -

 

$

 -

Total Equity Investments

 

$

7,672 

 

$

7,672 

 

$

 -

 

$

 -



Fair Value Measurements, Nonrecurring



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

  

(Level 1)

  

(Level 2)

  

 

 



 

 

 

 

Quoted Prices in

 

Significant

 

(Level 3)



 

 

 

 

Active Markets

 

Other

 

Significant



 

 

 

 

for Identical

 

Observable

 

Unobservable

Description

 

Total

 

Assets

 

Inputs

 

Inputs

As of September 30, 2019

 

 

 

  

 

 

  

 

 

  

 

 

Impaired Loans

 

$

7,091 

  

$

 -

  

$

 -

  

$

7,091 



 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2018:

 

 

 

  

 

 

  

 

 

  

 

 

Impaired Loans

 

$

7,288 

 

$

 -

 

$

 -

 

$

7,288 

Other real estate owned

 

$

1,333 

  

$

 -

  

$

 -

  

$

1,333 



Quantitative Information about Level 3 Fair Value Measurements





 

 

 

 

 

Quantitative Information about Level 3 Fair Value Measurements



 

Fair Value

Valuation

Unobservable

 



 

Estimate

Techniques

Input

Range

September 30, 2019:

 

 

 

 

 

Impaired Loans

$

7,091 

Appraisal of collateral (1)

Appraisal adjustments (2)

0%-10%



 

 

 

 

 



 

 

 

 

 







 

 

 

 

 



 

Fair Value

Valuation

Unobservable

 



 

Estimate

Techniques

Input

Range

December 31, 2018:

 

 

 

 

 

Impaired Loans

$

7,288 

Appraisal of collateral (1)

Appraisal adjustments (2)

0%-10%



 

 

 

 

 

Other real estate owned

$

1,333 

Appraisal of collateral (1)

Appraisal adjustments (2)

0%-10%



 

 

 

 

 



(1)

Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not objectively determinable.

(2)

Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

Carrying Values and Estimated Fair Values of Financial Instruments





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

As of September 30, 2019



 

 



 

 

 

 

 

 

 

Quoted Prices in Active

 

Significant

 

Significant



 

Carrying

 

 

 

 

Markets for Identical Assets

 

Other Observable Inputs

 

Unobservable Inputs



 

Value

 

Fair Value

 

(Level 1)

 

(Level 2)

 

(Level 3)



 

  

 

 

 

 

 

 

 

 

 

 

 

 

 



 

(In Thousands)

Financial assets:

 

  

 

 

 

 

  

 

 

  

 

 

 

 

 

Cash and cash equivalents

 

$

376,611 

 

$

376,611 

  

$

376,611 

  

$

 -

 

$

 -

Interest-earning time deposits

 

 

735 

 

 

735 

  

 

735 

  

 

 -

 

 

 -

Debt securities available for sale

 

 

98,218 

 

 

98,218 

 

 

 -

 

 

98,218 

 

 

 -

Equity investments

 

 

5,857 

 

 

5,857 

  

 

5,857 

  

 

 -

 

 

 -

Loans held for sale

 

 

3,195 

 

 

3,195 

  

 

 -

  

 

3,195 

 

 

 -

Loans receivable, net

 

 

2,253,699 

 

 

2,264,676 

  

 

 -

  

 

 -

 

 

2,264,676 

FHLB of New York stock, at cost

 

 

15,171 

 

 

15,171 

  

 

 -

  

 

15,171 

 

 

 -

Accrued interest receivable

 

 

8,959 

 

 

8,959 

  

 

 -

  

 

8,959 

 

 

 -

Other Real Estate Owned

 

 

 -

 

 

 -

  

 

 -

  

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

  

 

 

  

 

 

 

 

 

Deposits

 

 

2,263,457 

 

 

2,275,038 

  

 

1,148,516 

  

 

1,126,522 

 

 

 -

Borrowings

 

 

275,800 

 

 

277,344 

  

 

 -

  

 

277,344 

 

 

 -

Subordinated debentures

 

 

36,752 

 

 

36,958 

 

 

 -

 

 

36,958 

 

 

 -

Accrued interest payable

 

 

2,231 

 

 

2,231 

  

 

 -

  

 

2,231 

 

 

 -







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

As of December 31, 2018



 

 



 

 

 

 

 

 

 

Quoted Prices in Active

 

Significant

 

Significant



 

Carrying

 

 

 

 

Markets for Identical Assets

 

Other Observable Inputs

 

Unobservable Inputs



 

Value

 

Fair Value

 

(Level 1)

 

(Level 2)

 

(Level 3)



 

  

 

 

 

 

 

 

 

 

 

 

 

 

 



 

(In thousands)

Financial assets:

 

  

 

 

 

 

  

 

 

  

 

 

 

 

 

Cash and cash equivalents

 

$

195,264 

 

$

195,264 

  

$

195,264 

  

$

 -

 

$

 -

Interest-earning time deposits

 

 

735 

 

 

735 

  

 

735 

  

 

 -

 

 

 -

Debt securities available for sale

 

 

119,335 

 

 

119,335 

 

 

 -

 

 

119,335 

 

 

 -

Equity investments

 

 

7,672 

 

 

7,672 

  

 

7,672 

  

 

 -

 

 

 -

Loans held for sale

 

 

1,153 

 

 

1,153 

  

 

 -

  

 

1,153 

 

 

 -

Loans receivable, net

 

 

2,278,492 

 

 

2,245,150 

  

 

 -

  

 

 -

 

 

2,245,150 

FHLB of New York stock, at cost

 

 

13,405 

 

 

13,405 

  

 

 -

  

 

13,405 

 

 

 -

Accrued interest receivable

 

 

8,378 

 

 

8,378 

  

 

 -

  

 

8,378 

 

 

 -

Other Real Estate Owned

 

 

1,333 

 

 

1,333 

  

 

 -

  

 

 -

 

 

1,333 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

  

 

 

  

 

 

 

 

 

Deposits

 

 

2,180,724 

 

 

2,189,404 

  

 

1,075,539 

  

 

1,113,865 

 

 

 -

Borrowings

 

 

245,800 

 

 

244,049 

  

 

 -

  

 

244,049 

 

 

 -

Subordinated debentures

 

 

36,577 

 

 

36,316 

 

 

 -

 

 

36,316 

 

 

 -

Accrued interest payable

 

 

2,561 

 

 

2,561 

  

 

 -

  

 

2,561 

 

 

 -



v3.19.3
Lease Obligations (Tables)
9 Months Ended
Sep. 30, 2019
Lease Obligations [Abstract]  
Schedule of Lease Information



 

 

 

 

 



 

Three Months Ended September 30, 2019

 

 

Nine Months Ended September 30, 2019

Operating lease cost

$

812 

 

$

2,374 

Variable lease cost-operating leases

$

132 

 

$

440 



 

 

 

 

 



 

At September 30, 2019

 

 

 

Supplemental balance sheet information related to leases:

 

 

 

 

 

Operating Leases

 

 

 

 

 

Operating lease right-of-use assets

$

13,951 

 

 

 



 

 

 

 

 

Current liabilities

$

2,631 

 

 

 

Operating lease liabilities (noncurrent portion)

 

11,423 

 

 

 

Total operating lease liabilities

$

14,054 

 

 

 



Summary of Lease Terms and Discount Rate



 

 

Weighted Average Remaining Lease Term

 

 

Operating leases

6.82 

years



 

 

Weighted Average Discount Rate

 

 

Operating leases

3.08 

%



Summary of Maturity of Operating and Finance Leases



 

 

Maturities of lease liabilities:



 

At September 30, 2019



 

Operating Leases

One year or less

$

2,631 

Over one year through three years

 

4,782 

Over three years through five years

 

3,062 

Over five years

 

3,579 

Total 

$

14,054 



v3.19.3
Recent Accounting Pronouncements (Narrative) (Details) - USD ($)
3 Months Ended 9 Months Ended
Jan. 01, 2018
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2017
Operating lease right-of-use assets   $ 13,951,000   $ 13,951,000    
Operating lease liability   14,054,000   14,054,000    
Unrealized gain (loss) on equity investments   (45,000) $ (82,000) 220,000 $ (242,000)  
Accounting Standards Update 2016-01 [Member]            
Reclassification of unrealized gains on AFS equity securities $ 126,000          
Unrealized gain on equity securities           $ 175,000
Unrealized gain on equity securities, tax           $ 49,000
Unrealized gain (loss) on equity investments   $ 45,000 $ (82,000) $ 220,000 $ (242,000)  
v3.19.3
Pension and Equity Incentive Plans (Narrative) (Details) - USD ($)
3 Months Ended 9 Months Ended
Jun. 14, 2019
Dec. 14, 2018
Sep. 13, 2017
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2019
Sep. 30, 2018
Defined Benefit Plan Disclosure [Line Items]                
Options granted             98,875
Granted and exercisable stock options       268,633 242,033   268,633 242,033
Shares underlying unexercised options       866,775 582,067   866,775 582,067
Expected future expenses relating to non-vested restricted shares       $ 930,000,000,000     $ 930,000,000,000  
Expected future compensation expense, unexercised options       $ 1,600,000 $ 1,100,000   $ 1,600,000 $ 1,100,000
Expected future compensation expense, weighted average period for recognition             4 years 8 months 16 days 6 years 9 months
Restricted Stock [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Expected future compensation expense, weighted average period for recognition             1 year 2 months 16 days  
2018 Equity Incentive Plan [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Shares authorized for issuance       1,000,000     1,000,000  
2011 Stock Plan [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Shares authorized for issuance       900,000     900,000  
Supplemental Employee Retirement Plan [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Normal retirement age             65 years  
Retirement benefit as percentage of compensation       75.00%     75.00%  
Net periodic pension/postretirement cost (benefit)       $ 3,000 3,000   $ 9,000 $ 9,000
Pension Plan [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Net periodic pension/postretirement cost (benefit)       $ 63,000 $ 10,000   $ 146,000 $ 30,000
Directors [Member] | 2018 Equity Incentive Plan [Member] | Options [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Options granted 68,750 300,000            
Vesting period 2 years 2 years            
Directors [Member] | 2018 Equity Incentive Plan [Member] | Restricted Stock [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Restricted stock issued 33,110 54,000            
Vesting period 2 years 2 years            
Directors [Member] | 2011 Stock Plan [Member] | Options [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Options granted     275,000          
Vesting period     10 years          
Directors [Member] | Tranche 1 And 2 [Member] | 2018 Equity Incentive Plan [Member] | Options [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Vesting percentage 50.00% 50.00%            
Directors [Member] | Tranche 1 - 10 [Member] | 2011 Stock Plan [Member] | Options [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Vesting percentage     10.00%          
Executive Officers [Member] | 2018 Equity Incentive Plan [Member] | Options [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Options granted 30,125              
Vesting period 2 years              
Executive Officers [Member] | 2018 Equity Incentive Plan [Member] | Restricted Stock [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Restricted stock issued 14,508 13,321            
Vesting period 2 years 2 years            
Employees [Member] | 2011 Stock Plan [Member] | Options [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Options granted           75,000    
Employees [Member] | Tranche 1 - 5 [Member] | 2011 Stock Plan [Member] | Options [Member]                
Defined Benefit Plan Disclosure [Line Items]                
Vesting percentage           20.00%    
v3.19.3
Pension and Equity Incentive Plans (Summary of Restricted Stock Activity) (Details)
9 Months Ended
Sep. 30, 2019
$ / shares
shares
Pension and Equity Incentive Plans [Abstract]  
Number of Shares Awarded, Non-vested at beginning of period 67,321
Number of Shares Awarded, Granted 47,618
Number of Shares Awarded, Vested
Number of Shares Awarded, Forfeited
Number of Shares Awarded, Non-vested at end of period 114,939
Weighted Average Grant Date Fair Value, Non-vested at beginning of period | $ / shares $ 11.26
Weighted Average Grant Date Fair Value, Granted | $ / shares 12.46
Weighted Average Grant Date Fair Value, Non-vested at end of period | $ / shares $ 11.86
v3.19.3
Pension and Equity Incentive Plans (Summary of Stock Option Activity) (Details) - $ / shares
9 Months Ended 12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Outstanding, Beginning Balance - Number of Option Shares 1,104,600 889,300 889,300  
Options Granted - Number of Option Shares 98,875    
Options Exercised - Number of Option Shares   (12,200)    
Options Forfeited - Number of Option Shares (1,000) (53,000)    
Options Expired - Number of Option Shares      
Outstanding, Ending Balance - Number of Option Shares 1,202,475 824,100 1,104,600 889,300
Outstanding, Range of Exercise Price, Lower Range Limit (per share) $ 8.93 $ 8.93 $ 8.93 $ 8.93
Outstanding, Range of Exercise Price, Upper Range Limit (per share) 13.32 13.32 13.32 13.32
Options Granted, Exercise Price 12.46      
Options Forfeited - Exercise Price 10.55      
Options Shares Forfeited - Range of Exercise Prices, Lower Range Limit     9.03  
Options Shares Forfeited - Range of Exercise Prices, Upper Range Limit     13.32  
Outstanding Option Shares, Beginning Balance - Weighted Average Exercise Price 11.36 11.42 11.42  
Options granted - Weighted Average Exercise Price 12.46      
Option Shares Exercised - Weighted Average Exercise Price   10.91    
Option Shares Forfeited - Weighted Average Exercise Price 10.55 11.69    
Outstanding Option Shares, Ending Balance - Weighted Average Exercise Price $ 11.45 $ 11.41 $ 11.36 $ 11.42
v3.19.3
Net Income per Common Share (Narrative) (Details) - shares
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Anti-dilutive outstanding options 42,958 3,665 32,054 1,896  
Preferred stock, shares outstanding 8,340   8,340   7,807
Series F Preferred Stock [Member]          
Preferred stock, shares outstanding 6,465   6,465    
Preferred stock, dividend rate 6.00% 6.00% 6.00% 6.00% 6.00%
v3.19.3
Net Income per Common Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Net Income per Common Share [Abstract]        
Net income available to common stockholders $ 4,890 $ 4,331 $ 14,908 $ 10,848
Basic earnings per share - Income available to Common stockholders 4,890 4,331 14,908 10,848
Diluted earnings per share- Income available to Common stockholders $ 4,890 $ 4,331 $ 14,908 $ 10,848
Basic earnings per share- Income available to Common stockholders, Shares 16,468 15,789 16,320 15,482
Effect of dilutive securities: Stock options: Shares 55 107 49 127
Diluted earnings per share- Income available to Common stockholders, Shares 16,523 15,896 16,369 15,609
Basic earnings per share - Income available to Common stockholders $ 0.30 $ 0.27 $ 0.91 $ 0.70
Diluted earnings per share - Income available to Common stockholders $ 0.30 $ 0.27 $ 0.91 $ 0.69
v3.19.3
Debt Securities Available for Sale (Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale) (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]    
Debt Securities, Amortized Cost $ 98,637 $ 123,242
Debt securities: Gross Unrealized Gains 658 87
Debt securities: Gross Unrealized Losses 1,077 3,994
Debt securities: Fair Value 98,218 119,335
Mortgage-backed securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Debt securities, Due after one year through five years, Amortized Cost 3,482 5,613
Debt securities, Due after five years through ten years, Amortized Cost 1,669 3,246
Debt securities, Due after ten years, Amortized Cost 93,486 110,710
Debt securities, Due after one year through five years, Gross Unrealized Gains 19 10
Debt securities: Due after five years through ten years, Gross Unrealized Gains 34 2
Debt securities, Due after ten years, Gross Unrealized Gains 605 52
Debt securities: Due after one year through five years, Gross Unrealized Losses 66 124
Debt securities: Due after five years through ten years, Gross Unrealized Losses   1
Debt securities: Due after ten years, Gross Unrealized Losses 1,011 3,868
Debt securities: Due after one year through five years, Fair Value 3,435 5,499
Debt securities: Due after five years through ten years, Fair Value 1,703 3,247
Debt securities: Due after ten years, Fair Value $ 93,080 106,894
Municipal Obligations [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Debt securities, Due within one year, Amortized Cost   495
Debt securities, Due after one year through five years, Amortized Cost   917
Debt securities, Due after five years through ten years, Amortized Cost   1,225
Debt securities, Due after ten years, Amortized Cost   1,036
Debt securities, Due after one year through five years, Gross Unrealized Gains   10
Debt securities: Due after five years through ten years, Gross Unrealized Gains   13
Debt securities: Due after five years through ten years, Gross Unrealized Losses   1
Debt securities: Due within one year, Fair Value   495
Debt securities: Due after one year through five years, Fair Value   927
Debt securities: Due after five years through ten years, Fair Value   1,237
Debt securities: Due after ten years, Fair Value   $ 1,036
v3.19.3
Debt Securities Available For Sale (Available-for-Sale Securities, Continuous Unrealized Loss Position, Fair Value ) (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]    
Debt Securities, Less than 12 Months - Fair Value   $ 41,168
Debt Securities, More than 12 Months - Fair Value   62,860
Debt and Equity Securities - Total Fair Value   104,028
Debt and Equity Securities, Less than 12 Months - Unrealized Losses   880
Debt and Equity Securities, More than 12 Months - Unrealized Losses   3,114
Debt and Equity Securities - Total Unrealized Losses   3,994
Mortgage-backed securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Debt Securities, Less than 12 Months - Fair Value $ 12,361 39,289
Debt Securities, More than 12 Months - Fair Value 27,797 62,860
Debt and Equity Securities - Total Fair Value 40,158 102,149
Debt and Equity Securities, Less than 12 Months - Unrealized Losses 525 879
Debt and Equity Securities, More than 12 Months - Unrealized Losses 552 3,114
Debt and Equity Securities - Total Unrealized Losses $ 1,077 3,993
Municipal Obligations [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Debt Securities, Less than 12 Months - Fair Value   1,879
Debt and Equity Securities - Total Fair Value   1,879
Debt and Equity Securities, Less than 12 Months - Unrealized Losses   1
Debt and Equity Securities - Total Unrealized Losses   $ 1
v3.19.3
Loans Receivable and Allowance for Loan Losses (Narrative) (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2019
USD ($)
loan
Sep. 30, 2018
USD ($)
loan
Sep. 30, 2019
USD ($)
loan
Sep. 30, 2018
USD ($)
loan
Dec. 31, 2018
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Non-accrual loans $ 5,074,000   $ 5,074,000   $ 7,221,000
Troubled debt restructuring, amount $ 415,652   $ 1,800,000 $ 640,000  
Troubled debt restructuring, number | loan 3 0 6 1  
Troubled debt restructuring, subsequent default, number | loan   1   1  
Troubled debt restructurings, subsequent default, amount $ 105,000 $ 640,000 $ 105,000 $ 640,000  
Financing receivables 2,279,672,000   2,279,672,000   2,302,602,000
Loss [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Financing receivables 0   0    
Substandard [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Financing receivables 16,000,000   16,000,000    
Substandard [Member] | Impaired Loans [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Financing receivables 16,000,000   16,000,000    
Acquired loans with deteriorated credit [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Loans 5,700,000   5,700,000    
Allowance for loans acquired     1,600,000    
Non-accrual loans 5,500,000   5,500,000   7,000,000
Financing receivables $ 7,715,000   $ 7,715,000   $ 9,324,000
v3.19.3
Loans Receivable and Allowance for Loan Losses (Recorded Investment in Loans Receivable) (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross $ 2,279,672 $ 2,302,602
Deferred loan fees, net (1,282) (1,751)
Allowance for loan losses (24,691) (22,359)
Sub-total (25,973) (24,110)
Net Loans 2,253,699 2,278,492
Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 252,971 258,085
Commercial and Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 1,668,982 1,697,837
Construction [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 131,697 107,783
Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 161,649 165,193
Home Equity [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2] 63,645 72,895
Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 728 809
Originated loans [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 2,071,108 2,052,116
Originated loans [Member] | Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 213,266 213,200
Originated loans [Member] | Commercial and Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 1,536,792 1,540,766
Originated loans [Member] | Construction [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 131,697 106,187
Originated loans [Member] | Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 140,162 136,966
Originated loans [Member] | Home Equity [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2] 48,498 54,271
Originated loans [Member] | Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 693 726
Acquired loans recorded at fair value [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 200,849 241,162
Acquired loans recorded at fair value [Member] | Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 38,345 43,495
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 127,030 150,239
Acquired loans recorded at fair value [Member] | Construction [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 1,596
Acquired loans recorded at fair value [Member] | Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 20,531 27,373
Acquired loans recorded at fair value [Member] | Home Equity [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2] 14,908 18,376
Acquired loans recorded at fair value [Member] | Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 35 83
Acquired loans with deteriorated credit [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 7,715 9,324
Acquired loans with deteriorated credit [Member] | Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 1,360 1,390
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 5,160 6,832
Acquired loans with deteriorated credit [Member] | Construction [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross  
Acquired loans with deteriorated credit [Member] | Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 956 854
Acquired loans with deteriorated credit [Member] | Home Equity [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2] 239 $ 248
Acquired loans with deteriorated credit [Member] | Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross  
[1] Includes business lines of credit.
[2] Includes home equity lines of credit.
v3.19.3
Loans Receivable and Allowance for Loan Losses (Accretable And Non-Accretable Discount on Loans Acquired) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Loans Receivable and Allowance for Loan Losses [Abstract]        
Accretable yield, beginning balance $ 2,229 $ 1,191 $ 2,704  
Additions from acquisition of IAB   1,399   $ 1,399
Accretion recorded to interest income (229) (180) (704) (388)
Accretableyield, ending balance $ 2,000 $ 1,011 $ 2,000 $ 1,011
v3.19.3
Loans Receivable and Allowance for Loan Losses (Acquired Loans Included In Loans Receivable in Consolidated Statements of Financial Condition) (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Loans Receivable and Allowance for Loan Losses [Abstract]    
Unpaid principle balance $ 247,207 $ 301,357
Recorded investment $ 208,564 $ 250,486
v3.19.3
Loans Receivable and Allowance for Loan Losses (Allowance for Loan Losses) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance $ 23,789 $ 20,640 $ 22,359 $ 17,375 $ 17,375
Allowance for loan losses: Charge-offs 1 61 257 446 446
Allowance for loan losses: Recoveries 3 18 45 266 300
Allowance for loan losses: Provisions 900 907 2,544 4,309 5,130
Allowance for loan losses: Ending Balance 24,691 21,504 24,691 21,504 22,359
Loans receivables: Ending balance 2,279,672   2,279,672   2,302,602
Loans receivables: Ending balance: individually evaluated for impairment 30,856   30,856   42,408
Loans receivables: Ending balance: collectively evaluated for impairment 2,248,816   2,248,816   2,260,194
Loans receivables: Ending balance: loans acquired with deteriorated credit quality 2,279,672   2,279,672   2,302,602
Residential [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 3,457 2,720 2,748 2,650 2,650
Allowance for loan losses: Charge-offs 1   1 374 374
Allowance for loan losses: Recoveries   3 86 86
Allowance for loan losses: Provisions (567) (16) 139 342 386
Allowance for loan losses: Ending Balance 2,889 2,704 2,889 2,704 2,748
Loans receivables: Ending balance 252,971   252,971   258,085
Loans receivables: Ending balance: individually evaluated for impairment 10,407   10,407   13,572
Loans receivables: Ending balance: collectively evaluated for impairment 242,564   242,564   244,513
Commercial and Multi-family [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 14,388 13,188 14,168 11,668 11,668
Allowance for loan losses: Charge-offs   111    
Allowance for loan losses: Recoveries   10    
Allowance for loan losses: Provisions 556 1,348 877 2,868 2,500
Allowance for loan losses: Ending Balance 14,944 14,536 14,944 14,536 14,168
Loans receivables: Ending balance 1,668,982   1,668,982   1,697,837
Loans receivables: Ending balance: individually evaluated for impairment 15,741   15,741   24,331
Loans receivables: Ending balance: collectively evaluated for impairment 1,653,241   1,653,241   1,673,506
Construction [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 1,454 516 1,003 518 518
Allowance for loan losses: Charge-offs        
Allowance for loan losses: Recoveries        
Allowance for loan losses: Provisions 83 136 534 134 485
Allowance for loan losses: Ending Balance 1,537 652 1,537 652 1,003
Loans receivables: Ending balance 131,697   131,697   107,783
Loans receivables: Ending balance: individually evaluated for impairment      
Loans receivables: Ending balance: collectively evaluated for impairment 131,697   131,697   107,783
Commercial Business [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance [1] 4,062 3,440 3,933 2,018 2,018
Allowance for loan losses: Charge-offs [1] 10 145 15 15
Allowance for loan losses: Recoveries [1] 15 18 176 205
Allowance for loan losses: Provisions [1] 597 (171) 853 1,095 1,725
Allowance for loan losses: Ending Balance [1] 4,659 3,274 4,659 3,274 3,933
Loans receivables: Ending balance [1] 161,649   161,649   165,193
Loans receivables: Ending balance: individually evaluated for impairment [1] 3,404   3,404   3,235
Loans receivables: Ending balance: collectively evaluated for impairment [1] 158,245   158,245   161,958
Home Equity [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance [2] 277 447 316 338 338
Allowance for loan losses: Charge-offs [2] 9   15 15
Allowance for loan losses: Recoveries [2] 3 3 14 4 7
Allowance for loan losses: Provisions [2] 24 (122) (26) (8) (14)
Allowance for loan losses: Ending Balance [2] 304 319 304 319 316
Loans receivables: Ending balance [2] 63,645   63,645   72,895
Loans receivables: Ending balance: individually evaluated for impairment [2] 1,304   1,304   1,270
Loans receivables: Ending balance: collectively evaluated for impairment [2] 62,341   62,341   71,625
Consumer [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 1 41 2 6 6
Allowance for loan losses: Charge-offs 42   42 42
Allowance for loan losses: Recoveries       2
Allowance for loan losses: Provisions (1) 1 (2) 36 36
Allowance for loan losses: Ending Balance     2
Loans receivables: Ending balance 728   728   809
Loans receivables: Ending balance: individually evaluated for impairment      
Loans receivables: Ending balance: collectively evaluated for impairment 728   728   809
Unallocated [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 150 288 189 177 177
Allowance for loan losses: Charge-offs        
Allowance for loan losses: Recoveries        
Allowance for loan losses: Provisions 208 (269) 169 (158) 12
Allowance for loan losses: Ending Balance 358 19 358 19 189
Loans receivables: Ending balance      
Loans receivables: Ending balance: individually evaluated for impairment      
Loans receivables: Ending balance: collectively evaluated for impairment      
Originated loans [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 22,705 20,025 21,750 17,081 17,081
Allowance for loan losses: Charge-offs 1 61 257 368 368
Allowance for loan losses: Recoveries     15 7 17
Allowance for loan losses: Provisions 552 900 1,748 4,144 5,020
Allowance for loan losses: Ending Balance 23,256 20,864 23,256 20,864 21,750
Loans receivables: Ending balance 2,071,108   2,071,108   2,052,116
Loans receivables: Ending balance: individually evaluated for impairment 12,836   12,836   22,152
Loans receivables: Ending balance: collectively evaluated for impairment 2,058,272   2,058,272   2,029,964
Loans receivables: Ending balance: loans acquired with deteriorated credit quality 2,071,108   2,071,108   2,052,116
Originated loans [Member] | Residential [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 2,580 2,249 2,374 2,368 2,368
Allowance for loan losses: Charge-offs 1   1 302 302
Allowance for loan losses: Recoveries       1 1
Allowance for loan losses: Provisions (145) 137 61 319 307
Allowance for loan losses: Ending Balance 2,434 2,386 2,434 2,386 2,374
Loans receivables: Ending balance 213,266   213,266   213,200
Loans receivables: Ending balance: individually evaluated for impairment 3,868   3,868   6,043
Loans receivables: Ending balance: collectively evaluated for impairment 209,398   209,398   207,157
Loans receivables: Ending balance: loans acquired with deteriorated credit quality 213,266   213,266   213,200
Originated loans [Member] | Commercial and Multi-family [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 14,251 13,084 14,000 11,656 11,656
Allowance for loan losses: Charge-offs   111    
Allowance for loan losses: Provisions 421 1,199 783 2,627 2,344
Allowance for loan losses: Ending Balance 14,672 14,283 14,672 14,283 14,000
Loans receivables: Ending balance 1,536,792   1,536,792   1,540,766
Loans receivables: Ending balance: individually evaluated for impairment 6,044   6,044   12,822
Loans receivables: Ending balance: collectively evaluated for impairment 1,530,748   1,530,748   1,527,944
Loans receivables: Ending balance: loans acquired with deteriorated credit quality 1,536,792   1,536,792   1,540,766
Originated loans [Member] | Construction [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 1,454 516 1,003 518 518
Allowance for loan losses: Charge-offs        
Allowance for loan losses: Provisions 83 136 534 134 485
Allowance for loan losses: Ending Balance 1,537 652 1,537 652 1,003
Loans receivables: Ending balance 131,697   131,697   106,187
Loans receivables: Ending balance: individually evaluated for impairment      
Loans receivables: Ending balance: collectively evaluated for impairment 131,697   131,697   106,187
Loans receivables: Ending balance: loans acquired with deteriorated credit quality 131,697   131,697   106,187
Originated loans [Member] | Commercial Business [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance [1] 3,995 3,400 3,869 2,018 2,018
Allowance for loan losses: Charge-offs [1] 10 145 15 15
Allowance for loan losses: Recoveries [1]     15 6 14
Allowance for loan losses: Provisions [1] (29) (179) 227 1,202 1,852
Allowance for loan losses: Ending Balance [1] 3,966 3,211 3,966 3,211 3,869
Loans receivables: Ending balance [1] 140,162   140,162   136,966
Loans receivables: Ending balance: individually evaluated for impairment [1] 1,951   1,951   2,372
Loans receivables: Ending balance: collectively evaluated for impairment [1] 138,211   138,211   134,594
Loans receivables: Ending balance: loans acquired with deteriorated credit quality [1] 140,162   140,162   136,966
Originated loans [Member] | Home Equity [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance [2] 274 447 313 338 338
Allowance for loan losses: Charge-offs [2] 9   9 9
Allowance for loan losses: Provisions [2] 15 (125) (24) (16) (16)
Allowance for loan losses: Ending Balance [2] 289 313 289 313 313
Loans receivables: Ending balance [2] 48,498   48,498   54,271
Loans receivables: Ending balance: individually evaluated for impairment [2] 973   973   915
Loans receivables: Ending balance: collectively evaluated for impairment [2] 47,525   47,525   53,356
Loans receivables: Ending balance: loans acquired with deteriorated credit quality [2] 48,498   48,498   54,271
Originated loans [Member] | Consumer [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 1 41 2 6 6
Allowance for loan losses: Charge-offs 42   42 42
Allowance for loan losses: Recoveries         2
Allowance for loan losses: Provisions (1) 1 (2) 36 36
Allowance for loan losses: Ending Balance     2
Loans receivables: Ending balance 693   693   726
Loans receivables: Ending balance: individually evaluated for impairment      
Loans receivables: Ending balance: collectively evaluated for impairment 693   693   726
Loans receivables: Ending balance: loans acquired with deteriorated credit quality 693   693   726
Originated loans [Member] | Unallocated [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 150 288 189 177 177
Allowance for loan losses: Charge-offs        
Allowance for loan losses: Provisions 208 (269) 169 (158) 12
Allowance for loan losses: Ending Balance 358 19 358 19 189
Loans receivables: Ending balance      
Loans receivables: Ending balance: individually evaluated for impairment      
Loans receivables: Ending balance: collectively evaluated for impairment      
Acquired loans recorded at fair value [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 731 550 335 242 242
Allowance for loan losses: Charge-offs       78 78
Allowance for loan losses: Recoveries 3 18 30 115 139
Allowance for loan losses: Provisions 432 (288) 801 1 32
Allowance for loan losses: Ending Balance 1,166 280 1,166 280 335
Loans receivables: Ending balance 200,849   200,849   241,162
Loans receivables: Ending balance: individually evaluated for impairment 10,768   10,768   11,379
Loans receivables: Ending balance: collectively evaluated for impairment 190,081   190,081   229,783
Loans receivables: Ending balance: loans acquired with deteriorated credit quality 200,849   200,849   241,162
Acquired loans recorded at fair value [Member] | Residential [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 731 418 335 242 242
Allowance for loan losses: Charge-offs       72 72
Allowance for loan losses: Recoveries   3 85 85
Allowance for loan losses: Provisions (316) (138) 77 25 80
Allowance for loan losses: Ending Balance 415 280 415 280 335
Loans receivables: Ending balance 38,345   38,345   43,495
Loans receivables: Ending balance: individually evaluated for impairment 5,179   5,179   6,139
Loans receivables: Ending balance: collectively evaluated for impairment 33,166   33,166   37,356
Loans receivables: Ending balance: loans acquired with deteriorated credit quality 38,345   38,345   43,495
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 92      
Allowance for loan losses: Recoveries   10    
Allowance for loan losses: Provisions 112 (92) 102    
Allowance for loan losses: Ending Balance 112   112    
Loans receivables: Ending balance 127,030   127,030   150,239
Loans receivables: Ending balance: individually evaluated for impairment 4,733   4,733   4,881
Loans receivables: Ending balance: collectively evaluated for impairment 122,297   122,297   145,358
Loans receivables: Ending balance: loans acquired with deteriorated credit quality 127,030   127,030   150,239
Acquired loans recorded at fair value [Member] | Construction [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance        
Allowance for loan losses: Recoveries        
Allowance for loan losses: Provisions        
Allowance for loan losses: Ending Balance      
Loans receivables: Ending balance     1,596
Loans receivables: Ending balance: individually evaluated for impairment      
Loans receivables: Ending balance: collectively evaluated for impairment     1,596
Loans receivables: Ending balance: loans acquired with deteriorated credit quality         1,596
Acquired loans recorded at fair value [Member] | Commercial Business [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance [1] 40      
Allowance for loan losses: Recoveries [1] 15 3 27 48
Allowance for loan losses: Provisions [1] 627 (55) 624 (27) (48)
Allowance for loan losses: Ending Balance [1] 627   627    
Loans receivables: Ending balance [1] 20,531   20,531   27,373
Loans receivables: Ending balance: individually evaluated for impairment [1] 564   564   53
Loans receivables: Ending balance: collectively evaluated for impairment [1] 19,967   19,967   27,320
Loans receivables: Ending balance: loans acquired with deteriorated credit quality [1] 20,531   20,531   27,373
Acquired loans recorded at fair value [Member] | Home Equity [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance [2]        
Allowance for loan losses: Charge-offs [2]       6 6
Allowance for loan losses: Recoveries [2] 3 3 14 3 6
Allowance for loan losses: Provisions [2] 9 (3) (2) 3  
Allowance for loan losses: Ending Balance [2] 12   12    
Loans receivables: Ending balance [2] 14,908   14,908   18,376
Loans receivables: Ending balance: individually evaluated for impairment [2] 292   292   306
Loans receivables: Ending balance: collectively evaluated for impairment [2] 14,616   14,616   18,070
Loans receivables: Ending balance: loans acquired with deteriorated credit quality [2] 14,908   14,908   18,376
Acquired loans recorded at fair value [Member] | Consumer [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance        
Allowance for loan losses: Recoveries        
Allowance for loan losses: Provisions        
Allowance for loan losses: Ending Balance      
Loans receivables: Ending balance 35   35   83
Loans receivables: Ending balance: individually evaluated for impairment      
Loans receivables: Ending balance: collectively evaluated for impairment 35   35   83
Loans receivables: Ending balance: loans acquired with deteriorated credit quality 35   35   83
Acquired loans recorded at fair value [Member] | Unallocated [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance        
Allowance for loan losses: Recoveries        
Allowance for loan losses: Provisions        
Allowance for loan losses: Ending Balance      
Loans receivables: Ending balance      
Loans receivables: Ending balance: individually evaluated for impairment      
Loans receivables: Ending balance: collectively evaluated for impairment      
Acquired loans with deteriorated credit [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 353 65 274 52 52
Allowance for loan losses: Recoveries       144 144
Allowance for loan losses: Provisions (84) 295 (5) 164 78
Allowance for loan losses: Ending Balance 269 360 269 360 274
Loans receivables: Ending balance 7,715   7,715   9,324
Loans receivables: Ending balance: individually evaluated for impairment 7,252   7,252   8,877
Loans receivables: Ending balance: collectively evaluated for impairment 463   463   447
Loans receivables: Ending balance: loans acquired with deteriorated credit quality 7,715   7,715   9,324
Acquired loans with deteriorated credit [Member] | Residential [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 146 53 39 40 40
Allowance for loan losses: Provisions (106) (15) 1 (2) (1)
Allowance for loan losses: Ending Balance 40 38 40 38 39
Loans receivables: Ending balance 1,360   1,360   1,390
Loans receivables: Ending balance: individually evaluated for impairment 1,360   1,360   1,390
Loans receivables: Ending balance: collectively evaluated for impairment      
Loans receivables: Ending balance: loans acquired with deteriorated credit quality 1,360   1,360   1,390
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance 137 12 168 12 12
Allowance for loan losses: Provisions 23 241 (8) 241 156
Allowance for loan losses: Ending Balance 160 253 160 253 168
Loans receivables: Ending balance 5,160   5,160   6,832
Loans receivables: Ending balance: individually evaluated for impairment 4,964   4,964   6,628
Loans receivables: Ending balance: collectively evaluated for impairment 196   196   204
Loans receivables: Ending balance: loans acquired with deteriorated credit quality 5,160   5,160   6,832
Acquired loans with deteriorated credit [Member] | Construction [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance        
Allowance for loan losses: Provisions        
Allowance for loan losses: Ending Balance      
Loans receivables: Ending balance      
Loans receivables: Ending balance: individually evaluated for impairment      
Loans receivables: Ending balance: collectively evaluated for impairment      
Acquired loans with deteriorated credit [Member] | Commercial Business [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance [1] 67   64    
Allowance for loan losses: Recoveries [1]       143 143
Allowance for loan losses: Provisions [1] (1) 63 2 (80) (79)
Allowance for loan losses: Ending Balance [1] 66 63 66 63 64
Loans receivables: Ending balance [1] 956   956   854
Loans receivables: Ending balance: individually evaluated for impairment [1] 889   889   810
Loans receivables: Ending balance: collectively evaluated for impairment [1] 67   67   44
Loans receivables: Ending balance: loans acquired with deteriorated credit quality [1] 956   956   854
Acquired loans with deteriorated credit [Member] | Home Equity [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance [2] 3   3    
Allowance for loan losses: Recoveries [2]       1 1
Allowance for loan losses: Provisions [2] 6   5 2
Allowance for loan losses: Ending Balance [2] 3 $ 6 3 $ 6 3
Loans receivables: Ending balance [2] 239   239   248
Loans receivables: Ending balance: individually evaluated for impairment [2] 39   39   49
Loans receivables: Ending balance: collectively evaluated for impairment [2] 200   200   199
Loans receivables: Ending balance: loans acquired with deteriorated credit quality [2] 239   239   $ 248
Acquired loans with deteriorated credit [Member] | Consumer [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance        
Allowance for loan losses: Provisions        
Allowance for loan losses: Ending Balance      
Loans receivables: Ending balance      
Loans receivables: Ending balance: individually evaluated for impairment      
Loans receivables: Ending balance: collectively evaluated for impairment      
Acquired loans with deteriorated credit [Member] | Unallocated [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Allowance for loan losses: Beginning Balance        
Allowance for loan losses: Provisions        
Allowance for loan losses: Ending Balance      
Loans receivables: Ending balance      
Loans receivables: Ending balance: individually evaluated for impairment      
Loans receivables: Ending balance: collectively evaluated for impairment      
[1] Includes business lines of credit.
[2] Includes home equity lines of credit.
v3.19.3
Loans Receivable and Allowance for Loan Losses (Non-Accruing Loans) (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans $ 5,074 $ 7,221
Originated loans [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 3,635 4,361
Originated loans [Member] | Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 814 1,160
Originated loans [Member] | Commercial and Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 1,584 2,568
Originated loans [Member] | Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans [1] 887 356
Originated loans [Member] | Home Equity [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans [2] 350 277
Acquired loans recorded at fair value [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 1,439 2,860
Acquired loans recorded at fair value [Member] | Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans 1,046 2,165
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans   605
Acquired loans recorded at fair value [Member] | Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans [1] 378 48
Acquired loans recorded at fair value [Member] | Home Equity [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans [2] 15 42
Acquired loans with deteriorated credit [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Non-accrual loans $ 5,500 $ 7,000
[1] Includes business lines of credit.
[2] Includes home equity lines of credit.
v3.19.3
Loans Receivable and Allowance for Loan Losses (Impaired Loans) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded $ 24,844 $ 38,139 $ 26,919 $ 33,489  
Average Recorded Investment - With an allowance recorded 9,225 10,941 8,674 11,293  
Interest Income Recognized - With no related allowance recorded 239 239 845 755  
Interest Income Recognized - With an allowance recorded 74 105 256 311  
Recorded Investment - With no related allowance recorded 20,912   20,912   $ 32,939
Recorded Investment - With an allowance recorded 9,944   9,944   9,469
Recorded Investment - Total 30,856   30,856   42,408
Unpaid Principal Balance - With no related allowance recorded 31,076   31,076   43,523
Unpaid Principal Balance - With an allowance recorded 12,585   12,585   10,033
Unpaid Principal Balance - Total 43,661   43,661   53,556
Related Allowance 2,853   2,853   2,181
Originated loans [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded 12,563 16,252 14,094 15,820  
Average Recorded Investment - With an allowance recorded 3,122 6,237 3,062 6,454  
Interest Income Recognized - With no related allowance recorded 125 143 520 431  
Interest Income Recognized - With an allowance recorded 22 71 129 211  
Recorded Investment - With no related allowance recorded 10,003   10,003   17,070
Recorded Investment - With an allowance recorded 2,833   2,833   5,082
Unpaid Principal Balance - With no related allowance recorded 12,934   12,934   20,187
Unpaid Principal Balance - With an allowance recorded 3,949   3,949   5,275
Related Allowance 903   903   1,266
Originated loans [Member] | Residential [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded 2,179 1,921 2,627 1,910  
Average Recorded Investment - With an allowance recorded 2,032 4,310 2,175 4,601  
Interest Income Recognized - With no related allowance recorded 20 7 66 22  
Interest Income Recognized - With an allowance recorded 18 47 67 141  
Recorded Investment - With no related allowance recorded 2,246   2,246   2,623
Recorded Investment - With an allowance recorded 1,622   1,622   3,420
Unpaid Principal Balance - With no related allowance recorded 2,342   2,342   2,689
Unpaid Principal Balance - With an allowance recorded 1,622   1,622   3,420
Related Allowance 81   81   229
Originated loans [Member] | Commercial and Multi-family [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded 8,655 12,345 9,680 12,090  
Average Recorded Investment - With an allowance recorded   485   485  
Interest Income Recognized - With no related allowance recorded 56 86 310 257  
Recorded Investment - With no related allowance recorded 6,044   6,044   12,711
Recorded Investment - With an allowance recorded         111
Unpaid Principal Balance - With no related allowance recorded 6,297   6,297   13,308
Unpaid Principal Balance - With an allowance recorded         153
Related Allowance         111
Originated loans [Member] | Commercial Business [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded [1] 1,131 1,074 1,138 910  
Average Recorded Investment - With an allowance recorded [1] 822 1,266 658 1,199  
Interest Income Recognized - With no related allowance recorded [1] 43 43 126 130  
Interest Income Recognized - With an allowance recorded [1] 3 22 57 65  
Recorded Investment - With no related allowance recorded [1] 1,124   1,124   974
Recorded Investment - With an allowance recorded [1] 827   827   1,398
Unpaid Principal Balance - With no related allowance recorded [1] 3,695   3,695   3,411
Unpaid Principal Balance - With an allowance recorded [1] 1,943   1,943   1,549
Related Allowance [1] 800   800   905
Originated loans [Member] | Home Equity [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded [2] 598 912 649 910  
Average Recorded Investment - With an allowance recorded [2] 268 155 229 155  
Interest Income Recognized - With no related allowance recorded [2] 6 7 18 22  
Interest Income Recognized - With an allowance recorded [2] 1 2 5 5  
Recorded Investment - With no related allowance recorded [2] 589   589   762
Recorded Investment - With an allowance recorded [2] 384   384   153
Unpaid Principal Balance - With no related allowance recorded [2] 600   600   779
Unpaid Principal Balance - With an allowance recorded [2] 384   384   153
Related Allowance [2] 22   22   21
Originated loans [Member] | Consumer [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With an allowance recorded   21   14  
Acquired loans recorded at fair value [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded 6,243 7,367 6,369 7,474  
Average Recorded Investment - With an allowance recorded 4,633 4,335 4,510 4,470  
Interest Income Recognized - With no related allowance recorded 93 73 261 256  
Interest Income Recognized - With an allowance recorded 45 29 108 90  
Recorded Investment - With no related allowance recorded 6,069   6,069   7,359
Recorded Investment - With an allowance recorded 4,699   4,699   4,020
Unpaid Principal Balance - With no related allowance recorded 6,591   6,591   7,490
Unpaid Principal Balance - With an allowance recorded 6,168   6,168   4,344
Related Allowance 1,907   1,907   906
Acquired loans recorded at fair value [Member] | Residential [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded 1,931 3,349 2,081 3,443  
Average Recorded Investment - With an allowance recorded 3,291 3,210 3,286 3,384  
Interest Income Recognized - With no related allowance recorded 23 16 73 76  
Interest Income Recognized - With an allowance recorded 30 24 82 73  
Recorded Investment - With no related allowance recorded 1,812   1,812   3,123
Recorded Investment - With an allowance recorded 3,367   3,367   3,016
Unpaid Principal Balance - With no related allowance recorded 1,918   1,918   3,254
Unpaid Principal Balance - With an allowance recorded 3,532   3,532   3,166
Related Allowance 484   484   532
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded 3,882 3,733 3,898 3,760  
Average Recorded Investment - With an allowance recorded 881 916 889 919  
Interest Income Recognized - With no related allowance recorded 55 53 165 168  
Interest Income Recognized - With an allowance recorded 14 4 22 13  
Recorded Investment - With no related allowance recorded 3,861   3,861   3,961
Recorded Investment - With an allowance recorded 872   872   920
Unpaid Principal Balance - With no related allowance recorded 3,861   3,861   3,961
Unpaid Principal Balance - With an allowance recorded 1,064   1,064   1,094
Related Allowance 302   302   369
Acquired loans recorded at fair value [Member] | Commercial Business [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded [1] 119 51 96 34  
Average Recorded Investment - With an allowance recorded [1] 377 124 251 82  
Interest Income Recognized - With no related allowance recorded [1] 12 1 14 2  
Recorded Investment - With no related allowance recorded [1] 187   187   53
Recorded Investment - With an allowance recorded [1] 377   377    
Unpaid Principal Balance - With no related allowance recorded [1] 602   602   53
Unpaid Principal Balance - With an allowance recorded [1] 1,489   1,489    
Related Allowance [1] 1,117   1,117    
Acquired loans recorded at fair value [Member] | Home Equity [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded [2] 311 223 294 230  
Average Recorded Investment - With an allowance recorded [2] 84 85 84 85  
Interest Income Recognized - With no related allowance recorded [2] 3 3 9 10  
Interest Income Recognized - With an allowance recorded [2] 1 1 4 4  
Recorded Investment - With no related allowance recorded [2] 209   209   222
Recorded Investment - With an allowance recorded [2] 83   83   84
Unpaid Principal Balance - With no related allowance recorded [2] 210   210   222
Unpaid Principal Balance - With an allowance recorded [2] 83   83   84
Related Allowance [2] 4   4   5
Acquired loans recorded at fair value [Member] | Consumer [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded   11   7  
Acquired loans with deteriorated credit [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded 6,038 14,520 6,456 10,195  
Average Recorded Investment - With an allowance recorded 1,470 369 1,102 369  
Interest Income Recognized - With no related allowance recorded 21 23 64 68  
Interest Income Recognized - With an allowance recorded 7 5 19 10  
Recorded Investment - With no related allowance recorded 4,840   4,840   8,510
Recorded Investment - With an allowance recorded 2,412   2,412   367
Unpaid Principal Balance - With no related allowance recorded 11,551   11,551   15,846
Unpaid Principal Balance - With an allowance recorded 2,468   2,468   414
Related Allowance 43   43   9
Acquired loans with deteriorated credit [Member] | Residential [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded [3] 839 1,030 898 1,032  
Average Recorded Investment - With an allowance recorded [3] 527 369 473 369  
Interest Income Recognized - With no related allowance recorded [3] 14 16 44 48  
Interest Income Recognized - With an allowance recorded [3] 7 5 19 10  
Recorded Investment - With no related allowance recorded 834   834   1,023
Recorded Investment - With an allowance recorded 526   526   367
Unpaid Principal Balance - With no related allowance recorded 1,391   1,391   1,579
Unpaid Principal Balance - With an allowance recorded 573   573   414
Related Allowance 9   9   9
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded [3] 4,264 10,980 4,666 7,490  
Average Recorded Investment - With an allowance recorded 943   629    
Interest Income Recognized - With no related allowance recorded [3] 7 7 20 20  
Recorded Investment - With no related allowance recorded 3,078   3,078   6,628
Recorded Investment - With an allowance recorded 1,886   1,886    
Unpaid Principal Balance - With no related allowance recorded 4,175   4,175   7,957
Unpaid Principal Balance - With an allowance recorded 1,895   1,895    
Related Allowance 34   34    
Acquired loans with deteriorated credit [Member] | Construction [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded [3]   1,335   890  
Acquired loans with deteriorated credit [Member] | Commercial Business [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded [1],[3] 894 922 849 614  
Recorded Investment - With no related allowance recorded [1] 889   889   810
Unpaid Principal Balance - With no related allowance recorded [1] 5,936   5,936   6,253
Acquired loans with deteriorated credit [Member] | Home Equity [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded [2],[3] 41 226 43 151  
Recorded Investment - With no related allowance recorded [2] 39   39   49
Unpaid Principal Balance - With no related allowance recorded [2] $ 49   $ 49   $ 57
Acquired loans with deteriorated credit [Member] | Consumer [Member]          
Accounts, Notes, Loans and Financing Receivable [Line Items]          
Average Recorded Investment - With no related allowance recorded [3]   $ 27   $ 18  
[1] Includes business lines of credit.
[2] Includes home equity lines of credit.
[3] Does not include accretable yield on loans acquired with deteriorated credit.
v3.19.3
Loans Receivable and Allowance for Loan Losses (Troubled Debt Restructurings) (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
USD ($)
loan
Sep. 30, 2018
loan
Sep. 30, 2019
USD ($)
loan
Sep. 30, 2018
loan
Dec. 31, 2018
USD ($)
Financing Receivable, Modifications [Line Items]          
Troubled debt restructuring, number | loan 3 0 6 1  
Troubled debt restructuring, amount $ 18,379   $ 18,379   $ 26,613
Accrual Status [Member]          
Financing Receivable, Modifications [Line Items]          
Troubled debt restructuring, amount 16,489   16,489   22,477
Non-Accrual Status [Member]          
Financing Receivable, Modifications [Line Items]          
Troubled debt restructuring, amount $ 1,890   $ 1,890   $ 4,136
v3.19.3
Loans Receivable and Allowance for Loan Losses (Delinquency Status of Total Loans) (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due $ 15,407 $ 29,312
Current 2,264,265 2,273,290
Financing Receivable, Net, Total 2,279,672 2,302,602
Loans Receivable >90 Days and Accruing 530 1,422
30 to 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 5,671 15,632
60 to 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 1,618 2,020
Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 8,118 11,660
Originated loans [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 6,951 14,072
Current 2,064,157 2,038,044
Financing Receivable, Net, Total 2,071,108 2,052,116
Loans Receivable >90 Days and Accruing 72 1,422
Originated loans [Member] | 30 to 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 4,451 9,883
Originated loans [Member] | 60 to 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 1,541 1,400
Originated loans [Member] | Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 959 2,789
Originated loans [Member] | Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 1,288 3,446
Current 211,978 209,754
Financing Receivable, Net, Total 213,266 213,200
Loans Receivable >90 Days and Accruing 545
Originated loans [Member] | Residential [Member] | 30 to 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 1,288 980
Originated loans [Member] | Residential [Member] | 60 to 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due   1,014
Originated loans [Member] | Residential [Member] | Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due   1,452
Originated loans [Member] | Commercial and Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 3,922 8,361
Current 1,532,870 1,532,405
Financing Receivable, Net, Total 1,536,792 1,540,766
Loans Receivable >90 Days and Accruing 877
Originated loans [Member] | Commercial and Multi-family [Member] | 30 to 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 2,910 7,074
Originated loans [Member] | Commercial and Multi-family [Member] | 60 to 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 1,012 299
Originated loans [Member] | Commercial and Multi-family [Member] | Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due   988
Originated loans [Member] | Construction [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current 131,697 106,187
Financing Receivable, Net, Total 131,697 106,187
Loans Receivable >90 Days and Accruing
Originated loans [Member] | Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [1] 1,518 1,680
Current [1] 138,644 135,286
Financing Receivable, Net, Total [1] 140,162 136,966
Loans Receivable >90 Days and Accruing [1] 45
Originated loans [Member] | Commercial Business [Member] | 30 to 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [1] 57 1,331
Originated loans [Member] | Commercial Business [Member] | 60 to 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [1] 529  
Originated loans [Member] | Commercial Business [Member] | Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [1] 932 349
Originated loans [Member] | Home Equity [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [2] 223 585
Current [2] 48,275 53,686
Financing Receivable, Net, Total [2] 48,498 54,271
Loans Receivable >90 Days and Accruing [2] 27
Originated loans [Member] | Home Equity [Member] | 30 to 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [2] 196 498
Originated loans [Member] | Home Equity [Member] | 60 to 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [2]   87
Originated loans [Member] | Home Equity [Member] | Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [2] 27  
Originated loans [Member] | Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current 693 726
Financing Receivable, Net, Total 693 726
Loans Receivable >90 Days and Accruing
Acquired loans recorded at fair value [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 2,940 8,374
Current 197,909 232,788
Financing Receivable, Net, Total 200,849 241,162
Loans Receivable >90 Days and Accruing 458
Acquired loans recorded at fair value [Member] | 30 to 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 981 5,749
Acquired loans recorded at fair value [Member] | 60 to 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 77 620
Acquired loans recorded at fair value [Member] | Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 1,882 2,005
Acquired loans recorded at fair value [Member] | Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 1,487 3,554
Current 36,858 39,941
Financing Receivable, Net, Total 38,345 43,495
Loans Receivable >90 Days and Accruing 167
Acquired loans recorded at fair value [Member] | Residential [Member] | 30 to 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 274 1,117
Acquired loans recorded at fair value [Member] | Residential [Member] | 60 to 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due   520
Acquired loans recorded at fair value [Member] | Residential [Member] | Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 1,213 1,917
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 431 1,558
Current 126,599 148,681
Financing Receivable, Net, Total 127,030 150,239
Loans Receivable >90 Days and Accruing 153
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member] | 30 to 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 201 1,480
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member] | 60 to 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 77 78
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member] | Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 153  
Acquired loans recorded at fair value [Member] | Construction [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due   594
Current   1,002
Financing Receivable, Net, Total   1,596
Loans Receivable >90 Days and Accruing
Acquired loans recorded at fair value [Member] | Construction [Member] | 30 to 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due   594
Acquired loans recorded at fair value [Member] | Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [1] 953 1,922
Current [1] 19,578 25,451
Financing Receivable, Net, Total [1] 20,531 27,373
Loans Receivable >90 Days and Accruing [1] 138
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | 30 to 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [1] 437 1,876
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [1] 516 46
Acquired loans recorded at fair value [Member] | Home Equity [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [2] 69 746
Current [2] 14,839 17,630
Financing Receivable, Net, Total [2] 14,908 18,376
Loans Receivable >90 Days and Accruing [2]
Acquired loans recorded at fair value [Member] | Home Equity [Member] | 30 to 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [2] 69 682
Acquired loans recorded at fair value [Member] | Home Equity [Member] | 60 to 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [2]   22
Acquired loans recorded at fair value [Member] | Home Equity [Member] | Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [2]   42
Acquired loans recorded at fair value [Member] | Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current 35 83
Financing Receivable, Net, Total 35 83
Loans Receivable >90 Days and Accruing
Acquired loans with deteriorated credit [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 5,516 6,866
Current 2,199 2,458
Financing Receivable, Net, Total 7,715 9,324
Loans Receivable >90 Days and Accruing
Acquired loans with deteriorated credit [Member] | 30 to 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 239  
Acquired loans with deteriorated credit [Member] | Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 5,277 6,866
Acquired loans with deteriorated credit [Member] | Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Current 1,360 1,390
Financing Receivable, Net, Total 1,360 1,390
Loans Receivable >90 Days and Accruing
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 4,386 6,012
Current 774 820
Financing Receivable, Net, Total 5,160 6,832
Loans Receivable >90 Days and Accruing
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member] | Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due 4,386 6,012
Acquired loans with deteriorated credit [Member] | Construction [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans Receivable >90 Days and Accruing  
Acquired loans with deteriorated credit [Member] | Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [1] 891 806
Current [1] 65 48
Financing Receivable, Net, Total [1] 956 854
Loans Receivable >90 Days and Accruing [1]
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [1] 891 806
Acquired loans with deteriorated credit [Member] | Home Equity [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [2] 239 48
Current [2]   200
Financing Receivable, Net, Total [2] 239 248
Loans Receivable >90 Days and Accruing [2]
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | 30 to 59 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [2] $ 239  
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | Greater than 90 Days Past Due [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Past Due [2]   48
Acquired loans with deteriorated credit [Member] | Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans Receivable >90 Days and Accruing  
[1] Includes business lines of credit.
[2] Includes home equity lines of credit.
v3.19.3
Loans Receivable and Allowance for Loan Losses (Loan Portfolio by Pass Rating) (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross $ 2,279,672 $ 2,302,602
Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 2,253,020 2,263,252
Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 10,654 13,189
Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 15,998 26,161
Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 252,971 258,085
Commercial and Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 1,668,982 1,697,837
Construction [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 131,697 107,783
Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 161,649 165,193
Home Equity [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2] 63,645 72,895
Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 728 809
Originated loans [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 2,071,108 2,052,116
Originated loans [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 2,057,108 2,028,144
Originated loans [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 7,541 8,330
Originated loans [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 6,459 15,642
Originated loans [Member] | Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 213,266 213,200
Originated loans [Member] | Residential [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 210,463 207,991
Originated loans [Member] | Residential [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 1,989 2,400
Originated loans [Member] | Residential [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 814 2,809
Originated loans [Member] | Commercial and Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 1,536,792 1,540,766
Originated loans [Member] | Commercial and Multi-family [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 1,530,755 1,526,591
Originated loans [Member] | Commercial and Multi-family [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 2,189 3,608
Originated loans [Member] | Commercial and Multi-family [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 3,848 10,567
Originated loans [Member] | Construction [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 131,697 106,187
Originated loans [Member] | Construction [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 130,352 105,886
Originated loans [Member] | Construction [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 1,345 301
Originated loans [Member] | Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 140,162 136,966
Originated loans [Member] | Commercial Business [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 136,702 133,054
Originated loans [Member] | Commercial Business [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 2,013 1,923
Originated loans [Member] | Commercial Business [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 1,447 1,989
Originated loans [Member] | Home Equity [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2] 48,498 54,271
Originated loans [Member] | Home Equity [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2] 48,148 53,903
Originated loans [Member] | Home Equity [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2]   91
Originated loans [Member] | Home Equity [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2] 350 277
Originated loans [Member] | Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 693 726
Originated loans [Member] | Consumer [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 688 719
Originated loans [Member] | Consumer [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 5 7
Acquired loans recorded at fair value [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 200,849 241,162
Acquired loans recorded at fair value [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 194,722 233,897
Acquired loans recorded at fair value [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 2,327 3,747
Acquired loans recorded at fair value [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 3,800 3,518
Acquired loans recorded at fair value [Member] | Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 38,345 43,495
Acquired loans recorded at fair value [Member] | Residential [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 37,203 41,009
Acquired loans recorded at fair value [Member] | Residential [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross   1
Acquired loans recorded at fair value [Member] | Residential [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 1,142 2,485
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 127,030 150,239
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 123,782 146,701
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 1,140 2,618
Acquired loans recorded at fair value [Member] | Commercial and Multi-family [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 2,108 920
Acquired loans recorded at fair value [Member] | Construction [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 1,596
Acquired loans recorded at fair value [Member] | Construction [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross   1,596
Acquired loans recorded at fair value [Member] | Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 20,531 27,373
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 18,829 26,199
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 1,187 1,128
Acquired loans recorded at fair value [Member] | Commercial Business [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 515 46
Acquired loans recorded at fair value [Member] | Home Equity [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2] 14,908 18,376
Acquired loans recorded at fair value [Member] | Home Equity [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2] 14,873 18,309
Acquired loans recorded at fair value [Member] | Home Equity [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2] 35 67
Acquired loans recorded at fair value [Member] | Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 35 83
Acquired loans recorded at fair value [Member] | Consumer [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 35 83
Acquired loans with deteriorated credit [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 7,715 9,324
Acquired loans with deteriorated credit [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 1,190 1,211
Acquired loans with deteriorated credit [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 786 1,112
Acquired loans with deteriorated credit [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 5,739 7,001
Acquired loans with deteriorated credit [Member] | Residential [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 1,360 1,390
Acquired loans with deteriorated credit [Member] | Residential [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 794 812
Acquired loans with deteriorated credit [Member] | Residential [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 250 562
Acquired loans with deteriorated credit [Member] | Residential [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 316 16
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 5,160 6,832
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 196 204
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 495 502
Acquired loans with deteriorated credit [Member] | Commercial and Multi-family [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross 4,469 6,126
Acquired loans with deteriorated credit [Member] | Construction [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross  
Acquired loans with deteriorated credit [Member] | Commercial Business [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 956 854
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1]   (4)
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | Special Mention [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 41 48
Acquired loans with deteriorated credit [Member] | Commercial Business [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [1] 915 810
Acquired loans with deteriorated credit [Member] | Home Equity [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2] 239 248
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | Pass [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2] 200 199
Acquired loans with deteriorated credit [Member] | Home Equity [Member] | Substandard [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross [2] 39 $ 49
Acquired loans with deteriorated credit [Member] | Consumer [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Loans receivable, gross  
[1] Includes business lines of credit.
[2] Includes home equity lines of credit.
v3.19.3
Stockholders' Equity (Narrative) (Details) - USD ($)
9 Months Ended
Feb. 25, 2019
Jan. 30, 2019
May 16, 2018
Apr. 17, 2018
Sep. 30, 2019
IA Bancorp [Member]          
Stock issued in acquisition       $ 631,896  
Common Stock [Member]          
Shares issued upon conversion     82,950    
Proceeds from issuance of private placement $ 6,272,000        
Shares issued 496,224        
Common Stock [Member] | Directors And Officers [Member]          
Shares issued 286,244        
Series E Preferred Stock [Member]          
Preferred stock, dividend rate         6.00%
Conversion of stock, shares converted     438,889    
Series E Preferred Stock [Member] | IA Bancorp [Member]          
Stock issued in acquisition       $ 438,889  
Preferred stock, dividend rate       6.00%  
Series F Preferred Stock [Member]          
Preferred stock, dividend rate         6.00%
Series F Preferred Stock [Member] | IA Bancorp [Member]          
Stock issued in acquisition       $ 6,465  
Preferred stock, dividend rate       6.00%  
Series G Preferred Stock [Member]          
Preferred stock, dividend rate   6.00%      
Proceeds from issuance of private placement   $ 5,330,000      
Shares issued   533      
v3.19.3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Amortization expense $ 18,000 $ 19,000 $ 54,000 $ 39,000
Intangible assets, net 317,000 391,000 317,000 391,000
Goodwill $ 5,300,000 $ 5,200,000 $ 5,300,000 $ 5,200,000
Core Deposit Intangibles [Member]        
Intangible asset, useful life     10 years  
v3.19.3
Fair Values of Financial Instruments (Narrative) (Details) - USD ($)
3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Transfers between fair value hierarchy $ 0 $ 0  
Impaired loans 9,944,000   $ 9,469,000
Valuation allowance 2,853,000   2,181,000
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member]      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Impaired loans 9,900,000   9,500,000
Valuation allowance $ 2,900,000   $ 2,200,000
v3.19.3
Fair Values of Financial Instruments (Fair Value Measurements, Recurring) (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale $ 98,218 $ 119,335
Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale 98,218 119,335
Equity Securities Available for Sale 5,857 7,672
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities Available for Sale 5,857 7,672
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale
Equity Securities Available for Sale 5,857 7,672
Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale 98,218 119,335
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale 98,218 119,335
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale
Equity Securities Available for Sale
Mortgage-backed securities [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale 98,218 115,640
Mortgage-backed securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale
Mortgage-backed securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale 98,218 115,640
Mortgage-backed securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale
Municipal Obligations [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale   3,695
Municipal Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale  
Municipal Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale   3,695
Municipal Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt Securities Available for Sale  
Preferred Stock [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities Available for Sale 5,857 7,672
Preferred Stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities Available for Sale 5,857 7,672
Preferred Stock [Member] | Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Equity Securities Available for Sale
v3.19.3
Fair Values of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other real estate owned   $ 1,333
Significant Unobservable Inputs (Level 3) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired Loans [1],[2] $ 7,091 7,288
Other real estate owned [1],[2]   1,333
Impaired Loans [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired Loans 7,091 7,288
Impaired Loans [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired Loans
Impaired Loans [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired Loans
Impaired Loans [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired Loans $ 7,091 7,288
Other Real Estate Owned [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other real estate owned   1,333
Other Real Estate Owned [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other real estate owned  
Other Real Estate Owned [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other real estate owned  
Other Real Estate Owned [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other real estate owned   $ 1,333
[1] Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.
[2] Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not objectively determinable.
v3.19.3
Fair Values of Financial Instruments (Quantitative Information about Level 3 Fair Value Measurements) (Details)
$ in Thousands
Sep. 30, 2019
USD ($)
item
Dec. 31, 2018
USD ($)
item
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Other real estate owned | $   $ 1,333
Significant Unobservable Inputs (Level 3) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired Loans | $ [1],[2] $ 7,091 7,288
Other real estate owned | $ [1],[2]   $ 1,333
Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired loans, measurement input 0 0
Other real estate owned, measurement input   0
Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Impaired loans, measurement input 10 10
Other real estate owned, measurement input   10
[1] Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.
[2] Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not objectively determinable.
v3.19.3
Fair Values of Financial Instruments (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale $ 98,218 $ 119,335
Carrying Value [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 376,611 195,264
Interest-earning time deposits 735 735
Debt securities available for sale 98,218 119,335
Equity investments 5,857 7,672
Loans held for sale 3,195 1,153
Loans receivable, net 2,253,699 2,278,492
FHLB of New York stock, at cost 15,171 13,405
Accrued interest receivable 8,959 8,378
Other Real Estate Owned   1,333
Deposits 2,263,457 2,180,724
Borrowings 275,800 245,800
Subordinated debentures 36,752 36,577
Accrued interest payable 2,231 2,561
Fair Value [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 376,611 195,264
Interest-earning time deposits 735 735
Debt securities available for sale 98,218 119,335
Equity investments 5,857 7,672
Loans held for sale 3,195 1,153
Loans receivable, net 2,264,676 2,245,150
FHLB of New York stock, at cost 15,171 13,405
Accrued interest receivable 8,959 8,378
Other Real Estate Owned   1,333
Deposits 2,275,038 2,189,404
Borrowings 277,344 244,049
Subordinated debentures 36,958 36,316
Accrued interest payable 2,231 2,561
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 376,611 195,264
Interest-earning time deposits 735 735
Equity investments 5,857 7,672
Deposits 1,148,516 1,075,539
Significant Other Observable Inputs (Level 2) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities available for sale 98,218 119,335
Loans held for sale 3,195 1,153
FHLB of New York stock, at cost 15,171 13,405
Accrued interest receivable 8,959 8,378
Deposits 1,126,522 1,113,865
Borrowings 277,344 244,049
Subordinated debentures 36,958 36,316
Accrued interest payable 2,231 2,561
Significant Unobservable Inputs (Level 3) [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Loans receivable, net $ 2,264,676 2,245,150
Other Real Estate Owned   $ 1,333
v3.19.3
Subordinated Debt (Narrative) (Details) - USD ($)
9 Months Ended
Sep. 30, 2019
Jul. 30, 2018
Trust Preferred Securities Subject to Mandatory Redemption [Member]    
Subordinated Borrowing [Line Items]    
Variable interest rate spread 2.65%  
Trust preferred securities $ 4,124,000  
Fixed To Floating Rate Subordinated Debentures [Member]    
Subordinated Borrowing [Line Items]    
Face amount   $ 33,500,000
Notes term 10 years  
Redemption restriction period 5 years  
Deferred finance costs $ 872,000  
Fixed To Floating Rate Subordinated Debentures [Member] | First Five Years [Member]    
Subordinated Borrowing [Line Items]    
Interest rate 5.625%  
Fixed To Floating Rate Subordinated Debentures [Member] | After Five Years [Member]    
Subordinated Borrowing [Line Items]    
Variable interest rate spread 2.72%  
v3.19.3
Lease Obligations (Narrative) (Details)
9 Months Ended
Sep. 30, 2019
item
Lessee, Lease, Description [Line Items]  
Number of operating leases 28
Maximum [Member]  
Lessee, Lease, Description [Line Items]  
Term of contracts 1 year
Minimum [Member]  
Lessee, Lease, Description [Line Items]  
Term of contracts 13 years
v3.19.3
Lease Obligations (Schedule of Lease Information) (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
USD ($)
Sep. 30, 2019
USD ($)
Lease Obligations [Abstract]    
Operating lease cost $ 812 $ 2,374
Variable lease cost-operating leases 132 440
Operating lease right-of-use assets 13,951 13,951
Current liabilities 2,631 2,631
Operating lease liabilities (noncurrent portion) 11,423 11,423
Total operating lease liabilities $ 14,054 $ 14,054
v3.19.3
Lease Obligations (Summary of Lease Terms and Discount Rate) (Details)
Sep. 30, 2019
Lease Obligations [Abstract]  
Weighted Average Remaining Lease Term, Operating leases 6 years 9 months 26 days
Weighted Average Discount Rate, Operating leases 3.08%
v3.19.3
Lease Obligations (Summary of Maturity of Operating and Finance Leases) (Details)
$ in Thousands
Sep. 30, 2019
USD ($)
Lease Obligations [Abstract]  
One year or less $ 2,631
Over one year through three years 4,782
Over three years through five years 3,062
Over five years 3,579
Total $ 14,054
v3.19.3
Subsequent Events (Narrative) (Details) - Subsequent Event [Member]
Oct. 09, 2019
$ / shares
Subsequent Event [Line Items]  
Date declared Oct. 09, 2019
Dividends per common share $ 0.14
Date of record Nov. 08, 2019
Date paid Nov. 22, 2019