New York State | 11-2708279 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
4 West Second Street, Riverhead, New York | 11901 |
(Address of Principal Executive Offices) | (Zip Code) |
Large accelerated filer [ ] | Accelerated filer [X] |
Non-accelerated filer [ ] (Do not check if a smaller reporting company) | Smaller reporting company [ ] |
101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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Date: September 6, 2012
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/s/ Howard C. Bluver | |
Howard C. Bluver | |||
President & Chief Executive Officer | |||
Date: September 6, 2012
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/s/ Brian K. Finneran | |
Brian K. Finneran | |||
Chief Financial Officer | |||
Exhibit Number
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Description
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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Allowance for Loan Losses (Details Textual) (USD $)
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3 Months Ended | 6 Months Ended | |||
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Jun. 30, 2012
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Jun. 30, 2011
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Jun. 30, 2012
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Jun. 30, 2011
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Dec. 31, 2011
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Allowance for loan losses (Textual) [Abstract] | |||||
Impaired loans | $ 250,000 | $ 250,000 | |||
Allowance for Loan Losses (Additional Textual) [Abstract] | |||||
Non-accrual loans, totaled | 54,079,000 | 54,079,000 | 80,760,000 | ||
Percentage of non-performing loans | 6.40% | 6.40% | 8.30% | ||
Other loans | 428,000 | 428,000 | 543,000 | ||
Additional interest income | 1,405,000 | 963,000 | 2,818,000 | 1,764,000 | |
Impaired loans | 2,034,000 | 2,034,000 | |||
Number of consecutive years | 5 years | ||||
Relationship with bank | 5 years | ||||
Threshold Loan Amount For Annual Rating Review | 1,000,000 | 1,000,000 | |||
Allocation of Specific Reserve Regarding Troubled Debt Restructuring | 295,000 | 295,000 | 2,600,000 | ||
Commercial real estate [Member]
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Allowance for loan losses (Textual) [Abstract] | |||||
Impaired loans | $ 250,000 | $ 250,000 |
Income Taxes (Details) (USD $)
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Jun. 30, 2012
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---|---|
Income Taxes (Textual) [Abstract] | |
Unrecognized tax benefits including interest | $ 27,000 |
Allowance for Loan Losses (Details 8) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
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Dec. 31, 2011
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---|---|---|
Credit Risk Profile By Internally Assigned Grade | ||
Total | $ 847,797 | $ 969,111 |
Pass [Member]
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||
Credit Risk Profile By Internally Assigned Grade | ||
Total | 668,360 | 710,961 |
Special mention [Member]
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||
Credit Risk Profile By Internally Assigned Grade | ||
Total | 49,714 | 65,503 |
Substandard [Member]
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||
Credit Risk Profile By Internally Assigned Grade | ||
Total | 128,077 | 190,792 |
Doubtful [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 1,646 | 1,855 |
Commercial, financial & agricultural loans [Member]
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||
Credit Risk Profile By Internally Assigned Grade | ||
Total | 200,093 | 206,652 |
Commercial, financial & agricultural loans [Member] | Pass [Member]
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||
Credit Risk Profile By Internally Assigned Grade | ||
Total | 150,656 | 144,952 |
Commercial, financial & agricultural loans [Member] | Special mention [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 11,561 | 16,448 |
Commercial, financial & agricultural loans [Member] | Substandard [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 37,876 | 45,009 |
Commercial, financial & agricultural loans [Member] | Doubtful [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 243 | |
Commercial real estate mortgages [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 364,317 | 428,646 |
Commercial real estate mortgages [Member] | Pass [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 281,960 | 289,856 |
Commercial real estate mortgages [Member] | Special mention [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 34,191 | 41,283 |
Commercial real estate mortgages [Member] | Substandard [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 48,166 | 97,507 |
Real estate construction loans [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 43,632 | 49,704 |
Real estate construction loans [Member] | Pass [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 7,551 | 4,932 |
Real estate construction loans [Member] | Special mention [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 3,962 | 7,772 |
Real estate construction loans [Member] | Substandard [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 30,473 | 35,388 |
Real estate construction loans [Member] | Doubtful [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 1,646 | 1,612 |
Residential mortgages (1st and 2nd liens) [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 146,642 | 160,619 |
Residential mortgages (1st and 2nd liens) [Member] | Pass [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 139,141 | 152,274 |
Residential mortgages (1st and 2nd liens) [Member] | Substandard [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 7,501 | 8,345 |
Home equity loans [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 75,223 | 79,684 |
Home equity loans [Member] | Pass [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 71,664 | 75,787 |
Home equity loans [Member] | Substandard [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 3,559 | 3,897 |
Consumer loans [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 17,890 | 43,806 |
Consumer loans [Member] | Pass [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | 17,388 | 43,160 |
Consumer loans [Member] | Substandard [Member]
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Credit Risk Profile By Internally Assigned Grade | ||
Total | $ 502 | $ 646 |
Stock-based Compensation (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Stock-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options granted, exercised, or expired |
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Information regarding options granted in current year |
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Summary of options outstanding and exercisable |
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Retirement Plan (Details Textual) (USD $)
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12 Months Ended |
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Sep. 30, 2012
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Retirement Plan (Textual) [Abstract] | |
Minimum required contribution for the pension plan | $ 3,700,000 |
Additional Minimum required contribution for the pension plan | $ 0 |
Loans (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2012
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Dec. 31, 2011
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Mar. 31, 2012
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Jun. 30, 2011
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Mar. 31, 2011
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Dec. 31, 2010
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Categorizes total loans | ||||||
Gross Loans | $ 848,250 | $ 969,679 | ||||
Unearned discount | (25) | (25) | ||||
Allowance for loan losses | (29,227) | (39,958) | (40,008) | (49,911) | (47,539) | (28,419) |
Balance at end of year | 818,998 | 929,696 | ||||
Commercial, financial and agricultural [Member]
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||||||
Categorizes total loans | ||||||
Gross Loans | 200,093 | 206,652 | ||||
Allowance for loan losses | (16,319) | (25,080) | ||||
Commercial real estate [Member]
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||||||
Categorizes total loans | ||||||
Gross Loans | 364,317 | 428,646 | ||||
Allowance for loan losses | (8,851) | (11,029) | ||||
Real estate construction loans [Member]
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||||||
Categorizes total loans | ||||||
Gross Loans | 43,632 | 49,704 | ||||
Allowance for loan losses | (176) | (623) | ||||
Residential mortgages (1st and 2nd liens) [Member]
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||||||
Categorizes total loans | ||||||
Gross Loans | 146,642 | 160,619 | ||||
Allowance for loan losses | (2,286) | (2,401) | ||||
Home equity loans [Member]
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Categorizes total loans | ||||||
Gross Loans | 75,223 | 79,684 | ||||
Allowance for loan losses | (1,406) | (512) | ||||
Consumer loans [Member]
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Categorizes total loans | ||||||
Gross Loans | 17,915 | 43,831 | ||||
Allowance for loan losses | (189) | (313) | ||||
Other loans [Member]
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Categorizes total loans | ||||||
Gross Loans | $ 428 | $ 543 |
Stock-based Compensation (Details 1)
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6 Months Ended |
---|---|
Jun. 30, 2012
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Valuation of vested options outstanding | |
Risk-free interest rate | 0.83% |
Expected dividend yield | |
Expected life in years | 10 years |
Expected volatility | 42.98% |
Allowance for Loan Losses (Details 9) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
NoOfLoans
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Dec. 31, 2011
NoOfLoans
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Jun. 30, 2012
Default troubled debt restructured [Member]
NoOfLoans
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Jun. 30, 2012
Default troubled debt restructured [Member]
NoOfLoans
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Jun. 30, 2012
New Default Troubled Debt Restructured [Member]
NoOfLoans
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Jun. 30, 2012
New Default Troubled Debt Restructured [Member]
NoOfLoans
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Jun. 30, 2012
Commercial, financial & agricultural loans [Member]
NoOfLoans
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Dec. 31, 2011
Commercial, financial & agricultural loans [Member]
NoOfLoans
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Jun. 30, 2012
Commercial, financial & agricultural loans [Member]
Default troubled debt restructured [Member]
NoOfLoans
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Jun. 30, 2012
Commercial, financial & agricultural loans [Member]
Default troubled debt restructured [Member]
NoOfLoans
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Jun. 30, 2012
Commercial, financial & agricultural loans [Member]
New Default Troubled Debt Restructured [Member]
NoOfLoans
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Jun. 30, 2012
Commercial, financial & agricultural loans [Member]
New Default Troubled Debt Restructured [Member]
NoOfLoans
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Jun. 30, 2012
Commercial, secured by real estate [Member]
NoOfLoans
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Dec. 31, 2011
Commercial, secured by real estate [Member]
NoOfLoans
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Jun. 30, 2012
Commercial, secured by real estate [Member]
Default troubled debt restructured [Member]
NoOfLoans
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Jun. 30, 2012
Real estate construction loans [Member]
NoOfLoans
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Dec. 31, 2011
Real estate construction loans [Member]
NoOfLoans
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Jun. 30, 2012
Real estate construction loans [Member]
Default troubled debt restructured [Member]
NoOfLoans
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Jun. 30, 2012
Residential mortgages [Member]
NoOfLoans
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Dec. 31, 2011
Residential mortgages [Member]
NoOfLoans
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Jun. 30, 2012
Residential mortgages [Member]
Default troubled debt restructured [Member]
NoOfLoans
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Jun. 30, 2012
Residential mortgages [Member]
New Default Troubled Debt Restructured [Member]
NoOfLoans
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Jun. 30, 2012
Residential mortgages [Member]
New Default Troubled Debt Restructured [Member]
NoOfLoans
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Jun. 30, 2012
Consumer [Member]
NoOfLoans
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Dec. 31, 2011
Consumer [Member]
NoOfLoans
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Jun. 30, 2012
Consumer [Member]
New Default Troubled Debt Restructured [Member]
NoOfLoans
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Jun. 30, 2012
Consumer [Member]
New Default Troubled Debt Restructured [Member]
NoOfLoans
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Categorizes total loans | |||||||||||||||||||||||||||
Number of Loans | 89 | 79 | 1 | 5 | 7 | 16 | 60 | 52 | 1 | 2 | 5 | 14 | 9 | 9 | 1 | 2 | 2 | 1 | 12 | 11 | 1 | 1 | 1 | 6 | 5 | 1 | 1 |
Outstanding Recorded Balance | $ 25,623 | $ 26,475 | $ 1,127 | $ 4,642 | $ 2,270 | $ 5,586 | $ 9,199 | $ 6,011 | $ 1,127 | $ 2,508 | $ 2,140 | $ 5,456 | $ 8,104 | $ 12,083 | $ 5,217 | $ 5,183 | $ 1,646 | $ 2,853 | $ 2,986 | $ 488 | $ 81 | $ 81 | $ 250 | $ 212 | $ 49 | $ 49 | |
Outstanding Recorded Balance, Post modification | $ 2,402 | $ 5,718 | $ 2,272 | $ 5,588 | $ 81 | $ 81 | $ 49 | $ 49 |
Recent Accounting Pronouncements
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6 Months Ended |
---|---|
Jun. 30, 2012
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Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements |
(2) Recent Accounting Pronouncements In April 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-03, Transfers and Servicing (Topic 860), “Reconsideration of Effective Control for Repurchase Agreements,” which amends the authoritative accounting guidance under ASC Topic 860 “Transfers and Servicing.” The amendments in this update remove from the assessment of effective control (1) the criterion requiring the transferor to have the ability to repurchase or redeem the financial assets on substantially the agreed terms, even in the event of default by the transferee, and (2) the collateral maintenance implementation guidance related to that criterion. The amendments in this update are effective for the first interim or annual period beginning on or after December 15, 2011, and should be applied prospectively to transactions or modifications of existing transactions that occur on or after the effective date. Early adoption is not permitted. Adoption of this update in the first quarter of 2012 did not have a material effect on the Company’s condensed consolidated results of operations or financial condition. In May 2011, the FASB issued ASU No. 2011-04, Fair Value Measurement (Topic 820), “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS,” which amends the authoritative accounting guidance under ASC Topic 820 “Fair Value Measurement” to more closely align U.S. GAAP with International Financial Reporting Standards (“IFRS”). This standard requires the disclosure of: (1) the reason for the measurement for nonrecurring fair value measurements; (2) all transfers between levels of the fair value hierarchy, which must be separately reported and described; (3) for all Level 2 and Level 3 fair value measurements, a description of the valuation technique(s) and the inputs used in those measurements; (4) for Level 3 measurements, quantitative information about the significant unobservable inputs used in those measurements; (5) a description of the valuation processes used in Level 3 fair value measurements, as well as narrative descriptions about those measurement’s sensitivity to changes in unobservable inputs if such changes would significantly alter the fair value measurement; and (6) expanded disclosure of the categorization by level of the fair value hierarchy for the items that are not measured at fair value in the balance sheet, but for where the estimated fair value is required to be disclosed (e.g., portfolio loans and deposits). This new guidance was effective prospectively beginning January 1, 2012 and it did not have a material effect on the Company’s condensed consolidated financial statements upon implementation in the first quarter of 2012. The new disclosures of the fair value levels of the Company’s assets and liabilities are set forth in Note 3. In June 2011, the FASB issued ASU No. 2011-05, Topic 220, “Presentation of Comprehensive Income,” in order to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. This standard eliminates the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity. This update requires all non-owner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the two-statement approach, the first statement should present total net income and its components followed consecutively by a second statement that should present total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income. Regardless of which presentation method an entity chooses, the entity is required to present on the face of the financial statements reclassification adjustments for items that are reclassified from other comprehensive income to net income in the statement(s), where the components of net income and the components of other comprehensive income are presented. This new guidance was effective retrospectively for all annual and interim periods presented beginning January 1, 2012 and the Company now presents a separate condensed consolidated statement of comprehensive income. In October 2011, the FASB decided to defer the presentation of reclassification adjustments pending further consideration. In September 2011, the FASB issued ASU 2011-08, “Intangibles – Goodwill and Other (Topic 350): Testing Goodwill for Impairment,” to give both public and nonpublic entities the option to qualitatively determine whether they can bypass the two-step goodwill impairment test under FASB ASC 350-20, Intangibles – Goodwill and Other. Under the new guidance, if an entity chooses to perform a qualitative assessment and determines that it is more likely than not (a more than 50 percent likelihood) that the fair value of a reporting unit is less than its carrying amount, it would then perform Step 1 of the annual goodwill impairment test in ASC 350-20 and, if necessary, proceed to Step 2. Otherwise, no further evaluation would be necessary. The amended guidance is effective for interim and annual goodwill impairment tests performed for fiscal years beginning after December 15, 2011, although early adoption is permitted, including for annual and interim goodwill impairment tests performed as of a date before September 15, 2011, if an entity’s financial statements for the most recent annual or interim period have not yet been issued. The Company adopted ASU 2011-08 effective in the third quarter of 2011. Adoption of this update did not have an effect on the Company’s condensed consolidated results of operations or financial condition. |