XML 41 R30.htm IDEA: XBRL DOCUMENT

Note 9 - Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value, Option, Quantitative Disclosures [Table Text Block]

	Fair Value		Fair Value		Changes in Fair Values For Items Measured at Fair Value
	Measurements		Measurements		Pursuant to Election of the Fair Value Option
	at September 30,		at December 31,		Three Months Ended						Nine Months Ended
(Dollars in thousands)	2017		2016		September 30, 2017			September 30, 2016			September 30, 2017			September 30, 2016

Mortgage-backed securities	$	1,696	$	2,016	$	(5	)	$	(6	)	$	(15	)	$	(4	)
Other securities		19,712		28,429		40			(30	)		184			156
Borrowed funds		36,071		33,959		(925	)		(296	)		(2,090	)		1,250
Net gain (loss) from fair value adjustments (1) (2)					$	(890	)	$	(332	)	$	(1,921	)	$	1,402

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	Quoted Prices
	in Active Markets				Significant Other				Significant Other
	for Identical Assets				Observable Inputs				Unobservable Inputs				Total carried at fair value
	(Level 1)				(Level 2)				(Level 3)				on a recurring basis
	2017		2016		2017		2016		2017		2016		2017		2016
	(In thousands)

Assets:
Mortgage-backed Securities	$	-	$	-	$	519,861	$	516,476	$	-	$	-	$	519,861	$	516,476
Other securities		11,589		-		264,026		337,544		1,083		7,361		276,698		344,905
Interest rate swaps		-		-		5,410		6,350		-		-		5,410		6,350

Total assets	$	11,589	$	-	$	789,297	$	860,370	$	1,083	$	7,361	$	801,969	$	867,731

Liabilities:
Borrowings	$	-	$	-	$	-	$	-	$	36,071	$	33,959	$	36,071	$	33,959
Interest rate swaps		-		-		4,645		3,386		-		-		4,645		3,386

Total liabilities	$	-	$	-	$	4,645	$	3,386	$	36,071	$	33,959	$	40,716	$	37,345

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

	For the three months ended
	September 30, 2017					September 30, 2016
	Trust preferred securities			Junior subordinated debentures		Trust preferred securities		Junior subordinated debentures
	(In thousands)

Beginning balance	$	7,444		$	35,137	$	7,167	$	27,485
Security call		(6,300	)		-		-		-
Net gain from fair value adjustment of financial assets (1)		28			-		23		-
Net loss from fair value adjustment of financial liabilities (1)		-			925		-		296
Decrease in accrued interest receivable		(89	)		-		-		-
Increase in accrued interest payable		-			9		-		10
Change in unrealized gains included in other comprehensive income		-			-		1		-
Ending balance	$	1,083		$	36,071	$	7,191	$	27,791

Changes in unrealized gains held at period end	$	-		$	-	$	1	$	-

	For the nine months ended
	September 30, 2017					September 30, 2016
	Trust preferred securities			Junior subordinated debentures		Trust preferred securities			Junior subordinated debentures
	(In thousands)

Beginning balance	$	7,361		$	33,959	$	7,212		$	29,018
Security call		(6,300	)		-		-			-
Net gain (loss) from fair value adjustment of financial assets (1)		108			-		(23	)		-
Net loss (gain) from fair value adjustment of financial liabilities (1)		-			2,090		-			(1,250	)
Decrease in accrued interest receivable		(88	)		-		-			-
Increase in accrued interest payable		-			22		1			23
Change in unrealized gains included in other comprehensive income		2			-		1			-
Ending balance	$	1,083		$	36,071	$	7,191		$	27,791

Changes in unrealized gains held at period end	$	-		$	-	$	1		$	-

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

September 30, 2017

Fair Value

Valuation Technique

Unobservable Input

Range

Weighted Average

(Dollars in thousands)

Assets:

Trust preferred securities

1,083

Discounted cash flows

Discount rate

n/a

5.9

Liabilities:

Junior subordinated debentures

36,071

Discounted cash flows

Discount rate

n/a

5.9

	December 31, 2016

	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
	(Dollars in thousands)
Assets:

Trust preferred securities	$	7,191	Discounted cash flows	Discount rate		6.3%	-	7.1%		7.0	%

Liabilities:

Junior subordinated debentures	$	33,959	Discounted cash flows	Discount rate			n/a			6.3	%

Fair Value Measurements, Nonrecurring [Table Text Block]

	Quoted Prices
	in Active Markets				Significant Other				Significant Other
	for Identical Assets				Observable Inputs				Unobservable Inputs				Total carried at fair value
	(Level 1)				(Level 2)				(Level 3)				on a recurring basis
	2017		2016		2017		2016		2017		2016		2017		2016
	(In thousands)
Assets:
Impaired loans	$	-	$	-	$	-	$	-	$	20,159	$	14,968	$	20,159	$	14,968
Other real estate owned		-		-		-		-		-		533		-		533

Total assets	$	-	$	-	$	-	$	-	$	20,159	$	15,501	$	20,159	$	15,501

Fair Value, by Balance Sheet Grouping [Table Text Block]

	September 30, 2017
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
	(In thousands)
Assets:

Cash and due from banks	$	60,161		60,161	$	60,161	$	-	$	-
Securities held-to-maturity
Mortgage-backed securities		7,978		7,839		-		7,839		-
Other securities		22,952		21,542		-		-		21,542
Securities available for sale
Mortgage-backed securities		519,861		519,861		-		519,861		-
Other securities		276,698		276,698		11,589		264,026		1,083
Loans		5,070,376		5,058,558		-		-		5,058,558
FHLB-NY stock		55,228		55,228		-		55,228		-
Accrued interest receivable		21,076		21,076		-		21,076		-
Interest rate swaps		5,410		5,410		-		5,410		-

Total assets	$	6,039,740	$	6,026,373	$	71,750	$	873,440	$	5,081,183


Liabilities:
Deposits	$	4,444,448	$	4,445,811	$	3,039,893	$	1,405,918	$	-
Borrowings		1,200,682		1,196,962		-		1,160,891		36,071
Accrued interest payable		3,512		3,512		-		3,512		-
Interest rate swaps		4,645		4,645		-		4,645		-

Total liabilities	$	5,653,287	$	5,650,930	$	3,039,893	$	2,574,966	$	36,071

	December 31, 2016
	Carrying		Fair
	Amount		Value		Level 1		Level 2		Level 3
	(In thousands)
Assets:

Cash and due from banks	$	35,857	$	35,857	$	35,857	$	-	$	-
Securities held-to-maturity
Other securities		37,735		35,408		-		-		35,408
Securities available for sale
Mortgage-backed securities		516,476		516,476		-		516,476		-
Other securities		344,905		344,905		-		337,544		7,361
Loans		4,835,693		4,814,840		-		-		4,814,840
FHLB-NY stock		59,173		59,173		-		59,173		-
Interest rate swaps		6,350		6,350		-		6,350		-

Total assets	$	5,836,189	$	5,813,009	$	35,857	$	919,543	$	4,857,609

Liabilities:
Deposits	$	4,205,631	$	4,213,714	$	2,833,516	$	1,380,198	$	-
Borrowings		1,266,563		1,255,283		-		1,221,324		33,959
Interest rate swaps		3,386		3,386		-		3,386		-

Total liabilities	$	5,475,580	$	5,472,383	$	2,833,516	$	2,604,908	$	33,959

Fair Value, Measurements, Nonrecurring [Member]

Notes Tables

Fair Value Measurements, Nonrecurring [Table Text Block]

	September 30, 2017

	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
	(Dollars in thousands)
Assets:

Impaired loans	$	1,566	Income approach	Capitalization rate		6.5%	to	7.5%		7.0	%

				Reduction for planned expedited disposal			15.0%			15.0	%

Impaired loans	$	13,852	Sales approach	Adjustment to sales comparison value to reconcile differences between comparable sales		-50.0%	to	16.2%		-0.6	%

				Reduction for planned expedited disposal		0.0%	to	15.0%		3.7	%

Impaired loans	$	4,741	Blended income and sales approach	Adjustment to sales comparison value to reconcile differences between comparable sales		-30.0%	to	25.0%		-0.8	%

				Capitalization rate		5.0%	to	9.8%		7.5	%

				Reduction for planned expedited disposal		14.5%	to	15.0%		15.0	%

	December 31, 2016

	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average
	(Dollars in thousands)
Assets:

Impaired loans	$	2,007	Income approach	Capitalization rate		6.0%	to	7.5%		7.0	%

				Reduction planned for expedited disposal			15.0%			15.0	%

Impaired loans	$	8,703	Sales approach	Adjustment to sales comparison value to reconcile differences between comparable sales		-40.0%	to	16.2%		-1.5	%

				Reduction planned for expedited disposal		0%	to	15.0%		7.7	%

Impaired loans	$	4,258	Blended income and sales approach	Adjustment to sales comparison value to reconcile differences between comparable sales		-50.0%	to	25.0%		-0.6	%

				Capitalization rate		5.3%	to	9.5%		7.2	%

				Reduction planned for expedited disposal			15.0%			15.0	%

Other real estate owned	$	533	Sales approach	Adjustment to sales comparison value to reconcile differences between comparable sales		3.3%	to	18.6%		11.0	%

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

+ References + Details