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Note 15 - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
15. Commitments and Contingencies

Commitments:

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and lines of credit.  The instruments involve, to varying degrees, elements of credit and market risks in excess of the amount recognized in the consolidated financial statements.

The Company’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for loan commitments and lines of credit is represented by the contractual amounts of these instruments.

Commitments to extend credit (principally real estate mortgage loans) and lines of credit (principally business lines of credit and home equity lines of credit) amounted to $68.3 million and $190.4 million, respectively, at December 31, 2014. Included in these commitments were $11.6 million of fixed-rate commitments at a weighted average rate of 4.20% and $247.1 million of adjustable-rate commitments with a weighted average rate, as of December 31, 2014, of 3.65%. Since generally all of the loan commitments are expected to be drawn upon, the total loan commitments approximate future cash requirements, whereas the amounts of lines of credit may not be indicative of the Company’s future cash requirements. The loan commitments generally expire in 90 days, while construction loan lines of credit mature within eighteen months and home equity lines of credit mature within ten years. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments.

Commitments to extend credit are legally binding agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates and require payment of a fee. The Company evaluates each customer’s creditworthiness on a case-by-case basis. Collateral held consists primarily of real estate.

The Bank collateralized a portion of its deposits with letters of credit issued by FHLB-NY.  At December 31, 2014, there were $499.1 million of letters of credit outstanding.   The letters of credit are collateralized by mortgage loans pledged by the Bank.

The Trusts issued capital securities with a par value of $61.9 million in June and July 2007. The Holding Company has guaranteed the payment of the Trusts’ obligations under these capital securities.

During the year ended December 31, 2014, the Company announced it had entered into an agreement to lease approximately 90,000 square feet of space in Uniondale, New York to serve as the Company’s new corporate headquarters. Additionally, the Company intends to use a portion of the space to house a bank branch.  The total minimum rent due over the 12 year lease term is approximately $24.4 million.

The Company’s minimum annual rental payments for Bank premises due under non-cancelable leases are as follows:

   
Minimum Rental
 
   
(In thousands)
 
Years ended December 31:
     
2015
  $ 4,440  
2016
    4,513  
2017
    4,383  
2018
    4,448  
2019
    5,332  
Thereafter
    30,687  
Total minimum payments required
  $ 53,803  

The leases have escalation clauses for operating expenses and real estate taxes. Rent expense under these leases for the years ended December 31, 2014, 2013 and 2012 was approximately $3.8 million, $3.7 million and $3.7 million, respectively.

Contingencies:

The Company is a defendant in various lawsuits. Management of the Company, after consultation with outside legal counsel, believes that the resolution of these various matters will not result in any material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows.