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Loans Receivable, Net (Tables)
 12 Months Ended
Dec. 31, 2017
Receivables [Abstract]  
Summary of Loans Receivable
A summary of loans receivable at December 31, 2017 and 2016 are as follows (in thousands):
 
 
December 31,
 
 
2017
 
2016
Commercial:
 
 
 
 
Commercial and industrial
 
$
187,645

 
$
152,569

Commercial real estate - owner occupied
 
569,497

 
534,214

Commercial real estate - investor
 
1,186,302

 
1,132,075

Total commercial
 
1,943,444

 
1,818,858

Consumer:
 
 
 
 
Residential mortgage
 
1,694,042

 
1,647,154

Residential construction
 
54,548

 
51,070

Home equity loans and lines
 
281,143

 
288,991

Other consumer
 
1,225

 
1,564

Total consumer
 
2,030,958

 
1,988,779

 
 
3,974,402

 
3,807,637

Purchased credit impaired loans
 
1,712

 
7,575

Total loans
 
3,976,114

 
3,815,212

Deferred origination costs, net
 
5,380

 
3,414

Allowance for loan losses
 
(15,721
)
 
(15,183
)
Loans receivable, net
 
$
3,965,773

 
$
3,803,443
Analysis of Allowance for Loan Losses
An analysis of the allowance for loan losses for the years ended December 31, 2017, 2016 and 2015 is as follows (in thousands):
 
 
At or For the Year Ended December 31,
 
 
2017
 
2016
 
2015
Balance at beginning of year
 
$
15,183

 
$
16,722

 
$
16,317

Provision charged to operations
 
4,445

 
2,623

 
1,275

Charge-offs
 
(5,384
)
 
(4,490
)
 
(1,135
)
Recoveries
 
1,477

 
328

 
265

Balance at end of year
 
$
15,721

 
$
15,183

 
$
16,722
Allowance for Loan Loses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method Excluding PCI Loans
The following table presents an analysis of the allowance for loan losses for the years ended December 31, 2017 and 2016, the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of December 31, 2017 and 2016 excluding PCI loans (in thousands):
 
 
Residential
Real  Estate
 
Commercial Real Estate - Owner Occupied
 
Commercial Real Estate - Investor
 
Consumer
 
Commercial
and
Industrial
 
Unallocated
 
Total
For the year ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of year
 
$
2,245

 
$
2,999

 
$
6,361

 
$
1,110

 
$
2,037

 
$
431

 
$
15,183

Provision (benefit) charged to operations
 
2,742

 
203

 
2,444

 
(509
)
 
(379
)
 
(56
)
 
4,445

Charge-offs
 
(3,820
)
 
(150
)
 
(899
)
 
(135
)
 
(380
)
 
—

 
(5,384
)
Recoveries
 
637

 
123

 
46

 
148

 
523

 
—

 
1,477

Balance at end of year
 
$
1,804

 
$
3,175

 
$
7,952

 
$
614

 
$
1,801

 
$
375

 
$
15,721

For the year ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of year
 
$
6,590

 
$
2,292

 
$
4,873

 
$
1,095

 
$
1,639

 
$
233

 
$
16,722

Provision (benefit) charged to operations
 
(3,858
)
 
2,210

 
3,200

 
310

 
563

 
198

 
2,623

Charge-offs
 
(558
)
 
(1,509
)
 
(1,890
)
 
(349
)
 
(184
)
 
—

 
(4,490
)
Recoveries
 
71

 
6

 
178

 
54

 
19

 
—

 
328

Balance at end of year
 
$
2,245

 
$
2,999

 
$
6,361

 
$
1,110

 
$
2,037

 
$
431

 
$
15,183

December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending allowance balance attributed to loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Collectively evaluated for impairment
 
1,804

 
3,175

 
7,952

 
614

 
1,801

 
375

 
15,721

Total ending allowance balance
 
$
1,804

 
$
3,175

 
$
7,952

 
$
614

 
$
1,801

 
$
375

 
$
15,721

Loans:
 
 
 
 
 
 
 
 
 
 
 
 
Loans individually evaluated for impairment
 
$
10,605

 
$
15,132

 
$
17,923

 
$
2,464

 
$
864

 
$
—

 
$
46,988

Loans collectively evaluated for impairment
 
1,737,985

 
554,365

 
1,168,379

 
279,904

 
186,781

 
—

 
3,927,414

Total ending loan balance
 
$
1,748,590

 
$
569,497

 
$
1,186,302

 
$
282,368

 
$
187,645

 
$
—

 
$
3,974,402

December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending allowance balance attributed to loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Individually evaluated for impairment
 
$
266

 
$
—

 
$
119

 
$
125

 
$
—

 
$
—

 
$
510

Collectively evaluated for impairment
 
1,979

 
2,999

 
6,242

 
985

 
2,037

 
431

 
14,673

Total ending allowance balance
 
$
2,245

 
$
2,999

 
$
6,361

 
$
1,110

 
$
2,037

 
$
431

 
$
15,183

Loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans individually evaluated for impairment
 
$
13,306

 
$
11,123

 
$
3,789

 
$
2,556

 
$
268

 
$
—

 
$
31,042

Loans collectively evaluated for impairment
 
1,684,918

 
523,091

 
1,128,286

 
287,999

 
152,301

 
—

 
3,776,595

Total ending loan balance
 
$
1,698,224

 
$
534,214

 
$
1,132,075

 
$
290,555

 
$
152,569

 
$
—

 
$
3,807,637
Summary of Impaired Loans Excluding PCI Loans
A summary of impaired loans at December 31, 2017 and 2016 is as follows, excluding PCI loans (in thousands):
 
 
December 31,
 
 
2017
 
2016
Impaired loans with no allocated allowance for loan losses
 
$
46,988

 
$
25,228

Impaired loans with allocated allowance for loan losses
 
—

 
5,814

 
 
$
46,988

 
$
31,042

Amount of the allowance for loan losses allocated
 
$
—

 
$
510
Summary of Loans Individually Evaluated for Impairment by Loan Portfolio Segment Excluding PCI Loans
The summary of loans individually evaluated for impairment by loan portfolio segment as of December 31, 2017 and 2016 and for the years ended December 31, 2017 and 2016 is as follows, excluding PCI loans (in thousands):
 
 
Unpaid
Principal
Balance
 
Recorded
Investment
 
Allowance for
Loan Losses
Allocated
At December 31, 2017
 
 
 
 
 
 
With no related allowance recorded:
 
 
 
 
 
 
Residential real estate
 
$
10,951

 
$
10,605

 
$
—

Commercial real estate – owner occupied
 
15,832

 
15,132

 
—

Commercial real estate – investor
 
19,457

 
17,923

 
—

Consumer
 
2,941

 
2,464

 
—

Commercial and industrial
 
895

 
864

 
—

 
 
$
50,076

 
$
46,988

 
$
—

With an allowance recorded:
 
 
 
 
 
 
Residential real estate
 
$
—

 
$
—

 
$
—

Commercial real estate – owner occupied
 
—

 
—

 
—

Commercial real estate – investor
 
—

 
—

 
—

Consumer
 
—

 
—

 
—

Commercial and industrial
 
—

 
—

 
—

 
 
$
—

 
$
—

 
$
—

At December 31, 2016
 
 
 
 
 
 
With no related allowance recorded:
 
 
 
 
 
 
Residential real estate
 
$
9,848

 
$
9,694

 
$
—

Commercial real estate – owner occupied
 
11,886

 
11,123

 
—

Commercial real estate – investor
 
2,239

 
1,897

 
—

Consumer
 
2,559

 
2,246

 
—

Commercial and industrial
 
300

 
268

 
—

 
 
$
26,832

 
$
25,228

 
$
—

With an allowance recorded:
 
 
 
 
 
 
Residential real estate
 
$
3,998

 
$
3,612

 
$
266

Commercial real estate – owner occupied
 
—

 
—

 
—

Commercial real estate – investor
 
2,011

 
1,892

 
119

Consumer
 
581

 
310

 
125

Commercial and industrial
 
—

 
—

 
—

 
 
$
6,590

 
$
5,814

 
$
510

(continued)
 
 
For the Year Ended December 31,
 
 
2017
 
2016
 
 
Average
Recorded
Investment
 
Interest
Income
Recognized
 
Average
Recorded
Investment
 
Interest
Income
Recognized
With no related allowance recorded:
 
 
 
 
 
 
Residential real estate
 
$
10,928

 
$
481

 
$
14,497

 
$
394

Commercial real estate – owner occupied
 
11,890

 
797

 
18,095

 
467

Commercial real estate – investor
 
8,825

 
768

 
535

 
98

Consumer
 
2,388

 
144

 
2,549

 
122

Commercial and industrial
 
643

 
60

 
411

 
13

 
 
$
34,674

 
$
2,250

 
$
36,087

 
$
1,094

With an allowance recorded:
 
 
 
 
 
 
Residential real estate
 
$
1,585

 
$
62

 
$
786

 
$
163

Commercial real estate – owner occupied
 
—

 
—

 
466

 
—

Commercial real estate – investor
 
3,386

 
81

 
1,027

 
79

Consumer
 
119

 
6

 
67

 
29

Commercial and industrial
 
—

 
—

 
—

 
—

 
 
$
5,090

 
$
149

 
$
2,346

 
$
271
Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment Excluding PCI Loans
The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of December 31, 2017 and 2016, excluding PCI loans (in thousands):
 
 
December 31,
 
 
2017
 
2016
Residential real estate
 
$
4,190

 
$
8,126

Commercial real estate – owner occupied
 
5,962

 
2,414

Commercial real estate – investor
 
8,281

 
521

Consumer
 
1,929

 
2,064

Commercial and industrial
 
503

 
441

 
 
$
20,865

 
$
13,566
Aging of Recorded Investment in Past Due Loans Excluding PCI Loans
The following table presents the aging of the recorded investment in past due loans as of December 31, 2017 and 2016 by loan portfolio segment, excluding PCI loans (in thousands):
 
 
30-59
Days
Past Due
 
60-89
Days
Past Due
 
Greater
than
90 Days
Past Due
 
Total
Past Due
 
Loans Not
Past Due
 
Total
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Residential real estate
 
$
13,197

 
$
2,351

 
$
3,372

 
$
18,920

 
$
1,729,670

 
$
1,748,590

Commercial real estate – owner occupied
 
222

 
—

 
5,402

 
5,624

 
563,873

 
569,497

Commercial real estate – investor
 
135

 
1,426

 
4,507

 
6,068

 
1,180,234

 
1,186,302

Consumer
 
1,067

 
310

 
1,687

 
3,064

 
279,304

 
282,368

Commercial and industrial
 
2,694

 
36

 
503

 
3,233

 
184,412

 
187,645

 
 
$
17,315

 
$
4,123

 
$
15,471

 
$
36,909

 
$
3,937,493

 
$
3,974,402

December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
Residential real estate
 
$
9,532

 
$
3,038

 
$
7,159

 
$
19,729

 
$
1,678,495

 
$
1,698,224

Commercial real estate – owner occupied
 
3,962

 
1,032

 
890

 
5,884

 
528,330

 
534,214

Commercial real estate – investor
 
—

 
—

 
521

 
521

 
1,131,554

 
1,132,075

Consumer
 
1,519

 
436

 
1,963

 
3,918

 
286,637

 
290,555

Commercial and industrial
 
5,548

 
181

 
384

 
6,113

 
146,456

 
152,569

 
 
$
20,561

 
$
4,687

 
$
10,917

 
$
36,165

 
$
3,771,472

 
$
3,807,637
Risk Category of Loans by Loan Portfolio Segment Excluding PCI Loans
As of December 31, 2017 and 2016, and based on the most recent analysis performed, the risk category of loans by loan portfolio segment is as follows, excluding PCI loans (in thousands):
 
 
Pass
 
Special
Mention
 
Substandard
 
Doubtful
 
Total
December 31, 2017
 
 
 
 
 
 
 
 
 
 
Commercial real estate – owner occupied
 
$
546,569

 
$
4,337

 
$
18,591

 
$
—

 
$
569,497

Commercial real estate – investor
 
1,146,630

 
14,644

 
25,028

 
—

 
1,186,302

Commercial and industrial
 
181,438

 
3,153

 
3,054

 
—

 
187,645

 
 
$
1,874,637

 
$
22,134

 
$
46,673

 
$
—

 
$
1,943,444

December 31, 2016
 
 
 
 
 
 
 
 
 
 
Commercial real estate – owner occupied
 
$
501,652

 
$
7,680

 
$
24,882

 
$
—

 
$
534,214

Commercial real estate – investor
 
1,106,747

 
713

 
24,615

 
—

 
1,132,075

Commercial and industrial
 
150,474

 
757

 
1,338

 
—

 
152,569

 
 
$
1,758,873

 
$
9,150

 
$
50,835

 
$
—

 
$
1,818,858
Recorded Investment in Residential and Consumer Loans Based on Payment Activity Excluding PCI Loans
The following table presents the recorded investment in residential and consumer loans based on payment activity as of December 31, 2017 and 2016, excluding PCI loans (in thousands): 
 
 
Residential Real Estate
 
 
Residential
 
Consumer
December 31, 2017
 
 
 
 
Performing
 
$
1,744,400

 
$
280,439

Non-performing
 
4,190

 
1,929

 
 
$
1,748,590

 
$
282,368

December 31, 2016
 
 
 
 
Performing
 
$
1,690,098

 
$
288,491

Non-performing
 
8,126

 
2,064

 
 
$
1,698,224

 
$
290,555
Troubled Debt Restructurings
The following table presents information about troubled debt restructurings which occurred during the years ended December 31, 2017 and 2016, and troubled debt restructurings modified within the previous year and which defaulted during the years ended December 31, 2017 and 2016 (dollars in thousands):
 
 
Number
of Loans
 
Pre-modification
Recorded Investment
 
Post-modification
Recorded Investment
For the year ended December 31, 2017
 
 
 
 
 
 
Troubled Debt Restructurings:
 
 
 
 
 
 
Residential real estate
 
8
 
$
1,637

 
$
1,600

Commercial real estate – owner occupied
 
7
 
6,977

 
6,977

Commercial real estate – investor
 
7
 
10,904

 
11,026

Commercial and industrial
 
1
 
665

 
665

 
 
 
 
Number of Loans
 
Recorded Investment
Troubled Debt Restructurings
 
 
 
 
 
 
Which Subsequently Defaulted:
 
 
 
None
 
None
 
 
 
 
 
 
 
 
 
Number
of Loans
 
Pre-modification
Recorded Investment
 
Post-modification
Recorded Investment
For the year ended December 31, 2016
 
 
 
 
 
 
Troubled Debt Restructurings:
 
 
 
 
 
 
Residential real estate
 
7
 
$
1,574

 
$
1,523

Commercial real estate – investor
 
1
 
1,592

 
1,592

Consumer
 
8
 
852

 
846

 
 
 
 
Number of Loans
 
Recorded Investment
Troubled Debt Restructurings
 
 
 
 
 
 
Which Subsequently Defaulted:
 
 
 
None
 
None
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period
The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Ocean Shore at December 1, 2016 and Cape at May 2, 2016 (in thousands):
 
Ocean Shore
 
Cape
 
December 1, 2016
 
May 2, 2016
Contractually required principal and interest
$
7,385

 
$
21,345

Contractual cash flows not expected to be collected (non-accretable discount)
(4,666
)
 
(12,387
)
Expected cash flows to be collected at acquisition
2,719

 
8,958

Interest component of expected cash flows (accretable yield)
(401
)
 
(576
)
Fair value of acquired loans
$
2,318

 
$
8,382

The following table summarizes the changes in accretable yield for PCI loans during the years ended December 31, 2017 and 2016 (in thousands):
 
 
For the Year Ended December 31,
 
 
2017
 
2016
Beginning balance
 
$
749

 
$
75

Acquisition
 
—

 
977

Accretion
 
(921
)
 
(459
)
Reclassification from non-accretable difference
 
333

 
156

Ending balance
 
$
161

 
$
749