Delaware | 04-3402944 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
131 Clarendon Street, Boston, MA | 02116 | |
(Address of principal executive offices) | (Zip Code) |
Page | ||
BROOKLINE BANCORP, INC. AND SUBSIDIARIES Unaudited Consolidated Balance Sheets | |||||||
At September 30, 2016 | At December 31, 2015 | ||||||
ASSETS | (In Thousands Except Share Data) | ||||||
Cash and due from banks | $ | 32,196 | $ | 28,753 | |||
Short-term investments | 32,351 | 46,736 | |||||
Total cash and cash equivalents | 64,547 | 75,489 | |||||
Investment securities available-for-sale | 524,295 | 513,201 | |||||
Investment securities held-to-maturity (fair value of $78,079 and $93,695) | 77,094 | 93,757 | |||||
Total investment securities | 601,389 | 606,958 | |||||
Loans and leases held-for-sale | 21,109 | 13,383 | |||||
Loans and leases: | |||||||
Commercial real estate loans | 2,883,428 | 2,664,394 | |||||
Commercial loans and leases | 1,470,866 | 1,374,296 | |||||
Indirect automobile loans | 7,607 | 13,678 | |||||
Consumer loans | 970,399 | 943,172 | |||||
Total loans and leases | 5,332,300 | 4,995,540 | |||||
Allowance for loan and lease losses | (58,892 | ) | (56,739 | ) | |||
Net loans and leases | 5,273,408 | 4,938,801 | |||||
Restricted equity securities | 65,683 | 66,117 | |||||
Premises and equipment, net of accumulated depreciation of $57,032 and $51,722, respectively | 75,462 | 78,156 | |||||
Deferred tax asset | 22,894 | 26,817 | |||||
Goodwill | 137,890 | 137,890 | |||||
Identified intangible assets, net of accumulated amortization of $31,028 and $29,149, respectively | 8,754 | 10,633 | |||||
Other real estate owned ("OREO") and repossessed assets, net | 1,152 | 1,343 | |||||
Other assets | 108,024 | 86,751 | |||||
Total assets | $ | 6,380,312 | $ | 6,042,338 | |||
LIABILITIES AND EQUITY | |||||||
Deposits: | |||||||
Non-interest-bearing deposits: | |||||||
Demand checking accounts | $ | 889,278 | $ | 799,117 | |||
Interest-bearing deposits: | |||||||
NOW accounts | 298,629 | 283,972 | |||||
Savings accounts | 591,156 | 540,788 | |||||
Money market accounts | 1,679,797 | 1,594,269 | |||||
Certificate of deposit accounts | 1,106,046 | 1,087,872 | |||||
Total interest-bearing deposits | 3,675,628 | 3,506,901 | |||||
Total deposits | 4,564,906 | 4,306,018 | |||||
Borrowed funds: | |||||||
Advances from the Federal Home Loan Bank of Boston ("FHLBB") | 900,971 | 861,866 | |||||
Subordinated debentures and notes | 83,043 | 82,936 | |||||
Other borrowed funds | 38,639 | 38,227 | |||||
Total borrowed funds | 1,022,653 | 983,029 | |||||
Mortgagors’ escrow accounts | 8,166 | 7,516 | |||||
Accrued expenses and other liabilities | 81,670 | 72,289 | |||||
Total liabilities | 5,677,395 | 5,368,852 | |||||
Commitments and contingencies (Note 12) | |||||||
Stockholders' Equity: | |||||||
Brookline Bancorp, Inc. stockholders’ equity: | |||||||
Common stock, $0.01 par value; 200,000,000 shares authorized; 75,744,445 shares issued | 757 | 757 | |||||
Additional paid-in capital | 616,142 | 616,899 | |||||
Retained earnings, partially restricted | 129,740 | 109,675 | |||||
Accumulated other comprehensive income/(loss) | 4,896 | (2,476 | ) | ||||
Treasury stock, at cost; 4,734,512 shares and 4,861,554 shares, respectively | (54,151 | ) | (56,208 | ) | |||
Unallocated common stock held by the Employee Stock Ownership Plan ("ESOP"); 185,787 shares and 213,066 shares, respectively | (1,013 | ) | (1,162 | ) | |||
Total Brookline Bancorp, Inc. stockholders’ equity | 696,371 | 667,485 | |||||
Noncontrolling interest in subsidiary | 6,546 | 6,001 | |||||
Total stockholders' equity | 702,917 | 673,486 | |||||
Total liabilities and stockholders' equity | $ | 6,380,312 | $ | 6,042,338 | |||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In Thousands Except Share Data) | |||||||||||||||
Interest and dividend income: | |||||||||||||||
Loans and leases | $ | 57,858 | $ | 52,725 | $ | 167,474 | $ | 157,790 | |||||||
Debt securities | 2,822 | 2,866 | 8,829 | 8,480 | |||||||||||
Marketable and restricted equity securities | 804 | 1,079 | 2,213 | 2,094 | |||||||||||
Short-term investments | 47 | 17 | 149 | 98 | |||||||||||
Total interest and dividend income | 61,531 | 56,687 | 178,665 | 168,462 | |||||||||||
Interest expense: | |||||||||||||||
Deposits | 5,112 | 4,326 | 14,875 | 12,926 | |||||||||||
Borrowed funds | 4,069 | 3,774 | 11,980 | 11,249 | |||||||||||
Total interest expense | 9,181 | 8,100 | 26,855 | 24,175 | |||||||||||
Net interest income | 52,350 | 48,587 | 151,810 | 144,287 | |||||||||||
Provision for credit losses | 2,215 | 1,755 | 7,138 | 5,931 | |||||||||||
Net interest income after provision for credit losses | 50,135 | 46,832 | 144,672 | 138,356 | |||||||||||
Non-interest income: | |||||||||||||||
Deposit fees | 2,289 | 2,261 | 6,650 | 6,522 | |||||||||||
Loan fees | 330 | 205 | 977 | 818 | |||||||||||
Loan level derivative income, net | 858 | 900 | 3,697 | 1,841 | |||||||||||
Gain on sales of loans and leases | 588 | 446 | 1,986 | 1,594 | |||||||||||
Other | 1,264 | 972 | 3,893 | 3,346 | |||||||||||
Total non-interest income | 5,329 | 4,784 | 17,203 | 14,121 | |||||||||||
Non-interest expense: | |||||||||||||||
Compensation and employee benefits | 20,369 | 17,875 | 58,179 | 52,484 | |||||||||||
Occupancy | 3,411 | 3,535 | 10,328 | 10,444 | |||||||||||
Equipment and data processing | 3,826 | 3,600 | 11,468 | 11,300 | |||||||||||
Professional services | 997 | 984 | 2,925 | 3,241 | |||||||||||
FDIC insurance | 956 | 929 | 2,677 | 2,627 | |||||||||||
Advertising and marketing | 844 | 878 | 2,558 | 2,449 | |||||||||||
Amortization of identified intangible assets | 623 | 725 | 1,879 | 2,187 | |||||||||||
Other | 2,362 | 2,744 | 7,707 | 8,316 | |||||||||||
Total non-interest expense | 33,388 | 31,270 | 97,721 | 93,048 | |||||||||||
Income before provision for income taxes | 22,076 | 20,346 | 64,154 | 59,429 | |||||||||||
Provision for income taxes | 7,804 | 6,897 | 22,868 | 21,116 | |||||||||||
Net income before noncontrolling interest in subsidiary | 14,272 | 13,449 | 41,286 | 38,313 | |||||||||||
Less net income attributable to noncontrolling interest in subsidiary | 655 | 561 | 2,203 | 1,857 | |||||||||||
Net income attributable to Brookline Bancorp, Inc. | $ | 13,617 | $ | 12,888 | $ | 39,083 | $ | 36,456 | |||||||
Earnings per common share: | |||||||||||||||
Basic | $ | 0.19 | $ | 0.18 | $ | 0.56 | $ | 0.52 | |||||||
Diluted | 0.19 | 0.18 | 0.56 | 0.52 | |||||||||||
Weighted average common shares outstanding during the period: | |||||||||||||||
Basic | 70,299,722 | 70,129,056 | 70,228,127 | 70,071,999 | |||||||||||
Diluted | 70,450,760 | 70,240,020 | 70,394,465 | 70,207,983 | |||||||||||
Dividends declared per common share | $ | 0.090 | $ | 0.090 | $ | 0.270 | $ | 0.265 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In Thousands) | |||||||||||||||
Net income before noncontrolling interest in subsidiary | $ | 14,272 | $ | 13,449 | $ | 41,286 | $ | 38,313 | |||||||
Other comprehensive (loss) income, net of taxes: | |||||||||||||||
Investment securities available-for-sale: | |||||||||||||||
Unrealized securities holding (losses) gains | (1,672 | ) | 4,608 | 11,486 | 4,495 | ||||||||||
Income tax expense (benefit) | 599 | (1,642 | ) | (4,114 | ) | (1,682 | ) | ||||||||
Net unrealized securities holding (losses) gains | (1,073 | ) | 2,966 | 7,372 | 2,813 | ||||||||||
Postretirement benefits: | |||||||||||||||
Adjustment of accumulated obligation for postretirement benefits | — | — | — | — | |||||||||||
Income tax expense | — | — | — | — | |||||||||||
Net adjustment of accumulated obligation for postretirement benefits | — | — | — | — | |||||||||||
Other comprehensive (loss) income, net of taxes | (1,073 | ) | 2,966 | 7,372 | 2,813 | ||||||||||
Comprehensive income | 13,199 | 16,415 | 48,658 | 41,126 | |||||||||||
Net income attributable to noncontrolling interest in subsidiary | 655 | 561 | 2,203 | 1,857 | |||||||||||
Comprehensive income attributable to Brookline Bancorp, Inc. | $ | 12,544 | $ | 15,854 | $ | 46,455 | $ | 39,269 | |||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Unallocated Common Stock Held by ESOP | Total Brookline Bancorp, Inc. Stockholders’ Equity | Noncontrolling Interest in Subsidiary | Total Equity | |||||||||||||||||||||||||||
(In Thousands Except Share Data) | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2015 | $ | 757 | $ | 616,899 | $ | 109,675 | $ | (2,476 | ) | $ | (56,208 | ) | $ | (1,162 | ) | $ | 667,485 | $ | 6,001 | $ | 673,486 | ||||||||||||||
Net income attributable to Brookline Bancorp, Inc. | — | — | 39,083 | — | — | — | 39,083 | — | 39,083 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interest in subsidiary | — | — | — | — | — | — | — | 2,203 | 2,203 | ||||||||||||||||||||||||||
Issuance of noncontrolling units | — | — | — | — | — | — | — | 76 | 76 | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 7,372 | — | — | 7,372 | — | 7,372 | ||||||||||||||||||||||||||
Common stock dividends of $0.27 per share | — | — | (19,018 | ) | — | — | — | (19,018 | ) | — | (19,018 | ) | |||||||||||||||||||||||
Dividend to owners of noncontrolling interest in subsidiary | — | — | — | — | — | — | — | (1,734 | ) | (1,734 | ) | ||||||||||||||||||||||||
Compensation under recognition and retention plans | — | (1,023 | ) | — | — | 2,057 | — | 1,034 | — | 1,034 | |||||||||||||||||||||||||
Common stock held by ESOP committed to be released (27,279 shares) | — | 266 | — | — | — | 149 | 415 | — | 415 | ||||||||||||||||||||||||||
Balance at September 30, 2016 | $ | 757 | $ | 616,142 | $ | 129,740 | $ | 4,896 | $ | (54,151 | ) | $ | (1,013 | ) | $ | 696,371 | $ | 6,546 | $ | 702,917 | |||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings* | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Unallocated Common Stock Held by ESOP | Total Brookline Bancorp, Inc. Stockholders’ Equity* | Noncontrolling Interest in Subsidiary | Total Equity* | |||||||||||||||||||||||||||
(In Thousands Except Share Data) | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 757 | $ | 617,475 | $ | 84,860 | $ | (1,622 | ) | $ | (58,282 | ) | $ | (1,370 | ) | $ | 641,818 | $ | 4,787 | $ | 646,605 | ||||||||||||||
Net income attributable to Brookline Bancorp, Inc. | — | — | 36,456 | — | — | — | 36,456 | — | 36,456 | ||||||||||||||||||||||||||
Net income attributable to noncontrolling interest in subsidiary | — | — | — | — | — | — | — | 1,857 | 1,857 | ||||||||||||||||||||||||||
Issuance of noncontrolling units | — | — | — | — | — | — | — | 65 | 65 | ||||||||||||||||||||||||||
Other comprehensive income | — | — | — | 2,813 | — | — | 2,813 | — | 2,813 | ||||||||||||||||||||||||||
Common stock dividends of $0.265 per share | — | — | (18,632 | ) | — | — | — | (18,632 | ) | — | (18,632 | ) | |||||||||||||||||||||||
Dividend to owners of noncontrolling interest in subsidiary | — | — | — | — | — | — | — | (1,437 | ) | (1,437 | ) | ||||||||||||||||||||||||
Compensation under recognition and retention plans | — | (1,313 | ) | — | — | 2,080 | — | 767 | — | 767 | |||||||||||||||||||||||||
Common stock held by ESOP committed to be released (28,737 shares) | — | 90 | — | — | — | 156 | 246 | — | 246 | ||||||||||||||||||||||||||
Balance at September 30, 2015 | $ | 757 | $ | 616,252 | $ | 102,684 | $ | 1,191 | $ | (56,202 | ) | $ | (1,214 | ) | $ | 663,468 | $ | 5,272 | $ | 668,740 | |||||||||||||||
(*) Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. Refer to Note 8, "Investments in Qualified Affordable Projects". |
BROOKLINE BANCORP, INC. AND SUBSIDIARIES Unaudited Consolidated Statements of Cash Flows | |||||||
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
(In Thousands) | |||||||
Cash flows from operating activities: | |||||||
Net income attributable to Brookline Bancorp, Inc. | $ | 39,083 | $ | 36,456 | |||
Adjustments to reconcile net income to net cash provided from operating activities: | |||||||
Net income attributable to noncontrolling interest in subsidiary | 2,203 | 1,857 | |||||
Provision for credit losses | 7,138 | 5,931 | |||||
Origination of loans and leases held-for-sale | (35,568 | ) | (33,366 | ) | |||
Proceeds from loans and leases held-for-sale, net | 37,516 | 24,984 | |||||
Deferred income tax (benefit) expense | (191 | ) | 275 | ||||
Depreciation of premises and equipment | 5,320 | 5,313 | |||||
Amortization of investment securities premiums and discounts, net | 1,787 | 1,381 | |||||
Amortization of deferred loan and lease origination costs, net | 4,438 | 3,808 | |||||
Amortization of identified intangible assets | 1,879 | 2,187 | |||||
Amortization of debt issuance costs | 56 | 56 | |||||
Accretion of acquisition fair value adjustments, net | (3,105 | ) | (4,829 | ) | |||
Gain on sales of loans and leases | (1,986 | ) | (1,594 | ) | |||
Gain on sales of OREO and repossessed assets, net | 84 | 66 | |||||
Write-down of OREO and repossessed assets | 51 | 143 | |||||
Compensation under recognition and retention plans | 1,250 | 673 | |||||
ESOP shares committed to be released | 415 | 246 | |||||
Net change in: | |||||||
Cash surrender value of bank-owned life insurance | (782 | ) | (779 | ) | |||
Other assets | (20,493 | ) | (8,280 | ) | |||
Accrued expenses and other liabilities | 8,661 | (3,738 | ) | ||||
Net cash provided from operating activities | 47,756 | 30,790 | |||||
Cash flows from investing activities: | |||||||
Proceeds from maturities, calls and principal repayments of investment securities available-for-sale | 76,207 | 77,612 | |||||
Purchases of investment securities available-for-sale | (77,275 | ) | (50,538 | ) | |||
Proceeds from maturities, calls, and principal repayments of investment securities held-to-maturity | 41,381 | 5,894 | |||||
Purchases of investment securities held-to-maturity | (25,045 | ) | (68,454 | ) | |||
Proceeds from redemption of restricted equity securities | 2,817 | — | |||||
Purchases of restricted equity securities | (2,383 | ) | (749 | ) | |||
Proceeds from sales of loans and leases held-for-investment, net | 23,116 | 267,164 | |||||
Net increase in loans and leases | (377,638 | ) | (282,826 | ) | |||
Proceeds from sales of OREO and repossessed assets | 2,479 | 5,844 | |||||
Purchase of premises and equipment, net | (2,747 | ) | (2,289 | ) | |||
Net cash used for investing activities | (339,088 | ) | (48,342 | ) | |||
BROOKLINE BANCORP, INC. AND SUBSIDIARIES Unaudited Consolidated Statements of Cash Flows (Continued) | |||||||
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
(In Thousands) | |||||||
Cash flows from financing activities: | |||||||
Increase in demand checking, NOW, savings and money market accounts | 240,714 | 68,787 | |||||
Increase in certificates of deposit | 18,247 | 117,814 | |||||
Proceeds from FHLBB advances | 5,137,549 | 3,324,000 | |||||
Repayment of FHLBB advances | (5,096,506 | ) | (3,477,038 | ) | |||
Increase (decrease) in other borrowed funds, net | 412 | (11,181 | ) | ||||
Increase (decrease) in mortgagors’ escrow accounts, net | 650 | (505 | ) | ||||
Payment of dividends on common stock | (19,018 | ) | (18,632 | ) | |||
Proceeds from issuance of noncontrolling units | 76 | 65 | |||||
Payment of dividends to owners of noncontrolling interest in subsidiary | (1,734 | ) | (1,437 | ) | |||
Net cash provided from financing activities | 280,390 | 1,873 | |||||
Net decrease in cash and cash equivalents | (10,942 | ) | (15,679 | ) | |||
Cash and cash equivalents at beginning of period | 75,489 | 62,723 | |||||
Cash and cash equivalents at end of period | $ | 64,547 | $ | 47,044 | |||
Supplemental disclosures of cash flows information: | |||||||
Cash paid during the period for: | |||||||
Interest on deposits, borrowed funds and subordinated debt | $ | 30,005 | $ | 27,527 | |||
Income taxes | 22,949 | 21,686 | |||||
Non-cash investing activities: | |||||||
Transfer from loans and leases to loans and leases held-for-sale | $ | 8,284 | $ | — | |||
Transfer from loans to other real estate owned | 2,423 | 5,898 | |||||
At September 30, 2016 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
(In Thousands) | |||||||||||||||
Investment securities available-for-sale: | |||||||||||||||
Debt securities: | |||||||||||||||
GSE debentures | $ | 64,713 | $ | 1,639 | $ | 13 | $ | 66,339 | |||||||
GSE CMOs | 172,606 | 683 | 484 | 172,805 | |||||||||||
GSE MBSs | 229,040 | 4,410 | 27 | 233,423 | |||||||||||
SBA commercial loan asset-backed securities | 112 | — | 1 | 111 | |||||||||||
Corporate debt obligations | 48,306 | 1,014 | 16 | 49,304 | |||||||||||
Trust preferred securities | 1,468 | — | 155 | 1,313 | |||||||||||
Total debt securities | 516,245 | 7,746 | 696 | 523,295 | |||||||||||
Marketable equity securities | 964 | 36 | — | 1,000 | |||||||||||
Total investment securities available-for-sale | $ | 517,209 | $ | 7,782 | $ | 696 | $ | 524,295 | |||||||
Investment securities held-to-maturity: | |||||||||||||||
GSE debentures | $ | 14,734 | $ | 3 | $ | 32 | $ | 14,705 | |||||||
GSEs MBSs | 18,710 | 48 | 6 | 18,752 | |||||||||||
Municipal obligations | 43,150 | 986 | 5 | 44,131 | |||||||||||
Foreign government obligations | 500 | — | 9 | 491 | |||||||||||
Total investment securities held-to-maturity | $ | 77,094 | $ | 1,037 | $ | 52 | $ | 78,079 |
At December 31, 2015 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
(In Thousands) | |||||||||||||||
Investment securities available-for-sale: | |||||||||||||||
Debt securities: | |||||||||||||||
GSE debentures | $ | 40,658 | $ | 141 | $ | 172 | $ | 40,627 | |||||||
GSE CMOs | 198,000 | 45 | 4,229 | 193,816 | |||||||||||
GSE MBSs | 230,213 | 1,098 | 1,430 | 229,881 | |||||||||||
SBA commercial loan asset-backed securities | 148 | — | 1 | 147 | |||||||||||
Corporate debt obligations | 46,160 | 344 | 18 | 46,486 | |||||||||||
Trust preferred securities | 1,466 | — | 199 | 1,267 | |||||||||||
Total debt securities | 516,645 | 1,628 | 6,049 | 512,224 | |||||||||||
Marketable equity securities | 956 | 21 | — | 977 | |||||||||||
Total investment securities available-for-sale | $ | 517,601 | $ | 1,649 | $ | 6,049 | $ | 513,201 | |||||||
Investment securities held-to-maturity: | |||||||||||||||
GSE debentures | $ | 34,915 | $ | 9 | $ | 105 | $ | 34,819 | |||||||
GSEs MBSs | 19,291 | — | 305 | 18,986 | |||||||||||
Municipal obligations | 39,051 | 364 | 25 | 39,390 | |||||||||||
Foreign government obligations | 500 | — | — | 500 | |||||||||||
Total investment securities held-to-maturity | $ | 93,757 | $ | 373 | $ | 435 | $ | 93,695 |
At September 30, 2016 | |||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||
GSE debentures | $ | 6,126 | $ | 13 | $ | — | $ | — | $ | 6,126 | $ | 13 | |||||||||||
GSE CMOs | 19,232 | 88 | 42,424 | $ | 396 | 61,656 | 484 | ||||||||||||||||
GSE MBSs | 6,142 | 23 | 246 | 4 | 6,388 | 27 | |||||||||||||||||
SBA commercial loan asset-backed securities | 29 | — | 74 | 1 | 103 | 1 | |||||||||||||||||
Corporate debt obligations | 2,492 | 16 | — | — | 2,492 | 16 | |||||||||||||||||
Trust preferred securities | — | — | 1,313 | 155 | 1,313 | 155 | |||||||||||||||||
Temporarily impaired debt securities available-for-sale | 34,021 | 140 | 44,057 | 556 | 78,078 | 696 | |||||||||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||||||
GSE debentures | 11,702 | 32 | — | — | 11,702 | 32 | |||||||||||||||||
GSEs MBSs | 4,462 | 6 | — | — | 4,462 | 6 | |||||||||||||||||
Municipal obligations | 2,445 | 5 | — | — | 2,445 | 5 | |||||||||||||||||
Foreign government obligations | 491 | 9 | — | — | 491 | 9 | |||||||||||||||||
Temporarily impaired debt securities held-to-maturity | 19,100 | 52 | — | — | 19,100 | 52 | |||||||||||||||||
Total temporarily impaired investment securities | $ | 53,121 | $ | 192 | $ | 44,057 | $ | 556 | $ | 97,178 | $ | 748 |
At December 31, 2015 | |||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||
GSE debentures | $ | 19,633 | $ | 172 | $ | — | $ | — | $ | 19,633 | $ | 172 | |||||||||||
GSE CMOs | 89,680 | 1,294 | 100,473 | 2,935 | 190,153 | 4,229 | |||||||||||||||||
GSE MBSs | 133,779 | 845 | 16,968 | 585 | 150,747 | 1,430 | |||||||||||||||||
SBA commercial loan asset-backed securities | — | — | 139 | 1 | 139 | 1 | |||||||||||||||||
Corporate debt obligations | 6,181 | 18 | — | — | 6,181 | 18 | |||||||||||||||||
Trust preferred securities | — | — | 1,267 | 199 | 1,267 | 199 | |||||||||||||||||
Temporarily impaired debt securities available-for-sale | 249,273 | 2,329 | 118,847 | 3,720 | 368,120 | 6,049 | |||||||||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||||||
GSE debentures | 25,837 | 105 | — | — | 25,837 | 105 | |||||||||||||||||
GSEs MBSs | 18,834 | 305 | — | — | 18,834 | 305 | |||||||||||||||||
Municipal obligations | 7,629 | 25 | — | — | 7,629 | 25 | |||||||||||||||||
Temporarily impaired debt securities held-to-maturity | 52,300 | 435 | — | — | 52,300 | 435 | |||||||||||||||||
Total temporarily impaired investment securities | $ | 301,573 | $ | 2,764 | $ | 118,847 | $ | 3,720 | $ | 420,420 | $ | 6,484 |
At September 30, 2016 | At December 31, 2015 | ||||||||||||||||||||
Amortized Cost | Estimated Fair Value | Weighted Average Rate | Amortized Cost | Estimated Fair Value | Weighted Average Rate | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||
Within 1 year | $ | 9 | $ | 10 | 0.13 | % | $ | 2,999 | $ | 3,003 | 2.09 | % | |||||||||
After 1 year through 5 years | 60,818 | 62,136 | 2.25 | % | 59,729 | 60,249 | 2.32 | % | |||||||||||||
After 5 years through 10 years | 116,308 | 119,089 | 2.02 | % | 100,658 | 100,833 | 2.05 | % | |||||||||||||
Over 10 years | 339,110 | 342,060 | 1.95 | % | 353,259 | 348,139 | 1.97 | % | |||||||||||||
$ | 516,245 | $ | 523,295 | 2.00 | % | $ | 516,645 | $ | 512,224 | 2.03 | % | ||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||||
Within 1 year | $ | 159 | $ | 159 | 1.73 | % | $ | 651 | $ | 651 | 1.00 | % | |||||||||
After 1 year through 5 years | 20,836 | 21,034 | 1.28 | % | 23,888 | 23,866 | 1.52 | % | |||||||||||||
After 5 years through 10 years | 37,548 | 38,293 | 1.79 | % | 50,078 | 50,344 | 2.00 | % | |||||||||||||
Over 10 years | 18,551 | 18,593 | 1.74 | % | 19,140 | 18,834 | 1.82 | % | |||||||||||||
$ | 77,094 | $ | 78,079 | 1.64 | % | $ | 93,757 | $ | 93,695 | 1.83 | % |
At September 30, 2016 | ||||||||||||||||||||
Originated | Acquired | Total | ||||||||||||||||||
Balance | Weighted Average Coupon | Balance | Weighted Average Coupon | Balance | Weighted Average Coupon | |||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||
Commercial real estate | $ | 1,880,163 | 3.94 | % | $ | 158,314 | 4.19 | % | $ | 2,038,477 | 3.96 | % | ||||||||
Multi-family mortgage | 673,108 | 3.77 | % | 30,635 | 4.52 | % | 703,743 | 3.81 | % | |||||||||||
Construction | 140,990 | 3.72 | % | 218 | 3.67 | % | 141,208 | 3.72 | % | |||||||||||
Total commercial real estate loans | 2,694,261 | 3.89 | % | 189,167 | 4.24 | % | 2,883,428 | 3.91 | % | |||||||||||
Commercial loans and leases: | ||||||||||||||||||||
Commercial | 636,658 | 3.95 | % | 15,658 | 5.24 | % | 652,316 | 3.98 | % | |||||||||||
Equipment financing | 758,086 | 7.06 | % | 6,561 | 5.87 | % | 764,647 | 7.05 | % | |||||||||||
Condominium association | 53,903 | 4.41 | % | — | — | % | 53,903 | 4.41 | % | |||||||||||
Total commercial loans and leases | 1,448,647 | 5.59 | % | 22,219 | 5.43 | % | 1,470,866 | 5.59 | % | |||||||||||
Indirect automobile loans | 7,607 | 5.44 | % | — | — | % | 7,607 | 5.44 | % | |||||||||||
Consumer loans: | ||||||||||||||||||||
Residential mortgage | 540,650 | 3.65 | % | 76,415 | 3.93 | % | 617,065 | 3.68 | % | |||||||||||
Home equity | 282,504 | 3.42 | % | 58,450 | 4.15 | % | 340,954 | 3.54 | % | |||||||||||
Other consumer | 12,254 | 5.15 | % | 126 | 17.85 | % | 12,380 | 5.28 | % | |||||||||||
Total consumer loans | 835,408 | 3.59 | % | 134,991 | 4.04 | % | 970,399 | 3.65 | % | |||||||||||
Total loans and leases | $ | 4,985,923 | 4.34 | % | $ | 346,377 | 4.24 | % | $ | 5,332,300 | 4.33 | % |
At December 31, 2015 | ||||||||||||||||||||
Originated | Acquired | Total | ||||||||||||||||||
Balance | Weighted Average Coupon | Balance | Weighted Average Coupon | Balance | Weighted Average Coupon | |||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||
Commercial real estate | $ | 1,684,548 | 4.00 | % | $ | 191,044 | 4.15 | % | $ | 1,875,592 | 4.02 | % | ||||||||
Multi-family mortgage | 620,865 | 3.92 | % | 37,615 | 4.35 | % | 658,480 | 3.94 | % | |||||||||||
Construction | 129,742 | 3.60 | % | 580 | 5.08 | % | 130,322 | 3.61 | % | |||||||||||
Total commercial real estate loans | 2,435,155 | 3.96 | % | 229,239 | 4.19 | % | 2,664,394 | 3.98 | % | |||||||||||
Commercial loans and leases: | ||||||||||||||||||||
Commercial | 576,599 | 3.90 | % | 15,932 | 5.65 | % | 592,531 | 3.95 | % | |||||||||||
Equipment financing | 712,988 | 7.05 | % | 8,902 | 6.14 | % | 721,890 | 7.04 | % | |||||||||||
Condominium association | 59,875 | 4.50 | % | — | — | % | 59,875 | 4.50 | % | |||||||||||
Total commercial loans and leases | 1,349,462 | 5.59 | % | 24,834 | 5.83 | % | 1,374,296 | 5.59 | % | |||||||||||
Indirect automobile loans | 13,678 | 5.53 | % | — | — | % | 13,678 | 5.53 | % | |||||||||||
Consumer loans: | ||||||||||||||||||||
Residential mortgage | 527,846 | 3.64 | % | 88,603 | 3.85 | % | 616,449 | 3.67 | % | |||||||||||
Home equity | 234,708 | 3.35 | % | 79,845 | 3.99 | % | 314,553 | 3.51 | % | |||||||||||
Other consumer | 12,039 | 4.77 | % | 131 | 17.40 | % | 12,170 | 4.91 | % | |||||||||||
Total consumer loans | 774,593 | 3.57 | % | 168,579 | 3.93 | % | 943,172 | 3.63 | % | |||||||||||
Total loans and leases | $ | 4,572,888 | 4.38 | % | $ | 422,652 | 4.18 | % | $ | 4,995,540 | 4.36 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In Thousands) | |||||||||||||||
Balance at beginning of period | $ | 18,038 | $ | 28,730 | $ | 20,796 | $ | 32,044 | |||||||
Accretion | (1,479 | ) | (2,387 | ) | (3,914 | ) | (7,822 | ) | |||||||
Reclassification from nonaccretable difference for loans with improved cash flows | 1,129 | 1,242 | 2,419 | 3,045 | |||||||||||
Changes in expected cash flows that do not affect nonaccretable difference (1) | (1,506 | ) | (3,403 | ) | (3,119 | ) | (3,085 | ) | |||||||
Balance at end of period | $ | 16,182 | $ | 24,182 | $ | 16,182 | $ | 24,182 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||
Commercial Real Estate | Commercial | Indirect Automobile | Consumer | Unallocated | Total | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Balance at June 30, 2016 | $ | 29,861 | $ | 22,916 | $ | 183 | $ | 4,298 | $ | — | $ | 57,258 | |||||||||||
Charge-offs | (50 | ) | (545 | ) | (109 | ) | (135 | ) | — | (839 | ) | ||||||||||||
Recoveries | — | 170 | 102 | 47 | — | 319 | |||||||||||||||||
(Credit) provision for loan and lease losses | (1,755 | ) | 3,923 | (26 | ) | 12 | — | 2,154 | |||||||||||||||
Balance at September 30, 2016 | $ | 28,056 | $ | 26,464 | $ | 150 | $ | 4,222 | $ | — | $ | 58,892 |
Three Months Ended September 30, 2015 | |||||||||||||||||||||||
Commercial Real Estate | Commercial | Indirect Automobile | Consumer | Unallocated | Total | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Balance at June 30, 2015 | $ | 29,216 | $ | 20,229 | $ | 381 | $ | 4,012 | $ | 2,560 | $ | 56,398 | |||||||||||
Charge-offs | — | (1,388 | ) | (296 | ) | (247 | ) | — | (1,931 | ) | |||||||||||||
Recoveries | — | 112 | 179 | 41 | — | 332 | |||||||||||||||||
Provision (credit) for loan and lease losses | 1,845 | 2,009 | 57 | 322 | (2,560 | ) | 1,673 | ||||||||||||||||
Balance at September 30, 2015 | $ | 31,061 | $ | 20,962 | $ | 321 | $ | 4,128 | $ | — | $ | 56,472 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
Commercial Real Estate | Commercial | Indirect Automobile | Consumer | Unallocated | Total | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Balance at December 31, 2015 | $ | 30,151 | $ | 22,018 | $ | 269 | $ | 4,301 | $ | — | $ | 56,739 | |||||||||||
Charge-offs | (1,534 | ) | (3,250 | ) | (472 | ) | (782 | ) | — | (6,038 | ) | ||||||||||||
Recoveries | — | 495 | 467 | 138 | — | 1,100 | |||||||||||||||||
(Credit) provision for loan and lease losses | (561 | ) | 7,201 | (114 | ) | 565 | — | 7,091 | |||||||||||||||
Balance at September 30, 2016 | $ | 28,056 | $ | 26,464 | $ | 150 | $ | 4,222 | $ | — | $ | 58,892 |
Nine Months Ended September 30, 2015 | |||||||||||||||||||||||
Commercial Real Estate | Commercial | Indirect Automobile | Consumer | Unallocated | Total | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Balance at December 31, 2014 | $ | 29,594 | $ | 15,957 | $ | 2,331 | $ | 3,359 | $ | 2,418 | $ | 53,659 | |||||||||||
Charge-offs | (550 | ) | (2,083 | ) | (1,513 | ) | (479 | ) | — | (4,625 | ) | ||||||||||||
Recoveries | — | 418 | 1,170 | 83 | — | 1,671 | |||||||||||||||||
Provision (credit) for loan and lease losses | 2,017 | 6,670 | (1,667 | ) | 1,165 | (2,418 | ) | 5,767 | |||||||||||||||
Balance at September 30, 2015 | $ | 31,061 | $ | 20,962 | $ | 321 | $ | 4,128 | $ | — | $ | 56,472 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In Thousands) | |||||||||||||||
Provision (credit) for loan and lease losses: | |||||||||||||||
Commercial real estate | $ | (1,755 | ) | $ | 1,845 | $ | (561 | ) | $ | 2,017 | |||||
Commercial | 3,923 | 2,009 | 7,201 | 6,670 | |||||||||||
Indirect automobile | (26 | ) | 57 | (114 | ) | (1,667 | ) | ||||||||
Consumer | 12 | 322 | 565 | 1,165 | |||||||||||
Unallocated | — | (2,560 | ) | — | (2,418 | ) | |||||||||
Total provision for loan and lease losses | 2,154 | 1,673 | 7,091 | 5,767 | |||||||||||
Unfunded credit commitments | 61 | 82 | 47 | 164 | |||||||||||
Total provision for credit losses | $ | 2,215 | $ | 1,755 | $ | 7,138 | $ | 5,931 |
At September 30, 2016 | |||||||||||||||||||||||||||
Commercial Real Estate | Multi- Family Mortgage | Construction | Commercial | Equipment Financing | Condominium Association | Other Consumer | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||
Originated: | |||||||||||||||||||||||||||
Loan rating: | |||||||||||||||||||||||||||
Pass | $ | 1,874,534 | $ | 671,690 | $ | 140,802 | $ | 604,282 | $ | 750,322 | $ | 53,903 | $ | 12,219 | |||||||||||||
OAEM | 1,546 | — | 188 | 7,540 | 1,039 | — | — | ||||||||||||||||||||
Substandard | 3,457 | 1,418 | — | 24,692 | 5,989 | — | 35 | ||||||||||||||||||||
Doubtful | 626 | — | — | 144 | 736 | — | — | ||||||||||||||||||||
Total originated | 1,880,163 | 673,108 | 140,990 | 636,658 | 758,086 | 53,903 | 12,254 | ||||||||||||||||||||
Acquired: | |||||||||||||||||||||||||||
Loan rating: | |||||||||||||||||||||||||||
Pass | 147,218 | 29,913 | 218 | 11,203 | 6,553 | — | 126 | ||||||||||||||||||||
OAEM | 1,424 | 404 | — | 464 | — | — | — | ||||||||||||||||||||
Substandard | 9,570 | 318 | — | 3,018 | — | — | — | ||||||||||||||||||||
Doubtful | 102 | — | — | 973 | 8 | — | — | ||||||||||||||||||||
Total acquired | 158,314 | 30,635 | 218 | 15,658 | 6,561 | — | 126 | ||||||||||||||||||||
Total loans | $ | 2,038,477 | $ | 703,743 | $ | 141,208 | $ | 652,316 | $ | 764,647 | $ | 53,903 | $ | 12,380 |
At September 30, 2016 | ||||||
Indirect Automobile | ||||||
($ In Thousands) | ||||||
Originated: | ||||||
Credit score: | ||||||
Over 700 | $ | 3,044 | 40.0 | % | ||
661-700 | 1,145 | 15.0 | % | |||
660 and below | 3,391 | 44.6 | % | |||
Data not available | 27 | 0.4 | % | |||
Total loans | $ | 7,607 | 100.0 | % |
At September 30, 2016 | |||||||||||||
Residential Mortgage | Home Equity | ||||||||||||
($ In Thousands) | |||||||||||||
Originated: | |||||||||||||
Loan-to-value ratio: | |||||||||||||
Less than 50% | $ | 126,290 | 20.5 | % | $ | 153,001 | 44.9 | % | |||||
50% - 69% | 224,791 | 36.4 | % | 59,629 | 17.6 | % | |||||||
70% - 79% | 166,363 | 26.9 | % | 45,455 | 13.3 | % | |||||||
80% and over | 18,336 | 3.0 | % | 23,678 | 6.9 | % | |||||||
Data not available | 4,870 | 0.8 | % | 741 | 0.2 | % | |||||||
Total originated | 540,650 | 87.6 | % | 282,504 | 82.9 | % | |||||||
Acquired: | |||||||||||||
Loan-to-value ratio: | |||||||||||||
Less than 50% | 17,034 | 2.7 | % | 36,541 | 10.7 | % | |||||||
50% - 69% | 28,240 | 4.6 | % | 15,939 | 4.7 | % | |||||||
70% - 79% | 15,165 | 2.5 | % | 3,459 | 1.0 | % | |||||||
80% and over | 11,416 | 1.9 | % | 1,116 | 0.3 | % | |||||||
Data not available | 4,560 | 0.7 | % | 1,395 | 0.4 | % | |||||||
Total acquired | 76,415 | 12.4 | % | 58,450 | 17.1 | % | |||||||
Total loans and leases | $ | 617,065 | 100.0 | % | $ | 340,954 | 100.0 | % |
At December 31, 2015 | |||||||||||||||||||||||||||
Commercial Real Estate | Multi- Family Mortgage | Construction | Commercial | Equipment Financing | Condominium Association | Other Consumer | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||
Originated: | |||||||||||||||||||||||||||
Loan rating: | |||||||||||||||||||||||||||
Pass | $ | 1,668,891 | $ | 619,786 | $ | 129,534 | $ | 562,615 | $ | 709,381 | $ | 59,875 | $ | 12,017 | |||||||||||||
OAEM | 12,781 | 788 | 208 | 9,976 | 804 | — | — | ||||||||||||||||||||
Substandard | 780 | 291 | — | 1,714 | 1,414 | — | 22 | ||||||||||||||||||||
Doubtful | 2,096 | — | — | 2,294 | 1,389 | — | — | ||||||||||||||||||||
Total originated | 1,684,548 | 620,865 | 129,742 | 576,599 | 712,988 | 59,875 | 12,039 | ||||||||||||||||||||
Acquired: | |||||||||||||||||||||||||||
Loan rating: | |||||||||||||||||||||||||||
Pass | 182,377 | 35,785 | 580 | 11,959 | 8,902 | — | 131 | ||||||||||||||||||||
OAEM | 1,202 | 612 | — | 902 | — | — | — | ||||||||||||||||||||
Substandard | 7,066 | 1,218 | — | 3,071 | — | — | — | ||||||||||||||||||||
Doubtful | 399 | — | — | — | — | — | — | ||||||||||||||||||||
Total acquired | 191,044 | 37,615 | 580 | 15,932 | 8,902 | — | 131 | ||||||||||||||||||||
Total loans and leases | $ | 1,875,592 | $ | 658,480 | $ | 130,322 | $ | 592,531 | $ | 721,890 | $ | 59,875 | $ | 12,170 |
At December 31, 2015 | ||||||
Indirect Automobile | ||||||
($ In Thousands) | ||||||
Originated: | ||||||
Credit score: | ||||||
Over 700 | $ | 5,435 | 39.7 | % | ||
661-700 | 1,965 | 14.4 | % | |||
660 and below | 6,217 | 45.5 | % | |||
Data not available | 61 | 0.4 | % | |||
Total loans | $ | 13,678 | 100.0 | % |
At December 31, 2015 | |||||||||||||
Residential Mortgage | Home Equity | ||||||||||||
($ In Thousands) | |||||||||||||
Originated: | |||||||||||||
Loan-to-value ratio: | |||||||||||||
Less than 50% | $ | 118,628 | 19.2 | % | $ | 131,584 | 41.8 | % | |||||
50% - 69% | 214,390 | 34.8 | % | 51,492 | 16.4 | % | |||||||
70% - 79% | 173,774 | 28.2 | % | 32,916 | 10.5 | % | |||||||
80% and over | 17,808 | 2.9 | % | 18,082 | 5.7 | % | |||||||
Data not available | 3,246 | 0.5 | % | 634 | 0.2 | % | |||||||
Total originated | 527,846 | 85.6 | % | 234,708 | 74.6 | % | |||||||
Acquired: | |||||||||||||
Loan-to-value ratio: | |||||||||||||
Less than 50% | 18,857 | 3.1 | % | 48,563 | 15.4 | % | |||||||
50% - 69% | 32,986 | 5.3 | % | 20,623 | 6.6 | % | |||||||
70% - 79% | 17,883 | 2.9 | % | 7,144 | 2.3 | % | |||||||
80% and over | 14,011 | 2.3 | % | 2,650 | 0.8 | % | |||||||
Data not available | 4,866 | 0.8 | % | 865 | 0.3 | % | |||||||
Total acquired | 88,603 | 14.4 | % | 79,845 | 25.4 | % | |||||||
Total loans | $ | 616,449 | 100.0 | % | $ | 314,553 | 100.0 | % |
September 30, 2016 | December 31, 2015 | ||||||
(In Thousands) | |||||||
Foreclosed residential real estate property held by the creditor | $ | — | $ | 362 | |||
Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure | 1,400 | 298 |
At September 30, 2016 | |||||||||||||||||||||||||||||||
Past Due | Loans and Leases Past | ||||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Greater Than 90 Days | Total | Current | Total Loans and Leases | Due Greater Than 90 Days and Accruing | Nonaccrual Loans and Leases | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||
Originated: | |||||||||||||||||||||||||||||||
Commercial real estate loans: | |||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,386 | $ | 139 | $ | 802 | $ | 3,327 | $ | 1,876,836 | $ | 1,880,163 | $ | — | $ | 1,530 | |||||||||||||||
Multi-family mortgage | — | — | 291 | 291 | 672,817 | 673,108 | — | 1,418 | |||||||||||||||||||||||
Construction | — | — | — | — | 140,990 | 140,990 | — | ||||||||||||||||||||||||
Total commercial real estate loans | 2,386 | 139 | 1,093 | 3,618 | 2,690,643 | 2,694,261 | — | 2,948 | |||||||||||||||||||||||
Commercial loans and leases: | |||||||||||||||||||||||||||||||
Commercial | 1,998 | 301 | 9,476 | 11,775 | 624,883 | 636,658 | — | 21,950 | |||||||||||||||||||||||
Equipment financing | 1,201 | 368 | 5,413 | 6,982 | 751,104 | 758,086 | 166 | 6,652 | |||||||||||||||||||||||
Condominium association | 61 | — | — | 61 | 53,842 | 53,903 | — | — | |||||||||||||||||||||||
Total commercial loans and leases | 3,260 | 669 | 14,889 | 18,818 | 1,429,829 | 1,448,647 | 166 | 28,602 | |||||||||||||||||||||||
Indirect automobile | 501 | 184 | 62 | 747 | 6,860 | 7,607 | — | 179 | |||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||
Residential mortgage | 1,131 | — | 178 | 1,309 | 539,341 | 540,650 | — | 1,533 | |||||||||||||||||||||||
Home equity | 25 | 256 | 100 | 381 | 282,123 | 282,504 | 1 | 229 | |||||||||||||||||||||||
Other consumer | 13 | 8 | 29 | 50 | 12,204 | 12,254 | — | 35 | |||||||||||||||||||||||
Total consumer loans | 1,169 | 264 | 307 | 1,740 | 833,668 | 835,408 | 1 | 1,797 | |||||||||||||||||||||||
Total originated loans and leases | $ | 7,316 | $ | 1,256 | $ | 16,351 | $ | 24,923 | $ | 4,961,000 | $ | 4,985,923 | $ | 167 | $ | 33,526 |
At September 30, 2016 | |||||||||||||||||||||||||||||||
Past Due | Loans and Leases Past | ||||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Greater Than 90 Days | Total | Current | Total Loans and Leases | Due Greater Than 90 Days and Accruing | Nonaccrual Loans and Leases | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||
Acquired: | |||||||||||||||||||||||||||||||
Commercial real estate loans: | |||||||||||||||||||||||||||||||
Commercial real estate | $ | 431 | $ | 148 | $ | 4,047 | $ | 4,626 | $ | 153,688 | $ | 158,314 | $ | 3,974 | $ | 158 | |||||||||||||||
Multi-family mortgage | — | — | — | — | 30,635 | 30,635 | — | — | |||||||||||||||||||||||
Construction | — | — | — | — | 218 | 218 | — | — | |||||||||||||||||||||||
Total commercial real estate loans | 431 | 148 | 4,047 | 4,626 | 184,541 | 189,167 | 3,974 | 158 | |||||||||||||||||||||||
Commercial loans and leases: | |||||||||||||||||||||||||||||||
Commercial | 2 | 310 | 2,435 | 2,747 | 12,911 | 15,658 | 334 | 2,101 | |||||||||||||||||||||||
Equipment financing | 8 | — | — | 8 | 6,553 | 6,561 | — | — | |||||||||||||||||||||||
Total commercial loans and leases | 10 | 310 | 2,435 | 2,755 | 19,464 | 22,219 | 334 | 2,101 | |||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||
Residential mortgage | 46 | 95 | 3,844 | 3,985 | 72,430 | 76,415 | 3,628 | 216 | |||||||||||||||||||||||
Home equity | 864 | 175 | 671 | 1,710 | 56,740 | 58,450 | 172 | 1,551 | |||||||||||||||||||||||
Other consumer | — | — | — | — | 126 | 126 | — | — | |||||||||||||||||||||||
Total consumer loans | 910 | 270 | 4,515 | 5,695 | 129,296 | 134,991 | 3,800 | 1,767 | |||||||||||||||||||||||
Total acquired loans and leases | $ | 1,351 | $ | 728 | $ | 10,997 | $ | 13,076 | $ | 333,301 | $ | 346,377 | $ | 8,108 | $ | 4,026 | |||||||||||||||
Total loans and leases | $ | 8,667 | $ | 1,984 | $ | 27,348 | $ | 37,999 | $ | 5,294,301 | $ | 5,332,300 | $ | 8,275 | $ | 37,552 |
At December 31, 2015 | |||||||||||||||||||||||||||||||
Past Due | Loans and Leases Past | ||||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Greater Than 90 Days | Total | Current | Total Loans and Leases | Due Greater Than 90 Days and Accruing | Nonaccrual Loans and Leases | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||
Originated: | |||||||||||||||||||||||||||||||
Commercial real estate loans: | |||||||||||||||||||||||||||||||
Commercial real estate | $ | 1,782 | $ | — | $ | 2,097 | $ | 3,879 | $ | 1,680,669 | $ | 1,684,548 | $ | — | $ | 2,876 | |||||||||||||||
Multi-family mortgage | — | — | 16 | 16 | 620,849 | 620,865 | 16 | 291 | |||||||||||||||||||||||
Construction | 652 | — | — | 652 | 129,090 | 129,742 | — | — | |||||||||||||||||||||||
Total commercial real estate loans | 2,434 | — | 2,113 | 4,547 | 2,430,608 | 2,435,155 | 16 | 3,167 | |||||||||||||||||||||||
Commercial loans and leases: | |||||||||||||||||||||||||||||||
Commercial | 4,578 | 1,007 | 2,368 | 7,953 | 568,646 | 576,599 | 24 | 3,586 | |||||||||||||||||||||||
Equipment financing | 1,681 | 595 | 2,143 | 4,419 | 708,569 | 712,988 | 77 | 2,610 | |||||||||||||||||||||||
Condominium association | 205 | 124 | — | 329 | 59,546 | 59,875 | — | — | |||||||||||||||||||||||
Total commercial loans and leases | 6,464 | 1,726 | 4,511 | 12,701 | 1,336,761 | 1,349,462 | 101 | 6,196 | |||||||||||||||||||||||
Indirect automobile | 1,058 | 335 | 106 | 1,499 | 12,179 | 13,678 | — | 675 | |||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||
Residential mortgage | 1,384 | — | 229 | 1,613 | 526,233 | 527,846 | — | 1,873 | |||||||||||||||||||||||
Home equity | 390 | 237 | 9 | 636 | 234,072 | 234,708 | — | 319 | |||||||||||||||||||||||
Other consumer | 19 | 2 | 25 | 46 | 11,993 | 12,039 | — | 29 | |||||||||||||||||||||||
Total consumer loans | 1,793 | 239 | 263 | 2,295 | 772,298 | 774,593 | — | 2,221 | |||||||||||||||||||||||
Total originated loans and leases | $ | 11,749 | $ | 2,300 | $ | 6,993 | $ | 21,042 | $ | 4,551,846 | $ | 4,572,888 | $ | 117 | $ | 12,259 |
At December 31, 2015 | |||||||||||||||||||||||||||||||
Past Due | Loans and Leases Past | ||||||||||||||||||||||||||||||
31-60 Days | 61-90 Days | Greater Than 90 Days | Total | Current | Total Loans and Leases | Due Greater Than 90 Days and Accruing | Nonaccrual Loans and Leases | ||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||
Acquired: | |||||||||||||||||||||||||||||||
Commercial real estate loans: | |||||||||||||||||||||||||||||||
Commercial real estate | $ | 1,336 | $ | 369 | $ | 7,588 | $ | 9,293 | $ | 181,751 | $ | 191,044 | $ | 4,982 | $ | 2,606 | |||||||||||||||
Multi-family mortgage | — | — | 1,077 | 1,077 | 36,538 | 37,615 | 1,077 | — | |||||||||||||||||||||||
Construction | — | — | — | — | 580 | 580 | — | — | |||||||||||||||||||||||
Total commercial real estate loans | 1,336 | 369 | 8,665 | 10,370 | 218,869 | 229,239 | 6,059 | 2,606 | |||||||||||||||||||||||
Commercial loans and leases: | |||||||||||||||||||||||||||||||
Commercial | 351 | 23 | 2,967 | 3,341 | 12,591 | 15,932 | 325 | 2,678 | |||||||||||||||||||||||
Equipment financing | — | — | — | — | 8,902 | 8,902 | — | — | |||||||||||||||||||||||
Total commercial loans and leases | 351 | 23 | 2,967 | 3,341 | 21,493 | 24,834 | 325 | 2,678 | |||||||||||||||||||||||
Consumer loans: | |||||||||||||||||||||||||||||||
Residential mortgage | 326 | 216 | 2,399 | 2,941 | 85,662 | 88,603 | 2,047 | 352 | |||||||||||||||||||||||
Home equity | 1,012 | 386 | 460 | 1,858 | 77,987 | 79,845 | 142 | 1,438 | |||||||||||||||||||||||
Other consumer | — | — | — | — | 131 | 131 | — | — | |||||||||||||||||||||||
Total consumer loans | 1,338 | 602 | 2,859 | 4,799 | 163,780 | 168,579 | 2,189 | 1,790 | |||||||||||||||||||||||
Total acquired loans and leases | $ | 3,025 | $ | 994 | $ | 14,491 | $ | 18,510 | $ | 404,142 | $ | 422,652 | $ | 8,573 | $ | 7,074 | |||||||||||||||
Total loan and leases | $ | 14,774 | $ | 3,294 | $ | 21,484 | $ | 39,552 | $ | 4,955,988 | $ | 4,995,540 | $ | 8,690 | $ | 19,333 |
At September 30, 2016 | At December 31, 2015 | ||||||||||||||||||||||
Recorded Investment (1) | Unpaid Principal Balance | Related Allowance | Recorded Investment (2) | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Originated: | |||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
Commercial real estate | $ | 6,608 | $ | 6,604 | $ | — | $ | 2,758 | $ | 2,756 | $ | — | |||||||||||
Commercial | 21,338 | 21,311 | — | 14,097 | 14,074 | — | |||||||||||||||||
Consumer | 3,461 | 3,456 | — | 4,582 | 4,575 | — | |||||||||||||||||
Total originated with no related allowance recorded | 31,407 | 31,371 | — | 21,437 | 21,405 | — | |||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Commercial real estate | 4,543 | 4,542 | 153 | 6,150 | 6,150 | 2,167 | |||||||||||||||||
Commercial | 14,317 | 14,298 | 5,580 | 2,215 | 2,213 | 1,202 | |||||||||||||||||
Consumer | 248 | 246 | 98 | — | — | — | |||||||||||||||||
Total originated with an allowance recorded | 19,108 | 19,086 | 5,831 | 8,365 | 8,363 | 3,369 | |||||||||||||||||
Total originated impaired loans and leases | 50,515 | 50,457 | 5,831 | 29,802 | 29,768 | 3,369 | |||||||||||||||||
Acquired: | |||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
Commercial real estate | 9,851 | 9,851 | — | 7,035 | 7,035 | — | |||||||||||||||||
Commercial | 3,886 | 3,886 | — | 4,053 | 4,052 | — | |||||||||||||||||
Consumer | 8,422 | 8,437 | — | 7,549 | 7,565 | — | |||||||||||||||||
Total acquired with no related allowance recorded | 22,159 | 22,174 | — | 18,637 | 18,652 | — | |||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Commercial real estate | — | — | — | 2,606 | 2,606 | 148 | |||||||||||||||||
Commercial | 486 | 486 | 410 | 486 | 486 | 112 | |||||||||||||||||
Consumer | 425 | 425 | 29 | 174 | 174 | 9 | |||||||||||||||||
Total acquired with an allowance recorded | 911 | 911 | 439 | 3,266 | 3,266 | 269 | |||||||||||||||||
Total acquired impaired loans and leases | 23,070 | 23,085 | 439 | 21,903 | 21,918 | 269 | |||||||||||||||||
Total impaired loans and leases | $ | 73,585 | $ | 73,542 | $ | 6,270 | $ | 51,705 | $ | 51,686 | $ | 3,638 |
Three Months Ended | |||||||||||||||
September 30, 2016 | September 30, 2015 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
(In Thousands) | |||||||||||||||
Originated: | |||||||||||||||
With no related allowance recorded: | |||||||||||||||
Commercial real estate | $ | 6,636 | $ | 49 | $ | 3,077 | $ | 21 | |||||||
Commercial | 21,474 | 147 | 15,112 | 171 | |||||||||||
Consumer | 3,480 | 18 | 4,421 | 15 | |||||||||||
Total originated with no related allowance recorded | 31,590 | 214 | 22,610 | 207 | |||||||||||
With an allowance recorded: | |||||||||||||||
Commercial real estate | 4,549 | 48 | 6,172 | 49 | |||||||||||
Commercial | 14,390 | 3 | 7,700 | 2 | |||||||||||
Consumer | 248 | — | — | — | |||||||||||
Total originated with an allowance recorded | 19,187 | 51 | 13,872 | 51 | |||||||||||
Total originated impaired loans and leases | 50,777 | 265 | 36,482 | 258 | |||||||||||
Acquired: | |||||||||||||||
With no related allowance recorded: | |||||||||||||||
Commercial real estate | 9,952 | 67 | 10,813 | 39 | |||||||||||
Commercial | 4,127 | 29 | 4,113 | 16 | |||||||||||
Consumer | 8,475 | 16 | 8,094 | 19 | |||||||||||
Total acquired with no related allowance recorded | 22,554 | 112 | 23,020 | 74 | |||||||||||
With an allowance recorded: | |||||||||||||||
Commercial real estate | — | — | — | — | |||||||||||
Commercial | 486 | — | 596 | — | |||||||||||
Consumer | 423 | 2 | 93 | 1 | |||||||||||
Total acquired with an allowance recorded | 909 | 2 | 689 | 1 | |||||||||||
Total acquired impaired loans and leases | 23,463 | 114 | 23,709 | 75 | |||||||||||
Total impaired loans and leases | $ | 74,240 | $ | 379 | $ | 60,191 | $ | 333 |
Nine Months Ended | |||||||||||||||
September 30, 2016 | September 30, 2015 | ||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||
(In Thousands) | |||||||||||||||
Originated: | |||||||||||||||
With no related allowance recorded: | |||||||||||||||
Commercial real estate | $ | 5,655 | $ | 119 | $ | 4,403 | $ | 65 | |||||||
Commercial | 16,602 | 412 | 15,095 | 474 | |||||||||||
Consumer | 3,865 | 55 | 4,156 | 45 | |||||||||||
Total originated with no related allowance recorded | 26,122 | 586 | 23,654 | 584 | |||||||||||
With an allowance recorded: | |||||||||||||||
Commercial real estate | 4,957 | 146 | 4,791 | 148 | |||||||||||
Commercial | 13,017 | 5 | 6,687 | 8 | |||||||||||
Consumer | 165 | — | 112 | — | |||||||||||
Total originated with an allowance recorded | 18,139 | 151 | 11,590 | 156 | |||||||||||
Total originated impaired loans and leases | 44,261 | 737 | 35,244 | 740 | |||||||||||
Acquired: | |||||||||||||||
With no related allowance recorded: | |||||||||||||||
Commercial real estate | 8,341 | 126 | 9,912 | 114 | |||||||||||
Commercial | 4,254 | 66 | 4,516 | 48 | |||||||||||
Consumer | 7,795 | 51 | 7,927 | 48 | |||||||||||
Total acquired with no related allowance recorded | 20,390 | 243 | 22,355 | 210 | |||||||||||
With an allowance recorded: | |||||||||||||||
Commercial real estate | 1,458 | — | 81 | — | |||||||||||
Commercial | 486 | — | 689 | — | |||||||||||
Consumer | 490 | 6 | 274 | 6 | |||||||||||
Total acquired with an allowance recorded | 2,434 | 6 | 1,044 | 6 | |||||||||||
Total acquired impaired loans and leases | 22,824 | 249 | 23,399 | 216 | |||||||||||
Total impaired loans and leases | $ | 67,085 | $ | 986 | $ | 58,643 | $ | 956 |
At September 30, 2016 | |||||||||||||||||||
Commercial Real Estate | Commercial | Indirect Automobile | Consumer | Total | |||||||||||||||
(In Thousands) | |||||||||||||||||||
Allowance for Loan and Lease Losses: | |||||||||||||||||||
Originated: | |||||||||||||||||||
Individually evaluated for impairment | $ | 153 | $ | 5,580 | $ | — | $ | 98 | $ | 5,831 | |||||||||
Collectively evaluated for impairment | 26,978 | 20,365 | 150 | 3,928 | 51,421 | ||||||||||||||
Total originated loans and leases | 27,131 | 25,945 | 150 | 4,026 | 57,252 | ||||||||||||||
Acquired: | |||||||||||||||||||
Individually evaluated for impairment | — | 410 | — | 29 | 439 | ||||||||||||||
Collectively evaluated for impairment | 260 | 19 | — | 40 | 319 | ||||||||||||||
Acquired with deteriorated credit quality | 665 | 90 | — | 127 | 882 | ||||||||||||||
Total acquired loans and leases | 925 | 519 | — | 196 | 1,640 | ||||||||||||||
Total allowance for loan and lease losses | $ | 28,056 | $ | 26,464 | $ | 150 | $ | 4,222 | $ | 58,892 | |||||||||
Loans and Leases: | |||||||||||||||||||
Originated: | |||||||||||||||||||
Individually evaluated for impairment | $ | 11,151 | $ | 35,185 | $ | — | $ | 3,610 | $ | 49,946 | |||||||||
Collectively evaluated for impairment | 2,683,110 | 1,413,462 | 7,607 | 831,798 | 4,935,977 | ||||||||||||||
Total originated loans and leases | 2,694,261 | 1,448,647 | 7,607 | 835,408 | 4,985,923 | ||||||||||||||
Acquired: | |||||||||||||||||||
Individually evaluated for impairment | 546 | 3,454 | — | 2,865 | 6,865 | ||||||||||||||
Collectively evaluated for impairment | 51,933 | 11,860 | — | 78,531 | 142,324 | ||||||||||||||
Acquired with deteriorated credit quality | 136,688 | 6,905 | — | 53,595 | 197,188 | ||||||||||||||
Total acquired loans and leases | 189,167 | 22,219 | — | 134,991 | 346,377 | ||||||||||||||
Total loans and leases | $ | 2,883,428 | $ | 1,470,866 | $ | 7,607 | $ | 970,399 | $ | 5,332,300 |
At December 31, 2015 | |||||||||||||||||||
Commercial Real Estate | Commercial | Indirect Automobile | Consumer | Total | |||||||||||||||
(In Thousands) | |||||||||||||||||||
Allowance for Loan and Lease Losses: | |||||||||||||||||||
Originated: | |||||||||||||||||||
Individually evaluated for impairment | $ | 2,167 | $ | 1,202 | $ | — | $ | — | $ | 3,369 | |||||||||
Collectively evaluated for impairment | 26,857 | 20,545 | 269 | 3,947 | 51,618 | ||||||||||||||
Total originated loans and leases | 29,024 | 21,747 | 269 | 3,947 | 54,987 | ||||||||||||||
Acquired: | |||||||||||||||||||
Individually evaluated for impairment | 148 | 112 | — | 9 | 269 | ||||||||||||||
Collectively evaluated for impairment | 333 | 71 | — | 45 | 449 | ||||||||||||||
Acquired with deteriorated credit quality | 646 | 88 | — | 300 | 1,034 | ||||||||||||||
Total acquired loans and leases | 1,127 | 271 | — | 354 | 1,752 | ||||||||||||||
Total allowance for loan and lease losses | $ | 30,151 | $ | 22,018 | $ | 269 | $ | 4,301 | $ | 56,739 | |||||||||
Loans and Leases: | |||||||||||||||||||
Originated: | |||||||||||||||||||
Individually evaluated for impairment | $ | 8,907 | $ | 15,806 | $ | — | $ | 4,471 | $ | 29,184 | |||||||||
Collectively evaluated for impairment | 2,426,248 | 1,333,656 | 13,678 | 770,122 | 4,543,704 | ||||||||||||||
Total originated loans and leases | 2,435,155 | 1,349,462 | 13,678 | 774,593 | 4,572,888 | ||||||||||||||
Acquired: | |||||||||||||||||||
Individually evaluated for impairment | 3,188 | 4,090 | — | 2,606 | 9,884 | ||||||||||||||
Collectively evaluated for impairment | 63,857 | 12,081 | — | 105,146 | 181,084 | ||||||||||||||
Acquired with deteriorated credit quality | 162,194 | 8,663 | — | 60,827 | 231,684 | ||||||||||||||
Total acquired loans and leases | 229,239 | 24,834 | — | 168,579 | 422,652 | ||||||||||||||
Total loans and leases | $ | 2,664,394 | $ | 1,374,296 | $ | 13,678 | $ | 943,172 | $ | 4,995,540 |
At September 30, 2016 | At December 31, 2015 | ||||||
(In Thousands) | |||||||
Troubled debt restructurings: | |||||||
On accrual | $ | 16,303 | $ | 17,953 | |||
On nonaccrual | 15,715 | 4,965 | |||||
Total troubled debt restructurings | $ | 32,018 | $ | 22,918 |
At and for the Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted(1) | |||||||||||||||||||||||||||
Number of Loans/ Leases | At Modification | At End of Period | Allowance for Loan and Lease Losses | Nonaccrual Loans and Leases | Additional Commitment | Number of Loans/ Leases | Recorded Investment | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Originated: | |||||||||||||||||||||||||||||
Commercial | 2 | $ | 812 | $ | 812 | $ | 220 | $ | 473 | $ | — | 1 | $ | 348 | |||||||||||||||
Equipment financing | 1 | 433 | 433 | — | 433 | — | 2 | 353 | |||||||||||||||||||||
Total Originated | 3 | 1,245 | 1,245 | 220 | 906 | — | 3 | 701 | |||||||||||||||||||||
Acquired: | |||||||||||||||||||||||||||||
Home equity | 4 | 323 | 323 | 20 | 146 | — | — | — | |||||||||||||||||||||
Total Acquired | 4 | 323 | 323 | 20 | 146 | — | — | — | |||||||||||||||||||||
Total | 7 | $ | 1,568 | $ | 1,568 | $ | 240 | $ | 1,052 | $ | — | 3 | $ | 701 |
At and for the Three Months Ended September 30, 2015 | |||||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted(1) | |||||||||||||||||||||||||||
Number of Loans/ Leases | At Modification | At End of Period | Allowance for Loan and Lease Losses | Nonaccrual Loans and Leases | Additional Commitment | Number of Loans/ Leases | Recorded Investment | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Originated: | |||||||||||||||||||||||||||||
Commercial | 7 | $ | 5,600 | $ | 5,197 | $ | 119 | $ | 239 | $ | — | — | $ | — | |||||||||||||||
Equipment financing | 4 | 318 | 305 | — | — | — | — | — | |||||||||||||||||||||
Residential mortgage | 1 | 152 | 153 | — | 153 | — | — | — | |||||||||||||||||||||
Home equity | 2 | $ | 273 | $ | 274 | $ | 101 | ||||||||||||||||||||||
Total Originated | 14 | 6,343 | 5,929 | 119 | 493 | — | — | — | |||||||||||||||||||||
Acquired: | |||||||||||||||||||||||||||||
Commercial | 2 | 379 | 372 | — | — | — | 1 | 399 | |||||||||||||||||||||
Home equity | 1 | 175 | 174 | — | — | — | — | ||||||||||||||||||||||
Total Acquired | 3 | 554 | 546 | — | — | — | 1 | 399 | |||||||||||||||||||||
Total | 17 | $ | 6,897 | $ | 6,475 | $ | 119 | $ | 493 | $ | — | 1 | $ | 399 |
At and for the Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | |||||||||||||||||||||||||||
Number of Loans/ Leases | At Modification | At End of Period | Allowance for Loan and Lease Losses | Nonaccrual Loans and Leases | Additional Commitment | Number of Loans/ Leases | Recorded Investment | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Originated: | |||||||||||||||||||||||||||||
Commercial real estate | 2 | $ | 1,155 | $ | 1,127 | $ | — | $ | 1,127 | $ | — | — | $ | — | |||||||||||||||
Commercial | 22 | 9,701 | 9,504 | 3,478 | 9,136 | — | 2 | 376 | |||||||||||||||||||||
Equipment financing | 3 | 797 | 786 | — | 786 | — | 2 | 353 | |||||||||||||||||||||
Total Originated | 27 | 11,653 | 11,417 | 3,478 | 11,049 | — | 4 | 729 | |||||||||||||||||||||
Acquired: | |||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | — | 2 | 696 | |||||||||||||||||||||
Home equity | 5 | 374 | 372 | 20 | 146 | — | — | — | |||||||||||||||||||||
Total Acquired | 5 | 374 | 372 | 20 | 146 | — | 2 | 696 | |||||||||||||||||||||
Total | 32 | $ | 12,027 | $ | 11,789 | $ | 3,498 | $ | 11,195 | $ | — | 6 | $ | 1,425 |
At and for the Nine Months Ended September 30, 2015 | |||||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | |||||||||||||||||||||||||||
Number of Loans/ Leases | At Modification | At End of Period | Allowance for Loan and Lease Losses | Nonaccrual Loans and Leases | Additional Commitment | Number of Loans/ Leases | Recorded Investment | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Originated: | |||||||||||||||||||||||||||||
Commercial | 8 | $ | 5,735 | $ | 5,429 | $ | 119 | $ | 239 | $ | — | — | $ | — | |||||||||||||||
Equipment financing | 5 | 430 | 403 | — | — | — | — | — | |||||||||||||||||||||
Residential mortgage | 1 | 152 | 153 | — | 153 | — | — | — | |||||||||||||||||||||
Home Equity | 2 | 273 | 274 | 101 | |||||||||||||||||||||||||
Total Originated | 16 | 6,590 | 6,259 | 119 | 493 | — | — | — | |||||||||||||||||||||
Acquired: | |||||||||||||||||||||||||||||
Commercial | 4 | 642 | 634 | — | 12 | — | 1 | 399 | |||||||||||||||||||||
Home Equity | 2 | 200 | 197 | — | 23 | — | — | — | |||||||||||||||||||||
Total Acquired | 6 | 842 | 831 | — | 35 | — | 1 | 399 | |||||||||||||||||||||
Total | 22 | $ | 7,432 | $ | 7,090 | $ | 119 | $ | 528 | $ | — | 1 | $ | 399 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In Thousands) | |||||||||||||||
Loans with one modification: | |||||||||||||||
Extended maturity | $ | 528 | $ | 1,632 | $ | 604 | $ | 2,137 | |||||||
Adjusted principal | — | — | 410 | — | |||||||||||
Interest only | — | 1,335 | 2,346 | 1,335 | |||||||||||
Combination maturity, principal, interest rate | 1,040 | 906 | 8,201 | 1,004 | |||||||||||
Total loans with one modification | 1,568 | 3,873 | 11,561 | 4,476 | |||||||||||
Loans with more than one modification: | |||||||||||||||
Extended maturity | — | 2,602 | 228 | 2,603 | |||||||||||
Combination maturity, principal, interest rate | — | — | — | 11 | |||||||||||
Total loans with more than one modification | — | 2,602 | 228 | 2,614 | |||||||||||
Total loans with modifications | $ | 1,568 | $ | 6,475 | $ | 11,789 | $ | 7,090 |
At September 30, 2016 | At December 31, 2015 | ||||||
(In Thousands) | |||||||
Goodwill | $ | 137,890 | $ | 137,890 | |||
Other intangible assets: | |||||||
Core deposits | 7,665 | 9,544 | |||||
Trade name | 1,089 | 1,089 | |||||
Total other intangible assets | 8,754 | 10,633 | |||||
Total goodwill and other intangible assets | $ | 146,644 | $ | 148,523 |
Remainder of 2016 | $ | 621 | |
Year ending: | |||
2017 | 2,089 | ||
2018 | 1,669 | ||
2019 | 1,295 | ||
2020 | 944 | ||
2021 | 601 | ||
Thereafter | 446 | ||
Total | $ | 7,665 |
Three Months Ended September 30, 2016 | |||||||||||
Investment Securities Available-for-Sale | Postretirement Benefits | Accumulated Other Comprehensive Income (Loss) | |||||||||
(In Thousands) | |||||||||||
Balance at June 30, 2016 | $ | 5,618 | $ | 351 | $ | 5,969 | |||||
Other comprehensive loss | (1,073 | ) | — | (1,073 | ) | ||||||
Balance at September 30, 2016 | $ | 4,545 | $ | 351 | $ | 4,896 |
Three Months Ended September 30, 2015 | |||||||||||
Investment Securities Available-for-Sale | Postretirement Benefits | Accumulated Other Comprehensive Income (Loss) | |||||||||
(In Thousands) | |||||||||||
Balance at June 30, 2015 | $ | (1,886 | ) | $ | 111 | $ | (1,775 | ) | |||
Other comprehensive income | 2,966 | — | 2,966 | ||||||||
Balance at September 30, 2015 | $ | 1,080 | $ | 111 | $ | 1,191 |
Nine Months Ended September 30, 2016 | |||||||||||
Investment Securities Available-for-Sale | Postretirement Benefits | Accumulated Other Comprehensive Income (Loss) | |||||||||
(In Thousands) | |||||||||||
Balance at December 31, 2015 | $ | (2,827 | ) | $ | 351 | $ | (2,476 | ) | |||
Other comprehensive income | 7,372 | — | 7,372 | ||||||||
Balance at September 30, 2016 | $ | 4,545 | $ | 351 | $ | 4,896 |
Nine Months Ended September 30, 2015 | |||||||||||
Investment Securities Available-for-Sale | Postretirement Benefits | Accumulated Other Comprehensive Income (Loss) | |||||||||
(In Thousands) | |||||||||||
Balance at December 31, 2014 | $ | (1,733 | ) | $ | 111 | $ | (1,622 | ) | |||
Other comprehensive income | 2,813 | — | 2,813 | ||||||||
Balance at September 30, 2015 | $ | 1,080 | $ | 111 | $ | 1,191 |
At September 30, 2016 | At December 31, 2015 | ||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | ||||||||||||
(In Thousands) | |||||||||||||||
Total derivatives (interest-rate products) not designated as hedging instruments | $ | 24,790 | $ | 24,790 | $ | 8,656 | $ | 8,781 |
At September 30, 2016 | |||||||||||||||||||||||
Gross Amounts of Recognized | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets Presented in the Statement of Financial Position | Gross Amounts Not Offset in the Statement of Financial Position | Net Amount | |||||||||||||||||||
Financial Instruments Pledged | Cash Collateral Pledged | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Asset Derivatives | $ | 24,790 | $ | — | $ | 24,790 | $ | — | $ | — | $ | 24,790 | |||||||||||
Liability Derivatives | $ | 24,790 | $ | — | $ | 24,790 | $ | 36,629 | $ | 720 | $ | — |
At December 31, 2015 | |||||||||||||||||||||||
Gross Amounts of Recognized | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets Presented in the Statement of Financial Position | Gross Amounts Not Offset in the Statement of Financial Position | Net Amount | |||||||||||||||||||
Financial Instruments Pledged | Cash Collateral Pledged | ||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Asset Derivatives | $ | 8,656 | $ | — | $ | 8,656 | $ | — | $ | — | $ | 8,656 | |||||||||||
Liability Derivatives | $ | 8,781 | $ | — | $ | 8,781 | $ | 9,873 | $ | 4,790 | $ | — |
Three Months Ended | |||||||||||||||
September 30, 2016 | September 30, 2015 | ||||||||||||||
Basic | Fully Diluted | Basic | Fully Diluted | ||||||||||||
(In Thousands Except Share Data) | |||||||||||||||
Numerator: | |||||||||||||||
Net income | $ | 13,617 | $ | 13,617 | $ | 12,888 | $ | 12,888 | |||||||
Denominator: | |||||||||||||||
Weighted average shares outstanding | 70,299,722 | 70,299,722 | 70,129,056 | 70,129,056 | |||||||||||
Effect of dilutive securities | — | 151,038 | — | 110,964 | |||||||||||
Adjusted weighted average shares outstanding | 70,299,722 | 70,450,760 | 70,129,056 | 70,240,020 | |||||||||||
EPS | $ | 0.19 | $ | 0.19 | $ | 0.18 | $ | 0.18 |
Nine Months Ended | |||||||||||||||
September 30, 2016 | September 30, 2015 | ||||||||||||||
Basic | Fully Diluted | Basic | Fully Diluted | ||||||||||||
(In Thousands Except Share Data) | |||||||||||||||
Numerator: | |||||||||||||||
Net income | $ | 39,083 | $ | 39,083 | $ | 36,456 | $ | 36,456 | |||||||
Denominator: | |||||||||||||||
Weighted average shares outstanding | 70,228,127 | 70,228,127 | 70,071,999 | 70,071,999 | |||||||||||
Effect of dilutive securities | — | 166,338 | — | 135,984 | |||||||||||
Adjusted weighted average shares outstanding | 70,228,127 | 70,394,465 | 70,071,999 | 70,207,983 | |||||||||||
EPS | $ | 0.56 | $ | 0.56 | $ | 0.52 | $ | 0.52 |
Carrying Value at September 30, 2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In Thousands) | |||||||||||||||
Assets: | |||||||||||||||
Investment securities available-for-sale: | |||||||||||||||
Debt securities: | |||||||||||||||
GSEs debentures | $ | — | $ | 66,339 | $ | — | $ | 66,339 | |||||||
GSE CMOs | — | 172,805 | — | 172,805 | |||||||||||
GSE MBSs | — | 233,423 | — | 233,423 | |||||||||||
SBA commercial loan asset-backed securities | — | 111 | — | 111 | |||||||||||
Corporate debt obligations | — | 49,304 | — | 49,304 | |||||||||||
Trust preferred securities | — | 1,313 | — | 1,313 | |||||||||||
Total debt securities | — | 523,295 | — | 523,295 | |||||||||||
Marketable equity securities | 1,000 | — | — | 1,000 | |||||||||||
Total investment securities available-for-sale | $ | 1,000 | $ | 523,295 | $ | — | $ | 524,295 | |||||||
Interest-rate swaps | $ | — | $ | 24,790 | $ | — | $ | 24,790 | |||||||
Liabilities: | |||||||||||||||
Interest-rate swaps | $ | — | $ | 24,790 | $ | — | $ | 24,790 |
Carrying Value at December 31, 2015 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In Thousands) | |||||||||||||||
Assets: | |||||||||||||||
Investment securities available-for-sale: | |||||||||||||||
Debt securities: | |||||||||||||||
GSEs debentures | $ | — | $ | 40,627 | $ | — | $ | 40,627 | |||||||
GSE CMOs | — | 193,816 | — | 193,816 | |||||||||||
GSE MBSs | — | 229,881 | — | 229,881 | |||||||||||
SBA commercial loan asset-backed securities | — | 147 | — | 147 | |||||||||||
Corporate debt obligations | — | 46,486 | — | 46,486 | |||||||||||
Trust preferred securities | — | 1,267 | — | 1,267 | |||||||||||
Total debt securities | — | 512,224 | — | 512,224 | |||||||||||
Marketable equity securities | 977 | — | — | 977 | |||||||||||
Total investment securities available-for-sale | $ | 977 | $ | 512,224 | $ | — | $ | 513,201 | |||||||
Interest-rate swaps | $ | — | $ | 8,656 | $ | — | $ | 8,656 | |||||||
Liabilities: | |||||||||||||||
Interest-rate swaps | $ | — | $ | 8,781 | $ | — | $ | 8,781 |
Carrying Value at September 30, 2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In Thousands) | |||||||||||||||
Assets measured at fair value on a non-recurring basis: | |||||||||||||||
Collateral-dependent impaired loans and leases | $ | — | $ | — | $ | 33,414 | $ | 33,414 | |||||||
OREO | — | — | 367 | 367 | |||||||||||
Repossessed assets | — | 785 | — | 785 | |||||||||||
Total assets measured at fair value on a non-recurring basis | $ | — | $ | 785 | $ | 33,781 | $ | 34,566 |
Carrying Value at December 31, 2015 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(In Thousands) | |||||||||||||||
Assets measured at fair value on a non-recurring basis: | |||||||||||||||
Collateral-dependent impaired loans and leases | $ | — | $ | — | $ | 12,137 | $ | 12,137 | |||||||
OREO | — | — | 729 | 729 | |||||||||||
Repossessed assets | — | 614 | — | 614 | |||||||||||
Total assets measured at fair value on a non-recurring basis | $ | — | $ | 614 | $ | 12,866 | $ | 13,480 |
Fair Value | Valuation Technique | ||||||||
At September 30, 2016 | At December 31, 2015 | ||||||||
(Dollars in Thousands) | |||||||||
Collateral-dependent impaired loans and leases | $ | 33,414 | $ | 12,137 | Appraisal of collateral (1) | ||||
Other real estate owned | $ | 367 | $ | 729 | Appraisal of collateral (1) |
Fair Value Measurements | |||||||||||||||||||
Carrying Value | Estimated Fair Value | Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | |||||||||||||||
(In Thousands) | |||||||||||||||||||
At September 30, 2016 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||
GSEs debentures | $ | 14,734 | $ | 14,705 | $ | — | $ | 14,705 | $ | — | |||||||||
GSE MBSs | 18,710 | 18,752 | — | 18,752 | — | ||||||||||||||
Municipal obligations | 43,150 | 44,131 | — | 44,131 | — | ||||||||||||||
Foreign government obligations | 500 | 491 | — | — | 491 | ||||||||||||||
Loans held-for-sale | 21,109 | 21,109 | — | 21,109 | — | ||||||||||||||
Loans and leases, net | 5,273,408 | 5,206,031 | — | — | 5,206,031 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Certificates of deposit | 1,106,046 | 1,115,664 | — | 1,115,664 | — | ||||||||||||||
Borrowed funds | 1,022,653 | 1,027,986 | — | 1,027,986 | — | ||||||||||||||
At December 31, 2015 | |||||||||||||||||||
Financial assets: | |||||||||||||||||||
Investment securities held-to-maturity: | |||||||||||||||||||
GSE debentures | $ | 34,915 | $ | 34,819 | $ | — | $ | 34,819 | $ | — | |||||||||
GSE MBSs | 19,291 | 18,986 | — | 18,986 | — | ||||||||||||||
Municipal obligations | 39,051 | 39,390 | — | 39,390 | — | ||||||||||||||
Foreign government obligations | 500 | 500 | — | — | 500 | ||||||||||||||
Loans held-for-sale | 13,383 | 13,383 | — | 13,383 | — | ||||||||||||||
Loans and leases, net | 4,938,801 | 4,857,060 | — | — | 4,857,060 | ||||||||||||||
Financial liabilities: | |||||||||||||||||||
Certificates of deposit | 1,087,872 | 1,091,906 | — | 1,091,906 | — | ||||||||||||||
Borrowed funds | 983,029 | 981,349 | — | 981,349 | — |
At September 30, 2016 | At December 31, 2015 | ||||||
(In Thousands) | |||||||
Financial instruments whose contract amounts represent credit risk: | |||||||
Commitments to originate loans and leases: | |||||||
Commercial real estate | $ | 68,304 | $ | 36,000 | |||
Commercial | 74,655 | 78,017 | |||||
Residential mortgage | 5,019 | 19,430 | |||||
Unadvanced portion of loans and leases | 585,295 | 648,291 | |||||
Unused lines of credit: | |||||||
Home equity | 328,116 | 280,786 | |||||
Other consumer | 14,476 | 12,383 | |||||
Other commercial | 188 | 529 | |||||
Unused letters of credit: | |||||||
Financial standby letters of credit | 10,978 | 12,389 | |||||
Performance standby letters of credit | 472 | 392 | |||||
Commercial and similar letters of credit | 1,717 | 821 | |||||
Back-to-back interest-rate swaps (Notional principal amounts) | 747,233 | 490,632 |
Minimum Rental Payments | |||
(In Thousands) | |||
Remainder of 2016 | $ | 1,283 | |
Year ending: | |||
2017 | 4,919 | ||
2018 | 4,563 | ||
2019 | 3,712 | ||
2020 | 3,155 | ||
2021 | 2,646 | ||
Thereafter | 11,993 | ||
Total | $ | 32,271 |
At and for the Three Months Ended | |||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | |||||||||||||||
(Dollars in Thousands, Except Per Share Data) | |||||||||||||||||||
PER COMMON SHARE DATA | |||||||||||||||||||
Earnings per share — Basic | $ | 0.19 | $ | 0.18 | $ | 0.18 | $ | 0.19 | $ | 0.18 | |||||||||
Book value per share (end of period) | 9.90 | 9.82 | 9.69 | 9.51 | 9.45 | ||||||||||||||
Tangible book value per share (end of period) (1) | 7.81 | 7.73 | 7.59 | 7.39 | 7.33 | ||||||||||||||
Dividends paid per common share | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | ||||||||||||||
Stock price (end of period) | 12.19 | 11.03 | 11.01 | 11.50 | 10.14 | ||||||||||||||
PERFORMANCE RATIOS (2) | |||||||||||||||||||
Net interest margin (taxable equivalent basis) | 3.48 | % | 3.44 | % | 3.45 | % | 3.54 | % | 3.54 | % | |||||||||
Return on average assets | 0.86 | % | 0.81 | % | 0.84 | % | 0.89 | % | 0.89 | % | |||||||||
Return on average tangible assets (1) | 0.88 | % | 0.83 | % | 0.86 | % | 0.92 | % | 0.91 | % | |||||||||
Return on average stockholders’ equity | 7.83 | % | 7.38 | % | 7.57 | % | 7.99 | % | 7.81 | % | |||||||||
Return on average tangible stockholders' equity (1) | 9.94 | % | 9.40 | % | 9.69 | % | 10.28 | % | 10.11 | % | |||||||||
Dividend payout ratio (1) | 46.60 | % | 50.07 | % | 49.45 | % | 47.54 | % | 49.13 | % | |||||||||
Efficiency ratio (3) | 57.89 | % | 57.97 | % | 57.57 | % | 57.59 | % | 58.59 | % | |||||||||
ASSET QUALITY RATIOS | |||||||||||||||||||
Net loan and lease charge-offs as a percentage of average loans and leases (annualized) | 0.04 | % | 0.31 | % | 0.03 | % | 0.11 | % | 0.13 | % | |||||||||
Nonperforming loans and leases as a percentage of total loans and leases | 0.70 | % | 0.63 | % | 0.62 | % | 0.39 | % | 0.41 | % | |||||||||
Nonperforming assets as a percentage of total assets | 0.61 | % | 0.54 | % | 0.53 | % | 0.34 | % | 0.36 | % | |||||||||
Allowance for loan and lease losses as a percentage of total loans and leases | 1.10 | % | 1.09 | % | 1.14 | % | 1.14 | % | 1.17 | % | |||||||||
Allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases (1) | 1.15 | % | 1.13 | % | 1.20 | % | 1.20 | % | 1.25 | % | |||||||||
CAPITAL RATIOS | |||||||||||||||||||
Stockholders’ equity to total assets | 10.91 | % | 10.95 | % | 11.01 | % | 11.05 | % | 11.36 | % | |||||||||
Tangible equity ratio (1) | 8.82 | % | 8.82 | % | 8.83 | % | 8.81 | % | 9.04 | % | |||||||||
FINANCIAL CONDITION DATA | |||||||||||||||||||
Total assets | $ | 6,380,312 | $ | 6,296,502 | $ | 6,181,030 | $ | 6,042,338 | $ | 5,839,529 | |||||||||
Total loans and leases | 5,332,300 | 5,259,038 | 5,130,445 | 4,995,540 | 4,829,152 | ||||||||||||||
Allowance for loan and lease losses | 58,892 | 57,258 | 58,606 | 56,739 | 56,472 | ||||||||||||||
Goodwill and identified intangible assets | 146,644 | 147,267 | 147,888 | 148,523 | 149,247 | ||||||||||||||
Total deposits | 4,564,906 | 4,485,154 | 4,393,456 | 4,306,018 | 4,144,577 | ||||||||||||||
Total borrowed funds | 1,022,653 | 1,028,439 | 1,028,309 | 983,029 | 960,220 | ||||||||||||||
Stockholders’ equity | 696,371 | 689,656 | 680,417 | 667,485 | 663,468 | ||||||||||||||
EARNINGS DATA | |||||||||||||||||||
Net interest income | $ | 52,350 | $ | 50,257 | $ | 49,203 | $ | 50,078 | $ | 48,587 | |||||||||
Provision for credit losses | 2,215 | 2,545 | 2,378 | 1,520 | 1,755 | ||||||||||||||
Non-interest income | 5,329 | 5,375 | 6,469 | 6,063 | 4,784 | ||||||||||||||
Non-interest expense | 33,388 | 32,250 | 32,053 | 32,329 | 31,270 | ||||||||||||||
Net income | 13,617 | 12,654 | 12,812 | 13,327 | 12,888 |
(1) | Refer to "Non-GAAP Financial Measures and Reconciliations to GAAP". |
(2) | All performance ratios are annualized and are based on average balance sheet amounts, where applicable. |
(3) | Efficiency ratio is calculated by dividing non-interest expense by the sum of non-interest income and net interest income. |
Three Months Ended | |||||||||||||||||||
September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||
Net income, as reported | $ | 13,617 | $ | 12,654 | $ | 12,812 | $ | 13,327 | $ | 12,888 | |||||||||
Average total assets | $ | 6,360,097 | $ | 6,237,463 | $ | 6,092,858 | $ | 5,957,191 | $ | 5,790,469 | |||||||||
Less: Average goodwill and average identified intangible assets, net | 146,997 | 147,619 | 148,248 | 148,930 | 149,669 | ||||||||||||||
Average tangible assets | $ | 6,213,100 | $ | 6,089,844 | $ | 5,944,610 | $ | 5,808,261 | $ | 5,640,800 | |||||||||
Return on average tangible assets (annualized) | 0.88 | % | 0.83 | % | 0.86 | % | 0.92 | % | 0.91 | % | |||||||||
Average total stockholders’ equity | $ | 695,205 | $ | 685,996 | $ | 677,101 | $ | 667,471 | $ | 659,761 | |||||||||
Less: Average goodwill and average identified intangible assets, net | 146,997 | 147,619 | 148,248 | 148,930 | 149,669 | ||||||||||||||
Average tangible stockholders’ equity | $ | 548,208 | $ | 538,377 | $ | 528,853 | $ | 518,541 | $ | 510,092 | |||||||||
Return on average tangible stockholders’ equity (annualized) | 9.94 | % | 9.40 | % | 9.69 | % | 10.28 | % | 10.11 | % |
Three Months Ended | |||||||||||||||||||
September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||
Total stockholders’ equity | $ | 696,371 | $ | 689,656 | $ | 680,417 | $ | 667,485 | $ | 663,468 | |||||||||
Less: Goodwill and identified intangible assets, net | 146,644 | 147,267 | 147,888 | 148,523 | 149,247 | ||||||||||||||
Tangible stockholders’ equity | $ | 549,727 | $ | 542,389 | $ | 532,529 | $ | 518,962 | $ | 514,221 | |||||||||
Total assets | $ | 6,380,312 | $ | 6,296,502 | $ | 6,181,030 | $ | 6,042,338 | $ | 5,839,529 | |||||||||
Less: Goodwill and identified intangible assets, net | 146,644 | 147,267 | 147,888 | 148,523 | 149,247 | ||||||||||||||
Tangible assets | $ | 6,233,668 | $ | 6,149,235 | $ | 6,033,142 | $ | 5,893,815 | $ | 5,690,282 | |||||||||
Tangible equity ratio | 8.82 | % | 8.82 | % | 8.83 | % | 8.81 | % | 9.04 | % |
Three Months Ended | |||||||||||||||||||
September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | |||||||||||||||
(Dollars In Thousands, Except Share Data) | |||||||||||||||||||
Tangible stockholders’ equity | $ | 549,727 | $ | 542,389 | $ | 532,529 | $ | 518,962 | $ | 514,221 | |||||||||
Common shares issued | 75,744,445 | 75,744,445 | 75,744,445 | 75,744,445 | 75,744,445 | ||||||||||||||
Less: Common shares classified as treasury shares | 4,734,512 | 4,862,193 | 4,861,554 | 4,861,554 | 4,861,085 | ||||||||||||||
Less: Unallocated ESOP shares | 185,787 | 194,880 | 203,973 | 213,066 | 222,645 | ||||||||||||||
Less: Unvested restricted shares | 476,938 | 484,066 | 486,035 | 486,035 | 486,999 | ||||||||||||||
Common shares outstanding | 70,347,208 | 70,203,306 | 70,192,883 | 70,183,790 | 70,173,716 | ||||||||||||||
Tangible book value per share | $ | 7.81 | $ | 7.73 | $ | 7.59 | $ | 7.39 | $ | 7.33 |
Three Months Ended | |||||||||||||||||||
September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||
Dividends paid | $ | 6,346 | $ | 6,336 | $ | 6,336 | $ | 6,335 | $ | 6,332 | |||||||||
Net income, as reported | $ | 13,617 | $ | 12,654 | $ | 12,812 | $ | 13,327 | $ | 12,888 | |||||||||
Dividend payout ratio | 46.60 | % | 50.07 | % | 49.45 | % | 47.54 | % | 49.13 | % |
Three Months Ended | |||||||||||||||||||
September 30, 2016 | June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||
Allowance for loan and lease losses | $ | 58,892 | $ | 57,258 | $ | 58,606 | $ | 56,739 | $ | 56,472 | |||||||||
Less: Allowance for acquired loan and lease losses | 1,640 | 2,178 | 1,938 | 1,752 | 2,048 | ||||||||||||||
Allowance for originated loan and lease losses | $ | 57,252 | $ | 55,080 | $ | 56,668 | $ | 54,987 | $ | 54,424 | |||||||||
Total loans and leases | $ | 5,332,300 | $ | 5,259,038 | $ | 5,130,445 | $ | 4,995,540 | $ | 4,829,152 | |||||||||
Less: Total acquired loans and leases | 346,377 | 371,986 | 395,782 | 422,652 | 457,922 | ||||||||||||||
Total originated loans and leases | $ | 4,985,923 | $ | 4,887,052 | $ | 4,734,663 | $ | 4,572,888 | $ | 4,371,230 | |||||||||
Allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases | 1.15 | % | 1.13 | % | 1.20 | % | 1.20 | % | 1.25 | % |
At September 30, 2016 | At December 31, 2015 | ||||||||||||
Balance | Percent of Total | Balance | Percent of Total | ||||||||||
(Dollars in Thousands) | |||||||||||||
Commercial real estate loans: | |||||||||||||
Commercial real estate mortgage | $ | 2,038,477 | 38.3 | % | $ | 1,875,592 | 37.5 | % | |||||
Multi-family mortgage | 703,743 | 13.2 | % | 658,480 | 13.2 | % | |||||||
Construction | 141,208 | 2.6 | % | 130,322 | 2.6 | % | |||||||
Total commercial real estate loans | 2,883,428 | 54.1 | % | 2,664,394 | 53.3 | % | |||||||
Commercial loans and leases: | |||||||||||||
Commercial | 652,316 | 12.2 | % | 592,531 | 11.9 | % | |||||||
Equipment financing | 764,647 | 14.4 | % | 721,890 | 14.5 | % | |||||||
Condominium association | 53,903 | 1.0 | % | 59,875 | 1.2 | % | |||||||
Total commercial loans and leases | 1,470,866 | 27.6 | % | 1,374,296 | 27.6 | % | |||||||
Indirect automobile | 7,607 | 0.1 | % | 13,678 | 0.3 | % | |||||||
Consumer loans: | |||||||||||||
Residential mortgage | 617,065 | 11.6 | % | 616,449 | 12.3 | % | |||||||
Home equity | 340,954 | 6.4 | % | 314,553 | 6.3 | % | |||||||
Other consumer | 12,380 | 0.2 | % | 12,170 | 0.2 | % | |||||||
Total consumer loans | 970,399 | 18.2 | % | 943,172 | 18.8 | % | |||||||
Total loans and leases | 5,332,300 | 100.0 | % | 4,995,540 | 100.0 | % | |||||||
Allowance for loan and lease losses | (58,892 | ) | (56,739 | ) | |||||||||
Net loans and leases | $ | 5,273,408 | $ | 4,938,801 |
At September 30, 2016 | At December 31, 2015 | Dollar Change | Percent Change (Annualized) | |||||||||||
(Dollars in Thousands) | ||||||||||||||
Commercial real estate | $ | 2,883,428 | $ | 2,664,394 | $ | 219,034 | 11.0 | % | ||||||
Commercial | 1,470,866 | 1,374,296 | 96,570 | 9.4 | % | |||||||||
Indirect automobile | 7,607 | 13,678 | (6,071 | ) | -59.2 | % | ||||||||
Consumer | 970,399 | 943,172 | 27,227 | 3.8 | % | |||||||||
Total loans and leases | $ | 5,332,300 | $ | 4,995,540 | $ | 336,760 | 9.0 | % |
At September 30, 2016 | At December 31, 2015 | ||||||
(Dollars in Thousands) | |||||||
Nonaccrual loans and leases: | |||||||
Commercial real estate mortgage | $ | 1,688 | $ | 5,482 | |||
Multi-family mortgage | 1,418 | 291 | |||||
Commercial | 24,051 | 6,264 | |||||
Equipment financing | 6,652 | 2,610 | |||||
Indirect automobile | 179 | 675 | |||||
Residential mortgage | 1,749 | 2,225 | |||||
Home equity | 1,780 | 1,757 | |||||
Other consumer | 35 | 29 | |||||
Total nonaccrual loans and leases | 37,552 | 19,333 | |||||
OREO | 367 | 729 | |||||
Other repossessed assets | 785 | 614 | |||||
Total nonperforming assets | $ | 38,704 | $ | 20,676 | |||
Loans and leases past due greater than 90 days and still accruing | $ | 8,275 | $ | 8,690 | |||
Total nonperforming loans and leases as a percentage of total loans and leases | 0.70 | % | 0.39 | % | |||
Total nonperforming assets as a percentage of total assets | 0.61 | % | 0.34 | % |
At September 30, 2016 | At December 31, 2015 | ||||||
(In Thousands) | |||||||
Troubled debt restructurings: | |||||||
On accrual | $ | 16,303 | $ | 17,953 | |||
On nonaccrual | 15,715 | 4,965 | |||||
Total troubled debt restructurings | $ | 32,018 | $ | 22,918 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In Thousands) | |||||||||||||||
Balance at beginning of period | $ | 31,314 | $ | 20,186 | $ | 22,918 | $ | 20,440 | |||||||
Additions | 1,568 | 6,475 | 11,789 | 7,090 | |||||||||||
Net charge-offs (recoveries) | 28 | — | 110 | (25 | ) | ||||||||||
Repayments | (892 | ) | (2,955 | ) | (2,799 | ) | (3,799 | ) | |||||||
Balance at end of period | $ | 32,018 | $ | 23,706 | $ | 32,018 | $ | 23,706 |
At and for the Three Months Ended September 30, 2016 | |||||||||||||||||||||||
Commercial Real Estate | Commercial | Indirect Automobile | Consumer | Unallocated | Total | ||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||
Balance at June 30, 2016 | $ | 29,861 | $ | 22,916 | $ | 183 | $ | 4,298 | $ | — | $ | 57,258 | |||||||||||
Charge-offs | (50 | ) | (545 | ) | (109 | ) | (135 | ) | — | (839 | ) | ||||||||||||
Recoveries | — | 170 | 102 | 47 | — | 319 | |||||||||||||||||
(Credit) provision for loan and lease losses | (1,755 | ) | 3,923 | (26 | ) | 12 | — | 2,154 | |||||||||||||||
Balance at September 30, 2016 | $ | 28,056 | $ | 26,464 | $ | 150 | $ | 4,222 | $ | — | $ | 58,892 | |||||||||||
Total loans and leases | $ | 2,883,428 | $ | 1,470,866 | $ | 7,607 | $ | 970,399 | N/A | $ | 5,332,300 | ||||||||||||
Allowance for loan and lease losses as a percentage of total loans and leases | 0.97 | % | 1.80 | % | 1.97 | % | 0.44 | % | N/A | 1.10 | % |
At and for the Three Months Ended September 30, 2015 | |||||||||||||||||||||||
Commercial Real Estate | Commercial | Indirect Automobile | Consumer | Unallocated | Total | ||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||
Balance at June 30, 2015 | $ | 29,216 | $ | 20,229 | $ | 381 | $ | 4,012 | $ | 2,560 | $ | 56,398 | |||||||||||
Charge-offs | — | (1,388 | ) | (296 | ) | (247 | ) | — | (1,931 | ) | |||||||||||||
Recoveries | — | 112 | 179 | 41 | — | 332 | |||||||||||||||||
Provision (credit) for loan and lease losses | 1,845 | 2,009 | 57 | 322 | (2,560 | ) | 1,673 | ||||||||||||||||
Balance at September 30, 2015 | $ | 31,061 | $ | 20,962 | $ | 321 | $ | 4,128 | $ | — | $ | 56,472 | |||||||||||
Total loans and leases | $ | 2,563,371 | $ | 1,322,604 | $ | 16,294 | $ | 926,883 | N/A | $ | 4,829,152 | ||||||||||||
Allowance for loan and lease losses as a percentage of total loans and leases | 1.21 | % | 1.58 | % | 1.97 | % | 0.45 | % | N/A | 1.17 | % |
At and for the Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
Commercial Real Estate | Commercial | Indirect Automobile | Consumer | Unallocated | Total | ||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||
Balance at December 31, 2015 | $ | 30,151 | $ | 22,018 | $ | 269 | $ | 4,301 | $ | — | $ | 56,739 | |||||||||||
Charge-offs | (1,534 | ) | (3,250 | ) | (472 | ) | (782 | ) | — | (6,038 | ) | ||||||||||||
Recoveries | — | 495 | 467 | 138 | — | 1,100 | |||||||||||||||||
(Credit) provision for loan and lease losses | (561 | ) | 7,201 | (114 | ) | 565 | — | 7,091 | |||||||||||||||
Balance at September 30, 2016 | $ | 28,056 | $ | 26,464 | $ | 150 | $ | 4,222 | $ | — | $ | 58,892 | |||||||||||
Total loans and leases | $ | 2,883,428 | $ | 1,470,866 | $ | 7,607 | $ | 970,399 | N/A | $ | 5,332,300 | ||||||||||||
Allowance for loan and lease losses as a percentage of total loans and leases | 0.97 | % | 1.80 | % | 1.97 | % | 0.44 | % | N/A | 1.10 | % |
At and for the Nine Months Ended September 30, 2015 | |||||||||||||||||||||||
Commercial Real Estate | Commercial | Indirect Automobile | Consumer | Unallocated | Total | ||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||
Balance at December 31, 2014 | $ | 29,594 | $ | 15,957 | $ | 2,331 | $ | 3,359 | $ | 2,418 | $ | 53,659 | |||||||||||
Charge-offs | (550 | ) | (2,083 | ) | (1,513 | ) | (479 | ) | — | (4,625 | ) | ||||||||||||
Recoveries | — | 418 | 1,170 | 83 | — | 1,671 | |||||||||||||||||
Provision (credit) for loan and lease losses | 2,017 | 6,670 | (1,667 | ) | 1,165 | (2,418 | ) | 5,767 | |||||||||||||||
Balance at September 30, 2015 | $ | 31,061 | $ | 20,962 | $ | 321 | $ | 4,128 | $ | — | $ | 56,472 | |||||||||||
Total loans and leases | $ | 2,563,371 | $ | 1,322,604 | $ | 16,294 | $ | 926,883 | N/A | $ | 4,829,152 | ||||||||||||
Allowance for loan and lease losses as a percentage of total loans and leases | 1.21 | % | 1.58 | % | 1.97 | % | 0.45 | % | N/A | 1.17 | % |
At September 30, 2016 | At December 31, 2015 | ||||||||||||||||||
Amount | Percent of Allowance to Total Allowance | Percent of Loans to Total Loans | Amount | Percent of Allowance to Total Allowance | Percent of Loans to Total Loans | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||
Commercial real estate loans: | |||||||||||||||||||
Commercial real estate | $ | 18,791 | 31.9 | % | 38.3 | % | $ | 21,100 | 37.3 | % | 37.5 | % | |||||||
Multi-family | 6,389 | 10.8 | % | 13.2 | % | 6,376 | 11.2 | % | 13.2 | % | |||||||||
Construction | 2,876 | 4.9 | % | 2.6 | % | 2,675 | 4.7 | % | 2.6 | % | |||||||||
Total commercial real estate loans | 28,056 | 47.6 | % | 54.1 | % | 30,151 | 53.2 | % | 53.3 | % | |||||||||
Commercial loans and leases: | |||||||||||||||||||
Commercial | 16,195 | 27.6 | % | 12.2 | % | 12,745 | 22.5 | % | 11.9 | % | |||||||||
Equipment financing | 9,852 | 16.7 | % | 14.4 | % | 8,809 | 15.5 | % | 14.5 | % | |||||||||
Condominium association | 417 | 0.7 | % | 1.0 | % | 464 | 0.8 | % | 1.2 | % | |||||||||
Total commercial loans and leases | 26,464 | 45.0 | % | 27.6 | % | 22,018 | 38.8 | % | 27.6 | % | |||||||||
Indirect automobile | 150 | 0.3 | % | 0.1 | % | 269 | 0.5 | % | 0.3 | % | |||||||||
Consumer loans: | |||||||||||||||||||
Residential mortgage | 1,909 | 3.2 | % | 11.6 | % | 2,069 | 3.6 | % | 12.3 | % | |||||||||
Home equity | 2,266 | 3.8 | % | 6.4 | % | 2,149 | 3.8 | % | 6.3 | % | |||||||||
Other consumer | 47 | 0.1 | % | 0.2 | % | 83 | 0.1 | % | 0.2 | % | |||||||||
Total consumer loans | 4,222 | 7.1 | % | 18.2 | % | 4,301 | 7.5 | % | 18.8 | % | |||||||||
Total | $ | 58,892 | 100.0 | % | 100.0 | % | $ | 56,739 | 100.0 | % | 100.0 | % |
At September 30, 2016 | At December 31, 2015 | ||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||
(In Thousands) | |||||||||||||||
Investment securities available-for-sale: | |||||||||||||||
Debt securities: | |||||||||||||||
GSEs | $ | 64,713 | $ | 66,339 | $ | 40,658 | $ | 40,627 | |||||||
GSE CMOs | 172,606 | 172,805 | 198,000 | 193,816 | |||||||||||
GSE MBSs | 229,040 | 233,423 | 230,213 | 229,881 | |||||||||||
SBA commercial loan asset-backed securities | 112 | 111 | 148 | 147 | |||||||||||
Corporate debt obligations | 48,306 | 49,304 | 46,160 | 46,486 | |||||||||||
Trust preferred securities | 1,468 | 1,313 | 1,466 | 1,267 | |||||||||||
Total debt securities | 516,245 | 523,295 | 516,645 | 512,224 | |||||||||||
Marketable equity securities | 964 | 1,000 | 956 | 977 | |||||||||||
Total investment securities available-for-sale | $ | 517,209 | $ | 524,295 | $ | 517,601 | $ | 513,201 | |||||||
Investment securities held-to-maturity: | |||||||||||||||
GSEs | $ | 14,734 | $ | 14,705 | $ | 34,915 | $ | 34,819 | |||||||
GSE MBSs | 18,710 | 18,752 | 19,291 | 18,986 | |||||||||||
Municipal obligations | 43,150 | 44,131 | 39,051 | 39,390 | |||||||||||
Foreign government obligations | 500 | 491 | 500 | 500 | |||||||||||
Total investment securities held-to-maturity | $ | 77,094 | $ | 78,079 | $ | 93,757 | $ | 93,695 |
At September 30, 2016 | At December 31, 2015 | ||||||||||||||||||
Amount | Percent of Total | Weighted Average Rate | Amount | Percent of Total | Weighted Average Rate | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||
Non-interest-bearing accounts | $ | 889,278 | 19.5 | % | — | % | $ | 799,117 | 18.6 | % | — | % | |||||||
NOW accounts | 298,629 | 6.5 | % | 0.07 | % | 283,972 | 6.6 | % | 0.07 | % | |||||||||
Savings accounts | 591,156 | 13.0 | % | 0.21 | % | 540,788 | 12.5 | % | 0.25 | % | |||||||||
Money market accounts | 1,679,797 | 36.8 | % | 0.45 | % | 1,594,269 | 37.0 | % | 0.44 | % | |||||||||
Certificate of deposit accounts | 1,106,046 | 24.2 | % | 1.01 | % | 1,087,872 | 25.3 | % | 0.93 | % | |||||||||
Total interest-bearing deposits | 3,675,628 | 80.5 | % | 0.55 | % | 3,506,901 | 81.4 | % | 0.53 | % | |||||||||
Total deposits | $ | 4,564,906 | 100.0 | % | 0.44 | % | $ | 4,306,018 | 100.0 | % | 0.43 | % |
Three Months Ended September 30, | |||||||||||||||||||
2016 | 2015 | ||||||||||||||||||
Average Balance | Percent of Total Average Deposits | Weighted Average Rate | Average Balance | Percent of Total Average Deposits | Weighted Average Rate | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||
Core deposits: | |||||||||||||||||||
Non-interest-bearing demand checking accounts | $ | 863,854 | 19.1 | % | — | % | $ | 793,785 | 19.1 | % | — | % | |||||||
NOW accounts | 295,762 | 6.6 | % | 0.07 | % | 246,163 | 5.9 | % | 0.07 | % | |||||||||
Savings accounts | 566,192 | 12.5 | % | 0.22 | % | 516,877 | 12.5 | % | 0.20 | % | |||||||||
Money market accounts | 1,678,937 | 37.2 | % | 0.45 | % | 1,550,477 | 37.4 | % | 0.43 | % | |||||||||
Total core deposits | 3,404,745 | 75.5 | % | 0.26 | % | 3,107,302 | 74.9 | % | 0.25 | % | |||||||||
Certificate of deposit accounts | 1,112,831 | 24.6 | % | 1.01 | % | 1,043,418 | 25.1 | % | 0.90 | % | |||||||||
Total deposits | $ | 4,517,576 | 100.0 | % | 0.45 | % | $ | 4,150,720 | 100.0 | % | 0.43 | % |
Nine Months Ended September 30, | |||||||||||||||||||
2016 | 2015 | ||||||||||||||||||
Average Balance | Percent of Total Average Deposits | Weighted Average Rate | Average Balance | Percent of Total Average Deposits | Weighted Average Rate | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||
Core deposits: | |||||||||||||||||||
Non-interest-bearing demand checking accounts | $ | 829,659 | 18.7 | % | 0.00 | % | $ | 757,811 | 18.4 | % | 0.00 | % | |||||||
NOW accounts | 289,908 | 6.5 | % | 0.07 | % | 244,253 | 5.9 | % | 0.07 | % | |||||||||
Savings accounts | 561,798 | 12.7 | % | 0.24 | % | 537,606 | 13.0 | % | 0.20 | % | |||||||||
Money market accounts | 1,654,700 | 37.2 | % | 0.45 | % | 1,544,085 | 37.4 | % | 0.45 | % | |||||||||
Total core deposits | 3,336,065 | 75.2 | % | 0.27 | % | 3,083,755 | 74.7 | % | 0.27 | % | |||||||||
Certificate of deposit accounts | 1,107,600 | 24.9 | % | 0.99 | % | 1,042,111 | 25.3 | % | 0.88 | % | |||||||||
Total deposits | $ | 4,443,665 | 100.0 | % | 0.45 | % | $ | 4,125,866 | 100.0 | % | 0.42 | % |
At September 30, 2016 | At December 31, 2015 | ||||||||||||
Amount | Weighted Average Rate | Amount | Weighted Average Rate | ||||||||||
(Dollars in Thousands) | |||||||||||||
Maturity period: | |||||||||||||
Six months or less | $ | 173,139 | 0.86 | % | $ | 135,434 | 0.74 | % | |||||
Over six months through 12 months | 74,487 | 0.95 | % | 135,210 | 1.00 | % | |||||||
Over 12 months | 196,689 | 1.47 | % | 142,057 | 1.44 | % | |||||||
$ | 444,315 | 1.15 | % | $ | 412,701 | 1.07 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(Dollars in Thousands) | |||||||||||||||
Average balance outstanding | $ | 1,050,849 | $ | 916,379 | $ | 1,013,865 | $ | 958,830 | |||||||
Maximum amount outstanding at any month-end during the period | 1,050,118 | 960,220 | 1,050,118 | 1,094,460 | |||||||||||
Balance outstanding at end of period | 1,022,653 | 960,220 | 1,022,653 | 960,220 | |||||||||||
Weighted average interest rate for the period | 1.52 | % | 1.61 | % | 1.55 | % | 1.55 | % | |||||||
Weighted average interest rate at end of period | 1.56 | % | 1.55 | % | 1.56 | % | 1.55 | % |
Carrying Amount at September 30, 2016 | Carrying Amount at December 31, 2015 | ||||||||
Issue Date | Rate | Maturity Date | Next Call Date | ||||||
(Dollars in Thousands) | |||||||||
June 26, 2003 | Variable; 3-month LIBOR + 3.10% | June 26, 2033 | December 26, 2016 | $ | 4,745 | $ | 4,724 | ||
March 17, 2004 | Variable; 3-month LIBOR + 2.79% | March 17, 2034 | December 17, 2016 | 4,618 | 4,588 | ||||
September 15, 2014 | 6.0% Fixed-to-Variable; 3-month LIBOR + 3.315% | September 15, 2029 | September 15, 2024 | 73,680 | 73,624 | ||||
$ | 83,043 | $ | 82,936 |
Interest-Rate Swaps | |||||||
At September 30, 2016 | At December 31, 2015 | ||||||
(Dollars in Thousands) | |||||||
Notional principal amounts | $ | 747,233 | $ | 490,632 | |||
Fixed weighted average interest rate from the Company to counterparty | 4.11 | % | 4.30 | % | |||
Floating weighted average interest rate from counterparty to the Company | 2.53 | % | 2.40 | % | |||
Weighted average remaining term to maturity (in months) | 96 | 100 | |||||
Fair value: | |||||||
Recognized as an asset | $ | 24,790 | $ | 8,656 | |||
Recognized as a liability | $ | 24,790 | $ | 8,781 |
Three Months Ended | |||||||||||||||||||||
September 30, 2016 | September 30, 2015 | ||||||||||||||||||||
Average Balance | Interest (1) | Average Yield/ Cost | Average Balance | Interest (1) | Average Yield/ Cost | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Debt securities | $ | 604,394 | $ | 2,910 | 1.93 | % | $ | 587,804 | $ | 2,904 | 1.98 | % | |||||||||
Marketable and restricted equity securities | 66,981 | 836 | 4.99 | % | 76,530 | 1,111 | 5.81 | % | |||||||||||||
Short-term investments | 36,273 | 47 | 0.51 | % | 36,163 | 17 | 0.19 | % | |||||||||||||
Total investments | 707,648 | 3,793 | 2.14 | % | 700,497 | 4,032 | 2.30 | % | |||||||||||||
Commercial real estate loans (2) | 2,872,733 | 29,470 | 4.10 | % | 2,531,729 | 26,739 | 4.22 | % | |||||||||||||
Commercial loans and leases (2) | 717,265 | 7,130 | 3.90 | % | 636,756 | 6,570 | 4.05 | % | |||||||||||||
Equipment financing (2) | 759,622 | 12,189 | 6.42 | % | 664,010 | 11,300 | 6.81 | % | |||||||||||||
Indirect automobile loans (2) | 8,466 | 103 | 4.83 | % | 17,872 | 182 | 4.05 | % | |||||||||||||
Residential mortgage loans (2) | 620,741 | 5,513 | 3.55 | % | 613,678 | 5,437 | 3.54 | % | |||||||||||||
Other consumer loans (2) | 348,050 | 3,707 | 4.22 | % | 315,402 | 2,707 | 3.40 | % | |||||||||||||
Total loans and leases | 5,326,877 | 58,112 | 4.36 | % | 4,779,447 | 52,935 | 4.43 | % | |||||||||||||
Total interest-earning assets | 6,034,525 | 61,905 | 4.10 | % | 5,479,944 | 56,967 | 4.16 | % | |||||||||||||
Allowance for loan and lease losses | (58,032 | ) | (56,833 | ) | |||||||||||||||||
Non-interest-earning assets | 383,604 | 367,358 | |||||||||||||||||||
Total assets | $ | 6,360,097 | $ | 5,790,469 | |||||||||||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
NOW accounts | $ | 295,762 | 52 | 0.07 | % | $ | 246,163 | 44 | 0.07 | % | |||||||||||
Savings accounts | 566,192 | 318 | 0.22 | % | 516,877 | 257 | 0.20 | % | |||||||||||||
Money market accounts | 1,678,937 | 1,905 | 0.45 | % | 1,550,477 | 1,664 | 0.43 | % | |||||||||||||
Certificates of deposit | 1,112,831 | 2,837 | 1.01 | % | 1,043,418 | 2,361 | 0.90 | % | |||||||||||||
Total interest-bearing deposits (3) | 3,653,722 | 5,112 | 0.56 | % | 3,356,935 | 4,326 | 0.51 | % | |||||||||||||
Advances from the FHLBB | 921,396 | 2,778 | 1.18 | % | 801,379 | 2,495 | 1.22 | % | |||||||||||||
Subordinated debentures and notes | 83,036 | 1,259 | 6.07 | % | 82,866 | 1,251 | 6.04 | % | |||||||||||||
Other borrowed funds | 46,417 | 32 | 0.27 | % | 32,134 | 28 | 0.34 | % | |||||||||||||
Total borrowed funds | 1,050,849 | 4,069 | 1.52 | % | 916,379 | 3,774 | 1.61 | % | |||||||||||||
Total interest-bearing liabilities | 4,704,571 | 9,181 | 0.78 | % | 4,273,314 | 8,100 | 0.75 | % | |||||||||||||
Non-interest-bearing liabilities: | |||||||||||||||||||||
Demand checking accounts | 863,854 | 793,785 | |||||||||||||||||||
Other non-interest-bearing liabilities | 90,025 | 58,414 | |||||||||||||||||||
Total liabilities | 5,658,450 | 5,125,513 | |||||||||||||||||||
Brookline Bancorp, Inc. stockholders’ equity | 695,205 | 659,761 | |||||||||||||||||||
Noncontrolling interest in subsidiary | 6,442 | 5,195 | |||||||||||||||||||
Total liabilities and equity | $ | 6,360,097 | $ | 5,790,469 | |||||||||||||||||
Net interest income (tax-equivalent basis) / Interest-rate spread (4) | 52,724 | 3.32 | % | 48,867 | 3.41 | % | |||||||||||||||
Less adjustment of tax-exempt income | 374 | 280 | |||||||||||||||||||
Net interest income | $ | 52,350 | $ | 48,587 | |||||||||||||||||
Net interest margin (5) | 3.48 | % | 3.54 | % |
(1) | Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate and commercial loans is included on a tax-equivalent basis. |
(2) | Loans on nonaccrual status are included in the average balances. |
(3) | Including non-interest-bearing checking accounts, the average interest rate on total deposits was 0.45% and 0.41% in the three months ended September 30, 2016 and September 30, 2015, respectively. |
(4) | Interest-rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. |
(5) | Net interest margin represents net interest income (tax equivalent basis) divided by average interest-earning assets. |
Nine Months Ended | |||||||||||||||||||||
September 30, 2016 | September 30, 2015 | ||||||||||||||||||||
Average Balance | Interest (1) | Average Yield/ Cost | Average Balance | Interest (1) | Average Yield/ Cost | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Debt securities | $ | 604,603 | $ | 9,078 | 2.00 | % | $ | 577,967 | $ | 8,529 | 1.97 | % | |||||||||
Marketable and restricted equity securities | 66,764 | 2,247 | 4.49 | % | 76,218 | 2,126 | 3.72 | % | |||||||||||||
Short-term investments | 46,198 | 149 | 0.43 | % | 57,197 | 98 | 0.23 | % | |||||||||||||
Total investments | 717,565 | 11,474 | 2.13 | % | 711,382 | 10,753 | 2.02 | % | |||||||||||||
Commercial real estate loans (2) | 2,785,472 | 85,014 | 4.07 | % | 2,504,739 | 79,375 | 4.23 | % | |||||||||||||
Commercial loans (2) | 692,634 | 20,430 | 3.88 | % | 629,115 | 19,471 | 4.09 | % | |||||||||||||
Equipment financing (2) | 738,990 | 35,690 | 6.44 | % | 634,310 | 32,637 | 6.86 | % | |||||||||||||
Indirect automobile loans (2) | 10,398 | 365 | 4.68 | % | 106,210 | 2,542 | 3.20 | % | |||||||||||||
Residential mortgage loans (2) | 624,102 | 16,705 | 3.57 | % | 593,371 | 16,005 | 3.60 | % | |||||||||||||
Other consumer loans (2) | 339,672 | 10,024 | 3.93 | % | 307,878 | 8,373 | 3.63 | % | |||||||||||||
Total loans and leases | 5,191,268 | 168,228 | 4.32 | % | 4,775,623 | 158,403 | 4.42 | % | |||||||||||||
Total interest-earning assets | 5,908,833 | 179,702 | 4.05 | % | 5,487,005 | 169,156 | 4.11 | % | |||||||||||||
Allowance for loan and lease losses | (57,982 | ) | (55,536 | ) | |||||||||||||||||
Non-interest-earning assets | 379,761 | 370,038 | |||||||||||||||||||
Total assets | $ | 6,230,612 | $ | 5,801,507 | |||||||||||||||||
Liabilities and Stockholders’ Equity: | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
NOW accounts | $ | 289,908 | 156 | 0.07 | % | $ | 244,253 | 132 | 0.07 | % | |||||||||||
Savings accounts | 561,798 | 998 | 0.24 | % | 537,606 | 793 | 0.20 | % | |||||||||||||
Money market accounts | 1,654,700 | 5,547 | 0.45 | % | 1,544,085 | 5,173 | 0.45 | % | |||||||||||||
Certificates of deposit | 1,107,600 | 8,174 | 0.99 | % | 1,042,111 | 6,828 | 0.88 | % | |||||||||||||
Total interest-bearing deposits (3) | 3,614,006 | 14,875 | 0.55 | % | 3,368,055 | 12,926 | 0.51 | % | |||||||||||||
Advances from the FHLBB | 888,406 | 8,125 | 1.20 | % | 841,196 | 7,414 | 1.16 | % | |||||||||||||
Subordinated debentures and notes | 82,996 | 3,773 | 6.06 | % | 82,826 | 3,749 | 6.03 | % | |||||||||||||
Other borrowed funds | 42,463 | 82 | 0.26 | % | 34,808 | 86 | 0.33 | % | |||||||||||||
Total borrowed funds | 1,013,865 | 11,980 | 1.55 | % | 958,830 | 11,249 | 1.55 | % | |||||||||||||
Total interest-bearing liabilities | 4,627,871 | 26,855 | 0.78 | % | 4,326,885 | 24,175 | 0.75 | % | |||||||||||||
Non-interest-bearing liabilities: | |||||||||||||||||||||
Demand checking accounts | 829,659 | 757,811 | |||||||||||||||||||
Other non-interest-bearing liabilities | 80,774 | 57,328 | |||||||||||||||||||
Total liabilities | 5,538,304 | 5,142,024 | |||||||||||||||||||
Brookline Bancorp, Inc. stockholders’ equity | 686,134 | 654,596 | |||||||||||||||||||
Noncontrolling interest in subsidiary | 6,174 | 4,887 | |||||||||||||||||||
Total liabilities and equity | $ | 6,230,612 | $ | 5,801,507 | |||||||||||||||||
Net interest income (tax-equivalent basis) / Interest-rate spread (4) | 152,847 | 3.27 | % | 144,981 | 3.36 | % | |||||||||||||||
Less adjustment of tax-exempt income | 1,037 | 694 | |||||||||||||||||||
Net interest income | $ | 151,810 | $ | 144,287 | |||||||||||||||||
Net interest margin (5) | 3.46 | % | 3.53 | % |
(1) | Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate and commercial loans is included on a tax-equivalent basis. |
(2) | Loans on nonaccrual status are included in the average balances. |
(3) | Including non-interest-bearing checking accounts, the average interest rate on total deposits was 0.45% and 0.41% in the nine months ended September 30, 2016 and September 30, 2015, respectively. |
(4) | Interest-rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities. |
(5) | Net interest margin represents net interest income (tax equivalent basis) divided by average interest-earning assets. |
Three Months Ended September 30, 2016 as Compared to the Three Months Ended September 30, 2015 | Nine Months Ended September 30, 2016 as Compared to the Nine Months Ended September 30, 2015 | ||||||||||||||||||||||
Increase | Increase | ||||||||||||||||||||||
(Decrease) Due To | (Decrease) Due To | ||||||||||||||||||||||
Volume | Rate | Net | Volume | Rate | Net | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Interest and dividend income | |||||||||||||||||||||||
Debt securities | $ | 81 | $ | (75 | ) | $ | 6 | $ | 413 | $ | 136 | $ | 549 | ||||||||||
Marketable and restricted equity securities | (129 | ) | (146 | ) | (275 | ) | (284 | ) | 405 | 121 | |||||||||||||
Short-term investments | — | 30 | 30 | (22 | ) | 73 | 51 | ||||||||||||||||
Total investments | (48 | ) | (191 | ) | (239 | ) | 107 | 614 | 721 | ||||||||||||||
Loans and leases: | |||||||||||||||||||||||
Commercial real estate loans | 3,516 | (785 | ) | 2,731 | 8,703 | (3,064 | ) | 5,639 | |||||||||||||||
Commercial loans and leases | 805 | (245 | ) | 560 | 1,947 | (988 | ) | 959 | |||||||||||||||
Equipment financing | 1,567 | (678 | ) | 889 | 5,136 | (2,083 | ) | 3,053 | |||||||||||||||
Indirect automobile loans | (109 | ) | 30 | (79 | ) | (2,995 | ) | 818 | (2,177 | ) | |||||||||||||
Residential mortgage loans | 61 | 15 | 76 | 833 | (133 | ) | 700 | ||||||||||||||||
Other consumer loans | 300 | 700 | 1,000 | 917 | 734 | 1,651 | |||||||||||||||||
Total loans and leases | 6,140 | (963 | ) | 5,177 | 14,541 | (4,716 | ) | 9,825 | |||||||||||||||
Total change in interest and dividend income | 6,092 | (1,154 | ) | 4,938 | 14,648 | (4,102 | ) | 10,546 | |||||||||||||||
Interest expense | |||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||
NOW accounts | 8 | — | 8 | 24 | — | 24 | |||||||||||||||||
Savings accounts | 30 | 31 | 61 | 38 | 167 | 205 | |||||||||||||||||
Money market accounts | 154 | 87 | 241 | 374 | — | 374 | |||||||||||||||||
Certificates of deposit | 168 | 308 | 476 | 450 | 896 | 1,346 | |||||||||||||||||
Total deposits | 360 | 426 | 786 | 886 | 1,063 | 1,949 | |||||||||||||||||
Borrowed funds: | |||||||||||||||||||||||
Advances from the FHLBB | 364 | (81 | ) | 283 | 440 | 271 | 711 | ||||||||||||||||
Subordinated debentures and notes | 2 | 6 | 8 | 7 | 17 | 24 | |||||||||||||||||
Other borrowed funds | 10 | (6 | ) | 4 | 17 | (21 | ) | (4 | ) | ||||||||||||||
Total borrowed funds | 376 | (81 | ) | 295 | 464 | 267 | 731 | ||||||||||||||||
Total change in interest expense | 736 | 345 | 1,081 | 1,350 | 1,330 | 2,680 | |||||||||||||||||
Change in tax-exempt income | 94 | — | 94 | 343 | — | 343 | |||||||||||||||||
Change in net interest income | $ | 5,262 | $ | (1,499 | ) | $ | 3,763 | $ | 12,955 | $ | (5,432 | ) | $ | 7,523 |
Three Months Ended September 30, | Dollar | Percent | Nine Months Ended September 30, | Dollar | Percent | ||||||||||||||||||||||||
2016 | 2015 | Change | Change | 2016 | 2015 | Change | Change | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Interest income — loans and leases: | |||||||||||||||||||||||||||||
Commercial real estate loans | $ | 29,470 | $ | 26,739 | $ | 2,731 | 10.2 | % | $ | 85,014 | $ | 79,374 | $ | 5,640 | 7.1 | % | |||||||||||||
Commercial loans | 6,876 | 6,360 | 516 | 8.1 | % | 19,676 | 18,859 | 817 | 4.3 | % | |||||||||||||||||||
Equipment financing | 12,188 | 11,300 | 888 | 7.9 | % | 35,690 | 32,637 | 3,053 | 9.4 | % | |||||||||||||||||||
Indirect automobile loans | 103 | 182 | (79 | ) | -43.4 | % | 365 | 2,542 | (2,177 | ) | -85.6 | % | |||||||||||||||||
Residential mortgage loans | 5,514 | 5,437 | 77 | 1.4 | % | 16,705 | 16,005 | 700 | 4.4 | % | |||||||||||||||||||
Other consumer loans | 3,707 | 2,707 | 1,000 | 36.9 | % | 10,024 | 8,373 | 1,651 | 19.7 | % | |||||||||||||||||||
Total interest income — loans and leases | $ | 57,858 | $ | 52,725 | $ | 5,133 | 9.7 | % | $ | 167,474 | $ | 157,790 | $ | 9,684 | 6.1 | % |
Three Months Ended September 30, | Dollar | Percent | Nine Months Ended September 30, | Dollar | Percent | ||||||||||||||||||||||||
2016 | 2015 | Change | Change | 2016 | 2015 | Change | Change | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Interest income — investments: | |||||||||||||||||||||||||||||
Debt securities | $ | 2,822 | $ | 2,866 | $ | (44 | ) | -1.5 | % | $ | 8,829 | $ | 8,480 | $ | 349 | 4.1 | % | ||||||||||||
Marketable and restricted equity securities | 804 | 1,079 | (275 | ) | -25.5 | % | 2,213 | 2,094 | 119 | 5.7 | % | ||||||||||||||||||
Short-term investments | 47 | 17 | 30 | 176.5 | % | 149 | 98 | 51 | 52.0 | % | |||||||||||||||||||
Total interest income — investments | $ | 3,673 | $ | 3,962 | $ | (289 | ) | -7.3 | % | $ | 11,191 | $ | 10,672 | $ | 519 | 4.9 | % |
Three Months Ended September 30, | Dollar | Percent | Nine Months Ended September 30, | Dollar | Percent | ||||||||||||||||||||||||
2016 | 2015 | Change | Change | 2016 | 2015 | Change | Change | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||||||||
NOW accounts | $ | 52 | $ | 44 | $ | 8 | 18.2 | % | $ | 156 | $ | 132 | $ | 24 | 18.2 | % | |||||||||||||
Savings accounts | 318 | 257 | 61 | 23.7 | % | 998 | 793 | 205 | 25.9 | % | |||||||||||||||||||
Money market accounts | 1,905 | 1,664 | 241 | 14.5 | % | 5,547 | 5,173 | 374 | 7.2 | % | |||||||||||||||||||
Certificates of deposit | 2,837 | 2,361 | 476 | 20.2 | % | 8,174 | 6,828 | 1,346 | 19.7 | % | |||||||||||||||||||
Total interest expense - deposits | 5,112 | 4,326 | 786 | 18.2 | % | 14,875 | 12,926 | 1,949 | 15.1 | % | |||||||||||||||||||
Borrowed funds: | |||||||||||||||||||||||||||||
Advances from the FHLBB | 2,778 | 2,495 | 283 | 11.3 | % | 8,125 | 7,414 | 711 | 9.6 | % | |||||||||||||||||||
Subordinated debentures and notes | 1,259 | 1,251 | 8 | 0.6 | % | 3,773 | 3,749 | 24 | 0.6 | % | |||||||||||||||||||
Other borrowed funds | 32 | 28 | 4 | 14.3 | % | 82 | 86 | (4 | ) | -4.7 | % | ||||||||||||||||||
Total interest expense - borrowed funds | 4,069 | 3,774 | 295 | 7.8 | % | 11,980 | 11,249 | 731 | 6.5 | % | |||||||||||||||||||
Total interest expense | $ | 9,181 | $ | 8,100 | $ | 1,081 | 13.3 | % | $ | 26,855 | $ | 24,175 | $ | 2,680 | 11.1 | % |
Three Months Ended September 30, | Dollar | Percent | Nine Months Ended September 30, | Dollar | Percent | ||||||||||||||||||||||||
2016 | 2015 | Change | Change | 2016 | 2015 | Change | Change | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Provision (credit) for loan and lease losses: | |||||||||||||||||||||||||||||
Commercial real estate | $ | (1,755 | ) | $ | 1,845 | $ | (3,600 | ) | -195.1 | % | $ | (561 | ) | $ | 2,017 | $ | (2,578 | ) | -127.8 | % | |||||||||
Commercial | 3,923 | 2,009 | 1,914 | 95.3 | % | 7,201 | 6,670 | 531 | 8.0 | % | |||||||||||||||||||
Indirect automobile | (26 | ) | 57 | (83 | ) | -145.6 | % | (114 | ) | (1,667 | ) | 1,553 | -93.2 | % | |||||||||||||||
Consumer | 12 | 322 | (310 | ) | -96.3 | % | 565 | 1,165 | (600 | ) | -51.5 | % | |||||||||||||||||
Unallocated | — | (2,560 | ) | 2,560 | -100.0 | % | — | (2,418 | ) | 2,418 | -100.0 | % | |||||||||||||||||
Total provision for loan and lease losses | 2,154 | 1,673 | 481 | 28.8 | % | 7,091 | 5,767 | 1,324 | 23.0 | % | |||||||||||||||||||
Unfunded credit commitments | 61 | 82 | (21 | ) | -25.6 | % | 47 | 164 | (117 | ) | -71.3 | % | |||||||||||||||||
Total provision for credit losses | $ | 2,215 | $ | 1,755 | $ | 460 | 26.2 | % | $ | 7,138 | $ | 5,931 | $ | 1,207 | 20.4 | % |
Three Months Ended September 30, | Dollar | Percent | Nine Months Ended September 30, | Dollar | Percent | ||||||||||||||||||||||||
2016 | 2015 | Change | Change | 2016 | 2015 | Change | Change | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Deposit fees | $ | 2,289 | $ | 2,261 | $ | 28 | 1.2 | % | $ | 6,650 | $ | 6,522 | $ | 128 | 2.0 | % | |||||||||||||
Loan fees | 330 | 205 | 125 | 61.0 | % | 977 | 818 | 159 | 19.4 | % | |||||||||||||||||||
Loan level derivative income, net | 858 | 900 | (42 | ) | -4.7 | % | 3,697 | 1,841 | 1,856 | 100.8 | % | ||||||||||||||||||
Gain on sales of loans and leases held-for-sale | 588 | 446 | 142 | 31.8 | % | 1,986 | 1,594 | 392 | 24.6 | % | |||||||||||||||||||
Other | 1,264 | 972 | 292 | 30.0 | % | 3,893 | 3,346 | 547 | 16.3 | % | |||||||||||||||||||
Total non-interest income | $ | 5,329 | $ | 4,784 | $ | 545 | 11.4 | % | $ | 17,203 | $ | 14,121 | $ | 3,082 | 21.8 | % |
Three Months Ended September 30, | Dollar | Percent | Nine Months Ended September 30, | Dollar | Percent | ||||||||||||||||||||||||
2016 | 2015 | Change | Change | 2016 | 2015 | Change | Change | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Compensation and employee benefits | $ | 20,369 | $ | 17,875 | $ | 2,494 | 14.0 | % | $ | 58,179 | $ | 52,484 | $ | 5,695 | 10.9 | % | |||||||||||||
Occupancy | 3,411 | 3,535 | (124 | ) | -3.5 | % | 10,328 | 10,444 | (116 | ) | -1.1 | % | |||||||||||||||||
Equipment and data processing | 3,826 | 3,600 | 226 | 6.3 | % | 11,468 | 11,300 | 168 | 1.5 | % | |||||||||||||||||||
Professional services | 997 | 984 | 13 | 1.3 | % | 2,925 | 3,241 | (316 | ) | -9.8 | % | ||||||||||||||||||
FDIC insurance | 956 | 929 | 27 | 2.9 | % | 2,677 | 2,627 | 50 | 1.9 | % | |||||||||||||||||||
Advertising and marketing | 844 | 878 | (34 | ) | -3.9 | % | 2,558 | 2,449 | 109 | 4.5 | % | ||||||||||||||||||
Amortization of identified intangible assets | 623 | 725 | (102 | ) | -14.1 | % | 1,879 | 2,187 | (308 | ) | -14.1 | % | |||||||||||||||||
Other | 2,362 | 2,744 | (382 | ) | -13.9 | % | 7,707 | 8,316 | (609 | ) | -7.3 | % | |||||||||||||||||
Total non-interest expense | $ | 33,388 | $ | 31,270 | $ | 2,118 | 6.8 | % | $ | 97,721 | $ | 93,048 | $ | 4,673 | 5.0 | % |
Three Months Ended September 30, | Dollar | Percent | Nine Months Ended September 30, | Dollar | Percent | ||||||||||||||||||||||||
2016 | 2015 | Change | Change | 2016 | 2015 | Change | Change | ||||||||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||||||||||
Income before provision for income taxes | $ | 22,076 | $ | 20,346 | $ | 1,730 | 8.5 | % | $ | 64,154 | $ | 59,429 | $ | 4,725 | 8.0 | % | |||||||||||||
Provision for income taxes | 7,804 | 6,897 | 907 | 13.2 | % | 22,868 | 21,116 | 1,752 | 8.3 | % | |||||||||||||||||||
Net income, before noncontrolling interest in subsidiary | $ | 14,272 | $ | 13,449 | $ | 823 | 6.1 | % | $ | 41,286 | $ | 38,313 | $ | 2,973 | 7.8 | % | |||||||||||||
Effective tax rate | 35.4 | % | 33.9 | % | N/A | 1.5 | % | 35.6 | % | 35.5 | % | N/A | 0.1 | % |
At September 30, 2016 | At December 31, 2015 | ||||||
(In Thousands) | |||||||
Financial instruments whose contract amounts represent credit risk: | |||||||
Commitments to originate loans and leases: | |||||||
Commercial real estate | $ | 68,304 | $ | 36,000 | |||
Commercial | 74,655 | 78,017 | |||||
Residential mortgage | 5,019 | 19,430 | |||||
Unadvanced portion of loans and leases | 585,295 | 648,291 | |||||
Unused lines of credit: | |||||||
Home equity | 328,116 | 280,786 | |||||
Other consumer | 14,476 | 12,383 | |||||
Other commercial | 188 | 529 | |||||
Unused letters of credit: | |||||||
Financial standby letters of credit | 10,978 | 12,389 | |||||
Performance standby letters of credit | 472 | 392 | |||||
Commercial and similar letters of credit | 1,717 | 821 | |||||
Back-to-back interest-rate swaps (notional amount) | 747,233 | 490,632 |
Actual | Minimum Required for Capital Adequacy Purposes | Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | Minimum Required To Be Considered “Well-Capitalized” Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||
At September 30, 2016: | ||||||||||||||||||||||||||||
Brookline Bancorp, Inc. | ||||||||||||||||||||||||||||
Tier 1 Leverage Capital Ratio | (1) | $ | 566,906 | 9.13 | % | $ | 248,371 | 4.00 | % | $ | 248,371 | 4.00 | % | N/A | N/A | |||||||||||||
Common Equity Tier 1 Capital Ratio | (2) | 551,427 | 10.51 | % | 236,101 | 4.50 | % | 367,268 | 7.00 | % | N/A | N/A | ||||||||||||||||
Tier 1 Risk-Based Capital Ratio | (3) | 566,906 | 10.81 | % | 314,656 | 6.00 | % | 445,763 | 8.50 | % | N/A | N/A | ||||||||||||||||
Total Risk-Based Capital Ratio | (4) | 700,833 | 13.36 | % | 419,660 | 8.00 | % | 550,804 | 10.50 | % | N/A | N/A | ||||||||||||||||
Brookline Bank | ||||||||||||||||||||||||||||
Tier 1 Leverage Capital Ratio | (1) | $ | 388,033 | 10.04 | % | $ | 154,595 | 4.00 | % | $ | 154,595 | 4.00 | % | $ | 193,244 | 5.00 | % | |||||||||||
Common Equity Tier 1 Capital Ratio | (2) | 381,487 | 11.43 | % | 150,192 | 4.50 | % | 233,632 | 7.00 | % | 216,944 | 6.50 | % | |||||||||||||||
Tier 1 Risk-Based Capital Ratio | (3) | 388,033 | 11.63 | % | 200,189 | 6.00 | % | 283,601 | 8.50 | % | 266,919 | 8.00 | % | |||||||||||||||
Total Risk-Based Capital Ratio | (4) | 427,777 | 12.82 | % | 266,944 | 8.00 | % | 350,363 | 10.50 | % | 333,679 | 10.00 | % | |||||||||||||||
BankRI | ||||||||||||||||||||||||||||
Tier 1 Leverage Capital Ratio | (1) | $ | 178,526 | 8.88 | % | $ | 80,417 | 4.00 | % | $ | 80,417 | 4.00 | % | $ | 100,521 | 5.00 | % | |||||||||||
Common Equity Tier 1 Capital Ratio | (2) | 178,526 | 10.89 | % | 73,771 | 4.50 | % | 114,755 | 7.00 | % | 106,558 | 6.50 | % | |||||||||||||||
Tier 1 Risk-Based Capital Ratio | (3) | 178,526 | 10.89 | % | 98,361 | 6.00 | % | 139,345 | 8.50 | % | 131,149 | 8.00 | % | |||||||||||||||
Total Risk-Based Capital Ratio | (4) | 195,176 | 11.90 | % | 131,211 | 8.00 | % | 172,214 | 10.50 | % | 164,013 | 10.00 | % | |||||||||||||||
First Ipswich | ||||||||||||||||||||||||||||
Tier 1 Leverage Capital Ratio | (1) | $ | 33,330 | 9.15 | % | $ | 14,570 | 4.00 | % | $ | 14,570 | 4.00 | % | $ | 18,213 | 5.00 | % | |||||||||||
Common Equity Tier 1 Capital Ratio | (2) | 33,330 | 13.00 | % | 11,537 | 4.50 | % | 17,947 | 7.00 | % | 16,665 | 6.50 | % | |||||||||||||||
Tier 1 Risk-Based Capital Ratio | (3) | 33,330 | 13.00 | % | 15,383 | 6.00 | % | 21,793 | 8.50 | % | 20,511 | 8.00 | % | |||||||||||||||
Total Risk-Based Capital Ratio | (4) | 36,547 | 14.25 | % | 20,518 | 8.00 | % | 26,929 | 10.50 | % | 25,647 | 10.00 | % |
1. | Tier 1 Leverage Capital Ratio is calculated by dividing Tier 1 Capital by average assets. |
2. | Common Equity Tier 1 Capital Ratio is calculated by dividing common equity Tier 1 Capital by risk-weighted assets. The ratio was established as part of the implementation of Basel III, effective January 1, 2015. |
3. | Tier 1 Risk-Based Capital Ratio is calculated by dividing Tier 1 Capital by risk-weighted assets. |
4. | Total Risk-Based Capital Ratio is calculated by dividing Total Capital by risk-weighted assets. |
Actual | Minimum Required for Capital Adequacy Purposes | Minimum Required To Be Considered “Well-Capitalized” Under Prompt Corrective Action Provisions | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||||||
At December 31, 2015: | |||||||||||||||||||||
Brookline Bancorp, Inc. | |||||||||||||||||||||
Tier 1 Leverage Capital Ratio | (1) | $ | 545,035 | 9.37 | % | $ | 231,930 | 4.00 | % | N/A | N/A | ||||||||||
Common Equity Tier 1 Capital Ratio | (2) | 530,505 | 10.62 | % | 225,214 | 4.50 | % | N/A | N/A | ||||||||||||
Tier 1 Risk-Based Capital Ratio | (3) | 545,035 | 10.91 | % | 300,019 | 6.00 | % | N/A | N/A | ||||||||||||
Total Risk-Based Capital Ratio | (4) | 676,709 | 13.54 | % | 401,013 | 8.00 | % | N/A | N/A | ||||||||||||
Brookline Bank | |||||||||||||||||||||
Tier 1 Leverage Capital Ratio | (1) | $ | 380,003 | 10.78 | % | $ | 141,003 | 4.00 | % | $ | 176,254 | 5.00 | % | ||||||||
Common Equity Tier 1 Capital Ratio | (2) | 374,002 | 11.89 | % | 141,548 | 4.50 | % | 204,459 | 6.50 | % | |||||||||||
Tier 1 Risk-Based Capital Ratio | (3) | 380,003 | 12.08 | % | 188,743 | 6.00 | % | 251,658 | 8.00 | % | |||||||||||
Total Risk-Based Capital Ratio | (4) | 417,270 | 13.27 | % | 251,557 | 8.00 | % | 314,446 | 10.00 | % | |||||||||||
BankRI | |||||||||||||||||||||
Tier 1 Leverage Capital Ratio | (1) | $ | 171,967 | 8.51 | % | $ | 80,831 | 4.00 | % | $ | 101,038 | 5.00 | % | ||||||||
Common Equity Tier 1 Capital Ratio | (2) | 171,967 | 10.63 | % | 72,799 | 4.50 | % | 105,154 | 6.50 | % | |||||||||||
Tier 1 Risk-Based Capital Ratio | (3) | 171,967 | 10.63 | % | 97,065 | 6.00 | % | 129,420 | 8.00 | % | |||||||||||
Total Risk-Based Capital Ratio | (4) | 189,953 | 11.74 | % | 129,440 | 8.00 | % | 161,800 | 10.00 | % | |||||||||||
First Ipswich | |||||||||||||||||||||
Tier 1 Leverage Capital Ratio | (1) | $ | 32,831 | 9.26 | % | $ | 14,182 | 4.00 | % | $ | 17,727 | 5.00 | % | ||||||||
Common Equity Tier 1 Capital Ratio | (2) | 32,831 | 13.87 | % | 10,652 | 4.50 | % | 15,386 | 6.50 | % | |||||||||||
Tier 1 Risk-Based Capital Ratio | (3) | 32,831 | 13.87 | % | 14,202 | 6.00 | % | 18,936 | 8.00 | % | |||||||||||
Total Risk-Based Capital Ratio | (4) | 35,617 | 15.05 | % | 18,933 | 8.00 | % | 23,666 | 10.00 | % |
1. | Tier 1 Leverage Capital Ratio is calculated by dividing Tier 1 Capital by average assets. |
2. | Common Equity Tier 1 Capital Ratio is calculated by dividing common equity Tier 1 Capital by risk-weighted assets. The ratio was established as part of the implementation of Basel III, effective January 1, 2015. |
3. | Tier 1 Risk-Based Capital Ratio is calculated by dividing Tier 1 Capital by risk-weighted assets. |
4. | Total Risk-Based Capital Ratio is calculated by dividing Total Capital by risk-weighted assets. |
Estimated Exposure to Net Interest Income over Twelve-Month Horizon Beginning | ||||||||||||
September 30, 2016 | December 31, 2015 | |||||||||||
Gradual Change in Interest Rate Levels | Dollar Change | Percent Change | Dollar Change | Percent Change | ||||||||
(Dollars in Thousands) | ||||||||||||
Up 300 basis points | 6,279 | 3.1 | % | 11,616 | 5.9 | % | ||||||
Up 200 basis points | 4,603 | 2.1 | % | 8,144 | 4.2 | % | ||||||
Up 100 basis points | 2,177 | 1.1 | % | 4,246 | 2.2 | % | ||||||
Down 100 basis points | (4,307 | ) | -2.1 | % | (8,852 | ) | -4.5 | % |
Estimated Percent Change in EVE at Risk | ||||||
Parallel Shock in Interest Rate Levels | At September 30, 2016 | At December 31, 2015 | ||||
Up 300% | 7.2 | % | 7.1 | % | ||
Up 200% | 4.2 | % | 4.2 | % | ||
Up 100% | 2.2 | % | 2.0 | % | ||
Down 100% | -4.4 | % | -7.7 | % |
Exhibit 31.1* | Certification of Chief Executive Officer | |
Exhibit 31.2* | Certification of Chief Financial Officer | |
Exhibit 32.1** | Section 1350 Certification of Chief Executive Officer | |
Exhibit 32.2** | Section 1350 Certification of Chief Financial Officer | |
Exhibit 101 | The following materials from Brookline Bancorp, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, formatted in XBRL (eXtensible Business Reporting Language): (1) Unaudited Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015; (2) Unaudited Consolidated Statements of Income for the three and nine months September 30, 2016 and September 30, 2015; (3) Unaudited Consolidated Statements of Comprehensive Income for the three and nine months September 30, 2016 and September 30, 2015; (4) Unaudited Consolidated Statements of Changes in Equity for the nine months ended September 30, 2016 and September 30, 2015; (5) Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and September 30, 2015; and (6) Notes to Unaudited Consolidated Financial Statements at and for the nine months ended September 30, 2016 and September 30, 2015. |
* | Filed herewith. | |
** | Furnished herewith. |
BROOKLINE BANCORP, INC. | |||
Date: November 4, 2016 | By: | /s/ Paul A. Perrault | |
Paul A. Perrault | |||
President and Chief Executive Officer | |||
(Principal Executive Officer) | |||
Date: November 4, 2016 | By: | /s/ Carl M. Carlson | |
Carl M. Carlson | |||
Chief Financial Officer | |||
(Principal Financial Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Brookline Bancorp, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
November 4, 2016 | /s/ Paul A. Perrault |
Date | Paul A. Perrault |
President and Chief Executive Officer | |
(Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Brookline Bancorp, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
November 4, 2016 | /s/ Carl M. Carlson |
Date | Carl M. Carlson |
Chief Financial Officer | |
(Principal Financial Officer) |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and |
November 4, 2016 | /s/ Paul A. Perrault |
Date | Paul A. Perrault |
President and Chief Executive Officer | |
(Principal Executive Officer) |
November 4, 2016 | /s/ Carl M. Carlson |
Date | Carl M. Carlson |
Chief Financial Officer | |
(Principal Financial Officer) |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Nov. 04, 2016 |
|
Document and Entity Information | ||
Entity Registrant Name | BROOKLINE BANCORP INC | |
Entity Central Index Key | 0001049782 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 70,532,995 |
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Investment securities held-to-maturity, fair value | $ 78,079 | $ 93,695 |
Premises and equipment, accumulated depreciation and amortization | 57,032 | 51,722 |
Identified intangible assets, accumulated amortization | $ 31,028 | $ 29,149 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 75,744,445 | 75,744,445 |
Treasury stock, shares (in shares) | 4,734,512 | 4,861,554 |
Unallocated common stock held by ESOP, shares (in shares) | 185,787 | 213,066 |
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||
Interest and dividend income: | |||||||
Loans and leases | $ 57,858 | $ 52,725 | $ 167,474 | $ 157,790 | |||
Debt securities | 2,822 | 2,866 | 8,829 | 8,480 | |||
Marketable and restricted equity securities | 804 | 1,079 | 2,213 | 2,094 | |||
Short-term investments | 47 | 17 | 149 | 98 | |||
Total interest and dividend income | 61,531 | 56,687 | 178,665 | 168,462 | |||
Interest expense: | |||||||
Deposits | 5,112 | 4,326 | 14,875 | 12,926 | |||
Borrowed funds | 4,069 | 3,774 | 11,980 | 11,249 | |||
Total interest expense | 9,181 | 8,100 | 26,855 | 24,175 | |||
Net interest income | 52,350 | 48,587 | 151,810 | 144,287 | |||
Provision for credit losses | 2,215 | 1,755 | 7,138 | 5,931 | |||
Net interest income after provision for credit losses | 50,135 | 46,832 | 144,672 | 138,356 | |||
Non-interest income: | |||||||
Deposit fees | 2,289 | 2,261 | 6,650 | 6,522 | |||
Loan fees | 330 | 205 | 977 | 818 | |||
Loan level derivative income, net | 858 | 900 | 3,697 | 1,841 | |||
Gain on sales of loans and leases | 588 | 446 | 1,986 | 1,594 | |||
Other | 1,264 | 972 | 3,893 | 3,346 | |||
Total non-interest income | 5,329 | 4,784 | 17,203 | 14,121 | |||
Non-interest expense: | |||||||
Compensation and employee benefits | 20,369 | 17,875 | 58,179 | 52,484 | |||
Occupancy | 3,411 | 3,535 | 10,328 | 10,444 | |||
Equipment and data processing | 3,826 | 3,600 | 11,468 | 11,300 | |||
Professional services | 997 | 984 | 2,925 | 3,241 | |||
FDIC insurance | 956 | 929 | 2,677 | 2,627 | |||
Advertising and marketing | 844 | 878 | 2,558 | 2,449 | |||
Amortization of identified intangible assets | 623 | 725 | 1,879 | 2,187 | |||
Other | 2,362 | 2,744 | 7,707 | 8,316 | |||
Total non-interest expense | 33,388 | 31,270 | 97,721 | 93,048 | |||
Income before provision for income taxes | 22,076 | 20,346 | 64,154 | 59,429 | |||
Provision for income taxes | 7,804 | 6,897 | 22,868 | 21,116 | |||
Net income before noncontrolling interest in subsidiary | 14,272 | 13,449 | 41,286 | 38,313 | |||
Less net income attributable to noncontrolling interest in subsidiary | 655 | 561 | 2,203 | 1,857 | [1] | ||
Net income attributable to Brookline Bancorp, Inc. | $ 13,617 | $ 12,888 | $ 39,083 | $ 36,456 | |||
Earnings per common share: | |||||||
Basic (in dollars per share) | $ 0.19 | $ 0.18 | $ 0.56 | $ 0.52 | |||
Diluted (in dollars per share) | $ 0.19 | $ 0.18 | $ 0.56 | $ 0.52 | |||
Weighted average common shares outstanding during the period: | |||||||
Basic (in shares) | 70,299,722 | 70,129,056 | 70,228,127 | 70,071,999 | |||
Diluted (in shares) | 70,450,760 | 70,240,020 | 70,394,465 | 70,207,983 | |||
Dividends declared per common share (in dollars per share) | $ 0.09 | $ 0.090 | $ 0.27 | $ 0.265 | |||
|
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
||||
Statement of Comprehensive Income [Abstract] | |||||||
Net income before noncontrolling interest in subsidiary | $ 14,272 | $ 13,449 | $ 41,286 | $ 38,313 | |||
Investment securities available-for-sale: | |||||||
Unrealized securities holding (losses) gains | (1,672) | 4,608 | 11,486 | 4,495 | |||
Income tax expense (benefit) | 599 | (1,642) | (4,114) | (1,682) | |||
Net unrealized securities holding (losses) gains | (1,073) | 2,966 | 7,372 | 2,813 | |||
Postretirement benefits: | |||||||
Adjustment of accumulated obligation for postretirement benefits | 0 | 0 | 0 | 0 | |||
Income tax expense | 0 | 0 | 0 | 0 | |||
Net adjustment of accumulated obligation for postretirement benefits | 0 | 0 | 0 | 0 | |||
Other comprehensive (loss) income, net of taxes | (1,073) | 2,966 | 7,372 | 2,813 | [1] | ||
Comprehensive income | 13,199 | 16,415 | 48,658 | 41,126 | |||
Net income attributable to noncontrolling interest in subsidiary | 655 | 561 | 2,203 | 1,857 | |||
Comprehensive income attributable to Brookline Bancorp, Inc. | $ 12,544 | $ 15,854 | $ 46,455 | $ 39,269 | |||
|
Unaudited Consolidated Statements of Changes in Equity - USD ($) $ in Thousands |
Total |
Total Brookline Bancorp, Inc. Stockholders’ Equity |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive (Loss) Income |
Treasury Stock |
Unallocated Common Stock Held by ESOP |
Noncontrolling Interest in Subsidiary |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2014 | $ 646,605 | [1] | $ 641,818 | [1] | $ 757 | $ 617,475 | $ 84,860 | [1] | $ (1,622) | $ (58,282) | $ (1,370) | $ 4,787 | |||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Net income attributable to Brookline Bancorp, Inc. | [1] | 36,456 | 36,456 | 36,456 | |||||||||||
Net income attributable to noncontrolling interest in subsidiary | 1,857 | [1] | 1,857 | ||||||||||||
Issuance of noncontrolling units | 65 | [1] | 65 | ||||||||||||
Other comprehensive income | 2,813 | [1] | 2,813 | [1] | 2,813 | ||||||||||
Common stock dividends per share | [1] | (18,632) | (18,632) | (18,632) | |||||||||||
Dividend to owners of noncontrolling interest in subsidiary | (1,437) | [1] | (1,437) | ||||||||||||
Compensation under recognition and retention plans | 767 | [1] | 767 | [1] | (1,313) | 2,080 | |||||||||
Common stock held by ESOP committed to be released | 246 | [1] | 246 | [1] | 90 | 156 | |||||||||
Balance at Sep. 30, 2015 | 668,740 | [1] | 663,468 | [1] | 757 | 616,252 | 102,684 | [1] | 1,191 | (56,202) | (1,214) | 5,272 | |||
Balance at Dec. 31, 2015 | 673,486 | 667,485 | 757 | 616,899 | 109,675 | (2,476) | (56,208) | (1,162) | 6,001 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Net income attributable to Brookline Bancorp, Inc. | 39,083 | 39,083 | 39,083 | ||||||||||||
Net income attributable to noncontrolling interest in subsidiary | 2,203 | 2,203 | |||||||||||||
Issuance of noncontrolling units | 76 | 76 | |||||||||||||
Other comprehensive income | 7,372 | 7,372 | 7,372 | ||||||||||||
Common stock dividends per share | (19,018) | (19,018) | (19,018) | ||||||||||||
Dividend to owners of noncontrolling interest in subsidiary | (1,734) | (1,734) | |||||||||||||
Compensation under recognition and retention plans | 1,034 | 1,034 | (1,023) | 2,057 | |||||||||||
Common stock held by ESOP committed to be released | 415 | 415 | 266 | 149 | |||||||||||
Balance at Sep. 30, 2016 | $ 702,917 | $ 696,371 | $ 757 | $ 616,142 | $ 129,740 | $ 4,896 | $ (54,151) | $ (1,013) | $ 6,546 | ||||||
|
Unaudited Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends, per share (in dollars per share) | $ 0.27 | $ 0.265 |
Common stock held by ESOP committed to be released, shares (in shares) | 27,279 | 28,737 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Overview Brookline Bancorp, Inc. (the “Company”) is a bank holding company (within the meaning of the Bank Holding Company Act of 1956, as amended) and the parent of Brookline Bank, a Massachusetts-chartered savings bank; Bank Rhode Island (“BankRI”), a Rhode Island-chartered financial institution; and First Ipswich Bank (“First Ipswich”), a Massachusetts-chartered trust company (collectively referred to as the “Banks”). The Banks are all members of the Federal Reserve System. The Company is also the parent of Brookline Securities Corp. The Company’s primary business is to provide commercial, business, and retail banking services to its corporate, municipal, and individual customers through the Banks and its non-bank subsidiaries. Brookline Bank, which includes its wholly-owned subsidiaries BBS Investment Corp., Longwood Securities Corp. and its 84.4% owned subsidiary, Eastern Funding LLC ("Eastern Funding"), operates 25 full-service banking offices in the greater Boston metropolitan area. BankRI, which includes its wholly-owned subsidiaries, Acorn Insurance Agency, BRI Realty Corp., Macrolease Corporation ("Macrolease"), BRI Investment Corp. and its wholly-owned subsidiary, BRI MSC Corp., operates 19 full-service banking offices in the greater Providence area. First Ipswich, which includes its wholly-owned subsidiaries, First Ipswich Insurance Agency and First Ipswich Securities II Corp., operates 5 full-service banking offices on the north shore of eastern Massachusetts. The Company’s activities include acceptance of commercial, municipal, and retail deposits; origination of mortgage loans on commercial and residential real estate located principally in Massachusetts and Rhode Island; origination of commercial loans and leases to small and mid-sized businesses; investment in debt and equity securities; and the offering of cash management and investment advisory services. The Company also provides specialty equipment financing through its subsidiaries Eastern Funding, which is based in New York, New York, and Macrolease, which is based in Plainview, New York. The Company and the Banks are supervised, examined, and regulated by the Board of Governors of the Federal Reserve System ("FRB"). As a Massachusetts-chartered saving bank and trust company, Brookline Bank and First Ipswich, respectively, are also subject to regulation under the laws of the Commonwealth of Massachusetts and the jurisdiction of the Massachusetts Division of Banks. As a Rhode Island-chartered financial institution, BankRI is also subject to regulation under the laws of the State of Rhode Island and the jurisdiction of the Banking Division of the Rhode Island Department of Business Regulation. The Federal Deposit Insurance Corporation (“FDIC”) offers insurance coverage on all deposits up to $250,000 per depositor at each of the three Banks. As FDIC-insured depository institutions, all three Banks are also secondarily subject to supervision, examination, and regulation by the FDIC. Additionally, as a Massachusetts-chartered savings bank, Brookline Bank is insured by the Depositors Insurance Fund (“DIF”), a private industry-sponsored insurance company. The DIF insures savings bank deposits in excess of the FDIC insurance limits. As such, Brookline Bank offers 100% insurance on all deposits as a result of a combination of insurance from the FDIC and the DIF. Brookline Bank is required to file periodic reports with the DIF. Basis of Financial Statement Presentation The unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant change in the near-term include the determination of the allowance for loan and lease losses, the determination of fair market values of assets and liabilities, including acquired loans and leases, the review of goodwill and intangibles for impairment, and the review of deferred tax assets for valuation allowances. The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. |
Recent Accounting Pronouncements |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2016-16, Income Taxes (Topic 740). This ASU was issued to improve the accounting for income tax consequences of intra-entity transfers of assets other than inventory. For public entities, this ASU is effective for the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. Management is currently assessing the applicability of ASU 2016-16 and has not determined the impact, if any, as of September 30, 2016. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). This ASU was issued to provide clarification and uniformity on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows under Topic 230. This amendments presented in this ASU are effective for fiscal years beginning after December 15, 2017. As of September 30, 2016, Management believes that ASU 2016-15 does apply, and has determined the impact of adoption will be minimal. In June 2016, the FASB issued ASU 2016-13, Financial instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The intent of this ASU is to replace the current GAAP method of calculating credit losses. Current GAAP uses a higher threshold at which likely losses can be calculated and recorded. The new process will require institutions to account for likely losses that originally would not have been part of the calculation. The calculation will incorporate future forecasting in addition to historical and current measures. For public entities that file with the SEC, this ASU is effective for the fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This ASU must be applied prospectively to debt securities marked as other than temporarily impaired. A retrospective approach will be applied cumulatively to retained earnings. Early adoption is permitted as of the fiscal years beginning after December 15, 2018. Management has determined that ASU 2016-13 does apply, but has not determined the impact, if any, as of September 30, 2016. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The intention of this ASU is to provide additional clarification on specific issues brought forth by the FASB and the International Accounting Standards Board Joint Transition Resource Group for Revenue Recognition in relation to Topic 606 and revenue recognition. This ASU is to have the same effective date as ASU 2015-14 which deferred the effective date of ASU 2014-09 to December 15, 2017. Management has determined that ASU 2016-12 does apply, but has not determined the impact, if any, as of September 30, 2016. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This ASU was issued as part of the FASB Simplification Initiative which intends to reduce the complexity of GAAP while improving usefulness to users. There are eight main items in this ASU that contribute to the simplification of share-based accounting. For public entities, this ASU is effective for the fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. Management believes that this ASU applies and is assessing the impact, if any, as of September 30, 2016. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). This ASU was issued to clarify how to recognize revenue depending on an entities position, in relation to another entity involved, on contracts with customers. The entity can either be a principal party or an agent, and must record revenue accordingly. This ASU is not yet effective. Since this ASU affects ASU 2014-09, and that effective date was deferred, this ASU remains suspended too. Management believes that this ASU applies and is assessing the impact, if any, as of September 30, 2016. In February 2016, FASB issued ASU 2016-02, Leases. This ASU requires lessees to put most leases on their balance sheet but recognize expenses on their income statements in a manner similar to current accounting. This ASU also eliminates current real estate-specific provisions for all companies. For lessors, this ASU modifies the classification criteria and the accounting for sales-type and direct financing leases. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods therein. Early adoption is permitted. Management believes that this ASU applies and is assessing the impact, if any, as of September 30, 2016. In January 2016, the FASB issued ASU 2016-01, Financial Instruments. This ASU significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods therein. Management believes that this ASU applies and is assessing the impact, if any, as of September 30, 2016. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This ASU was issued to defer the effective date of ASU 2014-09 for all entities by one year. In effect, public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods (including interim reporting periods within those period) beginning after December 15, 2017. Management believes that this ASU applies and is assessing the impact, if any, as of September 30, 2016. |
Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The following tables set forth investment securities available-for-sale and held-to-maturity at the dates indicated:
At September 30, 2016, the fair value of all investment securities available-for-sale was $524.3 million, with a net unrealized gain of $7.1 million, compared to a fair value of $513.2 million and net unrealized losses of $4.4 million at December 31, 2015. At September 30, 2016, $78.1 million, or 14.9% of the portfolio, had gross unrealized losses of $0.7 million, compared to $368.1 million, or 71.7%, with gross unrealized losses of $6.0 million at December 31, 2015. At September 30, 2016, the fair value of all investment securities held-to-maturity was $78.1 million, with net unrealized gains of $1.0 million, compared to a fair value of $93.7 million with net unrealized losses of $62.0 thousand at December 31, 2015. At September 30, 2016, $19.1 million, or 24.5% of the portfolio, had gross unrealized losses of $52.0 thousand, compared to $52.3 million, or 55.8% with gross unrealized losses of $0.4 million at December 31, 2015. Investment Securities as Collateral At September 30, 2016 and December 31, 2015, respectively, $443.5 million and $486.4 million of investment securities were pledged as collateral for repurchase agreements, municipal deposits, treasury, tax, and loan deposits; swap agreements, and FHLBB borrowings. The decrease in investment securities pledged as collateral was primarily due to a decrease in municipal deposits which require collateral. Other-Than-Temporary Impairment (“OTTI”) Investment securities at September 30, 2016 and December 31, 2015 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows:
The Company performs regular analysis on the investment securities portfolio to determine whether a decline in fair value indicates that an investment security is OTTI. In making these OTTI determinations, management considers, among other factors, the length of time and extent to which the fair value has been less than amortized cost; projected future cash flows; credit subordination and the creditworthiness; capital adequacy; and near-term prospects of the issuers. Management also considers the Company’s capital adequacy, interest-rate risk, liquidity and business plans in assessing whether it is more likely than not that the Company will sell or be required to sell the investment securities before recovery. If the Company determines that a decline in fair value is OTTI and that it is more likely than not that the Company will not sell or be required to sell the investment security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in the Company's unaudited consolidated statements of income and the noncredit portion is recognized in accumulated other comprehensive income. The credit portion of the OTTI impairment represents the difference between the amortized cost and the present value of the expected future cash flows of the investment security. If the Company determines that a decline in fair value is OTTI and it is more likely than not that it will sell or be required to sell the investment security before recovery of its amortized cost, the entire difference between the amortized cost and the fair value of the investment security will be recognized in the Company's unaudited consolidated statements of income. Investment Securities Available-For-Sale Impairment Analysis The following discussion summarizes, by investment security type, the basis for evaluating if the applicable investment securities within the Company’s available-for-sale portfolio were OTTI at September 30, 2016. Based on the analysis below, it is more likely than not that the Company will not sell or be required to sell the investment securities before recovery of its amortized cost. The Company's ability and intent to hold these investment securities until recovery is supported by the Company's strong capital and liquidity positions as well as its historically low portfolio turnover. As such, management has determined that the investment securities are not OTTI at September 30, 2016. If market conditions for investment securities worsen or the creditworthiness of the underlying issuers deteriorates, it is possible that the Company may recognize additional OTTI in future periods. U.S. Government-Sponsored Enterprises The Company invests in securities issued by U.S. Government-sponsored enterprises (“GSEs”), including GSE debt securities, mortgage-backed securities (“MBSs”), and collateralized mortgage obligations (“CMOs”). GSE securities include obligations issued by the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”), the Government National Mortgage Association (“GNMA”), the Federal Home Loan Banks ("FHLB"), and the Federal Farm Credit Bank. At September 30, 2016, only GNMA MBSs and CMOs, and Small Business Administration (“SBA”) commercial loan asset-backed securities with an estimated fair value of $27.9 million were backed explicitly by the full faith and credit of the U.S. Government, compared to $21.8 million at December 31, 2015. At September 30, 2016, the Company held 21 GSE debentures with a total fair value of $66.3 million with a net unrealized gain of $1.6 million. At December 31, 2015, the Company held thirteen GSE debentures with a total fair value of $40.6 million, and a net unrealized loss of $31.0 thousand. At September 30, 2016, two of the twenty-one securities in this portfolio were in unrealized loss positions. At December 31, 2015, seven of the thirteen securities in this portfolio were in unrealized loss positions. All securities are performing and backed by the implicit (FHLB / FNMA / FHLMC) or explicit (GNMA / SBA) guarantee of the U.S. Government. During the nine months ended September 30, 2016 and 2015, the Company purchased $32.3 million and $11.8 million of GSE debentures, respectively. At September 30, 2016, the Company held 62 GSE CMOs with a total fair value of $172.8 million with a net unrealized gain of $0.2 million. At December 31, 2015, the Company held 63 GSE CMOs with a total fair value of $193.8 million with a net unrealized loss of $4.2 million. At September 30, 2016, 17 of the 62 securities in this portfolio were in unrealized loss positions, compared to 45 of the 63 securities at December 31, 2015. All securities are performing and backed by the implicit (FHLB / FNMA / FHLMC) or explicit (GNMA) guarantee of the U.S. Government. During the nine months ended September 30, 2016, the Company purchased $3.1 million in GSE CMOs. The Company did not make any purchases during the same period in 2015. At September 30, 2016, the Company held 196 GSE MBSs with a total fair value of $233.4 million with a net unrealized gain of $4.4 million. At December 31, 2015, the Company held 186 GSE MBSs with a total fair value of $229.9 million with a net unrealized loss of $0.3 million. At September 30, 2016, 11 of the 196 securities in this portfolio were in unrealized loss positions, compared to 56 of the 186 securities at December 31, 2015. All securities are performing and backed by the implicit (FHLB / FNMA / FHLMC) or explicit (GNMA) guarantee of the U.S. Government. During the nine months ended September 30, 2016 and 2015, the Company purchased $36.7 million and $29.4 million in GSE MBSs, respectively. SBA Commercial Loan Asset-Backed Securities At September 30, 2016, the Company held six SBA securities with a total fair value of $0.1 million which approximated cost as compared to December 31, 2015, where the Company held seven SBA securities with a total fair value of $0.1 million, which approximated amortized cost. At September 30, 2016, five of the six securities in this portfolio were in unrealized loss positions and at December 31, 2015, six of the seven securities in this portfolio were in unrealized loss positions. All securities are performing and are backed by the explicit (SBA) guarantee of the U.S. Government. Corporate Obligations From time to time, the Company may invest in high-quality corporate obligations to provide portfolio diversification and improve the overall yield on the portfolio. At September 30, 2016, the Company held sixteen corporate obligation securities with a total fair value of $49.3 million and unrealized gains of $1.0 million. At December 31, 2015, the Company held fifteen corporate obligation securities with a total fair value of $46.5 million and a net unrealized gain of $0.3 million. At September 30, 2016, one of the sixteen securities in this portfolio was in an unrealized loss position. At December 31, 2015, two of the fifteen securities in this portfolio were in an unrealized loss position. Full collection of the obligation is expected because the financial condition of the issuer is sound, and the issuer has not defaulted on scheduled payments, the obligations are rated investment grade, and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. During the nine months ended September 30, 2016 and 2015, the Company purchased $5.1 million and $9.3 million in corporate obligations, respectively. Trust Preferred Securities Trust preferred securities represent subordinated debt issued by financial institutions. At September 30, 2016, the Company owned two trust preferred securities with a total fair value of $1.3 million and an unrealized loss of $0.2 million. This compares to two trust preferred securities with a total fair value of $1.3 million and an unrealized loss of $0.2 million at December 31, 2015. At September 30, 2016 and December 31, 2015, both of the securities in this portfolio were in unrealized loss positions. Full collection of the obligations is expected because the financial condition of the issuers is sound, none of the issuers has defaulted on scheduled payments, the obligations are rated investment grade, and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. Marketable Equity Securities At September 30, 2016 and December 31, 2015, the Company owned two marketable equity securities with a fair value of $1.0 million, and unrealized gains of $36.0 thousand and $21.0 thousand, respectively. At September 30, 2016 and December 31, 2015, neither of the securities in this portfolio was in an unrealized loss position. Investment Securities Held-to-Maturity Impairment Analysis The following discussion summarizes, by investment security type, the basis for evaluating if the applicable investment securities within the Company’s held-to-maturity portfolio were OTTI at September 30, 2016. Management does not intend to sell these securities prior to maturity. U.S. Government-Sponsored Enterprises The Company invests in securities issued by GSEs including GSE debentures and MBSs. GSE securities include obligations issued by FNMA, FHLMC, GNMA, FHLB, and the Federal Farm Credit Bank. At September 30, 2016, the Company held six GSE debentures with a total fair value of $14.7 million, and a net unrealized loss of $29.0 thousand. At December 31, 2015, the Company held twelve GSE debentures with a total fair value of $34.8 million and a net unrealized loss of $96.0 thousand. At September 30, 2016, four of the six securities in this portfolio were in unrealized loss positions. At December 31, 2015, nine of the twelve securities in this portfolio were in unrealized loss positions. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA/SBA) guarantee of the U.S. Government. During the nine months ended September 30, 2016 and 2015, the Company purchased $17.7 million and $26.9 million of GSE debentures, respectively. At September 30, 2016, the Company held eleven GSE MBSs with a total fair value of $18.8 million and a net unrealized gain of $42.0 thousand. At December 31, 2015, the Company held ten GSE MBSs with a total fair value of $19.0 million and an unrealized loss of $0.3 million. As of September 30, 2016, two of the eleven securities were in unrealized loss positions as compared to December 31, 2015, when seven of the ten securities in this portfolio were in unrealized loss positions. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the nine months ended September 30, 2016 and 2015, the Company purchased $2.4 million and $21.3 million of GSE MBSs, respectively. Municipal Obligations At September 30, 2016, the Company held 84 municipal obligation securities with a total fair value of $44.1 million and and a net unrealized gain of $1.0 million. At December 31, 2015, the Company held 72 municipal obligations with a total fair value of $39.4 million and a net unrealized gain of $0.3 million. As of September 30, 2016, six of the eighty-four securities in this portfolio were in unrealized loss positions as compared to December 31, 2015, where 15 of the 72 securities in this portfolio were in unrealized loss positions. During the nine months ended September 30, 2016 and 2015, the Company purchased $4.4 million and $20.3 million of municipal obligations, respectively. Foreign Government Obligations At September 30, 2016 and December 31, 2015, the Company owned one foreign government obligation security with a fair value and amortized cost of $0.5 million. As of September 30, 2016, the foreign government obligation security was in an unrealized loss position as compared to December 31, 2015, where the foreign government obligation security's fair value approximated amortized cost. During the nine months ended September 30, 2016, the Company repurchased one foreign government obligation security that had matured during the first quarter of 2016. The Company did not make any purchases during the same period in 2015. Portfolio Maturities The final stated maturities of the debt securities are as follows at the dates indicated:
Actual maturities of debt securities may differ from those presented above since certain obligations, particularly MBS and CMOs, amortize and provide the issuer the right to call or prepay the obligation prior to the scheduled final stated maturity without penalty. At September 30, 2016, issuers of debt securities, excluding MBS and CMOs, with an estimated fair value of $28.9 million had the right to call or prepay the obligations. Of the $28.9 million, $3.1 million matures in 1 - 5 years, $24.5 million matures in 6 - 10 years, and $1.3 million mature after 10 years. At December 31, 2015, issuers of debt securities with an estimated fair value of $48.5 million had the right to call or prepay the obligations. Of the $48.5 million, $15.5 million matures in 1 - 5 years, $31.8 million matures in 6 - 10 years, and $1.2 million matures after ten years. Investment Security Sales Investment security transactions are recorded on the trade date. When investment securities are sold, the adjusted cost of the specific investment security sold is used to compute the gain or loss on the sale. There were no investment securities sold during both the three-month and nine-month periods ended September 30, 2016 and 2015. |
Loans and Leases |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases The following tables present loan and lease balances and weighted average coupon rates for the originated and acquired loan and lease portfolios at the dates indicated:
The net unamortized deferred loan origination fees and costs included in total loans and leases were $13.9 million and $12.8 million as of September 30, 2016 and December 31, 2015, respectively. The Company's Banks and subsidiaries lend primarily in eastern Massachusetts, southern New Hampshire, and Rhode Island, with the exception of equipment financing, 31.3% of which is in the greater New York and New Jersey metropolitan area and 68.7% of which is in other areas in the United States of America at September 30, 2016, as compared to 32.8% of which is in the greater New York and New Jersey metropolitan area and 67.2% of which in other areas is in the United States of America as of December 31, 2015. Competition for the indirect automobile loans increased significantly as credit unions and large national banks entered indirect automobile lending. That competition drove interest rates down and, in some cases, changed the manner in which interest rates are developed, from including a dealer-shared spread to imposing a dealer-based fee to originate the loan. Given this market condition, management ceased the Company's origination of indirect automobile loans in December 2014. For the three months ended March 31, 2015, the Company sold over 90% of the portfolio for $255.2 million, which resulted in a loss of $11.8 thousand excluding the impact of the allowance for loan and lease losses. Accretable Yield for the Acquired Loan Portfolio The following table summarizes activity in the accretable yield for the acquired loan portfolio for the periods indicated:
(1) Represents changes in interest cash flows due to changes in interest rates on variable rate loans. On a quarterly basis and subsequent to acquisition, management reforecasts the expected cash flows for acquired ASC 310-30 loans, taking into account prepayment speeds, probability of default, and loss given defaults. Management compares cash flow projections per the reforecast to the original cash flow projections and determines whether any reduction in cash flow expectations is due to credit deterioration, or if the change in cash flow expectations are related to noncredit events. This cash flow analysis is used to evaluate the need for a provision for loan and lease losses and/or prospective yield adjustments. During the three months ended September 30, 2016 and 2015, accretable yield adjustments totaling $1.1 million and $1.2 million, respectively, were made for certain loan pools. During the nine months ended September 30, 2016 and 2015, accretable yield adjustments totaling $2.4 million and $3.0 million, respectively, were made for certain loan pools. These prospective accretable yield adjustments, which are subject to continued re-assessment, will be recognized over the remaining lives of those pools. The aggregate remaining nonaccretable difference applicable to acquired loans and leases totaled $2.2 million and $2.9 million at September 30, 2016 and December 31, 2015, respectively. Loans and Leases Pledged as Collateral At September 30, 2016 and December 31, 2015, respectively, $1.9 billion and $1.8 billion of loans and leases were pledged as collateral for repurchase agreements, municipal deposits, treasury, tax and loan deposits; swap agreements, and FHLB borrowings. The Banks did not have any outstanding FRB borrowings at September 30, 2016 and December 31, 2015. |
Allowance for Loan and Lease Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses The following tables present the changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment for the periods indicated:
The liability for unfunded credit commitments, which is included in other liabilities, was $1.3 million at both September 30, 2016 and December 31, 2015, respectively, and $1.4 million at September 30, 2015. These changes reflect changes in the estimate of loss exposure associated with certain unfunded credit commitments. No credit commitments were charged off against the liability account in the three-month and nine-month periods ended September 30, 2016 and 2015, respectively. Provision for Credit Losses The provision for credit losses are set forth below for the periods indicated:
Allowance for Loan and Lease Losses Methodology Management has established a methodology to determine the adequacy of the allowance for loan and lease losses that assesses the risks and losses inherent in the portfolio. Additions to the allowance for loan and lease losses are made by charges to the provision for credit losses. Losses on loans and leases are charged off against the allowance when all or a portion of a loan or lease is considered uncollectible. Subsequent recoveries on loans previously charged off, if any, are credited to the allowance when realized. Management uses a consistent and systematic process and methodology to evaluate the adequacy of the allowance for loan and lease losses on a quarterly basis. For purposes of determining the allowance for loan and lease losses, the Company has segmented all loans and leases in the portfolio by product type into the following segments: (1) commercial real estate loans, (2) commercial loans and leases, and (3) consumer loans. Portfolio segments are further disaggregated into classes based on the associated risks within the segments. Commercial real estate loans are divided into three classes: commercial real estate loans, multi-family mortgage loans, and construction loans. Commercial loans and leases are divided into three classes: commercial loans, equipment financing, and loans to condominium associations. Consumer loans are divided into four classes: residential mortgage loans, home equity loans, indirect automobile loans, and other consumer loans. A formula-based credit evaluation approach is applied to each group, coupled with an analysis of certain loans for impairment. For each class of loan, management makes significant judgments in selecting the estimation method that fits the credit characteristics of its class and portfolio segment as set forth below. The general allowance related to loans collectively evaluated for impairment is determined using a formula-based approach utilizing the risk ratings of individual credits and loss factors derived from historic portfolio loss rates, which include estimates of incurred losses over an estimated loss emergence period (“LEP”). The LEP was generated utilizing a charge-off look-back analysis which studied the time from the first indication of elevated risk of repayment (or other early event indicating a problem) to eventual charge-off to support the LEP considered in the allowance calculation. This reserving methodology established the approximate number of months of LEP that represents incurred losses for each portfolio. In addition to quantitative measures, relevant qualitative factors include, but are not limited to: (1) levels and trends in past due and impaired loans, (2) levels and trends in charge-offs, (3) changes in underwriting standards, policy exceptions, and credit policy, (4) experience of lending management and staff, (5) economic trends, (6) industry conditions, (7) effects of changes in credit concentrations, (8) interest rate environment, and (9) regulatory and other changes. The general allowance related to the acquired loans collectively evaluated for impairment is determined based upon the degree, if any, of deterioration in the pooled loans subsequent to acquisition. The qualitative factors used in the determination are the same as those used for originated loans. During 2015, the Company enhanced and refined its general allowance methodology to provide a more precise quantification of probable losses in the portfolio. Under the enhanced methodology, management combined the historical loss histories of the Banks to generate a single set of ratios. Management believes it is appropriate to aggregate the ratios as the Banks share common environmental factors, operate in similar markets, and utilize common underwriting standards in accordance with the Company's Credit Policy. In prior periods, a historical loss history applicable to each Bank was used. Management employed a similar analysis for the consolidation of the qualitative factors as it did for the quantitative factors. Again, management believes the realignment of the existing nine qualitative factors used at each of the Banks into a single group of factors for use across the Company is appropriate based on the commonality of environmental factors, markets, and underwriting standards among the Banks. In the periods prior to the three months ended September 30, 2015, each of the Banks utilized a set of qualitative factors applicable to each Bank. As of September 30, 2016, the Company had a portfolio of approximately $36.0 million in loans secured by taxi medallions issued by the cities of Boston and Cambridge. Application-based mobile ride services, such as Uber and Lyft, have generated increased competition in the transportation sector, resulting in a reduction in taxi utilization and, as a result, a reduction in the collateral value and credit quality of taxi medallion loans. This has increased the likelihood that loans secured by taxi medallions may default, or that the borrowers may be unable to repay these loans at maturity, potentially resulting in an increase in past due loans, troubled debt restructurings, and charge-offs. Therefore, beginning with the three months ended December 31, 2015, the Company’s allowance calculation included a further segmentation of the commercial loans and leases to reflect the increased risk in the Company’s taxi medallion portfolio. This allowance calculation segmentation represents management’s estimations of the risks associated with the portfolio. As of September 30, 2016, the Company had an allowance for loan and lease losses associated with taxi medallion loans of $6.0 million of which $4.7 million were specific reserves and $1.3 million was a general reserve. As of December 31, 2015, the Company had a general reserve for loan and lease losses associated with taxi medallion loans of $4.3 million. The total troubled debt restructured loans and leases secured by taxi medallions increased by $8.8 million from $1.3 million at December 31, 2015 to $10.1 million at September 30, 2016. The total loans and leases secured by taxi medallions that were placed on nonaccrual increased to $18.0 million at September 30, 2016 from zero at December 31, 2015. However, further declines in demand for taxi services or further deterioration in the value of taxi medallions may result in higher delinquencies and losses beyond that provided for in the allowance for loan and lease losses. Based on the refinements to the Company’s allowance methodology discussed above, management determined that the potential risks anticipated by the unallocated allowance are now incorporated into the allowance methodology, making the unallocated allowance unnecessary. In the periods prior to the three months ended September 30, 2015, the unallocated allowance was used to recognize the estimated risk associated with the allocated general and specific allowances. It incorporated management’s evaluation of existing conditions that were not included in the allocated allowance determinations and provided for losses that arise outside of the ordinary course of business. Specific valuation allowances are established for impaired originated loans with book values greater than the discounted present value of expected future cash flows or, in the case of collateral-dependent impaired loans, for any excess of a loan's book balance greater than the fair value of its underlying collateral. Specific valuation allowances are established for acquired loans with deterioration in the discounted present value of expected future cash flows since acquisitions or, in the case of collateral dependent impaired loans, for any increase in the excess of a loan's book balance greater than the fair value of its underlying collateral. A specific valuation allowance for losses on troubled debt restructured loans is determined by comparing the net carrying amount of the troubled debt restructured loan with the restructured loan's cash flows discounted at the original effective rate. Impaired loans are reviewed quarterly with adjustments made to the specific reserve as necessary. As of September 30, 2016, management believes that the methodology for calculating the allowance is sound and that the allowance provides a reasonable basis for determining and reporting on probable losses in the Company’s loan portfolios. The general allowance for loan and lease losses was $52.6 million at September 30, 2016, compared to $53.1 million at December 31, 2015. The general portion of the allowance for loan and lease losses decreased by $0.5 million during the nine months ended September 30, 2016, primarily driven by the decrease in historical loss factors applied to commercial real estate and consumer loan portfolios and the improvement of credit risk ratings of loans within the commercial real estate and commercial portfolios, offset by the continued growth in the Company's loan portfolios. The specific allowance for loan and lease losses was $6.3 million at September 30, 2016, compared to $3.6 million at December 31, 2015. The specific allowance increased $2.7 million during the nine months ended September 30, 2016, primarily due to the restructure of certain taxi medallion loans and changes in the collateral values of taxi medallions. Credit Quality Assessment At the time of loan origination, a rating is assigned based on the financial strength of the borrower and the value of assets pledged as collateral. The Company continually monitors the asset quality of the loan portfolio using all available information. The officer responsible for handling each loan is required to initiate changes to risk ratings when changes in facts and circumstances occur that warrant an upgrade or downgrade in a loan rating. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as delinquent, impaired, nonperforming and/or put on nonaccrual status. Additionally, in the course of resolving such loans, the Company may choose to restructure the contractual terms of certain loans to match the borrower’s ability to repay the loan based on their current financial condition. If a restructured loan meets certain criteria, it may be categorized as a troubled debt restructuring. The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For the commercial real estate, multi-family mortgage, construction, commercial, equipment financing, condominium association, and other consumer loan and lease classes, the Company utilizes an eight-grade loan rating system, which assigns a risk rating to each borrower based on a number of quantitative and qualitative factors associated with a loan transaction. Factors considered include industry and market conditions, position within the industry, earnings trends, operating cash flow, asset/liability values, debt capacity, guarantor strength, management and controls, financial reporting, collateral, and other considerations. In addition, the Company’s independent loan review group evaluates the credit quality and related risk ratings of the commercial real estate and commercial loan portfolios. The results of these reviews are reported to the Board of Directors. For consumer loans, the Company primarily relies on payment status for monitoring credit risk. The ratings categories used for assessing credit risk in the commercial real estate, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes are defined as follows: 1-4 Rating — Pass Loan rating grades “1” through “4” are classified as “Pass,” which indicates borrowers are performing in accordance with the terms of the loan and are less likely to result in losses due to the capacity of the borrowers to pay and the adequacy of the value of assets pledged as collateral. 5 Rating — Other Asset Especially Mentioned (“OAEM”) Borrowers exhibit potential credit weaknesses or downward trends deserving management’s attention. If not checked or corrected, these trends can weaken the Company’s asset position. While potentially weak, currently these borrowers are marginally acceptable; no loss of principal or interest is envisioned. 6 Rating — Substandard Borrowers exhibit well-defined weaknesses that jeopardize the orderly liquidation of debt. Substandard loans may be inadequately protected by the current net worth and paying capacity of the obligors or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy. Although no loss of principal is envisioned, there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Collateral coverage may be inadequate to cover the principal obligation. 7 Rating — Doubtful Borrowers exhibit well-defined weaknesses that jeopardize the orderly liquidation of debt with the added provision that the weaknesses make collection of the debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely. 8 Rating — Definite Loss Borrowers deemed incapable of repayment. Loans to such borrowers are considered uncollectable and of such little value that continuation as active assets of the Company is not warranted. Assets rated as “OAEM,” “substandard” or “doubtful” based on criteria established under banking regulations are collectively referred to as “criticized” assets. Credit Quality Information The following tables present the recorded investment in loans in each class at September 30, 2016 by credit quality indicator.
At September 30, 2016, there were no loans categorized as definite loss.
The following tables present the recorded investment in loans in each class at December 31, 2015 by credit quality indicator.
At December 31, 2015, there were no loans categorized as definite loss.
The following table presents information regarding foreclosed residential real estate property at the dates indicated.
Age Analysis of Past Due Loans and Leases The following tables present an age analysis of the recorded investment in total loans and leases at September 30, 2016 and December 31, 2015.
Commercial Real Estate Loans — At September 30, 2016, loans outstanding in the three classes within this segment expressed as a percentage of total loans and leases outstanding were as follows: commercial real estate loans — 38.3%; multi-family mortgage loans — 13.2%; and construction loans — 2.6%. Loans in this portfolio that are on nonaccrual status and/or risk-rated “substandard” or worse are evaluated on an individual loan basis for impairment. For non-impaired commercial real estate loans, loss factors are applied to outstanding loans by risk rating for each of the three classes in the portfolio. The factors applied are based primarily on historic loan loss experience and an assessment of internal and external factors and other relevant information. Commercial Loans and Leases — At September 30, 2016, loans and leases outstanding in the three classes within this segment expressed as a percent of total loans and leases outstanding were as follows: commercial loans and leases — 12.2%; equipment financing loans — 14.4%; and loans to condominium associations — 1.0%. Loans and leases in this portfolio that are on nonaccrual status and/or risk-rated “substandard” or worse are evaluated on an individual basis for impairment. For non-impaired commercial loans and leases, loss factors are applied to outstanding loans by risk rating for the respective class in the portfolio. Consumer Loans — At September 30, 2016, loans outstanding within the four classes within this segment expressed as a percent of total loans and leases outstanding were as follows: residential mortgage loans — 11.6%; home equity loans — 6.4%; indirect automobile loans — 0.1% , and other consumer loans — 0.2%. Significant risk characteristics related to the residential mortgage and home equity loan portfolios are the geographic concentration of the properties financed within selected communities in the greater Boston and Providence metropolitan areas. The payment status and loan-to-value ratio are the primary credit quality indicators used for residential mortgage loans and home equity loans. Generally, loans are not made when the loan-to-value ratio exceeds 80% unless private mortgage insurance is obtained and/or there is a financially strong guarantor. Consumer loans that become 90 days or more past due, or are placed on nonaccrual regardless of past due status, are reviewed on an individual basis for impairment by assessing the net realizable value of underlying collateral and the economic condition of the borrower. Impaired Loans and Leases A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. The Company has defined the population of impaired loans to include nonaccrual loans and troubled debt restructured loans. When the ultimate collectability of the total principal of an impaired loan or lease is in doubt and the loan is on nonaccrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan or lease is not in doubt and the loan or lease is on nonaccrual status, contractual interest is credited to interest income when received, under the cash basis method. The following tables include the recorded investment and unpaid principal balances of impaired loans and leases with the related allowance amount, if applicable, for the originated and acquired loan and lease portfolios at the dates indicated. Also presented are the average recorded investments in the impaired loans and leases and the related amount of interest recognized during the period that the impaired loans were impaired.
(1) Includes originated and acquired nonaccrual loans of $29.7 million and $4.0 million, respectively, at September 30, 2016. (2) Includes originated and acquired nonaccrual loans of $9.3 million and $7.1 million, respectively, at December 31, 2015.
The following tables present information regarding impaired and non-impaired loans and leases at the dates indicated:
Troubled Debt Restructured Loans and Leases A specific valuation allowance for losses on troubled debt restructured loans is determined by comparing the net carrying amount of the troubled debt restructured loan with the restructured loan's cash flows discounted at the original effective rate. The following table sets forth information regarding troubled debt restructured loans and leases at the dates indicated:
Total troubled debt restructuring loans and leases increased by $9.1 million to $32.0 million at September 30, 2016 from $22.9 million at December 31, 2015. The increase was primarily due to $8.8 million of taxi medallion loans which were restructured under the definition of a troubled debt restructuring and placed on nonaccrual during the first nine months of 2016. The recorded investment in troubled debt restructurings and the associated specific allowances for loan and lease losses, in the originated and acquired loan and lease portfolios, are as follows for the periods indicated.
(1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated.
(1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated.
The following table sets forth the Company’s balances of troubled debt restructurings that were modified for the periods indicated, by type of modification.
The net charge-offs of the performing and nonperforming troubled debt restructuring loans and leases for the three months and nine months ended September 30, 2016 were $28 thousand and $110 thousand, respectively. The net recoveries of performing and nonperforming troubled debt restructuring loans and leases for the three months ended September 30, 2015 was $3 thousand; while the net charge-offs for the performing and nonperforming troubled debt restructuring loans and leases for the nine months ended September 30, 2015 was $14 thousand. As of September 30, 2016 and 2015, there were no commitments to lend funds to debtors owing receivables whose terms had been modified in troubled debt restructurings. |
Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated:
The Company concluded that the BankRI name would continue to be utilized in its marketing strategies; therefore, the trade name with a carrying value of $1.1 million has an indefinite life. The estimated aggregate future amortization expense (in thousands) for intangible assets with a finite life remaining at September 30, 2016 is as follows:
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Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) represents the sum of net income (loss) and other comprehensive income (loss). For the three and nine months ended September 30, 2016 and September 30, 2015, the Company’s other comprehensive income (loss) include the following two components: (1) unrealized holding gains (losses) on investment securities available-for-sale, and (2) adjustment of accumulated obligation for postretirement benefits. Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the periods indicated:
The Company did not reclassify any amounts out of accumulated other comprehensive income (loss) for the nine months ended September 30, 2016 and September 30, 2015, respectively. |
Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company may use interest-rate contracts (swaps, caps, and floors) as part of its interest-rate risk management strategy. These agreements are entered into as hedges against future interest-rate fluctuations on specifically identified assets or liabilities. The Company did not have derivative fair value hedges or derivative cash flow hedges at September 30, 2016 or December 31, 2015, respectively. Derivatives not designated as hedges are not speculative but rather, result from a service the Company provides to certain commercial banking customers for a fee. The Company executes interest-rate swaps with certain commercial banking customers to aid them in managing their interest-rate risk. These contracts allow the commercial banking customers to convert floating-rate loan payments to fixed-rate loan payments. The credit risks associated with the interest-rate swaps entered into with our commercial banking customers are consistent with those involved in extending loans. These transactions are subject to the Company's credit policy including collateral requirements consistent with the Company's assessment of the customers' credit quality. The Company concurrently enters into offsetting swaps with a third-party financial institution, effectively minimizing its net risk exposure resulting from such transactions. The third-party financial institution exchanges the customer’s fixed-rate loan payments for floating-rate loan payments. As the interest-rate swaps associated with this program do not meet hedge accounting requirements and the requirement of the underlying collateral of the customer swaps, the fair value of the customer swaps and the offsetting swaps are not materially different and do not significantly impact the Company’s results of operations. The Company had 107 interest-rate swaps related to this program with an aggregate notional amount of $747.2 million at September 30, 2016, compared with 64 interest-rate swaps with an aggregate notional amount of $490.6 million at December 31, 2015. Asset derivatives and liability derivatives are included in other assets and accrued expenses and other liabilities on the unaudited consolidated balance sheets, respectively. The table below presents the fair value and classification of the Company’s derivative financial instruments at September 30, 2016 and December 31, 2015.
Certain derivative agreements contain provisions that require the Company to pledge collateral (in the form of financial instruments and/or cash) if the derivative exposure exceeds a threshold amount. The Company had pledged collateral of $37.3 million and $14.7 million in the normal course of business at September 30, 2016 and December 31, 2015, respectively. The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet at the dates indicated.
The Company has agreements with certain of its derivative counterparties that contain credit-risk-related contingent provisions. These provisions provide the counterparty with the right to terminate its derivative positions and require the Company to settle its obligations under the agreements if the Company defaults on certain of its indebtedness or if the Company fails to maintain its status as a well-capitalized institution. |
Stock Based Compensation |
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Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Stock Based Compensation As of September 30, 2016, the Company had three active recognition and retention plans: the 2003 Recognition and Retention Plan (the "2003 RRP") with 1,250,000 authorized shares, the 2011 Restricted Stock Award Plan (the "2011 RSA") with 500,000 authorized shares, and the 2014 Equity Incentive Plan (the "2014 Plan") with 1,750,000 authorized shares. The 2003 RRP, the 2011 RSA, and the 2014 Plan are collectively referred to as the "Plans". The purpose of the Plans is to promote the long-term financial success of the Company and its subsidiaries by providing a means to attract, retain and reward individuals who contribute to such success and to further align their interests with those of the Company's stockholders. Of the awarded shares, generally 50% vest ratably over three years with one-third of such shares vesting at each of the first, second, and third anniversary dates of the awards. These are referred to as "time-based shares". The remaining 50% of each award has a cliff vesting schedule and will vest three years after the award date based on the level of the Company's achievement of identified performance targets in comparison to the level of achievement of such identified performance targets by a defined peer group of financial institutions. These are referred to as "performance-based shares". The specific performance measure targets relate to return on assets, return on tangible equity, asset quality, and total shareholder return. Generally, if a participant leaves the Company prior to the third anniversary date of an award, any unvested shares are forfeited. Dividends declared with respect to shares awarded are held by the Company and paid to the participant only when the shares vest. Under all the Plans, shares of the Company's common stock are reserved for issuance as restricted stock awards to officers, employees, and non-employee directors of the Company. Shares issued upon vesting may be either authorized but unissued shares or reacquired shares held by the Company as treasury shares. Any shares not issued because vesting requirements are not met will be retired back to treasury and be made available again for issuance under the Plans. During the three months and nine months ended September 30, 2016, 134,809 shares and 136,139 shares were issued upon satisfaction of required conditions of the Plans, net of shares withheld to cover taxes, respectively. This compared to 107,133 shares, net and 112,553 shares, net during three months and nine months ended September 30, 2015. Total expense for the Plans was $0.6 million and $0.4 million for the three months ended September 30, 2016 and 2015, respectively. Total expense for the Plans was $1.4 million and $0.9 million for the nine months ended September 30, 2016 and 2015, respectively. |
Earnings per Share |
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Earnings per Share | Earnings per Share The following table sets forth a reconciliation of basic and diluted earnings per share (“EPS”) for the periods indicated:
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Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments A description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring and non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. There were no changes in the valuation techniques used during the three and nine months ended September 30, 2016 and September 30, 2015. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated:
Investment Securities Available-for-Sale The fair value of investment securities is based principally on market prices and dealer quotes received from third-party and nationally-recognized pricing services for identical investment securities such as U.S. Treasury and agency securities. The Company's marketable equity securities are priced this way and are included in Level 1. These prices are validated by comparing the primary pricing source with an alternative pricing source when available. When quoted market prices for identical securities are unavailable, the Company uses market prices provided by independent pricing services based on recent trading activity and other observable information, including but not limited to market interest-rate curves, referenced credit spreads, and estimated prepayment speeds where applicable. These investments include GSE debentures, GSE mortgage-related securities, SBA commercial loan asset backed securities, corporate debt securities, and trust preferred securities, all of which are included in Level 2. As of September 30, 2016 and December 31, 2015, respectively, none of the investment securities available-for-sale were valued using pricing models included in Level 3. Additionally, management reviews changes in fair value from period to period and performs testing to ensure that prices received from the third parties are consistent with management's expectation of the market. Changes in the prices obtained from the pricing service are analyzed on a month to month basis, taking into consideration changes in market conditions including changes in mortgage spreads, changes in U.S. Treasury security yields, and changes in generic pricing of 15-year and 30-year securities. Additional analysis may include a review of prices provided by other independent parties, a yield analysis, a review of average life changes using Bloomberg analytics, and a review of historical pricing for a particular security. Interest-Rate Swaps The fair values for the interest-rate swap assets and liabilities represent a Level 2 valuation and are based on settlement values adjusted for credit risks associated with the counterparties and the Company and observable market interest rate curves. Credit risk adjustments consider factors such as the likelihood of default by the Company and its counterparties, its net exposures, and remaining contractual life. To date, the Company has not realized any losses due to a counterparty’s inability to pay any net uncollateralized position. See also Note 8, “Derivatives and Hedging Activities.” There were no transfers between levels for assets and liabilities recorded at fair value on a recurring basis during the three and nine months ended, September 30, 2016 and 2015, respectively. Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis The tables below summarize assets and liabilities measured at fair value on a non-recurring basis at the dates indicated:
Collateral-Dependent Impaired Loans and Leases For nonperforming loans and leases where the credit quality of the borrower has deteriorated significantly, fair values of the underlying collateral is estimated using purchase and sales agreements (Level 2), comparable sales, or recent appraisals (Level 3), adjusted for selling costs and other expenses. Other Real Estate Owned The Company records OREO at the lower of cost or fair value. In estimating fair value, the Company utilizes purchase and sales agreements (Level 2) or comparable sales, recent appraisals or cash flows discounted at an interest rate commensurate with the risk associated with these cash flows (Level 3), adjusted for selling costs and other expenses. Repossessed Assets Repossessed assets are carried at estimated fair value less costs to sell based on auction pricing (Level 2). The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring and non-recurring basis at the dates indicated.
(1) Fair value is generally determined through independent appraisals of the underlying collateral. The Company may also use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of the unobservable inputs used may vary but is generally 0% - 10% on the discount for costs to sell and 0% - 15% on appraisal adjustments. Summary of Estimated Fair Values of Financial Instruments The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments at the dates indicated. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, FHLBB and FRB stock, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings, and accrued interest payable.
Investment Securities Held-to-Maturity The fair values of certain investment securities held-to-maturity are estimated using market prices provided by independent pricing services based on recent trading activity and other observable information, including but not limited to market interest-rate curves, referenced credit spreads, and estimated prepayment speeds, where applicable. These investments include GSE debentures, GSE MBSs, and municipal obligations, all of which are included in Level 2. Additionally, fair values of foreign government obligations are based on comparisons to market prices of similar securities and are considered to be Level 3. Loans Held-for-Sale Fair value is measured using quoted market prices when available. These assets are typically categorized as Level 1. If quoted market prices are not available, comparable market values may be utilized. These assets are typically categorized as Level 2. Loans and Leases The fair values of performing loans and leases are estimated by segregating the portfolio into its primary loan and lease categories—commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association, indirect automobile, residential mortgage, home equity, and other consumer. These categories were further disaggregated based on significant financial characteristics such as type of interest rate (fixed / variable) and payment status (current / past-due). The Company discounts the contractual cash flows for each loan category using interest rates currently being offered for loans with similar terms to borrowers of similar quality and incorporates estimates of future loan prepayments. This method of estimating fair value does not incorporate the exit price concept of fair value. Deposits The fair values of deposit liabilities with no stated maturity (demand, NOW, savings and money market savings accounts) are equal to the carrying amounts payable on demand. The fair value of certificates of deposit represents contractual cash flows discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. The fair value estimates for deposits do not include the benefit that results from the low-cost funding provided by the Company’s core deposit relationships (deposit-based intangibles). Borrowed Funds The fair value of federal funds purchased is equal to the amount borrowed. The fair value of FHLBB advances and repurchase agreements represents contractual repayments discounted using interest rates currently available for borrowings with similar characteristics and remaining maturities. The fair values reported for retail repurchase agreements are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on borrowings with similar characteristics and maturities. The fair values reported for subordinated deferrable interest debentures are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on instruments with similar terms and maturities. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Off-Balance-Sheet Financial Instruments The Company is party to off-balance-sheet financial instruments in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby and commercial letters of credit, and interest-rate swaps. According to GAAP, these financial instruments are not recorded in the financial statements until they are funded or related fees are incurred or received. The contract amounts reflect the extent of the involvement the Company has in particular classes of these instruments. Such commitments involve, to varying degrees, elements of credit risk and interest-rate risk in excess of the amount recognized in the consolidated balance sheet. The Company’s exposure to credit loss in the event of non-performance by a counterparty is represented by the contractual amount of the instruments. The Company uses the same policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Financial instruments with off-balance-sheet risk at the dates indicated follow:
Commitments to extend credit are 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 or other termination clauses and may require the payment of a fee by the customer. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if any, is based on management’s credit evaluation of the borrower. Standby and commercial letters of credit are conditional commitments issued by the Company to guarantee performance of a customer to a third party. These standby and commercial letters of credit are primarily issued to support the financing needs of the Company’s commercial customers. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The liability for unfunded credit commitments, which is included in other liabilities, was $1.3 million at September 30, 2016 and December 31, 2015. The Company enters into back-to-back interest rate swaps with commercial customers and third-party financial institutions. These swaps allow the Company to offer long-term fixed-rate commercial loans while mitigating the interest-rate risk of holding those loans. In a back-to-back interest rate swap transaction, the Company lends to a commercial customer on a floating-rate basis and then enters into an interest rate swap with that customer. Concurrently, the Company enters into an offsetting swap with a third-party financial institution, effectively minimizing its net interest-rate risk exposure resulting from such transactions. The fair value for both interest rate swap assets and liabilities was $24.8 million at September 30, 2016. The fair value of interest rate swap assets and liabilities was $8.7 million and $8.8 million, respectively, at December 31, 2015. Lease Commitments The Company leases certain office space under various noncancellable operating leases. These leases have original terms ranging from 5 years to over 25 years. Certain leases contain renewal options and escalation clauses which can increase rental expenses based principally on the consumer price index and fair market rental value provisions. A summary of future minimum rental payments under such leases at the dates indicated follows:
The leases contain escalation clauses for real estate taxes and other expenditures. Total rent expense was $1.3 million and $1.4 million during the three months ended September 30, 2016 and 2015. Total rental expense was $3.9 million and $4.0 million during the nine months ended September 30, 2016 and 2015, respectively. The reduction in rent expense was attributable to the Company entering into two new sublease agreements on properties that had been previously vacated. Legal Proceedings There are various outstanding legal proceedings in the normal course of business. In the opinion of management, after consulting with legal counsel, the consolidated financial position and results of operations of the Company are not expected to be affected materially by the outcome of such proceedings. |
Basis of Presentation (Policies) |
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Accounting Policies | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant change in the near-term include the determination of the allowance for loan and lease losses, the determination of fair market values of assets and liabilities, including acquired loans and leases, the review of goodwill and intangibles for impairment, and the review of deferred tax assets for valuation allowances. The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2016-16, Income Taxes (Topic 740). This ASU was issued to improve the accounting for income tax consequences of intra-entity transfers of assets other than inventory. For public entities, this ASU is effective for the fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. Management is currently assessing the applicability of ASU 2016-16 and has not determined the impact, if any, as of September 30, 2016. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). This ASU was issued to provide clarification and uniformity on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows under Topic 230. This amendments presented in this ASU are effective for fiscal years beginning after December 15, 2017. As of September 30, 2016, Management believes that ASU 2016-15 does apply, and has determined the impact of adoption will be minimal. In June 2016, the FASB issued ASU 2016-13, Financial instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The intent of this ASU is to replace the current GAAP method of calculating credit losses. Current GAAP uses a higher threshold at which likely losses can be calculated and recorded. The new process will require institutions to account for likely losses that originally would not have been part of the calculation. The calculation will incorporate future forecasting in addition to historical and current measures. For public entities that file with the SEC, this ASU is effective for the fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This ASU must be applied prospectively to debt securities marked as other than temporarily impaired. A retrospective approach will be applied cumulatively to retained earnings. Early adoption is permitted as of the fiscal years beginning after December 15, 2018. Management has determined that ASU 2016-13 does apply, but has not determined the impact, if any, as of September 30, 2016. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The intention of this ASU is to provide additional clarification on specific issues brought forth by the FASB and the International Accounting Standards Board Joint Transition Resource Group for Revenue Recognition in relation to Topic 606 and revenue recognition. This ASU is to have the same effective date as ASU 2015-14 which deferred the effective date of ASU 2014-09 to December 15, 2017. Management has determined that ASU 2016-12 does apply, but has not determined the impact, if any, as of September 30, 2016. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This ASU was issued as part of the FASB Simplification Initiative which intends to reduce the complexity of GAAP while improving usefulness to users. There are eight main items in this ASU that contribute to the simplification of share-based accounting. For public entities, this ASU is effective for the fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. Management believes that this ASU applies and is assessing the impact, if any, as of September 30, 2016. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). This ASU was issued to clarify how to recognize revenue depending on an entities position, in relation to another entity involved, on contracts with customers. The entity can either be a principal party or an agent, and must record revenue accordingly. This ASU is not yet effective. Since this ASU affects ASU 2014-09, and that effective date was deferred, this ASU remains suspended too. Management believes that this ASU applies and is assessing the impact, if any, as of September 30, 2016. In February 2016, FASB issued ASU 2016-02, Leases. This ASU requires lessees to put most leases on their balance sheet but recognize expenses on their income statements in a manner similar to current accounting. This ASU also eliminates current real estate-specific provisions for all companies. For lessors, this ASU modifies the classification criteria and the accounting for sales-type and direct financing leases. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods therein. Early adoption is permitted. Management believes that this ASU applies and is assessing the impact, if any, as of September 30, 2016. In January 2016, the FASB issued ASU 2016-01, Financial Instruments. This ASU significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods therein. Management believes that this ASU applies and is assessing the impact, if any, as of September 30, 2016. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This ASU was issued to defer the effective date of ASU 2014-09 for all entities by one year. In effect, public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods (including interim reporting periods within those period) beginning after December 15, 2017. Management believes that this ASU applies and is assessing the impact, if any, as of September 30, 2016. |
Investment Securities (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of securities available-for-sale securities | The following tables set forth investment securities available-for-sale and held-to-maturity at the dates indicated:
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Investment securities in a continuous unrealized loss position | Investment securities at September 30, 2016 and December 31, 2015 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows:
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Schedule of maturities of debt securities | The final stated maturities of the debt securities are as follows at the dates indicated:
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Loans and Leases (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of loan and lease balances and weighted average coupon rates for the originated and acquired portfolios | The following tables present loan and lease balances and weighted average coupon rates for the originated and acquired loan and lease portfolios at the dates indicated:
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Schedule of activity in the accretable yield for acquired loan portfolio | The following table summarizes activity in the accretable yield for the acquired loan portfolio for the periods indicated:
(1) Represents changes in interest cash flows due to changes in interest rates on variable rate loans. |
Allowance for Loan and Lease Losses (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment | The following tables present the changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment for the periods indicated:
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Schedule of provisions for credit losses | The provision for credit losses are set forth below for the periods indicated:
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Summary of the recorded investments in loans in each class (unpaid balance of loans and leases outstanding excluding deferred loan origination costs) by credit quality indicator | The following tables present the recorded investment in loans in each class at September 30, 2016 by credit quality indicator.
At September 30, 2016, there were no loans categorized as definite loss.
The following tables present the recorded investment in loans in each class at December 31, 2015 by credit quality indicator.
At December 31, 2015, there were no loans categorized as definite loss.
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Information regarding troubled debt restructuring loans | The following table sets forth information regarding troubled debt restructured loans and leases at the dates indicated:
The following table presents information regarding foreclosed residential real estate property at the dates indicated.
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Schedule of information regarding the aging of past due loans, by loans and leases class | The following tables present an age analysis of the recorded investment in total loans and leases at September 30, 2016 and December 31, 2015.
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Schedule of impaired loans and leases, by loans and leases class | The following tables include the recorded investment and unpaid principal balances of impaired loans and leases with the related allowance amount, if applicable, for the originated and acquired loan and lease portfolios at the dates indicated. Also presented are the average recorded investments in the impaired loans and leases and the related amount of interest recognized during the period that the impaired loans were impaired.
(1) Includes originated and acquired nonaccrual loans of $29.7 million and $4.0 million, respectively, at September 30, 2016. (2) Includes originated and acquired nonaccrual loans of $9.3 million and $7.1 million, respectively, at December 31, 2015.
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Schedule of the impaired and non-impaired loans and leases, by loan and leases class | The following tables present information regarding impaired and non-impaired loans and leases at the dates indicated:
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Summary of investment in troubled debt restructurings, and the associated specific allowances for loan and lease losses | The recorded investment in troubled debt restructurings and the associated specific allowances for loan and lease losses, in the originated and acquired loan and lease portfolios, are as follows for the periods indicated.
(1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated.
(1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated.
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Schedule of troubled debt restructurings by type of modification | The following table sets forth the Company’s balances of troubled debt restructurings that were modified for the periods indicated, by type of modification.
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Goodwill and Other Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of composition of goodwill and other intangible assets | The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated:
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Schedule of estimated aggregate future amortization expense for intangible assets | The estimated aggregate future amortization expense (in thousands) for intangible assets with a finite life remaining at September 30, 2016 is as follows:
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Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in accumulated other comprehensive (loss) income by component, net of tax | Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the periods indicated:
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Derivatives and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value and classification of the Company's derivative financial instruments on the unaudited consolidated balance sheets and the effect of the Company's derivative financial instruments on the unaudited consolidated income statements | Asset derivatives and liability derivatives are included in other assets and accrued expenses and other liabilities on the unaudited consolidated balance sheets, respectively. The table below presents the fair value and classification of the Company’s derivative financial instruments at September 30, 2016 and December 31, 2015.
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Schedule of offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet | The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet at the dates indicated.
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Earnings per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of basic and diluted earnings per share (EPS) | The following table sets forth a reconciliation of basic and diluted earnings per share (“EPS”) for the periods indicated:
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Fair Value of Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | The following tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated:
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Summary of assets and liabilities measured at fair value on a non-recurring basis | The tables below summarize assets and liabilities measured at fair value on a non-recurring basis at the dates indicated:
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Schedule of quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring basis | The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring and non-recurring basis at the dates indicated.
(1) Fair value is generally determined through independent appraisals of the underlying collateral. The Company may also use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of the unobservable inputs used may vary but is generally 0% - 10% on the discount for costs to sell and 0% - 15% on appraisal adjustments. |
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Schedule of carrying amount, estimated fair value, and placement in the fair value hierarchy for financial instruments | The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments at the dates indicated. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, FHLBB and FRB stock, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings, and accrued interest payable.
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial instruments with off-balance sheet risk | Financial instruments with off-balance-sheet risk at the dates indicated follow:
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Schedule of future minimum rental payments under noncancellable operating leases | A summary of future minimum rental payments under such leases at the dates indicated follows:
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Basis of Presentation (Details) |
9 Months Ended |
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Sep. 30, 2016
USD ($)
bank
| |
Basis of Presentation | |
Number of full-service banking offices | 25 |
FDIC insurance limit per depositor | $ | $ 250,000 |
Number of banks on whose deposits insurance coverage was offered | 3 |
Percentage of insurance offered | 100.00% |
Eastern Funding LLC | |
Basis of Presentation | |
Percentage of ownership in subsidiary | 84.40% |
BankRI | |
Basis of Presentation | |
Number of full-service banking offices | 19 |
First Ipswich Bancorp: | |
Basis of Presentation | |
Number of full-service banking offices | 5 |
Investment Securities (Details) - USD ($) |
Sep. 30, 2016 |
Dec. 31, 2015 |
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Investment securities available-for-sale | ||
Amortized Cost | $ 517,209,000 | $ 517,601,000 |
Gross Unrealized Gains | 7,782,000 | 1,649,000 |
Gross Unrealized Losses | 696,000 | 6,049,000 |
Estimated Fair Value | 524,295,000 | 513,201,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 77,094,000 | 93,757,000 |
Gross Unrealized Gains | 1,037,000 | 373,000 |
Gross Unrealized Losses | 52,000 | 435,000 |
Estimated Fair Value | 78,079,000 | 93,695,000 |
Net unrealized gain (loss), available-for-sale securities | 7,100,000 | (4,400,000) |
Gross unrealized losses, fair value, available-for-sale securities | $ 78,078,000 | $ 368,120,000 |
Percentage of securities in unrealized loss positions, available-for-sale securities | 14.90% | 71.70% |
Net unrealized gain (loss), held-to-maturity securities | $ 1,000,000 | $ (62,000) |
Gross unrealized losses, fair value, held-to-maturity securities | $ 19,100,000 | $ 52,300,000 |
Percentage of securities unrealized loss positions, held-to-maturity securities | 24.50% | 55.80% |
Available for sale securities pledged as collateral | $ 443,500,000 | $ 486,400,000 |
Debt securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 516,245,000 | 516,645,000 |
Gross Unrealized Gains | 7,746,000 | 1,628,000 |
Gross Unrealized Losses | 696,000 | 6,049,000 |
Estimated Fair Value | 523,295,000 | 512,224,000 |
GSE debentures | ||
Investment securities available-for-sale | ||
Amortized Cost | 64,713,000 | 40,658,000 |
Gross Unrealized Gains | 1,639,000 | 141,000 |
Gross Unrealized Losses | 13,000 | 172,000 |
Estimated Fair Value | 66,339,000 | 40,627,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 14,734,000 | 34,915,000 |
Gross Unrealized Gains | 3,000 | 9,000 |
Gross Unrealized Losses | 32,000 | 105,000 |
Estimated Fair Value | 14,705,000 | 34,819,000 |
Net unrealized gain (loss), available-for-sale securities | 1,600,000 | (31,000) |
Gross unrealized losses, fair value, available-for-sale securities | 6,126,000 | 19,633,000 |
Net unrealized gain (loss), held-to-maturity securities | (29,000) | (96,000) |
Gross unrealized losses, fair value, held-to-maturity securities | 11,702,000 | 25,837,000 |
GSE CMOs | ||
Investment securities available-for-sale | ||
Amortized Cost | 172,606,000 | 198,000,000 |
Gross Unrealized Gains | 683,000 | 45,000 |
Gross Unrealized Losses | 484,000 | 4,229,000 |
Estimated Fair Value | 172,805,000 | 193,816,000 |
GSE MBSs | ||
Investment securities available-for-sale | ||
Amortized Cost | 229,040,000 | 230,213,000 |
Gross Unrealized Gains | 4,410,000 | 1,098,000 |
Gross Unrealized Losses | 27,000 | 1,430,000 |
Estimated Fair Value | 233,423,000 | 229,881,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 18,710,000 | 19,291,000 |
Gross Unrealized Gains | 48,000 | 0 |
Gross Unrealized Losses | 6,000 | 305,000 |
Estimated Fair Value | 18,752,000 | 18,986,000 |
Net unrealized gain (loss), held-to-maturity securities | 42,000 | (300,000) |
SBA commercial loan asset-backed securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 112,000 | 148,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 1,000 | 1,000 |
Estimated Fair Value | 111,000 | 147,000 |
Investment securities held-to-maturity | ||
Gross unrealized losses, fair value, available-for-sale securities | 103,000 | 139,000 |
Corporate debt obligations | ||
Investment securities available-for-sale | ||
Amortized Cost | 48,306,000 | 46,160,000 |
Gross Unrealized Gains | 1,014,000 | 344,000 |
Gross Unrealized Losses | 16,000 | 18,000 |
Estimated Fair Value | 49,304,000 | 46,486,000 |
Investment securities held-to-maturity | ||
Net unrealized gain (loss), available-for-sale securities | 1,000,000 | 300,000 |
Gross unrealized losses, fair value, available-for-sale securities | 2,492,000 | 6,181,000 |
Trust preferred securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 1,468,000 | 1,466,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 155,000 | 199,000 |
Estimated Fair Value | 1,313,000 | 1,267,000 |
Investment securities held-to-maturity | ||
Net unrealized gain (loss), available-for-sale securities | (200,000) | (200,000) |
Gross unrealized losses, fair value, available-for-sale securities | 1,313,000 | 1,267,000 |
Municipal obligations | ||
Investment securities held-to-maturity | ||
Amortized Cost | 43,150,000 | 39,051,000 |
Gross Unrealized Gains | 986,000 | 364,000 |
Gross Unrealized Losses | 5,000 | 25,000 |
Estimated Fair Value | 44,131,000 | 39,390,000 |
Net unrealized gain (loss), held-to-maturity securities | 1,000,000 | 300,000 |
Gross unrealized losses, fair value, held-to-maturity securities | 2,445,000 | 7,629,000 |
Foreign government obligations | ||
Investment securities held-to-maturity | ||
Amortized Cost | 500,000 | 500,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 9,000 | 0 |
Estimated Fair Value | 491,000 | 500,000 |
Gross unrealized losses, fair value, held-to-maturity securities | 491,000 | |
Marketable equity securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 964,000 | 956,000 |
Gross Unrealized Gains | 36,000 | 21,000 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 1,000,000 | 977,000 |
Investment securities held-to-maturity | ||
Net unrealized gain (loss), available-for-sale securities | $ 36,000 | $ 21,000 |
Investment Securities (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Available-for-sale | ||
Less than twelve months, estimated fair value | $ 34,021 | $ 249,273 |
Less than twelve months, unrealized losses | 140 | 2,329 |
Twelve months or longer, estimated fair value | 44,057 | 118,847 |
Twelve months or longer, unrealized losses | 556 | 3,720 |
Total, estimated fair value | 78,078 | 368,120 |
Total, unrealized losses | 696 | 6,049 |
Held-to-maturity | ||
Less than twelve months, estimated fair value | 19,100 | 52,300 |
Less than twelve months, unrealized losses | 52 | 435 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 19,100 | 52,300 |
Total, unrealized losses | 52 | 435 |
Available-for-sale and Held-to-maturity | ||
Less than twelve months, estimated fair value | 53,121 | 301,573 |
Less than twelve months, unrealized losses | 192 | 2,764 |
Twelve months or longer, estimated fair value | 44,057 | 118,847 |
Twelve months or longer, unrealized losses | 556 | 3,720 |
Total, estimated fair value | 97,178 | 420,420 |
Total, unrealized losses | 748 | 6,484 |
GSE debentures | ||
Available-for-sale | ||
Less than twelve months, estimated fair value | 6,126 | 19,633 |
Less than twelve months, unrealized losses | 13 | 172 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 6,126 | 19,633 |
Total, unrealized losses | 13 | 172 |
Held-to-maturity | ||
Less than twelve months, estimated fair value | 11,702 | 25,837 |
Less than twelve months, unrealized losses | 32 | 105 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 11,702 | 25,837 |
Total, unrealized losses | 32 | 105 |
GSE CMOs | ||
Available-for-sale | ||
Less than twelve months, estimated fair value | 19,232 | 89,680 |
Less than twelve months, unrealized losses | 88 | 1,294 |
Twelve months or longer, estimated fair value | 42,424 | 100,473 |
Twelve months or longer, unrealized losses | 396 | 2,935 |
Total, estimated fair value | 61,656 | 190,153 |
Total, unrealized losses | 484 | 4,229 |
GSE MBSs | ||
Available-for-sale | ||
Less than twelve months, estimated fair value | 6,142 | 133,779 |
Less than twelve months, unrealized losses | 23 | 845 |
Twelve months or longer, estimated fair value | 246 | 16,968 |
Twelve months or longer, unrealized losses | 4 | 585 |
Total, estimated fair value | 6,388 | 150,747 |
Total, unrealized losses | 27 | 1,430 |
Held-to-maturity | ||
Less than twelve months, estimated fair value | 4,462 | 18,834 |
Less than twelve months, unrealized losses | 6 | 305 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 4,462 | 18,834 |
Total, unrealized losses | 6 | 305 |
SBA commercial loan asset-backed securities | ||
Available-for-sale | ||
Less than twelve months, estimated fair value | 29 | 0 |
Less than twelve months, unrealized losses | 0 | 0 |
Twelve months or longer, estimated fair value | 74 | 139 |
Twelve months or longer, unrealized losses | 1 | 1 |
Total, estimated fair value | 103 | 139 |
Total, unrealized losses | 1 | 1 |
Corporate debt obligations | ||
Available-for-sale | ||
Less than twelve months, estimated fair value | 2,492 | 6,181 |
Less than twelve months, unrealized losses | 16 | 18 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 2,492 | 6,181 |
Total, unrealized losses | 16 | 18 |
Trust preferred securities | ||
Available-for-sale | ||
Less than twelve months, estimated fair value | 0 | 0 |
Less than twelve months, unrealized losses | 0 | 0 |
Twelve months or longer, estimated fair value | 1,313 | 1,267 |
Twelve months or longer, unrealized losses | 155 | 199 |
Total, estimated fair value | 1,313 | 1,267 |
Total, unrealized losses | 155 | 199 |
Municipal obligations | ||
Held-to-maturity | ||
Less than twelve months, estimated fair value | 2,445 | 7,629 |
Less than twelve months, unrealized losses | 5 | 25 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 2,445 | 7,629 |
Total, unrealized losses | 5 | $ 25 |
Foreign government obligations | ||
Held-to-maturity | ||
Less than twelve months, estimated fair value | 491 | |
Less than twelve months, unrealized losses | 9 | |
Twelve months or longer, estimated fair value | 0 | |
Twelve months or longer, unrealized losses | 0 | |
Total, estimated fair value | 491 | |
Total, unrealized losses | $ 9 |
Investment Securities (Details 3) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2016
USD ($)
security
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
security
|
|
Investment Securities | |||
Estimated Fair Value | $ 524,295,000 | $ 513,201,000 | |
Net unrealized gain (loss) | 7,100,000 | (4,400,000) | |
Purchases of investment securities available-for-sale | 77,275,000 | $ 50,538,000 | |
U.S. Government-Sponsored Enterprises backed explicitly by the full faith and credit of the U.S. Government | |||
Investment Securities | |||
Estimated Fair Value | 27,900,000 | 21,800,000 | |
GSE debentures | |||
Investment Securities | |||
Estimated Fair Value | $ 66,339,000 | $ 40,627,000 | |
Number of securities | security | 21 | 13 | |
Net unrealized gain (loss) | $ 1,600,000 | $ (31,000) | |
Number of securities under unrealized loss position | security | 2 | 7 | |
Purchases of investment securities available-for-sale | $ 32,300,000 | 11,800,000 | |
GSE CMOs | |||
Investment Securities | |||
Estimated Fair Value | $ 172,800,000 | $ 193,800,000 | |
Number of securities | security | 62 | 63 | |
Net unrealized gain (loss) | $ 200,000 | $ (4,200,000) | |
Number of securities under unrealized loss position | security | 17 | 45 | |
Purchases of investment securities available-for-sale | $ 3,100,000 | 0 | |
GSE MBSs | |||
Investment Securities | |||
Estimated Fair Value | $ 233,400,000 | $ 229,900,000 | |
Number of securities | security | 196 | 186 | |
Net unrealized gain (loss) | $ 4,400,000 | $ (300,000) | |
Number of securities under unrealized loss position | security | 11 | 56 | |
Purchases of investment securities available-for-sale | $ 36,700,000 | 29,400,000 | |
SBA commercial loan asset-backed securities | |||
Investment Securities | |||
Estimated Fair Value | $ 111,000 | $ 147,000 | |
Number of securities | security | 6 | 7 | |
Number of securities under unrealized loss position | security | 5 | 6 | |
Corporate debt obligations | |||
Investment Securities | |||
Estimated Fair Value | $ 49,304,000 | $ 46,486,000 | |
Number of securities | security | 16 | 15 | |
Net unrealized gain (loss) | $ 1,000,000 | $ 300,000 | |
Number of securities under unrealized loss position | security | 1 | 2 | |
Purchases of investment securities available-for-sale | $ 5,100,000 | $ 9,300,000 | |
Trust preferred securities | |||
Investment Securities | |||
Estimated Fair Value | $ 1,313,000 | $ 1,267,000 | |
Number of securities | security | 2 | 2 | |
Net unrealized gain (loss) | $ (200,000) | $ (200,000) | |
Number of securities under unrealized loss position | security | 2 | 2 | |
Marketable equity securities | |||
Investment Securities | |||
Estimated Fair Value | $ 1,000,000 | $ 977,000 | |
Number of securities | security | 2 | 2 | |
Net unrealized gain (loss) | $ 36,000 | $ 21,000 | |
Number of securities under unrealized loss position | security | 0 | 0 |
Investment Securities (Details 4) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2016
USD ($)
security
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
security
|
|
Schedule of Held-to-maturity Securities [Line Items] | |||
Investment securities held-to-maturity, fair value | $ 78,079,000 | $ 93,695,000 | |
Net unrealized gain (loss), held-to-maturity securities | 1,000,000 | (62,000) | |
Purchases of investment securities held-to-maturity | 25,045,000 | $ 68,454,000 | |
Gross Unrealized Gains | 1,037,000 | 373,000 | |
Held-to-maturity Securities | 77,094,000 | 93,757,000 | |
GSE debentures | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Investment securities held-to-maturity, fair value | $ 14,705,000 | $ 34,819,000 | |
Number of securities | security | 6 | 12 | |
Net unrealized gain (loss), held-to-maturity securities | $ (29,000) | $ (96,000) | |
Number of securities in an unrealized loss position | security | 4 | 9 | |
Purchases of investment securities held-to-maturity | $ 17,700,000 | 26,900,000 | |
Gross Unrealized Gains | 3,000 | $ 9,000 | |
Held-to-maturity Securities | 14,734,000 | 34,915,000 | |
GSE MBSs | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Investment securities held-to-maturity, fair value | $ 18,752,000 | $ 18,986,000 | |
Number of securities | security | 11 | 10 | |
Net unrealized gain (loss), held-to-maturity securities | $ 42,000 | $ (300,000) | |
Number of securities in an unrealized loss position | security | 2 | 7 | |
Purchases of investment securities held-to-maturity | $ 2,400,000 | 21,300,000 | |
Gross Unrealized Gains | 48,000 | $ 0 | |
Held-to-maturity Securities | 18,710,000 | 19,291,000 | |
Municipal obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Investment securities held-to-maturity, fair value | $ 44,131,000 | $ 39,390,000 | |
Number of securities | security | 84 | 72 | |
Net unrealized gain (loss), held-to-maturity securities | $ 1,000,000 | $ 300,000 | |
Number of securities in an unrealized loss position | security | 6 | 15 | |
Purchases of investment securities held-to-maturity | $ 4,400,000 | 20,300,000 | |
Gross Unrealized Gains | 986,000 | $ 364,000 | |
Held-to-maturity Securities | 43,150,000 | 39,051,000 | |
Foreign government obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Investment securities held-to-maturity, fair value | $ 491,000 | $ 500,000 | |
Number of securities | security | 1 | 1 | |
Number of securities in an unrealized loss position | security | 1 | 0 | |
Purchases of investment securities held-to-maturity | $ 0 | ||
Gross Unrealized Gains | $ 0 | $ 0 | |
Held-to-maturity Securities | $ 500,000 | $ 500,000 | |
Number of HTM securities purchased | security | 1 |
Investment Securities (Details 5) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Available for Sale, Amortized Cost | ||
Within 1 year | $ 9 | $ 2,999 |
After 1 year through 5 years | 60,818 | 59,729 |
After 5 years through 10 years | 116,308 | 100,658 |
Over 10 years | 339,110 | 353,259 |
Total | 516,245 | 516,645 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 10 | 3,003 |
After 1 year through 5 years | 62,136 | 60,249 |
After 5 years through 10 years | 119,089 | 100,833 |
Over 10 years | 342,060 | 348,139 |
Total | $ 523,295 | $ 512,224 |
Available for Sale, Weighted Average Rate | ||
Within 1 year (as a percent) | 0.13% | 2.09% |
After 1 year through 5 years (as a percent) | 2.25% | 2.32% |
After 5 years through 10 years (as a percent) | 2.02% | 2.05% |
Over 10 years (as a percent) | 1.95% | 1.97% |
Total (as a percent) | 2.00% | 2.03% |
Held-to-maturity, Amortized Cost | ||
Within 1 year | $ 159 | $ 651 |
After 1 year through 5 years | 20,836 | 23,888 |
After 5 years through 10 years | 37,548 | 50,078 |
Over 10 years | 18,551 | 19,140 |
Total | 77,094 | 93,757 |
Held-to-maturity, Estimated Fair Value | ||
Within 1 year | 159 | 651 |
After 1 year through 5 years | 21,034 | 23,866 |
After 5 years through 10 years | 38,293 | 50,344 |
Over 10 years | 18,593 | 18,834 |
Total | $ 78,079 | $ 93,695 |
Held-to-maturity, Weighted Average Rate | ||
Within 1 year (as a percent) | 1.73% | 1.00% |
After 1 year through 5 years (as a percent) | 1.28% | 1.52% |
After 5 years through 10 years (as a percent) | 1.79% | 2.00% |
Over 10 years (as a percent) | 1.74% | 1.82% |
Total (as a percent) | 1.64% | 1.83% |
Estimated fair value of debt securities have right to call or prepay the obligations | $ 28,900 | $ 48,500 |
Estimated fair value of debt securities have right to call or prepay the obligations, schedule maturities of 1-5 years | 3,100 | 15,500 |
Estimated fair value of debt securities have right to call or prepay the obligations, schedule maturities of 6-10 years | 24,500 | 31,800 |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities after ten years | $ 1,300 | $ 1,200 |
Loans and Leases (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Mar. 31, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originated loans | $ 4,985,923,000 | $ 4,985,923,000 | $ 4,572,888,000 | |||
Originated, Weighted Average Coupon (as a percent) | 4.34% | 4.38% | ||||
Acquired loans | 346,377,000 | $ 346,377,000 | $ 422,652,000 | |||
Acquired, Weighted Average Coupon (as a percent) | 4.24% | 4.18% | ||||
Total Loans and Leases | 5,332,300,000 | $ 5,332,300,000 | $ 4,995,540,000 | |||
Total, Weighted Average Coupon (as a percent) | 4.33% | 4.36% | ||||
Unamortized deferred loan origination fees and costs | 13,900,000 | $ 13,900,000 | $ 12,800,000 | |||
Percentage of loans to aggregate outstanding amount in the greater New York/New Jersey metropolitan area | 31.30% | 32.80% | ||||
Percentage of loans to aggregate outstanding amount in other areas of the United States | 68.70% | 67.20% | ||||
Proceeds from sale of loan portfolio | $ 37,516,000 | $ 24,984,000 | ||||
Loss on sale of loans | (588,000) | $ (446,000) | (1,986,000) | $ (1,594,000) | ||
Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originated loans | 2,694,261,000 | $ 2,694,261,000 | $ 2,435,155,000 | |||
Originated, Weighted Average Coupon (as a percent) | 3.89% | 3.96% | ||||
Acquired loans | 189,167,000 | $ 189,167,000 | $ 229,239,000 | |||
Acquired, Weighted Average Coupon (as a percent) | 4.24% | 4.19% | ||||
Total Loans and Leases | 2,883,428,000 | $ 2,883,428,000 | $ 2,664,394,000 | |||
Total, Weighted Average Coupon (as a percent) | 3.91% | 3.98% | ||||
Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originated loans | 1,880,163,000 | $ 1,880,163,000 | $ 1,684,548,000 | |||
Originated, Weighted Average Coupon (as a percent) | 3.94% | 4.00% | ||||
Acquired loans | 158,314,000 | $ 158,314,000 | $ 191,044,000 | |||
Acquired, Weighted Average Coupon (as a percent) | 4.19% | 4.15% | ||||
Total Loans and Leases | 2,038,477,000 | $ 2,038,477,000 | $ 1,875,592,000 | |||
Total, Weighted Average Coupon (as a percent) | 3.96% | 4.02% | ||||
Multi-family mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originated loans | 673,108,000 | $ 673,108,000 | $ 620,865,000 | |||
Originated, Weighted Average Coupon (as a percent) | 3.77% | 3.92% | ||||
Acquired loans | 30,635,000 | $ 30,635,000 | $ 37,615,000 | |||
Acquired, Weighted Average Coupon (as a percent) | 4.52% | 4.35% | ||||
Total Loans and Leases | 703,743,000 | $ 703,743,000 | $ 658,480,000 | |||
Total, Weighted Average Coupon (as a percent) | 3.81% | 3.94% | ||||
Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originated loans | 140,990,000 | $ 140,990,000 | $ 129,742,000 | |||
Originated, Weighted Average Coupon (as a percent) | 3.72% | 3.60% | ||||
Acquired loans | 218,000 | $ 218,000 | $ 580,000 | |||
Acquired, Weighted Average Coupon (as a percent) | 3.67% | 5.08% | ||||
Total Loans and Leases | 141,208,000 | $ 141,208,000 | $ 130,322,000 | |||
Total, Weighted Average Coupon (as a percent) | 3.72% | 3.61% | ||||
Commercial loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originated loans | 1,448,647,000 | $ 1,448,647,000 | $ 1,349,462,000 | |||
Originated, Weighted Average Coupon (as a percent) | 5.59% | 5.59% | ||||
Acquired loans | 22,219,000 | $ 22,219,000 | $ 24,834,000 | |||
Acquired, Weighted Average Coupon (as a percent) | 5.43% | 5.83% | ||||
Total Loans and Leases | 1,470,866,000 | $ 1,470,866,000 | $ 1,374,296,000 | |||
Total, Weighted Average Coupon (as a percent) | 5.59% | 5.59% | ||||
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originated loans | 636,658,000 | $ 636,658,000 | $ 576,599,000 | |||
Originated, Weighted Average Coupon (as a percent) | 3.95% | 3.90% | ||||
Acquired loans | 15,658,000 | $ 15,658,000 | $ 15,932,000 | |||
Acquired, Weighted Average Coupon (as a percent) | 5.24% | 5.65% | ||||
Total Loans and Leases | 652,316,000 | $ 652,316,000 | $ 592,531,000 | |||
Total, Weighted Average Coupon (as a percent) | 3.98% | 3.95% | ||||
Equipment financing | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originated loans | 758,086,000 | $ 758,086,000 | $ 712,988,000 | |||
Originated, Weighted Average Coupon (as a percent) | 7.06% | 7.05% | ||||
Acquired loans | 6,561,000 | $ 6,561,000 | $ 8,902,000 | |||
Acquired, Weighted Average Coupon (as a percent) | 5.87% | 6.14% | ||||
Total Loans and Leases | 764,647,000 | $ 764,647,000 | $ 721,890,000 | |||
Total, Weighted Average Coupon (as a percent) | 7.05% | 7.04% | ||||
Condominium association | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originated loans | 53,903,000 | $ 53,903,000 | $ 59,875,000 | |||
Originated, Weighted Average Coupon (as a percent) | 4.41% | 4.50% | ||||
Acquired loans | 0 | $ 0 | $ 0 | |||
Acquired, Weighted Average Coupon (as a percent) | 0.00% | 0.00% | ||||
Total Loans and Leases | 53,903,000 | $ 53,903,000 | $ 59,875,000 | |||
Total, Weighted Average Coupon (as a percent) | 4.41% | 4.50% | ||||
Indirect automobile loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originated loans | 7,607,000 | $ 7,607,000 | $ 13,678,000 | |||
Originated, Weighted Average Coupon (as a percent) | 5.44% | 5.53% | ||||
Acquired loans | 0 | $ 0 | $ 0 | |||
Acquired, Weighted Average Coupon (as a percent) | 0.00% | 0.00% | ||||
Total Loans and Leases | 7,607,000 | $ 7,607,000 | $ 13,678,000 | |||
Total, Weighted Average Coupon (as a percent) | 5.44% | 5.53% | ||||
Percent of loan portfolio sold, over 90% | 90.00% | |||||
Proceeds from sale of loan portfolio | $ 255,200,000 | |||||
Loss on sale of loans | $ 11,800 | |||||
Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originated loans | 835,408,000 | $ 835,408,000 | $ 774,593,000 | |||
Originated, Weighted Average Coupon (as a percent) | 3.59% | 3.57% | ||||
Acquired loans | 134,991,000 | $ 134,991,000 | $ 168,579,000 | |||
Acquired, Weighted Average Coupon (as a percent) | 4.04% | 3.93% | ||||
Total Loans and Leases | 970,399,000 | $ 970,399,000 | $ 943,172,000 | |||
Total, Weighted Average Coupon (as a percent) | 3.65% | 3.63% | ||||
Residential mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originated loans | 540,650,000 | $ 540,650,000 | $ 527,846,000 | |||
Originated, Weighted Average Coupon (as a percent) | 3.65% | 3.64% | ||||
Acquired loans | 76,415,000 | $ 76,415,000 | $ 88,603,000 | |||
Acquired, Weighted Average Coupon (as a percent) | 3.93% | 3.85% | ||||
Total Loans and Leases | 617,065,000 | $ 617,065,000 | $ 616,449,000 | |||
Total, Weighted Average Coupon (as a percent) | 3.68% | 3.67% | ||||
Home equity | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originated loans | 282,504,000 | $ 282,504,000 | $ 234,708,000 | |||
Originated, Weighted Average Coupon (as a percent) | 3.42% | 3.35% | ||||
Acquired loans | 58,450,000 | $ 58,450,000 | $ 79,845,000 | |||
Acquired, Weighted Average Coupon (as a percent) | 4.15% | 3.99% | ||||
Total Loans and Leases | 340,954,000 | $ 340,954,000 | $ 314,553,000 | |||
Total, Weighted Average Coupon (as a percent) | 3.54% | 3.51% | ||||
Other consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Originated loans | 12,254,000 | $ 12,254,000 | $ 12,039,000 | |||
Originated, Weighted Average Coupon (as a percent) | 5.15% | 4.77% | ||||
Acquired loans | 126,000 | $ 126,000 | $ 131,000 | |||
Acquired, Weighted Average Coupon (as a percent) | 17.85% | 17.40% | ||||
Total Loans and Leases | $ 12,380,000 | $ 12,380,000 | $ 12,170,000 | |||
Total, Weighted Average Coupon (as a percent) | 5.28% | 4.91% |
Loans and Leases (Details 2) - Acquired - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Summarized activity in accretable yield for the acquired loan portfolio | |||||
Balance at beginning of period | $ 18,038 | $ 28,730 | $ 20,796 | $ 32,044 | |
Accretion | (1,479) | (2,387) | (3,914) | (7,822) | |
Reclassification from nonaccretable difference for loans with improved cash flows | 1,129 | 1,242 | 2,419 | 3,045 | |
Changes in expected cash flows that do not affect nonaccretable difference | (1,506) | (3,403) | (3,119) | (3,085) | |
Balance at end of period | 16,182 | $ 24,182 | 16,182 | $ 24,182 | |
Aggregate remaining nonaccretable difference (representing both principal and interest) applicable to acquired loans | $ 2,200 | $ 2,200 | $ 2,900 |
Loans and Leases (Details 3) - USD ($) $ in Billions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Receivables [Abstract] | ||
Loans and leases pledged as collateral | $ 1.9 | $ 1.8 |
Allowance for Loan and Lease Losses (Details) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
class
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
class
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Changes in allowance for loan losses | |||||
Balance at the beginning of the period | $ 57,258,000 | $ 56,398,000 | $ 56,739,000 | $ 53,659,000 | |
Charge-offs | (839,000) | (1,931,000) | (6,038,000) | (4,625,000) | |
Recoveries | 319,000 | 332,000 | 1,100,000 | 1,671,000 | |
(Credit) provision for loan and lease losses | 2,154,000 | 1,673,000 | 7,091,000 | 5,767,000 | |
Balance at the end of the period | 58,892,000 | 56,472,000 | 58,892,000 | 56,472,000 | |
Unfunded credit commitments liability included in other liabilities | 1,300,000 | 1,400,000 | 1,300,000 | 1,400,000 | $ 1,300,000 |
Credit commitments charged off against liability | 0 | 0 | 0 | 0 | |
Provision (credit) for loan and lease losses: | |||||
Total provision for loan and lease losses | 2,154,000 | 1,673,000 | 7,091,000 | 5,767,000 | |
Unfunded credit commitments | 61,000 | 82,000 | 47,000 | 164,000 | |
Total provision for credit losses | 2,215,000 | 1,755,000 | 7,138,000 | 5,931,000 | |
Total Loans and Leases | 5,332,300,000 | 5,332,300,000 | 4,995,540,000 | ||
Allowance for loan and lease losses | 6,270,000 | 6,270,000 | 3,638,000 | ||
Specific allowance for loan and lease losses | 6,300,000 | 6,300,000 | 3,600,000 | ||
General allowance for loan and lease losses | 52,600,000 | 52,600,000 | 53,100,000 | ||
Increase (decrease) in troubled debt restructurings | 9,100,000 | ||||
Troubled debt restructurings | 32,000,000 | 32,000,000 | 22,900,000 | ||
Nonaccrual Loans and Leases | 37,552,000 | 37,552,000 | 19,333,000 | ||
Increase in general portion of the allowance for loan and lease losses | (500,000) | ||||
Increase in specific portion of the allowance for loan and lease losses | 2,700,000 | ||||
Commercial Real Estate | |||||
Changes in allowance for loan losses | |||||
Balance at the beginning of the period | 29,861,000 | 29,216,000 | 30,151,000 | 29,594,000 | |
Charge-offs | (50,000) | 0 | (1,534,000) | (550,000) | |
Recoveries | 0 | 0 | 0 | 0 | |
(Credit) provision for loan and lease losses | (1,755,000) | 1,845,000 | (561,000) | 2,017,000 | |
Balance at the end of the period | 28,056,000 | 31,061,000 | 28,056,000 | 31,061,000 | |
Provision (credit) for loan and lease losses: | |||||
Total provision for loan and lease losses | $ (1,755,000) | 1,845,000 | $ (561,000) | 2,017,000 | |
Allowance for loan and lease losses, number of classes in portfolio | class | 3 | 3 | |||
Total Loans and Leases | $ 2,883,428,000 | $ 2,883,428,000 | 2,664,394,000 | ||
Commercial | |||||
Changes in allowance for loan losses | |||||
Balance at the beginning of the period | 22,916,000 | 20,229,000 | 22,018,000 | 15,957,000 | |
Charge-offs | (545,000) | (1,388,000) | (3,250,000) | (2,083,000) | |
Recoveries | 170,000 | 112,000 | 495,000 | 418,000 | |
(Credit) provision for loan and lease losses | 3,923,000 | 2,009,000 | 7,201,000 | 6,670,000 | |
Balance at the end of the period | 26,464,000 | 20,962,000 | 26,464,000 | 20,962,000 | |
Provision (credit) for loan and lease losses: | |||||
Total provision for loan and lease losses | $ 3,923,000 | 2,009,000 | $ 7,201,000 | 6,670,000 | |
Allowance for loan and lease losses, number of classes in portfolio | class | 3 | 3 | |||
Total Loans and Leases | $ 1,470,866,000 | $ 1,470,866,000 | 1,374,296,000 | ||
Indirect Automobile | |||||
Changes in allowance for loan losses | |||||
Balance at the beginning of the period | 183,000 | 381,000 | 269,000 | 2,331,000 | |
Charge-offs | (109,000) | (296,000) | (472,000) | (1,513,000) | |
Recoveries | 102,000 | 179,000 | 467,000 | 1,170,000 | |
(Credit) provision for loan and lease losses | (26,000) | 57,000 | (114,000) | (1,667,000) | |
Balance at the end of the period | 150,000 | 321,000 | 150,000 | 321,000 | |
Provision (credit) for loan and lease losses: | |||||
Total provision for loan and lease losses | (26,000) | 57,000 | (114,000) | (1,667,000) | |
Total Loans and Leases | 7,607,000 | 7,607,000 | 13,678,000 | ||
Consumer | |||||
Changes in allowance for loan losses | |||||
Balance at the beginning of the period | 4,298,000 | 4,012,000 | 4,301,000 | 3,359,000 | |
Charge-offs | (135,000) | (247,000) | (782,000) | (479,000) | |
Recoveries | 47,000 | 41,000 | 138,000 | 83,000 | |
(Credit) provision for loan and lease losses | 12,000 | 322,000 | 565,000 | 1,165,000 | |
Balance at the end of the period | 4,222,000 | 4,128,000 | 4,222,000 | 4,128,000 | |
Provision (credit) for loan and lease losses: | |||||
Total provision for loan and lease losses | $ 12,000 | 322,000 | $ 565,000 | 1,165,000 | |
Allowance for loan and lease losses, number of classes in portfolio | class | 4 | 4 | |||
Total Loans and Leases | $ 970,399,000 | $ 970,399,000 | 943,172,000 | ||
Unallocated | |||||
Changes in allowance for loan losses | |||||
Balance at the beginning of the period | 0 | 2,560,000 | 0 | 2,418,000 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
(Credit) provision for loan and lease losses | 0 | (2,560,000) | 0 | (2,418,000) | |
Balance at the end of the period | 0 | 0 | 0 | 0 | |
Provision (credit) for loan and lease losses: | |||||
Total provision for loan and lease losses | 0 | $ (2,560,000) | 0 | $ (2,418,000) | |
Taxi Medallion Portfolio | |||||
Provision (credit) for loan and lease losses: | |||||
Total Loans and Leases | 36,000,000 | 36,000,000 | |||
Allowance for loan and lease losses | 6,000,000 | 6,000,000 | |||
Specific allowance for loan and lease losses | 4,700,000 | 4,700,000 | |||
General allowance for loan and lease losses | 1,300,000 | 1,300,000 | 4,300,000 | ||
Increase (decrease) in troubled debt restructurings | 8,800,000 | ||||
Troubled debt restructurings | 10,100,000 | 10,100,000 | 1,300,000 | ||
Nonaccrual Loans and Leases | $ 18,000,000 | $ 18,000,000 | $ 0 |
Allowance for Loan and Lease Losses (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Credit Quality Information | ||
Recorded investment | $ 5,332,300 | $ 4,995,540 |
Originated | ||
Credit Quality Information | ||
Recorded investment | 4,985,923 | 4,572,888 |
Acquired | ||
Credit Quality Information | ||
Recorded investment | 346,377 | 422,652 |
Commercial real estate | ||
Credit Quality Information | ||
Recorded investment | 2,038,477 | 1,875,592 |
Commercial real estate | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,880,163 | 1,684,548 |
Commercial real estate | Acquired | ||
Credit Quality Information | ||
Recorded investment | 158,314 | 191,044 |
Commercial real estate | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,874,534 | 1,668,891 |
Commercial real estate | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 147,218 | 182,377 |
Commercial real estate | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,546 | 12,781 |
Commercial real estate | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 1,424 | 1,202 |
Commercial real estate | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 3,457 | 780 |
Commercial real estate | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 9,570 | 7,066 |
Commercial real estate | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 626 | 2,096 |
Commercial real estate | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 102 | 399 |
Multi-family mortgage | ||
Credit Quality Information | ||
Recorded investment | 703,743 | 658,480 |
Multi-family mortgage | Originated | ||
Credit Quality Information | ||
Recorded investment | 673,108 | 620,865 |
Multi-family mortgage | Acquired | ||
Credit Quality Information | ||
Recorded investment | 30,635 | 37,615 |
Multi-family mortgage | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 671,690 | 619,786 |
Multi-family mortgage | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 29,913 | 35,785 |
Multi-family mortgage | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 788 |
Multi-family mortgage | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 404 | 612 |
Multi-family mortgage | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,418 | 291 |
Multi-family mortgage | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 318 | 1,218 |
Multi-family mortgage | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Multi-family mortgage | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | ||
Credit Quality Information | ||
Recorded investment | 141,208 | 130,322 |
Construction | Originated | ||
Credit Quality Information | ||
Recorded investment | 140,990 | 129,742 |
Construction | Acquired | ||
Credit Quality Information | ||
Recorded investment | 218 | 580 |
Construction | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 140,802 | 129,534 |
Construction | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 218 | 580 |
Construction | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 188 | 208 |
Construction | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Commercial | ||
Credit Quality Information | ||
Recorded investment | 652,316 | 592,531 |
Commercial | Originated | ||
Credit Quality Information | ||
Recorded investment | 636,658 | 576,599 |
Commercial | Acquired | ||
Credit Quality Information | ||
Recorded investment | 15,658 | 15,932 |
Commercial | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 604,282 | 562,615 |
Commercial | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 11,203 | 11,959 |
Commercial | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 7,540 | 9,976 |
Commercial | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 464 | 902 |
Commercial | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 24,692 | 1,714 |
Commercial | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 3,018 | 3,071 |
Commercial | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 144 | 2,294 |
Commercial | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 973 | 0 |
Equipment Financing | ||
Credit Quality Information | ||
Recorded investment | 764,647 | 721,890 |
Equipment Financing | Originated | ||
Credit Quality Information | ||
Recorded investment | 758,086 | 712,988 |
Equipment Financing | Acquired | ||
Credit Quality Information | ||
Recorded investment | 6,561 | 8,902 |
Equipment Financing | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 750,322 | 709,381 |
Equipment Financing | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 6,553 | 8,902 |
Equipment Financing | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,039 | 804 |
Equipment Financing | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Equipment Financing | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 5,989 | 1,414 |
Equipment Financing | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Equipment Financing | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 736 | 1,389 |
Equipment Financing | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 8 | 0 |
Condominium association | ||
Credit Quality Information | ||
Recorded investment | 53,903 | 59,875 |
Condominium association | Originated | ||
Credit Quality Information | ||
Recorded investment | 53,903 | 59,875 |
Condominium association | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 53,903 | 59,875 |
Condominium association | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other Consumer | ||
Credit Quality Information | ||
Recorded investment | 12,380 | 12,170 |
Other Consumer | Originated | ||
Credit Quality Information | ||
Recorded investment | 12,254 | 12,039 |
Other Consumer | Acquired | ||
Credit Quality Information | ||
Recorded investment | 126 | 131 |
Other Consumer | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 12,219 | 12,017 |
Other Consumer | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 126 | 131 |
Other Consumer | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other Consumer | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other Consumer | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 35 | 22 |
Other Consumer | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other Consumer | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other Consumer | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Indirect Automobile | ||
Credit Quality Information | ||
Recorded investment | 7,607 | 13,678 |
Indirect Automobile | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 7,607 | $ 13,678 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Indirect Automobile | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 0 | $ 0 |
Indirect Automobile | Credit score, Over 700 | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 3,044 | $ 5,435 |
Percentage of loans to aggregate outstanding amount | 40.00% | 39.70% |
Indirect Automobile | Credit score, 661-700 | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 1,145 | $ 1,965 |
Percentage of loans to aggregate outstanding amount | 15.00% | 14.40% |
Indirect Automobile | Credit score, 660 and below | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 3,391 | $ 6,217 |
Percentage of loans to aggregate outstanding amount | 44.60% | 45.50% |
Indirect Automobile | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 27 | $ 61 |
Percentage of loans to aggregate outstanding amount | 0.40% | 0.40% |
Residential mortgage | ||
Credit Quality Information | ||
Recorded investment | $ 617,065 | $ 616,449 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Residential mortgage | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 540,650 | $ 527,846 |
Percentage of loans to aggregate outstanding amount | 87.60% | 85.60% |
Residential mortgage | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 76,415 | $ 88,603 |
Percentage of loans to aggregate outstanding amount | 12.40% | 14.40% |
Residential mortgage | Loan-to-value ratio, less than 50% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 126,290 | $ 118,628 |
Percentage of loans to aggregate outstanding amount | 20.50% | 19.20% |
Residential mortgage | Loan-to-value ratio, less than 50% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 17,034 | $ 18,857 |
Percentage of loans to aggregate outstanding amount | 2.70% | 3.10% |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 224,791 | $ 214,390 |
Percentage of loans to aggregate outstanding amount | 36.40% | 34.80% |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 28,240 | $ 32,986 |
Percentage of loans to aggregate outstanding amount | 4.60% | 5.30% |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 166,363 | $ 173,774 |
Percentage of loans to aggregate outstanding amount | 26.90% | 28.20% |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 15,165 | $ 17,883 |
Percentage of loans to aggregate outstanding amount | 2.50% | 2.90% |
Residential mortgage | Loan-to-value ratio, 80% and over | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 18,336 | $ 17,808 |
Percentage of loans to aggregate outstanding amount | 3.00% | 2.90% |
Residential mortgage | Loan-to-value ratio, 80% and over | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 11,416 | $ 14,011 |
Percentage of loans to aggregate outstanding amount | 1.90% | 2.30% |
Residential mortgage | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 4,870 | $ 3,246 |
Percentage of loans to aggregate outstanding amount | 0.80% | 0.50% |
Residential mortgage | Data not available | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 4,560 | $ 4,866 |
Percentage of loans to aggregate outstanding amount | 0.70% | 0.80% |
Home Equity | ||
Credit Quality Information | ||
Recorded investment | $ 340,954 | $ 314,553 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Home Equity | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 282,504 | $ 234,708 |
Percentage of loans to aggregate outstanding amount | 82.90% | 74.60% |
Home Equity | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 58,450 | $ 79,845 |
Percentage of loans to aggregate outstanding amount | 17.10% | 25.40% |
Home Equity | Loan-to-value ratio, less than 50% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 153,001 | $ 131,584 |
Percentage of loans to aggregate outstanding amount | 44.90% | 41.80% |
Home Equity | Loan-to-value ratio, less than 50% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 36,541 | $ 48,563 |
Percentage of loans to aggregate outstanding amount | 10.70% | 15.40% |
Home Equity | Loan-to-value ratio, 50% - 69% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 59,629 | $ 51,492 |
Percentage of loans to aggregate outstanding amount | 17.60% | 16.40% |
Home Equity | Loan-to-value ratio, 50% - 69% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 15,939 | $ 20,623 |
Percentage of loans to aggregate outstanding amount | 4.70% | 6.60% |
Home Equity | Loan-to-value ratio, 70% - 79% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 45,455 | $ 32,916 |
Percentage of loans to aggregate outstanding amount | 13.30% | 10.50% |
Home Equity | Loan-to-value ratio, 70% - 79% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 3,459 | $ 7,144 |
Percentage of loans to aggregate outstanding amount | 1.00% | 2.30% |
Home Equity | Loan-to-value ratio, 80% and over | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 23,678 | $ 18,082 |
Percentage of loans to aggregate outstanding amount | 6.90% | 5.70% |
Home Equity | Loan-to-value ratio, 80% and over | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 1,116 | $ 2,650 |
Percentage of loans to aggregate outstanding amount | 0.30% | 0.80% |
Home Equity | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 741 | $ 634 |
Percentage of loans to aggregate outstanding amount | 0.20% | 0.20% |
Home Equity | Data not available | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 1,395 | $ 865 |
Percentage of loans to aggregate outstanding amount | 0.40% | 0.30% |
Allowance for Loan and Lease Losses (Details 3) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Receivables [Abstract] | ||
Foreclosed residential real estate property held by the creditor | $ 0 | $ 362 |
Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure | $ 1,400 | $ 298 |
Allowance for Loan and Lease Losses (Details 4) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Age analysis of past due loans | ||
Past Due | $ 37,999 | $ 39,552 |
Current | 5,294,301 | 4,955,988 |
Total Loans and Leases | 5,332,300 | 4,995,540 |
Loans and leases past due greater than 90 days and accruing | 8,275 | 8,690 |
Nonaccrual Loans and Leases | 37,552 | 19,333 |
Originated | ||
Age analysis of past due loans | ||
Past Due | 24,923 | 21,042 |
Current | 4,961,000 | 4,551,846 |
Total Loans and Leases | 4,985,923 | 4,572,888 |
Loans and leases past due greater than 90 days and accruing | 167 | 117 |
Nonaccrual Loans and Leases | 33,526 | 12,259 |
Acquired | ||
Age analysis of past due loans | ||
Past Due | 13,076 | 18,510 |
Current | 333,301 | 404,142 |
Total Loans and Leases | 346,377 | 422,652 |
Loans and leases past due greater than 90 days and accruing | 8,108 | 8,573 |
Nonaccrual Loans and Leases | 4,026 | 7,074 |
Commercial real estate loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,883,428 | 2,664,394 |
Commercial real estate loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 3,618 | 4,547 |
Current | 2,690,643 | 2,430,608 |
Total Loans and Leases | 2,694,261 | 2,435,155 |
Loans and leases past due greater than 90 days and accruing | 0 | 16 |
Nonaccrual Loans and Leases | 2,948 | 3,167 |
Commercial real estate loans | Acquired | ||
Age analysis of past due loans | ||
Past Due | 4,626 | 10,370 |
Current | 184,541 | 218,869 |
Total Loans and Leases | 189,167 | 229,239 |
Loans and leases past due greater than 90 days and accruing | 3,974 | 6,059 |
Nonaccrual Loans and Leases | 158 | 2,606 |
Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,038,477 | 1,875,592 |
Commercial real estate | Originated | ||
Age analysis of past due loans | ||
Past Due | 3,327 | 3,879 |
Current | 1,876,836 | 1,680,669 |
Total Loans and Leases | 1,880,163 | 1,684,548 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual Loans and Leases | 1,530 | 2,876 |
Commercial real estate | Acquired | ||
Age analysis of past due loans | ||
Past Due | 4,626 | 9,293 |
Current | 153,688 | 181,751 |
Total Loans and Leases | 158,314 | 191,044 |
Loans and leases past due greater than 90 days and accruing | 3,974 | 4,982 |
Nonaccrual Loans and Leases | 158 | 2,606 |
Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 703,743 | 658,480 |
Multi-family mortgage | Originated | ||
Age analysis of past due loans | ||
Past Due | 291 | 16 |
Current | 672,817 | 620,849 |
Total Loans and Leases | 673,108 | 620,865 |
Loans and leases past due greater than 90 days and accruing | 0 | 16 |
Nonaccrual Loans and Leases | 1,418 | 291 |
Multi-family mortgage | Acquired | ||
Age analysis of past due loans | ||
Past Due | 0 | 1,077 |
Current | 30,635 | 36,538 |
Total Loans and Leases | 30,635 | 37,615 |
Loans and leases past due greater than 90 days and accruing | 0 | 1,077 |
Nonaccrual Loans and Leases | 0 | 0 |
Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 141,208 | 130,322 |
Construction | Originated | ||
Age analysis of past due loans | ||
Past Due | 0 | 652 |
Current | 140,990 | 129,090 |
Total Loans and Leases | 140,990 | 129,742 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | |
Construction | Acquired | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Current | 218 | 580 |
Total Loans and Leases | 218 | 580 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Commercial loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,470,866 | 1,374,296 |
Commercial loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 18,818 | 12,701 |
Current | 1,429,829 | 1,336,761 |
Total Loans and Leases | 1,448,647 | 1,349,462 |
Loans and leases past due greater than 90 days and accruing | 166 | 101 |
Nonaccrual Loans and Leases | 28,602 | 6,196 |
Commercial loans | Acquired | ||
Age analysis of past due loans | ||
Past Due | 2,755 | 3,341 |
Current | 19,464 | 21,493 |
Total Loans and Leases | 22,219 | 24,834 |
Loans and leases past due greater than 90 days and accruing | 334 | 325 |
Nonaccrual Loans and Leases | 2,101 | 2,678 |
Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 652,316 | 592,531 |
Commercial | Originated | ||
Age analysis of past due loans | ||
Past Due | 11,775 | 7,953 |
Current | 624,883 | 568,646 |
Total Loans and Leases | 636,658 | 576,599 |
Loans and leases past due greater than 90 days and accruing | 0 | 24 |
Nonaccrual Loans and Leases | 21,950 | 3,586 |
Commercial | Acquired | ||
Age analysis of past due loans | ||
Past Due | 2,747 | 3,341 |
Current | 12,911 | 12,591 |
Total Loans and Leases | 15,658 | 15,932 |
Loans and leases past due greater than 90 days and accruing | 334 | 325 |
Nonaccrual Loans and Leases | 2,101 | 2,678 |
Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 764,647 | 721,890 |
Equipment financing | Originated | ||
Age analysis of past due loans | ||
Past Due | 6,982 | 4,419 |
Current | 751,104 | 708,569 |
Total Loans and Leases | 758,086 | 712,988 |
Loans and leases past due greater than 90 days and accruing | 166 | 77 |
Nonaccrual Loans and Leases | 6,652 | 2,610 |
Equipment financing | Acquired | ||
Age analysis of past due loans | ||
Past Due | 8 | 0 |
Current | 6,553 | 8,902 |
Total Loans and Leases | 6,561 | 8,902 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 53,903 | 59,875 |
Condominium association | Originated | ||
Age analysis of past due loans | ||
Past Due | 61 | 329 |
Current | 53,842 | 59,546 |
Total Loans and Leases | 53,903 | 59,875 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Condominium association | Acquired | ||
Age analysis of past due loans | ||
Total Loans and Leases | 0 | 0 |
Indirect automobile loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 7,607 | 13,678 |
Indirect automobile loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 747 | 1,499 |
Current | 6,860 | 12,179 |
Total Loans and Leases | 7,607 | 13,678 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual Loans and Leases | 179 | 675 |
Indirect automobile loans | Acquired | ||
Age analysis of past due loans | ||
Total Loans and Leases | 0 | 0 |
Consumer loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 970,399 | 943,172 |
Consumer loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 1,740 | 2,295 |
Current | 833,668 | 772,298 |
Total Loans and Leases | 835,408 | 774,593 |
Loans and leases past due greater than 90 days and accruing | 1 | 0 |
Nonaccrual Loans and Leases | 1,797 | 2,221 |
Consumer loans | Acquired | ||
Age analysis of past due loans | ||
Past Due | 5,695 | 4,799 |
Current | 129,296 | 163,780 |
Total Loans and Leases | 134,991 | 168,579 |
Loans and leases past due greater than 90 days and accruing | 3,800 | 2,189 |
Nonaccrual Loans and Leases | 1,767 | 1,790 |
Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 617,065 | 616,449 |
Residential mortgage | Originated | ||
Age analysis of past due loans | ||
Past Due | 1,309 | 1,613 |
Current | 539,341 | 526,233 |
Total Loans and Leases | 540,650 | 527,846 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual Loans and Leases | 1,533 | 1,873 |
Residential mortgage | Acquired | ||
Age analysis of past due loans | ||
Past Due | 3,985 | 2,941 |
Current | 72,430 | 85,662 |
Total Loans and Leases | 76,415 | 88,603 |
Loans and leases past due greater than 90 days and accruing | 3,628 | 2,047 |
Nonaccrual Loans and Leases | 216 | 352 |
Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 340,954 | 314,553 |
Home equity | Originated | ||
Age analysis of past due loans | ||
Past Due | 381 | 636 |
Current | 282,123 | 234,072 |
Total Loans and Leases | 282,504 | 234,708 |
Loans and leases past due greater than 90 days and accruing | 1 | 0 |
Nonaccrual Loans and Leases | 229 | 319 |
Home equity | Acquired | ||
Age analysis of past due loans | ||
Past Due | 1,710 | 1,858 |
Current | 56,740 | 77,987 |
Total Loans and Leases | 58,450 | 79,845 |
Loans and leases past due greater than 90 days and accruing | 172 | 142 |
Nonaccrual Loans and Leases | 1,551 | 1,438 |
Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 12,380 | 12,170 |
Other consumer | Originated | ||
Age analysis of past due loans | ||
Past Due | 50 | 46 |
Current | 12,204 | 11,993 |
Total Loans and Leases | 12,254 | 12,039 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual Loans and Leases | 35 | 29 |
Other consumer | Acquired | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Current | 126 | 131 |
Total Loans and Leases | 126 | 131 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
31-60 Days | ||
Age analysis of past due loans | ||
Past Due | 8,667 | 14,774 |
31-60 Days | Originated | ||
Age analysis of past due loans | ||
Past Due | 7,316 | 11,749 |
31-60 Days | Acquired | ||
Age analysis of past due loans | ||
Past Due | 1,351 | 3,025 |
31-60 Days | Commercial real estate loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 2,386 | 2,434 |
31-60 Days | Commercial real estate loans | Acquired | ||
Age analysis of past due loans | ||
Past Due | 431 | 1,336 |
31-60 Days | Commercial real estate | Originated | ||
Age analysis of past due loans | ||
Past Due | 2,386 | 1,782 |
31-60 Days | Commercial real estate | Acquired | ||
Age analysis of past due loans | ||
Past Due | 431 | 1,336 |
31-60 Days | Multi-family mortgage | Originated | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
31-60 Days | Multi-family mortgage | Acquired | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
31-60 Days | Construction | Originated | ||
Age analysis of past due loans | ||
Past Due | 0 | 652 |
31-60 Days | Construction | Acquired | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
31-60 Days | Commercial loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 3,260 | 6,464 |
31-60 Days | Commercial loans | Acquired | ||
Age analysis of past due loans | ||
Past Due | 10 | 351 |
31-60 Days | Commercial | Originated | ||
Age analysis of past due loans | ||
Past Due | 1,998 | 4,578 |
31-60 Days | Commercial | Acquired | ||
Age analysis of past due loans | ||
Past Due | 2 | 351 |
31-60 Days | Equipment financing | Originated | ||
Age analysis of past due loans | ||
Past Due | 1,201 | 1,681 |
31-60 Days | Equipment financing | Acquired | ||
Age analysis of past due loans | ||
Past Due | 8 | 0 |
31-60 Days | Condominium association | Originated | ||
Age analysis of past due loans | ||
Past Due | 61 | 205 |
31-60 Days | Indirect automobile loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 501 | 1,058 |
31-60 Days | Consumer loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 1,169 | 1,793 |
31-60 Days | Consumer loans | Acquired | ||
Age analysis of past due loans | ||
Past Due | 910 | 1,338 |
31-60 Days | Residential mortgage | Originated | ||
Age analysis of past due loans | ||
Past Due | 1,131 | 1,384 |
31-60 Days | Residential mortgage | Acquired | ||
Age analysis of past due loans | ||
Past Due | 46 | 326 |
31-60 Days | Home equity | Originated | ||
Age analysis of past due loans | ||
Past Due | 25 | 390 |
31-60 Days | Home equity | Acquired | ||
Age analysis of past due loans | ||
Past Due | 864 | 1,012 |
31-60 Days | Other consumer | Originated | ||
Age analysis of past due loans | ||
Past Due | 13 | 19 |
31-60 Days | Other consumer | Acquired | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
61-90 Days | ||
Age analysis of past due loans | ||
Past Due | 1,984 | 3,294 |
61-90 Days | Originated | ||
Age analysis of past due loans | ||
Past Due | 1,256 | 2,300 |
61-90 Days | Acquired | ||
Age analysis of past due loans | ||
Past Due | 728 | 994 |
61-90 Days | Commercial real estate loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 139 | 0 |
61-90 Days | Commercial real estate loans | Acquired | ||
Age analysis of past due loans | ||
Past Due | 148 | 369 |
61-90 Days | Commercial real estate | Originated | ||
Age analysis of past due loans | ||
Past Due | 139 | 0 |
61-90 Days | Commercial real estate | Acquired | ||
Age analysis of past due loans | ||
Past Due | 148 | 369 |
61-90 Days | Multi-family mortgage | Originated | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
61-90 Days | Multi-family mortgage | Acquired | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
61-90 Days | Construction | Originated | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
61-90 Days | Construction | Acquired | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
61-90 Days | Commercial loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 669 | 1,726 |
61-90 Days | Commercial loans | Acquired | ||
Age analysis of past due loans | ||
Past Due | 310 | 23 |
61-90 Days | Commercial | Originated | ||
Age analysis of past due loans | ||
Past Due | 301 | 1,007 |
61-90 Days | Commercial | Acquired | ||
Age analysis of past due loans | ||
Past Due | 310 | 23 |
61-90 Days | Equipment financing | Originated | ||
Age analysis of past due loans | ||
Past Due | 368 | 595 |
61-90 Days | Equipment financing | Acquired | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
61-90 Days | Condominium association | Originated | ||
Age analysis of past due loans | ||
Past Due | 0 | 124 |
61-90 Days | Indirect automobile loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 184 | 335 |
61-90 Days | Consumer loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 264 | 239 |
61-90 Days | Consumer loans | Acquired | ||
Age analysis of past due loans | ||
Past Due | 270 | 602 |
61-90 Days | Residential mortgage | Originated | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
61-90 Days | Residential mortgage | Acquired | ||
Age analysis of past due loans | ||
Past Due | 95 | 216 |
61-90 Days | Home equity | Originated | ||
Age analysis of past due loans | ||
Past Due | 256 | 237 |
61-90 Days | Home equity | Acquired | ||
Age analysis of past due loans | ||
Past Due | 175 | 386 |
61-90 Days | Other consumer | Originated | ||
Age analysis of past due loans | ||
Past Due | 8 | 2 |
61-90 Days | Other consumer | Acquired | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Greater Than 90 Days | ||
Age analysis of past due loans | ||
Past Due | 27,348 | 21,484 |
Greater Than 90 Days | Originated | ||
Age analysis of past due loans | ||
Past Due | 16,351 | 6,993 |
Greater Than 90 Days | Acquired | ||
Age analysis of past due loans | ||
Past Due | 10,997 | 14,491 |
Greater Than 90 Days | Commercial real estate loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 1,093 | 2,113 |
Greater Than 90 Days | Commercial real estate loans | Acquired | ||
Age analysis of past due loans | ||
Past Due | 4,047 | 8,665 |
Greater Than 90 Days | Commercial real estate | Originated | ||
Age analysis of past due loans | ||
Past Due | 802 | 2,097 |
Greater Than 90 Days | Commercial real estate | Acquired | ||
Age analysis of past due loans | ||
Past Due | 4,047 | 7,588 |
Greater Than 90 Days | Multi-family mortgage | Originated | ||
Age analysis of past due loans | ||
Past Due | 291 | 16 |
Greater Than 90 Days | Multi-family mortgage | Acquired | ||
Age analysis of past due loans | ||
Past Due | 0 | 1,077 |
Greater Than 90 Days | Construction | Originated | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Greater Than 90 Days | Construction | Acquired | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Greater Than 90 Days | Commercial loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 14,889 | 4,511 |
Greater Than 90 Days | Commercial loans | Acquired | ||
Age analysis of past due loans | ||
Past Due | 2,435 | 2,967 |
Greater Than 90 Days | Commercial | Originated | ||
Age analysis of past due loans | ||
Past Due | 9,476 | 2,368 |
Greater Than 90 Days | Commercial | Acquired | ||
Age analysis of past due loans | ||
Past Due | 2,435 | 2,967 |
Greater Than 90 Days | Equipment financing | Originated | ||
Age analysis of past due loans | ||
Past Due | 5,413 | 2,143 |
Greater Than 90 Days | Equipment financing | Acquired | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Greater Than 90 Days | Condominium association | Originated | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Greater Than 90 Days | Indirect automobile loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 62 | 106 |
Greater Than 90 Days | Consumer loans | Originated | ||
Age analysis of past due loans | ||
Past Due | 307 | 263 |
Greater Than 90 Days | Consumer loans | Acquired | ||
Age analysis of past due loans | ||
Past Due | 4,515 | 2,859 |
Greater Than 90 Days | Residential mortgage | Originated | ||
Age analysis of past due loans | ||
Past Due | 178 | 229 |
Greater Than 90 Days | Residential mortgage | Acquired | ||
Age analysis of past due loans | ||
Past Due | 3,844 | 2,399 |
Greater Than 90 Days | Home equity | Originated | ||
Age analysis of past due loans | ||
Past Due | 100 | 9 |
Greater Than 90 Days | Home equity | Acquired | ||
Age analysis of past due loans | ||
Past Due | 671 | 460 |
Greater Than 90 Days | Other consumer | Originated | ||
Age analysis of past due loans | ||
Past Due | 29 | 25 |
Greater Than 90 Days | Other consumer | Acquired | ||
Age analysis of past due loans | ||
Past Due | $ 0 | $ 0 |
Allowance for Loan and Lease Losses (Details 5) |
Sep. 30, 2016
class
|
---|---|
Commercial real estate loans | |
Allowance for loan losses and recorded investment in loans | |
Number of loan classes within specific portfolio | 3 |
Commercial real estate | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 38.30% |
Multi-family mortgage | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 13.20% |
Construction loans | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 2.60% |
Commercial loans | |
Allowance for loan losses and recorded investment in loans | |
Number of loan classes within specific portfolio | 3 |
Commercial | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 12.20% |
Equipment financing | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 14.40% |
Condominium association | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 1.00% |
Consumer loans | |
Allowance for loan losses and recorded investment in loans | |
Number of loan classes within specific portfolio | 4 |
Minimum loan-to-value ratio needed for loans to be made | 80.00% |
Residential | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 11.60% |
Home equity | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 6.40% |
Indirect automobile loans | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 0.10% |
Other consumer | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 0.20% |
Allowance for Loan and Lease Losses (Details 6) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Impaired Loans and Leases | |||||
Recorded investment | $ 73,585 | $ 73,585 | $ 51,705 | ||
Unpaid principal balance | 73,542 | 73,542 | 51,686 | ||
Related Allowance | 6,270 | 6,270 | 3,638 | ||
Average recorded investment | 74,240 | $ 60,191 | 67,085 | $ 58,643 | |
Interest income recognized, Total | 379 | 333 | 986 | 956 | |
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 58,892 | 58,892 | 56,739 | ||
Total Loans and Leases | 5,332,300 | 5,332,300 | 4,995,540 | ||
Originated | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 31,407 | 31,407 | 21,437 | ||
Recorded investment, loans with related allowance recorded | 19,108 | 19,108 | 8,365 | ||
Recorded investment | 50,515 | 50,515 | 29,802 | ||
Unpaid principal balance with no related allowance recorded | 31,371 | 31,371 | 21,405 | ||
Unpaid principal balance with related allowance recorded | 19,086 | 19,086 | 8,363 | ||
Unpaid principal balance | 50,457 | 50,457 | 29,768 | ||
Related Allowance | 5,831 | 5,831 | 3,369 | ||
Recorded investment, nonaccrual loans | 29,700 | 29,700 | 9,300 | ||
Average recorded investment with no related allowance recorded | 31,590 | 22,610 | 26,122 | 23,654 | |
Average recorded investment with related allowance recorded | 19,187 | 13,872 | 18,139 | 11,590 | |
Average recorded investment | 50,777 | 36,482 | 44,261 | 35,244 | |
Interest income recognized with no related allowance recorded | 214 | 207 | 586 | 584 | |
Interest income recognized with related allowance recorded | 51 | 51 | 151 | 156 | |
Interest income recognized, Total | 265 | 258 | 737 | 740 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 5,831 | 5,831 | 3,369 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 51,421 | 51,421 | 51,618 | ||
Total, Allowance | 57,252 | 57,252 | 54,987 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 49,946 | 49,946 | 29,184 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 4,935,977 | 4,935,977 | 4,543,704 | ||
Total Loans and Leases | 4,985,923 | 4,985,923 | 4,572,888 | ||
Acquired | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 22,159 | 22,159 | 18,637 | ||
Recorded investment, loans with related allowance recorded | 911 | 911 | 3,266 | ||
Recorded investment | 23,070 | 23,070 | 21,903 | ||
Unpaid principal balance with no related allowance recorded | 22,174 | 22,174 | 18,652 | ||
Unpaid principal balance with related allowance recorded | 911 | 911 | 3,266 | ||
Unpaid principal balance | 23,085 | 23,085 | 21,918 | ||
Related Allowance | 439 | 439 | 269 | ||
Recorded investment, nonaccrual loans | 4,000 | 4,000 | 7,100 | ||
Average recorded investment with no related allowance recorded | 22,554 | 23,020 | 20,390 | 22,355 | |
Average recorded investment with related allowance recorded | 909 | 689 | 2,434 | 1,044 | |
Average recorded investment | 23,463 | 23,709 | 22,824 | 23,399 | |
Interest income recognized with no related allowance recorded | 112 | 74 | 243 | 210 | |
Interest income recognized with related allowance recorded | 2 | 1 | 6 | 6 | |
Interest income recognized, Total | 114 | 75 | 249 | 216 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 439 | 439 | 269 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 319 | 319 | 449 | ||
Total, Allowance | 1,640 | 1,640 | 1,752 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 6,865 | 6,865 | 9,884 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 142,324 | 142,324 | 181,084 | ||
Total Loans and Leases | 346,377 | 346,377 | 422,652 | ||
Acquired | Receivables Acquired with Deteriorated Credit Quality | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 882 | 882 | 1,034 | ||
Total Loans and Leases | 197,188 | 197,188 | 231,684 | ||
Commercial real estate loans | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 28,056 | 28,056 | 30,151 | ||
Total Loans and Leases | 2,883,428 | 2,883,428 | 2,664,394 | ||
Commercial real estate loans | Originated | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 6,608 | 6,608 | 2,758 | ||
Recorded investment, loans with related allowance recorded | 4,543 | 4,543 | 6,150 | ||
Unpaid principal balance with no related allowance recorded | 6,604 | 6,604 | 2,756 | ||
Unpaid principal balance with related allowance recorded | 4,542 | 4,542 | 6,150 | ||
Related Allowance | 153 | 153 | 2,167 | ||
Average recorded investment with no related allowance recorded | 6,636 | 3,077 | 5,655 | 4,403 | |
Average recorded investment with related allowance recorded | 4,549 | 6,172 | 4,957 | 4,791 | |
Interest income recognized with no related allowance recorded | 49 | 21 | 119 | 65 | |
Interest income recognized with related allowance recorded | 48 | 49 | 146 | 148 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 153 | 153 | 2,167 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 26,978 | 26,978 | 26,857 | ||
Total, Allowance | 27,131 | 27,131 | 29,024 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 11,151 | 11,151 | 8,907 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 2,683,110 | 2,683,110 | 2,426,248 | ||
Total Loans and Leases | 2,694,261 | 2,694,261 | 2,435,155 | ||
Commercial real estate loans | Acquired | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 9,851 | 9,851 | 7,035 | ||
Recorded investment, loans with related allowance recorded | 0 | 0 | 2,606 | ||
Unpaid principal balance with no related allowance recorded | 9,851 | 9,851 | 7,035 | ||
Unpaid principal balance with related allowance recorded | 0 | 0 | 2,606 | ||
Related Allowance | 0 | 0 | 148 | ||
Average recorded investment with no related allowance recorded | 9,952 | 10,813 | 8,341 | 9,912 | |
Average recorded investment with related allowance recorded | 0 | 0 | 1,458 | 81 | |
Interest income recognized with no related allowance recorded | 67 | 39 | 126 | 114 | |
Interest income recognized with related allowance recorded | 0 | 0 | 0 | 0 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 0 | 0 | 148 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 260 | 260 | 333 | ||
Total, Allowance | 925 | 925 | 1,127 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 546 | 546 | 3,188 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 51,933 | 51,933 | 63,857 | ||
Total Loans and Leases | 189,167 | 189,167 | 229,239 | ||
Commercial real estate loans | Acquired | Receivables Acquired with Deteriorated Credit Quality | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 665 | 665 | 646 | ||
Total Loans and Leases | 136,688 | 136,688 | 162,194 | ||
Commercial | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 26,464 | 26,464 | 22,018 | ||
Total Loans and Leases | 1,470,866 | 1,470,866 | 1,374,296 | ||
Commercial | Originated | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 21,338 | 21,338 | 14,097 | ||
Recorded investment, loans with related allowance recorded | 14,317 | 14,317 | 2,215 | ||
Unpaid principal balance with no related allowance recorded | 21,311 | 21,311 | 14,074 | ||
Unpaid principal balance with related allowance recorded | 14,298 | 14,298 | 2,213 | ||
Related Allowance | 5,580 | 5,580 | 1,202 | ||
Average recorded investment with no related allowance recorded | 21,474 | 15,112 | 16,602 | 15,095 | |
Average recorded investment with related allowance recorded | 14,390 | 7,700 | 13,017 | 6,687 | |
Interest income recognized with no related allowance recorded | 147 | 171 | 412 | 474 | |
Interest income recognized with related allowance recorded | 3 | 2 | 5 | 8 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 5,580 | 5,580 | 1,202 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 20,365 | 20,365 | 20,545 | ||
Total, Allowance | 25,945 | 25,945 | 21,747 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 35,185 | 35,185 | 15,806 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 1,413,462 | 1,413,462 | 1,333,656 | ||
Total Loans and Leases | 1,448,647 | 1,448,647 | 1,349,462 | ||
Commercial | Acquired | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 3,886 | 3,886 | 4,053 | ||
Recorded investment, loans with related allowance recorded | 486 | 486 | 486 | ||
Unpaid principal balance with no related allowance recorded | 3,886 | 3,886 | 4,052 | ||
Unpaid principal balance with related allowance recorded | 486 | 486 | 486 | ||
Related Allowance | 410 | 410 | 112 | ||
Average recorded investment with no related allowance recorded | 4,127 | 4,113 | 4,254 | 4,516 | |
Average recorded investment with related allowance recorded | 486 | 596 | 486 | 689 | |
Interest income recognized with no related allowance recorded | 29 | 16 | 66 | 48 | |
Interest income recognized with related allowance recorded | 0 | 0 | 0 | 0 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 410 | 410 | 112 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 19 | 19 | 71 | ||
Total, Allowance | 519 | 519 | 271 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 3,454 | 3,454 | 4,090 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 11,860 | 11,860 | 12,081 | ||
Total Loans and Leases | 22,219 | 22,219 | 24,834 | ||
Commercial | Acquired | Receivables Acquired with Deteriorated Credit Quality | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 90 | 90 | 88 | ||
Total Loans and Leases | 6,905 | 6,905 | 8,663 | ||
Consumer loans | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 4,222 | 4,222 | 4,301 | ||
Total Loans and Leases | 970,399 | 970,399 | 943,172 | ||
Consumer loans | Originated | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 3,461 | 3,461 | 4,582 | ||
Recorded investment, loans with related allowance recorded | 248 | 248 | 0 | ||
Unpaid principal balance with no related allowance recorded | 3,456 | 3,456 | 4,575 | ||
Unpaid principal balance with related allowance recorded | 246 | 246 | 0 | ||
Related Allowance | 98 | 98 | 0 | ||
Average recorded investment with no related allowance recorded | 3,480 | 4,421 | 3,865 | 4,156 | |
Average recorded investment with related allowance recorded | 248 | 0 | 165 | 112 | |
Interest income recognized with no related allowance recorded | 18 | 15 | 55 | 45 | |
Interest income recognized with related allowance recorded | 0 | 0 | 0 | 0 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 98 | 98 | 0 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 3,928 | 3,928 | 3,947 | ||
Total, Allowance | 4,026 | 4,026 | 3,947 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 3,610 | 3,610 | 4,471 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 831,798 | 831,798 | 770,122 | ||
Total Loans and Leases | 835,408 | 835,408 | 774,593 | ||
Consumer loans | Acquired | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 8,422 | 8,422 | 7,549 | ||
Recorded investment, loans with related allowance recorded | 425 | 425 | 174 | ||
Unpaid principal balance with no related allowance recorded | 8,437 | 8,437 | 7,565 | ||
Unpaid principal balance with related allowance recorded | 425 | 425 | 174 | ||
Related Allowance | 29 | 29 | 9 | ||
Average recorded investment with no related allowance recorded | 8,475 | 8,094 | 7,795 | 7,927 | |
Average recorded investment with related allowance recorded | 423 | 93 | 490 | 274 | |
Interest income recognized with no related allowance recorded | 16 | 19 | 51 | 48 | |
Interest income recognized with related allowance recorded | 2 | $ 1 | 6 | $ 6 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 29 | 29 | 9 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 40 | 40 | 45 | ||
Total, Allowance | 196 | 196 | 354 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 2,865 | 2,865 | 2,606 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 78,531 | 78,531 | 105,146 | ||
Total Loans and Leases | 134,991 | 134,991 | 168,579 | ||
Consumer loans | Acquired | Receivables Acquired with Deteriorated Credit Quality | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 127 | 127 | 300 | ||
Total Loans and Leases | 53,595 | 53,595 | 60,827 | ||
Indirect automobile loans | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 150 | 150 | 269 | ||
Total Loans and Leases | 7,607 | 7,607 | 13,678 | ||
Indirect automobile loans | Originated | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 0 | 0 | 0 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 150 | 150 | 269 | ||
Total, Allowance | 150 | 150 | 269 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 0 | 0 | 0 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 7,607 | 7,607 | 13,678 | ||
Total Loans and Leases | 7,607 | 7,607 | 13,678 | ||
Indirect automobile loans | Acquired | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 0 | 0 | 0 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 0 | 0 | 0 | ||
Total, Allowance | 0 | 0 | 0 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 0 | 0 | 0 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 0 | 0 | 0 | ||
Total Loans and Leases | 0 | 0 | 0 | ||
Indirect automobile loans | Acquired | Receivables Acquired with Deteriorated Credit Quality | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 0 | 0 | 0 | ||
Total Loans and Leases | $ 0 | $ 0 | $ 0 |
Allowance for Loan and Lease Losses (Details 7) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
loan
|
Sep. 30, 2015
USD ($)
loan
|
Sep. 30, 2016
USD ($)
loan
|
Sep. 30, 2015
USD ($)
loan
|
Dec. 31, 2015
USD ($)
|
|
Troubled debt restructurings: | |||||
On accrual | $ 16,303,000 | $ 16,303,000 | $ 17,953,000 | ||
On nonaccrual | 15,715,000 | 15,715,000 | 4,965,000 | ||
Total troubled debt restructurings | $ 32,000,000 | 32,000,000 | 22,900,000 | ||
Increase (decrease) in troubled debt restructurings | $ 9,100,000 | ||||
Recorded Investment, Number of Loans/Leases | loan | 7 | 17 | 32 | 22 | |
Recorded Investment, At modification | $ 1,568,000 | $ 6,897,000 | $ 12,027,000 | $ 7,432,000 | |
Recorded Investment, At end of period | 1,568,000 | 6,475,000 | 11,789,000 | 7,090,000 | |
Specific Allowance for Loan and Lease Losses | 240,000 | 119,000 | 3,498,000 | 119,000 | |
Nonaccrual Loans and Leases/Recorded Investment | $ 1,052,000 | $ 493,000 | $ 11,195,000 | $ 528,000 | |
Defaulted, number of loans/leases | loan | 3 | 1 | 6 | 1 | |
Defaulted, recorded investment | $ 701,000 | $ 399,000 | $ 1,425,000 | $ 399,000 | |
Total loans with one modification | 1,568,000 | 3,873,000 | 11,561,000 | 4,476,000 | |
Total loans with more than one modification | 0 | 2,602,000 | 228,000 | 2,614,000 | |
Financial impact of modification of performing and nonperforming loans (less than $0.1 million) | 28,000 | (3,000) | 110,000 | 14,000 | |
Commitments to lend funds to debtors owing receivables whose terms had been modified in troubled debt restructurings | 0 | 0 | |||
Extended maturity | |||||
Troubled debt restructurings: | |||||
Total loans with one modification | 528,000 | 1,632,000 | 604,000 | 2,137,000 | |
Total loans with more than one modification | 0 | 2,602,000 | 228,000 | 2,603,000 | |
Adjusted principal | |||||
Troubled debt restructurings: | |||||
Total loans with one modification | 0 | 0 | 410,000 | 0 | |
Interest only | |||||
Troubled debt restructurings: | |||||
Total loans with one modification | 0 | 1,335,000 | 2,346,000 | 1,335,000 | |
Combination maturity, principal, interest rate | |||||
Troubled debt restructurings: | |||||
Total loans with one modification | 1,040,000 | 906,000 | 8,201,000 | 1,004,000 | |
Total loans with more than one modification | $ 0 | $ 0 | $ 0 | $ 11,000 | |
Originated | |||||
Troubled debt restructurings: | |||||
Recorded Investment, Number of Loans/Leases | loan | 3 | 14 | 27 | 16 | |
Recorded Investment, At modification | $ 1,245,000 | $ 6,343,000 | $ 11,653,000 | $ 6,590,000 | |
Recorded Investment, At end of period | 1,245,000 | 5,929,000 | 11,417,000 | 6,259,000 | |
Specific Allowance for Loan and Lease Losses | 220,000 | 119,000 | 3,478,000 | 119,000 | |
Nonaccrual Loans and Leases/Recorded Investment | $ 906,000 | $ 493,000 | $ 11,049,000 | $ 493,000 | |
Defaulted, number of loans/leases | loan | 3 | 0 | 4 | 0 | |
Defaulted, recorded investment | $ 701,000 | $ 0 | $ 729,000 | $ 0 | |
Acquired | |||||
Troubled debt restructurings: | |||||
Recorded Investment, Number of Loans/Leases | loan | 4 | 3 | 5 | 6 | |
Recorded Investment, At modification | $ 323,000 | $ 554,000 | $ 374,000 | $ 842,000 | |
Recorded Investment, At end of period | 323,000 | 546,000 | 372,000 | 831,000 | |
Specific Allowance for Loan and Lease Losses | 20,000 | 0 | 20,000 | 0 | |
Nonaccrual Loans and Leases/Recorded Investment | $ 146,000 | $ 0 | $ 146,000 | $ 35,000 | |
Defaulted, number of loans/leases | loan | 0 | 1 | 2 | 1 | |
Defaulted, recorded investment | $ 0 | $ 399,000 | $ 696,000 | $ 399,000 | |
Commercial | Originated | |||||
Troubled debt restructurings: | |||||
Recorded Investment, Number of Loans/Leases | loan | 2 | 7 | 22 | 8 | |
Recorded Investment, At modification | $ 812,000 | $ 5,600,000 | $ 9,701,000 | $ 5,735,000 | |
Recorded Investment, At end of period | 812,000 | 5,197,000 | 9,504,000 | 5,429,000 | |
Specific Allowance for Loan and Lease Losses | 220,000 | 119,000 | 3,478,000 | 119,000 | |
Nonaccrual Loans and Leases/Recorded Investment | $ 473,000 | $ 239,000 | $ 9,136,000 | $ 239,000 | |
Defaulted, number of loans/leases | loan | 1 | 0 | 2 | 0 | |
Defaulted, recorded investment | $ 348,000 | $ 0 | $ 376,000 | $ 0 | |
Commercial | Acquired | |||||
Troubled debt restructurings: | |||||
Recorded Investment, Number of Loans/Leases | loan | 2 | 0 | 4 | ||
Recorded Investment, At modification | $ 379,000 | $ 0 | $ 642,000 | ||
Recorded Investment, At end of period | 372,000 | 0 | 634,000 | ||
Specific Allowance for Loan and Lease Losses | 0 | 0 | 0 | ||
Nonaccrual Loans and Leases/Recorded Investment | $ 0 | $ 0 | $ 12,000 | ||
Defaulted, number of loans/leases | loan | 1 | 2 | 1 | ||
Defaulted, recorded investment | $ 399,000 | $ 696,000 | $ 399,000 | ||
Equipment financing | Originated | |||||
Troubled debt restructurings: | |||||
Recorded Investment, Number of Loans/Leases | loan | 1 | 4 | 3 | 5 | |
Recorded Investment, At modification | $ 433,000 | $ 318,000 | $ 797,000 | $ 430,000 | |
Recorded Investment, At end of period | 433,000 | 305,000 | 786,000 | 403,000 | |
Specific Allowance for Loan and Lease Losses | 0 | 0 | 0 | 0 | |
Nonaccrual Loans and Leases/Recorded Investment | $ 433,000 | $ 0 | $ 786,000 | $ 0 | |
Defaulted, number of loans/leases | loan | 2 | 0 | 2 | 0 | |
Defaulted, recorded investment | $ 353,000 | $ 0 | $ 353,000 | $ 0 | |
Residential mortgage | Originated | |||||
Troubled debt restructurings: | |||||
Recorded Investment, Number of Loans/Leases | loan | 1 | 1 | |||
Recorded Investment, At modification | $ 152,000 | $ 152,000 | |||
Recorded Investment, At end of period | 153,000 | 153,000 | |||
Specific Allowance for Loan and Lease Losses | 0 | 0 | |||
Nonaccrual Loans and Leases/Recorded Investment | $ 153,000 | $ 153,000 | |||
Defaulted, number of loans/leases | loan | 0 | 0 | |||
Defaulted, recorded investment | $ 0 | $ 0 | |||
Residential mortgage | Acquired | |||||
Troubled debt restructurings: | |||||
Recorded Investment, Number of Loans/Leases | loan | 4 | 1 | |||
Recorded Investment, At modification | $ 323,000 | $ 175,000 | |||
Recorded Investment, At end of period | 323,000 | 174,000 | |||
Specific Allowance for Loan and Lease Losses | 20,000 | ||||
Nonaccrual Loans and Leases/Recorded Investment | $ 146,000 | $ 0 | |||
Defaulted, number of loans/leases | loan | 0 | 0 | |||
Defaulted, recorded investment | $ 0 | $ 0 | |||
Home equity | Originated | |||||
Troubled debt restructurings: | |||||
Recorded Investment, Number of Loans/Leases | loan | 2 | 2 | |||
Recorded Investment, At modification | $ 273,000 | $ 273,000 | |||
Recorded Investment, At end of period | 274,000 | 274,000 | |||
Nonaccrual Loans and Leases/Recorded Investment | $ 101,000 | $ 101,000 | |||
Home equity | Acquired | |||||
Troubled debt restructurings: | |||||
Recorded Investment, Number of Loans/Leases | loan | 5 | 2 | |||
Recorded Investment, At modification | $ 374,000 | $ 200,000 | |||
Recorded Investment, At end of period | 372,000 | 197,000 | |||
Specific Allowance for Loan and Lease Losses | 20,000 | 0 | |||
Nonaccrual Loans and Leases/Recorded Investment | $ 146,000 | $ 23,000 | |||
Defaulted, number of loans/leases | loan | 0 | 0 | |||
Defaulted, recorded investment | $ 0 | $ 0 | |||
Commercial real estate | Originated | |||||
Troubled debt restructurings: | |||||
Recorded Investment, Number of Loans/Leases | loan | 2 | ||||
Recorded Investment, At modification | $ 1,155,000 | ||||
Recorded Investment, At end of period | 1,127,000 | ||||
Specific Allowance for Loan and Lease Losses | 0 | ||||
Nonaccrual Loans and Leases/Recorded Investment | $ 1,127,000 | ||||
Defaulted, number of loans/leases | loan | 0 | ||||
Defaulted, recorded investment | $ 0 | ||||
Taxi Medallion Portfolio | |||||
Troubled debt restructurings: | |||||
Total troubled debt restructurings | $ 10,100,000 | 10,100,000 | $ 1,300,000 | ||
Increase (decrease) in troubled debt restructurings | $ 8,800,000 |
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Goodwill | $ 137,890 | $ 137,890 |
Total other intangible assets | 8,754 | 10,633 |
Total goodwill and other intangible assets | 146,644 | 148,523 |
Trade name | ||
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Total other intangible assets | 1,089 | 1,089 |
Core deposits | ||
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Total other intangible assets | $ 7,665 | $ 9,544 |
Goodwill and Other Intangible Assets (Details 2) $ in Thousands |
Sep. 30, 2016
USD ($)
|
---|---|
Scheduled amortization expense attributable to other acquisition-related intangible assets | |
Remainder of 2016 | $ 621 |
Year ending: | |
2017 | 2,089 |
2018 | 1,669 |
2019 | 1,295 |
2020 | 944 |
2021 | 601 |
Thereafter | 446 |
Total | $ 7,665 |
Comprehensive Income (Loss) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance at the beginning of the period | $ 5,969,000 | $ (1,775,000) | $ (2,476,000) | $ (1,622,000) |
Other comprehensive income (loss) | (1,073,000) | 2,966,000 | 7,372,000 | 2,813,000 |
Balance at the end of the period | 4,896,000 | 1,191,000 | 4,896,000 | 1,191,000 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Investment Securities Available-for-Sale | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance at the beginning of the period | 5,618,000 | (1,886,000) | (2,827,000) | (1,733,000) |
Other comprehensive income (loss) | (1,073,000) | 2,966,000 | 7,372,000 | 2,813,000 |
Balance at the end of the period | 4,545,000 | 1,080,000 | 4,545,000 | 1,080,000 |
Postretirement Benefits | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance at the beginning of the period | 351,000 | 111,000 | 351,000 | 111,000 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Balance at the end of the period | $ 351,000 | $ 111,000 | $ 351,000 | $ 111,000 |
Derivatives and Hedging Activities (Details) $ in Thousands |
Sep. 30, 2016
USD ($)
derivative
|
Dec. 31, 2015
USD ($)
derivative
|
---|---|---|
Asset Derivatives | ||
Total derivatives (interest-rate products) not designated as hedging instruments | $ 24,790 | $ 8,656 |
Liability Derivatives | ||
Total derivatives (interest-rate products) not designated as hedging instruments | 24,790 | 8,781 |
Posted collateral | $ 37,300 | $ 14,700 |
Derivatives not designated as hedging instruments | Interest-rate swaps | ||
Derivatives and Hedging Activities | ||
Number of interest-rate swaps | derivative | 107 | 64 |
Notional amount of interest-rate swaps | $ 747,200 | $ 490,600 |
Derivatives not designated as hedging instruments | Interest-rate products | ||
Asset Derivatives | ||
Total derivatives (interest-rate products) not designated as hedging instruments | 24,790 | 8,656 |
Liability Derivatives | ||
Total derivatives (interest-rate products) not designated as hedging instruments | $ 24,790 | $ 8,781 |
Derivatives and Hedging Activities (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Asset Derivatives | ||
Gross Amounts of Recognized Assets | $ 24,790 | $ 8,656 |
Net Amounts Of Assets Presented in the Statement of Financial Position | 24,790 | 8,656 |
Net Amount | 24,790 | 8,656 |
Liability Derivatives | ||
Gross Amounts of Recognized Liabilities | 24,790 | 8,781 |
Net Amounts Of Liabilities Presented in the Statement of Financial Position | 24,790 | 8,781 |
Gross Amounts Not Offset in the Statement of Financial Position | ||
Financial Instruments Pledged | 36,629 | 9,873 |
Cash Collateral Pledged | 720 | 4,790 |
Net Amount | $ 0 | $ 0 |
Stock Based Compensation (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016
USD ($)
plan
shares
|
Sep. 30, 2015
USD ($)
shares
|
Sep. 30, 2016
USD ($)
plan
shares
|
Sep. 30, 2015
USD ($)
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock based compensation plans | plan | 3 | 3 | ||
Shares issued upon satisfaction of required conditions of the Plans | 134,809 | 107,133 | 136,139 | 112,553 |
Stock based compensation expense | $ | $ 0.6 | $ 0.4 | $ 1.4 | $ 0.9 |
Time-based shares | Vest equally over three years | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of shares in tranche | 50.00% | |||
Award vesting period | 3 years | |||
Time-based shares | Vesting, first anniversary | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% | |||
Time-based shares | Vesting, second anniversary | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% | |||
Time-based shares | Vesting, third anniversary | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% | |||
Performance-based shares | Vesting after achievement of performance targets | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of shares in tranche | 50.00% | |||
Award vesting period | 3 years | |||
Recognition and Retention Plan 2003 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized | 1,250,000 | 1,250,000 | ||
Restricted Stock Plan 2011 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized | 500,000 | 500,000 | ||
Equity Incentive Plan 2014 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized | 1,750,000 | 1,750,000 |
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Numerator: | ||||
Net income | $ 13,617 | $ 12,888 | $ 39,083 | $ 36,456 |
Denominator: | ||||
Weighted average shares outstanding | 70,299,722 | 70,129,056 | 70,228,127 | 70,071,999 |
Effect of dilutive securities (in shares) | 151,038 | 110,964 | 166,338 | 135,984 |
Adjusted weighted average shares outstanding | 70,450,760 | 70,240,020 | 70,394,465 | 70,207,983 |
EPS, Basic (in dollars per share) | $ 0.19 | $ 0.18 | $ 0.56 | $ 0.52 |
EPS, Fully Diluted (in dollars per share) | $ 0.19 | $ 0.18 | $ 0.56 | $ 0.52 |
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Assets: | ||
Total securities available-for-sale | $ 524,295 | $ 513,201 |
Interest-rate swaps | 24,790 | 8,656 |
Liabilities: | ||
Interest-rate swaps | $ 24,790 | 8,781 |
Changes in generic pricing of securities period one, considered for analyzing changes in prices obtained from pricing service | 15 years | |
Changes in generic pricing of securities period two, considered for analyzing changes in prices obtained from pricing service | 30 years | |
Recurring basis | ||
Assets: | ||
Interest-rate swaps | $ 24,790 | 8,656 |
Liabilities: | ||
Interest-rate swaps | 24,790 | 8,781 |
Recurring basis | Securities available for sale | ||
Assets: | ||
Total securities available-for-sale | 524,295 | 513,201 |
Recurring basis | Debt securities | ||
Assets: | ||
Total securities available-for-sale | 523,295 | 512,224 |
Recurring basis | GSE debentures | ||
Assets: | ||
Total securities available-for-sale | 66,339 | 40,627 |
Recurring basis | GSE CMOs | ||
Assets: | ||
Total securities available-for-sale | 172,805 | 193,816 |
Recurring basis | GSE MBSs | ||
Assets: | ||
Total securities available-for-sale | 233,423 | 229,881 |
Recurring basis | SBA commercial loan asset-backed securities | ||
Assets: | ||
Total securities available-for-sale | 111 | 147 |
Recurring basis | Corporate debt obligations | ||
Assets: | ||
Total securities available-for-sale | 49,304 | 46,486 |
Recurring basis | Trust preferred securities | ||
Assets: | ||
Total securities available-for-sale | 1,313 | 1,267 |
Recurring basis | Marketable equity securities | ||
Assets: | ||
Total securities available-for-sale | 1,000 | 977 |
Recurring basis | Level 1 | ||
Assets: | ||
Interest-rate swaps | 0 | 0 |
Liabilities: | ||
Interest-rate swaps | 0 | 0 |
Recurring basis | Level 1 | Securities available for sale | ||
Assets: | ||
Total securities available-for-sale | 1,000 | 977 |
Recurring basis | Level 1 | Debt securities | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | GSE debentures | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | GSE CMOs | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | GSE MBSs | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | Corporate debt obligations | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | Trust preferred securities | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | Marketable equity securities | ||
Assets: | ||
Total securities available-for-sale | 1,000 | 977 |
Recurring basis | Level 2 | ||
Assets: | ||
Interest-rate swaps | 24,790 | 8,656 |
Liabilities: | ||
Interest-rate swaps | 24,790 | 8,781 |
Recurring basis | Level 2 | Securities available for sale | ||
Assets: | ||
Total securities available-for-sale | 523,295 | 512,224 |
Recurring basis | Level 2 | Debt securities | ||
Assets: | ||
Total securities available-for-sale | 523,295 | 512,224 |
Recurring basis | Level 2 | GSE debentures | ||
Assets: | ||
Total securities available-for-sale | 66,339 | 40,627 |
Recurring basis | Level 2 | GSE CMOs | ||
Assets: | ||
Total securities available-for-sale | 172,805 | 193,816 |
Recurring basis | Level 2 | GSE MBSs | ||
Assets: | ||
Total securities available-for-sale | 233,423 | 229,881 |
Recurring basis | Level 2 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Total securities available-for-sale | 111 | 147 |
Recurring basis | Level 2 | Corporate debt obligations | ||
Assets: | ||
Total securities available-for-sale | 49,304 | 46,486 |
Recurring basis | Level 2 | Trust preferred securities | ||
Assets: | ||
Total securities available-for-sale | 1,313 | 1,267 |
Recurring basis | Level 2 | Marketable equity securities | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | ||
Assets: | ||
Interest-rate swaps | 0 | 0 |
Liabilities: | ||
Interest-rate swaps | 0 | 0 |
Recurring basis | Level 3 | Securities available for sale | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | Debt securities | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | GSE debentures | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | GSE CMOs | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | GSE MBSs | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | Corporate debt obligations | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | Trust preferred securities | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | Marketable equity securities | ||
Assets: | ||
Total securities available-for-sale | $ 0 | $ 0 |
Fair Value of Financial Instruments (Details 3) - Nonrecurring basis - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair value of assets and liabilities | ||
Fair value of assets | $ 34,566 | $ 13,480 |
Level 1 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 0 | 0 |
Level 2 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 785 | 614 |
Level 3 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 33,781 | 12,866 |
Collateral-dependent impaired loans and leases | ||
Fair value of assets and liabilities | ||
Fair value of assets | 33,414 | 12,137 |
Collateral-dependent impaired loans and leases | Level 1 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 0 | 0 |
Collateral-dependent impaired loans and leases | Level 2 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 0 | 0 |
Collateral-dependent impaired loans and leases | Level 3 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 33,414 | 12,137 |
OREO | ||
Fair value of assets and liabilities | ||
Fair value of assets | 367 | 729 |
OREO | Level 1 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 0 | 0 |
OREO | Level 2 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 0 | 0 |
OREO | Level 3 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 367 | 729 |
Repossessed assets | ||
Fair value of assets and liabilities | ||
Fair value of assets | 785 | 614 |
Repossessed assets | Level 1 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 0 | 0 |
Repossessed assets | Level 2 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 785 | 614 |
Repossessed assets | Level 3 | ||
Fair value of assets and liabilities | ||
Fair value of assets | $ 0 | $ 0 |
Fair Value of Financial Instruments (Details 4) - Level 3 - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Collateral-dependent impaired loans and leases | Appraisal of collateral | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 33,414 | $ 12,137 |
Other real estate owned | Appraisal of collateral | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 367 | $ 729 |
Minimum | Discount for Costs to Sell | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Range of observable inputs | 0.00% | 0.00% |
Minimum | Appraisal Adjustments | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Range of observable inputs | 0.00% | 0.00% |
Maximum | Discount for Costs to Sell | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Range of observable inputs | 10.00% | 10.00% |
Maximum | Appraisal Adjustments | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Range of observable inputs | 15.00% | 15.00% |
Fair Value of Financial Instruments (Details 5) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Financial assets: | ||
Investment securities held-to-maturity, fair value | $ 78,079 | $ 93,695 |
Loans and leases, net | 5,273,408 | 4,938,801 |
Financial liabilities: | ||
Borrowed funds | 38,639 | 38,227 |
GSE debentures | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 14,705 | 34,819 |
GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 18,752 | 18,986 |
Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 44,131 | 39,390 |
Foreign government obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 491 | 500 |
Level 1 | ||
Financial assets: | ||
Loans held-for-sale | 0 | 0 |
Loans and leases, net | 0 | 0 |
Financial liabilities: | ||
Certificates of deposit | 0 | 0 |
Borrowed funds | 0 | 0 |
Level 1 | GSE debentures | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | 0 |
Level 1 | GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | 0 |
Level 1 | Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | 0 |
Level 1 | Foreign government obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Loans held-for-sale | 21,109 | 13,383 |
Loans and leases, net | 0 | 0 |
Financial liabilities: | ||
Certificates of deposit | 1,115,664 | 1,091,906 |
Borrowed funds | 1,027,986 | 981,349 |
Level 2 | GSE debentures | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 14,705 | 34,819 |
Level 2 | GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 18,752 | 18,986 |
Level 2 | Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 44,131 | 39,390 |
Level 2 | Foreign government obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | 0 |
Level 3 | ||
Financial assets: | ||
Loans held-for-sale | 0 | 0 |
Loans and leases, net | 5,206,031 | 4,857,060 |
Financial liabilities: | ||
Certificates of deposit | 0 | 0 |
Borrowed funds | 0 | 0 |
Level 3 | GSE debentures | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | 0 |
Level 3 | GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | 0 |
Level 3 | Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | 0 |
Level 3 | Foreign government obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 491 | 500 |
Carrying Value | ||
Financial assets: | ||
Loans held-for-sale | 21,109 | 13,383 |
Loans and leases, net | 5,273,408 | 4,938,801 |
Financial liabilities: | ||
Certificates of deposit | 1,106,046 | 1,087,872 |
Borrowed funds | 1,022,653 | 983,029 |
Carrying Value | GSE debentures | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 14,734 | 34,915 |
Carrying Value | GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 18,710 | 19,291 |
Carrying Value | Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 43,150 | 39,051 |
Carrying Value | Foreign government obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 500 | 500 |
Estimated Fair Value | ||
Financial assets: | ||
Loans held-for-sale | 21,109 | 13,383 |
Loans and leases, net | 5,206,031 | 4,857,060 |
Financial liabilities: | ||
Certificates of deposit | 1,115,664 | 1,091,906 |
Borrowed funds | 1,027,986 | 981,349 |
Estimated Fair Value | GSE debentures | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 14,705 | 34,819 |
Estimated Fair Value | GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 18,752 | 18,986 |
Estimated Fair Value | Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 44,131 | 39,390 |
Estimated Fair Value | Foreign government obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | $ 491 | $ 500 |
Commitments and Contingencies (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
sublease
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Loan commitments | |||||
Unadvanced portion of loans and leases | $ 585,295 | $ 585,295 | $ 648,291 | ||
Unused lines of credit: | |||||
Home equity | 328,116 | 328,116 | 280,786 | ||
Other consumer | 14,476 | 14,476 | 12,383 | ||
Other commercial | 188 | 188 | 529 | ||
Unused letters of credit: | |||||
Financial standby letters of credit | 10,978 | 10,978 | 12,389 | ||
Performance standby letters of credit | 472 | 472 | 392 | ||
Commercial and similar letters of credit | 1,717 | 1,717 | 821 | ||
Back-to-back interest-rate swaps (Notional principal amounts) | 747,233 | 747,233 | 490,632 | ||
Unfunded credit commitments liability included in other liabilities | 1,300 | $ 1,400 | 1,300 | $ 1,400 | 1,300 |
Fair value of interest rate swap assets | 24,800 | 24,800 | 8,700 | ||
Fair value of interest rate swap liabilities | 24,800 | 24,800 | 8,800 | ||
Summary of future minimum rental payments under noncancelable operating leases year ending December 31 | |||||
Remainder of 2016 | 1,283 | 1,283 | |||
Year ending: | |||||
2017 | 4,919 | 4,919 | |||
2018 | 4,563 | 4,563 | |||
2019 | 3,712 | 3,712 | |||
2020 | 3,155 | 3,155 | |||
2021 | 2,646 | 2,646 | |||
Thereafter | 11,993 | 11,993 | |||
Total | 32,271 | 32,271 | |||
Total rental expense | 1,300 | $ 1,400 | $ 3,900 | $ 4,000 | |
Number of new sublease agreements | sublease | 2 | ||||
Minimum | |||||
Summary of future minimum rental payments under noncancelable operating leases year ending December 31 | |||||
Lease term (over 20 years) | 5 years | ||||
Maximum | |||||
Summary of future minimum rental payments under noncancelable operating leases year ending December 31 | |||||
Lease term (over 20 years) | 25 years | ||||
Commercial real estate | |||||
Loan commitments | |||||
Commitments to originate loans and leases | 68,304 | $ 68,304 | 36,000 | ||
Commercial | |||||
Loan commitments | |||||
Commitments to originate loans and leases | 74,655 | 74,655 | 78,017 | ||
Residential mortgage | |||||
Loan commitments | |||||
Commitments to originate loans and leases | $ 5,019 | $ 5,019 | $ 19,430 |
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