FORM 10-Q |
ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2016 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
Delaware | 42-1547151 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
239 Washington Street, Jersey City, New Jersey | 07302 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large Accelerated Filer | ý | Accelerated Filer | ¨ | |||
Non-Accelerated Filer | ¨ | Smaller Reporting Company | ¨ |
Item Number | Page Number | |
1. | ||
Consolidated Statements of Financial Condition as of March 31, 2016 (unaudited) and December 31, 2015 | ||
Consolidated Statements of Income for the three months ended March 31, 2016 and 2015 (unaudited) | ||
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2016 and 2015 (unaudited) | ||
Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2016 and 2015 (unaudited) | ||
Consolidated Statements of Cash Flows for the three months ended March 31, 2016 and 2015 (unaudited) | ||
2. | ||
3. | ||
4. | ||
1. | ||
1A. | ||
2. | ||
3. | Defaults Upon Senior Securities | |
4. | ||
5. | ||
6. | ||
March 31, 2016 | December 31, 2015 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 107,252 | $ | 100,899 | ||||
Short-term investments | 859 | 1,327 | ||||||
Total cash and cash equivalents | 108,111 | 102,226 | ||||||
Securities available for sale, at fair value | 984,206 | 964,534 | ||||||
Investment securities held to maturity (fair value of $491,349 at March 31, 2016 (unaudited) and $488,331 at December 31, 2015) | 472,934 | 473,684 | ||||||
Federal Home Loan Bank stock | 72,135 | 78,181 | ||||||
Loans | 6,638,127 | 6,537,674 | ||||||
Less allowance for loan losses | 62,191 | 61,424 | ||||||
Net loans | 6,575,936 | 6,476,250 | ||||||
Foreclosed assets, net | 11,029 | 10,546 | ||||||
Banking premises and equipment, net | 88,249 | 88,987 | ||||||
Accrued interest receivable | 25,399 | 25,766 | ||||||
Intangible assets | 425,260 | 426,277 | ||||||
Bank-owned life insurance | 184,389 | 183,057 | ||||||
Other assets | 78,526 | 82,149 | ||||||
Total assets | $ | 9,026,174 | $ | 8,911,657 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Deposits: | ||||||||
Demand deposits | $ | 4,353,814 | $ | 4,198,788 | ||||
Savings deposits | 1,005,430 | 985,478 | ||||||
Certificates of deposit of $100,000 or more | 389,985 | 324,215 | ||||||
Other time deposits | 405,633 | 415,506 | ||||||
Total deposits | 6,154,862 | 5,923,987 | ||||||
Mortgage escrow deposits | 25,636 | 23,345 | ||||||
Borrowed funds | 1,570,141 | 1,707,632 | ||||||
Other liabilities | 61,413 | 60,628 | ||||||
Total liabilities | 7,812,052 | 7,715,592 | ||||||
Stockholders’ Equity: | ||||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued | — | — | ||||||
Common stock, $0.01 par value, 200,000,000 shares authorized, 83,209,293 shares issued and 65,732,579 shares outstanding at March 31, 2016 (unaudited) and 65,489,354 outstanding at December 31, 2015 | 832 | 832 | ||||||
Additional paid-in capital | 1,001,919 | 1,000,810 | ||||||
Retained earnings | 517,365 | 507,713 | ||||||
Accumulated other comprehensive income (loss) | 4,169 | (2,546 | ) | |||||
Treasury stock | (269,105 | ) | (269,014 | ) | ||||
Unallocated common stock held by the Employee Stock Ownership Plan | (41,058 | ) | (41,730 | ) | ||||
Common stock acquired by the Directors’ Deferred Fee Plan | (6,350 | ) | (6,517 | ) | ||||
Deferred compensation – Directors’ Deferred Fee Plan | 6,350 | 6,517 | ||||||
Total stockholders’ equity | 1,214,122 | 1,196,065 | ||||||
Total liabilities and stockholders’ equity | $ | 9,026,174 | $ | 8,911,657 |
Three months ended March 31, | ||||||||
2016 | 2015 | |||||||
Interest income: | ||||||||
Real estate secured loans | $ | 44,233 | $ | 43,289 | ||||
Commercial loans | 14,952 | 13,439 | ||||||
Consumer loans | 5,636 | 5,794 | ||||||
Securities available for sale and Federal Home Loan Bank Stock | 5,780 | 6,301 | ||||||
Investment securities held to maturity | 3,331 | 3,396 | ||||||
Deposits, Federal funds sold and other short-term investments | 42 | 12 | ||||||
Total interest income | 73,974 | 72,231 | ||||||
Interest expense: | ||||||||
Deposits | 3,821 | 3,588 | ||||||
Borrowed funds | 7,084 | 6,715 | ||||||
Total interest expense | 10,905 | 10,303 | ||||||
Net interest income | 63,069 | 61,928 | ||||||
Provision for loan losses | 1,500 | 600 | ||||||
Net interest income after provision for loan losses | 61,569 | 61,328 | ||||||
Non-interest income: | ||||||||
Fees | 6,461 | 6,054 | ||||||
Wealth management income | 4,311 | 2,558 | ||||||
Bank-owned life insurance | 1,332 | 1,348 | ||||||
Net gain on securities transactions | 96 | 2 | ||||||
Other income | 818 | 341 | ||||||
Total non-interest income | 13,018 | 10,303 | ||||||
Non-interest expense: | ||||||||
Compensation and employee benefits | 26,030 | 24,201 | ||||||
Net occupancy expense | 6,434 | 7,172 | ||||||
Data processing expense | 3,245 | 3,027 | ||||||
FDIC insurance | 1,322 | 1,218 | ||||||
Amortization of intangibles | 1,005 | 927 | ||||||
Advertising and promotion expense | 879 | 761 | ||||||
Other operating expenses | 5,963 | 6,131 | ||||||
Total non-interest expense | 44,878 | 43,437 | ||||||
Income before income tax expense | 29,709 | 28,194 | ||||||
Income tax expense | 8,736 | 8,392 | ||||||
Net income | $ | 20,973 | $ | 19,802 | ||||
Basic earnings per share | $ | 0.33 | $ | 0.32 | ||||
Weighted average basic shares outstanding | 63,351,093 | 62,673,887 | ||||||
Diluted earnings per share | $ | 0.33 | $ | 0.32 | ||||
Weighted average diluted shares outstanding | 63,519,755 | 62,840,951 |
Three months ended March 31, | ||||||||
2016 | 2015 | |||||||
Net income | $ | 20,973 | $ | 19,802 | ||||
Other comprehensive income, net of tax: | ||||||||
Unrealized gains and losses on securities available for sale: | ||||||||
Net unrealized gains arising during the period | 7,094 | 3,711 | ||||||
Reclassification adjustment for gains included in net income | (57 | ) | (1 | ) | ||||
Total | 7,037 | 3,710 | ||||||
Unrealized losses on derivatives | (421 | ) | — | |||||
Amortization (accretion) related to post-retirement obligations | 99 | (4 | ) | |||||
Total other comprehensive income | 6,715 | 3,706 | ||||||
Total comprehensive income | $ | 27,688 | $ | 23,508 |
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | TREASURY STOCK | UNALLOCATED ESOP SHARES | COMMON STOCK ACQUIRED BY DDFP | DEFERRED COMPENSATION DDFP | TOTAL STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 832 | $ | 995,053 | $ | 465,276 | $ | 29 | $ | (271,779 | ) | $ | (45,312 | ) | $ | (7,113 | ) | $ | 7,113 | $ | 1,144,099 | |||||||||||||||
Net income | — | — | 19,802 | — | — | — | — | — | 19,802 | |||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 3,706 | — | — | — | — | 3,706 | |||||||||||||||||||||||||||
Cash dividends declared | — | — | (10,798 | ) | — | — | — | — | — | (10,798 | ) | |||||||||||||||||||||||||
Distributions from DDFP | — | — | — | — | — | — | 23 | (23 | ) | — | ||||||||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (1,882 | ) | — | — | — | (1,882 | ) | |||||||||||||||||||||||||
Shares issued dividend reinvestment plan | — | 23 | — | — | 354 | — | — | — | 377 | |||||||||||||||||||||||||||
Stock option exercises | — | (17 | ) | — | — | 412 | — | — | — | 395 | ||||||||||||||||||||||||||
Allocation of ESOP shares | — | 38 | — | — | — | 649 | — | — | 687 | |||||||||||||||||||||||||||
Allocation of SAP shares | — | 1,213 | — | — | — | — | — | — | 1,213 | |||||||||||||||||||||||||||
Allocation of stock options | — | 72 | — | — | — | — | — | — | 72 | |||||||||||||||||||||||||||
Balance at March 31, 2015 | $ | 832 | $ | 996,382 | $ | 474,280 | $ | 3,735 | $ | (272,895 | ) | $ | (44,663 | ) | $ | (7,090 | ) | $ | 7,090 | $ | 1,157,671 |
COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | TREASURY STOCK | UNALLOCATED ESOP SHARES | COMMON STOCK ACQUIRED BY DDFP | DEFERRED COMPENSATION DDFP | TOTAL STOCKHOLDERS’ EQUITY | ||||||||||||||||||||||||||||
Balance at December 31, 2015 | $ | 832 | $ | 1,000,810 | $ | 507,713 | $ | (2,546 | ) | $ | (269,014 | ) | $ | (41,730 | ) | $ | (6,517 | ) | $ | 6,517 | $ | 1,196,065 | ||||||||||||||
Net income | — | — | 20,973 | — | — | — | — | — | 20,973 | |||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 6,715 | — | — | — | — | 6,715 | |||||||||||||||||||||||||||
Cash dividends declared | — | — | (11,321 | ) | — | — | — | — | — | (11,321 | ) | |||||||||||||||||||||||||
Distributions from DDFP | — | 30 | — | — | — | — | 167 | (167 | ) | 30 | ||||||||||||||||||||||||||
Purchases of treasury stock | — | — | — | — | (2,697 | ) | — | — | — | (2,697 | ) | |||||||||||||||||||||||||
Shares issued dividend reinvestment plan | — | 34 | — | — | 331 | — | — | — | 365 | |||||||||||||||||||||||||||
Stock option exercises | — | 46 | — | — | 2,275 | — | — | — | 2,321 | |||||||||||||||||||||||||||
Allocation of ESOP shares | — | 74 | — | — | — | 672 | — | — | 746 | |||||||||||||||||||||||||||
Allocation of SAP shares | — | 879 | — | — | — | — | — | — | 879 | |||||||||||||||||||||||||||
Allocation of stock options | — | 46 | — | — | — | — | — | — | 46 | |||||||||||||||||||||||||||
Balance at March 31, 2016 | $ | 832 | $ | 1,001,919 | $ | 517,365 | $ | 4,169 | $ | (269,105 | ) | $ | (41,058 | ) | $ | (6,350 | ) | $ | 6,350 | $ | 1,214,122 |
Three months ended March 31, | ||||||||
2016 | 2015 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 20,973 | $ | 19,802 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization of intangibles | 3,323 | 3,333 | ||||||
Provision for loan losses | 1,500 | 600 | ||||||
Deferred tax expense | 456 | 1,748 | ||||||
Increase in cash surrender value of Bank-owned life insurance | (1,332 | ) | (1,348 | ) | ||||
Net amortization of premiums and discounts on securities | 2,401 | 2,655 | ||||||
Accretion of net deferred loan fees | (687 | ) | (946 | ) | ||||
Amortization of premiums on purchased loans, net | 198 | 292 | ||||||
Net increase in loans originated for sale | (2,598 | ) | (3,869 | ) | ||||
Proceeds from sales of loans originated for sale | 2,921 | 4,056 | ||||||
Proceeds from sales of foreclosed assets | 1,063 | 288 | ||||||
ESOP expense | 746 | 687 | ||||||
Allocation of stock award shares | 723 | 852 | ||||||
Allocation of stock options | 46 | 72 | ||||||
Net gain on sale of loans | (323 | ) | (187 | ) | ||||
Net gain on securities transactions | (96 | ) | (2 | ) | ||||
Net gain on sale of premises and equipment | (4 | ) | (5 | ) | ||||
Net (gain) loss on sale of foreclosed assets | (26 | ) | 32 | |||||
Decrease in accrued interest receivable | 367 | 686 | ||||||
Increase in other assets | (2,659 | ) | (4,621 | ) | ||||
Increase (decrease) in other liabilities | 785 | (2,897 | ) | |||||
Net cash provided by operating activities | 27,777 | 21,228 | ||||||
Cash flows from investing activities: | ||||||||
Proceeds from maturities, calls and paydowns of investment securities held to maturity | 11,805 | 5,343 | ||||||
Purchases of investment securities held to maturity | (11,259 | ) | (10,220 | ) | ||||
Proceeds from sales of securities | 2,106 | — | ||||||
Proceeds from maturities, calls and paydowns of securities available for sale | 40,818 | 45,848 | ||||||
Purchases of securities available for sale | (52,513 | ) | (14,769 | ) | ||||
Net decrease in Federal Home Loan Bank stock | 6,046 | 2,334 | ||||||
Purchases of loans | (28,590 | ) | (23,692 | ) | ||||
Net increase in loans | (72,894 | ) | (15,994 | ) | ||||
Proceeds from sales of premises and equipment | 4 | 5 | ||||||
Purchases of premises and equipment | (1,758 | ) | (2,148 | ) | ||||
Net cash used in investing activities | (106,235 | ) | (13,293 | ) | ||||
Cash flows from financing activities: | ||||||||
Net increase in deposits | 230,875 | 30,528 | ||||||
Increase in mortgage escrow deposits | 2,291 | 2,004 | ||||||
Purchases of treasury stock | (2,697 | ) | (1,882 | ) | ||||
Cash dividends paid to stockholders | (11,321 | ) | (10,798 | ) | ||||
Shares issued through the dividend reinvestment plan | 365 | 377 | ||||||
Stock options exercised | 2,321 | 395 |
Three months ended March 31, | ||||||||
2016 | 2015 | |||||||
Proceeds from long-term borrowings | 167,858 | 82,917 | ||||||
Payments on long-term borrowings | (206,068 | ) | (87,000 | ) | ||||
Net decrease in short-term borrowings | (99,281 | ) | (37,364 | ) | ||||
Net cash provided by (used in) financing activities | 84,343 | (20,823 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 5,885 | (12,888 | ) | |||||
Cash and cash equivalents at beginning of period | 102,226 | 103,762 | ||||||
Cash and cash equivalents at end of period | $ | 108,111 | $ | 90,874 | ||||
Cash paid during the period for: | ||||||||
Interest on deposits and borrowings | $ | 10,856 | $ | 9,804 | ||||
Income taxes | $ | 3,125 | $ | 8,057 | ||||
Non-cash investing activities: | ||||||||
Transfer of loans receivable to foreclosed assets | $ | 1,520 | $ | 1,146 |
Three months ended March 31, | |||||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||||
Net Income | Weighted Average Common Shares Outstanding | Per Share Amount | Net Income | Weighted Average Common Shares Outstanding | Per Share Amount | ||||||||||||||||||
Net income | $ | 20,973 | $ | 19,802 | |||||||||||||||||||
Basic earnings per share: | |||||||||||||||||||||||
Income available to common stockholders | $ | 20,973 | 63,351,093 | $ | 0.33 | $ | 19,802 | 62,673,887 | $ | 0.32 | |||||||||||||
Dilutive shares | 168,662 | 167,064 | |||||||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||||||
Income available to common stockholders | $ | 20,973 | 63,519,755 | $ | 0.33 | $ | 19,802 | 62,840,951 | $ | 0.32 |
March 31, 2016 | |||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||
US Treasury obligations | $ | 8,003 | 44 | — | 8,047 | ||||||||
Agency obligations | 79,307 | 296 | (3 | ) | 79,600 | ||||||||
Mortgage-backed securities | 868,946 | 17,856 | (161 | ) | 886,641 | ||||||||
State and municipal obligations | 4,183 | 139 | — | 4,322 | |||||||||
Corporate obligations | 5,016 | 72 | (13 | ) | 5,075 | ||||||||
Equity securities | 397 | 124 | — | 521 | |||||||||
$ | 965,852 | 18,531 | (177 | ) | 984,206 |
December 31, 2015 | |||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||
US Treasury obligations | $ | 8,006 | — | (2 | ) | 8,004 | |||||||
Agency Obligations | 82,396 | 82 | (148 | ) | 82,330 | ||||||||
Mortgage-backed securities | 857,430 | 9,828 | (3,397 | ) | 863,861 | ||||||||
State and municipal obligations | 4,193 | 115 | — | 4,308 | |||||||||
Corporate obligations | 5,516 | 6 | (10 | ) | 5,512 | ||||||||
Equity securities | 397 | 122 | — | 519 | |||||||||
$ | 957,938 | 10,153 | (3,557 | ) | 964,534 |
March 31, 2016 | |||||||
Amortized cost | Fair value | ||||||
Due in one year or less | $ | 31,520 | 31,566 | ||||
Due after one year through five years | 59,038 | 59,328 | |||||
Due after five years through ten years | 3,680 | 3,778 | |||||
Due after ten years | 2,271 | 2,372 | |||||
$ | 96,509 | 97,044 |
March 31, 2016 Unrealized Losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | ||||||||||||||
Agency obligations | 10,033 | (3 | ) | — | — | 10,033 | (3 | ) | |||||||||||
Mortgage-backed securities | 31,086 | (74 | ) | 16,614 | (87 | ) | 47,700 | (161 | ) | ||||||||||
Corporate obligations | 999 | — | 989 | (13 | ) | 1,988 | (13 | ) | |||||||||||
$ | 42,118 | (77 | ) | 17,603 | (100 | ) | 59,721 | (177 | ) |
December 31, 2015 Unrealized Losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | ||||||||||||||
U.S. Treasury obligations | $ | 8,004 | (2 | ) | — | — | 8,004 | (2 | ) | ||||||||||
Agency obligations | 59,197 | (148 | ) | — | — | 59,197 | (148 | ) | |||||||||||
Mortgage-backed securities | 327,263 | (2,427 | ) | 47,911 | (970 | ) | 375,174 | (3,397 | ) | ||||||||||
Corporate obligations | 500 | — | 992 | (10 | ) | 1,492 | (10 | ) | |||||||||||
$ | 394,964 | (2,577 | ) | 48,903 | (980 | ) | 443,867 | (3,557 | ) |
March 31, 2016 | |||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||
Agency obligations | $ | 4,197 | 8 | — | 4,205 | ||||||||
Mortgage-backed securities | 1,403 | 55 | — | 1,458 | |||||||||
State and municipal obligations | 457,427 | 18,557 | (251 | ) | 475,733 | ||||||||
Corporate obligations | 9,907 | 52 | (6 | ) | 9,953 | ||||||||
$ | 472,934 | 18,672 | (257 | ) | 491,349 | ||||||||
December 31, 2015 | |||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Fair value | ||||||||||
Agency obligations | $ | 4,096 | 9 | (8 | ) | 4,097 | |||||||
Mortgage-backed securities | 1,597 | 61 | — | 1,658 | |||||||||
State and municipal obligations | 458,062 | 15,094 | (495 | ) | 472,661 | ||||||||
Corporate obligations | 9,929 | 11 | (25 | ) | 9,915 | ||||||||
$ | 473,684 | 15,175 | (528 | ) | 488,331 |
March 31, 2016 | |||||||
Amortized cost | Fair value | ||||||
Due in one year or less | $ | 11,538 | 11,589 | ||||
Due after one year through five years | 52,697 | 53,797 | |||||
Due after five years through ten years | 221,145 | 231,977 | |||||
Due after ten years | 186,151 | 192,528 | |||||
$ | 471,531 | 489,891 |
March 31, 2016 Unrealized Losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | ||||||||||||||
State and municipal obligations | 10,388 | (71 | ) | 9,984 | (180 | ) | 20,372 | (251 | ) | ||||||||||
Corporate obligations | 1,245 | (6 | ) | — | — | 1,245 | (6 | ) | |||||||||||
$ | 11,633 | (77 | ) | 9,984 | (180 | ) | 21,617 | (257 | ) |
December 31, 2015 Unrealized Losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | Fair value | Gross unrealized losses | ||||||||||||||
Agency obligations | $ | 1,244 | (6 | ) | 278 | (2 | ) | 1,522 | (8 | ) | |||||||||
State and municipal obligations | 24,266 | (165 | ) | 17,746 | (330 | ) | 42,012 | (495 | ) | ||||||||||
Corporate obligations | 5,840 | (18 | ) | 744 | (7 | ) | 6,584 | (25 | ) | ||||||||||
$ | 31,350 | (189 | ) | 18,768 | (339 | ) | 50,118 | (528 | ) |
March 31, 2016 | December 31, 2015 | ||||||
Mortgage loans: | |||||||
Residential | $ | 1,263,109 | 1,254,036 | ||||
Commercial | 1,709,054 | 1,714,923 | |||||
Multi-family | 1,318,143 | 1,233,792 | |||||
Construction | 309,656 | 331,649 | |||||
Total mortgage loans | 4,599,962 | 4,534,400 | |||||
Commercial loans | 1,479,145 | 1,433,447 | |||||
Consumer loans | 556,056 | 566,175 | |||||
Total gross loans | 6,635,163 | 6,534,022 | |||||
Purchased credit-impaired ("PCI") loans | 2,683 | 3,435 | |||||
Premiums on purchased loans | 6,011 | 5,740 | |||||
Unearned discounts | (40 | ) | (41 | ) | |||
Net deferred fees | (5,690 | ) | (5,482 | ) | |||
Total loans | $ | 6,638,127 | 6,537,674 |
March 31, 2016 | ||||||||||||||||||||||
30-59 Days | 60-89 Days | Non-accrual | Recorded Investment > 90 days accruing | Total Past Due | Current | Total Loans Receivable | ||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||
Residential | $ | 9,002 | 4,491 | 14,063 | — | 27,556 | 1,235,553 | 1,263,109 | ||||||||||||||
Commercial | 1,115 | 3,351 | 1,306 | — | 5,772 | 1,703,282 | 1,709,054 | |||||||||||||||
Multi-family | 47 | 751 | 1,240 | — | 2,038 | 1,316,105 | 1,318,143 | |||||||||||||||
Construction | — | — | 2,517 | — | 2,517 | 307,139 | 309,656 | |||||||||||||||
Total mortgage loans | 10,164 | 8,593 | 19,126 | — | 37,883 | 4,562,079 | 4,599,962 | |||||||||||||||
Commercial loans | 1,108 | — | 28,527 | — | 29,635 | 1,449,510 | 1,479,145 | |||||||||||||||
Consumer loans | 2,762 | 441 | 2,996 | — | 6,199 | 549,857 | 556,056 | |||||||||||||||
Total gross loans | $ | 14,034 | 9,034 | 50,649 | — | 73,717 | 6,561,446 | 6,635,163 |
December 31, 2015 | ||||||||||||||||||||||
30-59 Days | 60-89 Days | Non-accrual | Recorded Investment > 90 days accruing | Total Past Due | Current | Total Loans Receivable | ||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||
Residential | $ | 8,983 | 5,434 | 12,031 | — | 26,448 | 1,227,588 | 1,254,036 | ||||||||||||||
Commercial | 1,732 | 543 | 1,263 | — | 3,538 | 1,711,385 | 1,714,923 | |||||||||||||||
Multi-family | 763 | 506 | 742 | — | 2,011 | 1,231,781 | 1,233,792 | |||||||||||||||
Construction | — | — | 2,351 | — | 2,351 | 329,298 | 331,649 | |||||||||||||||
Total mortgage loans | 11,478 | 6,483 | 16,387 | — | 34,348 | 4,500,052 | 4,534,400 | |||||||||||||||
Commercial loans | 632 | 801 | 23,875 | 165 | 25,473 | 1,407,974 | 1,433,447 | |||||||||||||||
Consumer loans | 3,603 | 1,194 | 4,109 | — | 8,906 | 557,269 | 566,175 | |||||||||||||||
Total gross loans | $ | 15,713 | 8,478 | 44,371 | 165 | 68,727 | 6,465,295 | 6,534,022 |
March 31, 2016 | |||||||||||||
Mortgage loans | Commercial loans | Consumer loans | Total Portfolio Segments | ||||||||||
Individually evaluated for impairment | $ | 26,688 | 25,186 | 2,319 | 54,193 | ||||||||
Collectively evaluated for impairment | 4,573,274 | 1,453,959 | 553,737 | 6,580,970 | |||||||||
Total gross loans | $ | 4,599,962 | 1,479,145 | 556,056 | 6,635,163 |
December 31, 2015 | |||||||||||||
Mortgage loans | Commercial loans | Consumer loans | Total Portfolio Segments | ||||||||||
Individually evaluated for impairment | $ | 26,743 | 21,756 | 2,368 | 50,867 | ||||||||
Collectively evaluated for impairment | 4,507,657 | 1,411,691 | 563,807 | 6,483,155 | |||||||||
Total gross loans | $ | 4,534,400 | 1,433,447 | 566,175 | 6,534,022 |
March 31, 2016 | ||||||||||||||||
Mortgage loans | Commercial loans | Consumer loans | Total Portfolio Segments | Total | ||||||||||||
Individually evaluated for impairment | $ | 2,167 | 2,796 | 90 | 5,053 | 5,053 | ||||||||||
Collectively evaluated for impairment | 28,682 | 25,459 | 2,997 | 57,138 | 57,138 | |||||||||||
Total gross loans | $ | 30,849 | 28,255 | 3,087 | 62,191 | 62,191 |
December 31, 2015 | ||||||||||||||||
Mortgage loans | Commercial loans | Consumer loans | Total Portfolio Segments | Total | ||||||||||||
Individually evaluated for impairment | $ | 2,086 | 91 | 94 | 2,271 | 2,271 | ||||||||||
Collectively evaluated for impairment | 30,008 | 25,738 | 3,407 | 59,153 | 59,153 | |||||||||||
Total gross loans | $ | 32,094 | 25,829 | 3,501 | 61,424 | 61,424 |
For the three months ended | ||||||||||||||||||||||
March 31, 2016 | March 31, 2015 | |||||||||||||||||||||
Troubled Debt Restructuring | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||
($ in thousands) | ||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||
Residential | — | $ | — | $ | — | 2 | $ | 322 | $ | 321 | ||||||||||||
Construction | — | — | — | 1 | 2,600 | 347 | ||||||||||||||||
Total mortgage loans | — | — | — | 3 | 2,922 | 668 | ||||||||||||||||
Commercial loans | — | — | — | 4 | 6,659 | 6,898 | ||||||||||||||||
Consumer loans | — | — | — | 1 | 44 | 42 | ||||||||||||||||
Total restructured loans | — | $ | — | $ | — | 8 | $ | 9,625 | $ | 7,608 |
March 31, 2016 | March 31, 2015 | |||||||||||||
Troubled Debt Restructurings Subsequently Defaulted | Number of Loans | Outstanding Recorded Investment | Number of Loans | Outstanding Recorded Investment | ||||||||||
($ in thousands) | ||||||||||||||
Mortgage loans: | ||||||||||||||
Construction | 1 | $ | 2,517 | — | $ | — | ||||||||
Total mortgage loans | 1 | 2,517 | — | — | ||||||||||
Commercial loans | 4 | 6,809 | — | $ | — | |||||||||
Total restructured loans | 5 | $ | 9,326 | — | $ | — | ||||||||
May 30, 2014 | ||||
Contractually required principal and interest | $ | 12,505 | ||
Contractual cash flows not expected to be collected (non-accretable discount) | (6,475 | ) | ||
Expected cash flows to be collected at acquisition | 6,030 | |||
Interest component of expected cash flows (accretable yield) | (810 | ) | ||
Fair value of acquired loans | $ | 5,220 |
Three months ended March 31, | |||||||
2016 | 2015 | ||||||
Beginning balance | $ | 676 | $ | 695 | |||
Acquisition | — | — | |||||
Accretion | (421 | ) | (198 | ) | |||
Reclassification from non-accretable discount | 248 | 184 | |||||
Ending balance | $ | 503 | $ | 681 |
Three months ended March 31, | Mortgage loans | Commercial loans | Consumer loans | Total Portfolio Segments | Unallocated | Total | |||||||||||||
2016 | |||||||||||||||||||
Balance at beginning of period | $ | 32,094 | 25,829 | 3,501 | 61,424 | — | 61,424 | ||||||||||||
Provision charged to operations | (1,193 | ) | 2,958 | (265 | ) | 1,500 | — | 1,500 | |||||||||||
Recoveries of loans previously charged-off | 172 | 91 | 316 | 579 | — | 579 | |||||||||||||
Loans charged-off | (224 | ) | (623 | ) | (465 | ) | (1,312 | ) | — | (1,312 | ) | ||||||||
Balance at end of period | $ | 30,849 | 28,255 | 3,087 | 62,191 | — | 62,191 | ||||||||||||
2015 | |||||||||||||||||||
Balance at beginning of period | $ | 31,977 | 24,381 | 4,881 | 61,239 | 495 | 61,734 | ||||||||||||
Provision charged to operations | 1,038 | (477 | ) | 284 | 845 | (245 | ) | 600 | |||||||||||
Recoveries of loans previously charged-off | 65 | 215 | 211 | 491 | — | 491 | |||||||||||||
Loans charged-off | (194 | ) | (422 | ) | (1,099 | ) | (1,715 | ) | — | (1,715 | ) | ||||||||
Balance at end of period | $ | 32,886 | 23,697 | 4,277 | 60,860 | 250 | 61,110 |
March 31, 2016 | December 31, 2015 | ||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Related Allowance | Average Recorded Investment | Interest Income Recognized | Unpaid Principal Balance | Recorded Investment | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||
Loans with no related allowance | |||||||||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||||||||
Residential | $ | 11,046 | 8,121 | — | 8,148 | 106 | 12,144 | 8,799 | — | 9,079 | 451 | ||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Construction | 2,553 | 2,517 | — | 2,505 | — | 2,358 | 2,351 | — | 1,170 | 16 | |||||||||||||||||||||
Total | 13,599 | 10,638 | — | 10,653 | 106 | 14,502 | 11,150 | — | 10,249 | 467 | |||||||||||||||||||||
Commercial loans | 15,198 | 14,570 | — | 14,672 | — | 23,754 | 21,144 | — | 21,875 | 747 | |||||||||||||||||||||
Consumer loans | 1,543 | 1,046 | — | 1,066 | 24 | 1,560 | 1,082 | — | 1,121 | 48 | |||||||||||||||||||||
Total impaired loans | $ | 30,340 | 26,254 | — | 26,391 | 130 | 39,816 | 33,376 | — | 33,245 | 1,262 | ||||||||||||||||||||
Loans with an allowance recorded | |||||||||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||||||||
Residential | $ | 15,889 | 14,826 | 1,989 | 14,865 | 147 | 14,997 | 14,353 | 1,901 | 14,500 | 505 | ||||||||||||||||||||
Commercial | 1,224 | 1,224 | 178 | 1,232 | 15 | 1,240 | 1,240 | 185 | 1,361 | 63 | |||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | 17,113 | 16,050 | 2,167 | 16,097 | 162 | 16,237 | 15,593 | 2,086 | 15,861 | 568 | |||||||||||||||||||||
Commercial loans | 12,709 | 10,616 | 2,796 | 10,770 | 12 | 612 | 612 | 91 | 807 | 52 | |||||||||||||||||||||
Consumer loans | 1,284 | 1,273 | 90 | 1,279 | 16 | 1,297 | 1,286 | 94 | 1,312 | 67 | |||||||||||||||||||||
Total impaired loans | $ | 31,106 | 27,939 | 5,053 | 28,146 | 190 | 18,146 | 17,491 | 2,271 | 17,980 | 687 | ||||||||||||||||||||
Total impaired loans | |||||||||||||||||||||||||||||||
Mortgage loans: | |||||||||||||||||||||||||||||||
Residential | $ | 26,935 | 22,947 | 1,989 | 23,013 | 253 | 27,141 | 23,152 | 1,901 | 23,579 | 956 | ||||||||||||||||||||
Commercial | 1,224 | 1,224 | 178 | 1,232 | 15 | 1,240 | 1,240 | 185 | 1,361 | 63 | |||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Construction | 2,553 | 2,517 | — | 2,505 | — | 2,358 | 2,351 | — | 1,170 | 16 | |||||||||||||||||||||
Total | 30,712 | 26,688 | 2,167 | 26,750 | 268 | 30,739 | 26,743 | 2,086 | 26,110 | 1,035 | |||||||||||||||||||||
Commercial loans | 27,907 | 25,186 | 2,796 | 25,442 | 12 | 24,366 | 21,756 | 91 | 22,682 | 799 | |||||||||||||||||||||
Consumer loans | 2,827 | 2,319 | 90 | 2,345 | 40 | 2,857 | 2,368 | 94 | 2,433 | 115 | |||||||||||||||||||||
Total impaired loans | $ | 61,446 | 54,193 | 5,053 | 54,537 | 320 | 57,962 | 50,867 | 2,271 | 51,225 | 1,949 |
At March 31, 2016 | |||||||||||||||||||||||||
Residential | Commercial mortgage | Multi- family | Construction | Total mortgages | Commercial | Consumer | Total loans | ||||||||||||||||||
Special mention | $ | 4,491 | 27,574 | — | — | 32,065 | 56,931 | 441 | 89,437 | ||||||||||||||||
Substandard | 14,063 | 12,652 | 1,991 | 2,517 | 31,223 | 36,005 | 2,942 | 70,170 | |||||||||||||||||
Doubtful | — | — | — | — | — | 4,002 | — | 4,002 | |||||||||||||||||
Loss | — | — | — | — | — | — | — | — | |||||||||||||||||
Total classified and criticized | 18,554 | 40,226 | 1,991 | 2,517 | 63,288 | 96,938 | 3,383 | 163,609 | |||||||||||||||||
Pass/Watch | 1,244,555 | 1,668,828 | 1,316,152 | 307,139 | 4,536,674 | 1,382,207 | 552,673 | 6,471,554 | |||||||||||||||||
Total | $ | 1,263,109 | 1,709,054 | 1,318,143 | 309,656 | 4,599,962 | 1,479,145 | 556,056 | 6,635,163 | ||||||||||||||||
At December 31, 2015 | |||||||||||||||||||||||||
Residential | Commercial mortgage | Multi- family | Construction | Total mortgages | Commercial | Consumer | Total loans | ||||||||||||||||||
Special mention | $ | 5,434 | 29,363 | 1,080 | — | 35,877 | 76,464 | 1,194 | 113,535 | ||||||||||||||||
Substandard | 12,031 | 19,451 | 1,248 | 2,351 | 35,081 | 38,654 | 4,054 | 77,789 | |||||||||||||||||
Doubtful | — | — | — | — | — | 8 | — | 8 | |||||||||||||||||
Loss | — | — | — | — | — | — | — | — | |||||||||||||||||
Total classified and criticized | 17,465 | 48,814 | 2,328 | 2,351 | 70,958 | 115,126 | 5,248 | 191,332 | |||||||||||||||||
Pass/Watch | 1,236,571 | 1,666,109 | 1,231,464 | 329,298 | 4,463,442 | 1,318,321 | 560,927 | 6,342,690 | |||||||||||||||||
Total | $ | 1,254,036 | 1,714,923 | 1,233,792 | 331,649 | 4,534,400 | 1,433,447 | 566,175 | 6,534,022 |
March 31, 2016 | December 31, 2015 | ||||||
Savings | $ | 1,005,430 | 985,478 | ||||
Money market | 1,546,619 | 1,468,352 | |||||
NOW | 1,621,395 | 1,540,894 | |||||
Non-interest bearing | 1,185,800 | 1,189,542 | |||||
Certificates of deposit | 795,618 | 739,721 | |||||
Total deposits | $ | 6,154,862 | 5,923,987 |
Three months ended March 31, | |||||||||||||
Pension benefits | Other post- retirement benefits | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Service cost | $ | — | — | 38 | 42 | ||||||||
Interest cost | 312 | 284 | 284 | 281 | |||||||||
Expected return on plan assets | (612 | ) | (633 | ) | — | — | |||||||
Amortization of prior service cost | — | — | — | — | |||||||||
Amortization of the net loss | 236 | 194 | — | — | |||||||||
Net periodic benefit (increase) cost | $ | (64 | ) | (155 | ) | 322 | 323 |
Level 1: | Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |
Level 2: | Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; and | |
Level 3: | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). |
Fair Value Measurements at Reporting Date Using: | |||||||||||||
(In thousands) | March 31, 2016 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Measured on a recurring basis: | |||||||||||||
Securities available for sale: | |||||||||||||
US Treasury obligations | $ | 8,047 | 8,047 | — | — | ||||||||
Agency obligations | 79,600 | 79,600 | — | — | |||||||||
Mortgage-backed securities | 886,641 | — | 886,641 | — | |||||||||
State and municipal obligations | 4,322 | — | 4,322 | — | |||||||||
Corporate obligations | 5,075 | — | 5,075 | — | |||||||||
Equity securities | 521 | 521 | — | — | |||||||||
Total securities available for sale | 984,206 | 88,168 | 896,038 | — | |||||||||
Derivative assets | 14,407 | — | 14,407 | — | |||||||||
$ | 998,613 | 88,168 | 910,445 | — | |||||||||
Derivative liabilities | $ | 15,565 | — | 15,565 | — | ||||||||
Measured on a non-recurring basis: | |||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | $ | 10,136 | — | — | 10,136 | ||||||||
Foreclosed assets | 11,029 | — | — | 11,029 | |||||||||
$ | 21,165 | — | — | 21,165 |
Fair Value Measurements at Reporting Date Using: | |||||||||||||
(In thousands) | December 31, 2015 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||
Measured on a recurring basis: | |||||||||||||
Securities available for sale: | |||||||||||||
US Treasury obligations | $ | 8,004 | 8,004 | — | — | ||||||||
Agency obligations | 82,330 | 82,330 | — | — | |||||||||
Mortgage-backed securities | 863,861 | — | 863,861 | — | |||||||||
State and municipal obligations | 4,308 | — | 4,308 | — | |||||||||
Corporate obligations | 5,512 | — | 5,512 | — | |||||||||
Equity securities | 519 | 519 | — | — | |||||||||
$ | 964,534 | 90,853 | 873,681 | — | |||||||||
Derivative assets | 6,854 | — | 6,854 | — | |||||||||
$ | 971,388 | 90,853 | 880,535 | — | |||||||||
Derivative liabilities | $ | 6,745 | — | 6,745 | — | ||||||||
Measured on a non-recurring basis: | |||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | $ | 9,481 | — | — | 9,481 | ||||||||
Foreclosed assets | 10,546 | — | — | 10,546 | |||||||||
$ | 20,027 | — | — | 20,027 |
Fair Value Measurements at March 31, 2016 Using: | ||||||||||||||||
(Dollars in thousands) | Carrying value | Fair value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 108,111 | 108,111 | 108,111 | — | — | ||||||||||
Securities available for sale: | ||||||||||||||||
US Treasury obligations | 8,047 | 8,047 | 8,047 | — | — | |||||||||||
Agency obligations | 79,600 | 79,600 | 79,600 | — | — | |||||||||||
Mortgage-backed securities | 886,641 | 886,641 | — | 886,641 | — | |||||||||||
State and municipal obligations | 4,322 | 4,322 | — | 4,322 | — | |||||||||||
Corporate obligations | 5,075 | 5,075 | — | 5,075 | — | |||||||||||
Equity securities | 521 | 521 | 521 | — | — | |||||||||||
Total securities available for sale | $ | 984,206 | 984,206 | 88,168 | 896,038 | — | ||||||||||
Investment securities held to maturity: | ||||||||||||||||
Agency obligations | 4,197 | 4,205 | 4,205 | — | — | |||||||||||
Mortgage-backed securities | 1,403 | 1,458 | — | 1,458 | — | |||||||||||
State and municipal obligations | 457,427 | 475,733 | — | 475,733 | — | |||||||||||
Corporate obligations | 9,907 | 9,953 | — | 9,953 | — | |||||||||||
Total securities held to maturity | $ | 472,934 | 491,349 | 4,205 | 487,144 | — | ||||||||||
FHLBNY stock | 72,135 | 72,135 | 72,135 | — | — | |||||||||||
Loans, net of allowance for loan losses | 6,575,936 | 6,557,405 | — | — | 6,557,405 | |||||||||||
Derivative assets | 14,407 | 14,407 | — | 14,407 | — | |||||||||||
Financial liabilities: | ||||||||||||||||
Deposits other than certificates of deposits | $ | 5,359,244 | 5,359,244 | 5,359,244 | — | — | ||||||||||
Certificates of deposit | 795,618 | 797,686 | — | 797,686 | — | |||||||||||
Total deposits | $ | 6,154,862 | 6,156,930 | 5,359,244 | 797,686 | — | ||||||||||
Borrowings | 1,570,141 | 1,587,301 | — | 1,587,301 | — | |||||||||||
Derivative liabilities | 15,565 | 15,565 | — | 15,565 | — |
Fair Value Measurements at December 31, 2015 Using: | ||||||||||||||||
(Dollars in thousands) | Carrying value | Fair value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 102,226 | 102,226 | 102,226 | — | — | ||||||||||
Securities available for sale: | ||||||||||||||||
US Treasury obligations | 8,004 | 8,004 | 8,004 | — | — | |||||||||||
Agency obligations | 82,330 | 82,330 | 82,330 | — | — | |||||||||||
Mortgage-backed securities | 863,861 | 863,861 | — | 863,861 | — | |||||||||||
State and municipal obligations | 4,308 | 4,308 | — | 4,308 | — | |||||||||||
Corporate obligations | 5,512 | 5,512 | — | 5,512 | — | |||||||||||
Equity securities | 519 | 519 | 519 | — | — | |||||||||||
Total securities available for sale | $ | 964,534 | 964,534 | 90,853 | 873,681 | — | ||||||||||
Investment securities held to maturity: | ||||||||||||||||
Agency obligations | $ | 4,096 | 4,097 | 4,097 | — | — | ||||||||||
Mortgage-backed securities | 1,597 | 1,658 | — | 1,658 | — | |||||||||||
State and municipal obligations | 458,062 | 472,661 | — | 472,661 | — | |||||||||||
Corporate obligations | 9,929 | 9,915 | — | 9,915 | — | |||||||||||
Total securities held to maturity | $ | 473,684 | 488,331 | 4,097 | 484,234 | — | ||||||||||
FHLBNY stock | 78,181 | 78,181 | 78,181 | — | — | |||||||||||
Loans, net of allowance for loan losses | 6,476,250 | 6,509,502 | — | — | 6,509,502 | |||||||||||
Derivative assets | 6,854 | 6,854 | — | 6,854 | — | |||||||||||
Financial liabilities: | ||||||||||||||||
Deposits other than certificates of deposits | $ | 5,184,266 | 5,184,266 | 5,184,266 | — | — | ||||||||||
Certificates of deposit | 739,721 | 742,020 | — | 742,020 | — | |||||||||||
Total deposits | $ | 5,923,987 | 5,926,286 | 5,184,266 | 742,020 | — | ||||||||||
Borrowings | 1,707,632 | 1,726,726 | — | 1,726,726 | — | |||||||||||
Derivative liabilities | 6,745 | 6,745 | — | 6,745 | — |
Three months ended March 31, | |||||||||||||||||||
2016 | 2015 | ||||||||||||||||||
Before Tax | Tax Effect | After Tax | Before Tax | Tax Effect | After Tax | ||||||||||||||
Components of Other Comprehensive Income: | |||||||||||||||||||
Unrealized gains and losses on securities available for sale: | |||||||||||||||||||
Net gains arising during the period | $ | 11,856 | (4,762 | ) | 7,094 | 6,202 | (2,491 | ) | 3,711 | ||||||||||
Reclassification adjustment for gains included in net income | (96 | ) | 39 | (57 | ) | (2 | ) | 1 | (1 | ) | |||||||||
Total | 11,760 | (4,723 | ) | 7,037 | 6,200 | (2,490 | ) | 3,710 | |||||||||||
Unrealized losses on derivatives (cash flow hedges) | (704 | ) | 283 | (421 | ) | — | — | — | |||||||||||
Amortization related to post-retirement obligations | 165 | (66 | ) | 99 | (7 | ) | 3 | (4 | ) | ||||||||||
Total other comprehensive income | $ | 11,221 | (4,506 | ) | 6,715 | 6,193 | (2,487 | ) | 3,706 |
Changes in Accumulated Other Comprehensive Income by Component, net of tax For the three months ended March 31, | ||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||
Unrealized Gains on Securities Available for Sale | Post Retirement Obligations | Unrealized (losses) on Derivatives (cash flow hedges) | Accumulated Other Comprehensive Income | Unrealized Gains on Securities Available for Sale | Post Retirement Obligations | Accumulated Other Comprehensive Income | ||||||||||||||||
Balance at December 31, | $ | 3,951 | (6,424 | ) | (73 | ) | (2,546 | ) | 7,743 | (7,714 | ) | 29 | ||||||||||
Current - period other comprehensive income | 7,037 | 99 | (421 | ) | 6,715 | 3,710 | (4 | ) | 3,706 | |||||||||||||
Balance at March 31, | $ | 10,988 | (6,325 | ) | (494 | ) | 4,169 | 11,453 | (7,718 | ) | 3,735 |
Reclassifications Out of Accumulated Other Comprehensive Income ("AOCI") | |||||||||||
Amount reclassified from AOCI for the three months ended March 31, | Affected line item in the Consolidated Statement of Income | ||||||||||
2016 | 2015 | ||||||||||
Details of AOCI: | |||||||||||
Securities available for sale: | |||||||||||
Realized net gains on the sale of securities available for sale | $ | 96 | 2 | Net gain on securities transactions | |||||||
(39 | ) | (1 | ) | Income tax expense | |||||||
57 | 1 | Net of tax | |||||||||
Post-retirement obligations: | |||||||||||
Amortization of actuarial losses | 236 | 194 | Compensation and employee benefits (1) | ||||||||
(95 | ) | (79 | ) | Income tax expense | |||||||
141 | 115 | Net of tax | |||||||||
Total reclassifications | $ | 198 | 116 | Net of tax |
(1) | This item is included in the computation of net periodic benefit cost. See Note 6. Components of Net Periodic Benefit Cost. |
At March 31, 2016 | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Consolidated Statements of Financial Condition | Fair Value | Consolidated Statements of Financial Condition | Fair Value | |||||||||
Derivatives not designated as a hedging instruments: | ||||||||||||
Interest rate products | Other assets | $ | 14,399 | Other liabilities | $ | 14,714 | ||||||
Credit contracts | Other assets | 8 | 26 | |||||||||
Total derivatives not designated as hedging instruments | $ | 14,407 | $ | 14,740 | ||||||||
Derivatives designated as a a hedging instrument: | ||||||||||||
Interest rate products | Other assets | $ | — | Other liabilities | $ | 825 | ||||||
Total derivatives designated as a hedging instrument | $ | — | $ | 825 |
At December 31, 2015 | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Consolidated Statements of Financial Condition | Fair Value | Consolidated Statements of Financial Condition | Fair Value | |||||||||
Derivatives not designated as a hedging instruments: | ||||||||||||
Interest rate products | Other assets | $ | 6,849 | Other liabilities | $ | 6,623 | ||||||
Credit contracts | Other assets | 5 | — | |||||||||
Total derivatives not designated as hedging instruments | $ | 6,854 | $ | 6,623 | ||||||||
Derivatives designated as a a hedging instrument: | ||||||||||||
Interest rate products | Other assets | $ | — | Other liabilities | $ | 122 | ||||||
Total derivatives designated as a hedging instrument | $ | — | $ | 122 |
Gain (loss) recognized in income on derivatives for the three months ended | ||||||||||
Consolidated Statements of Income | March 31, 2016 | March 31, 2015 | ||||||||
Derivatives not designated as a hedging instruments: | ||||||||||
Interest rate products | Other income | $ | (540 | ) | $ | (65 | ) | |||
Credit contracts | Other income | 104 | 1 | |||||||
Total | $ | (436 | ) | $ | (64 | ) | ||||
Derivatives designated as a hedging instruments: | ||||||||||
Interest Rate Products | Other income | $ | (145 | ) | $ | — | ||||
Total | $ | (145 | ) | $ | — |
Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
• | Adequacy of the allowance for loan losses |
• | Goodwill valuation and analysis for impairment |
• | Valuation of securities available for sale and impairment analysis |
• | Valuation of deferred tax assets |
• | Macroeconomic conditions, such as deterioration in economic condition and limited access to capital. |
• | Industry and market considerations, such as increased competition, regulatory developments and decline in market-dependent multiples. |
• | Cost factors, such as increased labor costs, cost of materials and other operating costs. |
• | Overall financial performance, such as declining cash flows and decline in revenue or earnings. |
• | Other relevant entity-specific events, such as changes in management, strategy or customers, litigation and contemplation of bankruptcy. |
• | Reporting unit events, such as selling or disposing a portion of a reporting unit and a change in composition of assets. |
March 31, 2016 | December 31, 2015 | ||||||
Mortgage loans: | |||||||
Residential | $ | 14,063 | 12,031 | ||||
Commercial | 1,306 | 1,263 | |||||
Multi-family | 1,240 | 742 | |||||
Construction | 2,517 | 2,351 | |||||
Total mortgage loans | 19,126 | 16,387 | |||||
Commercial loans | 28,527 | 23,875 | |||||
Consumer loans | 2,996 | 4,109 | |||||
Total non-performing/non-accrual loans | 50,649 | 44,371 | |||||
Total non-performing/accruing loans - 90 days or more delinquent | — | 165 | |||||
Total non-performing loans | 50,649 | 44,536 | |||||
Foreclosed assets | 11,029 | 10,546 | |||||
Total non-performing assets | $ | 61,678 | 55,082 |
March 31, 2016 | December 31, 2015 | ||||||
Mortgage loans: | |||||||
Residential | $ | 4,491 | 5,434 | ||||
Commercial | 3,351 | 543 | |||||
Multi-family | 751 | 506 | |||||
Total mortgage loans | 8,593 | 6,483 | |||||
Commercial loans | — | 801 | |||||
Consumer loans | 441 | 1,194 | |||||
Total 60-89 day delinquent loans | $ | 9,034 | 8,478 |
March 31, 2016 | |||||||||||||||||||||
Required | Required with Capital Conservation Buffer | Actual | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Bank: | |||||||||||||||||||||
Tier 1 leverage capital | $ | 341,549 | 4.000 | % | $ | 341,549 | 4.000 | % | $ | 719,094 | 8.422 | % | |||||||||
Common equity Tier 1 risk-based capital | 306,487 | 4.500 | % | 349,055 | 5.125 | % | 719,094 | 10.558 | % | ||||||||||||
Tier 1 risk-based capital | 408,650 | 6.000 | % | 451,217 | 6.625 | % | 719,094 | 10.558 | % | ||||||||||||
Total risk-based capital | 544,866 | 8.000 | % | 587,434 | 8.625 | % | 781,439 | 11.473 | % | ||||||||||||
Company: | |||||||||||||||||||||
Tier 1 leverage capital | $ | 341,560 | 4.000 | % | $ | 341,560 | 4.000 | % | $ | 788,340 | 9.232 | % | |||||||||
Common equity Tier 1 risk-based capital | 306,496 | 4.500 | % | 349,065 | 5.125 | % | 788,340 | 11.574 | % | ||||||||||||
Tier 1 risk-based capital | 408,661 | 6.000 | % | 451,230 | 6.625 | % | 788,340 | 11.574 | % | ||||||||||||
Total risk-based capital | 544,881 | 8.000 | % | 587,450 | 8.625 | % | 850,531 | 12.488 | % |
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
• | Parallel yield curve shifts for market rates; |
• | Current asset and liability spreads to market interest rates are fixed; |
• | Traditional savings and interest-bearing demand accounts move at 10% of the rate ramp in either direction; |
• | Retail Money Market and Business Money Market accounts move at 25% and 75% of the rate ramp in either direction respectively; and |
• | Higher-balance demand deposit tiers and promotional demand accounts move at 50% to 75% of the rate ramp in either direction |
Change in Interest Rates in Basis Points (Rate Ramp) | Net Interest Income | ||||||||||
Dollar Amount | Dollar Change | Percent Change | |||||||||
-100 | $ | 245,878 | $ | (5,940 | ) | (2.4 | )% | ||||
Static | 251,818 | — | — | ||||||||
+100 | 250,354 | (1,464 | ) | (0.6 | ) | ||||||
+200 | 248,377 | (3,441 | ) | (1.4 | ) | ||||||
+300 | 247,228 | (4,590 | ) | (1.8 | ) |
Present Value of Equity | Present Value of Equity as Percent of Present Value of Assets | ||||||||||||||||
Change in Interest Rates (Basis Points) | Dollar Amount | Dollar Change | Percent Change | Present Value Ratio | Percent Change | ||||||||||||
-100 | $ | 1,305,986 | $ | 612 | 0.05 | % | 14.2 | % | (0.5 | )% | |||||||
Flat | 1,305,374 | — | — | 14.3 | — | ||||||||||||
+100 | 1,278,505 | (26,869 | ) | (2.1 | ) | 14.1 | (1.3 | ) | |||||||||
+200 | 1,235,952 | (69,422 | ) | (5.3 | ) | 13.7 | (3.7 | ) | |||||||||
+300 | 1,181,117 | (124,257 | ) | (9.5 | ) | 13.3 | (7.1 | ) |
Item 4. | CONTROLS AND PROCEDURES. |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | (d) Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs (1)(2) | |||||||||
January 1, 2016 through January 31, 2016 | 68,100 | $ | 17.98 | 68,100 | 3,273,204 | ||||||||
February 1, 2016 through February 29, 2016 | 41,183 | 18.37 | 41,183 | 3,232,021 | |||||||||
March 1, 2016 through March 31, 2016 | 36,962 | 19.38 | 36,962 | 3,195,059 | |||||||||
Total | 146,245 | 18.45 | 146,245 |
(1) | On October 24, 2007, the Company’s Board of Directors approved the purchase of up to 3,107,077 shares of its common stock under a seventh general repurchase program which commenced upon completion of the previous repurchase program. The repurchase program has no expiration date. |
(2) | On December 20, 2012, the Company’s Board of Directors approved the purchase of up to 3,017,770 shares of its common stock under an eighth general repurchase program which will commence upon completion of the previous repurchase program. The repurchase program has no expiration date. |
Item 3. | Defaults Upon Senior Securities. |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information. |
Item 6. | Exhibits. |
3.1 | Certificate of Incorporation of Provident Financial Services, Inc. (Filed as an exhibit to the Company’s Registration Statement on Form S-1, and any amendments thereto, with the Securities and Exchange Commission/Registration No. 333-98241.) |
3.2 | Amended and Restated Bylaws of Provident Financial Services, Inc. (Filed as an exhibit to the Company’s December 31, 2011 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on February 29, 2012/File No. 001-31566.) |
4.1 | Form of Common Stock Certificate of Provident Financial Services, Inc. (Filed as an exhibit to the Company’s Registration Statement on Form S-1, and any amendments thereto, with the Securities and Exchange Commission/Registration No. 333-98241.) |
10.1 | Employment Agreement by and between Provident Financial Services, Inc and Christopher Martin dated September 23, 2009. (Filed as an exhibit to the Company’s September 30, 2009 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2009/ File No. 001-31566.) |
10.2 | Change in Control Agreement by and between Provident Financial Services, Inc. and Christopher Martin dated as of December 16, 2015. (Filed as an exhibit to the Company's December 31, 2015 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on February 29, 2016/File No. 001-31566.) |
10.3 | Form of Three-Year Change in Control Agreement between Provident Financial Services, Inc. and each of Messrs. Blum, Kuntz, Lyons and Nesci dated as of December 16, 2015. (Filed as an exhibit to the Company's December 31, 2015 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on February 29, 2016/File No. 001-31566.) |
10.4 | Form of Two-Year Change in Control Agreement between Provident Financial Services, Inc. and certain senior officers. (Filed as an exhibit to the Company's December 31, 2015 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on February 29, 2016/File No. 001-31566.) |
10.5 | Form of One-Year Change in Control Agreement between Provident Financial Services, Inc. and certain senior officers. (Filed as an exhibit to the Company's December 31, 2015 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on February 29, 2016/File No. 001-31566.) |
10.6 | Supplemental Executive Retirement Plan of The Provident Bank. (Filed as Exhibit 10.5 to the Company’s December 31, 2008 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on March 2, 2009/File No. 001-31566.) |
10.7 | Retirement Plan for the Board of Managers of The Provident Bank. (Filed as Exhibit 10.7 to the Company’s December 31, 2008 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on March 2, 2009 /File No. 001-31566.) |
10.8 | Provident Financial Services, Inc. Board of Directors Voluntary Fee Deferral Plan. (Filed as Exhibit 10.9 to the Company’s December 31, 2008 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on March 2, 2009/File No. 001-31566.) |
10.9 | First Savings Bank Directors’ Deferred Fee Plan, as amended. (Filed as Exhibit 10.10 to the Company’s September 30, 2004 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission /File No. 001-31566.) |
10.10 | The Provident Bank Non-Qualified Supplemental Defined Contribution Plan. (Filed as an exhibit to the Company’s May 27, 2010 Current Report on Form 8-K filed with the Securities and Exchange Commission on June 3, 2010/File No. 001-31566.) |
10.11 | Provident Financial Services, Inc. Amended and Restated the Long-Term Equity Incentive Plan. (Filed as an appendix to the Company’s Proxy Statement for the 2014 Annual Meeting of Stockholders filed with the Securities and Exchange Commission on March 14, 2014/File No. 001-31566.) |
10.12 | Omnibus Incentive Compensation Plan. (Filed as Exhibit 10.19 to the Company’s December 31, 2011 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on February 29, 2012/File No. 001-31566.) |
10.13 | Provident Financial Services, Inc. Executive Annual Incentive Plan (filed as an appendix to the Company’s Proxy Statement for the Annual Meeting of Stockholders filed with the Securities and Exchange Commission on March 13, 2015/File No. 001-31566.) |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101 | The following materials from the Company’s Quarterly Report to Stockholders on Form 10-Q for the quarter ended March 31, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements. |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
PROVIDENT FINANCIAL SERVICES, INC. | ||||||
Date: | May 10, 2016 | By: | /s/ Christopher Martin | |||
Christopher Martin | ||||||
Chairman, President and Chief Executive Officer (Principal Executive Officer) | ||||||
Date: | May 10, 2016 | By: | /s/ Thomas M. Lyons | |||
Thomas M. Lyons | ||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer) | ||||||
Date: | May 10, 2016 | By: | /s/ Frank S. Muzio | |||
Frank S. Muzio | ||||||
Senior Vice President and Chief Accounting Officer |
3.1 | Certificate of Incorporation of Provident Financial Services, Inc. (Filed as an exhibit to the Company’s Registration Statement on Form S-1, and any amendments thereto, with the Securities and Exchange Commission/Registration No. 333-98241.) |
3.2 | Amended and Restated Bylaws of Provident Financial Services, Inc. (Filed as an exhibit to the Company’s December 31, 2011 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on February 29, 2012/File No. 001-31566.) |
4.1 | Form of Common Stock Certificate of Provident Financial Services, Inc. (Filed as an exhibit to the Company’s Registration Statement on Form S-1, and any amendments thereto, with the Securities and Exchange Commission/Registration No. 333-98241.) |
10.1 | Employment Agreement by and between Provident Financial Services, Inc and Christopher Martin dated September 23, 2009. (Filed as an exhibit to the Company’s September 30, 2009 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 9, 2009/ File No. 001-31566.) |
10.2 | Change in Control Agreement by and between Provident Financial Services, Inc. and Christopher Martin dated as of December 16, 2015. (Filed as an exhibit to the Company's December 31, 2015 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on February 29, 2016/File No. 001-31566.) |
10.3 | Form of Three-Year Change in Control Agreement between Provident Financial Services, Inc. and each of Messrs. Blum, Kuntz, Lyons and Nesci dated as of December 16, 2015. (Filed as an exhibit to the Company's December 31, 2015 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on February 29, 2016/File No. 001-31566.) |
10.4 | Form of Two-Year Change in Control Agreement between Provident Financial Services, Inc. and certain senior officers. (Filed as an exhibit to the Company's December 31, 2015 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on February 29, 2016/File No. 001-31566.) |
10.5 | Form of One-Year Change in Control Agreement between Provident Financial Services, Inc. and certain senior officers. (Filed as an exhibit to the Company's December 31, 2015 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on February 29, 2016/File No. 001-31566.) |
10.6 | Supplemental Executive Retirement Plan of The Provident Bank. (Filed as Exhibit 10.5 to the Company’s December 31, 2008 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on March 2, 2009/File No. 001-31566.) |
10.7 | Retirement Plan for the Board of Managers of The Provident Bank. (Filed as Exhibit 10.7 to the Company’s December 31, 2008 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on March 2, 2009 /File No. 001-31566.) |
10.8 | Provident Financial Services, Inc. Board of Directors Voluntary Fee Deferral Plan. (Filed as Exhibit 10.9 to the Company’s December 31, 2008 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on March 2, 2009/File No. 001-31566.) |
10.9 | First Savings Bank Directors’ Deferred Fee Plan, as amended. (Filed as Exhibit 10.10 to the Company’s September 30, 2004 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission /File No. 001-31566.) |
10.10 | The Provident Bank Non-Qualified Supplemental Defined Contribution Plan. (Filed as an exhibit to the Company’s May 27, 2010 Current Report on Form 8-K filed with the Securities and Exchange Commission on June 3, 2010/File No. 001-31566.) |
10.11 | Provident Financial Services, Inc. Amended and Restated the Long-Term Equity Incentive Plan. (Filed as an appendix to the Company’s Proxy Statement for the 2014 Annual Meeting of Stockholders filed with the Securities and Exchange Commission on March 14, 2014/File No. 001-31566.) |
10.12 | Omnibus Incentive Compensation Plan. (Filed as Exhibit 10.19 to the Company’s December 31, 2011 Annual Report to Stockholders on Form 10-K filed with the Securities and Exchange Commission on February 29, 2012/File No. 001-31566.) |
10.13 | Provident Financial Services, Inc. Executive Annual Incentive Plan (filed as an appendix to the Company’s Proxy Statement for the Annual Meeting of Stockholders filed with the Securities and Exchange Commission on March 13, 2015/File No. 001-31566.) |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101 | The following materials from the Company’s Quarterly Report to Stockholders on Form 10-Q for the quarter ended March 31, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Financial Condition, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements. |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
1. | I have reviewed this report on Form 10-Q of Provident Financial Services, 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 officers 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: |
5. | The registrant’s other certifying officers 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: |
Date: | May 10, 2016 | /s/ Christopher Martin | ||
Christopher Martin | ||||
Chairman, President and Chief Executive Officer |
1. | I have reviewed this report on Form 10-Q of Provident Financial Services, 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 officers 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: |
5. | The registrant’s other certifying officers 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: |
Date: | May 10, 2016 | /s/ Thomas M. Lyons | ||
Thomas M. Lyons | ||||
Executive Vice President and Chief Financial Officer |
Date: May 10, 2016 | /s/ Christopher Martin | |
Chairman, President and Chief Executive Officer | ||
Date: May 10, 2016 | /s/ Thomas M. Lyons | |
Executive Vice President and Chief Financial Officer |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
May. 02, 2016 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PFS | |
Entity Registrant Name | PROVIDENT FINANCIAL SERVICES INC | |
Entity Central Index Key | 0001178970 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 66,089,794 |
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 491,349 | $ 488,331 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
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) | 83,209,293 | 83,209,293 |
Common stock, shares outstanding (in shares) | 65,732,579 | 65,489,354 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 20,973 | $ 19,802 |
Unrealized gains and losses on securities available for sale: | ||
Net unrealized gains arising during the period | 7,094 | 3,711 |
Reclassification adjustment for gains included in net income | (57) | (1) |
Total | 7,037 | 3,710 |
Unrealized losses on derivatives | (421) | 0 |
Amortization (accretion) related to post-retirement obligations | 99 | (4) |
Total other comprehensive income | 6,715 | 3,706 |
Total comprehensive income | $ 27,688 | $ 23,508 |
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Treasury Stock [Member] |
Unallocated ESOP Shares [Member] |
Common Stock Acquired By Directors Deferred Fee Plan [Member] |
Deferred Compensation DDFP [Member] |
---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2014 | $ 1,144,099 | $ 832 | $ 995,053 | $ 465,276 | $ 29 | $ (271,779) | $ (45,312) | $ (7,113) | $ 7,113 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 19,802 | 19,802 | |||||||
Other comprehensive income, net of tax | 3,706 | 3,706 | |||||||
Cash dividends declared | (10,798) | (10,798) | |||||||
Distributions from DDFP | 0 | 23 | (23) | ||||||
Purchases of treasury stock | (1,882) | (1,882) | |||||||
Shares issued dividend reinvestment plan | 377 | 23 | 354 | ||||||
Stock option exercises | 395 | (17) | 412 | ||||||
Allocation of ESOP shares | 687 | 38 | 649 | ||||||
Allocation of SAP shares | 1,213 | 1,213 | |||||||
Allocation of stock options | 72 | 72 | |||||||
Ending Balance at Mar. 31, 2015 | 1,157,671 | 832 | 996,382 | 474,280 | 3,735 | (272,895) | (44,663) | (7,090) | 7,090 |
Beginning balance at Dec. 31, 2015 | 1,196,065 | 832 | 1,000,810 | 507,713 | (2,546) | (269,014) | (41,730) | (6,517) | 6,517 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 20,973 | 20,973 | |||||||
Other comprehensive income, net of tax | 6,715 | 6,715 | |||||||
Cash dividends declared | (11,321) | (11,321) | |||||||
Distributions from DDFP | 30 | 30 | 167 | (167) | |||||
Purchases of treasury stock | (2,697) | (2,697) | |||||||
Shares issued dividend reinvestment plan | 365 | 34 | 331 | ||||||
Stock option exercises | 2,321 | 46 | 2,275 | ||||||
Allocation of ESOP shares | 746 | 74 | 672 | ||||||
Allocation of SAP shares | 879 | 879 | |||||||
Allocation of stock options | 46 | 46 | |||||||
Ending Balance at Mar. 31, 2016 | $ 1,214,122 | $ 832 | $ 1,001,919 | $ 517,365 | $ 4,169 | $ (269,105) | $ (41,058) | $ (6,350) | $ 6,350 |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies A. Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, The Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”). In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and the results of operations for the periods presented. Actual results could differ from these estimates. The allowance for loan losses, the valuation of securities available for sale and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results of operations that may be expected for all of 2016. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the December 31, 2015 Annual Report to Stockholders on Form 10-K. B. Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2016 and 2015 (dollars in thousands, except per share amounts):
Anti-dilutive stock options and awards at March 31, 2016 and 2015, totaling 633,989 shares and 818,059 shares, respectively, were excluded from the earnings per share calculations. |
Business Combinations |
3 Months Ended |
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Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations On April 1, 2015, Beacon Trust Company ("Beacon"), a wholly owned subsidiary of The Provident Bank, completed its acquisition of certain assets and liabilities of The MDE Group, Inc. and the equity interests of Acertus Capital Management, LLC (together "MDE"), both Morristown, New Jersey-based registered investment advisory firms that manage assets for affluent and high net-worth clients. MDE was acquired with both cash and contingent consideration. The Company recognized goodwill of $18.3 million and a customer relationship intangible of $7.0 million related to the acquisition. The Company recognized a contingent consideration liability at its fair value of $338,000. The contingent consideration arrangement requires the Company to pay additional cash consideration to MDE’s former stakeholders four years after the closing of the acquisition if certain revenue targets are met. The fair value of the contingent consideration was estimated using a discounted cash flow model. The acquisition agreement limits the total payment to a maximum of $12.5 million, to be determined based on actual future results. |
Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities At March 31, 2016, the Company had $984.2 million and $472.9 million in available for sale and held to maturity investment securities, respectively. Many factors, including lack of liquidity in the secondary market for certain securities, variations in pricing information, regulatory actions, changes in the business environment or any changes in the competitive marketplace could have an adverse effect on the Company’s investment portfolio which could result in other-than-temporary impairment ("OTTI") on certain investment securities in future periods. The total number of held to maturity and available for sale securities in an unrealized loss position as of March 31, 2016 totaled 53, compared with 163 at December 31, 2015. All securities with unrealized losses at March 31, 2016 were analyzed for other-than-temporary impairment. Based upon this analysis, the Company believes that as of March 31, 2016, such securities with unrealized losses do not represent impairments that are other-than-temporary. Securities Available for Sale The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities available for sale at March 31, 2016 and December 31, 2015 (in thousands):
The amortized cost and fair value of securities available for sale at March 31, 2016, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
Mortgage-backed securities totaling $868.9 million at amortized cost and $886.6 million at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. Also excluded from the table above are equity securities of $397,000 at amortized cost and $521,000 at fair value. For the three months ended March 31, 2016, proceeds from sales on securities available for sale totaled $2,106,000 resulting in gross gains of $95,000 and no gross losses. For the same period last year, there were no sales of securities from the available for sale portfolio. For the three months ended March 31, 2016, there were no calls of securities from the available for sale portfolio. For the three months ended March 31, 2015, proceeds from calls on securities available for sale totaled $465,000, resulting in gross gains of $2,000 and no gross losses. The Company did not incur an OTTI charge on securities in the available for sale portfolio for the three months ended March 31, 2016 and 2015. The following tables represent the Company’s disclosure regarding securities available for sale with temporary impairment at March 31, 2016 and December 31, 2015 (in thousands):
The temporary loss position associated with certain securities available for sale was the result of changes in market interest rates relative to the coupon of the individual security and changes in credit spreads. The Company does not have the intent to sell securities in a temporary loss position at March 31, 2016, nor is it more likely than not that the Company will be required to sell the securities before their prices recover. The number of available for sale securities in an unrealized loss position at March 31, 2016 totaled 15, compared with 64 at December 31, 2015. At March 31, 2016, there were three private label mortgage-backed securities in an unrealized loss position, with an amortized cost of $690,000 and an unrealized loss of $5,000. These private label mortgage-backed securities were investment grade at March 31, 2016. The Company estimates the loss projections for each security by stressing the individual loans collateralizing the security and applying a range of expected default rates, loss severities, and prepayment speeds in conjunction with the underlying credit enhancement for each security. Based on specific assumptions about collateral and vintage, a range of possible cash flows was identified to determine whether other-than-temporary impairment existed during the three months ended March 31, 2016. The Company believes that no other-than-temporary impairment of the securities available for sale portfolio existed for the three months ended March 31, 2016. Investment Securities Held to Maturity The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for investment securities held to maturity at March 31, 2016 and December 31, 2015 (in thousands):
The Company generally purchases securities for long-term investment purposes, and differences between amortized cost and fair values may fluctuate during the investment period. There were no sales of securities from the held to maturity portfolio for the three months ended March 31, 2016 and 2015. For the three months ended March 31, 2016, the Company recognized gross gains of $1,000 and no gross losses related to calls of certain securities in the held to maturity portfolio, with proceeds from the calls totaling $516,000. For the same period in 2015, proceeds from calls on securities held to maturity totaled $4.1 million, with no gross gains or losses recognized. The amortized cost and fair value of investment securities in the held to maturity portfolio at March 31, 2016 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
Mortgage-backed securities totaling $1.4 million at amortized cost and $1.5 million at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. The following tables represent the Company’s disclosure on investment securities held to maturity with temporary impairment at March 31, 2016 and December 31, 2015 (in thousands):
Based upon the review of the held to maturity securities portfolio, the Company believes that as of March 31, 2016, securities with unrealized loss positions shown above do not represent impairments that are other-than-temporary. The review of the portfolio for other-than-temporary impairment considers the percentage and length of time the fair value of an investment is below book value, as well as general market conditions, changes in interest rates, credit risks, whether the Company has the intent to sell the securities and whether it is more likely than not that the Company would be required to sell the securities before their prices recover. The number of held to maturity securities in an unrealized loss position at March 31, 2016 totaled 38, compared with 99 at December 31, 2015. The decrease in the number of securities in an unrealized loss position at March 31, 2016, was largely due to an increase in market interest rates from December 31, 2015. All temporarily impaired investment securities were investment grade at March 31, 2016. |
Loans Receivable and Allowance for Loan Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan Losses Loans receivable at March 31, 2016 and December 31, 2015 are summarized as follows (in thousands):
The following tables summarize the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands):
Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The principal amounts of these non-accrual loans were $50.6 million and $44.4 million at March 31, 2016 and December 31, 2015, respectively. Included in non-accrual loans were $13.1 million and $18.3 million of loans which were less than 90 days past due at March 31, 2016 and December 31, 2015, respectively. There were no loans 90 days or greater past due and still accruing interest at March 31, 2016. At December 31, 2015, there was one commercial loan for $165,000 which was ninety days or greater past due and still accruing interest. This loan was past due for maturity and well secured at December 31, 2015, and subsequent to the end of the year was renewed by the Company. The Company defines an impaired loan as a non-homogeneous loan greater than $1.0 million for which it is probable, based on current information, all amounts due under the contractual terms of the loan agreement will not be collected. Impaired loans also include all loans modified as troubled debt restructurings (“TDRs”). A loan is deemed to be a TDR when a loan modification resulting in a concession is made in an effort to mitigate potential loss arising from a borrower’s financial difficulty. Smaller balance homogeneous loans, including residential mortgages and other consumer loans, are evaluated collectively for impairment and are excluded from the definition of impaired loans, unless modified as TDRs. The Company separately calculates the reserve for loan losses on impaired loans. The Company may recognize impairment of a loan based upon: (1) the present value of expected cash flows discounted at the effective interest rate; (2) if a loan is collateral dependent, the fair value of collateral; or (3) the fair value of the loan. Additionally, if impaired loans have risk characteristics in common, those loans may be aggregated and historical statistics may be used as a means of measuring those impaired loans. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analyses of collateral dependent impaired loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral dependent impaired loan and is updated annually or more frequently, if required. A specific allocation of the allowance for loan losses is established for each collateral dependent impaired loan with a carrying balance greater than the collateral’s fair value, less estimated costs to sell. Charge-offs are generally taken for the amount of the specific allocation when operations associated with the respective property cease and it is determined that collection of amounts due will be derived primarily from the disposition of the collateral. At each quarter end, if a loan is designated as a collateral dependent impaired loan and the third party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value. The Company believes there have been no significant time lapses as a result of this process. At March 31, 2016, there were 151 impaired loans totaling $54.2 million. Included in this total were 119 TDRs related to 117 borrowers totaling $25.1 million that were performing in accordance with their restructured terms and which continued to accrue interest at March 31, 2016. At December 31, 2015, there were 148 impaired loans totaling $50.9 million. Included in this total were 122 TDRs to 120 borrowers totaling $26.0 million that were performing in accordance with their restructured terms and which continued to accrue interest at December 31, 2015. The following table summarizes loans receivable by portfolio segment and impairment method, excluding PCI loans (in thousands):
The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands):
Loan modifications to borrowers experiencing financial difficulties that are considered TDRs primarily involve lowering the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. These modifications generally do not result in the forgiveness of principal or accrued interest. In addition, the Company attempts to obtain additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The following tables present the number of loans modified as TDRs during the three months ended March 31, 2016 and 2015 along with their balances immediately prior to the modification date and post-modification as of March 31, 2016 and 2015. There were no loans modified as TDRs during the three months ended March 31, 2106.
All TDRs are impaired loans, which are individually evaluated for impairment, as previously discussed. Estimated collateral values of collateral dependent impaired loans modified during the three months ended March 31, 2015 exceeded the carrying amounts of such loans. As a result, there were no charge-offs recorded on collateral dependent impaired loans presented in the preceding table for the three months ended March 31, 2015. The allowance for loan losses associated with the TDRs presented in the preceding table for the three months ended March 31, 2015 totaled $31,000 and was included in the allowance for loan losses for loans individually evaluated for impairment. For the three months ended March 31, 2015, the TDRs had a weighted average modified interest rate of approximately 5.90%, compared to a rate of 5.83% prior to modification. The following table presents loans modified as TDRs within the 12 month periods ending March 31, 2016 and 2015, and for which there was a payment default (90 days or more past due) within the respective one year period:
TDRs that subsequently default are considered collateral dependent impaired loans and are evaluated for impairment based on the estimated fair value of the underlying collateral less expected selling costs. PCI loans are loans acquired at a discount primarily due to deteriorated credit quality. As part of the May 30, 2014 acquisition of Team Capital, $5.2 million of the loans acquired were determined to be PCI loans. At the date of acquisition, PCI loans were accounted for at fair value, based upon the present value of expected future cash flows, with no related allowance for loan losses. The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Team Capital at May 30, 2014 (in thousands):
PCI loans declined $750,000 to $2.7 million at March 31, 2016, from $3.4 million at December 31, 2015. The decrease from December 31, 2015, was largely due to the full repayment and greater than projected cash flows on certain PCI loans. This resulted in a $280,000 and a $76,000 increase in interest income for the three months ended March 31, 2016 and 2015, respectively, due to the acceleration of accretable and non-accretable discounts on these loans. The following table summarizes the changes in the accretable yield for PCI loans during the three months ended March 31, 2016 and 2015 (in thousands):
The activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2016 and 2015 was as follows (in thousands):
The following table presents loans individually evaluated for impairment by class and loan category, excluding PCI loans (in thousands):
Specific allocations of the allowance for loan losses attributable to impaired loans totaled $5.1 million and $2.3 million at March 31, 2016 and December 31, 2015, respectively. At March 31, 2016 and December 31, 2015, impaired loans for which there was no related allowance for loan losses totaled $26.3 million and $33.4 million , respectively. The average balance of impaired loans during the three months ended March 31, 2016 was $54.5 million. The Company utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4, with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (watch) or 6 (special mention). Loans with adverse classifications (substandard, doubtful or loss) are rated 7, 8 or 9, respectively. Commercial mortgage, commercial, multi-family and construction loans are rated individually, and each lending officer is responsible for risk rating loans in their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Administration Department. The risk ratings are also confirmed through periodic loan review examinations, which are currently performed by an independent third party. Reports by the independent third party are presented directly to the Audit Committee of the Board of Directors. Loans receivable by credit quality risk rating indicator, excluding PCI loans, are as follows (in thousands):
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Deposits |
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Deposits | Deposits Deposits at March 31, 2016 and December 31, 2015 are summarized as follows (in thousands):
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Components of Net Periodic Benefit Cost |
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Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost The Bank has a noncontributory defined benefit pension plan covering its full-time employees who had attained age 21 with at least one year of service as of April 1, 2003. The pension plan was frozen on April 1, 2003. All participants in the Plan are 100% vested. The pension plan’s assets are invested in investment funds and group annuity contracts currently managed by the Principal Financial Group and Allmerica Financial. In addition to pension benefits, certain health care and life insurance benefits are currently made available to certain of the Bank’s retired employees. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. Effective January 1, 2003, eligibility for retiree health care benefits was frozen as to new entrants and benefits were eliminated for employees with less than ten years of service as of December 31, 2002. Effective January 1, 2007, eligibility for retiree life insurance benefits was frozen as to new entrants and retiree life insurance benefits were eliminated for employees with less than ten years of service as of December 31, 2006. Net periodic benefit (increase) cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2016 and 2015 includes the following components (in thousands):
In its consolidated financial statements for the year ended December 31, 2015, the Company previously disclosed that it does not expect to contribute to the pension plan in 2016. As of March 31, 2016, no contributions have been made to the pension plan. The net periodic benefit (increase) cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2016 were calculated using the actual January 1, 2016 pension and other post-retirement benefits valuations. |
Impact of Recent Accounting Pronouncements |
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Accounting Changes and Error Corrections [Abstract] | |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU”) No. 2016-09, "Compensation - Stock Compensation (Topic 718)." The objective of this ASU is to simplify accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under this ASU, all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current accounting) or account for forfeitures when they occur. Within the Cash Flow Statement, excess tax benefits should be classified along with other income tax cash flows as an operating activity, and cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. The amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In February 2016, the FASB issued (ASU No. 2016-02, "Leases (Topic 842).” This ASU requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently assessing the impact that the guidance will have on the Company's consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Liabilities." This ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This amendment supersedes the guidance to classify equity securities with readily determinable fair values into different categories, requires equity securities to be measured at fair value with changes in the fair value recognized through net income, and simplifies the impairment assessment of equity investments without readily determinable fair values. The amendment requires public business entities that are required to disclose the fair value of financial instruments measured at amortized cost on the balance sheet to measure that fair value using the exit price notion. The amendment requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option. The amendment requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the accompanying notes to the financial statements. The amendment reduces diversity in current practice by clarifying that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the entity’s other deferred tax assets. This amendment is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Entities should apply the amendment by means of a cumulative-effect adjustment as of the beginning of the fiscal year of adoption, with the exception of the amendment related to equity securities without readily determinable fair values, which should be applied prospectively to equity investments that exist as of the date of adoption. The Company intends to adopt the accounting standard during the first quarter of 2018, as required, and is currently evaluating the impact that the guidance will have on the Company's consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations, Simplifying the Accounting for Measurement - Period Adjustments." The amendments in this update apply to all entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. In these cases, the acquirer must record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2015 including interim periods within those fiscal years. The Company’s adoption of this ASU did not have a material impact on its consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period," which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This update is effective for interim and annual periods beginning after December 15, 2015. The amendments can be applied prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented and to all new or modified awards thereafter. Early adoption is permitted. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements. Also in June 2014, the FASB issued ASU No. 2014-11, "Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures" which aligns the accounting for repurchase to maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. Going forward, these transactions would all be accounted for as secured borrowings. This update is effective for the first interim or annual period beginning after December 15, 2014. In addition the disclosure of certain transactions accounted for as a sale is effective for the first interim or annual period beginning on or after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption was prohibited. The Company's adoption of this ASU did not have an impact on its consolidated financial statements. |
Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, the Company utilizes various valuation techniques to estimate fair value. Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. However, in many instances fair value estimates may not be substantiated by comparison to independent markets and may not be realized in an immediate sale of the financial instrument. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of fair value hierarchy are as follows:
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The valuation techniques are based upon the unpaid principal balance only, and exclude any accrued interest or dividends at the measurement date. Interest income and expense and dividend income are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium. Assets and Liabilities Measured at Fair Value on a Recurring Basis The valuation techniques described below were used to measure fair value of financial instruments in the table below on a recurring basis as of March 31, 2016 and December 31, 2015. Securities Available for Sale For securities available for sale, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark or comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. The Company also may hold equity securities and debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Derivatives The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Currently, none of the Company’s derivatives are designated in qualifying hedging relationships. The existing interest rate derivatives result from a service provided to certain qualifying borrowers in a loan related transaction and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. As such, all changes in fair value of the Company’s derivatives are recognized directly in earnings. The Company also uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges, and which satisfy hedge accounting requirements, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. These derivatives were used to hedge the variable cash outflows associated with Federal Home Loan Bank borrowings. The effective portion of changes in the fair value of these derivatives are recorded in accumulated other comprehensive income, and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of these derivatives are recognized directly in earnings. The fair value of the Company's derivatives are determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. Assets Measured at Fair Value on a Non-Recurring Basis The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis as of March 31, 2016 and December 31, 2015. Collateral Dependent Impaired Loans For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell of up to 6%. The Company classifies these loans as Level 3 within the fair value hierarchy. Foreclosed Assets Assets acquired through foreclosure or deed in lieu of foreclosure are carried at fair value, less estimated selling costs of up to 6%. Fair value is generally based on independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case basis, to comparable assets based on the appraisers’ market knowledge and experience, and are classified as Level 3. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for loan losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred. There were no changes to the valuation techniques for fair value measurements as of March 31, 2016 and December 31, 2015. The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of March 31, 2016 and December 31, 2015, by level within the fair value hierarchy:
There were no transfers between Level 1, Level 2 and Level 3 during the three months ended March 31, 2016. Other Fair Value Disclosures The Company is required to disclose the estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. The following is a description of valuation methodologies used for those assets and liabilities. Cash and Cash Equivalents For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value. Investment Securities Held to Maturity For investment securities held to maturity, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark or comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy. Federal Home Loan Bank of New York ("FHLBNY") Stock The carrying value of FHLBNY stock was its cost. The fair value of FHLBNY stock is based on redemption at par value. The Company classifies the estimated fair value as Level 1 within the fair value hierarchy. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company’s current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows and estimated selling costs. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits and savings deposits, was equal to the amount payable on demand and classified as Level 1. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowed Funds The fair value of borrowed funds was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value estimates of commitments to extend credit and letters of credit are deemed immaterial. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include goodwill and other intangibles, deferred tax assets and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. The following tables present the Company’s financial instruments at their carrying and fair values as of March 31, 2016 and December 31, 2015. Fair values are presented by level within the fair value hierarchy.
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Other Comprehensive Income |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income | Other Comprehensive Income The following table presents the components of other comprehensive income (loss) both gross and net of tax, for the three months ended March 31, 2016 and 2015 (in thousands):
The following tables present the changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 31, 2016 and 2015 (in thousands):
The following tables summarize the reclassifications out of accumulated other comprehensive income to the consolidated statements of income for the three months ended March 31, 2016 and 2015 (in thousands):
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Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative and Hedging Activities | Derivative and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Non-designated Hedges. Derivatives not designated in qualifying hedging relationships are not speculative and result from a service the Company provides to certain qualifying commercial borrowers in a loan related transaction and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. The interest rate swap agreement which the Company executes with the commercial banking borrower is collateralized by the borrower's property financed by the Company. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. At March 31, 2016 and December 31, 2015, the Company had 26 interest rate swaps with an aggregate notional amount of $414.2 million and 23 interest rate swaps with an aggregate notional amount of $391.4 million, respectively, related to this program. . Cash Flow Hedges of Interest Rate Risk. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2016, such derivatives were used to hedge the variable cash outflows associated with Federal Home Loan Bank borrowings. The ineffective portion of the change in fair value of the derivatives are recognized directly in earnings. The Company implemented this program during the quarter ended September 30, 2015. During the three months ended March 31, 2016, the Company did not record any hedge ineffectiveness. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. During the next twelve months, the Company estimates that $336,000 will be reclassified as an increase to interest expense. As of March 31, 2016, the Company had one outstanding interest rate derivative with a notional amount of $40.0 million that was designated as a cash flow hedge of interest rate risk. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at March 31, 2016 and December 31, 2015 (in thousands):
The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three months ended March 31, 2016 (in thousands).
The Company has agreements with certain of its derivative counterparties that contain a provision that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain of its derivative counterparties that contain a provision that if the Company fails to maintain its status as a well / adequate capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. As of March 31, 2016, the termination value of derivatives in a net liability position, which includes accrued interest, was $15.7 million. The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $14.3 million against its obligations under these agreements. If the Company had breached any of these provisions at March 31, 2016, it could have been required to settle its obligations under the agreements at the termination value. |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, The Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”). In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and the results of operations for the periods presented. Actual results could differ from these estimates. The allowance for loan losses, the valuation of securities available for sale and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results of operations that may be expected for all of 2016. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the December 31, 2015 Annual Report to Stockholders on Form 10-K. |
Impact of Recent Accounting Pronouncements | In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU”) No. 2016-09, "Compensation - Stock Compensation (Topic 718)." The objective of this ASU is to simplify accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under this ASU, all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current accounting) or account for forfeitures when they occur. Within the Cash Flow Statement, excess tax benefits should be classified along with other income tax cash flows as an operating activity, and cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. The amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In February 2016, the FASB issued (ASU No. 2016-02, "Leases (Topic 842).” This ASU requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently assessing the impact that the guidance will have on the Company's consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Liabilities." This ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This amendment supersedes the guidance to classify equity securities with readily determinable fair values into different categories, requires equity securities to be measured at fair value with changes in the fair value recognized through net income, and simplifies the impairment assessment of equity investments without readily determinable fair values. The amendment requires public business entities that are required to disclose the fair value of financial instruments measured at amortized cost on the balance sheet to measure that fair value using the exit price notion. The amendment requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option. The amendment requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the accompanying notes to the financial statements. The amendment reduces diversity in current practice by clarifying that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the entity’s other deferred tax assets. This amendment is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Entities should apply the amendment by means of a cumulative-effect adjustment as of the beginning of the fiscal year of adoption, with the exception of the amendment related to equity securities without readily determinable fair values, which should be applied prospectively to equity investments that exist as of the date of adoption. The Company intends to adopt the accounting standard during the first quarter of 2018, as required, and is currently evaluating the impact that the guidance will have on the Company's consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations, Simplifying the Accounting for Measurement - Period Adjustments." The amendments in this update apply to all entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. In these cases, the acquirer must record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2015 including interim periods within those fiscal years. The Company’s adoption of this ASU did not have a material impact on its consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period," which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This update is effective for interim and annual periods beginning after December 15, 2015. The amendments can be applied prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented and to all new or modified awards thereafter. Early adoption is permitted. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements. Also in June 2014, the FASB issued ASU No. 2014-11, "Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures" which aligns the accounting for repurchase to maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. Going forward, these transactions would all be accounted for as secured borrowings. This update is effective for the first interim or annual period beginning after December 15, 2014. In addition the disclosure of certain transactions accounted for as a sale is effective for the first interim or annual period beginning on or after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption was prohibited. The Company's adoption of this ASU did not have an impact on its consolidated financial statements. |
Summary of Significant Accounting Policies (Tables) |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Calculations | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2016 and 2015 (dollars in thousands, except per share amounts):
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Investment Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities available for sale at March 31, 2016 and December 31, 2015 (in thousands):
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Investment Securities Held to Maturity | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for investment securities held to maturity at March 31, 2016 and December 31, 2015 (in thousands):
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Available-for-sale Securities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of securities available for sale at March 31, 2016, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
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Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment | The following tables represent the Company’s disclosure regarding securities available for sale with temporary impairment at March 31, 2016 and December 31, 2015 (in thousands):
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Held-to-maturity Securities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of investment securities in the held to maturity portfolio at March 31, 2016 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer.
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Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment | The following tables represent the Company’s disclosure on investment securities held to maturity with temporary impairment at March 31, 2016 and December 31, 2015 (in thousands):
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Loans Receivable and Allowance for Loan Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Summarized Loans Receivable | Loans receivable at March 31, 2016 and December 31, 2015 are summarized as follows (in thousands):
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Summary of Aging Loans Receivable by Portfolio Segment and Class | The following tables summarize the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands):
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Summary of Loans Receivable by Portfolio Segment and Impairment Method | The following table summarizes loans receivable by portfolio segment and impairment method, excluding PCI loans (in thousands):
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Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification | The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands):
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Schedule of Troubled Debt Restructuring | The following tables present the number of loans modified as TDRs during the three months ended March 31, 2016 and 2015 along with their balances immediately prior to the modification date and post-modification as of March 31, 2016 and 2015. There were no loans modified as TDRs during the three months ended March 31, 2106.
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Schedule of Troubled Debt Restructurings Subsequently Defaulted | The following table presents loans modified as TDRs within the 12 month periods ending March 31, 2016 and 2015, and for which there was a payment default (90 days or more past due) within the respective one year period:
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Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Team Capital at May 30, 2014 (in thousands):
The following table summarizes the changes in the accretable yield for PCI loans during the three months ended March 31, 2016 and 2015 (in thousands):
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Schedule of Allowance for Loan Losses by Portfolio Segment | The activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2016 and 2015 was as follows (in thousands):
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Summary of Impaired Loans Receivable by Class | The following table presents loans individually evaluated for impairment by class and loan category, excluding PCI loans (in thousands):
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Summary of Loans Receivable by Credit Quality Risk Rating Indicator | Loans receivable by credit quality risk rating indicator, excluding PCI loans, are as follows (in thousands):
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Deposits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deposits | Deposits at March 31, 2016 and December 31, 2015 are summarized as follows (in thousands):
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Components of Net Periodic Benefit Cost (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost (Increase) | Net periodic benefit (increase) cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2016 and 2015 includes the following components (in thousands):
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values | The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of March 31, 2016 and December 31, 2015, by level within the fair value hierarchy:
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Schedule of Financial Instruments at Carrying and Fair Values | The following tables present the Company’s financial instruments at their carrying and fair values as of March 31, 2016 and December 31, 2015. Fair values are presented by level within the fair value hierarchy.
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Other Comprehensive Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive income (loss) both gross and net of tax, for the three months ended March 31, 2016 and 2015 (in thousands):
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Components of Accumulated Other Comprehensive Income, Net of Tax | The following tables present the changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 31, 2016 and 2015 (in thousands):
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Summary of Reclassifications Out of Accumulated Other Comprehensive Income | The following tables summarize the reclassifications out of accumulated other comprehensive income to the consolidated statements of income for the three months ended March 31, 2016 and 2015 (in thousands):
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Derivatives and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Financial Instruments | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at March 31, 2016 and December 31, 2015 (in thousands):
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Effect of the derivative financial instruments on the Income Statement | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three months ended March 31, 2016 (in thousands).
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Summary of Significant Accounting Policies (Narrative) (Detail) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Accounting Policies [Abstract] | ||
Anti-dilutive stock options and awards excluded from computation of earnings per share | 633,989 | 818,059 |
Summary of Significant Accounting Policies (Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Calculations) (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
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Accounting Policies [Abstract] | ||
Net income | $ 20,973 | $ 19,802 |
Income available to common stockholders, basic | 20,973 | 19,802 |
Income available to common stockholders, diluted | $ 20,973 | $ 19,802 |
Weighted average common shares outstanding, basic (in shares) | 63,351,093 | 62,673,887 |
Dilutive shares (in shares) | 168,662 | 167,064 |
Weighted average common shares outstanding, diluted (in shares) | 63,519,755 | 62,840,951 |
Income available to common stockholders, per share amount, basic (usd per share) | $ 0.33 | $ 0.32 |
Income available to common stockholders, per share amount, diluted (in shares) | $ 0.33 | $ 0.32 |
Business Combinations (Narrative) (Details) - The MDE Group [Member] |
Apr. 01, 2015
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Acquired goodwill | $ 18,300,000 |
Contingent consideration liability | 338,000 |
Contingent consideration maximum amount | 12,500,000.0 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Intangible customer relationship | $ 7,000,000 |
Investment Securities (Investment Securities Available for Sale by Contractual Maturity) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 965,852 | $ 957,938 |
Securities available for sale, at fair value | 984,206 | $ 964,534 |
Available-for-sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, amortized cost | 31,520 | |
Due after one year through five years, amortized cost | 59,038 | |
Due after five years through ten years, amortized cost | 3,680 | |
Due after ten years, amortized cost | 2,271 | |
Amortized cost | 96,509 | |
Due in one year or less, fair value | 31,566 | |
Due after one year through five years, fair value | 59,328 | |
Due after five years through ten years, fair value | 3,778 | |
Due after ten years , fair value | 2,372 | |
Securities available for sale, at fair value | $ 97,044 |
Investment Securities (Securities Held to Maturity by Contractual Maturity) (Detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 472,934 | $ 473,684 |
Fair value | 491,349 | $ 488,331 |
Available-for-sale Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less, amortized cost | 11,538 | |
Due after one year through five years, amortized cost | 52,697 | |
Due after five years through ten years, amortized cost | 221,145 | |
Due after ten years, amortized cost | 186,151 | |
Amortized cost | 471,531 | |
Due in one year or less, fair value | 11,589 | |
Due after one year through five years, fair value | 53,797 | |
Due after five years through ten years, fair value | 231,977 | |
Due after ten years, fair value | 192,528 | |
Fair value | $ 489,891 |
Loans Receivable and Allowance for Loan Losses (PCI Loans Acquired) (Details) - Team Capital Bank [Member] $ in Thousands |
May. 30, 2014
USD ($)
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---|---|
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest | $ 12,505 |
Contractual cash flows not expected to be collected (non-accretable discount) | (6,475) |
Expected cash flows to be collected at acquisition | 6,030 |
Interest component of expected cash flows (accretable yield) | (810) |
Fair value of acquired loans | $ 5,220 |
Loans Receivable and Allowance for Loan Losses (Change in Accretable Yield) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
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Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning balance | $ 676 | $ 695 |
Acquisition | 0 | 0 |
Accretion | (421) | (198) |
Reclassification from non-accretable discount | 248 | 184 |
Ending balance | $ 503 | $ 681 |
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Banking and Thrift [Abstract] | ||
Savings | $ 1,005,430 | $ 985,478 |
Money market | 1,546,619 | 1,468,352 |
NOW | 1,621,395 | 1,540,894 |
Non-interest bearing | 1,185,800 | 1,189,542 |
Certificates of deposit | 795,618 | 739,721 |
Total deposits | $ 6,154,862 | $ 5,923,987 |
Components of Net Periodic Benefit Cost (Narrative) (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2006 |
Dec. 31, 2002 |
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Compensation and Retirement Disclosure [Abstract] | |||
Defined benefit plan age of attainment | 21 years | ||
Service period for employees of coverage age, years (at least) | 1 year | ||
Defined benefit plan, percentage vested | 100.00% | ||
Retiree benefits eliminated if less than service period, years (less than) | 10 years | 10 years | |
Defined benefit plan, contributions by employer | $ 0 |
Components of Net Periodic Benefit Cost (Net Periodic Benefit Cost (Increase)) (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
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Pension benefits [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 312 | 284 |
Expected return on plan assets | (612) | (633) |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss | 236 | 194 |
Net periodic benefit (increase) cost | (64) | (155) |
Other post-retirement benefits [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | 38 | 42 |
Interest cost | 284 | 281 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss | 0 | 0 |
Net periodic benefit (increase) cost | $ 322 | $ 323 |
Fair Value Measurements (Narrative) (Detail) |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Maximum [Member] | |
Estimated costs (up to) | 6.00% |
Derivatives and Hedging Activities (Narrative) (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016
USD ($)
instrument
|
Dec. 31, 2015
USD ($)
instrument
|
|
Derivative [Line Items] | ||
Derivative instruments in accumulated other comprehensive income reclassified to interest expense | $ 336 | |
Derivative liability, notional amount | 40,000 | |
Derivative liabilities | 15,700 | |
Collateral against obligations | $ 14,300 | |
Derivatives Not Designated as a Hedging Instruments [Member] | Interest rate products [Member] | ||
Derivative [Line Items] | ||
Number of derivative instruments held (in instrument) | instrument | 26 | 23 |
Derivative notional amount | $ 414,200 | $ 391,400 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Number of outstanding derivatives | instrument | 1 |
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