x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commonwealth of Massachusetts | 04-2976299 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Ten Post Office Square Boston, Massachusetts | 02109 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (888) 666-1363 |
Large accelerated filer o | Accelerated filer x | |||
Non-accelerated filer o | (Do not check if a smaller reporting company) | Smaller reporting company o |
Common Stock-Par Value $1.00 | 79,063,544 |
(class) | (outstanding) |
PART I—FINANCIAL INFORMATION | |||
Item 1 | |||
Item 2 | |||
Item 3 | |||
Item 4 | |||
PART II—OTHER INFORMATION | |||
Item 1 | |||
Item 1A | |||
Item 2 | |||
Item 3 | |||
Item 4 | |||
Item 5 | |||
Item 6 | |||
Certifications |
March 31, 2013 | December 31, 2012 | ||||||
(In thousands, except share and per share data) | |||||||
Assets: | |||||||
Cash and cash equivalents | $ | 54,136 | $ | 308,744 | |||
Investment securities available for sale (amortized cost of $728,989 and $690,556 at March 31, 2013 and December 31, 2012, respectively) | 736,610 | 699,300 | |||||
Loans held for sale | 289,180 | 308,390 | |||||
Total loans | 4,783,467 | 4,814,136 | |||||
Less: Allowance for loan losses | 82,286 | 84,057 | |||||
Net loans | 4,701,181 | 4,730,079 | |||||
Other real estate owned (“OREO”) | 2,329 | 3,616 | |||||
Stock in Federal Home Loan Banks | 40,436 | 41,981 | |||||
Premises and equipment, net | 29,014 | 27,081 | |||||
Goodwill | 110,180 | 110,180 | |||||
Intangible assets, net | 23,813 | 24,874 | |||||
Fees receivable | 10,452 | 8,836 | |||||
Accrued interest receivable | 14,774 | 14,723 | |||||
Deferred income taxes, net | 60,634 | 62,245 | |||||
Other assets | 123,682 | 124,956 | |||||
Total assets | $ | 6,196,421 | $ | 6,465,005 | |||
Liabilities: | |||||||
Deposits | $ | 4,517,351 | $ | 4,885,059 | |||
Deposits held for sale | 188,252 | 194,084 | |||||
Securities sold under agreements to repurchase | 122,187 | 116,319 | |||||
Federal funds purchased | 50,000 | — | |||||
Federal Home Loan Bank borrowings | 461,411 | 408,121 | |||||
Junior subordinated debentures | 133,835 | 143,647 | |||||
Other liabilities | 88,869 | 95,386 | |||||
Total liabilities | 5,561,905 | 5,842,616 | |||||
Redeemable Noncontrolling Interests | 17,438 | 19,287 | |||||
Shareholders’ Equity: | |||||||
Preferred stock, $1.00 par value; authorized: 2,000,000 shares; | |||||||
Series B, issued and outstanding (contingently convertible): 401 shares at March 31, 2013 and December 31, 2012; liquidation value: $100,000 per share | 58,089 | 58,089 | |||||
Common stock, $1.00 par value; authorized: 170,000,000 shares; issued and outstanding: 79,053,668 shares at March 31, 2013 and 78,743,518 shares at December 31, 2012 | 79,054 | 78,744 | |||||
Additional paid-in capital | 641,918 | 640,891 | |||||
Accumulated deficit | (163,543 | ) | (176,746 | ) | |||
Accumulated other comprehensive income | 1,560 | 2,124 | |||||
Total shareholders’ equity | 617,078 | 603,102 | |||||
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | $ | 6,196,421 | $ | 6,465,005 |
Three months ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands, except share and per share data) | |||||||
Interest and dividend income: | |||||||
Loans | $ | 49,350 | $ | 51,946 | |||
Taxable investment securities | 514 | 1,256 | |||||
Non-taxable investment securities | 839 | 848 | |||||
Mortgage-backed securities | 1,402 | 1,603 | |||||
Federal funds sold and other | 176 | 149 | |||||
Total interest and dividend income | 52,281 | 55,802 | |||||
Interest expense: | |||||||
Deposits | 3,786 | 4,903 | |||||
Federal Home Loan Bank borrowings | 2,831 | 3,945 | |||||
Junior subordinated debentures | 1,154 | 1,752 | |||||
Repurchase agreements and other short-term borrowings | 234 | 434 | |||||
Total interest expense | 8,005 | 11,034 | |||||
Net interest income | 44,276 | 44,768 | |||||
Provision/ (credit) for loan losses | — | 4,000 | |||||
Net interest income after provision for loan losses | 44,276 | 40,768 | |||||
Fees and other income: | |||||||
Investment management and trust fees | 16,868 | 15,238 | |||||
Wealth advisory fees | 10,068 | 9,236 | |||||
Other banking fee income | 1,798 | 1,367 | |||||
Gain on sale of loans, net | 1,187 | 421 | |||||
Gain on repurchase of debt | 574 | 879 | |||||
Gain on sale of investments, net | 10 | 13 | |||||
Gain/ (loss) on OREO, net | 34 | (41 | ) | ||||
Other | 57 | 341 | |||||
Total fees and other income | 30,596 | 27,454 | |||||
Operating expense: | |||||||
Salaries and employee benefits | 37,449 | 36,912 | |||||
Occupancy and equipment | 7,503 | 7,265 | |||||
Professional services | 2,661 | 2,939 | |||||
Marketing and business development | 1,457 | 1,329 | |||||
Contract services and data processing | 1,568 | 1,188 | |||||
Amortization of intangibles | 1,118 | 1,090 | |||||
FDIC insurance | 1,040 | 849 | |||||
Restructuring expense | — | 135 | |||||
Other | 3,768 | 3,920 | |||||
Total operating expense | 56,564 | 55,627 | |||||
Income before income taxes | 18,308 | 12,595 | |||||
Income tax expense | 5,897 | 3,851 | |||||
Net income from continuing operations | 12,411 | 8,744 | |||||
Net income from discontinued operations | 1,722 | 1,554 | |||||
Net income before attribution to noncontrolling interests | 14,133 | 10,298 |
Three months ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands, except share and per share data) | |||||||
Less: Net income attributable to noncontrolling interests | 930 | 793 | |||||
Net income attributable to the Company | $ | 13,203 | $ | 9,505 | |||
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders | $ | (1,365 | ) | $ | (1,110 | ) | |
Net income attributable to common shareholders for earnings/ (loss) per share calculation | $ | 11,838 | $ | 8,395 | |||
Basic earnings/ (loss) per share attributable to common shareholders: | |||||||
From continuing operations: | $ | 0.13 | $ | 0.09 | |||
From discontinued operations: | $ | 0.02 | $ | 0.02 | |||
Total attributable to common shareholders: | $ | 0.15 | $ | 0.11 | |||
Weighted average basic common shares outstanding | 76,818,610 | 75,632,980 | |||||
Diluted earnings/ (loss) per share attributable to common shareholders: | |||||||
From continuing operations: | $ | 0.13 | $ | 0.09 | |||
From discontinued operations: | $ | 0.02 | $ | 0.02 | |||
Total attributable to common shareholders: | $ | 0.15 | $ | 0.11 | |||
Weighted average diluted common shares outstanding | 77,825,430 | 76,432,851 |
Three months ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Net income attributable to the Company | $ | 13,203 | $ | 9,505 | |||
Other comprehensive income/ (loss), net of tax: | |||||||
Unrealized gain/ (loss) on securities available for sale | (609 | ) | 9 | ||||
Reclassification adjustment for net realized gain/ (loss) included in net income | 6 | 7 | |||||
Net unrealized gain/ (loss) on securities available for sale | (615 | ) | 2 | ||||
Unrealized gain/ (loss) on cash flow hedges | (63 | ) | (162 | ) | |||
Reclassification adjustment for net realized gain/ (loss) included in net income | (270 | ) | (243 | ) | |||
Net unrealized gain/ (loss) on cash flow hedges | 207 | 81 | |||||
Net unrealized gain/ (loss) on other | (156 | ) | (141 | ) | |||
Other comprehensive income/ (loss), net of tax | (564 | ) | (58 | ) | |||
Total comprehensive income/ (loss) attributable to the Company, net | $ | 12,639 | $ | 9,447 |
Common Stock | Preferred Stock | Additional Paid-in Capital | Retained Earnings/ (Accumulated Deficit) | Accumulated Other Comprehensive Income/ (Loss) | Total | ||||||||||||||||||
(In thousands, except share data) | |||||||||||||||||||||||
Balance, December 31, 2011 | $ | 78,023 | $ | 58,089 | $ | 656,436 | $ | (230,017 | ) | $ | 3,594 | $ | 566,125 | ||||||||||
Net income attributable to the Company | — | — | — | 9,505 | — | 9,505 | |||||||||||||||||
Other comprehensive income/ (loss), net | — | — | — | — | (58 | ) | (58 | ) | |||||||||||||||
Dividends paid to common shareholders: $0.01 per share | — | — | (776 | ) | — | — | (776 | ) | |||||||||||||||
Dividends paid to preferred shareholder | — | — | (73 | ) | — | — | (73 | ) | |||||||||||||||
Repurchase of Carlyle warrants and Director’s warrants | — | — | (15,000 | ) | — | — | (15,000 | ) | |||||||||||||||
Net proceeds from issuance of: | |||||||||||||||||||||||
98,500 shares of common stock | 99 | — | 458 | — | — | 557 | |||||||||||||||||
6,609 shares of incentive stock grants, net of cancellations and forfeitures | 7 | — | (7 | ) | — | — | — | ||||||||||||||||
Amortization of stock compensation and employee stock purchase plan | — | — | 1,927 | — | — | 1,927 | |||||||||||||||||
Stock options exercised | 23 | — | 161 | — | — | 184 | |||||||||||||||||
Tax deficiency from certain stock compensation awards | — | — | (952 | ) | — | — | (952 | ) | |||||||||||||||
Other equity adjustments | — | — | 102 | — | — | 102 | |||||||||||||||||
Balance, March 31, 2012 | $ | 78,152 | $ | 58,089 | $ | 642,276 | $ | (220,512 | ) | $ | 3,536 | $ | 561,541 | ||||||||||
Balance, December 31, 2012 | $ | 78,744 | $ | 58,089 | $ | 640,891 | $ | (176,746 | ) | $ | 2,124 | $ | 603,102 | ||||||||||
Net income attributable to the Company | — | — | — | 13,203 | — | 13,203 | |||||||||||||||||
Other comprehensive income/ (loss), net | — | — | — | — | (564 | ) | (564 | ) | |||||||||||||||
Dividends paid to common shareholders: $0.05 per share | — | — | (4,003 | ) | — | — | (4,003 | ) | |||||||||||||||
Dividends paid to preferred shareholder | — | — | (363 | ) | — | — | (363 | ) | |||||||||||||||
Net proceeds from issuance of: | |||||||||||||||||||||||
71,891 shares of common stock | 72 | — | 479 | — | — | 551 | |||||||||||||||||
81,418 shares of incentive stock grants, net of cancellations and forfeitures | 81 | — | (81 | ) | — | — | — | ||||||||||||||||
Amortization of stock compensation and employee stock purchase plan | — | — | 2,278 | — | — | 2,278 | |||||||||||||||||
Stock options exercised | 157 | — | 1,045 | — | — | 1,202 | |||||||||||||||||
Tax deficiency from certain stock compensation awards | — | — | (672 | ) | — | — | (672 | ) | |||||||||||||||
Other equity adjustments | — | — | 2,344 | — | — | 2,344 | |||||||||||||||||
Balance, March 31, 2013 | $ | 79,054 | $ | 58,089 | $ | 641,918 | $ | (163,543 | ) | $ | 1,560 | $ | 617,078 |
Three months ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Cash flows from operating activities: | |||||||
Net income attributable to the Company | $ | 13,203 | $ | 9,505 | |||
Adjustments to arrive at net income from continuing operations | |||||||
Net income attributable to noncontrolling interests | 930 | 793 | |||||
(Income) before tax from discontinued operations, not including gain on disposal | (3,036 | ) | (2,752 | ) | |||
Tax expense from discontinued operations | 1,314 | 1,198 | |||||
Net income from continuing operations | 12,411 | 8,744 | |||||
Adjustments to reconcile net income from continuing operations to net cash provided by/ (used in) operating activities: | |||||||
Depreciation and amortization | 5,203 | 4,960 | |||||
Net income attributable to noncontrolling interests | (930 | ) | (793 | ) | |||
Equity issued as compensation | 2,278 | 1,927 | |||||
Provision/ (credit) for loan losses | — | 4,000 | |||||
Loans originated for sale | (73,290 | ) | (34,218 | ) | |||
Proceeds from sale of loans held for sale | 93,335 | 42,981 | |||||
Gain on the repurchase of debt | (574 | ) | (879 | ) | |||
Deferred income tax expense/ (benefit) | 1,346 | 674 | |||||
Net decrease/ (increase) in other operating activities | (5,935 | ) | (8,416 | ) | |||
Net cash provided by/ (used in) operating activities of continuing operations | 33,844 | 18,980 | |||||
Net cash provided by/ (used in) operating activities of discontinued operations | 1,722 | 1,090 | |||||
Net cash provided by/ (used in) operating activities | 35,566 | 20,070 | |||||
Cash flows from investing activities: | |||||||
Investment securities available for sale: | |||||||
Purchases | (106,697 | ) | (102,353 | ) | |||
Sales | 1,451 | 4,359 | |||||
Maturities, redemptions, and principal payments | 64,829 | 115,079 | |||||
(Investments)/ distributions in trusts, net | (118 | ) | (591 | ) | |||
(Purchase)/ redemption of Federal Home Loan Banks stock | 1,545 | 1,075 | |||||
Net (increase)/ decrease in portfolio loans | 18,112 | (201,143 | ) | ||||
Proceeds from recoveries of loans previously charged-off | 1,122 | 729 | |||||
Proceeds from sale of OREO | 844 | 1,176 | |||||
Proceeds from sale of portfolio loans | 9,449 | — | |||||
Capital expenditures | (3,453 | ) | (1,864 | ) | |||
Cash used in other investing activities | (224 | ) | — | ||||
Net cash provided by/ (used in) investing activities of continuing operations | (13,140 | ) | (183,533 | ) | |||
Net cash provided by/ (used in) investing activities of discontinued operations | — | (21 | ) | ||||
Net cash provided by/ (used in) investing activities | (13,140 | ) | (183,554 | ) | |||
Three months ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Cash flows from financing activities: | |||||||
Net increase/ (decrease) in deposits, including deposits held for sale | (373,540 | ) | 72,040 | ||||
Net (decrease)/ increase in securities sold under agreements to repurchase | 5,868 | (22,240 | ) | ||||
Net (decrease)/ increase in federal funds purchased | 50,000 | — | |||||
Net (decrease)/ increase in short-term Federal Home Loan Bank borrowings | 60,000 | 70,000 | |||||
Advances of long-term Federal Home Loan Bank borrowings | 20,000 | 15,000 | |||||
Repayments of long-term Federal Home Loan Bank borrowings | (26,710 | ) | (24,276 | ) | |||
Repurchase of debt | (8,932 | ) | (2,420 | ) | |||
Dividends paid to common shareholders | (4,003 | ) | (776 | ) | |||
Dividends paid to preferred shareholder | (363 | ) | (73 | ) | |||
Repurchase of warrants | — | (15,000 | ) | ||||
Tax deficiency from certain stock compensation awards | (672 | ) | (952 | ) | |||
Proceeds from stock option exercises | 1,202 | 184 | |||||
Proceeds from issuance of common stock, net | 551 | 557 | |||||
Distributions paid to noncontrolling interests | (729 | ) | (445 | ) | |||
Other equity adjustments | 294 | (333 | ) | ||||
Net cash provided by/ (used in) financing activities of continuing operations | (277,034 | ) | 91,266 | ||||
Net cash provided by/ (used in) financing activities of discontinued operations | — | — | |||||
Net cash provided by/ (used in) financing activities | (277,034 | ) | 91,266 | ||||
Net increase/ (decrease) in cash and cash equivalents | (254,608 | ) | (72,218 | ) | |||
Cash and cash equivalents at beginning of year | 308,744 | 203,354 | |||||
Cash and cash equivalents at end of period | $ | 54,136 | $ | 131,136 | |||
Supplementary schedule of non-cash investing and financing activities: | |||||||
Cash paid for interest | $ | 7,873 | $ | 11,165 | |||
Cash paid for income taxes, net of (refunds received) | 2,809 | 996 | |||||
Net unrealized gain/ (loss) on securities available for sale | (615 | ) | 2 | ||||
Net unrealized gain/ (loss) on cash flow hedges | 207 | 81 | |||||
Net unrealized gain/ (loss) on other | (156 | ) | (141 | ) | |||
Non-cash transactions: | |||||||
Loans transferred into/ (out of) other real estate owned from/ (to) held for sale or portfolio | (477 | ) | — | ||||
Loans transferred into/ (out of) held for sale from/ (to) portfolio | 9,097 | — |
Three months ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands, except share and per share data) | |||||||
Basic earnings/ (loss) per share - Numerator: | |||||||
Net income from continuing operations | $ | 12,411 | $ | 8,744 | |||
Less: Net income attributable to noncontrolling interests | 930 | 793 | |||||
Net income from continuing operations attributable to the Company | 11,481 | 7,951 | |||||
Decrease/ (increase) in noncontrolling interests’ redemption values (1) | (15 | ) | (86 | ) | |||
Dividends on participating securities | (442 | ) | (92 | ) | |||
Total adjustments to income attributable to common shareholders | (457 | ) | (178 | ) | |||
Net income from continuing operations attributable to common shareholders, before allocation to participating securities | 11,024 | 7,773 | |||||
Less: Amount allocated to participating securities | (731 | ) | (763 | ) | |||
Net income from continuing operations attributable to common shareholders, after allocation to participating securities | $ | 10,293 | $ | 7,010 | |||
Net income from discontinued operations, before allocation to participating securities | $ | 1,722 | $ | 1,554 | |||
Less: Amount allocated to participating securities | (177 | ) | (169 | ) | |||
Net income from discontinued operations, after allocation to participating securities | $ | 1,545 | $ | 1,385 | |||
Net income attributable to common shareholders, before allocation to participating securities | $ | 12,746 | $ | 9,327 | |||
Less: Amount allocated to participating securities | (908 | ) | (932 | ) | |||
Net income attributable to common shareholders, after allocation to participating securities | $ | 11,838 | $ | 8,395 | |||
Basic earnings/ (loss) per share - Denominator: | |||||||
Weighted average basic common shares outstanding | 76,818,610 | 75,632,980 | |||||
Per share data - Basic earnings/ (loss) per share from: | |||||||
Continuing operations | $ | 0.13 | $ | 0.09 | |||
Discontinued operations | $ | 0.02 | $ | 0.02 | |||
Total attributable to common shareholders | $ | 0.15 | $ | 0.11 |
Three months ended March 31, | |||||||
(In thousands, except share and per share data) | 2013 | 2012 | |||||
(In thousands, except share and per share data) | |||||||
Diluted earnings/ (loss) per share - Numerator: | |||||||
Net income from continuing operations attributable to common shareholders, after allocation to participating securities | $ | 10,293 | $ | 7,010 | |||
Add back: income allocated to dilutive securities | — | — | |||||
Net income from continuing operations attributable to common shareholders, after allocation to participating securities, after assumed dilution | 10,293 | 7,010 | |||||
Net income from discontinued operations, after allocation to participating securities | 1,545 | 1,385 | |||||
Net income attributable to common shareholders, after allocation to participating securities, after assumed dilution | $ | 11,838 | $ | 8,395 | |||
Diluted earnings/ (loss) per share - Denominator: | |||||||
Weighted average basic common shares outstanding | 76,818,610 | 75,632,980 | |||||
Dilutive effect of: | |||||||
Stock options and performance-based restricted stock (2) | 561,128 | 453,626 | |||||
Warrants to purchase common stock (2) | 445,692 | 346,245 | |||||
Dilutive common shares | 1,006,820 | 799,871 | |||||
Weighted average diluted common shares outstanding (2) | 77,825,430 | 76,432,851 | |||||
Per share data - Diluted earnings/ (loss) per share from: | |||||||
Continuing operations | $ | 0.13 | $ | 0.09 | |||
Discontinued operations | $ | 0.02 | $ | 0.02 | |||
Total attributable to common shareholders | $ | 0.15 | $ | 0.11 | |||
Dividends per share declared on common stock | $ | 0.05 | $ | 0.01 |
(1) | See Part II. Item 8. “Financial Statements and Supplementary Data—Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption value from period to period reduces income attributable to common shareholders. Decreases in redemption value from period to period increase income attributable to common shareholders, but only to the extent that the cumulative change in redemption value remains a cumulative increase since adoption of this standard in the first quarter of 2009. |
(2) | The diluted EPS computations for the three months ended March 31, 2013 and 2012 do not assume the conversion, exercise, or contingent issuance of the following shares for these periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: |
Three months ended March 31, | |||||
2013 | 2012 | ||||
Shares excluded due to anti-dilution (treasury method): | (In thousands) | ||||
Potential common shares from: | |||||
Convertible trust preferred securities (a) | 21 | 1,399 | |||
Total shares excluded due to anti-dilution | 21 | 1,399 |
Three months ended March 31, | |||||
2013 | 2012 | ||||
Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding): | (In thousands) | ||||
Potential common shares from: | |||||
Stock options, performance-based restricted stock, or other dilutive securities (b) | 1,627 | 2,495 | |||
Total shares excluded due to exercise price exceeding the average market price of common shares during the period | 1,627 | 2,495 |
(a) | If the effect of the conversion of the trust preferred securities would have been dilutive, interest expense, net of tax, related to the convertible trust preferred securities of $0.3 million for the three months ended March 31, 2012 would have been added back to net income attributable to common shareholders for diluted EPS computations for the period presented. None would be added back for the three months ended March 31, 2013. |
(b) | Options to purchase shares of common stock, non-participating (performance-based) restricted stock, and other dilutive securities that were outstanding at period ends were not included in the computation of diluted EPS or in the above anti-dilution table because their exercise or conversion prices were greater than the average market price of the common shares during the respective periods. |
Three months ended March 31, | |||||||||||||||||||||||
Net interest income | Non-interest income | Total revenues | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total Bank | $ | 45,369 | $ | 46,441 | $ | 9,725 | $ | 7,654 | $ | 55,094 | $ | 54,095 | |||||||||||
Total Investment Managers | 6 | 7 | 10,096 | 9,484 | 10,102 | 9,491 | |||||||||||||||||
Total Wealth Advisors (1) | 20 | 7 | 10,066 | 9,237 | 10,086 | 9,244 | |||||||||||||||||
Total Segments | 45,395 | 46,455 | 29,887 | 26,375 | 75,282 | 72,830 | |||||||||||||||||
Holding Company and Eliminations | (1,119 | ) | (1,687 | ) | 709 | 1,079 | (410 | ) | (608 | ) | |||||||||||||
Total Company | $ | 44,276 | $ | 44,768 | $ | 30,596 | $ | 27,454 | $ | 74,872 | $ | 72,222 |
Three months ended March 31, | |||||||||||||||||||||||
Non-interest expense (2) | Income tax expense | Net income from continuing operations | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total Bank | $ | 34,613 | $ | 35,634 | $ | 6,681 | $ | 4,649 | $ | 13,800 | $ | 9,812 | |||||||||||
Total Investment Managers | 7,745 | 7,644 | 773 | 618 | 1,584 | 1,229 | |||||||||||||||||
Total Wealth Advisors (1) | 7,576 | 6,727 | 877 | 924 | 1,633 | 1,593 | |||||||||||||||||
Total Segments | 49,934 | 50,005 | 8,331 | 6,191 | 17,017 | 12,634 | |||||||||||||||||
Holding Company and Eliminations | 6,630 | 5,622 | (2,434 | ) | (2,340 | ) | (4,606 | ) | (3,890 | ) | |||||||||||||
Total Company | $ | 56,564 | $ | 55,627 | $ | 5,897 | $ | 3,851 | $ | 12,411 | $ | 8,744 |
Three months ended March 31, | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | Net income attributable to the Company (3) | Amortization of intangibles | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total Bank | $ | — | $ | — | $ | 13,800 | $ | 9,812 | $ | 69 | $ | 26 | |||||||||||
Total Investment Managers | 466 | 395 | 1,118 | 834 | 800 | 800 | |||||||||||||||||
Total Wealth Advisors (1) | 464 | 398 | 1,169 | 1,195 | 249 | 264 | |||||||||||||||||
Total Segments | 930 | 793 | 16,087 | 11,841 | 1,118 | 1,090 | |||||||||||||||||
Holding Company and Eliminations | — | — | (2,884 | ) | (2,336 | ) | — | — | |||||||||||||||
Total Company | $ | 930 | $ | 793 | $ | 13,203 | $ | 9,505 | $ | 1,118 | $ | 1,090 |
As of March 31, | Three months ended March 31, | ||||||||||||||||||||||
Assets | AUM (4) | Depreciation | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | (In millions) | (In thousands) | |||||||||||||||||||||
Total Bank | $ | 6,010,107 | $ | 5,939,691 | $ | 4,167 | $ | 3,696 | $ | 1,329 | $ | 1,458 | |||||||||||
Total Investment Managers | 102,205 | 105,640 | 9,314 | 8,047 | 52 | 62 | |||||||||||||||||
Total Wealth Advisors (1) | 66,466 | 66,880 | 8,487 | 7,579 | 88 | 88 | |||||||||||||||||
Total Segments | 6,178,778 | 6,112,211 | 21,968 | 19,322 | 1,469 | 1,608 | |||||||||||||||||
Holding Company and Eliminations | 17,643 | 36,351 | (21 | ) | (20 | ) | 52 | 45 | |||||||||||||||
Total Company | $ | 6,196,421 | $ | 6,148,562 | $ | 21,947 | $ | 19,302 | $ | 1,521 | $ | 1,653 |
(1) | In the second quarter of 2012, the Company sold its Wealth Advisory affiliate, DTC. Accordingly, prior period results for DTC have been reclassified into discontinued operations and are included with Holding Company and Eliminations in the tables above. |
(2) | Non-interest expense for the three months ended March 31, 2013 includes no restructuring expense. Non-interest expense for the three months ended March 31, 2012 includes $0.1 million of restructuring expense. Restructuring expenses were incurred in the Private Banking segment as well as at the Holding Company. |
(3) | Net income from discontinued operations for the three months ended March 31, 2013, and 2012 of $1.7 million, and $1.6 million, respectively, are included in Holding Company and Eliminations in the calculation of net income attributable to the Company. |
(4) | “AUM” represents Assets Under Management and Advisory at the affiliates. AUM at DTC have been removed since DTC operations are classified with discontinued operations. |
Amortized Cost | Unrealized | Fair Value | |||||||||||||
Gains | Losses | ||||||||||||||
(In thousands) | |||||||||||||||
As of March 31, 2013 | |||||||||||||||
Available for sale securities at fair value: | |||||||||||||||
U.S. government and agencies | $ | 2,455 | $ | — | $ | (41 | ) | $ | 2,414 | ||||||
Government-sponsored entities | 199,381 | 872 | — | 200,253 | |||||||||||
Municipal bonds | 204,955 | 2,930 | (231 | ) | 207,654 | ||||||||||
Mortgage-backed securities (1) | 310,495 | 5,016 | (1,095 | ) | 314,416 | ||||||||||
Other | 11,703 | 177 | (7 | ) | 11,873 | ||||||||||
Total | $ | 728,989 | $ | 8,995 | $ | (1,374 | ) | $ | 736,610 | ||||||
As of December 31, 2012 | |||||||||||||||
Available for sale securities at fair value: | |||||||||||||||
U.S. government and agencies | $ | 2,781 | $ | — | $ | (28 | ) | $ | 2,753 | ||||||
Government-sponsored entities | 154,058 | 962 | (18 | ) | 155,002 | ||||||||||
Municipal bonds | 207,952 | 3,172 | (140 | ) | 210,984 | ||||||||||
Mortgage-backed securities (1) | 313,239 | 5,597 | (909 | ) | 317,927 | ||||||||||
Other | 12,526 | 120 | (12 | ) | 12,634 | ||||||||||
Total | $ | 690,556 | $ | 9,851 | $ | (1,107 | ) | $ | 699,300 |
(1) | All mortgage-backed securities are guaranteed by U.S. government agencies or Government-sponsored entities. |
Available for Sale Securities | |||||||
Amortized cost | Fair value | ||||||
(In thousands) | |||||||
Within one year | $ | 59,431 | $ | 59,895 | |||
After one, but within five years | 279,380 | 281,892 | |||||
After five, but within ten years | 81,641 | 82,714 | |||||
Greater than ten years | 308,537 | 312,109 | |||||
Total | $ | 728,989 | $ | 736,610 |
Three months ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Proceeds from sales | $ | 1,451 | $ | 4,359 | |||
Realized gains | 10 | 16 | |||||
Realized losses | — | (3 | ) |
As of March 31, 2013 | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | # of securities | ||||||||||||||||||||
Available for sale securities | (In thousands) | |||||||||||||||||||||||||
U.S. government and agencies | $ | 1,216 | $ | (33 | ) | $ | 1,198 | $ | (8 | ) | $ | 2,414 | $ | (41 | ) | 2 | ||||||||||
Government-sponsored entities | — | — | — | — | — | — | — | |||||||||||||||||||
Municipal bonds | 26,436 | (231 | ) | — | — | 26,436 | (231 | ) | 19 | |||||||||||||||||
Mortgage-backed securities | 131,081 | (1,072 | ) | 2,371 | (23 | ) | 133,452 | (1,095 | ) | 20 | ||||||||||||||||
Other | 56 | (2 | ) | 36 | (5 | ) | 92 | (7 | ) | 9 | ||||||||||||||||
Total | $ | 158,789 | $ | (1,338 | ) | $ | 3,605 | $ | (36 | ) | $ | 162,394 | $ | (1,374 | ) | 50 |
As of December 31, 2012 | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||
Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | # of securities | ||||||||||||||||||||
Available for sale securities | (In thousands) | |||||||||||||||||||||||||
U.S. government and agencies | $ | 1,472 | $ | (26 | ) | $ | 1,281 | $ | (2 | ) | $ | 2,753 | $ | (28 | ) | 2 | ||||||||||
Government-sponsored entities | 19,982 | (18 | ) | — | — | 19,982 | (18 | ) | 2 | |||||||||||||||||
Municipal bonds | 20,102 | (140 | ) | — | — | 20,102 | (140 | ) | 13 | |||||||||||||||||
Mortgage-backed securities | 101,280 | (891 | ) | 2,701 | (18 | ) | 103,981 | (909 | ) | 17 | ||||||||||||||||
Other | 112 | (11 | ) | 12 | (1 | ) | 124 | (12 | ) | 12 | ||||||||||||||||
Total | $ | 142,948 | $ | (1,086 | ) | $ | 3,994 | $ | (21 | ) | $ | 146,942 | $ | (1,107 | ) | 46 |
As of March 31, 2013 | Fair value measurements at reporting date using: | ||||||||||||||
Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | |||||||||||||
(In thousands) | |||||||||||||||
Assets: | |||||||||||||||
Available for sale securities: | |||||||||||||||
U.S. government and agencies | $ | 2,414 | $ | — | $ | 2,414 | $ | — | |||||||
Government-sponsored entities | 200,253 | — | 200,253 | — | |||||||||||
Municipal bonds | 207,654 | — | 207,654 | — | |||||||||||
Mortgage-backed securities | 314,416 | — | 314,416 | — | |||||||||||
Other | 11,873 | 11,873 | — | — | |||||||||||
Total available for sale securities | 736,610 | 11,873 | 724,737 | — | |||||||||||
Derivatives - interest rate customer swaps | 2,664 | — | 2,664 | — | |||||||||||
Derivatives - customer foreign exchange forwards | 216 | — | 216 | — | |||||||||||
Other investments | 6,010 | 5,324 | 686 | — | |||||||||||
Liabilities: | |||||||||||||||
Derivatives - interest rate customer swaps | $ | 2,746 | $ | — | $ | 2,746 | $ | — | |||||||
Derivatives - customer foreign exchange forwards | 216 | — | 216 | — | |||||||||||
Derivatives - junior subordinated debenture interest rate swap | 4,750 | — | 4,750 | — |
Fair value measurements at reporting date using: | |||||||||||||||
As of December 31, 2012 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Assets: | |||||||||||||||
Available for sale securities: | |||||||||||||||
U.S. government and agencies | $ | 2,753 | $ | — | $ | 2,753 | $ | — | |||||||
Government-sponsored entities | 155,002 | — | 155,002 | — | |||||||||||
Municipal bonds | 210,984 | — | 210,984 | — | |||||||||||
Mortgage-backed securities | 317,927 | — | 317,927 | — | |||||||||||
Other | 12,634 | 12,634 | — | — | |||||||||||
Total available for sale securities | 699,300 | 12,634 | 686,666 | — | |||||||||||
Derivatives - interest rate customer swaps | 2,915 | — | 2,915 | — | |||||||||||
Derivatives - customer foreign exchange forwards | 120 | — | 120 | — | |||||||||||
Other investments | 5,892 | 5,206 | 686 | — | |||||||||||
Liabilities: | |||||||||||||||
Derivatives - interest rate customer swaps | $ | 3,047 | $ | — | $ | 3,047 | $ | — | |||||||
Derivatives - customer foreign exchange forwards | 120 | — | 120 | — | |||||||||||
Derivatives - junior subordinated debenture interest rate swap | 5,189 | — | 5,189 | — |
As of March 31, 2013 | Fair value measurements at reporting date using: | Gain (losses) from fair value changes | |||||||||||||||||
Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Three months ended March 31, 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Impaired loans (1) | $ | 4,494 | $ | — | $ | — | $ | 4,494 | $ | (1,239 | ) | ||||||||
$ | 4,494 | $ | — | $ | — | $ | 4,494 | $ | (1,239 | ) |
(1) | Collateral-dependent impaired loans held at March 31, 2013 that had write-downs in fair value or whose specific reserve changed during the first three months of 2013. |
As of March 31, 2012 | Fair value measurements at reporting date using: | Gain (losses) from fair value changes | |||||||||||||||||
Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Three months ended March 31, 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Impaired loans (1) | $ | 4,894 | $ | — | $ | — | $ | 4,894 | $ | (979 | ) | ||||||||
OREO (2) | 198 | — | — | 198 | (41 | ) | |||||||||||||
$ | 5,092 | $ | — | $ | — | $ | 5,092 | $ | (1,020 | ) |
(1) | Collateral-dependent impaired loans held at March 31, 2012 that had write-downs in fair value or whose specific reserve changed during the first three months of 2012. |
(2) | One OREO property held at March 31, 2012 had a write-down during the first three months of 2012. |
March 31, 2013 | |||||||||||
Fair Value | Valuation technique | Unobservable Input | Range of Inputs Utilized | Weighted Average of Inputs Utilized | |||||||
(In thousands) | |||||||||||
Impaired Loans | $ | 4,494 | Appraisals of Collateral | Discount for costs to sell | 0% - 12% | 7% | |||||
Appraisal adjustments | 0% - 25% | 17% |
December 31, 2012 | |||||||||||
Fair Value | Valuation technique | Unobservable Input | Range of Inputs Utilized | Weighted Average of Inputs Utilized | |||||||
(In thousands) | |||||||||||
Impaired Loans | $ | 16,797 | Appraisals of Collateral | Discount for costs to sell | 6% - 13% | 8% | |||||
Appraisal adjustments | 0% - 59% | 23% | |||||||||
OREO | $ | 379 | Appraisals of Collateral | Discount for costs to sell | 8% | 8% | |||||
Appraisal adjustments | 8% | 8% |
March 31, 2013 | |||||||||||||||||||
Book Value | Fair Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | |||||||||||||||
(In thousands) | |||||||||||||||||||
FINANCIAL ASSETS: | |||||||||||||||||||
Cash and cash equivalents | $ | 54,136 | $ | 54,136 | $ | 54,136 | $ | — | $ | — | |||||||||
Loans, net | 4,701,181 | 4,716,548 | — | — | 4,716,548 | ||||||||||||||
Loans held for sale | 289,180 | 289,180 | — | 289,180 | — | ||||||||||||||
Other financial assets | 118,004 | 118,004 | — | 118,004 | — | ||||||||||||||
FINANCIAL LIABILITIES: | |||||||||||||||||||
Deposits | 4,517,351 | 4,523,775 | — | 4,523,775 | — | ||||||||||||||
Deposits held for sale | 188,252 | 177,107 | — | 177,107 | — | ||||||||||||||
Securities sold under agreements to repurchase | 122,187 | 123,463 | — | 123,463 | — | ||||||||||||||
Federal Funds purchased | 50,000 | 50,000 | — | 50,000 | — | ||||||||||||||
Federal Home Loan Bank borrowings | 461,411 | 480,402 | — | 480,402 | — | ||||||||||||||
Junior subordinated debentures | 133,835 | 108,573 | — | 3,875 | 104,698 | ||||||||||||||
Other financial liabilities | 9,998 | 9,998 | — | 9,998 | — |
December 31, 2012 | |||||||||||||||||||
Book Value | Fair Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | |||||||||||||||
(In thousands) | |||||||||||||||||||
FINANCIAL ASSETS: | |||||||||||||||||||
Cash and cash equivalents | $ | 308,744 | $ | 308,744 | $ | 308,744 | $ | — | $ | — | |||||||||
Loans, net | 4,730,079 | 4,766,574 | — | — | 4,766,574 | ||||||||||||||
Loans held for sale | 308,390 | 308,908 | — | 308,908 | — | ||||||||||||||
Other financial assets | 118,087 | 118,087 | — | 118,087 | — | ||||||||||||||
FINANCIAL LIABILITIES: | |||||||||||||||||||
Deposits | 4,885,059 | 4,891,465 | — | 4,891,465 | — | ||||||||||||||
Deposits held for sale | 194,084 | 182,592 | — | 182,592 | — | ||||||||||||||
Securities sold under agreements to repurchase | 116,319 | 117,885 | — | 117,885 | — | ||||||||||||||
Federal Funds purchased | — | — | — | — | — | ||||||||||||||
Federal Home Loan Bank borrowings | 408,121 | 428,037 | — | 428,037 | — | ||||||||||||||
Junior subordinated debentures | 143,647 | 117,502 | — | 12,804 | 104,698 | ||||||||||||||
Other financial liabilities | 10,058 | 10,058 | — | 10,058 | — |
March 31, 2013 | December 31, 2012 | ||||||
(In thousands) | |||||||
Commercial and industrial | $ | 788,512 | $ | 806,326 | |||
Commercial real estate | 1,688,441 | 1,691,350 | |||||
Construction and land | 148,917 | 137,570 | |||||
Residential | 1,898,413 | 1,906,089 | |||||
Home equity | 118,182 | 123,551 | |||||
Consumer and other | 141,002 | 149,250 | |||||
Total Loans | $ | 4,783,467 | $ | 4,814,136 |
March 31, 2013 | December 31, 2012 | ||||||
(In thousands) | |||||||
Commercial and industrial | $ | 10,071 | $ | 4,337 | |||
Commercial real estate | 46,295 | 41,696 | |||||
Construction and land | 4,552 | 2,213 | |||||
Residential | 11,759 | 11,744 | |||||
Home equity | 340 | 660 | |||||
Consumer and other | 9 | 95 | |||||
Total | $ | 73,026 | $ | 60,745 |
March 31, 2013 | |||||||||||||||||||||||||||||||||
Accruing Past Due | Nonaccrual Loans | ||||||||||||||||||||||||||||||||
30-59 Days Past Due (1) | 60-89 Days Past Due | 90+ Days Past Due | Total Accruing Past Due | Current Payment Status | 30-89 Days Past Due | 90+ Days Past Due | Total Non-Accrual Loans | Current Accruing Loans | Total Loans Receivable | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 825 | $ | 2,625 | $ | — | $ | 3,450 | $ | 1,210 | $ | 28 | $ | 8,833 | $ | 10,071 | $ | 774,991 | $ | 788,512 | |||||||||||||
Commercial real estate | 1,478 | 241 | — | 1,719 | 26,489 | 5,968 | 13,838 | 46,295 | 1,640,427 | 1,688,441 | |||||||||||||||||||||||
Construction and land | 36 | 276 | 50 | 362 | 715 | 38 | 3,799 | 4,552 | 144,003 | 148,917 | |||||||||||||||||||||||
Residential | 11,243 | 282 | — | 11,525 | 2,236 | 3,039 | 6,484 | 11,759 | 1,875,129 | 1,898,413 | |||||||||||||||||||||||
Home equity | 31 | 175 | — | 206 | 300 | — | 40 | 340 | 117,636 | 118,182 | |||||||||||||||||||||||
Consumer and other | 37 | 55 | — | 92 | 5 | 1 | 3 | 9 | 140,901 | 141,002 | |||||||||||||||||||||||
Total | $ | 13,650 | $ | 3,654 | $ | 50 | $ | 17,354 | $ | 30,955 | $ | 9,074 | $ | 32,997 | $ | 73,026 | $ | 4,693,087 | $ | 4,783,467 |
(1) | Does not include one commercial and industrial 30-59 day delinquent loan totaling $0.1 million in loans held for sale as of March 31, 2013. |
December 31, 2012 | |||||||||||||||||||||||||||||||||
Accruing Past Due | Nonaccrual Loans | ||||||||||||||||||||||||||||||||
30-59 Days Past Due (1) | 60-89 Days Past Due | 90+ Days Past Due | Total Accruing Past Due | Current Payment Status | 30-89 Days Past Due | 90+ Days Past Due | Total Non-Accrual Loans | Current Accruing Loans | Total Loans Receivable | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 10,684 | $ | 210 | $ | 257 | $ | 11,151 | $ | 3,073 | $ | — | $ | 1,264 | $ | 4,337 | $ | 790,838 | $ | 806,326 | |||||||||||||
Commercial real estate | 3,331 | 4,572 | 3,249 | 11,152 | 29,125 | 8,913 | 3,658 | 41,696 | 1,638,502 | 1,691,350 | |||||||||||||||||||||||
Construction and land | 42 | 3,216 | 50 | 3,308 | 723 | 137 | 1,353 | 2,213 | 132,049 | 137,570 | |||||||||||||||||||||||
Residential | 20,194 | 3,218 | — | 23,412 | 5,101 | 1,980 | 4,663 | 11,744 | 1,870,933 | 1,906,089 | |||||||||||||||||||||||
Home equity | 119 | 39 | — | 158 | 300 | — | 360 | 660 | 122,733 | 123,551 | |||||||||||||||||||||||
Consumer and other | 569 | 182 | — | 751 | 93 | — | 2 | 95 | 148,404 | 149,250 | |||||||||||||||||||||||
Total | $ | 34,939 | $ | 11,437 | $ | 3,556 | $ | 49,932 | $ | 38,415 | $ | 11,030 | $ | 11,300 | $ | 60,745 | $ | 4,703,459 | $ | 4,814,136 |
(1) | Does not include one commercial and industrial 30-59 day delinquent loan totaling $0.3 million in loans held for sale as of December 31, 2012. |
March 31, 2013 | |||||||||||||||||||
By Loan Grade or Nonaccrual Status | |||||||||||||||||||
Pass | Special Mention (1) | Accruing Substandard | Nonaccrual Loans | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ | 763,443 | $ | 5,890 | $ | 9,108 | $ | 10,071 | $ | 788,512 | |||||||||
Commercial real estate | 1,541,944 | 52,024 | 48,178 | 46,295 | 1,688,441 | ||||||||||||||
Construction and land | 122,964 | 17,265 | 4,136 | 4,552 | 148,917 | ||||||||||||||
Residential | 1,874,391 | — | 12,263 | 11,759 | 1,898,413 | ||||||||||||||
Home equity | 116,169 | — | 1,673 | 340 | 118,182 | ||||||||||||||
Consumer and other | 140,993 | — | — | 9 | 141,002 | ||||||||||||||
Total | $ | 4,559,904 | $ | 75,179 | $ | 75,358 | $ | 73,026 | $ | 4,783,467 |
(1) | Does not include three commercial and industrial special mention loans totaling $0.8 million and three commercial real estate special mention loans totaling $3.0 million in loans held for sale as of March 31, 2013. |
December 31, 2012 | |||||||||||||||||||
By Loan Grade or Nonaccrual Status | |||||||||||||||||||
Pass | Special Mention (1) | Accruing Substandard | Nonaccrual Loans | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ | 779,236 | $ | 13,691 | $ | 9,062 | $ | 4,337 | $ | 806,326 | |||||||||
Commercial real estate | 1,531,701 | 54,000 | 63,953 | 41,696 | 1,691,350 | ||||||||||||||
Construction and land | 110,940 | 17,048 | 7,369 | 2,213 | 137,570 | ||||||||||||||
Residential | 1,886,273 | — | 8,072 | 11,744 | 1,906,089 | ||||||||||||||
Home equity | 121,218 | — | 1,673 | 660 | 123,551 | ||||||||||||||
Consumer and other | 149,155 | — | — | 95 | 149,250 | ||||||||||||||
Total | $ | 4,578,523 | $ | 84,739 | $ | 90,129 | $ | 60,745 | $ | 4,814,136 |
(1) | Does not include five commercial and industrial special mention loans totaling $0.9 million and three commercial real estate special mention loans totaling $3.0 million in loans held for sale as of December 31, 2012. |
As of and for the three months ended March 31, 2013 | |||||||||||||||||||
Recorded Investment (1) | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized while Impaired | |||||||||||||||
(In thousands) | |||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||
Commercial and industrial | $ | 7,859 | $ | 9,043 | n/a | $ | 7,251 | $ | 81 | ||||||||||
Commercial real estate | 39,348 | 58,523 | n/a | 39,835 | 101 | ||||||||||||||
Construction and land | 934 | 1,547 | n/a | 2,633 | 91 | ||||||||||||||
Residential | 6,696 | 8,164 | n/a | 3,427 | 29 | ||||||||||||||
Home equity | 40 | 40 | n/a | 280 | 1 | ||||||||||||||
Consumer and other | — | — | n/a | — | — | ||||||||||||||
Subtotal | 54,877 | 77,317 | n/a | 53,426 | 303 | ||||||||||||||
With an allowance recorded: | |||||||||||||||||||
Commercial and industrial | 3,245 | 3,310 | $ | 369 | 1,676 | 4 | |||||||||||||
Commercial real estate | 24,475 | 25,957 | 2,446 | 20,702 | 112 | ||||||||||||||
Construction and land | 3,965 | 4,046 | 417 | 1,637 | — | ||||||||||||||
Residential | 10,584 | 10,843 | 1,496 | 13,633 | 112 | ||||||||||||||
Home equity | — | — | — | — | — | ||||||||||||||
Consumer and other | — | — | — | — | — | ||||||||||||||
Subtotal | 42,269 | 44,156 | 4,728 | 37,648 | 228 | ||||||||||||||
Total: | |||||||||||||||||||
Commercial and industrial | 11,104 | 12,353 | 369 | 8,927 | 85 | ||||||||||||||
Commercial real estate | 63,823 | 84,480 | 2,446 | 60,537 | 213 | ||||||||||||||
Construction and land | 4,899 | 5,593 | 417 | 4,270 | 91 | ||||||||||||||
Residential | 17,280 | 19,007 | 1,496 | 17,060 | 141 | ||||||||||||||
Home equity | 40 | 40 | — | 280 | 1 | ||||||||||||||
Consumer and other | — | — | — | — | — | ||||||||||||||
Total | $ | 97,146 | $ | 121,473 | $ | 4,728 | $ | 91,074 | $ | 531 |
(1) | Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. |
As of and for the three months ended March 31, 2012 | |||||||||||||||||||
Recorded Investment (1) | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized while Impaired | |||||||||||||||
(In thousands) | |||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||
Commercial and industrial | $ | 6,538 | $ | 9,264 | n/a | $ | 5,855 | $ | — | ||||||||||
Commercial real estate | 29,964 | 44,809 | n/a | 33,543 | 104 | ||||||||||||||
Construction and land | 6,087 | 10,360 | n/a | 6,294 | 97 | ||||||||||||||
Residential | 9,572 | 10,542 | n/a | 10,232 | 81 | ||||||||||||||
Home equity | 360 | 360 | n/a | 342 | 1 | ||||||||||||||
Consumer and other | — | — | n/a | — | — | ||||||||||||||
Subtotal | 52,521 | 75,335 | n/a | 56,266 | 283 | ||||||||||||||
With an allowance recorded: | |||||||||||||||||||
Commercial and industrial | 1,081 | 1,109 | $ | 113 | 1,101 | — | |||||||||||||
Commercial real estate | 28,121 | 29,624 | 3,245 | 24,586 | 173 | ||||||||||||||
Construction and land | 1,194 | 1,224 | 313 | 1,234 | — | ||||||||||||||
Residential | 13,757 | 13,757 | 868 | 8,295 | 63 | ||||||||||||||
Home equity | 131 | 131 | 131 | 131 | 2 | ||||||||||||||
Consumer and other | — | — | — | — | — | ||||||||||||||
Subtotal | 44,284 | 45,845 | 4,670 | 35,347 | 238 | ||||||||||||||
Total: | |||||||||||||||||||
Commercial and industrial | 7,619 | 10,373 | 113 | 6,956 | — | ||||||||||||||
Commercial real estate | 58,085 | 74,433 | 3,245 | 58,129 | 277 | ||||||||||||||
Construction and land | 7,281 | 11,584 | 313 | 7,528 | 97 | ||||||||||||||
Residential | 23,329 | 24,299 | 868 | 18,527 | 144 | ||||||||||||||
Home equity | 491 | 491 | 131 | 473 | 3 | ||||||||||||||
Consumer and other | — | — | — | — | — | ||||||||||||||
Total | $ | 96,805 | $ | 121,180 | $ | 4,670 | $ | 91,613 | $ | 521 |
(1) | Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. |
As of and for the year ended December 31, 2012 | |||||||||||||||||||
Recorded Investment (1) | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized while Impaired | |||||||||||||||
(In thousands) | |||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||
Commercial and industrial | $ | 3,274 | $ | 4,499 | n/a | $ | 4,707 | $ | — | ||||||||||
Commercial real estate | 40,133 | 64,424 | n/a | 31,736 | 283 | ||||||||||||||
Construction and land | 1,310 | 2,682 | n/a | 5,532 | 97 | ||||||||||||||
Residential | 2,337 | 2,594 | n/a | 8,885 | 312 | ||||||||||||||
Home equity | 360 | 360 | n/a | 355 | 3 | ||||||||||||||
Consumer and other | — | — | n/a | 40 | — | ||||||||||||||
Subtotal | 47,414 | 74,559 | n/a | 51,255 | 695 | ||||||||||||||
With an allowance recorded: | |||||||||||||||||||
Commercial and industrial | 1,149 | 1,191 | $ | 118 | 1,855 | 1 | |||||||||||||
Commercial real estate | 18,519 | 19,814 | 1,667 | 24,510 | 727 | ||||||||||||||
Construction and land | 903 | 953 | 189 | 1,486 | — | ||||||||||||||
Residential | 13,539 | 13,798 | 1,403 | 11,781 | 374 | ||||||||||||||
Home equity | — | — | — | 114 | 5 | ||||||||||||||
Consumer and other | — | — | — | — | — | ||||||||||||||
Subtotal | 34,110 | 35,756 | 3,377 | 39,746 | 1,107 | ||||||||||||||
Total: | |||||||||||||||||||
Commercial and industrial | 4,423 | 5,690 | 118 | 6,562 | 1 | ||||||||||||||
Commercial real estate | 58,652 | 84,238 | 1,667 | 56,246 | 1,010 | ||||||||||||||
Construction and land | 2,213 | 3,635 | 189 | 7,018 | 97 | ||||||||||||||
Residential | 15,876 | 16,392 | 1,403 | 20,666 | 686 | ||||||||||||||
Home equity | 360 | 360 | — | 469 | 8 | ||||||||||||||
Consumer and other | — | — | — | 40 | — | ||||||||||||||
Total | $ | 81,524 | $ | 110,315 | $ | 3,377 | $ | 91,001 | $ | 1,802 |
(1) | Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. |
As of and for the three months ended March 31, 2013 | |||||||||||||||||
Restructured Current Quarter | TDRs that defaulted in the current quarter that were restructured in prior twelve months | ||||||||||||||||
# of Loans | Pre- modification recorded investment | Post- modification recorded investment | # of Loans | Post- modification recorded investment | |||||||||||||
(Dollars In thousands) | |||||||||||||||||
Commercial and industrial (1) | 2 | $ | 1,219 | $ | 1,219 | — | $ | — | |||||||||
Commercial real estate (2) | 5 | 9,163 | 9,163 | 1 | 561 | ||||||||||||
Construction and land (3) | 1 | 347 | 347 | — | — | ||||||||||||
Residential | — | — | — | — | — | ||||||||||||
Home equity | — | — | — | — | — | ||||||||||||
Consumer and other | — | — | — | — | — | ||||||||||||
Total | 8 | $ | 10,729 | $ | 10,729 | 1 | $ | 561 |
(1) | Represents the following concessions: extension of term (1 loan; post-modification recorded investment of $1.0 million); and temporary rate reduction (1 loan; post-modification recorded investment of $0.2 million). |
(2) | Represents the following concessions: extension of term (4 loans; post-modification recorded investment of $9.0 million); and combination of concessions (1 loan; post-modification recorded investment of $0.2 million). |
(3) | Represents the following concessions: extension of term. |
As of and for the three months ended March 31, 2012 | |||||||||||||||||
Restructured Current Quarter | TDRs that defaulted in the current quarter that were restructured in prior twelve months | ||||||||||||||||
# of Loans | Pre- modification recorded investment | Post- modification recorded investment | # of Loans | Post- modification recorded investment | |||||||||||||
(Dollars In thousands) | |||||||||||||||||
Commercial and industrial | — | $ | — | $ | — | — | $ | — | |||||||||
Commercial real estate (1) | 4 | 5,545 | 5,545 | — | — | ||||||||||||
Construction and land | — | — | — | — | — | ||||||||||||
Residential (2) | 8 | 3,702 | 3,702 | — | — | ||||||||||||
Home equity | — | — | — | — | — | ||||||||||||
Consumer and other | — | — | — | — | — | ||||||||||||
Total | 12 | $ | 9,247 | $ | 9,247 | — | $ | — |
(1) | Represents the following concessions: extension of term (3 loans; post-modification recorded investment of $2.7 million); and combination of concessions (1 loan; post-modification recorded investment of $2.8 million). |
(2) | Represents the following concessions: payment deferral (1 loan; post-modification recorded investment of $1.9 million); temporary rate reduction (6 loans; post-modification recorded investment of $0.5 million); and combination of concessions (1 loan; post-modification recorded investment of $1.3 million). |
As of and for the three months ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Allowance for loan losses, beginning of period: | |||||||
Commercial and industrial | $ | 11,825 | $ | 12,163 | |||
Commercial real estate | 52,497 | 63,625 | |||||
Construction and land | 5,016 | 6,382 | |||||
Residential | 10,892 | 9,286 | |||||
Home equity | 1,085 | 1,535 | |||||
Consumer and other | 540 | 1,149 | |||||
Unallocated | 2,202 | 1,974 | |||||
Total allowance for loan losses, beginning of period | 84,057 | 96,114 | |||||
Provision/ (credit) for loan losses: | |||||||
Commercial and industrial | (114 | ) | 1,827 | ||||
Commercial real estate | (919 | ) | 2,030 | ||||
Construction and land | (1,036 | ) | (712 | ) | |||
Residential | 1,827 | 966 | |||||
Home equity | 398 | (53 | ) | ||||
Consumer and other | (74 | ) | (116 | ) | |||
Unallocated | (82 | ) | 58 | ||||
Total provision/ (credit) for loan losses | — | 4,000 | |||||
Loans charged-off: | |||||||
Commercial and industrial | $ | (27 | ) | $ | (2,311 | ) | |
Commercial real estate | (1,239 | ) | (406 | ) | |||
Construction and land | — | — | |||||
Residential | (1,265 | ) | (198 | ) | |||
Home equity | (360 | ) | — | ||||
Consumer and other | (2 | ) | (26 | ) | |||
Total charge-offs | (2,893 | ) | (2,941 | ) | |||
Recoveries on loans previously charged-off: | |||||||
Commercial and industrial | 165 | 383 | |||||
Commercial real estate | 127 | 117 | |||||
Construction and land | 807 | 166 | |||||
Residential | — | — | |||||
Home equity | 23 | 61 | |||||
Consumer and other | — | 2 | |||||
Total recoveries | 1,122 | 729 |
As of and for the three months ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Allowance for loan losses at end of period: | |||||||
Commercial and industrial | 11,849 | 12,062 | |||||
Commercial real estate | 50,466 | 65,366 | |||||
Construction and land | 4,787 | 5,836 | |||||
Residential | 11,454 | 10,054 | |||||
Home equity | 1,146 | 1,543 | |||||
Consumer and other | 464 | 1,009 | |||||
Unallocated | 2,120 | 2,032 | |||||
Total allowance for loan losses at end of period | $ | 82,286 | $ | 97,902 |
Commercial and industrial | Commercial real estate | Construction and land | Residential | ||||||||||||
(In thousands) | |||||||||||||||
Allowance for loan losses balance at March 31, 2013 attributable to: | |||||||||||||||
Loans collectively evaluated | $ | 11,480 | $ | 48,020 | $ | 4,370 | $ | 9,958 | |||||||
Loans individually evaluated | 369 | 2,446 | 417 | 1,496 | |||||||||||
Total allowance for loan losses | $ | 11,849 | $ | 50,466 | $ | 4,787 | $ | 11,454 | |||||||
Recorded investment (loan balance) at March 31, 2013: | |||||||||||||||
Loans collectively evaluated | $ | 777,408 | $ | 1,624,618 | $ | 144,018 | $ | 1,881,133 | |||||||
Loans individually evaluated | 11,104 | 63,823 | 4,899 | 17,280 | |||||||||||
Total Loans | $ | 788,512 | $ | 1,688,441 | $ | 148,917 | $ | 1,898,413 |
Home equity | Consumer and other | Unallocated | Total | ||||||||||||
(Continued from above) | (In thousands) | ||||||||||||||
Allowance for loan losses balance at March 31, 2013 attributable to: | |||||||||||||||
Loans collectively evaluated | $ | 1,146 | $ | 464 | $ | 2,120 | $ | 77,558 | |||||||
Loans individually evaluated | — | — | — | 4,728 | |||||||||||
Total allowance for loan losses | $ | 1,146 | $ | 464 | $ | 2,120 | $ | 82,286 | |||||||
Recorded investment (loan balance) at March 31, 2013: | |||||||||||||||
Loans collectively evaluated | $ | 118,142 | $ | 141,002 | $ | — | $ | 4,686,321 | |||||||
Loans individually evaluated | 40 | — | — | 97,146 | |||||||||||
Total Loans | $ | 118,182 | $ | 141,002 | $ | — | $ | 4,783,467 |
Commercial and industrial | Commercial real estate | Construction and land | Residential | ||||||||||||
(In thousands) | |||||||||||||||
Allowance for loan losses balance at December 31, 2012 attributable to: | |||||||||||||||
Loans collectively evaluated | $ | 11,707 | $ | 50,830 | $ | 4,827 | $ | 9,489 | |||||||
Loans individually evaluated | 118 | 1,667 | 189 | 1,403 | |||||||||||
Total allowance for loan losses | $ | 11,825 | $ | 52,497 | $ | 5,016 | $ | 10,892 | |||||||
Recorded investment (loan balance) at December 31, 2012: | |||||||||||||||
Loans collectively evaluated | $ | 801,903 | $ | 1,632,698 | $ | 135,357 | $ | 1,890,213 | |||||||
Loans individually evaluated | 4,423 | 58,652 | 2,213 | 15,876 | |||||||||||
Total Loans | $ | 806,326 | $ | 1,691,350 | $ | 137,570 | $ | 1,906,089 |
Home equity | Consumer and other | Unallocated | Total | ||||||||||||
(Continued from above) | (In thousands) | ||||||||||||||
Allowance for loan losses balance at December 31, 2012 attributable to: | |||||||||||||||
Loans collectively evaluated | $ | 1,085 | $ | 540 | $ | 2,202 | $ | 80,680 | |||||||
Loans individually evaluated | — | — | — | 3,377 | |||||||||||
Total allowance for loan losses | $ | 1,085 | $ | 540 | $ | 2,202 | $ | 84,057 | |||||||
Recorded investment (loan balance) at December 31, 2012: | |||||||||||||||
Loans collectively evaluated | $ | 123,191 | $ | 149,250 | $ | — | $ | 4,732,612 | |||||||
Loans individually evaluated | 360 | — | — | 81,524 | |||||||||||
Total Loans | $ | 123,551 | $ | 149,250 | $ | — | $ | 4,814,136 |
March 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Asset derivatives | Liability derivatives | Asset derivatives | Liability derivatives | ||||||||||||||||||||
Balance sheet location | Fair value (1) | Balance sheet location | Fair value (1) | Balance sheet location | Fair value (1) | Balance sheet location | Fair value (1) | ||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Interest rate products | Other assets | $ | — | Other liabilities | $ | (4,750 | ) | Other assets | $ | — | Other liabilities | $ | (5,189 | ) | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate products | Other assets | 2,664 | Other liabilities | (2,746 | ) | Other assets | 2,915 | Other liabilities | (3,047 | ) | |||||||||||||
Foreign exchange contracts | Other assets | 216 | Other liabilities | (216 | ) | Other assets | 120 | Other liabilities | (120 | ) | |||||||||||||
Total | $ | 2,880 | $ | (7,712 | ) | $ | 3,035 | $ | (8,356 | ) |
(1) | For additional details, see Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements-Note 5: Fair Value Measurements.” |
Derivatives in cash flow hedging relationships | Amount of gain or (loss) recognized in OCI on derivative (effective portion) | Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | |||||||||||||||
three months ended March 31, | three months ended March 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||||
Interest rate products | $ | (22 | ) | $ | (277 | ) | Interest income | $ | (461 | ) | $ | (416 | ) | |||||
Total | $ | (22 | ) | $ | (277 | ) | $ | (461 | ) | $ | (416 | ) |
Three months ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Accumulated other comprehensive income on cash flow hedges, balance at beginning of period | $ | (2,969 | ) | $ | (3,106 | ) | |
Net change in unrealized gain/ (loss) on cash flow hedges | 207 | 81 | |||||
Accumulated other comprehensive income on cash flow hedges, balance at end of period | $ | (2,762 | ) | $ | (3,025 | ) |
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss), Net, Recognized in Income on Derivative Three Months Ended March 31, | ||||||||
2013 | 2012 | |||||||||
(In thousands) | ||||||||||
Interest rate products | Other income/ expense | $ | (4 | ) | $ | 81 | ||||
Foreign exchange contracts | Other income/ expense | 2 | — | |||||||
Total | $ | (2 | ) | $ | 81 |
Three months ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Income from continuing operations: | |||||||
Income before income taxes | $ | 18,308 | $ | 12,595 | |||
Income tax expense | 5,897 | 3,851 | |||||
Net income from continuing operations | $ | 12,411 | $ | 8,744 | |||
Effective tax rate, continuing operations | 32.2 | % | 30.6 | % | |||
Income from discontinued operations: | |||||||
Income before income taxes | $ | 3,036 | $ | 2,752 | |||
Income tax expense | 1,314 | 1,198 | |||||
Net income from discontinued operations | $ | 1,722 | $ | 1,554 | |||
Effective tax rate, discontinued operations | 43.3 | % | 43.5 | % | |||
Income attributable to noncontrolling interests: | |||||||
Income before income taxes | $ | 930 | $ | 793 | |||
Income tax expense | — | — | |||||
Net income attributable to noncontrolling interests | $ | 930 | $ | 793 | |||
Effective tax rate, noncontrolling interests | — | % | — | % | |||
Income attributable to the Company | |||||||
Income before income taxes | $ | 20,414 | $ | 14,554 | |||
Income tax expense | 7,211 | 5,049 | |||||
Net income attributable to the Company | $ | 13,203 | $ | 9,505 | |||
Effective tax rate attributable to the Company | 35.3 | % | 34.7 | % |
March 31, 2013 | December 31, 2012 | ||||||
(In thousands) | |||||||
Anchor | $ | 11,122 | $ | 11,105 | |||
BOS | 3,900 | 5,782 | |||||
DGHM | 2,416 | 2,400 | |||||
Total | $ | 17,438 | $ | 19,287 |
Three months ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Redeemable noncontrolling interests at beginning of year | $ | 19,287 | $ | 21,691 | |||
Net income attributable to noncontrolling interests | 930 | 793 | |||||
Distributions | (729 | ) | (445 | ) | |||
Adjustments to fair value | (2,050 | ) | (435 | ) | |||
Redeemable noncontrolling interests at end of period | $ | 17,438 | $ | 21,604 |
Severance Charges | Contract Termination Fees | Professional Expenses | Other Associated Costs | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Accrued charges at December 31, 2011 | $ | 2,658 | $ | 211 | $ | 230 | $ | — | $ | 3,099 | |||||||||
Costs incurred | (1 | ) | — | 128 | 8 | 135 | |||||||||||||
Costs paid | (459 | ) | — | (254 | ) | (8 | ) | (721 | ) | ||||||||||
Accrued charges at March 31, 2012 | $ | 2,198 | $ | 211 | $ | 104 | $ | — | $ | 2,513 | |||||||||
Accrued charges at December 31, 2012 | $ | 3,517 | $ | 98 | $ | 8 | $ | — | $ | 3,623 | |||||||||
Costs incurred | — | — | — | — | — | ||||||||||||||
Costs paid | (736 | ) | — | (8 | ) | — | (744 | ) | |||||||||||
Accrued charges at March 31, 2013 | $ | 2,781 | $ | 98 | $ | — | $ | — | $ | 2,879 |
Three months ended March 31, | % Change | |||||||||||||
2013 | 2012 | Change | ||||||||||||
(In thousands, except per share data) | ||||||||||||||
Total revenues | $ | 74,872 | $ | 72,222 | $ | 2,650 | 4 | % | ||||||
Provision/ (credit) for loan losses | — | 4,000 | (4,000 | ) | nm | |||||||||
Total operating expenses | 56,564 | 55,627 | 937 | 2 | % | |||||||||
Net income from continuing operations | 12,411 | 8,744 | 3,667 | 42 | % | |||||||||
Net income attributable to noncontrolling interests | 930 | 793 | 137 | 17 | % | |||||||||
Net income attributable to the Company | 13,203 | 9,505 | 3,698 | 39 | % | |||||||||
Diluted earnings per share: | ||||||||||||||
From continuing operations | $ | 0.13 | $ | 0.09 | $ | 0.04 | 44 | % | ||||||
From discontinued operations | $ | 0.02 | $ | 0.02 | $ | — | — | % | ||||||
Attributable to common shareholders | $ | 0.15 | $ | 0.11 | $ | 0.04 | 36 | % |
▪ | The Company recorded no provision for loan losses for the three months ended March 31, 2013, compared to a provision for loan losses of $4.0 million in the same period of 2012. The lack of provision in the three months ended March 31, 2013 was driven by a reduction in classified loans and continued improvement in credit quality, the decrease in the loan portfolio, and the change in the mix of the loan portfolio. |
▪ | The low interest rate environment continues to affect net interest income. Net interest margin (“NIM”) decreased 14 basis points to 3.13% for the three months ended March 31, 2013 compared to the same period in 2012. Net interest income for the three months ended March 31, 2013 was $44.3 million, a decrease of $0.5 million, or 1%, compared to the same period in 2012. This decrease was due to lower average yields on loans and investments, partially offset by lower average rates paid on the Company’s deposits and borrowings, and the increase in the average volume of the loan portfolio. |
▪ | Fee and other income increased $3.1 million, or 11%, for the three months ended March 31, 2013 compared to the same period in 2012. Investment management and trust fees and wealth advisory fees increased as a result of increased AUM due to market appreciation and positive net flows. |
▪ | AUM increased 14% to $21.9 billion at March 31, 2013 compared to the same period in 2012. First quarter 2013 AUM net inflows were $181 million, up from $84 million in the same period in 2012. |
March 31, 2013 | December 31, 2012 | Increase/ (decrease) | % Change | |||||||||||
(In thousands) | ||||||||||||||
Assets: | ||||||||||||||
Total cash and investments | $ | 831,182 | $ | 1,050,025 | $ | (218,843 | ) | (21 | )% | |||||
Loans held for sale | 289,180 | 308,390 | (19,210 | ) | (6 | )% | ||||||||
Total loans | 4,783,467 | 4,814,136 | (30,669 | ) | (1 | )% | ||||||||
Less: Allowance for loan losses | 82,286 | 84,057 | (1,771 | ) | (2 | )% | ||||||||
Net loans | 4,701,181 | 4,730,079 | (28,898 | ) | (1 | )% | ||||||||
Goodwill and intangible assets | 133,993 | 135,054 | (1,061 | ) | (1 | )% | ||||||||
Other assets | 240,885 | 241,457 | (572 | ) | — | % | ||||||||
Total assets | $ | 6,196,421 | $ | 6,465,005 | $ | (268,584 | ) | (4 | )% | |||||
Liabilities and Equity: | ||||||||||||||
Deposits | $ | 4,517,351 | $ | 4,885,059 | $ | (367,708 | ) | (8 | )% | |||||
Deposits held for sale | 188,252 | 194,084 | (5,832 | ) | (3 | )% | ||||||||
Total borrowings | 767,433 | 668,087 | 99,346 | 15 | % | |||||||||
Other liabilities | 88,869 | 95,386 | (6,517 | ) | (7 | )% | ||||||||
Total liabilities | 5,561,905 | 5,842,616 | (280,711 | ) | (5 | )% | ||||||||
Redeemable noncontrolling interests | 17,438 | 19,287 | (1,849 | ) | (10 | )% | ||||||||
Total shareholders’ equity | 617,078 | 603,102 | 13,976 | 2 | % | |||||||||
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | $ | 6,196,421 | $ | 6,465,005 | $ | (268,584 | ) | (4 | )% |
March 31, 2013 | December 31, 2012 | ||||||||||||
Balance | as a % of total | Balance | as a % of total | ||||||||||
(In thousands) | |||||||||||||
Demand deposits | $ | 1,061,053 | 24 | % | $ | 1,349,594 | 28 | % | |||||
NOW | 464,564 | 10 | % | 482,647 | 10 | % | |||||||
Savings | 91,482 | 2 | % | 87,054 | 2 | % | |||||||
Money market | 2,220,254 | 49 | % | 2,297,847 | 47 | % | |||||||
Certificates of deposit under $100,000 | 193,421 | 4 | % | 211,032 | 4 | % | |||||||
Certificates of deposit of $100,000 or greater | 486,577 | 11 | % | 456,885 | 9 | % | |||||||
Total deposits (1) | $ | 4,517,351 | 100 | % | $ | 4,885,059 | 100 | % |
(1) | Does not include deposits held for sale of $188.3 million and $194.1 million at March 31, 2013 and December 31, 2012, respectively. |
Commercial and Industrial | Commercial Real Estate | Construction and Land | Residential | Home Equity and Other Consumer | ||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||
New England | $ | 672,895 | 85 | % | $ | 643,756 | 38 | % | $ | 99,989 | 67 | % | $ | 1,163,647 | 61 | % | $ | 204,563 | 79 | % | ||||||||||||||
San Francisco Bay | 61,806 | 8 | % | 642,170 | 38 | % | 37,923 | 26 | % | 436,577 | 23 | % | 42,537 | 16 | % | |||||||||||||||||||
Southern California | 53,811 | 7 | % | 402,515 | 24 | % | 11,005 | 7 | % | 298,189 | 16 | % | 11,889 | 5 | % | |||||||||||||||||||
Other, net | — | — | % | — | — | % | — | — | % | — | — | % | 195 | — | % | |||||||||||||||||||
Total | $ | 788,512 | 100 | % | $ | 1,688,441 | 100 | % | $ | 148,917 | 100 | % | $ | 1,898,413 | 100 | % | $ | 259,184 | 100 | % |
Three months ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Net loans (charged-off)/ recovered: | |||||||
New England | $ | (1,236 | ) | $ | (341 | ) | |
San Francisco Bay | (1,508 | ) | (1,980 | ) | |||
Southern California | 973 | (72 | ) | ||||
Pacific Northwest | — | 181 | |||||
Total net loans (charged-off)/ recovered | $ | (1,771 | ) | $ | (2,212 | ) |
As of and for the three months ended March 31, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Nonaccrual loans, beginning of period | 60,745 | 68,109 | |||||
Transfers in to nonaccrual status | 23,595 | 19,611 | |||||
Transfers out to OREO | — | — | |||||
Transfers in from loans held for sale | — | — | |||||
Transfers out to accrual status | (4,727 | ) | (8,767 | ) | |||
Charge-offs | (2,840 | ) | (2,877 | ) | |||
Paid off/ paid down | (3,747 | ) | (3,410 | ) | |||
Nonaccrual loans, end of period | $ | 73,026 | $ | 72,666 |
March 31, 2013 | December 31, 2012 | ||||||
(In thousands) | |||||||
Nonaccrual loans: | |||||||
New England | $ | 39,853 | $ | 28,307 | |||
San Francisco Bay | 25,626 | 25,105 | |||||
Southern California | 7,547 | 7,333 | |||||
Total nonaccrual loans | $ | 73,026 | $ | 60,745 | |||
Loans 30-89 days past due and accruing (1): | |||||||
New England (2) | $ | 10,609 | $ | 20,751 | |||
San Francisco Bay | 5,862 | 11,771 | |||||
Southern California | 833 | 13,854 | |||||
Total loans 30-89 days past due | $ | 17,304 | $ | 46,376 | |||
Accruing substandard loans: | |||||||
New England | $ | 17,372 | $ | 27,551 | |||
San Francisco Bay | 49,306 | 49,854 | |||||
Southern California | 8,680 | 12,724 | |||||
Total accruing substandard loans | $ | 75,358 | $ | 90,129 |
(1) | Does not include one 30-89 day delinquent loan held for sale totaling $0.1 million as of March 31, 2013 and $0.3 million as of December 31, 2012. |
(2) | In addition to loans 30-89 days past due and accruing, the Company had one loan totaling less than $0.1 million that was 90 days or greater past due but still on accrual status as of March 31, 2013, and three loans totaling $3.6 million as of December 31, 2012, respectively. These loans originated in the New England region. |
March 31, 2013 | December 31, 2012 | ||||||
(In thousands) | |||||||
Nonaccrual loans: | |||||||
Commercial and industrial | $ | 10,071 | $ | 4,337 | |||
Commercial real estate | 46,295 | 41,696 | |||||
Construction and land | 4,552 | 2,213 | |||||
Residential | 11,759 | 11,744 | |||||
Home equity and other consumer | 349 | 755 | |||||
Total nonaccrual loans | $ | 73,026 | $ | 60,745 | |||
Loans 30-89 days past due and accruing (1): | |||||||
Commercial and industrial (2) | $ | 3,450 | $ | 10,894 | |||
Commercial real estate | 1,719 | 7,903 | |||||
Construction and land | 312 | 3,258 | |||||
Residential | 11,525 | 23,412 | |||||
Home equity and other consumer | 298 | 909 | |||||
Total loans 30-89 days past due | $ | 17,304 | $ | 46,376 | |||
Accruing substandard loans: | |||||||
Commercial and industrial | $ | 9,108 | $ | 9,062 | |||
Commercial real estate | 48,178 | 63,953 | |||||
Construction and land | 4,136 | 7,369 | |||||
Residential | 12,263 | 8,072 | |||||
Home equity and other consumer | 1,673 | 1,673 | |||||
Total accruing substandard loans | $ | 75,358 | $ | 90,129 |
(1) | In addition to loans 30-89 days past due and accruing, the Company had one construction and land loan totaling less than $0.1 million that was 90 days or greater past due but still on accrual status at March 31, 2013. As of December 31, 2012, the Company had one commercial and industrial loan totaling $0.3 million, one commercial real estate loan totaling $3.2 million, and one construction and land loan totaling less than $0.1 million that were more than 90 days past due but still on accrual status. |
(2) | Does not include one loan held for sale, 30-89 days past due and accruing, totaling $0.1 million as of March 31, 2013 and $0.3 million as of December 31, 2012. |
Actual | For capital adequacy purposes (at least) | To be well capitalized under prompt corrective action provisions (at least) | ||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
(In thousands) | ||||||||||||||||||||
As of March 31, 2013 | ||||||||||||||||||||
Total risk-based capital | ||||||||||||||||||||
Company | $ | 684,755 | 14.91 | % | $ | 367,366 | 8.00 | % | $ | 459,207 | 10.00 | % | ||||||||
Boston Private Bank | 606,023 | 13.29 | 364,841 | 8.00 | 456,052 | 10.00 | ||||||||||||||
Tier I risk-based capital | ||||||||||||||||||||
Company | 626,948 | 13.65 | 183,683 | 4.00 | 275,524 | 6.00 | ||||||||||||||
Boston Private Bank | 548,683 | 12.03 | 182,421 | 4.00 | 273,631 | 6.00 | ||||||||||||||
Tier I leverage capital | ||||||||||||||||||||
Company | 626,948 | 10.14 | 247,370 | 4.00 | 309,212 | 5.00 | ||||||||||||||
Boston Private Bank | 548,683 | 8.98 | 244,324 | 4.00 | 305,405 | 5.00 | ||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
Total risk-based capital | ||||||||||||||||||||
Company | $ | 676,206 | 14.61 | % | $ | 370,223 | 8.00 | % | $ | 462,779 | 10.00 | % | ||||||||
Boston Private Bank | 594,422 | 12.94 | 367,522 | 8.00 | 459,402 | 10.00 | ||||||||||||||
Tier I risk-based capital | ||||||||||||||||||||
Company | 617,965 | 13.35 | 185,112 | 4.00 | 277,667 | 6.00 | ||||||||||||||
Boston Private Bank | 536,649 | 11.68 | 183,761 | 4.00 | 275,641 | 6.00 | ||||||||||||||
Tier I leverage capital | ||||||||||||||||||||
Company | 617,965 | 9.94 | 248,692 | 4.00 | 310,865 | 5.00 | ||||||||||||||
Boston Private Bank | 536,649 | 8.73 | 245,755 | 4.00 | 307,194 | 5.00 |
Three months ended March 31, | % Change | |||||||||
2013 | 2012 | |||||||||
(In Thousands) | ||||||||||
Net interest income | $ | 44,276 | $ | 44,768 | (1 | )% | ||||
Fees and other income | 30,596 | 27,454 | 11 | % | ||||||
Total revenue | 74,872 | 72,222 | 4 | % | ||||||
Provision/ (credit) for loan losses | — | 4,000 | nm | |||||||
Operating expense | 56,564 | 55,627 | 2 | % | ||||||
Income tax expense | 5,897 | 3,851 | 53 | % | ||||||
Net income from continuing operations | 12,411 | 8,744 | 42 | % | ||||||
Net income from discontinued operations | 1,722 | 1,554 | 11 | % | ||||||
Less: Net income attributable to noncontrolling interests | 930 | 793 | 17 | % | ||||||
Net income attributable to the Company | $ | 13,203 | $ | 9,505 | 39 | % |
Average Balance | Interest Income/Expense | Average Yield/Rate | |||||||||||||||||||
(In Thousands) | As of and for the three months ended March 31, | ||||||||||||||||||||
AVERAGE BALANCE SHEET: | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
AVERAGE ASSETS | |||||||||||||||||||||
Interest-Earning Assets: | |||||||||||||||||||||
Cash and Investments (1): | |||||||||||||||||||||
Taxable investment securities | $ | 198,833 | $ | 376,206 | $ | 514 | $ | 1,256 | 1.03 | % | 1.34 | % | |||||||||
Non-taxable investment securities (2) | 205,255 | 194,410 | 1,291 | 1,323 | 2.52 | % | 2.72 | % | |||||||||||||
Mortgage-backed securities | 317,686 | 251,989 | 1,402 | 1,603 | 1.76 | % | 2.54 | % | |||||||||||||
Federal funds sold and other | 168,004 | 130,771 | 176 | 149 | 0.43 | % | 0.46 | % | |||||||||||||
Total Cash and Investments | 889,778 | 953,376 | 3,383 | 4,331 | 1.52 | % | 1.82 | % | |||||||||||||
Loans: (3) | |||||||||||||||||||||
Commercial and Construction (2) | 2,805,685 | 2,591,377 | 31,990 | 32,693 | 4.62 | % | 5.07 | % | |||||||||||||
Residential | 2,003,845 | 1,857,838 | 16,928 | 17,826 | 3.38 | % | 3.84 | % | |||||||||||||
Home Equity and Other Consumer | 268,156 | 320,160 | 1,987 | 2,760 | 3.01 | % | 3.45 | % | |||||||||||||
Total Loans | 5,077,686 | 4,769,375 | 50,905 | 53,279 | 4.05 | % | 4.48 | % | |||||||||||||
Total Earning Assets | 5,967,464 | 5,722,751 | 54,288 | 57,610 | 3.67 | % | 4.04 | % | |||||||||||||
Less: Allowance for Loan Losses | 84,330 | 97,471 | |||||||||||||||||||
Cash and due from Banks (non-interest bearing) | 41,897 | 112,844 | |||||||||||||||||||
Other Assets (4) | 391,909 | 427,083 | |||||||||||||||||||
TOTAL AVERAGE ASSETS | $ | 6,316,940 | $ | 6,165,207 | |||||||||||||||||
AVERAGE LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Interest-Bearing Liabilities: | |||||||||||||||||||||
Deposits (5): | |||||||||||||||||||||
Savings and NOW | $ | 576,814 | $ | 533,075 | $ | 132 | $ | 331 | 0.09 | % | 0.25 | % | |||||||||
Money Market | 2,387,363 | 1,983,558 | 2,086 | 2,136 | 0.35 | % | 0.43 | % | |||||||||||||
Certificates of Deposits | 678,788 | 898,458 | 1,568 | 2,436 | 0.94 | % | 1.09 | % | |||||||||||||
Total Deposits | 3,642,965 | 3,415,091 | 3,786 | 4,903 | 0.42 | % | 0.58 | % | |||||||||||||
Junior Subordinated Debentures | 137,016 | 180,817 | 1,154 | 1,752 | 3.37 | % | 3.83 | % | |||||||||||||
FHLB Borrowings and Other | 537,468 | 709,611 | 3,065 | 4,379 | 2.28 | % | 2.44 | % | |||||||||||||
Total Interest-Bearing Liabilities | 4,317,449 | 4,305,519 | 8,005 | 11,034 | 0.75 | % | 1.02 | % | |||||||||||||
Noninterest Bearing Demand Deposits | 1,264,803 | 1,167,623 | |||||||||||||||||||
Payables and Other Liabilities (4) | 107,645 | 106,536 | |||||||||||||||||||
Total Average Liabilities | 5,689,897 | 5,579,678 | |||||||||||||||||||
Redeemable Noncontrolling Interests | 17,184 | 21,701 | |||||||||||||||||||
Average Shareholders’ Equity | 609,859 | 563,828 | |||||||||||||||||||
TOTAL AVERAGE LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS’ EQUITY | $ | 6,316,940 | $ | 6,165,207 | |||||||||||||||||
Net Interest Income - on a FTE Basis | $ | 46,283 | $ | 46,576 | |||||||||||||||||
FTE Adjustment (2) | 2,007 | 1,808 | |||||||||||||||||||
Net Interest Income (GAAP Basis) | $ | 44,276 | $ | 44,768 | |||||||||||||||||
Interest Rate Spread | 2.92 | % | 3.02 | % | |||||||||||||||||
Net Interest Margin | 3.13 | % | 3.27 | % |
(1) | Investments classified as available for sale are shown in the average balance sheet at amortized cost. |
(2) | Interest income on non-taxable investments and loans is presented on a FTE basis using statutory rates. The discussion following these tables reflects non-FTE data. |
(3) | Includes loans held for sale and nonaccrual loans. |
(4) | Includes assets and liabilities of discontinued operations, if any. |
(5) | Includes deposits held for sale. |
Exhibit No. | Description | Incorporated by Reference | Filed or Furnished with this 10-Q | |||||||
Form | SEC Filing Date | Exhibit Number | ||||||||
3.1 | Articles of Amendment of the Company | 8-K | 4/22/2013 | 3.1 | Filed | |||||
3.2 | Articles of Amendment of the Company | 8-A12B | 4/24/2013 | 3.1 | Filed | |||||
4.1 | Master Deposit Agreement, dated April 24, 2013, by and among the Registrant, Computershare Trust Company, N.A., and Computershare Inc., collectively, as depositary, and the holders from time to time of the depositary receipts described therein | 8-A12B | 4/24/2013 | 4.1 | Filed | |||||
4.2 | Form of Certificate Representing Series D Preferred Stock | 8-A12B | 4/24/2013 | 4.2 | Filed | |||||
10.1 | Form of Restricted Stock Award Agreement Under the Boston Private Financial Holdings, Inc. 2009 Stock Option and Incentive Plan (including a Non-Solicitation and Confidentiality Agreement for Non-California Residents and a Non-Solicitation and Confidentiality Agreement for California Residents, as applicable) | Filed | ||||||||
10.2 | Form of Restricted Stock Award Agreement Under the Boston Private Financial Holdings, Inc. 2009 Stock Option and Incentive Plan (for employees with existing Employment Agreements) | Filed | ||||||||
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a - 14(a)/15d - 14(a) under the Securities Exchange Act of 1934 | Filed | ||||||||
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a - 14(a)/15d - 14(a) under the Securities Exchange Act of 1934 | Filed | ||||||||
32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished | ||||||||
32.2 | Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished | ||||||||
101.INS | XBRL Instance Document | Furnished | ||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | Furnished | ||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Furnished | ||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Furnished | ||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Furnished | ||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Furnished |
BOSTON PRIVATE FINANCIAL HOLDINGS, INC. | |
/s/ CLAYTON G. DEUTSCH | |
May 8, 2013 | Clayton G. Deutsch |
President and Chief Executive Officer | |
/s/ DAVID J. KAYE | |
May 8, 2013 | David J. Kaye |
Executive Vice President, Treasurer, and Chief Financial Officer |
Name of Grantee: | ||
No. of Shares: | ||
Grant Date: |
Number of Shares Vested | Vesting Date |
100% | May [__], 20[__] |
BOSTON PRIVATE FINANCIAL HOLDINGS, INC. | ||
By: | ||
Name: | Clayton G. Deutsch | |
Title: | CEO & President | |
Dated: | |||
Grantee’s Signature | |||
Grantee’s name and address | |||
Martha T. Higgins, Executive Vice President | ||
EMPLOYEE (Print Name) | FOR THE COMPANY (Print name, title & employer) | |
Signature | Signature | |
Date |
Martha T. Higgins, Executive Vice President | ||
EMPLOYEE (Print Name) | FOR THE COMPANY (Print name, title & employer) | |
Signature | Signature | |
Date |
Name of Grantee: | ||
No. of Shares: | ||
Grant Date: |
Number of Shares Vested | Vesting Date |
100% | May [__], 20[__] |
BOSTON PRIVATE FINANCIAL HOLDINGS, INC. | ||
By: | ||
Name: | Martha T. Higgins | |
Title: | Executive Vice President | |
Dated: | |||
Grantee’s Signature | |||
Grantee’s name and address | |||
1. | I have reviewed this quarterly report on Form 10-Q of Boston Private Financial Holdings, Inc. (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ CLAYTON G. DEUTSCH | ||
Date: May 8, 2013 | Clayton G. Deutsch President and Chief Executive Officer | |
1. | I have reviewed this quarterly report on Form 10-Q of Boston Private Financial Holdings, Inc. (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ DAVID J. KAYE | ||
Date: May 8, 2013 | David J. Kaye Chief Financial Officer | |
/s/ CLAYTON G. DEUTSCH | |||||
Clayton G. Deutsch President and Chief Executive Officer | |||||
Date: May 8, 2013 |
/s/ DAVID J. KAYE | |||||
David J. Kaye Chief Financial Officer | |||||
Date: May 8, 2013 |
Loan Portfolio and Credit Quality Loan footnote text disclosures (Details) (USD $)
|
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Deferred Income | $ (3,600,000) | $ (4,200,000) |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 50,000 | 3,556,000 |
Financing Receivable, Modifications, Recorded Investment | 61,200,000 | 54,500,000 |
Minimum [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Time to obtain new appraisal on impaired loans | 12 | |
Maximum [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Time to obtain new appraisal on impaired loans | 18 | |
Accruing Troubled Debt Restructured Loans [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Modifications, Recorded Investment | $ 29,900,000 | $ 26,700,000 |
Loan Portfolio and Credit Quality Loans by Portfolio Segment (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 4,783,467 | $ 4,814,136 |
Commercial and industrial [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 788,512 | 806,326 |
Commercial real estate [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,688,441 | 1,691,350 |
Construction and land [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 148,917 | 137,570 |
Residential [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,898,413 | 1,906,089 |
Home equity [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 118,182 | 123,551 |
Consumer and other [Member]
|
||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 141,002 | $ 149,250 |
Fair Value Measurements Quantitiative Information about Level 3 Non-Recurring Assets (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2013
|
Dec. 31, 2012
|
Mar. 31, 2012
|
Mar. 31, 2013
Loans Receivable [Member]
Weighted Average [Member]
|
Dec. 31, 2012
Loans Receivable [Member]
Weighted Average [Member]
|
Mar. 31, 2013
Loans Receivable [Member]
Minimum [Member]
|
Dec. 31, 2012
Loans Receivable [Member]
Minimum [Member]
|
Mar. 31, 2013
Loans Receivable [Member]
Maximum [Member]
|
Dec. 31, 2012
Loans Receivable [Member]
Maximum [Member]
|
Dec. 31, 2012
Other Real Estate Owned [Member]
Weighted Average [Member]
|
Dec. 31, 2012
Other Real Estate Owned [Member]
Minimum [Member]
|
Dec. 31, 2012
Other Real Estate Owned [Member]
Maximum [Member]
|
|||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||||||||||||||||
Loans Receivable, Fair Value Disclosure | $ 4,494 | [1] | $ 16,797 | $ 4,894 | [2] | |||||||||||||||
Other Real Estate Owned, Fair Value Disclosure | $ 379 | $ 198 | [3] | |||||||||||||||||
Fair Value Inputs, Discount Rate | 7.00% | 8.00% | 0.00% | 6.00% | 12.00% | 13.00% | 8.00% | 8.00% | 8.00% | |||||||||||
Fair Value Inputs, Comparability Adjustments | 17.00% | 23.00% | 0.00% | 0.00% | 25.00% | 59.00% | 8.00% | 8.00% | 8.00% | |||||||||||
|
Earnings Per Share Diluted Earnings Per Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||
Net Income (Loss) from Continuing Ops Available to Common Stockholders, Basic | $ 10,293 | $ 7,010 | ||||
Dilutive Securities, Effect on Basic Earnings Per Share | 0 | 0 | ||||
Net Income (Loss) from Continuing Operations Available to Common Stockholders, Diluted | 10,293 | 7,010 | ||||
Net Income from Discontinued Ops Available to Common Stockholders, Basic | 1,545 | 1,385 | ||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 11,838 | $ 8,395 | ||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.13 | $ 0.09 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $ 0.02 | $ 0.02 | ||||
Earnings Per Share, Diluted | $ 0.15 | $ 0.11 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.05 | $ 0.01 | ||||
Common Stock [Member]
|
||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||
Weighted Average Basic Common Shares Outstanding | 76,818,610 | 75,632,980 | ||||
Incremental Common Shares Attributable to Share-based Payment Arrangements | 561,128 | [1] | 453,626 | [1] | ||
Incremental Common Shares Attributable to Call Options and Warrants | 445,692 | [1] | 346,245 | [1] | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,006,820 | 799,871 | ||||
Weighted Average Number of Shares Outstanding, Diluted | 77,825,430 | [1] | 76,432,851 | [1] | ||
|
Derivatives and Hedging Activities Derivatives Fair Value and Balance Sheet Classification (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
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Other Assets [Member]
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Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 2,880 | [1] | $ 3,035 | [1] | ||
Other Liabilities [Member]
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Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | (7,712) | [1] | (8,356) | [1] | ||
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member]
|
||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 0 | [1] | 0 | [1] | ||
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member]
|
||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | (4,750) | [1] | (5,189) | [1] | ||
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member]
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||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 2,664 | [1] | 2,915 | [1] | ||
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member]
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||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | (2,746) | [1] | (3,047) | [1] | ||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member]
|
||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 216 | [1] | 120 | [1] | ||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member]
|
||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | $ (216) | [1] | $ (120) | [1] | ||
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Fair Value Measurements (Tables)
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Mar. 31, 2013
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2013 and December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall:
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | There were no Level 3 assets at March 31, 2013 or December 31, 2012. |
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Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | The following tables present the Company’s assets and liabilities measured at fair value on a non-recurring basis during the periods ended March 31, 2013 and 2012, respectively, aggregated by the level in the fair value hierarchy within which those measurements fall.
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Table Text Block] | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value.
Impaired loans include those loans that were adjusted to the fair value of underlying collateral as required under ASC 310, Receivables. The amount does not include impaired loans that are measured based on expected future cash flows discounted at the respective loan’s original effective interest rate, as that amount is not considered a fair value measurement. The Company uses appraisals, which management may adjust to reflect estimated fair value declines, or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property or consideration of broker quotes. The appraisers use a market, income, and/or a cost approach in determining the value of the collateral. Therefore they have been categorized as a Level 3 measurement. The OREO in the tables above includes those properties that had an adjustment to fair value during the the three months ended March 31, 2013 and 2012. The Company uses appraisals as a basis for determining fair value, which management may adjust to reflect estimated fair value declines, or may apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property or consideration of broker quotes. The appraisers use a market, income, and/or a cost approach in determining the value of the collateral. Therefore they have been categorized as a Level 3 measurement. |
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Fair Value, by Balance Sheet Grouping [Table Text Block] | The following tables present the carrying values and fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis (other than certain loans, as noted below):
The estimated fair values have been determined by using available quoted market information or other appropriate valuation methodologies. The aggregate fair value amounts presented do not represent the underlying value of the Company taken as a whole. |
Investments Other Investment Disclosures (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2013
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Dec. 31, 2012
|
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Investments, Other Disclosures [Abstract] | ||
Cost Method Investments, Additional Information | 0 | 0.1 |
Cost Method Investments | $ 22.5 | $ 24.9 |
Reportable Segments Segments Text Disclosure (Details)
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3 Months Ended |
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Mar. 31, 2013
segments
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Segment Reporting Information [Line Items] | |
Number of Reportable Segments | 3 |
Loan Portfolio and Credit Quality Impaired Loans With and Without Related Allowance (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | ||||||
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Mar. 31, 2013
|
Mar. 31, 2012
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Dec. 31, 2012
|
||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, Recorded Investment | $ 97,146 | [1] | $ 96,805 | [1] | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 121,473 | 121,180 | ||||||
Impaired Financing Receivable, Related Allowance | 4,728 | 4,670 | ||||||
Impaired Financing Receivable, Average Recorded Investment | 91,074 | 91,613 | ||||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 531 | 521 | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 42,269 | [1] | 44,284 | [1] | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 44,156 | 45,845 | ||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 37,648 | 35,347 | ||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 228 | 238 | ||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 54,877 | [1] | 52,521 | [1] | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 77,317 | 75,335 | ||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 53,426 | 56,266 | ||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 303 | 283 | ||||||
Commercial and industrial [Member]
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Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, Recorded Investment | 11,104 | [1] | 7,619 | [1] | 4,423 | [1] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 12,353 | 10,373 | 5,690 | |||||
Impaired Financing Receivable, Related Allowance | 369 | 113 | 118 | |||||
Impaired Financing Receivable, Average Recorded Investment | 8,927 | 6,956 | 6,562 | |||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 85 | 0 | 1 | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,245 | [1] | 1,081 | [1] | 1,149 | [1] | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 3,310 | 1,109 | 1,191 | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,676 | 1,101 | 1,855 | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 4 | 0 | 1 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,859 | [1] | 6,538 | [1] | 3,274 | [1] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 9,043 | 9,264 | 4,499 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 7,251 | 5,855 | 4,707 | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 81 | 0 | 0 | |||||
Commercial real estate [Member]
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Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, Recorded Investment | 63,823 | [1] | 58,085 | [1] | 58,652 | [1] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 84,480 | 74,433 | 84,238 | |||||
Impaired Financing Receivable, Related Allowance | 2,446 | 3,245 | 1,667 | |||||
Impaired Financing Receivable, Average Recorded Investment | 60,537 | 58,129 | 56,246 | |||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 213 | 277 | 1,010 | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 24,475 | [1] | 28,121 | [1] | 18,519 | [1] | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 25,957 | 29,624 | 19,814 | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 20,702 | 24,586 | 24,510 | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 112 | 173 | 727 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 39,348 | [1] | 29,964 | [1] | 40,133 | [1] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 58,523 | 44,809 | 64,424 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 39,835 | 33,543 | 31,736 | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 101 | 104 | 283 | |||||
Construction and land [Member]
|
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Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, Recorded Investment | 4,899 | [1] | 7,281 | [1] | 2,213 | [1] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 5,593 | 11,584 | 3,635 | |||||
Impaired Financing Receivable, Related Allowance | 417 | 313 | 189 | |||||
Impaired Financing Receivable, Average Recorded Investment | 4,270 | 7,528 | 7,018 | |||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 91 | 97 | 97 | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,965 | [1] | 1,194 | [1] | 903 | [1] | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 4,046 | 1,224 | 953 | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,637 | 1,234 | 1,486 | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 934 | [1] | 6,087 | [1] | 1,310 | [1] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,547 | 10,360 | 2,682 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,633 | 6,294 | 5,532 | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 91 | 97 | 97 | |||||
Residential [Member]
|
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Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, Recorded Investment | 17,280 | [1] | 23,329 | [1] | 15,876 | [1] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 19,007 | 24,299 | 16,392 | |||||
Impaired Financing Receivable, Related Allowance | 1,496 | 868 | 1,403 | |||||
Impaired Financing Receivable, Average Recorded Investment | 17,060 | 18,527 | 20,666 | |||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 141 | 144 | 686 | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 10,584 | [1] | 13,757 | [1] | 13,539 | [1] | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 10,843 | 13,757 | 13,798 | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 13,633 | 8,295 | 11,781 | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 112 | 63 | 374 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 6,696 | [1] | 9,572 | [1] | 2,337 | [1] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 8,164 | 10,542 | 2,594 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,427 | 10,232 | 8,885 | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 29 | 81 | 312 | |||||
Home equity [Member]
|
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Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, Recorded Investment | 40 | [1] | 491 | [1] | 360 | [1] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 40 | 491 | 360 | |||||
Impaired Financing Receivable, Related Allowance | 0 | 131 | 0 | |||||
Impaired Financing Receivable, Average Recorded Investment | 280 | 473 | 469 | |||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 1 | 3 | 8 | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | [1] | 131 | [1] | 0 | [1] | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 131 | 0 | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 131 | 114 | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 2 | 5 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 40 | [1] | 360 | [1] | 360 | [1] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 40 | 360 | 360 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 280 | 342 | 355 | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 1 | 1 | 3 | |||||
Consumer and other [Member]
|
||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, Recorded Investment | 0 | [1] | 0 | [1] | 0 | [1] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 | 0 | |||||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |||||
Impaired Financing Receivable, Average Recorded Investment | 0 | 0 | 40 | |||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 | 0 | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | [1] | 0 | [1] | 0 | [1] | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | [1] | 0 | [1] | 0 | [1] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | 40 | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | |||||
Class of Financing Receivable [Domain]
|
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Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, Recorded Investment | 81,524 | [1] | ||||||
Impaired Financing Receivable, Unpaid Principal Balance | 110,315 | |||||||
Impaired Financing Receivable, Related Allowance | 3,377 | |||||||
Impaired Financing Receivable, Average Recorded Investment | 91,001 | |||||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 1,802 | |||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 34,110 | [1] | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 35,756 | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 39,746 | |||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 1,107 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 47,414 | [1] | ||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 74,559 | |||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 51,255 | |||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | $ 695 | |||||||
|
Noncontrolling Interests Noncontrolling Interests - Text Details (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
phantom NCI [Abstract] | ||||
Net income/ (loss) attributable to noncontrolling interests | $ 930 | $ 793 | ||
Income (Loss) Attributable to Noncontrolling Interest | 930 | 793 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ 17,438 | $ 21,604 | $ 19,287 | $ 21,691 |
Derivatives and Hedging Activities Cash Flow Hedges Text Description (Details) (USD $)
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Derivative [Line Items] | |
Derivative Asset, Notional Amount | $ 75,000,000 |
Derivative Contract Term | 5 years |
Derivative, Description of Hedged Item | 6.25% |
Derivative, Description of Variable Rate Basis | three-month LIBOR plus 1.68% |
Derivative, Average Variable Interest Rate | 4.45% |
Loss on Cash Flow Hedge Ineffectiveness | 0 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 1,800,000 |
Fair Value Measurements Not Measured at Fair Value on a Recurring Basis (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 31, 2013
|
Dec. 31, 2012
|
Mar. 31, 2012
|
||||||
---|---|---|---|---|---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Federal Funds Purchased | $ 50,000 | $ 0 | |||||||
Carrying (Reported) Amount, Fair Value Disclosure [Member]
|
|||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cash and Cash Equivalents, Fair Value Disclosure | 54,136 | 308,744 | |||||||
Loans Receivable, Fair Value Disclosure | 4,701,181 | 4,730,079 | |||||||
Loans Held-for-sale, Fair Value Disclosure | 289,180 | 308,390 | |||||||
Other Assets, Fair Value Disclosure | 118,004 | 118,087 | |||||||
Deposits, Fair Value Disclosure | 4,517,351 | 4,885,059 | |||||||
Deposits Held For Sale, Fair Value Disclosure | 188,252 | 194,084 | |||||||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 122,187 | 116,319 | |||||||
Federal Funds Purchased | 50,000 | 0 | |||||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 461,411 | 408,121 | |||||||
Subordinated Debt Obligations, Fair Value Disclosure | 133,835 | 143,647 | |||||||
Other Liabilities, Fair Value Disclosure | 9,998 | 10,058 | |||||||
Portion at Fair Value, Fair Value Disclosure [Member]
|
|||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cash and Cash Equivalents, Fair Value Disclosure | 54,136 | 308,744 | |||||||
Loans Receivable, Fair Value Disclosure | 4,716,548 | 4,766,574 | |||||||
Loans Held-for-sale, Fair Value Disclosure | 289,180 | 308,908 | |||||||
Other Assets, Fair Value Disclosure | 118,004 | 118,087 | |||||||
Deposits, Fair Value Disclosure | 4,523,775 | 4,891,465 | |||||||
Deposits Held For Sale, Fair Value Disclosure | 177,107 | 182,592 | |||||||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 123,463 | 117,885 | |||||||
Federal Funds Purchased | 50,000 | 0 | |||||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 480,402 | 428,037 | |||||||
Subordinated Debt Obligations, Fair Value Disclosure | 108,573 | 117,502 | |||||||
Other Liabilities, Fair Value Disclosure | 9,998 | 10,058 | |||||||
Fair Value, Inputs, Level 1 [Member] | Portion at Fair Value, Fair Value Disclosure [Member]
|
|||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cash and Cash Equivalents, Fair Value Disclosure | 54,136 | 308,744 | |||||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||||||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |||||||
Other Assets, Fair Value Disclosure | 0 | 0 | |||||||
Deposits, Fair Value Disclosure | 0 | 0 | |||||||
Deposits Held For Sale, Fair Value Disclosure | 0 | 0 | |||||||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 0 | 0 | |||||||
Federal Funds Purchased | 0 | 0 | |||||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | 0 | |||||||
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | |||||||
Other Liabilities, Fair Value Disclosure | 0 | 0 | |||||||
Fair Value, Inputs, Level 2 [Member] | Portion at Fair Value, Fair Value Disclosure [Member]
|
|||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |||||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||||||
Loans Held-for-sale, Fair Value Disclosure | 289,180 | 308,908 | |||||||
Other Assets, Fair Value Disclosure | 118,004 | 118,087 | |||||||
Deposits, Fair Value Disclosure | 4,523,775 | 4,891,465 | |||||||
Deposits Held For Sale, Fair Value Disclosure | 177,107 | 182,592 | |||||||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 123,463 | 117,885 | |||||||
Federal Funds Purchased | 50,000 | 0 | |||||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 480,402 | 428,037 | |||||||
Subordinated Debt Obligations, Fair Value Disclosure | 3,875 | 12,804 | |||||||
Other Liabilities, Fair Value Disclosure | 9,998 | 10,058 | |||||||
Fair Value, Inputs, Level 3 [Member] | Portion at Fair Value, Fair Value Disclosure [Member]
|
|||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | |||||||
Loans Receivable, Fair Value Disclosure | 4,716,548 | 4,766,574 | |||||||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |||||||
Other Assets, Fair Value Disclosure | 0 | 0 | |||||||
Deposits, Fair Value Disclosure | 0 | 0 | |||||||
Deposits Held For Sale, Fair Value Disclosure | 0 | 0 | |||||||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 0 | 0 | |||||||
Federal Funds Purchased | 0 | 0 | |||||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | 0 | |||||||
Subordinated Debt Obligations, Fair Value Disclosure | 104,698 | 104,698 | |||||||
Other Liabilities, Fair Value Disclosure | 0 | 0 | |||||||
Fair Value, Measurements, Nonrecurring [Member]
|
|||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Loans Receivable, Fair Value Disclosure | 4,494 | [1] | 16,797 | 4,894 | [2] | ||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]
|
|||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Loans Receivable, Fair Value Disclosure | 0 | [1] | 0 | [2] | |||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]
|
|||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Loans Receivable, Fair Value Disclosure | 0 | [1] | 0 | [2] | |||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]
|
|||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||
Loans Receivable, Fair Value Disclosure | $ 4,494 | [1] | $ 4,894 | [2] | |||||
|
Basis of Presentation and Summary of Significant Accounting Policies
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation and Summary of Significant Accounting Policies Boston Private Financial Holdings, Inc. (the “Company” or “BPFH”), is a bank holding company with three reportable segments: Private Banking, Investment Management, and Wealth Advisory. Boston Private Bank & Trust Company (the “Bank” or “Boston Private Bank”) is a trust company chartered by The Commonwealth of Massachusetts, insured by the Federal Deposit Insurance Corporation (the “FDIC”), and a wholly-owned subsidiary of the Company. Boston Private Bank operates primarily in four geographic markets: New England, San Francisco Bay, Southern California, and the Pacific Northwest. The Bank currently conducts business under the name of Boston Private Bank & Trust Company in all markets. In December 2012, the Bank entered into a definitive agreement to sell its three offices in the Pacific Northwest market. The Investment Management segment has two consolidated affiliates, consisting of Dalton, Greiner, Hartman, Maher & Co., LLC (“DGHM”) and Anchor Capital Advisors, LLC (“Anchor”) (together, the “Investment Managers”), both of which are registered investment advisers. Effective January 1, 2013, Anchor/Russell Capital Advisors LLC (“Anchor Russell”) merged into Anchor, with Anchor as the surviving entity. Anchor Capital Holdings, LLC, the former holding company of Anchor and Anchor Russell, which was dissolved upon the merger of Anchor and Anchor Russell, has been reinstated but will remain a pass through entity with no operations. It will continue to be disregarded for tax purposes. The Wealth Advisory segment has two consolidated affiliate partners, KLS Professional Advisors Group, LLC (“KLS”) and Bingham, Osborn & Scarborough, LLC (“BOS”) (together, the “Wealth Advisors”). In the second quarter of 2012, the Company sold its affiliate Davidson Trust Company (“DTC”). Accordingly, prior period and current financial information related to DTC is included with discontinued operations. The Company conducts substantially all of its business through its three reportable segments. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), and include all necessary adjustments of a normal recurring nature which, in the opinion of management, are required for a fair presentation of the results of operations and financial condition of the Company. The interim results of consolidated operations are not necessarily indicative of the results for the entire year. The information in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the Securities and Exchange Commission (“SEC”). Prior period amounts are reclassified whenever necessary to conform to the current period presentation. The Company’s significant accounting policies are described in Part II. Item 8. “Financial Statements and Supplementary Data - Note 1: Basis of Presentation and Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the SEC. For interim reporting purposes, the Company follows the same significant accounting policies. |
Derivatives and Hedging Activities Non-designated Hedges Text description (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2013
Not Designated as Hedging Instrument [Member]
|
Mar. 31, 2012
Not Designated as Hedging Instrument [Member]
|
Mar. 31, 2013
Interest Rate Swap [Member]
Not Designated as Hedging Instrument [Member]
contracts
|
Dec. 31, 2012
Interest Rate Swap [Member]
Not Designated as Hedging Instrument [Member]
contracts
|
Dec. 31, 2012
Interest Rate Swap [Member]
Designated as Hedging Instrument [Member]
|
Mar. 31, 2013
Foreign Exchange Contract [Member]
Not Designated as Hedging Instrument [Member]
contracts
|
Dec. 31, 2012
Foreign Exchange Contract [Member]
Not Designated as Hedging Instrument [Member]
contracts
|
---|---|---|---|---|---|---|---|
Derivative [Line Items] | |||||||
Derivative, Collateral, Obligation to Return Cash | $ 7.6 | $ 8.4 | |||||
Derivative, Collateral, Right to Reclaim Cash | 10.4 | ||||||
Derivative Credit Risk Valuation Adjustment, Derivative Assets | (0.1) | 0.1 | |||||
Derivative, Number of Instruments Held | 8 | 11 | 14 | 6 | |||
Derivative, Notional Amount | $ 52.1 | $ 55.7 | $ 10.7 | $ 3.7 |