Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 04, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | OCFC | |
Entity Registrant Name | OCEANFIRST FINANCIAL CORP | |
Entity Central Index Key | 1,004,702 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 25,839,744 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 66,222 | $ 43,946 |
Securities available-for-sale, at estimated fair value | 12,509 | 29,902 |
Securities held-to-maturity, net (estimated fair value of $520,971 at June 30, 2016 and $397,763 at December 31, 2015) | 513,721 | 394,813 |
Federal Home Loan Bank of New York stock, at cost | 21,128 | 19,978 |
Loans receivable, net | 3,130,046 | 1,970,703 |
Mortgage loans held for sale | 5,310 | 2,697 |
Interest and dividends receivable | 10,143 | 5,860 |
Other real estate owned | 9,791 | 8,827 |
Premises and equipment, net | 49,392 | 28,419 |
Servicing asset | 664 | 589 |
Bank Owned Life Insurance | 105,929 | 57,549 |
Deferred tax asset | 37,052 | 16,807 |
Other assets | 14,581 | 10,900 |
Core deposit intangible | 3,903 | 256 |
Goodwill | 67,102 | 1,822 |
Total assets | 4,047,493 | 2,593,068 |
Liabilities and Stockholders' Equity | ||
Deposits | 3,206,262 | 1,916,678 |
Securities sold under agreements to repurchase with retail customers | 67,673 | 75,872 |
Federal Home Loan Bank advances | 312,603 | 324,385 |
Other borrowings | 22,500 | 22,500 |
Advances by borrowers for taxes and insurance | 9,828 | 7,121 |
Other liabilities | 19,369 | 8,066 |
Total liabilities | 3,638,235 | 2,354,622 |
Stockholders' equity: | ||
Preferred stock, $.01 par value, $1,000 liquidation preference, 5,000,000 shares authorized, no shares issued | ||
Common stock, $.01 par value, 55,000,000 shares authorized, 33,566,772 shares issued and 25,748,898 and 17,286,557 shares outstanding at June 30, 2016 and December 31, 2015, respectively | 336 | 336 |
Additional paid-in capital | 308,460 | 269,757 |
Retained earnings | 230,895 | 229,140 |
Accumulated other comprehensive loss | (5,798) | (6,241) |
Less: Unallocated common stock held by Employee Stock Ownership Plan | (2,903) | (3,045) |
Treasury stock, 7,817,874 and 16,280,215 shares at June 30, 2016 and December 31, 2015, respectively | (121,732) | (251,501) |
Common stock acquired by Deferred Compensation Plan | (308) | (314) |
Deferred Compensation Plan Liability | 308 | 314 |
Total stockholders' equity | 409,258 | 238,446 |
Total liabilities and stockholders' equity | $ 4,047,493 | $ 2,593,068 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity, net estimated fair value | $ 520,971,000 | $ 397,763,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference | $ 1,000,000 | $ 1,000,000 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 55,000,000 | 55,000,000 |
Common stock, shares issued | 33,566,772 | 33,566,772 |
Common stock, shares outstanding | 25,748,898 | 17,286,557 |
Treasury stock, shares | 7,817,874 | 16,280,215 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest income: | ||||
Loans | $ 30,521 | $ 18,548 | $ 51,556 | $ 36,577 |
Mortgage-backed securities | 1,708 | 1,519 | 3,123 | 3,142 |
Investment securities and other | 912 | 509 | 1,535 | 1,026 |
Total interest income | 33,141 | 20,576 | 56,214 | 40,745 |
Interest expense: | ||||
Deposits | 1,771 | 967 | 3,042 | 1,922 |
Borrowed funds | 1,356 | 1,176 | 2,599 | 2,257 |
Total interest expense | 3,127 | 2,143 | 5,641 | 4,179 |
Net interest income | 30,014 | 18,433 | 50,573 | 36,566 |
Provision for loan losses | 662 | 300 | 1,225 | 675 |
Net interest income after provision for loan losses | 29,352 | 18,133 | 49,348 | 35,891 |
Other income: | ||||
Bankcard services revenue | 1,211 | 899 | 2,062 | 1,682 |
Wealth management revenue | 621 | 629 | 1,171 | 1,157 |
Fees and service charges | 2,502 | 2,059 | 4,319 | 3,949 |
Loan servicing income | 95 | 59 | 151 | 111 |
Net loss on sale of investment securities available-for-sale | (12) | (12) | ||
Net gain on sale of loan servicing | 30 | 111 | ||
Net gain on sales of loans available-for-sale | 170 | 185 | 349 | 377 |
Net loss from other real estate operations | (313) | (72) | (719) | (51) |
Income from Bank Owned Life Insurance | 542 | 364 | 861 | 810 |
Other | 67 | 18 | 77 | 11 |
Total other income | 4,883 | 4,171 | 8,259 | 8,157 |
Operating expenses: | ||||
Compensation and employee benefits | 11,432 | 7,700 | 19,898 | 15,239 |
Occupancy | 2,011 | 1,242 | 3,637 | 2,696 |
Equipment | 1,184 | 813 | 2,153 | 1,611 |
Marketing | 543 | 415 | 794 | 689 |
Federal deposit insurance | 723 | 506 | 1,252 | 1,004 |
Data processing | 1,881 | 1,101 | 3,146 | 2,189 |
Check card processing | 505 | 423 | 925 | 898 |
Professional fees | 700 | 539 | 1,198 | 934 |
Other operating expense | 2,217 | 1,469 | 3,493 | 2,636 |
Federal Home Loan Bank prepayment fee | 136 | 136 | ||
Amortization of core deposit intangible | 125 | 138 | ||
Merger related expenses | 7,189 | 184 | 8,591 | 234 |
Total operating expenses | 28,646 | 14,392 | 45,361 | 28,130 |
Income before provision for income taxes | 5,589 | 7,912 | 12,246 | 15,918 |
Provision for income taxes | 1,928 | 2,779 | 4,380 | 5,523 |
Net income | $ 3,661 | $ 5,133 | $ 7,866 | $ 10,395 |
Basic earnings per share | $ 0.16 | $ 0.31 | $ 0.40 | $ 0.63 |
Diluted earnings per share | $ 0.16 | $ 0.31 | $ 0.39 | $ 0.63 |
Average basic shares outstanding | 22,478 | 16,401 | 19,694 | 16,433 |
Average diluted shares outstanding | 22,880 | 16,593 | 19,996 | 16,613 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 3,661 | $ 5,133 | $ 7,866 | $ 10,395 |
Other comprehensive income: | ||||
Unrealized (loss) gain on securities (net of tax benefit of $(34) and tax expense of $37 in 2016, and net of tax expense of $1 and $98 in 2015, respectively) | (49) | 2 | 53 | 141 |
Accretion of unrealized loss on securities reclassified to held-to-maturity (net of tax expense of $128 and $277 in 2016 and $138 and $263 in 2015, respectively) | 186 | 199 | 402 | 381 |
Reclassification adjustment for losses included in net income (net of tax benefit of $5 in 2016) | (12) | (12) | ||
Total comprehensive income | $ 3,786 | $ 5,334 | $ 8,309 | $ 10,917 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on securities, tax expense (benefit) | $ (34) | $ 1 | $ 37 | $ 98 |
Accretion of unrealized loss on securities reclassified to held-to-maturity, tax expense | 128 | $ 138 | 277 | $ 263 |
Reclassification adjustment for losses included in net income, tax benefit | $ 5 | $ 5 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Employee Stock Ownership Plan [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Gain (Loss) [Member] | Treasury Stock [Member] | Common Stock Acquired by Deferred Compensation Plan [Member] | Deferred Compensation Plan Liability [Member] |
Beginning Balance at Dec. 31, 2014 | $ 218,259 | $ (3,330) | $ 336 | $ 265,260 | $ 217,714 | $ (7,109) | $ (254,612) | $ (304) | $ 304 |
Net income | 10,395 | 10,395 | |||||||
Other comprehensive income, net of tax | 522 | 522 | |||||||
Tax benefit (expense) of stock plans | 8 | 8 | |||||||
Stock awards | 638 | 638 | |||||||
Treasury stock allocated to restricted stock plan | 1,197 | (139) | (1,058) | ||||||
Purchased 259,940 shares of common stock | (4,452) | (4,452) | |||||||
Allocation of ESOP stock | 288 | 143 | 145 | ||||||
Cash dividend | (4,288) | (4,288) | |||||||
Exercise of stock options | 165 | (38) | 203 | ||||||
Sale/Purchase of stock for the deferred compensation plan | (5) | 5 | |||||||
Ending Balance at Jun. 30, 2015 | 221,535 | (3,187) | 336 | 267,248 | 223,644 | (6,587) | (259,919) | (309) | 309 |
Beginning Balance at Dec. 31, 2015 | 238,446 | (3,045) | 336 | 269,757 | 229,140 | (6,241) | (251,501) | (314) | 314 |
Net income | 7,866 | 7,866 | |||||||
Other comprehensive income, net of tax | 443 | 443 | |||||||
Tax benefit (expense) of stock plans | (260) | (260) | |||||||
Stock awards | 756 | 756 | |||||||
Treasury stock allocated to restricted stock plan | 1,108 | (114) | (994) | ||||||
Issued 8,282,296 treasury shares to finance acquisition | 165,901 | 36,940 | 128,961 | ||||||
Allocation of ESOP stock | 301 | 142 | 159 | ||||||
Cash dividend | (5,481) | (5,481) | |||||||
Exercise of stock options | 1,286 | (516) | 1,802 | ||||||
Sale/Purchase of stock for the deferred compensation plan | 6 | (6) | |||||||
Ending Balance at Jun. 30, 2016 | $ 409,258 | $ (2,903) | $ 336 | $ 308,460 | $ 230,895 | $ (5,798) | $ (121,732) | $ (308) | $ 308 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Retained Earnings [Member] | ||
Cash dividend per share | $ 0.26 | $ 0.26 |
Treasury Stock [Member] | ||
Issued treasury shares to finance acquisition | 8,282,296 | |
Purchase of common stock, shares | 259,940 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 7,866 | $ 10,395 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 2,131 | 1,504 |
Allocation of ESOP stock | 301 | 288 |
Stock awards | 756 | 638 |
Amortization of servicing asset | 87 | 214 |
Net premium amortization in excess of discount accretion on securities | 849 | 1,140 |
Net amortization of deferred costs and discounts on loans | 26 | 70 |
Amortization of core deposit intangible | 138 | |
Net accretion/amortization of purchase accounting adjustments | (1,431) | |
Provision for loan losses | 1,225 | 675 |
Net loss (gain) on sale of other real estate owned | 145 | (112) |
Net loss on sales of available-for-sale securities | 12 | |
Net gain on sales of loans | (349) | (377) |
Proceeds from sales of mortgage loans held for sale | 19,555 | 28,144 |
Mortgage loans originated for sale | (21,819) | (25,020) |
Proceeds from Bank Owned Life Insurance | 155 | |
Increase in value of Bank Owned Life Insurance | (861) | (810) |
Increase in interest and dividends receivable | (756) | (44) |
Decrease in other assets | 8,928 | 1,311 |
Increase (decrease) in other liabilities | (857) | (2,205) |
Total adjustments | 8,235 | 5,416 |
Net cash provided by operating activities | 16,101 | 15,811 |
Cash flows from investing activities: | ||
Net increase in loans receivable | 9,648 | (77,571) |
Purchase of loans receivable | (12,942) | (7,186) |
Purchase of investment securities available-for-sale | (9,973) | |
Proceeds from maturities and calls of investment securities held-to-maturity | 19,635 | 23,285 |
Proceeds from sales of securities available-for-sale | 59,211 | |
Principal repayments on mortgage-backed securities held-to-maturity | 31,037 | 30,997 |
Decrease in Federal Home Loan Bank of New York stock | 5,632 | 430 |
Proceeds from sales of other real estate owned | 1,714 | 1,398 |
Purchases of premises and equipment | (1,381) | (1,697) |
Cash received, net of cash consideration paid for acquisition | (477) | |
Cash acquired, net of cash paid for branch acquisition | 16,727 | |
Net cash provided by (used in) investing activities | 128,804 | (40,317) |
Cash flows from financing activities: | ||
Increase in deposits | 24,496 | 41,540 |
Decrease in short-term borrowings | (116,400) | (40,747) |
Proceeds from Federal Home Loan Bank advances | 55,000 | 35,000 |
Repayments of Federal Home Loan Bank advances | (73,048) | |
Repayments of other borrowings | (10,000) | |
Increase in advances by borrowers for taxes and insurance | 1,778 | 1,522 |
Exercise of stock options | 1,286 | 165 |
Purchase of treasury stock | (4,452) | |
Dividends paid | (5,481) | (4,288) |
Tax (expense) benefit of stock plans | (260) | 8 |
Net cash (used in) provided by financing activities | (122,629) | 28,748 |
Net increase in cash and due from banks | 22,276 | 4,242 |
Cash and due from banks at beginning of period | 43,946 | 36,117 |
Cash and due from banks at end of period | 66,222 | 40,359 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest | 5,507 | 4,137 |
Income taxes | 4,664 | 762 |
Non-cash activities: | ||
Accretion of unrealized loss on securities reclassified to held-to-maturity | 679 | 644 |
Loans charged-off, net | 1,269 | $ 458 |
Transfer of loans receivable to other real estate owned | 888 | |
Non-cash assets acquired: | ||
Securities | 212,156 | |
Federal Home Loan Bank of New York stock | 6,782 | |
Loans | 1,156,980 | |
Premises & equipment | 21,723 | |
Other real estate owned | 1,935 | |
Deferred tax asset | 22,054 | |
Other assets | 61,793 | |
Goodwill and other intangible assets, net | 68,739 | |
Total non-cash assets acquired | 1,552,162 | |
Liabilities assumed: | ||
Deposits | 1,248,367 | |
Federal Home Loan Bank advances | 124,466 | |
Other liabilities | 12,951 | |
Total liabilities assumed | $ 1,385,784 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of OceanFirst Financial Corp. (the “Company”) and its wholly-owned subsidiary, OceanFirst Bank (the “Bank”), and its subsidiaries. The interim consolidated financial statements reflect all normal and recurring adjustments which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results of operations that may be expected for all of 2016. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and the results of operations for the period. Actual results could differ from these estimates. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report to Stockholders on Form 10-K for the year ended December 31, 2015. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | Note 2. Business Combinations Branch Acquisition On March 11, 2016, the Company completed its acquisition of an existing retail branch in the Toms River market. Under the terms of the Purchase and Assumption Agreement dated July 31, 2015, the Company paid a deposit premium of $340,000, equal to 2.50% of core deposits; i.e., all deposits other than time deposits, government deposits, and fiduciary accounts. Up to 1.0% of the deposit premium was contingent on the core deposit balance seventy-five days after closing. The branch acquisition was accounted for using the purchase method of accounting. Assets acquired, liabilities assumed and consideration exchanged were recorded at their respective acquisition date fair values. Determining the fair value of assets and liabilities is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values. Fair values are preliminary and subject to refinement for up to one year after the closing date as additional information regarding the acquisition date fair values becomes available. The following table presents the assets acquired and liabilities assumed as of March 11, 2016 and their initial fair value estimates (in thousands). Book Value Fair Value Adjustment Fair Value Assets Acquired Cash and cash equivalents $ 16,727 $ — $ 16,727 Loans 9 — 9 Other assets 15 — 15 Core deposit intangible — 66 66 Total assets acquired $ 16,751 $ 66 $ 16,817 Liabilities Assumed Deposits $ 16,953 $ 4 $ 16,957 Other liabilities 138 — 138 Total liabilities assumed $ 17,091 $ 4 $ 17,095 Goodwill $ 278 Cape Bancorp Acquisition On May 2, 2016, the Company completed its acquisition of Cape Bancorp, Inc. (“Cape”), which after purchase accounting adjustments added $1.5 billion to assets, $1.2 billion to loans, and $1.2 billion to deposits. Total consideration paid for Cape was $196.4 million, including cash consideration of $30.5 million. Cape was merged with and into the Company’s subsidiary, OceanFirst Bank, as of the date of acquisition. The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the fair value of the net assets acquired has been recorded as goodwill. The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Cape, net of total consideration paid (in thousands): At May 2, 2016 (in thousands) Cape Book Value Purchase Accounting Adjustments Estimated Fair Value Total Purchase Price: $ 196,403 Assets acquired: Cash and cash equivalents $ 30,025 $ — $ 30,025 Securities and Federal Home Loan Bank Stock 218,577 361 218,938 Loans: 1,169,568 1,156,980 Specific credit fair value on credit impaired loans — (7,256 ) — General credit fair value — (19,069 ) — Interest rate fair value — 1,982 — Reverse allowance for loan losses — 9,931 — Reverse net deferred fees, premiums and discounts — 1,824 — Premises and equipment 27,972 (6,249 ) 21,723 Other real estate owned 2,343 (408 ) 1,935 Deferred tax asset 9,407 12,647 22,054 Other assets 61,793 — 61,793 Core deposit intangible 831 2,887 3,718 Total assets acquired 1,520,516 (3,350 ) 1,517,166 Liabilities assumed: Deposits (1,247,688 ) (679 ) (a) (1,248,367 ) Borrowings (123,587 ) (879 ) (124,466 ) Other liabilities (7,611 ) (5,340 ) (b) (12,951 ) Total liabilities assumed (1,378,886 ) (6,898 ) (1,385,784 ) Net assets acquired $ 141,630 $ (10,248 ) 131,382 Goodwill recorded in the merger $ 65,021 The following provides an explanation of certain fair value adjustments in the above table: (a) Represents fair value adjustment on time deposits of $1,024, net of reversal of prior acquisition purchase accounting adjustments of $346. (b) Represents accrued liability related to the Pension Plan. The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available. As the Company finalizes its review of the acquired assets and liabilities, certain adjustments to the recorded carrying values may be required. Supplemental Pro Forma Financial Information The following table presents financial information regarding the former Cape operations included in the Consolidated Statements of Income from the date of the acquisition (May 2, 2016) through June 30, 2016. In addition, the table provides unaudited condensed pro forma financial information assuming the Cape acquisition had been completed as of January 1, 2016 for the six months ended June 30, 2016 and as of January 1, 2015 for the six months ended June 30, 2015. The table below has been prepared for comparative purposes only and is not necessarily indicative of the actual results that would have been attained had the acquisition occurred as of the beginning of the periods presented, nor is it indicative of future results. Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated cost savings or the impact of conforming certain accounting policies of the acquired company to the Company’s policies that may have occurred as a result of the integration and consolidation of Cape’s operations. The pro forma information shown reflects adjustments related to certain purchase accounting fair value adjustments; amortization of core deposit and other intangibles; and related income tax effects. Cape Actual from May 2, 2016 to Pro forma Six months ended June 30, 2016 Pro forma Six months ended June 30, 2015 (in thousands) Net interest income $ 9,493 $ 67,439 $ 60,331 Provision for loan losses 100 2,441 2,888 Non-interest income 951 10,490 17,066 Non-interest expense 4,872 63,350 47,691 Net income $ 3,675 $ 6,113 $ 19,502 Earnings per share: Fully diluted $ 0.24 $ 0.78 Fair Value Measurement of Assets Assumed and Liabilities Assumed The methods used to determine the fair value of the assets acquired and liabilities assumed in the Cape acquisition were as follows. Refer to Note 10, Fair Value Measurements, for a discussion of the fair value hierarchy. Securities The estimated fair values of the securities were calculated utilizing Level 2 inputs. The securities acquired are bought and sold in active markets. Prices for these instruments were obtained through security industry sources that actively participate in the buying and selling of securities. Loans The acquired loan portfolio was valued utilizing Level 3 inputs and included the use of present value techniques employing cash flow estimates and incorporated assumptions that marketplace participants would use in estimating fair values. In instances where reliable market information was not available, the Company used its own assumptions in an effort to determine reasonable fair value. Specifically, the Company utilized three separate fair value analyses which a market participant would employ in estimating the total fair value adjustment. The three separate fair valuation methodologies used were: 1) interest rate loan fair value analysis; 2) general credit fair value adjustment; and 3) specific credit fair value adjustment. To prepare the interest rate fair value analysis, loans were grouped by characteristics such as loan type, term, collateral and rate. Market rates for similar loans were obtained from various external data sources and reviewed by Company management for reasonableness. The average of these rates was used as the fair value interest rate a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value adjustment. The general credit fair value adjustment was calculated using a two part general credit fair value analysis; 1) expected lifetime losses and 2) estimated fair value adjustment for qualitative factors. The expected lifetime losses were calculated using an average of historical losses of the acquired bank. The adjustment related to qualitative factors was impacted by general economic conditions and the risk related to lack of experience with the originator’s underwriting process. To calculate the specific credit fair value adjustment the Company reviewed the acquired loan portfolio for loans meeting the definition of an impaired loan with deteriorated credit quality. Loans meeting these criteria were reviewed by comparing the contractual cash flows to expected collectible cash flows. The aggregate expected cash flows less the acquisition date fair value resulted in an accretable yield amount which will be recognized over the life of the loans on a level yield basis as an adjustment to yield. Premises and Equipment Fair values are based upon appraisals from independent third parties. In addition to owned properties Cape has 8 properties subject to lease agreements. Deposits and Core Deposit Premium Core deposit premium represents the value assigned to non-interest bearing demand deposits, interest-bearing checking, money market and saving accounts acquired as part of the acquisition. The core deposit premium value represents the future economic benefit, including the present value of future tax benefits, of the potential cost saving from acquiring the core deposits as part of an acquisition compared to the cost of alternative funding sources and is valued utilizing Level 2 inputs. Time deposits are not considered to be core deposits as they are assumed to have a low expected average life upon acquisition. The fair value of time deposits represents the present value of the expected contractual payments discounted by market rates for similar time deposits and is valued utilizing Level 2 inputs. Borrowings Fair value estimates are based on discounting contractual cash flows using rates which approximate the rates offered for borrowings of similar remaining maturities. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 3. Earnings per Share The following reconciles shares outstanding for basic and diluted earnings per share for the three and six months ended June 30, 2016 and 2015 (in thousands): Three months ended Six months ended June 30, June 30, 2016 2015 2016 2015 Weighted average shares issued net of Treasury shares 22,861 16,811 20,083 16,856 Less: Unallocated ESOP shares (349 ) (382 ) (353 ) (386 ) Unallocated incentive award shares and shares held by deferred compensation plan (34 ) (28 ) (36 ) (37 ) Average basic shares outstanding 22,478 16,401 19,694 16,433 Add: Effect of dilutive securities: Stock options 382 20 282 20 Shares held by deferred compensation plan 20 172 20 160 Average diluted shares outstanding 22,880 16,593 19,996 16,613 For the three months ended June 30, 2016 and 2015, antidilutive stock options of 1,310,000 and 839,000, respectively, were excluded from earnings per share calculations. For the six months ended June 30, 2016 and 2015, antidilutive stock options of 1,317,000 and 744,000, respectively, were excluded from earnings per share calculations. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 4. Securities The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at June 30, 2016 and December 31, 2015 are as follows (in thousands): At June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Investment securities: U.S. agency obligations $ 12,494 $ 18 $ (3 ) $ 12,509 Held-to-maturity: Investment securities: U.S. agency obligations $ 44,981 $ 460 $ — $ 45,441 State and municipal obligations 38,197 252 (2 ) 38,447 Corporate debt securities 76,143 199 (9,595 ) 66,747 Other investments 8,702 66 — 8,768 Total investment securities 168,023 977 (9,597 ) 159,403 Mortgage-backed securities: FHLMC 145,664 1,641 (168 ) 147,137 FNMA 189,368 4,428 (104 ) 193,692 GNMA 10,973 183 — 11,156 Other mortgage-backed securities 9,562 21 — 9,583 Total mortgage-backed securities 355,567 6,273 (272 ) 361,568 Total held-to-maturity $ 523,590 $ 7,250 $ (9,869 ) $ 520,971 Total securities $ 536,084 $ 7,268 $ (9,872 ) $ 533,480 At December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Investment securities: U.S. agency obligations $ 29,906 $ 23 $ (27 ) $ 29,902 Held-to-maturity: Investment securities: U.S. agency obligations $ 55,178 $ 87 $ (59 ) $ 55,206 State and municipal obligations 13,311 18 (3 ) 13,326 Corporate debt securities 56,000 — (8,527 ) 47,473 Total investment securities 124,489 105 (8,589 ) 116,005 Mortgage-backed securities: FHLMC 120,116 364 (1,489 ) 118,991 FNMA 160,254 3,039 (1,123 ) 162,170 GNMA 502 95 — 597 Total mortgage-backed securities 280,872 3,498 (2,612 ) 281,758 Total held-to-maturity $ 405,361 $ 3,603 $ (11,201 ) $ 397,763 Total securities $ 435,267 $ 3,626 $ (11,228 ) $ 427,665 During the third quarter 2013, the Bank transferred $536.0 million of previously designated available-for-sale securities to a held-to-maturity designation at estimated fair value. The securities transferred had an unrealized net loss of $13.3 million at the time of transfer which continues to be reflected in accumulated other comprehensive loss on the consolidated balance sheet, net of subsequent amortization, which is being recognized over the life of the securities. The carrying value of the held-to-maturity investment securities at June 30, 2016 and December 31, 2015 are as follows (in thousands): June 30, 2016 December 31, 2015 Amortized cost $ 523,590 $ 405,361 Net loss on date of transfer from available-for-sale (13,347 ) (13,347 ) Accretion of net unrealized loss on securities reclassified as held-to-maturity 3,478 2,799 Carrying value $ 513,721 $ 394,813 There were $75,000 in realized gains and $87,000 in realized losses on the sale of available-for-sale securities for the three and six months ended June 30, 2016, respectively. There were no realized gains or losses on the sale of securities for the three and six months ended June 30, 2015. The amortized cost and estimated fair value of investment securities at June 30, 2016 by contractual maturity are shown below (in thousands). Actual maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. At June 30, 2016, corporate debt securities with an amortized cost of $67.6 million and estimated fair value of $58.1 million were callable prior to the maturity date. June 30, 2016 Amortized Cost Estimated Fair Value Less than one year $ 36,969 $ 37,025 Due after one year through five years 59,628 60,241 Due after five years through ten years 20,218 20,471 Due after ten years 63,702 54,175 $ 180,517 $ 171,912 Mortgage-backed securities are excluded from the above table since their effective lives are expected to be shorter than the contractual maturity date due to principal prepayments. The estimated fair value and unrealized loss of securities available-for-sale and held-to-maturity at June 30, 2016 and December 31, 2015, segregated by the duration of the unrealized loss, are as follows (in thousands): At June 30, 2016 Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Available-for-sale: Investment securities: U.S. agency obligations $ 4,002 (3 ) — — $ 4,002 $ (3 ) Held-to-maturity: Investment securities: State and municipal obligations $ 1,076 (1 ) $ 275 $ (1 ) $ 1,351 $ (2 ) Corporate debt securities 2,543 (1 ) 45,406 (9,594 ) 47,949 (9,595 ) Total investment securities 3,619 (2 ) 45,681 (9,595 ) 49,300 (9,597 ) Mortgage-backed securities: FHLMC 1,834 (1 ) 30,978 (167 ) 32,812 (168 ) FNMA 4,259 (3 ) 10,312 (101 ) 14,571 (104 ) Total mortgage-backed securities 6,093 (4 ) 41,290 (268 ) 47,383 (272 ) Total held-to-maturity $ 9,712 $ (6 ) $ 86,971 $ (9,863 ) $ 96,683 $ (9,869 ) Total securities $ 13,714 $ (9 ) $ 86,971 $ (9,863 ) $ 100,685 $ (9,872 ) At December 31, 2015 Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Available-for-sale: Investment securities: U.S. agency obligations $ 14,937 $ (27 ) $ — $ — $ 14,937 $ (27 ) Held-to-maturity: Investment securities: U.S. agency obligations $ 30,175 $ (43 ) $ 5,023 $ (16 ) $ 35,198 $ (59 ) State and municipal obligations 2,857 (2 ) 639 (1 ) 3,496 (3 ) Corporate debt securities — — 46,473 (8,527 ) 46,473 (8,527 ) Total investment securities 33,032 (45 ) 52,135 (8,544 ) 85,167 (8,589 ) Mortgage-backed securities: FHLMC 35,816 (200 ) 53,604 (1,289 ) 89,420 (1,489 ) FNMA 44,004 (434 ) 23,318 (689 ) 67,322 (1,123 ) Total mortgage-backed securities 79,820 (634 ) 76,922 (1,978 ) 156,742 (2,612 ) Total held-to-maturity $ 112,852 $ (679 ) $ 129,057 $ (10,522 ) $ 241,909 $ (11,201 ) Total securities $ 127,789 $ (706 ) $ 129,057 $ (10,522 ) $ 256,846 $ (11,228 ) At June 30, 2016, the amortized cost, estimated fair value and credit rating of the individual corporate debt securities in an unrealized loss position for greater than one year are as follows (in thousands): Security Description Amortized Estimated Fair Value Credit Rating Moody’s/S&P BankAmerica Capital $ 15,000 $ 12,350 Ba1/BB+ Chase Capital 10,000 8,400 Baa2/BBB- Wells Fargo Capital 5,000 4,213 A1/BBB+ Huntington Capital 5,000 3,800 Baa2/BB Keycorp Capital 5,000 4,019 Baa2/BB+ PNC Capital 5,000 4,400 Baa1/BBB- State Street Capital 5,000 4,262 A3/BBB SunTrust Capital 5,000 3,962 Baa3/BB+ $ 55,000 $ 45,406 At June 30, 2016, the estimated fair value of each of the above corporate debt securities was below cost. However, the estimated fair value of the corporate debt securities has steadily increased over the past several years. The corporate debt securities are issued by other financial institutions with credit ratings ranging from a high of A1 to a low of BB as rated by one of the internationally-recognized credit rating services. These floating-rate securities were purchased in 1998 and have paid coupon interest continuously since issuance. Floating-rate debt securities such as these pay a fixed interest rate spread over 90-day LIBOR. Following the purchase of these securities, the required interest rate spread increased for these types of securities causing a decline in the market price. The Company concluded that unrealized losses on corporate debt securities were only temporarily impaired at June 30, 2016. In concluding that the impairments were only temporary, the Company considered several factors in its analysis. The Company noted that each issuer made all the contractually due payments when required. There were no defaults on principal or interest payments and no interest payments were deferred. All of the financial institutions are also considered well-capitalized. Interest rate spreads have now decreased for these types of securities and market prices have improved. Based on management’s analysis of each individual security, the issuers appear to have the ability to meet debt service requirements over the life of the security. Furthermore, the Company does not have the intent to sell these securities and it is more likely than not that the Company will not be required to sell the securities. The Company has held the securities continuously since 1998 and expects to receive its full principal at maturity in 2028 or prior if called by the issuer. Historically, the Company has not utilized securities sales as a source of liquidity. The Company’s long range liquidity plans indicate adequate sources of liquidity outside the securities portfolio. The mortgage-backed securities are issued and guaranteed by either the Federal Home Loan Mortgage Corporation (“FHLMC”) or Federal National Mortgage Association (“FNMA”), corporations which are chartered by the United States Government and whose debt obligations are typically rated AA+ by one of the internationally-recognized credit rating services. The Company considers the unrealized losses to be the result of changes in interest rates which over time can have both a positive and negative impact on the estimated fair value of the mortgage-backed securities. The Company does not intend to sell these securities and it is more likely than not that the Company will not be required to sell the securities before recovery of their amortized cost. As a result, the Company concluded that these securities were only temporarily impaired at June 30, 2016. |
Loans Receivable, Net
Loans Receivable, Net | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Loans Receivable, Net | Note 5. Loans Receivable, Net Loans receivable, net at June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, 2016 December 31, 2015 Commercial: Commercial and industrial $ 218,472 $ 144,538 Commercial real estate – owner occupied 522,634 307,509 Commercial real estate - investor 1,009,510 510,725 Total commercial 1,750,616 962,772 Consumer: Residential mortgage 1,088,431 791,249 Residential construction 48,266 50,757 Home equity loans and lines 258,188 192,368 Other consumer 1,228 792 Total consumer 1,396,113 1,035,166 Total loans 3,146,729 1,997,938 Purchased credit impaired (“PCI”) loans 9,673 461 Loans in process (13,119 ) (14,206 ) Deferred origination costs, net 3,441 3,232 Allowance for loan losses (16,678 ) (16,722 ) Total loans, net $ 3,130,046 $ 1,970,703 At June 30, 2016 and December 31, 2015, loans in the amount of $15.3 million and $18.3 million, respectively, were three or more months delinquent or in the process of foreclosure and the Company was not accruing interest income on these loans. There were no loans ninety days or greater past due and still accruing interest. Non-accrual loans include both smaller balance homogenous loans that are collectively evaluated for impairment and individually classified impaired loans. The recorded investment in mortgage and consumer loans collateralized by residential real estate which are in the process of foreclosure amounted to $4.2 million at June 30, 2016. The amount of foreclosed residential real estate property held by the Company was $1.3 million at June 30, 2016. The Company defines an impaired loan as all non-accrual commercial real estate, multi-family, land, construction and commercial loans in excess of $250,000. Impaired loans also include all loans modified as troubled debt restructurings. At June 30, 2016, the impaired loan portfolio totaled $34.1 million for which there was a specific allocation in the allowance for loan losses of $645,000. At December 31, 2015, the impaired loan portfolio totaled $38.4 million for which there was a specific allocation in the allowance for loan losses of $1.3 million. The average balance of impaired loans for the three and six months ended June 30, 2016 was $34.2 million and $34.4 million, respectively and $42.6 and $39.8, respectively, for the same prior year periods. An analysis of the allowance for loan losses for the three and six months ended June 30, 2016 and 2015 is as follows (in thousands): Three months ended Six months ended June 30, June 30, 2016 2015 2016 2015 Balance at beginning of period $ 16,214 $ 16,419 $ 16,722 $ 16,317 Provision charged to operations 662 300 1,225 675 Charge-offs (223 ) (331 ) (1,395 ) (689 ) Recoveries 25 146 126 231 Balance at end of period $ 16,678 $ 16,534 $ 16,678 $ 16,534 The following table presents an analysis of the allowance for loan losses for the three and six months ended June 30, 2016 and 2015 and the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2016 and December 31, 2015, excluding PCI loans (in thousands): Residential Real Estate Commercial Real Estate Owner Occupied Commercial Real Estate Investor Consumer Commercial and Industrial Unallocated Total For the three months ended June 30, 2016 Allowance for loan losses: Balance at beginning of period $ 6,555 $ 2,363 $ 4,302 $ 1,081 $ 1,380 $ 533 $ 16,214 Provision (benefit) charged to operations (480 ) 390 410 70 (127 ) 399 662 Charge-offs (74 ) (42 ) — (63 ) (44 ) — (223 ) Recoveries 5 — 1 19 — — 25 Balance at end of period $ 6,006 $ 2,711 $ 4,713 $ 1,107 $ 1,209 $ 932 $ 16,678 For the three months ended June 30, 2015 Allowance for loan losses: Balance at beginning of period $ 4,206 $ 3,745 $ 5,555 $ 1,063 $ 767 $ 1,083 $ 16,419 Provision (benefit) charged to operations (608 ) (14 ) (51 ) 81 918 (26 ) 300 Charge-offs (68 ) (15 ) — (248 ) — — (331 ) Recoveries 80 — 9 56 1 — 146 Balance at end of period $ 3,610 $ 3,716 $ 5,513 $ 952 $ 1,686 $ 1,057 $ 16,534 For the six months ended June 30, 2016 Allowance for loan losses: Balance at beginning of period $ 6,590 $ 2,292 $ 4,873 $ 1,095 $ 1,639 $ 233 $ 16,722 Provision (benefit) charged to operations (491 ) 1,429 (170 ) 30 (272 ) 699 1,225 Charge-offs (152 ) (1,010 ) — (66 ) (167 ) — (1,395 ) Recoveries 59 — 10 48 9 — 126 Balance at end of period $ 6,006 $ 2,711 $ 4,713 $ 1,107 $ 1,209 $ 932 $ 16,678 For the six months ended June 30, 2015 Allowance for loan losses: Balance at beginning of period $ 4,291 $ 3,627 $ 5,308 $ 1,146 $ 863 $ 1,082 $ 16,317 Provision (benefit) charged to operations (682 ) 104 284 175 819 (25 ) 675 Charge-offs (123 ) (15 ) (88 ) (463 ) — — (689 ) Recoveries 124 — 9 94 4 — 231 Balance at end of period $ 3,610 $ 3,716 $ 5,513 $ 952 $ 1,686 $ 1,057 $ 16,534 June 30, 2016 Allowance for loan losses: Ending allowance balance attributed to loans: Individually evaluated for impairment $ 72 $ 337 $ 186 $ 50 $ — $ — $ 645 Collectively evaluated for impairment 5,934 2,374 4,527 1,057 1,209 932 16,033 Total ending allowance balance $ 6,006 $ 2,711 $ 4,713 $ 1,107 $ 1,209 $ 932 $ 16,678 Loans: Loans individually evaluated for impairment $ 13,269 $ 17,291 $ 1,175 $ 2,107 $ 269 $ — $ 34,111 Loans collectively evaluated for impairment 1,123,428 505,343 1,008,335 257,309 218,203 — 3,112,618 Total ending loan balance $ 1,136,697 $ 522,634 $ 1,009,510 $ 259,416 $ 218,472 $ — $ 3,146,729 December 31, 2015 Allowance for loan losses: Ending allowance balance attributed to loans: Individually evaluated for impairment $ 31 $ 544 $ 287 $ 43 $ 434 $ — $ 1,339 Collectively evaluated for impairment 6,559 1,748 4,586 1,052 1,205 233 15,383 Total ending allowance balance $ 6,590 $ 2,292 $ 4,873 $ 1,095 $ 1,639 $ 233 $ 16,722 Loans: Loans individually evaluated for impairment $ 13,165 $ 18,964 $ 2,686 $ 2,307 $ 1,250 $ — $ 38,372 Loans collectively evaluated for impairment 828,841 288,545 508,039 190,853 143,288 — 1,959,566 Total ending loan balance $ 842,006 $ 307,509 $ 510,725 $ 193,160 $ 144,538 $ — $ 1,997,938 A summary of impaired loans at June 30, 2016 and December 31, 2015 is as follows, excluding PCI loans (in thousands): June 30, December 31, 2016 2015 Impaired loans with no allocated allowance for loan losses $ 30,827 $ 35,177 Impaired loans with allocated allowance for loan losses 3,284 3,195 $ 34,111 $ 38,372 Amount of the allowance for loan losses allocated $ 645 $ 1,339 At June 30, 2016, impaired loans include troubled debt restructuring loans of $31.2 million of which $28.2 million were performing in accordance with their restructured terms for a minimum of six months and were accruing interest. At December 31, 2015, impaired loans include troubled debt restructuring loans of $31.3 million of which $26.3 million were performing in accordance with their restructured terms and were accruing interest. The summary of loans individually evaluated for impairment by loan portfolio segment as of June 30, 2016 and December 31, 2015 and for the three months ended June 30, 2016 and 2015 is as follows, excluding PCI loans (in thousands): Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated As of June 30, 2016 With no related allowance recorded: Residential real estate $ 13,088 $ 12,635 $ — Commercial real estate - owner occupied 15,680 15,653 — Commercial real estate - investor 312 279 Consumer 2,460 1,991 — Commercial and industrial 269 269 — $ 31,809 $ 30,827 $ — With an allowance recorded: Residential real estate $ 665 $ 634 $ 72 Commercial real estate - owner occupied 1,532 1,638 337 Commercial real estate - investor 896 896 186 Consumer 162 116 50 Commercial and industrial — — — $ 3,255 $ 3,284 $ 645 As of December 31, 2015 With no related allowance recorded: Residential real estate $ 13,431 $ 13,056 $ — Commercial real estate - owner occupied 18,742 18,688 — Commercial real estate - investor 498 466 Consumer 2,577 2,264 — Commercial and industrial 703 703 — $ 35,951 $ 35,177 $ — With an allowance recorded: Residential real estate $ 109 $ 109 $ 31 Commercial real estate - owner occupied 276 276 544 Commercial real estate - investor 2,171 2,220 287 Consumer 81 43 43 Commercial and industrial 547 547 434 $ 3,184 $ 3,195 $ 1,339 Three months ended June 30, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 12,852 $ 135 $ 13,724 $ 144 Commercial real estate - owner occupied 15,711 154 14,729 97 Commercial real estate - investor 282 5 453 — Consumer 1,948 29 2,255 30 Commercial and industrial 270 — 707 — $ 31,063 $ 323 $ 31,868 $ 271 With an allowance recorded: Residential real estate $ 635 $ 9 $ 263 $ 3 Commercial real estate - owner occupied 1,637 — 8,371 11 Commercial real estate - investor 726 — 1,716 8 Consumer 115 — — — Commercial and industrial — — 366 2 $ 3,113 $ 9 $ 10,716 $ 24 Six months ended June 30, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 12,948 $ 258 $ 12,775 $ 294 Commercial real estate - owner occupied 15,778 287 13,155 169 Commercial real estate - investor 314 7 471 — Consumer 2,059 58 2,201 59 Commercial and industrial 270 — 709 — $ 31,369 $ 610 $ 29,311 $ 522 With an allowance recorded: Residential real estate $ 636 $ 15 $ 262 $ 6 Commercial real estate - owner occupied 1,624 — 8,419 10 Commercial real estate - investor 684 — 1,589 32 Consumer 100 3 — — Commercial and industrial — — 183 2 $ 3,044 $ 18 $ 10,453 $ 50 The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of June 30, 2016 and December 31, 2015, excluding PCI loans (in thousands): June 30, 2016 December 31, 2015 Residential real estate $ 7,102 $ 5,779 Commercial real estate - owner occupied 4,363 7,684 Commercial real estate - investor 1,675 3,112 Consumer 1,226 1,576 Commercial and industrial 964 123 $ 15,330 $ 18,274 The following table presents the aging of the recorded investment in past due loans as of June 30, 2016 and December 31, 2015 by loan portfolio segment, excluding PCI loans (in thousands): 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Loans Not Past Due Total June 30, 2016 Residential real estate $ 8,123 $ 2,263 $ 4,968 $ 15,354 $ 1,121,343 $ 1,136,697 Commercial real estate - owner occupied 554 — 6,103 6,657 515,977 522,634 Commercial real estate - investor 4,249 — 640 4,889 1,004,621 1,009,510 Consumer 1,290 425 1,105 2,820 256,596 259,416 Commercial and industrial — 498 245 743 217,729 218,472 $ 14,216 $ 3,186 $ 13,061 $ 30,463 $ 3,116,266 $ 3,146,729 December 31, 2015 Residential real estate $ 4,075 $ 2,716 $ 3,168 $ 9,959 $ 832,047 842,006 Commercial real estate - owner occupied 80 — 7,684 7,764 299,745 307,509 Commercial real estate - investor 217 1,208 2,649 4,074 506,651 510,725 Consumer 1,661 115 1,248 3,024 190,136 193,160 Commercial and industrial 8 — 360 368 144,170 144,538 $ 6,041 $ 4,039 $ 15,109 $ 25,189 $ 1,972,749 $ 1,997,938 The Company categorizes all commercial and commercial real estate loans, except for small business loans, into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation and current economic trends, among other factors. The Company uses the following definitions for risk ratings: Special Mention Substandard Doubtful Pass As of June 30, 2016 and December 31, 2015, and based on the most recent analysis performed, the risk category of loans by loan portfolio segment is as follows, excluding PCI loans (in thousands): Pass Special Mention Substandard Doubtful Total June 30, 2016 Commercial real estate - owner occupied $ 503,466 $ 5,342 13,826 $ — $ 522,634 Commercial real estate - investor 998,395 — 11,115 — 1,009,510 Commercial and industrial 216,398 1,130 944 — 218,472 $ 1,718,259 $ 6,472 $ 25,885 $ — $ 1,750,616 December 31, 2015 Commercial real estate - owner occupied $ 288,701 $ 1,803 $ 17,005 $ — $ 307,509 Commercial real estate - investor 494,664 10,267 5,794 — 510,725 Commercial and industrial 142,387 787 1,364 — 144,538 $ 925,752 $ 12,857 $ 24,163 $ — $ 962,772 For residential and consumer loan classes, the Company evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment in residential and consumer loans based on payment activity as of June 30, 2016 and December 31, 2015, excluding PCI loans (in thousands): Residential Real Estate Residential Consumer June 30, 2016 Performing $ 1,129,595 $ 258,190 Non-performing 7,102 1,226 $ 1,136,697 $ 259,416 December 31, 2015 Performing $ 836,227 $ 191,584 Non-performing 5,779 1,576 $ 842,006 $ 193,160 The Company classifies certain loans as troubled debt restructurings when credit terms to a borrower in financial difficulty are modified. The modifications may include a reduction in rate, an extension in term, the capitalization of past due amounts and/or the restructuring of scheduled principal payments. Included in the non-accrual loan total at June 30, 2016 and December 31, 2015 were $3.0 million and $4.9 million, respectively, of troubled debt restructurings. At June 30, 2016 and December 31, 2015, the Company has allocated $459,000 and $262,000, respectively, of specific reserves to loans that are classified as troubled debt restructurings. Non-accrual loans which become troubled debt restructurings are generally returned to accrual status after six months of performance. In addition to the troubled debt restructurings included in non-accrual loans, the Company also has loans classified as troubled debt restructurings which are accruing at June 30, 2016 and December 31, 2015, which totaled $28.2 million and $26.3 million, respectively. Troubled debt restructurings are considered in the allowance for loan losses similar to other impaired loans. The following table presents information about troubled debt restructurings which occurred during the three and six months ended June 30, 2016 and 2015, and troubled debt restructurings modified within the previous year and which defaulted during the three and six months ended June 30, 2016 and 2015, (dollars in thousands): Number of Loans Pre-modification Recorded Investment Post-modification Recorded Investment Three months ended June 30, 2016 Troubled Debt Restructurings: Residential real estate 1 $ 29 $ 29 Consumer 2 63 63 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Recorded Investment Post-modification Recorded Investment Six months ended June 30, 2016 Troubled Debt Restructurings: Residential real estate 2 $ 219 $ 218 Commercial real estate - investor 1 256 270 Consumer 2 63 63 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Recorded Investment Post-modification Recorded Investment Three months ended June 30, 2015 Troubled Debt Restructurings: Residential real estate 2 $ 268 $ 231 Commercial real estate – owner occupied 1 3,939 3,939 Consumer 4 259 243 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Recorded Investment Post-modification Recorded Investment Six months ended June 30, 2015 Troubled Debt Restructurings: Residential real estate 4 $ 517 $ 480 Commercial real estate – investor 3 6,033 5,944 Consumer 8 395 379 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None As part of the Cape and Colonial acquisitions PCI loans were acquired at a discount primarily due to deteriorated credit quality. PCI loans are accounted for at fair value, based upon the present value of expected future cash flows, with no related allowance for loan losses. The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Cape at May 2, 2016 and Colonial at July 31, 2015 (in thousands): Cape May 2, 2016 Colonial July 31, 2015 Contractually required principal and interest $ 18,979 $ 3,263 Contractual cash flows not expected to be collected (non-accretable discount) (13,283 ) (2,012 ) Expected cash flows to be collected at acquisition 5,696 1,251 Interest component of expected cash flows (accretable yield) (1,040 ) (220 ) Fair value of acquired loans $ 4,656 $ 1,031 The following table summarizes the changes in accretable yield for PCI loans during the three and six months ended June 30, 2016 (in thousands): Three months ended June 30, 2016 Six months ended June 30, 2016 Beginning balance $ 66 $ 75 Acquisition 1,040 1,040 Accretion (95 ) (104 ) Reclassification from non-accretable difference — — Ending balance $ 1,011 $ 1,011 |
Reserve for Repurchased Loans a
Reserve for Repurchased Loans and Loss Sharing Obligations | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Reserve for Repurchased Loans and Loss Sharing Obligations | Note 6. Reserve for Repurchased Loans and Loss Sharing Obligations The reserve for repurchased loans and loss sharing obligations was $986,000 at June 30, 2016, unchanged from December 31, 2015, compared to $1,032,000 at June 30, 2015, unchanged from December 31, 2014. The reserve for repurchased loans and loss sharing obligations was established to provide for expected losses related to repurchase requests which may be received on residential mortgage loans previously sold to investors and other loss sharing obligations. The reserve is included in other liabilities in the accompanying statements of financial condition. At June 30, 2016, and December 31, 2015, there were no outstanding loan repurchase requests. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | Note 7. Deposits The major types of deposits at June 30, 2016 and December 31, 2015 were as follows (in thousands): Type of Account June 30, 2016 December 31, 2015 Non-interest-bearing $ 554,709 $ 337,143 Interest-bearing checking 1,310,290 859,927 Money market deposit 366,942 153,196 Savings 489,132 310,989 Time deposits 485,189 255,423 Total deposits $ 3,206,262 $ 1,916,678 Included in time deposits at June 30, 2016 and December 31, 2015, is $208.3 million and $119.6 million, respectively, in deposits of $100,000 and over. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 8. Recent Accounting Pronouncements In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, “Business Combinations, Simplifying the Accounting for Measurement – Period Adjustments.” The amendments in this Update apply to all entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. In these cases, the acquirer must record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this Update are effective for fiscal years beginning after December 15, 2015 including interim periods within those fiscal years. The adoption of this Update did not have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities”. The main objective in developing this new ASU is to enhance the reporting model for financial instruments to provide users of financial statements with more useful information. The update requires equity investments to be measured at fair value with changes in fair value recognized in net income. It simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a quantitative assessment to identify impairment. The amendment eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. It requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Financial assets and financial liabilities are to be presented separately by measurement category and the need for a valuation allowance on a deferred tax asset related to available-for-sale securities should be evaluated with other deferred tax assets. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this update is not expected to have a material impact on the Company‘s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. This ASU requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718).” The objective of the Update is to simplify accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the Update, all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current accounting) or account for forfeitures when they occur. Within the Cash Flow Statement, excess tax benefits should be classified along with other income tax cash flows as an operating activity, and cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. The amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company is currently evaluating the provisions of ASU No. 2016-13 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or the most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact. The Company uses valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement costs). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability and developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and developed based on the best information available in the circumstances. In that regard, a fair value hierarchy has been established for valuation inputs that give the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Movements within the fair value hierarchy are recognized at the end of the applicable reporting period. There were no transfers between the levels of the fair value hierarchy for the three and six months ended June 30, 2016. The fair value hierarchy is as follows: Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlations or other means. Level 3 Inputs - Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities. Assets and Liabilities Measured at Fair Value A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis, that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Securities Available-For-Sale Securities classified as available-for-sale are reported at fair value utilizing Level 2 inputs. In general, fair value is based upon quoted market prices, where available. Most of the Company’s available-for-sale securities, however, are fixed income instruments that are not quoted on an exchange, but are bought and sold in active markets. Prices for these instruments are obtained through third party pricing vendors or security industry sources that actively participate in the buying and selling of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing is a mathematical technique used principally to value certain securities without relying exclusively on quoted prices for the specific securities, but comparing the securities to benchmark or comparable securities. Other Real Estate Owned and Impaired Loans Other real estate owned and loans measured for impairment based on the fair value of the underlying collateral are recorded at estimated fair value, less estimated selling costs. Fair value is based on independent appraisals. The following table summarizes financial assets and financial liabilities measured at fair value as of June 30, 2016 and December 31, 2015, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): Fair Value Measurements at Reporting Date Using: June 30, 2016 Total Fair Level 1 Inputs Level 2 Inputs Level 3 Inputs Items measured on a recurring basis: Investment securities available-for-sale: U.S. agency obligations $ 12,509 $ — $ 12,509 $ — Items measured on a non-recurring basis: Other real estate owned 9,791 — — 9,791 Loans measured for impairment based on the fair value of the underlying collateral 5,568 — — 5,568 Fair Value Measurements at Reporting Date Using: December 31, 2015 Total Fair Level 1 Inputs Level 2 Inputs Level 3 Inputs Items measured on a recurring basis: Investment securities available-for-sale: U.S. agency obligations $ 29,902 $ — $ 29,902 $ — Items measured on a non-recurring basis: Other real estate owned 8,827 — — 8,827 Loans measured for impairment based on the fair value of the underlying collateral 4,344 — — 4,344 Assets and Liabilities Disclosed at Fair Value A description of the valuation methodologies used for assets and liabilities disclosed at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy is set forth below. Cash and Due from Banks For cash and due from banks, the carrying amount approximates fair value. Securities Held-to-Maturity Securities classified as held-to-maturity are carried at amortized cost, as the Company has the positive intent and ability to hold these securities to maturity. The Company determines the fair value of the securities utilizing Level 2 inputs. In general, fair value is based upon quoted market prices, where available. Most of the Company’s investment and mortgage-backed securities, however, are fixed income instruments that are not quoted on an exchange, but are bought and sold in active markets. Prices for these instruments are obtained through third party pricing vendors or security industry sources that actively participate in the buying and selling of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing is a mathematical technique used principally to value certain securities without relying exclusively on quoted prices for the specific securities, but comparing the securities to benchmark or comparable securities. Fair value estimates are made at a point in time, based on relevant market data as well as the best information available about the security. Illiquid credit markets have resulted in inactive markets for certain of the Company’s securities. As a result, there is limited observable market data for these assets. Fair value estimates for securities for which limited observable market data is available are based on judgments regarding current economic conditions, liquidity discounts, credit and interest rate risks, and other factors. These estimates involve significant uncertainties and judgments and cannot be determined with precision. As a result, such calculated fair value estimates may not be realizable in a current sale or immediate settlement of the security. The Company utilizes third party pricing services to obtain fair values for its corporate debt securities. Management’s policy is to obtain and review all available documentation from the third party pricing service relating to their fair value determinations, including their methodology and summary of inputs. Management reviews this documentation, makes inquiries of the third party pricing service and makes a determination as to the level of the valuation inputs. Based on the Company’s review of the available documentation from the third party pricing service, management concluded that Level 2 inputs were utilized for all securities. In the case of the Level 2 securities, the significant observable inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, other market information and observations of equity and credit default swap curves related to the issuer. Federal Home Loan Bank of New York Stock The fair value for Federal Home Loan Bank of New York stock is its carrying value since this is the amount for which it could be redeemed. There is no active market for this stock and the Company is required to maintain a minimum investment based upon the outstanding balance of mortgage related assets and outstanding borrowings. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential mortgage, consumer and commercial. Each loan category is further segmented into fixed and adjustable rate interest terms. Fair value of performing and non-performing loans was estimated by discounting the future cash flows, net of estimated prepayments, at a rate for which similar loans would be originated to new borrowers with similar terms. Fair values estimated in this manner do not fully incorporate an exit price approach to fair value, but instead are based on a comparison to current market rates for comparable loans. Deposits Other than Time Deposits The fair value of deposits with no stated maturity, such as non-interest-bearing demand deposits, interest-bearing checking accounts, money market accounts and saving accounts are, by definition, equal to the amount payable on demand. The related insensitivity of the majority of these deposits to interest rate changes creates a significant inherent value which is not reflected in the fair value reported. Time Deposits The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. Securities Sold Under Agreements to Repurchase with Retail Customers Fair value approximates the carrying amount as these borrowings are payable on demand and the interest rate adjusts monthly. Borrowed Funds Fair value estimates are based on discounting contractual cash flows using rates which approximate the rates offered for borrowings of similar remaining maturities. The book value and estimated fair value of the Bank’s significant financial instruments not recorded at fair value as of June 30, 2016 and December 31, 2015 are presented in the following tables (in thousands): Fair Value Measurements at Reporting Date Using: June 30, 2016 Book Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Cash and due from banks $ 66,222 $ 66,222 $ — $ — Securities held-to-maturity 513,721 8,768 512,203 — Federal Home Loan Bank of New York stock 21,128 — — 21,128 Loans receivable, net and mortgage loans held for sale 3,135,356 — — 3,163,825 Financial Liabilities: Deposits other than time deposits 2,721,073 — 2,721,073 — Time deposits 485,189 — 487,258 — Securities sold under agreements to repurchase with retail customers 67,673 67,673 — — Federal Home Loan Bank advances and other borrowings 335,103 — 338,480 — Fair Value Measurements at Reporting Date Using: December 31, 2015 Book Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Cash and due from banks $ 43,946 $ 43,946 $ — $ — Securities held-to-maturity 394,813 — 397,763 — Federal Home Loan Bank of New York stock 19,978 — — 19,978 Loans receivable and mortgage loans held for sale 1,973,400 — — 1,986,891 Financial Liabilities: Deposits other than time deposits 1,661,255 — 1,661,255 — Time deposits 255,423 — 255,564 — Securities sold under agreements to repurchase with retail customers 75,872 75,872 — — Federal Home Loan Bank advances and other borrowings 346,885 — 346,118 — Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because a limited market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other significant unobservable inputs. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include deferred tax assets, and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 10. Subsequent Event On July 13, 2016, the Company announced an agreement to acquire Ocean Shore Holding Co. (“Ocean Shore”), headquartered in Ocean City, New Jersey, in a transaction valued at approximately $145.6 million. Under the terms of the agreement, Ocean Shore stockholders will be entitled to receive $4.35 in cash and 0.9667 shares of OceanFirst common stock, for each share of Ocean Shore common stock. The transaction is expected to close in the first quarter of 2017, subject to certain conditions, including approval by stockholders of each company, receipt of all required regulatory approvals and customary closing conditions. Ocean City operates eleven banking offices throughout Cape May and Atlantic counties in New Jersey. |
Recent Accounting Pronounceme20
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, “Business Combinations, Simplifying the Accounting for Measurement – Period Adjustments.” The amendments in this Update apply to all entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. In these cases, the acquirer must record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this Update are effective for fiscal years beginning after December 15, 2015 including interim periods within those fiscal years. The adoption of this Update did not have a material impact on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities”. The main objective in developing this new ASU is to enhance the reporting model for financial instruments to provide users of financial statements with more useful information. The update requires equity investments to be measured at fair value with changes in fair value recognized in net income. It simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a quantitative assessment to identify impairment. The amendment eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. It requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Financial assets and financial liabilities are to be presented separately by measurement category and the need for a valuation allowance on a deferred tax asset related to available-for-sale securities should be evaluated with other deferred tax assets. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The adoption of this update is not expected to have a material impact on the Company‘s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. This ASU requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718).” The objective of the Update is to simplify accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the Update, all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current accounting) or account for forfeitures when they occur. Within the Cash Flow Statement, excess tax benefits should be classified along with other income tax cash flows as an operating activity, and cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. The amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company is currently evaluating the provisions of ASU No. 2016-13 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Retail Branch [Member] | |
Summary of Assets Acquired and Liabilities Assumed and Their Initial Fair Value Estimates | The following table presents the assets acquired and liabilities assumed as of March 11, 2016 and their initial fair value estimates (in thousands). Book Value Fair Value Adjustment Fair Value Assets Acquired Cash and cash equivalents $ 16,727 $ — $ 16,727 Loans 9 — 9 Other assets 15 — 15 Core deposit intangible — 66 66 Total assets acquired $ 16,751 $ 66 $ 16,817 Liabilities Assumed Deposits $ 16,953 $ 4 $ 16,957 Other liabilities 138 — 138 Total liabilities assumed $ 17,091 $ 4 $ 17,095 Goodwill $ 278 |
Cape Bancorp, Inc. [Member] | |
Summary of Assets Acquired and Liabilities Assumed and Their Initial Fair Value Estimates | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of the acquisition for Cape, net of total consideration paid (in thousands): At May 2, 2016 (in thousands) Cape Book Value Purchase Accounting Adjustments Estimated Fair Value Total Purchase Price: $ 196,403 Assets acquired: Cash and cash equivalents $ 30,025 $ — $ 30,025 Securities and Federal Home Loan Bank Stock 218,577 361 218,938 Loans: 1,169,568 1,156,980 Specific credit fair value on credit impaired loans — (7,256 ) — General credit fair value — (19,069 ) — Interest rate fair value — 1,982 — Reverse allowance for loan losses — 9,931 — Reverse net deferred fees, premiums and discounts — 1,824 — Premises and equipment 27,972 (6,249 ) 21,723 Other real estate owned 2,343 (408 ) 1,935 Deferred tax asset 9,407 12,647 22,054 Other assets 61,793 — 61,793 Core deposit intangible 831 2,887 3,718 Total assets acquired 1,520,516 (3,350 ) 1,517,166 Liabilities assumed: Deposits (1,247,688 ) (679 ) (a) (1,248,367 ) Borrowings (123,587 ) (879 ) (124,466 ) Other liabilities (7,611 ) (5,340 ) (b) (12,951 ) Total liabilities assumed (1,378,886 ) (6,898 ) (1,385,784 ) Net assets acquired $ 141,630 $ (10,248 ) 131,382 Goodwill recorded in the merger $ 65,021 The following provides an explanation of certain fair value adjustments in the above table: (a) Represents fair value adjustment on time deposits of $1,024, net of reversal of prior acquisition purchase accounting adjustments of $346. (b) Represents accrued liability related to the Pension Plan. |
Schedule of Supplemental Pro Forma Financial Information | The pro forma information shown reflects adjustments related to certain purchase accounting fair value adjustments; amortization of core deposit and other intangibles; and related income tax effects. Cape Actual from May 2, 2016 to Pro forma Six months ended June 30, 2016 Pro forma Six months ended June 30, 2015 (in thousands) Net interest income $ 9,493 $ 67,439 $ 60,331 Provision for loan losses 100 2,441 2,888 Non-interest income 951 10,490 17,066 Non-interest expense 4,872 63,350 47,691 Net income $ 3,675 $ 6,113 $ 19,502 Earnings per share: Fully diluted $ 0.24 $ 0.78 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Shares Outstanding for Basic and Diluted Earnings per Share | The following reconciles shares outstanding for basic and diluted earnings per share for the three and six months ended June 30, 2016 and 2015 (in thousands): Three months ended Six months ended June 30, June 30, 2016 2015 2016 2015 Weighted average shares issued net of Treasury shares 22,861 16,811 20,083 16,856 Less: Unallocated ESOP shares (349 ) (382 ) (353 ) (386 ) Unallocated incentive award shares and shares held by deferred compensation plan (34 ) (28 ) (36 ) (37 ) Average basic shares outstanding 22,478 16,401 19,694 16,433 Add: Effect of dilutive securities: Stock options 382 20 282 20 Shares held by deferred compensation plan 20 172 20 160 Average diluted shares outstanding 22,880 16,593 19,996 16,613 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity | The amortized cost and estimated fair value of securities available-for-sale and held-to-maturity at June 30, 2016 and December 31, 2015 are as follows (in thousands): At June 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Investment securities: U.S. agency obligations $ 12,494 $ 18 $ (3 ) $ 12,509 Held-to-maturity: Investment securities: U.S. agency obligations $ 44,981 $ 460 $ — $ 45,441 State and municipal obligations 38,197 252 (2 ) 38,447 Corporate debt securities 76,143 199 (9,595 ) 66,747 Other investments 8,702 66 — 8,768 Total investment securities 168,023 977 (9,597 ) 159,403 Mortgage-backed securities: FHLMC 145,664 1,641 (168 ) 147,137 FNMA 189,368 4,428 (104 ) 193,692 GNMA 10,973 183 — 11,156 Other mortgage-backed securities 9,562 21 — 9,583 Total mortgage-backed securities 355,567 6,273 (272 ) 361,568 Total held-to-maturity $ 523,590 $ 7,250 $ (9,869 ) $ 520,971 Total securities $ 536,084 $ 7,268 $ (9,872 ) $ 533,480 At December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Available-for-sale: Investment securities: U.S. agency obligations $ 29,906 $ 23 $ (27 ) $ 29,902 Held-to-maturity: Investment securities: U.S. agency obligations $ 55,178 $ 87 $ (59 ) $ 55,206 State and municipal obligations 13,311 18 (3 ) 13,326 Corporate debt securities 56,000 — (8,527 ) 47,473 Total investment securities 124,489 105 (8,589 ) 116,005 Mortgage-backed securities: FHLMC 120,116 364 (1,489 ) 118,991 FNMA 160,254 3,039 (1,123 ) 162,170 GNMA 502 95 — 597 Total mortgage-backed securities 280,872 3,498 (2,612 ) 281,758 Total held-to-maturity $ 405,361 $ 3,603 $ (11,201 ) $ 397,763 Total securities $ 435,267 $ 3,626 $ (11,228 ) $ 427,665 |
Carrying Value of Held-to-Maturity Investment Securities | The carrying value of the held-to-maturity investment securities at June 30, 2016 and December 31, 2015 are as follows (in thousands): June 30, 2016 December 31, 2015 Amortized cost $ 523,590 $ 405,361 Net loss on date of transfer from available-for-sale (13,347 ) (13,347 ) Accretion of net unrealized loss on securities reclassified as held-to-maturity 3,478 2,799 Carrying value $ 513,721 $ 394,813 |
Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | The amortized cost and estimated fair value of investment securities at June 30, 2016 by contractual maturity are shown below (in thousands). Actual maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. At June 30, 2016, corporate debt securities with an amortized cost of $67.6 million and estimated fair value of $58.1 million were callable prior to the maturity date. June 30, 2016 Amortized Cost Estimated Fair Value Less than one year $ 36,969 $ 37,025 Due after one year through five years 59,628 60,241 Due after five years through ten years 20,218 20,471 Due after ten years 63,702 54,175 $ 180,517 $ 171,912 |
Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity | The estimated fair value and unrealized loss of securities available-for-sale and held-to-maturity at June 30, 2016 and December 31, 2015, segregated by the duration of the unrealized loss, are as follows (in thousands): At June 30, 2016 Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Available-for-sale: Investment securities: U.S. agency obligations $ 4,002 (3 ) — — $ 4,002 $ (3 ) Held-to-maturity: Investment securities: State and municipal obligations $ 1,076 (1 ) $ 275 $ (1 ) $ 1,351 $ (2 ) Corporate debt securities 2,543 (1 ) 45,406 (9,594 ) 47,949 (9,595 ) Total investment securities 3,619 (2 ) 45,681 (9,595 ) 49,300 (9,597 ) Mortgage-backed securities: FHLMC 1,834 (1 ) 30,978 (167 ) 32,812 (168 ) FNMA 4,259 (3 ) 10,312 (101 ) 14,571 (104 ) Total mortgage-backed securities 6,093 (4 ) 41,290 (268 ) 47,383 (272 ) Total held-to-maturity $ 9,712 $ (6 ) $ 86,971 $ (9,863 ) $ 96,683 $ (9,869 ) Total securities $ 13,714 $ (9 ) $ 86,971 $ (9,863 ) $ 100,685 $ (9,872 ) At December 31, 2015 Less than 12 months 12 months or longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Available-for-sale: Investment securities: U.S. agency obligations $ 14,937 $ (27 ) $ — $ — $ 14,937 $ (27 ) Held-to-maturity: Investment securities: U.S. agency obligations $ 30,175 $ (43 ) $ 5,023 $ (16 ) $ 35,198 $ (59 ) State and municipal obligations 2,857 (2 ) 639 (1 ) 3,496 (3 ) Corporate debt securities — — 46,473 (8,527 ) 46,473 (8,527 ) Total investment securities 33,032 (45 ) 52,135 (8,544 ) 85,167 (8,589 ) Mortgage-backed securities: FHLMC 35,816 (200 ) 53,604 (1,289 ) 89,420 (1,489 ) FNMA 44,004 (434 ) 23,318 (689 ) 67,322 (1,123 ) Total mortgage-backed securities 79,820 (634 ) 76,922 (1,978 ) 156,742 (2,612 ) Total held-to-maturity $ 112,852 $ (679 ) $ 129,057 $ (10,522 ) $ 241,909 $ (11,201 ) Total securities $ 127,789 $ (706 ) $ 129,057 $ (10,522 ) $ 256,846 $ (11,228 ) |
Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities | At June 30, 2016, the amortized cost, estimated fair value and credit rating of the individual corporate debt securities in an unrealized loss position for greater than one year are as follows (in thousands): Security Description Amortized Estimated Fair Value Credit Rating Moody’s/S&P BankAmerica Capital $ 15,000 $ 12,350 Ba1/BB+ Chase Capital 10,000 8,400 Baa2/BBB- Wells Fargo Capital 5,000 4,213 A1/BBB+ Huntington Capital 5,000 3,800 Baa2/BB Keycorp Capital 5,000 4,019 Baa2/BB+ PNC Capital 5,000 4,400 Baa1/BBB- State Street Capital 5,000 4,262 A3/BBB SunTrust Capital 5,000 3,962 Baa3/BB+ $ 55,000 $ 45,406 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Components of Loans Receivable, Net | Loans receivable, net at June 30, 2016 and December 31, 2015 consisted of the following (in thousands): June 30, 2016 December 31, 2015 Commercial: Commercial and industrial $ 218,472 $ 144,538 Commercial real estate – owner occupied 522,634 307,509 Commercial real estate - investor 1,009,510 510,725 Total commercial 1,750,616 962,772 Consumer: Residential mortgage 1,088,431 791,249 Residential construction 48,266 50,757 Home equity loans and lines 258,188 192,368 Other consumer 1,228 792 Total consumer 1,396,113 1,035,166 Total loans 3,146,729 1,997,938 Purchased credit impaired (“PCI”) loans 9,673 461 Loans in process (13,119 ) (14,206 ) Deferred origination costs, net 3,441 3,232 Allowance for loan losses (16,678 ) (16,722 ) Total loans, net $ 3,130,046 $ 1,970,703 |
Analysis of Allowance for Loan Losses | An analysis of the allowance for loan losses for the three and six months ended June 30, 2016 and 2015 is as follows (in thousands): Three months ended Six months ended June 30, June 30, 2016 2015 2016 2015 Balance at beginning of period $ 16,214 $ 16,419 $ 16,722 $ 16,317 Provision charged to operations 662 300 1,225 675 Charge-offs (223 ) (331 ) (1,395 ) (689 ) Recoveries 25 146 126 231 Balance at end of period $ 16,678 $ 16,534 $ 16,678 $ 16,534 |
Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method Excluding PCI Loans | The following table presents an analysis of the allowance for loan losses for the three and six months ended June 30, 2016 and 2015 and the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of June 30, 2016 and December 31, 2015, excluding PCI loans (in thousands): Residential Real Estate Commercial Real Estate Owner Occupied Commercial Real Estate Investor Consumer Commercial and Industrial Unallocated Total For the three months ended June 30, 2016 Allowance for loan losses: Balance at beginning of period $ 6,555 $ 2,363 $ 4,302 $ 1,081 $ 1,380 $ 533 $ 16,214 Provision (benefit) charged to operations (480 ) 390 410 70 (127 ) 399 662 Charge-offs (74 ) (42 ) — (63 ) (44 ) — (223 ) Recoveries 5 — 1 19 — — 25 Balance at end of period $ 6,006 $ 2,711 $ 4,713 $ 1,107 $ 1,209 $ 932 $ 16,678 For the three months ended June 30, 2015 Allowance for loan losses: Balance at beginning of period $ 4,206 $ 3,745 $ 5,555 $ 1,063 $ 767 $ 1,083 $ 16,419 Provision (benefit) charged to operations (608 ) (14 ) (51 ) 81 918 (26 ) 300 Charge-offs (68 ) (15 ) — (248 ) — — (331 ) Recoveries 80 — 9 56 1 — 146 Balance at end of period $ 3,610 $ 3,716 $ 5,513 $ 952 $ 1,686 $ 1,057 $ 16,534 For the six months ended June 30, 2016 Allowance for loan losses: Balance at beginning of period $ 6,590 $ 2,292 $ 4,873 $ 1,095 $ 1,639 $ 233 $ 16,722 Provision (benefit) charged to operations (491 ) 1,429 (170 ) 30 (272 ) 699 1,225 Charge-offs (152 ) (1,010 ) — (66 ) (167 ) — (1,395 ) Recoveries 59 — 10 48 9 — 126 Balance at end of period $ 6,006 $ 2,711 $ 4,713 $ 1,107 $ 1,209 $ 932 $ 16,678 For the six months ended June 30, 2015 Allowance for loan losses: Balance at beginning of period $ 4,291 $ 3,627 $ 5,308 $ 1,146 $ 863 $ 1,082 $ 16,317 Provision (benefit) charged to operations (682 ) 104 284 175 819 (25 ) 675 Charge-offs (123 ) (15 ) (88 ) (463 ) — — (689 ) Recoveries 124 — 9 94 4 — 231 Balance at end of period $ 3,610 $ 3,716 $ 5,513 $ 952 $ 1,686 $ 1,057 $ 16,534 June 30, 2016 Allowance for loan losses: Ending allowance balance attributed to loans: Individually evaluated for impairment $ 72 $ 337 $ 186 $ 50 $ — $ — $ 645 Collectively evaluated for impairment 5,934 2,374 4,527 1,057 1,209 932 16,033 Total ending allowance balance $ 6,006 $ 2,711 $ 4,713 $ 1,107 $ 1,209 $ 932 $ 16,678 Loans: Loans individually evaluated for impairment $ 13,269 $ 17,291 $ 1,175 $ 2,107 $ 269 $ — $ 34,111 Loans collectively evaluated for impairment 1,123,428 505,343 1,008,335 257,309 218,203 — 3,112,618 Total ending loan balance $ 1,136,697 $ 522,634 $ 1,009,510 $ 259,416 $ 218,472 $ — $ 3,146,729 December 31, 2015 Allowance for loan losses: Ending allowance balance attributed to loans: Individually evaluated for impairment $ 31 $ 544 $ 287 $ 43 $ 434 $ — $ 1,339 Collectively evaluated for impairment 6,559 1,748 4,586 1,052 1,205 233 15,383 Total ending allowance balance $ 6,590 $ 2,292 $ 4,873 $ 1,095 $ 1,639 $ 233 $ 16,722 Loans: Loans individually evaluated for impairment $ 13,165 $ 18,964 $ 2,686 $ 2,307 $ 1,250 $ — $ 38,372 Loans collectively evaluated for impairment 828,841 288,545 508,039 190,853 143,288 — 1,959,566 Total ending loan balance $ 842,006 $ 307,509 $ 510,725 $ 193,160 $ 144,538 $ — $ 1,997,938 |
Summary of Impaired Loans Excluding PCI Loans | A summary of impaired loans at June 30, 2016 and December 31, 2015 is as follows, excluding PCI loans (in thousands): June 30, December 31, 2016 2015 Impaired loans with no allocated allowance for loan losses $ 30,827 $ 35,177 Impaired loans with allocated allowance for loan losses 3,284 3,195 $ 34,111 $ 38,372 Amount of the allowance for loan losses allocated $ 645 $ 1,339 |
Summary of Loans Individually Evaluated for Impairment by Loan Portfolio Segment Excluding PCI Loans | The summary of loans individually evaluated for impairment by loan portfolio segment as of June 30, 2016 and December 31, 2015 and for the three months ended June 30, 2016 and 2015 is as follows, excluding PCI loans (in thousands): Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated As of June 30, 2016 With no related allowance recorded: Residential real estate $ 13,088 $ 12,635 $ — Commercial real estate - owner occupied 15,680 15,653 — Commercial real estate - investor 312 279 Consumer 2,460 1,991 — Commercial and industrial 269 269 — $ 31,809 $ 30,827 $ — With an allowance recorded: Residential real estate $ 665 $ 634 $ 72 Commercial real estate - owner occupied 1,532 1,638 337 Commercial real estate - investor 896 896 186 Consumer 162 116 50 Commercial and industrial — — — $ 3,255 $ 3,284 $ 645 As of December 31, 2015 With no related allowance recorded: Residential real estate $ 13,431 $ 13,056 $ — Commercial real estate - owner occupied 18,742 18,688 — Commercial real estate - investor 498 466 Consumer 2,577 2,264 — Commercial and industrial 703 703 — $ 35,951 $ 35,177 $ — With an allowance recorded: Residential real estate $ 109 $ 109 $ 31 Commercial real estate - owner occupied 276 276 544 Commercial real estate - investor 2,171 2,220 287 Consumer 81 43 43 Commercial and industrial 547 547 434 $ 3,184 $ 3,195 $ 1,339 Three months ended June 30, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 12,852 $ 135 $ 13,724 $ 144 Commercial real estate - owner occupied 15,711 154 14,729 97 Commercial real estate - investor 282 5 453 — Consumer 1,948 29 2,255 30 Commercial and industrial 270 — 707 — $ 31,063 $ 323 $ 31,868 $ 271 With an allowance recorded: Residential real estate $ 635 $ 9 $ 263 $ 3 Commercial real estate - owner occupied 1,637 — 8,371 11 Commercial real estate - investor 726 — 1,716 8 Consumer 115 — — — Commercial and industrial — — 366 2 $ 3,113 $ 9 $ 10,716 $ 24 Six months ended June 30, 2016 2015 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Residential real estate $ 12,948 $ 258 $ 12,775 $ 294 Commercial real estate - owner occupied 15,778 287 13,155 169 Commercial real estate - investor 314 7 471 — Consumer 2,059 58 2,201 59 Commercial and industrial 270 — 709 — $ 31,369 $ 610 $ 29,311 $ 522 With an allowance recorded: Residential real estate $ 636 $ 15 $ 262 $ 6 Commercial real estate - owner occupied 1,624 — 8,419 10 Commercial real estate - investor 684 — 1,589 32 Consumer 100 3 — — Commercial and industrial — — 183 2 $ 3,044 $ 18 $ 10,453 $ 50 |
Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment Excluding PCI Loans | The following table presents the recorded investment in non-accrual loans by loan portfolio segment as of June 30, 2016 and December 31, 2015, excluding PCI loans (in thousands): June 30, 2016 December 31, 2015 Residential real estate $ 7,102 $ 5,779 Commercial real estate - owner occupied 4,363 7,684 Commercial real estate - investor 1,675 3,112 Consumer 1,226 1,576 Commercial and industrial 964 123 $ 15,330 $ 18,274 |
Aging of Recorded Investment in Past Due Loans Excluding PCI Loans | The following table presents the aging of the recorded investment in past due loans as of June 30, 2016 and December 31, 2015 by loan portfolio segment, excluding PCI loans (in thousands): 30-59 Days Past Due 60-89 Days Past Due Greater than 90 Days Past Due Total Past Due Loans Not Past Due Total June 30, 2016 Residential real estate $ 8,123 $ 2,263 $ 4,968 $ 15,354 $ 1,121,343 $ 1,136,697 Commercial real estate - owner occupied 554 — 6,103 6,657 515,977 522,634 Commercial real estate - investor 4,249 — 640 4,889 1,004,621 1,009,510 Consumer 1,290 425 1,105 2,820 256,596 259,416 Commercial and industrial — 498 245 743 217,729 218,472 $ 14,216 $ 3,186 $ 13,061 $ 30,463 $ 3,116,266 $ 3,146,729 December 31, 2015 Residential real estate $ 4,075 $ 2,716 $ 3,168 $ 9,959 $ 832,047 842,006 Commercial real estate - owner occupied 80 — 7,684 7,764 299,745 307,509 Commercial real estate - investor 217 1,208 2,649 4,074 506,651 510,725 Consumer 1,661 115 1,248 3,024 190,136 193,160 Commercial and industrial 8 — 360 368 144,170 144,538 $ 6,041 $ 4,039 $ 15,109 $ 25,189 $ 1,972,749 $ 1,997,938 |
Risk Category of Loans by Loan Portfolio Segment Excluding PCI Loans | As of June 30, 2016 and December 31, 2015, and based on the most recent analysis performed, the risk category of loans by loan portfolio segment is as follows, excluding PCI loans (in thousands): Pass Special Mention Substandard Doubtful Total June 30, 2016 Commercial real estate - owner occupied $ 503,466 $ 5,342 13,826 $ — $ 522,634 Commercial real estate - investor 998,395 — 11,115 — 1,009,510 Commercial and industrial 216,398 1,130 944 — 218,472 $ 1,718,259 $ 6,472 $ 25,885 $ — $ 1,750,616 December 31, 2015 Commercial real estate - owner occupied $ 288,701 $ 1,803 $ 17,005 $ — $ 307,509 Commercial real estate - investor 494,664 10,267 5,794 — 510,725 Commercial and industrial 142,387 787 1,364 — 144,538 $ 925,752 $ 12,857 $ 24,163 $ — $ 962,772 |
Recorded Investment in Residential and Consumer Loans Based on Payment Activity Excluding PCI Loans | The following table presents the recorded investment in residential and consumer loans based on payment activity as of June 30, 2016 and December 31, 2015, excluding PCI loans (in thousands): Residential Real Estate Residential Consumer June 30, 2016 Performing $ 1,129,595 $ 258,190 Non-performing 7,102 1,226 $ 1,136,697 $ 259,416 December 31, 2015 Performing $ 836,227 $ 191,584 Non-performing 5,779 1,576 $ 842,006 $ 193,160 |
Troubled Debt Restructurings | The following table presents information about troubled debt restructurings which occurred during the three and six months ended June 30, 2016 and 2015, and troubled debt restructurings modified within the previous year and which defaulted during the three and six months ended June 30, 2016 and 2015, (dollars in thousands): Number of Loans Pre-modification Recorded Investment Post-modification Recorded Investment Three months ended June 30, 2016 Troubled Debt Restructurings: Residential real estate 1 $ 29 $ 29 Consumer 2 63 63 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Recorded Investment Post-modification Recorded Investment Six months ended June 30, 2016 Troubled Debt Restructurings: Residential real estate 2 $ 219 $ 218 Commercial real estate - investor 1 256 270 Consumer 2 63 63 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Recorded Investment Post-modification Recorded Investment Three months ended June 30, 2015 Troubled Debt Restructurings: Residential real estate 2 $ 268 $ 231 Commercial real estate – owner occupied 1 3,939 3,939 Consumer 4 259 243 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None Number of Loans Pre-modification Recorded Investment Post-modification Recorded Investment Six months ended June 30, 2015 Troubled Debt Restructurings: Residential real estate 4 $ 517 $ 480 Commercial real estate – investor 3 6,033 5,944 Consumer 8 395 379 Number of Loans Recorded Investment Troubled Debt Restructurings Which Subsequently Defaulted: None None |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Cape at May 2, 2016 and Colonial at July 31, 2015 (in thousands): Cape May 2, 2016 Colonial July 31, 2015 Contractually required principal and interest $ 18,979 $ 3,263 Contractual cash flows not expected to be collected (non-accretable discount) (13,283 ) (2,012 ) Expected cash flows to be collected at acquisition 5,696 1,251 Interest component of expected cash flows (accretable yield) (1,040 ) (220 ) Fair value of acquired loans $ 4,656 $ 1,031 The following table summarizes the changes in accretable yield for PCI loans during the three and six months ended June 30, 2016 (in thousands): Three months ended June 30, 2016 Six months ended June 30, 2016 Beginning balance $ 66 $ 75 Acquisition 1,040 1,040 Accretion (95 ) (104 ) Reclassification from non-accretable difference — — Ending balance $ 1,011 $ 1,011 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Banking and Thrift [Abstract] | |
Summary of Major Types of Deposits | The major types of deposits at June 30, 2016 and December 31, 2015 were as follows (in thousands): Type of Account June 30, 2016 December 31, 2015 Non-interest-bearing $ 554,709 $ 337,143 Interest-bearing checking 1,310,290 859,927 Money market deposit 366,942 153,196 Savings 489,132 310,989 Time deposits 485,189 255,423 Total deposits $ 3,206,262 $ 1,916,678 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Financial Liabilities Measured at Fair Value | The following table summarizes financial assets and financial liabilities measured at fair value as of June 30, 2016 and December 31, 2015, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): Fair Value Measurements at Reporting Date Using: June 30, 2016 Total Fair Level 1 Inputs Level 2 Inputs Level 3 Inputs Items measured on a recurring basis: Investment securities available-for-sale: U.S. agency obligations $ 12,509 $ — $ 12,509 $ — Items measured on a non-recurring basis: Other real estate owned 9,791 — — 9,791 Loans measured for impairment based on the fair value of the underlying collateral 5,568 — — 5,568 Fair Value Measurements at Reporting Date Using: December 31, 2015 Total Fair Level 1 Inputs Level 2 Inputs Level 3 Inputs Items measured on a recurring basis: Investment securities available-for-sale: U.S. agency obligations $ 29,902 $ — $ 29,902 $ — Items measured on a non-recurring basis: Other real estate owned 8,827 — — 8,827 Loans measured for impairment based on the fair value of the underlying collateral 4,344 — — 4,344 |
Book Value and Estimated Fair Value of Bank's Significant Financial Instruments Not Recorded at Fair Value | The book value and estimated fair value of the Bank’s significant financial instruments not recorded at fair value as of June 30, 2016 and December 31, 2015 are presented in the following tables (in thousands): Fair Value Measurements at Reporting Date Using: June 30, 2016 Book Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Cash and due from banks $ 66,222 $ 66,222 $ — $ — Securities held-to-maturity 513,721 8,768 512,203 — Federal Home Loan Bank of New York stock 21,128 — — 21,128 Loans receivable, net and mortgage loans held for sale 3,135,356 — — 3,163,825 Financial Liabilities: Deposits other than time deposits 2,721,073 — 2,721,073 — Time deposits 485,189 — 487,258 — Securities sold under agreements to repurchase with retail customers 67,673 67,673 — — Federal Home Loan Bank advances and other borrowings 335,103 — 338,480 — Fair Value Measurements at Reporting Date Using: December 31, 2015 Book Value Level 1 Inputs Level 2 Inputs Level 3 Inputs Financial Assets: Cash and due from banks $ 43,946 $ 43,946 $ — $ — Securities held-to-maturity 394,813 — 397,763 — Federal Home Loan Bank of New York stock 19,978 — — 19,978 Loans receivable and mortgage loans held for sale 1,973,400 — — 1,986,891 Financial Liabilities: Deposits other than time deposits 1,661,255 — 1,661,255 — Time deposits 255,423 — 255,564 — Securities sold under agreements to repurchase with retail customers 75,872 75,872 — — Federal Home Loan Bank advances and other borrowings 346,885 — 346,118 — |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | May 02, 2016USD ($) | Mar. 11, 2016USD ($) | Jun. 30, 2016Property |
Cape Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Purchase accounting adjustments, assets | $ 1,517,166,000 | ||
Purchase accounting adjustments, loans | 1,156,980,000 | ||
Purchase accounting adjustments, deposits | 1,248,367,000 | ||
Total consideration paid | 196,403,000 | ||
Cash consideration | $ 30,500,000 | ||
Number of properties in lease agreement | Property | 8 | ||
Retail Branch [Member] | |||
Business Acquisition [Line Items] | |||
Deposit premium | $ 340,000 | ||
Percentage of core deposits | 2.50% | ||
Percentage of deposit premium, contingent on the core deposit | 1.00% | ||
Purchase accounting adjustments, assets | $ 16,817,000 | ||
Purchase accounting adjustments, loans | 9,000 | ||
Purchase accounting adjustments, deposits | $ 16,957,000 |
Business Combinations - Summary
Business Combinations - Summary of Assets Acquired and Liabilities Assumed and Their Initial Fair Value Estimates (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 11, 2016 | Dec. 31, 2015 |
Liabilities Assumed | |||
Goodwill | $ 67,102 | $ 1,822 | |
Retail Branch [Member] | |||
Business Acquisition [Line Items] | |||
Assets Acquired | $ 16,727 | ||
Loans | 9 | ||
Other assets | 15 | ||
Total assets acquired | 16,817 | ||
Liabilities Assumed | |||
Deposits | 16,957 | ||
Other liabilities | 138 | ||
Total liabilities assumed | 17,095 | ||
Goodwill | 278 | ||
Retail Branch [Member] | Fair Value Adjustment [Member] | |||
Business Acquisition [Line Items] | |||
Total assets acquired | 66 | ||
Liabilities Assumed | |||
Deposits | 4 | ||
Total liabilities assumed | 4 | ||
Retail Branch [Member] | Core Deposits [Member] | |||
Business Acquisition [Line Items] | |||
Core deposit intangible | 66 | ||
Retail Branch [Member] | Core Deposits [Member] | Fair Value Adjustment [Member] | |||
Business Acquisition [Line Items] | |||
Core deposit intangible | 66 | ||
Book Value [Member] | Retail Branch [Member] | |||
Business Acquisition [Line Items] | |||
Assets Acquired | 16,727 | ||
Loans | 9 | ||
Other assets | 15 | ||
Total assets acquired | 16,751 | ||
Liabilities Assumed | |||
Deposits | 16,953 | ||
Other liabilities | 138 | ||
Total liabilities assumed | $ 17,091 |
Business Combinations - Summa29
Business Combinations - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed at Date of Acquisition (Detail) - USD ($) $ in Thousands | May 02, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Liabilities assumed: | |||
Goodwill recorded in the merger | $ 67,102 | $ 1,822 | |
Cape Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Total Purchase Price: | $ 196,403 | ||
Assets acquired: | |||
Cash and cash equivalents | 30,025 | ||
Securities and Federal Home Loan Bank Stock | 218,938 | ||
Loans | 1,156,980 | ||
Premises and equipment | 21,723 | ||
Other real estate owned | 1,935 | ||
Deferred tax asset | 22,054 | ||
Other assets | 61,793 | ||
Core deposit intangible | 3,718 | ||
Total assets acquired | 1,517,166 | ||
Liabilities assumed: | |||
Deposits | (1,248,367) | ||
Borrowings | (124,466) | ||
Other liabilities | (12,951) | ||
Total liabilities assumed | (1,385,784) | ||
Net assets acquired | 131,382 | ||
Goodwill recorded in the merger | 65,021 | ||
Cape Bancorp, Inc. [Member] | Book Value [Member] | |||
Assets acquired: | |||
Cash and cash equivalents | 30,025 | ||
Securities and Federal Home Loan Bank Stock | 218,577 | ||
Loans | 1,169,568 | ||
Premises and equipment | 27,972 | ||
Other real estate owned | 2,343 | ||
Deferred tax asset | 9,407 | ||
Other assets | 61,793 | ||
Core deposit intangible | 831 | ||
Total assets acquired | 1,520,516 | ||
Liabilities assumed: | |||
Deposits | (1,247,688) | ||
Borrowings | (123,587) | ||
Other liabilities | (7,611) | ||
Total liabilities assumed | (1,378,886) | ||
Net assets acquired | 141,630 | ||
Cape Bancorp, Inc. [Member] | Purchase Accounting Adjustments [Member] | |||
Assets acquired: | |||
Securities and Federal Home Loan Bank Stock | 361 | ||
Specific credit fair value on credit impaired loans | (7,256) | ||
General credit fair value | (19,069) | ||
Interest rate fair value | 1,982 | ||
Reverse allowance for loan losses | 9,931 | ||
Reverse net deferred fees, premiums and discounts | 1,824 | ||
Premises and equipment | (6,249) | ||
Other real estate owned | (408) | ||
Deferred tax asset | 12,647 | ||
Core deposit intangible | 2,887 | ||
Total assets acquired | (3,350) | ||
Liabilities assumed: | |||
Deposits | (679) | ||
Borrowings | (879) | ||
Other liabilities | (5,340) | ||
Total liabilities assumed | (6,898) | ||
Net assets acquired | $ (10,248) |
Business Combinations - Summa30
Business Combinations - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed at Date of Acquisition (Parenthetical) (Detail) - Cape Bancorp, Inc. [Member] $ in Thousands | May 02, 2016USD ($) |
Business Acquisition [Line Items] | |
Fair value adjustment on time deposits | $ 1,024 |
Reversal of prior acquisition purchase accounting adjustments | $ 346 |
Business Combinations - Schedul
Business Combinations - Schedule of Supplemental Pro Forma Financial Information (Detail) - Cape Bancorp, Inc. [Member] - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Business Acquisition [Line Items] | |||
Net interest income, Actual | $ 9,493 | ||
Provision for loan losses, Actual | 100 | ||
Non-interest income, Actual | 951 | ||
Non-interest expense, Actual | 4,872 | ||
Net income, Actual | $ 3,675 | ||
Earnings per share, Actual: | |||
Fully diluted, Actual | $ 0 | ||
Net interest income, Pro forma | $ 67,439 | $ 60,331 | |
Provision for loan losses, Pro forma | 2,441 | 2,888 | |
Non-interest income, Pro forma | 10,490 | 17,066 | |
Non-interest expense, Pro forma | 63,350 | 47,691 | |
Net income, Pro forma | $ 6,113 | $ 19,502 | |
Earnings per share, Pro forma: | |||
Fully diluted, Pro forma | $ 0.24 | $ 0.78 |
Earnings per Share - Reconcilia
Earnings per Share - Reconciliation of Shares Outstanding for Basic and Diluted Earnings per Share (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted average shares issued net of Treasury shares | 22,861 | 16,811 | 20,083 | 16,856 |
Less: Unallocated ESOP shares | (349) | (382) | (353) | (386) |
Unallocated incentive award shares and shares held by deferred compensation plan | (34) | (28) | (36) | (37) |
Average basic shares outstanding | 22,478 | 16,401 | 19,694 | 16,433 |
Add: Effect of dilutive securities: | ||||
Stock options | 382 | 20 | 282 | 20 |
Shares held by deferred compensation plan | 20 | 172 | 20 | 160 |
Average diluted shares outstanding | 22,880 | 16,593 | 19,996 | 16,613 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Antidilutive stock options excluded from earnings per share calculations | 1,310,000 | 839,000 | 1,317,000 | 744,000 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Securities Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Securities Financing Transaction [Line Items] | ||
Available-for-sale, Estimated Fair Value | $ 12,509 | $ 29,902 |
Held-to-maturity, Amortized Cost | 523,590 | 405,361 |
Held-to-maturity, Estimated Fair Value | 520,971 | 397,763 |
Total, Amortized Cost | 536,084 | 435,267 |
Total, Gross Unrealized Gains | 7,268 | 3,626 |
Total, Gross Unrealized Losses | (9,872) | (11,228) |
Total, Estimated Fair Value | 533,480 | 427,665 |
Held-to-Maturity Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 523,590 | 405,361 |
Held-to-maturity, Gross Unrealized Gains | 7,250 | 3,603 |
Held-to-maturity, Gross Unrealized Losses | (9,869) | (11,201) |
Held-to-maturity, Estimated Fair Value | 520,971 | 397,763 |
Held-to-Maturity Securities [Member] | Investment Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 168,023 | 124,489 |
Held-to-maturity, Gross Unrealized Gains | 977 | 105 |
Held-to-maturity, Gross Unrealized Losses | (9,597) | (8,589) |
Held-to-maturity, Estimated Fair Value | 159,403 | 116,005 |
Held-to-Maturity Securities [Member] | Other investments [Member] | Investment Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 8,702 | |
Held-to-maturity, Gross Unrealized Gains | 66 | |
Held-to-maturity, Estimated Fair Value | 8,768 | |
U.S. Agency Obligations [Member] | Held-to-Maturity Securities [Member] | Investment Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 44,981 | 55,178 |
Held-to-maturity, Gross Unrealized Gains | 460 | 87 |
Held-to-maturity, Gross Unrealized Losses | (59) | |
Held-to-maturity, Estimated Fair Value | 45,441 | 55,206 |
State and Municipal Obligations [Member] | Held-to-Maturity Securities [Member] | Investment Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 38,197 | 13,311 |
Held-to-maturity, Gross Unrealized Gains | 252 | 18 |
Held-to-maturity, Gross Unrealized Losses | (2) | (3) |
Held-to-maturity, Estimated Fair Value | 38,447 | 13,326 |
Corporate Debt Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 55,000 | |
Held-to-maturity, Estimated Fair Value | 45,406 | |
Corporate Debt Securities [Member] | Held-to-Maturity Securities [Member] | Investment Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 76,143 | 56,000 |
Held-to-maturity, Gross Unrealized Gains | 199 | |
Held-to-maturity, Gross Unrealized Losses | (9,595) | (8,527) |
Held-to-maturity, Estimated Fair Value | 66,747 | 47,473 |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 355,567 | 280,872 |
Held-to-maturity, Gross Unrealized Gains | 6,273 | 3,498 |
Held-to-maturity, Gross Unrealized Losses | (272) | (2,612) |
Held-to-maturity, Estimated Fair Value | 361,568 | 281,758 |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | Other mortgage-backed securities [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 9,562 | |
Held-to-maturity, Gross Unrealized Gains | 21 | |
Held-to-maturity, Estimated Fair Value | 9,583 | |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | FHLMC [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 145,664 | 120,116 |
Held-to-maturity, Gross Unrealized Gains | 1,641 | 364 |
Held-to-maturity, Gross Unrealized Losses | (168) | (1,489) |
Held-to-maturity, Estimated Fair Value | 147,137 | 118,991 |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | FNMA [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 189,368 | 160,254 |
Held-to-maturity, Gross Unrealized Gains | 4,428 | 3,039 |
Held-to-maturity, Gross Unrealized Losses | (104) | (1,123) |
Held-to-maturity, Estimated Fair Value | 193,692 | 162,170 |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | GNMA [Member] | ||
Securities Financing Transaction [Line Items] | ||
Held-to-maturity, Amortized Cost | 10,973 | 502 |
Held-to-maturity, Gross Unrealized Gains | 183 | 95 |
Held-to-maturity, Estimated Fair Value | 11,156 | 597 |
Investment Securities [Member] | U.S. Agency Obligations [Member] | ||
Securities Financing Transaction [Line Items] | ||
Available-for-sale, Amortized Cost | 12,494 | 29,906 |
Available-for-sale, Gross Unrealized Gains | 18 | 23 |
Available-for-sale, Gross Unrealized Losses | (3) | (27) |
Available-for-sale, Estimated Fair Value | $ 12,509 | $ 29,902 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Available-for-sale securities transferred to held-to-maturity securities | $ 536,000,000 | ||||
Unrealized net loss on securities transferred from available-for-sale to held-to-maturity, Gross | $ 13,300,000 | ||||
Realized gains on the sale of available-for-sale securities | $ 75,000 | $ 0 | $ 0 | ||
Realized losses on sale of available-for-sale securities | $ 0 | $ 87,000 | $ 0 | ||
Corporate debt securities, callable, amortized cost | 67,600,000 | 67,600,000 | |||
Corporate debt securities, callable, estimated fair value | $ 58,100,000 | $ 58,100,000 | |||
Floating-rate securities, purchased period | 1,998 | ||||
Floating-rate debt securities, fixed interest rate spread | Over 90-day LIBOR | ||||
Principal maturity year | 2028 or prior if called by the issuer |
Securities - Carrying Value of
Securities - Carrying Value of Held-to-Maturity Investment Securities (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost | $ 523,590 | $ 405,361 |
Net loss on date of transfer from available-for-sale | (13,347) | (13,347) |
Accretion of net unrealized loss on securities reclassified as held-to-maturity | 3,478 | 2,799 |
Carrying value | $ 513,721 | $ 394,813 |
Securities - Amortized Cost a37
Securities - Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity (Detail) $ in Thousands | Jun. 30, 2016USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Less than one year, Amortized Cost | $ 36,969 |
Due after one year through five years, Amortized Cost | 59,628 |
Due after five years through ten years, Amortized Cost | 20,218 |
Due after ten years, Amortized Cost | 63,702 |
Total Amortized Cost | 180,517 |
Less than one year, Estimated Fair Value | 37,025 |
Due after one year through five years, Estimated Fair Value | 60,241 |
Due after five years through ten years, Estimated Fair Value | 20,471 |
Due after ten years, Estimated Fair Value | 54,175 |
Total Estimated Fair Value | $ 171,912 |
Securities - Estimated Fair Val
Securities - Estimated Fair Value and Unrealized Loss for Securities Available-for-Sale and Held-to-Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Total securities, Less than 12 months, Estimated Fair Value | $ 13,714 | $ 127,789 |
Total securities, Less than 12 months, Unrealized Losses | (9) | (706) |
Total securities, 12 months or longer, Estimated Fair Value | 86,971 | 129,057 |
Total securities, 12 months or longer, Unrealized Losses | (9,863) | (10,522) |
Total securities, Estimated Fair Value | 100,685 | 256,846 |
Total securities, Unrealized Losses | (9,872) | (11,228) |
Held-to-Maturity Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 9,712 | 112,852 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (6) | (679) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 86,971 | 129,057 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (9,863) | (10,522) |
Held-to-maturity, Total, Estimated Fair Value | 96,683 | 241,909 |
Held-to-maturity, Total, Unrealized Losses | (9,869) | (11,201) |
Held-to-Maturity Securities [Member] | Investment Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 3,619 | 33,032 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (2) | (45) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 45,681 | 52,135 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (9,595) | (8,544) |
Held-to-maturity, Total, Estimated Fair Value | 49,300 | 85,167 |
Held-to-maturity, Total, Unrealized Losses | (9,597) | (8,589) |
U.S. Agency Obligations [Member] | Investment Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Available-for-sale, Less than 12 months, Estimated Market Value | 4,002 | 14,937 |
Available-for-sale, Less than 12 months, Unrealized Losses | (3) | (27) |
Available-for-sale, 12 months or longer, Estimated Market Value | 0 | 0 |
Available-for-sale, 12 months or longer, Unrealized Losses | 0 | 0 |
Available-for-sale, Total, Estimated Market Value | 4,002 | 14,937 |
Available-for-sale, Total, Unrealized Losses | (3) | (27) |
U.S. Agency Obligations [Member] | Held-to-Maturity Securities [Member] | Investment Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 30,175 | |
Held-to-maturity, Less than 12 months, Unrealized Losses | (43) | |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 5,023 | |
Held-to-maturity, 12 months or longer, Unrealized Losses | (16) | |
Held-to-maturity, Total, Estimated Fair Value | 35,198 | |
Held-to-maturity, Total, Unrealized Losses | (59) | |
State and Municipal Obligations [Member] | Held-to-Maturity Securities [Member] | Investment Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 1,076 | 2,857 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (1) | (2) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 275 | 639 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (1) | (1) |
Held-to-maturity, Total, Estimated Fair Value | 1,351 | 3,496 |
Held-to-maturity, Total, Unrealized Losses | (2) | (3) |
Corporate Debt Securities [Member] | Held-to-Maturity Securities [Member] | Investment Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 2,543 | |
Held-to-maturity, Less than 12 months, Unrealized Losses | (1) | |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 45,406 | 46,473 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (9,594) | (8,527) |
Held-to-maturity, Total, Estimated Fair Value | 47,949 | 46,473 |
Held-to-maturity, Total, Unrealized Losses | (9,595) | (8,527) |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 6,093 | 79,820 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (4) | (634) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 41,290 | 76,922 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (268) | (1,978) |
Held-to-maturity, Total, Estimated Fair Value | 47,383 | 156,742 |
Held-to-maturity, Total, Unrealized Losses | (272) | (2,612) |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | FHLMC [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 1,834 | 35,816 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (1) | (200) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 30,978 | 53,604 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (167) | (1,289) |
Held-to-maturity, Total, Estimated Fair Value | 32,812 | 89,420 |
Held-to-maturity, Total, Unrealized Losses | (168) | (1,489) |
Mortgage-Backed Securities [Member] | Held-to-Maturity Securities [Member] | FNMA [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Less than 12 months, Estimated Fair Value | 4,259 | 44,004 |
Held-to-maturity, Less than 12 months, Unrealized Losses | (3) | (434) |
Held-to-maturity, 12 months or longer, Estimated Fair Value | 10,312 | 23,318 |
Held-to-maturity, 12 months or longer, Unrealized Losses | (101) | (689) |
Held-to-maturity, Total, Estimated Fair Value | 14,571 | 67,322 |
Held-to-maturity, Total, Unrealized Losses | $ (104) | $ (1,123) |
Securities - Amortized Cost, Es
Securities - Amortized Cost, Estimated Fair Value and Credit Rating of Corporate Debt Securities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 523,590 | $ 405,361 |
Estimated Fair Value | 520,971 | $ 397,763 |
BankAmerica Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 15,000 | |
Estimated Fair Value | $ 12,350 | |
Credit Rating Moody's/S&P | Ba1/BB+ | |
Chase Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 10,000 | |
Estimated Fair Value | $ 8,400 | |
Credit Rating Moody's/S&P | Baa2/BBB- | |
Wells Fargo Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 4,213 | |
Credit Rating Moody's/S&P | A1/BBB+ | |
Huntington Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 3,800 | |
Credit Rating Moody's/S&P | Baa2/BB | |
Keycorp Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 4,019 | |
Credit Rating Moody's/S&P | Baa2/BB+ | |
PNC Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 4,400 | |
Credit Rating Moody's/S&P | Baa1/BBB- | |
State Street Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 4,262 | |
Credit Rating Moody's/S&P | A3/BBB | |
SunTrust Capital [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,000 | |
Estimated Fair Value | $ 3,962 | |
Credit Rating Moody's/S&P | Baa3/BB+ | |
Corporate Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 55,000 | |
Estimated Fair Value | $ 45,406 |
Loans Receivable, Net - Compone
Loans Receivable, Net - Components of Loans Receivable, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 3,146,729 | $ 1,997,938 | ||||
Purchased credit impaired ("PCI") loans | 9,673 | 461 | ||||
Loans in process | (13,119) | (14,206) | ||||
Deferred origination costs, net | 3,441 | 3,232 | ||||
Allowance for loan losses | (16,678) | $ (16,214) | (16,722) | $ (16,534) | $ (16,419) | $ (16,317) |
Total loans, net | 3,130,046 | 1,970,703 | ||||
Commercial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,750,616 | 962,772 | ||||
Commercial [Member] | Commercial and Industrial [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 218,472 | 144,538 | ||||
Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 522,634 | 307,509 | ||||
Commercial [Member] | Commercial Real Estate - Investor [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,009,510 | 510,725 | ||||
Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,396,113 | 1,035,166 | ||||
Allowance for loan losses | (1,107) | $ (1,081) | (1,095) | $ (952) | $ (1,063) | $ (1,146) |
Consumer [Member] | Residential Mortgage [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,088,431 | 791,249 | ||||
Consumer [Member] | Residential Construction [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 48,266 | 50,757 | ||||
Consumer [Member] | Home Equity Loans and Lines [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 258,188 | 192,368 | ||||
Consumer [Member] | Other Consumer [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 1,228 | $ 792 |
Loans Receivable, Net - Additio
Loans Receivable, Net - Additional Information (Detail) - USD ($) | May 02, 2016 | Jul. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans with non-accrual of interest | $ 15,330,000 | $ 15,330,000 | $ 18,274,000 | ||||
Financing receivables 90 days past due and still accruing | 0 | 0 | |||||
Impaired loans on non-accrual commercial real estate, multi-family, land, construction, commercial and industrial loans | 250,000 | ||||||
Impaired loan portfolio total | 34,111,000 | 34,111,000 | 38,372,000 | ||||
Allocation in allowance for loan losses | 645,000 | 645,000 | 1,339,000 | ||||
Average balance of impaired loans | 34,200,000 | $ 42,600,000 | 34,400,000 | $ 39,800,000 | |||
Troubled debt restructuring loans | 31,200,000 | 31,200,000 | 31,300,000 | ||||
Troubled debt restructuring loans with accrual interest | 28,200,000 | 28,200,000 | 26,300,000 | ||||
Non-accrual loan total troubled debt restructurings | 3,000,000 | 4,900,000 | |||||
Specific reserves to loans accruing troubled debt restructurings | 459,000 | 459,000 | 262,000 | ||||
Cape Bancorp, Inc. [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | $ 0 | ||||||
Colonial American Bank [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for loan losses | $ 0 | ||||||
Residential Real Estate [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans with non-accrual of interest | 7,102,000 | 7,102,000 | $ 5,779,000 | ||||
Recorded investment in mortgage and consumer loans collateralized, foreclosure amount | 4,200,000 | 4,200,000 | |||||
Foreclosed property held | $ 1,300,000 | $ 1,300,000 |
Loans Receivable, Net - Analysi
Loans Receivable, Net - Analysis of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Receivables [Abstract] | ||||
Balance at beginning of period | $ 16,214 | $ 16,419 | $ 16,722 | $ 16,317 |
Provision charged to operations | 662 | 300 | 1,225 | 675 |
Charge-offs | (223) | (331) | (1,395) | (689) |
Recoveries | 25 | 146 | 126 | 231 |
Balance at end of period | $ 16,678 | $ 16,534 | $ 16,678 | $ 16,534 |
Loans Receivable, Net - Allowan
Loans Receivable, Net - Allowance for Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method Excluding PCI Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Allowance for loan losses: | |||||
Balance at beginning of period | $ 16,214 | $ 16,419 | $ 16,722 | $ 16,317 | |
Provision (benefit) charged to operations | 662 | 300 | 1,225 | 675 | |
Charge-offs | (223) | (331) | (1,395) | (689) | |
Recoveries | 25 | 146 | 126 | 231 | |
Balance at end of period | 16,678 | 16,534 | 16,678 | 16,534 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 645 | 645 | $ 1,339 | ||
Collectively evaluated for impairment | 16,033 | 16,033 | 15,383 | ||
Total ending allowance balance | 16,678 | 16,678 | 16,722 | ||
Loans: | |||||
Loans individually evaluated for impairment | 34,111 | 34,111 | 38,372 | ||
Loans collectively evaluated for impairment | 3,112,618 | 3,112,618 | 1,959,566 | ||
Total loans | 3,146,729 | 3,146,729 | 1,997,938 | ||
Residential Real Estate [Member] | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 6,555 | 4,206 | 6,590 | 4,291 | |
Provision (benefit) charged to operations | (480) | (608) | (491) | (682) | |
Charge-offs | (74) | (68) | (152) | (123) | |
Recoveries | 5 | 80 | 59 | 124 | |
Balance at end of period | 6,006 | 3,610 | 6,006 | 3,610 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 72 | 72 | 31 | ||
Collectively evaluated for impairment | 5,934 | 5,934 | 6,559 | ||
Total ending allowance balance | 6,006 | 6,006 | 6,590 | ||
Loans: | |||||
Loans individually evaluated for impairment | 13,269 | 13,269 | 13,165 | ||
Loans collectively evaluated for impairment | 1,123,428 | 1,123,428 | 828,841 | ||
Total loans | 1,136,697 | 1,136,697 | 842,006 | ||
Commercial Real Estate - Owner Occupied [Member] | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 2,363 | 3,745 | 2,292 | 3,627 | |
Provision (benefit) charged to operations | 390 | (14) | 1,429 | 104 | |
Charge-offs | (42) | (15) | (1,010) | (15) | |
Balance at end of period | 2,711 | 3,716 | 2,711 | 3,716 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 337 | 337 | 544 | ||
Collectively evaluated for impairment | 2,374 | 2,374 | 1,748 | ||
Total ending allowance balance | 2,711 | 2,711 | 2,292 | ||
Loans: | |||||
Loans individually evaluated for impairment | 17,291 | 17,291 | 18,964 | ||
Loans collectively evaluated for impairment | 505,343 | 505,343 | 288,545 | ||
Total loans | 522,634 | 522,634 | 307,509 | ||
Commercial Real Estate - Investor [Member] | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 4,302 | 5,555 | 4,873 | 5,308 | |
Provision (benefit) charged to operations | 410 | (51) | (170) | 284 | |
Charge-offs | (88) | ||||
Recoveries | 1 | 9 | 10 | 9 | |
Balance at end of period | 4,713 | 5,513 | 4,713 | 5,513 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 186 | 186 | 287 | ||
Collectively evaluated for impairment | 4,527 | 4,527 | 4,586 | ||
Total ending allowance balance | 4,713 | 4,713 | 4,873 | ||
Loans: | |||||
Loans individually evaluated for impairment | 1,175 | 1,175 | 2,686 | ||
Loans collectively evaluated for impairment | 1,008,335 | 1,008,335 | 508,039 | ||
Total loans | 1,009,510 | 1,009,510 | 510,725 | ||
Consumer [Member] | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 1,081 | 1,063 | 1,095 | 1,146 | |
Provision (benefit) charged to operations | 70 | 81 | 30 | 175 | |
Charge-offs | (63) | (248) | (66) | (463) | |
Recoveries | 19 | 56 | 48 | 94 | |
Balance at end of period | 1,107 | 952 | 1,107 | 952 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 50 | 50 | 43 | ||
Collectively evaluated for impairment | 1,057 | 1,057 | 1,052 | ||
Total ending allowance balance | 1,107 | 1,107 | 1,095 | ||
Loans: | |||||
Loans individually evaluated for impairment | 2,107 | 2,107 | 2,307 | ||
Loans collectively evaluated for impairment | 257,309 | 257,309 | 190,853 | ||
Total loans | 259,416 | 259,416 | 193,160 | ||
Commercial and Industrial [Member] | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 1,380 | 767 | 1,639 | 863 | |
Provision (benefit) charged to operations | (127) | 918 | (272) | 819 | |
Charge-offs | (44) | (167) | |||
Recoveries | 1 | 9 | 4 | ||
Balance at end of period | 1,209 | 1,686 | 1,209 | 1,686 | |
Ending allowance balance attributed to loans: | |||||
Individually evaluated for impairment | 434 | ||||
Collectively evaluated for impairment | 1,209 | 1,209 | 1,205 | ||
Total ending allowance balance | 1,209 | 1,209 | 1,639 | ||
Loans: | |||||
Loans individually evaluated for impairment | 269 | 269 | 1,250 | ||
Loans collectively evaluated for impairment | 218,203 | 218,203 | 143,288 | ||
Total loans | 218,472 | 218,472 | 144,538 | ||
Unallocated [Member] | |||||
Allowance for loan losses: | |||||
Balance at beginning of period | 533 | 1,083 | 233 | 1,082 | |
Provision (benefit) charged to operations | 399 | (26) | 699 | (25) | |
Balance at end of period | 932 | $ 1,057 | 932 | $ 1,057 | |
Ending allowance balance attributed to loans: | |||||
Collectively evaluated for impairment | 932 | 932 | 233 | ||
Total ending allowance balance | $ 932 | $ 932 | $ 233 |
Loans Receivable, Net - Summary
Loans Receivable, Net - Summary of Impaired Loans Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Impaired loans with no allocated allowance for loan losses | $ 30,827 | $ 35,177 |
Impaired loans with allocated allowance for loan losses | 3,284 | 3,195 |
Total | 34,111 | 38,372 |
Amount of the allowance for loan losses allocated | $ 645 | $ 1,339 |
Loans Receivable, Net - Summa45
Loans Receivable, Net - Summary of Loans Individually Evaluated for Impairment by Loan Portfolio Segment Excluding PCI Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | $ 34,111 | $ 34,111 | $ 38,372 | ||
Allowance for Loan Losses Allocated | 645 | 645 | 1,339 | ||
With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 31,809 | 31,809 | 35,951 | ||
Recorded Investment | 30,827 | 30,827 | 35,177 | ||
Average Recorded Investment | 31,063 | $ 31,868 | 31,369 | $ 29,311 | |
Interest Income Recognized | 323 | 271 | 610 | 522 | |
With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 3,255 | 3,255 | 3,184 | ||
Recorded Investment | 3,284 | 3,284 | 3,195 | ||
Allowance for Loan Losses Allocated | 645 | 645 | 1,339 | ||
Average Recorded Investment | 3,113 | 10,716 | 3,044 | 10,453 | |
Interest Income Recognized | 9 | 24 | 18 | 50 | |
Residential Real Estate [Member] | With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 13,088 | 13,088 | 13,431 | ||
Recorded Investment | 12,635 | 12,635 | 13,056 | ||
Average Recorded Investment | 12,852 | 13,724 | 12,948 | 12,775 | |
Interest Income Recognized | 135 | 144 | 258 | 294 | |
Residential Real Estate [Member] | With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 665 | 665 | 109 | ||
Recorded Investment | 634 | 634 | 109 | ||
Allowance for Loan Losses Allocated | 72 | 72 | 31 | ||
Average Recorded Investment | 635 | 263 | 636 | 262 | |
Interest Income Recognized | 9 | 3 | 15 | 6 | |
Commercial Real Estate - Owner Occupied [Member] | With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 15,680 | 15,680 | 18,742 | ||
Recorded Investment | 15,653 | 15,653 | 18,688 | ||
Average Recorded Investment | 15,711 | 14,729 | 15,778 | 13,155 | |
Interest Income Recognized | 154 | 97 | 287 | 169 | |
Commercial Real Estate - Owner Occupied [Member] | With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 1,532 | 1,532 | 276 | ||
Recorded Investment | 1,638 | 1,638 | 276 | ||
Allowance for Loan Losses Allocated | 337 | 337 | 544 | ||
Average Recorded Investment | 1,637 | 8,371 | 1,624 | 8,419 | |
Interest Income Recognized | 11 | 10 | |||
Commercial Real Estate - Investor [Member] | With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 312 | 312 | 498 | ||
Recorded Investment | 279 | 279 | 466 | ||
Average Recorded Investment | 282 | 453 | 314 | 471 | |
Interest Income Recognized | 5 | 7 | |||
Commercial Real Estate - Investor [Member] | With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 896 | 896 | 2,171 | ||
Recorded Investment | 896 | 896 | 2,220 | ||
Allowance for Loan Losses Allocated | 186 | 186 | 287 | ||
Average Recorded Investment | 726 | 1,716 | 684 | 1,589 | |
Interest Income Recognized | 8 | 32 | |||
Consumer [Member] | With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 2,460 | 2,460 | 2,577 | ||
Recorded Investment | 1,991 | 1,991 | 2,264 | ||
Average Recorded Investment | 1,948 | 2,255 | 2,059 | 2,201 | |
Interest Income Recognized | 29 | 30 | 58 | 59 | |
Consumer [Member] | With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 162 | 162 | 81 | ||
Recorded Investment | 116 | 116 | 43 | ||
Allowance for Loan Losses Allocated | 50 | 50 | 43 | ||
Average Recorded Investment | 115 | 100 | |||
Interest Income Recognized | 3 | ||||
Commercial and Industrial [Member] | With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 269 | 269 | 703 | ||
Recorded Investment | 269 | 269 | 703 | ||
Average Recorded Investment | $ 270 | 707 | $ 270 | 709 | |
Commercial and Industrial [Member] | With an Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid Principal Balance | 547 | ||||
Recorded Investment | 547 | ||||
Allowance for Loan Losses Allocated | $ 434 | ||||
Average Recorded Investment | 366 | 183 | |||
Interest Income Recognized | $ 2 | $ 2 |
Loans Receivable, Net - Recorde
Loans Receivable, Net - Recorded Investment in Non-Accrual Loans by Loan Portfolio Segment Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | $ 15,330 | $ 18,274 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 7,102 | 5,779 |
Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 4,363 | 7,684 |
Commercial Real Estate - Investor [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 1,675 | 3,112 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | 1,226 | 1,576 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded Investment in Non-accrual Loans | $ 964 | $ 123 |
Loans Receivable, Net - Aging o
Loans Receivable, Net - Aging of Recorded Investment in Past Due Loans Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days Past Due | $ 13,061 | $ 15,109 |
Total Past Due | 30,463 | 25,189 |
Loans Not Past Due | 3,116,266 | 1,972,749 |
Total loans | 3,146,729 | 1,997,938 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,216 | 6,041 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,186 | 4,039 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days Past Due | 4,968 | 3,168 |
Total Past Due | 15,354 | 9,959 |
Loans Not Past Due | 1,121,343 | 832,047 |
Total loans | 1,136,697 | 842,006 |
Residential Real Estate [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,123 | 4,075 |
Residential Real Estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,263 | 2,716 |
Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days Past Due | 6,103 | 7,684 |
Total Past Due | 6,657 | 7,764 |
Loans Not Past Due | 515,977 | 299,745 |
Total loans | 522,634 | 307,509 |
Commercial Real Estate - Owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 554 | 80 |
Commercial Real Estate - Investor [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days Past Due | 640 | 2,649 |
Total Past Due | 4,889 | 4,074 |
Loans Not Past Due | 1,004,621 | 506,651 |
Total loans | 1,009,510 | 510,725 |
Commercial Real Estate - Investor [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,249 | 217 |
Commercial Real Estate - Investor [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,208 | |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days Past Due | 1,105 | 1,248 |
Total Past Due | 2,820 | 3,024 |
Loans Not Past Due | 256,596 | 190,136 |
Total loans | 259,416 | 193,160 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,290 | 1,661 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 425 | 115 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Greater than 90 Days Past Due | 245 | 360 |
Total Past Due | 743 | 368 |
Loans Not Past Due | 217,729 | 144,170 |
Total loans | 218,472 | 144,538 |
Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 8 | |
Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 498 |
Loans Receivable, Net - Risk Ca
Loans Receivable, Net - Risk Category of Loans by Loan Portfolio Segment Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | $ 1,750,616 | $ 962,772 |
Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 522,634 | 307,509 |
Commercial Real Estate - Investor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 1,009,510 | 510,725 |
Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 218,472 | 144,538 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 1,718,259 | 925,752 |
Pass [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 503,466 | 288,701 |
Pass [Member] | Commercial Real Estate - Investor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 998,395 | 494,664 |
Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 216,398 | 142,387 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 6,472 | 12,857 |
Special Mention [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 5,342 | 1,803 |
Special Mention [Member] | Commercial Real Estate - Investor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 10,267 | |
Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 1,130 | 787 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 25,885 | 24,163 |
Substandard [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 13,826 | 17,005 |
Substandard [Member] | Commercial Real Estate - Investor [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | 11,115 | 5,794 |
Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan | $ 944 | $ 1,364 |
Loans Receivable, Net - Recor49
Loans Receivable, Net - Recorded Investment in Residential and Consumer Loans Based on Payment Activity Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Non-performing | $ 15,330 | $ 18,274 |
Total loans | 3,146,729 | 1,997,938 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-performing | 7,102 | 5,779 |
Total loans | 1,136,697 | 842,006 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Non-performing | 1,226 | 1,576 |
Total loans | 259,416 | 193,160 |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing | 1,129,595 | 836,227 |
Non-performing | 7,102 | 5,779 |
Total loans | 1,136,697 | 842,006 |
Residential Real Estate [Member] | Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Performing | 258,190 | 191,584 |
Non-performing | 1,226 | 1,576 |
Total loans | $ 259,416 | $ 193,160 |
Loans Receivable, Net - Trouble
Loans Receivable, Net - Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($)SecurityLoan | Jun. 30, 2015USD ($)SecurityLoan | Jun. 30, 2016USD ($)SecurityLoan | Jun. 30, 2015USD ($)SecurityLoan | |
Residential Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | 2 | 2 | 4 |
Pre-modification Recorded Investment | $ 29 | $ 268 | $ 219 | $ 517 |
Post-modification Recorded Investment | $ 29 | $ 231 | $ 218 | $ 480 |
Commercial Real Estate - Owner Occupied [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | |||
Pre-modification Recorded Investment | $ 3,939 | |||
Post-modification Recorded Investment | $ 3,939 | |||
Commercial Real Estate - Investor [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | 3 | ||
Pre-modification Recorded Investment | $ 256 | $ 6,033 | ||
Post-modification Recorded Investment | $ 270 | $ 5,944 | ||
Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 2 | 4 | 2 | 8 |
Pre-modification Recorded Investment | $ 63 | $ 259 | $ 63 | $ 395 |
Post-modification Recorded Investment | $ 63 | $ 243 | $ 63 | $ 379 |
Subsequently Defaulted [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 0 | 0 | 0 |
Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Loans Receivable, Net - PCI Loa
Loans Receivable, Net - PCI Loans Acquired (Detail) - USD ($) $ in Thousands | May 02, 2016 | Jul. 31, 2015 |
Colonial American Bank [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest | $ 3,263 | |
Contractual cash flows not expected to be collected (non-accretable discount) | (2,012) | |
Expected cash flows to be collected at acquisition | 1,251 | |
Interest component of expected cash flows (accretable yield) | (220) | |
Fair value of acquired loans | $ 1,031 | |
Cape Bancorp, Inc. [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest | $ 18,979 | |
Contractual cash flows not expected to be collected (non-accretable discount) | (13,283) | |
Expected cash flows to be collected at acquisition | 5,696 | |
Interest component of expected cash flows (accretable yield) | (1,040) | |
Fair value of acquired loans | $ 4,656 |
Loans Receivable, Net - Summa52
Loans Receivable, Net - Summary of Changes in Accretable Yield (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Receivables [Abstract] | ||
Beginning balance | $ 66 | $ 75 |
Acquisition | 1,040 | 1,040 |
Accretion | (95) | (104) |
Reclassification from non-accretable difference | 0 | 0 |
Ending balance | $ 1,011 | $ 1,011 |
Reserve for Repurchased Loans53
Reserve for Repurchased Loans and Loss Sharing Obligations - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016USD ($)SecurityLoan | Dec. 31, 2015SecurityLoan | Jun. 30, 2015USD ($) | |
Receivables [Abstract] | |||
Reserve for repurchased loans and loss sharing obligations | $ | $ 986,000 | $ 1,032,000 | |
Outstanding number of loan repurchase requests | SecurityLoan | 0 | 0 |
Deposits - Summary of Major Typ
Deposits - Summary of Major Types of Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Banking and Thrift [Abstract] | ||
Non-interest-bearing | $ 554,709 | $ 337,143 |
Interest-bearing checking | 1,310,290 | 859,927 |
Money market deposit | 366,942 | 153,196 |
Savings | 489,132 | 310,989 |
Time deposits | 485,189 | 255,423 |
Total deposits | $ 3,206,262 | $ 1,916,678 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Banking and Thrift [Abstract] | ||
Time deposits, $100,000 and over | $ 208.3 | $ 119.6 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Financial Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 12,509 | $ 29,902 |
Items Measured on a Recurring Basis [Member] | U.S. Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 12,509 | 29,902 |
Items Measured on a Non-Recurring Basis [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 9,791 | 8,827 |
Items Measured on a Non-Recurring Basis [Member] | Loans Measured for Impairment Based on the Fair Value of Underlying Collateral [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 5,568 | 4,344 |
Level 2 Inputs [Member] | Items Measured on a Recurring Basis [Member] | U.S. Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 12,509 | 29,902 |
Level 3 Inputs [Member] | Items Measured on a Non-Recurring Basis [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | 9,791 | 8,827 |
Level 3 Inputs [Member] | Items Measured on a Non-Recurring Basis [Member] | Loans Measured for Impairment Based on the Fair Value of Underlying Collateral [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value | $ 5,568 | $ 4,344 |
Fair Value Measurements - Book
Fair Value Measurements - Book Value and Estimated Fair Value of Bank's Significant Financial Instruments Not Recorded at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financial Assets: | ||
Securities held-to-maturity | $ 520,971 | $ 397,763 |
Financial Liabilities: | ||
Time deposits | 485,189 | 255,423 |
Securities sold under agreements to repurchase with retail customers | 67,673 | 75,872 |
Book Value [Member] | ||
Financial Assets: | ||
Cash and due from banks | 66,222 | 43,946 |
Securities held-to-maturity | 513,721 | 394,813 |
Federal Home Loan Bank of New York stock | 21,128 | 19,978 |
Loans receivable, net and mortgage loans held for sale | 3,135,356 | 1,973,400 |
Financial Liabilities: | ||
Deposits other than time deposits | 2,721,073 | 1,661,255 |
Time deposits | 485,189 | 255,423 |
Securities sold under agreements to repurchase with retail customers | 67,673 | 75,872 |
Federal Home Loan Bank advances and other borrowings | 335,103 | 346,885 |
Level 1 Inputs [Member] | ||
Financial Assets: | ||
Cash and due from banks | 66,222 | 43,946 |
Securities held-to-maturity | 8,768 | |
Financial Liabilities: | ||
Securities sold under agreements to repurchase with retail customers | 67,673 | 75,872 |
Level 2 Inputs [Member] | ||
Financial Assets: | ||
Securities held-to-maturity | 512,203 | 397,763 |
Financial Liabilities: | ||
Deposits other than time deposits | 2,721,073 | 1,661,255 |
Time deposits | 487,258 | 255,564 |
Federal Home Loan Bank advances and other borrowings | 338,480 | 346,118 |
Level 3 Inputs [Member] | ||
Financial Assets: | ||
Federal Home Loan Bank of New York stock | 21,128 | 19,978 |
Loans receivable, net and mortgage loans held for sale | $ 3,163,825 | $ 1,986,891 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Ocean Shore Holding Co [Member] - Subsequent Event [Member] - New Jersey [Member] $ / shares in Units, $ in Millions | Jul. 13, 2016USD ($)Banking_Office$ / shares |
Subsequent Event [Line Items] | |
Cost of acquisition | $ | $ 145.6 |
Common stock exchanged for each share of Ocean Shore common stock | 0.9667 |
Cash to be received for each share of Ocean Shore common stock | $ / shares | $ 4.35 |
Number of banking offices operated | Banking_Office | 11 |