Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 09, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | BROOKLINE BANCORP INC | |
Entity Central Index Key | 1,049,782 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 70,177,440 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Cash and due from banks | $ 27,299 | $ 36,893 | |
Short-term investments | 19,745 | 25,830 | |
Total cash and cash equivalents | 47,044 | 62,723 | |
Investment securities available-for-sale | 526,764 | 550,761 | |
Investment securities held-to-maturity (fair value of $63,232 and $500) | 63,097 | 500 | |
Total investment securities | 589,861 | 551,261 | |
Loans and leases held-for-sale | 10,992 | 1,537 | |
Total loans and leases | 4,829,152 | 4,822,607 | |
Allowance for loan and lease losses | (56,472) | (53,659) | |
Net loans and leases | 4,772,680 | 4,768,948 | |
Restricted equity securities | 75,553 | 74,804 | |
Premises and equipment, net of accumulated depreciation of $49,973 and $44,668, respectively | 77,472 | 80,619 | |
Deferred tax asset | 25,730 | 27,687 | |
Goodwill | 137,890 | 137,890 | |
Identified intangible assets, net of accumulated amortization of $28,425 and $26,238, respectively | 11,357 | 13,544 | |
Other real estate owned (OREO) and repossessed assets, net | 1,301 | 1,456 | |
Other assets | [1] | 89,649 | 80,479 |
Total assets | [1] | 5,839,529 | 5,800,948 |
Non-interest-bearing deposits: | |||
Demand checking accounts | 785,210 | 726,118 | |
Interest-bearing deposits: | |||
NOW accounts | 254,767 | 235,063 | |
Savings accounts | 500,104 | 531,727 | |
Money market accounts | 1,540,104 | 1,518,490 | |
Certificate of deposit accounts | 1,064,392 | 946,708 | |
Total interest-bearing deposits | 3,359,367 | 3,231,988 | |
Total deposits | 4,144,577 | 3,958,106 | |
Borrowed funds: | |||
Advances from the Federal Home Loan Bank of Boston (FHLBB) | 848,913 | 1,004,026 | |
Subordinated debentures and notes | 82,873 | 82,763 | |
Other borrowed funds | 28,434 | 39,615 | |
Total borrowed funds | 960,220 | 1,126,404 | |
Mortgagors’ escrow accounts | 7,996 | 8,501 | |
Accrued expenses and other liabilities | 57,996 | 61,332 | |
Total liabilities | $ 5,170,789 | $ 5,154,343 | |
Commitments and contingencies | |||
Brookline Bancorp, Inc. stockholders’ equity: | |||
Common stock, $0.01 par value; 200,000,000 shares authorized; 75,744,445 shares issued | $ 757 | $ 757 | |
Additional paid-in capital | 616,252 | 617,475 | |
Retained earnings, partially restricted | [1] | 102,684 | 84,860 |
Accumulated other comprehensive income/(loss) | 1,191 | (1,622) | |
Treasury stock, at cost; 4,861,085 shares and 5,040,571 shares, respectively | (56,202) | (58,282) | |
Unallocated common stock held by the Employee Stock Ownership Plan (ESOP); 222,645 shares and 251,382 shares, respectively | (1,214) | (1,370) | |
Total Brookline Bancorp, Inc. stockholders’ equity | [1] | 663,468 | 641,818 |
Noncontrolling interest in subsidiary | 5,272 | 4,787 | |
Total stockholders' equity | [1] | 668,740 | 646,605 |
Total liabilities and stockholders' equity | [1] | 5,839,529 | 5,800,948 |
Commercial real estate loans | |||
ASSETS | |||
Total loans and leases | 2,563,371 | 2,467,801 | |
Allowance for loan and lease losses | (31,061) | (29,594) | |
Commercial loans | |||
ASSETS | |||
Total loans and leases | 1,322,604 | 1,167,094 | |
Allowance for loan and lease losses | (20,962) | (15,957) | |
Indirect automobile | |||
ASSETS | |||
Total loans and leases | 16,294 | 316,987 | |
Allowance for loan and lease losses | (321) | (2,331) | |
Consumer loans | |||
ASSETS | |||
Total loans and leases | 926,883 | 870,725 | |
Allowance for loan and lease losses | $ (4,128) | $ (3,359) | |
[1] | Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. Refer to Note 8, "Investments in Qualified Affordable Projects". |
Unaudited Consolidated Balance3
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Investment securities held-to-maturity, fair value | $ 63,232 | $ 500 |
Premises and equipment, accumulated depreciation and amortization | 49,973 | 44,668 |
Identified intangible assets, accumulated amortization | $ 28,425 | $ 26,238 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 75,744,445 | 75,744,445 |
Treasury stock, shares | 4,861,085 | 5,040,571 |
Unallocated common stock held by ESOP, shares | 222,645 | 251,382 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Interest and dividend income: | |||||||
Loans and leases | $ 52,725 | $ 51,769 | $ 157,790 | $ 154,144 | |||
Debt securities | 2,866 | 2,312 | 8,480 | 6,931 | |||
Marketable and restricted equity securities | 1,079 | 520 | 2,094 | 1,508 | |||
Short-term investments | 17 | 15 | 98 | 73 | |||
Total interest and dividend income | 56,687 | 54,616 | 168,462 | 162,656 | |||
Interest expense: | |||||||
Deposits | 4,326 | 4,248 | 12,926 | 12,740 | |||
Borrowed funds | 3,774 | 3,044 | 11,249 | 8,424 | |||
Total interest expense | 8,100 | 7,292 | 24,175 | 21,164 | |||
Net interest income | 48,587 | 47,324 | 144,287 | 141,492 | |||
Provision for credit losses | 1,755 | 2,034 | 5,931 | 6,753 | |||
Net interest income after provision for credit losses | 46,832 | 45,290 | 138,356 | 134,739 | |||
Non-interest income: | |||||||
Deposit fees | 2,261 | 2,352 | 6,522 | 6,515 | |||
Loan fees | 205 | 227 | 818 | 724 | |||
Loan level derivative income | 900 | 322 | 1,841 | 384 | |||
Loss on sales of investment securities, net | 0 | 0 | 0 | (13) | |||
Gain on sales of loans and leases held-for-sale | 446 | 564 | 1,594 | 1,283 | |||
(Loss)/gain on sale/disposals of premises and equipment, net | 0 | (2) | 0 | 1,502 | |||
Other | 972 | 2,726 | 3,346 | 5,244 | |||
Total non-interest income | [1] | 4,784 | 6,189 | 14,121 | 15,639 | ||
Non-interest expense: | |||||||
Compensation and employee benefits | 17,875 | 18,258 | 52,484 | 53,585 | |||
Occupancy | 3,535 | 3,334 | 10,444 | 10,893 | |||
Equipment and data processing | 3,600 | 4,193 | 11,300 | 12,918 | |||
Professional services | 984 | 991 | 3,241 | 4,198 | |||
FDIC insurance | 929 | 873 | 2,627 | 2,580 | |||
Advertising and marketing | 878 | 745 | 2,449 | 2,186 | |||
Amortization of identified intangible assets | 725 | 828 | 2,187 | 2,516 | |||
Other | 2,744 | 2,692 | 8,316 | 7,829 | |||
Total non-interest expense | 31,270 | 31,914 | 93,048 | 96,705 | |||
Income before provision for income taxes | [1] | 20,346 | 19,565 | 59,429 | 53,673 | ||
Provision for income taxes | [1] | 6,897 | 7,163 | 21,116 | 19,700 | ||
Net income before noncontrolling interest in subsidiary | [1] | 13,449 | 12,402 | 38,313 | 33,973 | ||
Less net income attributable to noncontrolling interest in subsidiary | 561 | 662 | 1,857 | [1] | 1,560 | [1] | |
Net income attributable to Brookline Bancorp, Inc. | [1] | $ 12,888 | $ 11,740 | $ 36,456 | $ 32,413 | ||
Earnings per common share: | |||||||
Basic (in dollars per share) | [1] | $ 0.18 | $ 0.17 | $ 0.52 | $ 0.46 | ||
Diluted (in dollars per share) | [1] | $ 0.18 | $ 0.17 | $ 0.52 | $ 0.46 | ||
Weighted average common shares outstanding during the period: | |||||||
Basic (in shares) | 70,129,056 | 69,989,909 | 70,071,999 | 69,918,248 | |||
Diluted (in shares) | 70,240,020 | 70,088,987 | 70,207,983 | 70,029,383 | |||
Dividends declared per common share | $ 0.09 | $ 0.085 | $ 0.265 | $ 0.255 | |||
[1] | Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. Refer to Note 8, "Investments in Qualified Affordable Projects". |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Statement of Comprehensive Income [Abstract] | |||||||
Net income before noncontrolling interest in subsidiary | [1] | $ 13,449 | $ 12,402 | $ 38,313 | $ 33,973 | ||
Investment securities available-for-sale: | |||||||
Unrealized securities holding gains (losses) | 4,608 | (2,257) | 4,495 | 5,386 | |||
Income tax (expense) benefit | (1,642) | 850 | (1,682) | (2,043) | |||
Net unrealized securities holding gains (losses) | 2,966 | (1,407) | 2,813 | 3,343 | |||
Less reclassification adjustments for securities losses included in net income: | |||||||
Loss on sales of securities, net | 0 | 0 | 0 | (13) | |||
Income tax benefit | 0 | 0 | 0 | 5 | |||
Net reclassification adjustments for securities losses included in net income | 0 | 0 | 0 | (8) | |||
Net securities holding gains (losses) | 2,966 | (1,407) | 2,813 | 3,351 | |||
Postretirement benefits: | |||||||
Adjustment of accumulated obligation for postretirement benefits | 0 | (105) | 0 | (190) | |||
Income tax benefit | 0 | 40 | 0 | 73 | |||
Net adjustment of accumulated obligation for postretirement benefits | 0 | (65) | 0 | (117) | |||
Other comprehensive income (loss), net of taxes | 2,966 | (1,472) | 2,813 | [1] | 3,234 | [1] | |
Comprehensive income | [1] | 16,415 | 10,930 | 41,126 | 37,207 | ||
Net income attributable to noncontrolling interest in subsidiary | 561 | 662 | 1,857 | 1,560 | |||
Comprehensive income attributable to Brookline Bancorp, Inc. | [1] | $ 15,854 | $ 10,268 | $ 39,269 | $ 35,647 | ||
[1] | Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. Refer to Note 8, "Investments in Qualified Affordable Projects". |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Total Brookline Bancorp, Inc. Stockholders' Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Unallocated Common Stock Held by ESOP | Noncontrolling Interest in Subsidiary | ||||
Balance at Dec. 31, 2013 | $ 618,716 | [1] | $ 614,412 | [1] | $ 757 | $ 617,538 | $ 65,448 | [1] | $ (7,915) | $ (59,826) | $ (1,590) | $ 4,304 | |
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Net income attributable to Brookline Bancorp, Inc. | [1] | 32,413 | 32,413 | 32,413 | |||||||||
Net income attributable to noncontrolling interest in subsidiary | 1,560 | [1] | 1,560 | ||||||||||
Issuance of noncontrolling units | 60 | [1] | 60 | ||||||||||
Other comprehensive income (loss) | 3,234 | [1] | 3,234 | [1] | 3,234 | ||||||||
Common stock dividends | [1] | (17,902) | (17,902) | (17,902) | |||||||||
Dividend to owners of noncontrolling interest in subsidiary | (1,615) | [1] | (1,615) | ||||||||||
Compensation under recognition and retention plans | 843 | [1] | 843 | [1] | (755) | 1,598 | |||||||
Common stock held by ESOP committed to be released | 379 | [1] | 379 | [1] | 214 | 165 | |||||||
Balance at Sep. 30, 2014 | 637,688 | [1] | 633,379 | [1] | 757 | 616,997 | 79,959 | [1] | (4,681) | (58,228) | (1,425) | 4,309 | |
Balance at Dec. 31, 2014 | 646,605 | [1] | 641,818 | [1] | 757 | 617,475 | 84,860 | [1] | (1,622) | (58,282) | (1,370) | 4,787 | |
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Net income attributable to Brookline Bancorp, Inc. | [1] | 36,456 | 36,456 | 36,456 | |||||||||
Net income attributable to noncontrolling interest in subsidiary | 1,857 | [1] | 1,857 | ||||||||||
Issuance of noncontrolling units | 65 | [1] | 65 | ||||||||||
Other comprehensive income (loss) | 2,813 | [1] | 2,813 | [1] | 2,813 | ||||||||
Common stock dividends | [1] | (18,632) | (18,632) | (18,632) | |||||||||
Dividend to owners of noncontrolling interest in subsidiary | (1,437) | [1] | (1,437) | ||||||||||
Compensation under recognition and retention plans | 767 | [1] | 767 | [1] | (1,313) | 2,080 | |||||||
Common stock held by ESOP committed to be released | 246 | [1] | 246 | [1] | 90 | 156 | |||||||
Balance at Sep. 30, 2015 | $ 668,740 | [1] | $ 663,468 | [1] | $ 757 | $ 616,252 | $ 102,684 | [1] | $ 1,191 | $ (56,202) | $ (1,214) | $ 5,272 | |
[1] | Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. Refer to Note 8, "Investments in Qualified Affordable Projects". |
Unaudited Consolidated Stateme7
Unaudited Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends, per share (in dollars per share) | $ 0.265 | $ 0.255 |
Common stock held by ESOP committed to be released, shares | 28,737 | 30,213 |
Unaudited Consolidated Stateme8
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Cash flows from operating activities: | |||
Net income attributable to Brookline Bancorp, Inc. | [1] | $ 36,456 | $ 32,413 |
Adjustments to reconcile net income to net cash provided from operating activities: | |||
Net income attributable to noncontrolling interest in subsidiary | [1] | 1,857 | 1,560 |
Provision for credit losses | 5,931 | 6,753 | |
Origination of loans and leases held-for-sale | (33,366) | (18,065) | |
Proceeds from loans and leases held-for-sale, net | [2] | 24,984 | 32,167 |
Deferred income tax expense | 275 | 567 | |
Depreciation of premises and equipment | 5,313 | 5,207 | |
Amortization of investment securities premiums and discounts, net | 1,381 | 2,186 | |
Amortization of deferred loan and lease origination costs, net | 3,808 | 7,525 | |
Amortization of identified intangible assets | 2,187 | 2,516 | |
Amortization of debt issuance costs | 56 | 4 | |
Accretion of acquisition fair value adjustments, net | (4,829) | (9,110) | |
Gain on sale/disposals of premises and equipment, net | 0 | (1,502) | |
Loss on sales of investment securities, net | 0 | 13 | |
Gain on sales of loans and leases held-for-sale | (1,594) | (1,283) | |
Gain/(loss) on sales of OREO and repossessed assets, net | 66 | (26) | |
Write-down of OREO and repossessed assets | 143 | 235 | |
Compensation under recognition and retention plans | 673 | 843 | |
ESOP shares committed to be released | 246 | 379 | |
Net change in: | |||
Cash surrender value of bank-owned life insurance | (779) | (805) | |
Other assets | [1] | (8,280) | (415) |
Accrued expenses and other liabilities | (3,738) | (1,470) | |
Net cash provided from operating activities | [1],[2] | 30,790 | 59,692 |
Cash flows from investing activities: | |||
Proceeds from sales of investment securities available-for-sale | 0 | 5,083 | |
Proceeds from maturities, calls and principal repayments of investment securities available-for-sale | 77,612 | 59,961 | |
Purchases of investment securities available-for-sale | (50,538) | (96,932) | |
Proceeds from maturities, calls, and principal repayments of investment securities held-to-maturity | 5,894 | 500 | |
Purchases of investment securities held-to-maturity | (68,454) | (500) | |
Purchases of restricted equity securities | (749) | (8,245) | |
Proceeds from sale of loans and leases held-for-investment, net | [2] | 267,164 | 0 |
Net increase in loans and leases | [2] | (282,826) | (386,251) |
Proceeds from sales of OREO and repossessed assets | [2] | 5,844 | 8,966 |
Proceeds from sales of premises and equipment | 0 | 1,972 | |
Purchase of premises and equipment, net | (2,289) | (6,785) | |
Net cash used for investing activities | [2] | (48,342) | (422,231) |
Cash flows from financing activities: | |||
Increase in demand checking, NOW, savings and money market accounts | 68,787 | 81,434 | |
Increase/(decrease) in certificates of deposit | 117,814 | (27,054) | |
Proceeds from FHLBB advances | 3,324,000 | 2,097,776 | |
Repayment of FHLBB advances | (3,477,038) | (1,837,206) | |
Proceeds from issuance of subordinated notes | 0 | 73,539 | |
Decrease in other borrowed funds, net | (11,181) | (11,728) | |
(Decrease)/increase in mortgagors’ escrow accounts, net | (505) | 868 | |
Payment of dividends on common stock | (18,632) | (17,902) | |
Proceeds from issuance of noncontrolling units | 65 | 60 | |
Payment of dividends to owners of noncontrolling interest in subsidiary | (1,437) | (1,615) | |
Net cash provided from financing activities | 1,873 | 358,172 | |
Net increase/(decrease) in cash and cash equivalents | (15,679) | (4,367) | |
Cash and cash equivalents at beginning of period | 62,723 | 92,505 | |
Cash and cash equivalents at end of period | 47,044 | 88,138 | |
Cash paid during the period for: | |||
Interest on deposits, borrowed funds and subordinated debt | 27,527 | 23,278 | |
Income taxes | 21,686 | 13,689 | |
Non-cash investing activities: | |||
Transfer from loans to other real estate owned | $ 5,898 | $ 10,060 | |
[1] | Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. Refer to Note 8, "Investments in Qualified Affordable Projects". | ||
[2] | Cash flows resulting from the sale of the indirect automobile portfolio and the OREO and repossessed assets which had been recorded as cash provided from operating activities in the filings prior to June 30, 2015 have been revised to cash flows from investing activities in the second quarter of 2015 to properly reflect the cash flow activity. There is no impact to the Company's net income or related per share amounts for the nine months ended September 30, 2015 and September 30, 2014. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Overview Brookline Bancorp, Inc. (the “Company”) is a bank holding company (within the meaning of the Bank Holding Company Act of 1956, as amended) and the parent of Brookline Bank, a Massachusetts-chartered savings bank; Bank Rhode Island (“BankRI”), a Rhode Island-chartered financial institution; and First Ipswich Bank (“First Ipswich”), a Massachusetts-chartered trust company (collectively referred to as the “Banks”). The Banks are all members of the Federal Reserve System. The Company is also the parent of Brookline Securities Corp. (“BSC”). The Company’s primary business is to provide commercial, business and retail banking services to its corporate, municipal and individual customers through its banks and non-bank subsidiaries. Brookline Bank, which includes its wholly-owned subsidiaries BBS Investment Corp., Longwood Securities Corp. and its 84.5% -owned subsidiary, Eastern Funding LLC (“Eastern Funding”), operates 24 full-service banking offices in the greater Boston metropolitan area. BankRI, which includes its wholly-owned subsidiaries Macrolease Corporation (“Macrolease”), Acorn Insurance Agency, BRI Realty Corp., BRI Investment Corp. and its wholly-owned subsidiaries BRI MSC Corp., operates 19 full-service banking offices in the greater Providence area. First Ipswich, which includes its wholly-owned subsidiaries First Ipswich Securities II Corp. and First Ipswich Insurance Agency, operates 5 full-service banking offices on the north shore of eastern Massachusetts. The Company’s activities include acceptance of commercial, municipal and retail deposits, origination of mortgage loans on commercial and residential real estate located principally in Massachusetts and Rhode Island, origination of commercial loans and leases to small- and mid-sized businesses, investment in debt and equity securities, and the offering of cash management and investment advisory services. The Company also provides specialty equipment financing through its subsidiaries Eastern Funding, which is based in New York City, New York, and Macrolease, which is based in Plainview, New York. The Company ceased the origination of indirect automobile loans in December 2014. The Company and the Banks are supervised, examined and regulated by the Board of Governors of the Federal Reserve System ("FRB"). As a Massachusetts-chartered saving bank and trust company, Brookline Bank and First Ipswich, respectively, are also subject to regulation under the laws of the Commonwealth of Massachusetts and the jurisdiction of the Massachusetts Division of Banks. As a Rhode Island-chartered financial institution, BankRI is also subject to regulation under the laws of the State of Rhode Island and the jurisdiction of the Banking Division of the Rhode Island Department of Business Regulation. The Federal Deposit Insurance Corporation (“FDIC”) offers insurance coverage on all deposits up to $250,000 per depositor at each of the three Banks. As FDIC-insured depository institutions, all three Banks are also secondarily subject to supervision, examination and regulation by the FDIC. Additionally, as a Massachusetts-chartered savings bank, Brookline Bank is insured by the Depositors Insurance Fund (“DIF”), a private industry-sponsored insurance company. The DIF insures savings bank deposits in excess of the FDIC insurance limits. As such, Brookline Bank offers 100% insurance on all deposits as a result of a combination of insurance from the FDIC and the DIF. Brookline Bank is required to file reports with the DIF. Basis of Financial Statement Presentation The unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2014 . The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant change in the near-term include the determination of the allowance for loan and lease losses, the determination of fair market values of assets and liabilities, including acquired loans and leases, the review of goodwill and intangibles for impairment and the review of deferred tax assets for valuation allowances. The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. Reclassification Certain previously reported amounts have been reclassified to conform to the current year’s presentation. Except for the adoption of Accounting Standards Update ("ASU") 2014-01, there were no changes to stockholders' equity and net income reported. Refer to Note 8, " Investments in Qualified Affordable Projects " for the impact the adoption had on the Company's financial statements. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements . This ASU was issued to clarify the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements, since this was not addressed in the guidance in ASU 2015-03, which requires entities to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability. Given the absence of authoritative guidance with ASU 2015-03, ASU 2015-15 states that the SEC staff will not object to an entity deferring and presenting debt issuance costs related to line-of-credit arrangements as an asset and subsequently amortizing the deferred debt issuance costs ratably over the terms of the line-of-credit arrangement. As of September 30, 2015, the Company has accounted for the debt issuance costs related to the line-of-credit arrangement as a reduction of the debt liability, consistent with ASU 2015-03 and with the Company’s accounting treatment for other debt issuance costs. Management has determined that this ASU has no impact to the Company. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . This ASU was issued to defer the effective date of ASU 2014-09 for all entities by one year. In other words, public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods (including interim reporting periods within those period) beginning after December 15, 2017. The Company is currently assessing the applicability of this ASU and has not determined the impact, if any, as of September 30, 2015. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires that all debt issuance costs be presented in the balance sheet as direct deductions from the carrying amount of the related debt liability. Amortization of the costs is reported as interest expense. This ASU is applied retrospectively for the first interim or annual period presented beginning after December 15, 2015; early adoption is permitted. As of September 30, 2015, the Company has accounted for its debt issuance cost as a reduction of the debt liability. The Company adopted ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects , which required retrospective application. Refer to Note 8, " Investments in Qualified Affordable Projects " for the impact the adoption had on the Company's financial statements. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following tables set forth investment securities available-for-sale and held-to-maturity at the dates indicated: At September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: Debt securities: GSEs $ 27,580 $ 362 $ 9 $ 27,933 GSE CMOs 207,260 289 1,819 205,730 GSE MBSs 241,518 2,901 460 243,959 SBA commercial loan asset-backed securities 173 — 1 172 Corporate debt obligations 46,146 530 6 46,670 Trust preferred securities 1,465 — 150 1,315 Total debt securities 524,142 4,082 2,445 525,779 Marketable equity securities 954 31 — 985 Total investment securities available-for-sale $ 525,096 $ 4,113 $ 2,445 $ 526,764 Investment securities held-to-maturity: GSEs $ 22,431 $ 66 $ 17 $ 22,480 GSEs MBSs 19,962 16 76 19,902 Municipal obligations 20,204 156 10 20,350 Foreign government securities 500 — — 500 Total investment securities held-to-maturity $ 63,097 $ 238 $ 103 $ 63,232 At December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: Debt securities: GSEs $ 22,929 $ 88 $ 29 $ 22,988 GSE CMOs 238,910 80 4,821 234,169 GSE MBSs 249,329 2,531 879 250,981 SBA commercial loan asset-backed securities 205 — 2 203 Corporate debt obligations 39,805 403 1 40,207 Trust preferred securities 1,463 — 223 1,240 Total debt securities 552,641 3,102 5,955 549,788 Marketable equity securities 947 26 — 973 Total investment securities available-for-sale $ 553,588 $ 3,128 $ 5,955 $ 550,761 Investment securities held-to-maturity: Foreign government securities $ 500 $ — $ — $ 500 Total investment securities held-to-maturity $ 500 $ — $ — $ 500 At September 30, 2015 , the fair value of all investment securities available-for-sale was $526.8 million , with net unrealized gains of $1.7 million , compared to a fair value of $550.8 million and net unrealized losses of $2.8 million at December 31, 2014 . At September 30, 2015 , $190.5 million , or 36.2% of the portfolio, had gross unrealized losses of $2.4 million , compared to $335.7 million , or 60.9% , with gross unrealized losses of $6.0 million at December 31, 2014 . At September 30, 2015 , the fair value of all investment securities held-to-maturity was $63.2 million , with net unrealized gains of $0.1 million , compared to a fair value of $0.5 million with no unrealized gains at December 31, 2014 . At September 30, 2015 , $20.1 million , or 31.8% of the portfolio, had gross unrealized losses of $0.1 million . There were no investment securities held-to-maturity with net unrealized losses at December 31, 2014 . Investment Securities as Collateral At September 30, 2015 and December 31, 2014 , respectively, $469.6 million and $473.1 million of investment securities were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; and FHLBB borrowings. Other-Than-Temporary Impairment (“OTTI”) Investment securities at September 30, 2015 and December 31, 2014 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At September 30, 2015 Less than Twelve Months Twelve Months or Longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (In Thousands) Investment securities available-for-sale: GSEs $ 1,991 $ 9 $ — $ — $ 1,991 $ 9 GSE CMOs 37,166 222 106,368 1,597 143,534 1,819 GSE MBSs 22,629 95 17,868 365 40,497 460 SBA commercial loan asset-backed securities — — 162 1 162 1 Corporate debt obligations 3,018 6 — — 3,018 6 Trust preferred securities — — 1,315 150 1,315 150 Temporarily impaired debt securities available-for-sale 64,804 332 125,713 2,113 190,517 2,445 Investment securities held-to-maturity: GSEs 2,970 17 — — 2,970 17 GSEs MBSs 14,352 76 — — 14,352 76 Municipal obligations 2,811 10 — — 2,811 10 Temporarily impaired debt securities held-to-maturity 20,133 103 — — 20,133 103 Total temporarily impaired investment securities $ 84,937 $ 435 $ 125,713 $ 2,113 $ 210,650 $ 2,548 At December 31, 2014 Less than Twelve Months Twelve Months or Longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (In Thousands) Investment securities available-for-sale: GSEs $ 11,086 $ 29 $ — $ — $ 11,086 $ 29 GSE CMOs 39,095 179 190,345 4,642 229,440 4,821 GSE MBSs 50,099 84 39,555 795 89,654 879 SBA commercial loan asset-backed securities 8 — 186 2 194 2 Corporate debt obligations 4,069 1 — — 4,069 1 Trust preferred securities — — 1,240 223 1,240 223 Total temporarily impaired investment securities available-for-sale $ 104,357 $ 293 $ 231,326 $ 5,662 $ 335,683 $ 5,955 The Company performs regular analysis on the investment securities portfolio to determine whether a decline in fair value indicates that an investment security is OTTI. In making these OTTI determinations, management considers, among other factors, the length of time and extent to which the fair value has been less than amortized cost; projected future cash flows; credit subordination and the creditworthiness, capital adequacy and near-term prospects of the issuers. Management also considers the Company’s capital adequacy, interest-rate risk, liquidity and business plans in assessing whether it is more likely than not that the Company will sell or be required to sell the investment securities before recovery. If the Company determines that a decline in fair value is OTTI and that it is more likely than not that the Company will not sell or be required to sell the investment security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in the Company's unaudited consolidated statements of income and the noncredit portion is recognized in accumulated other comprehensive income. The credit portion of the OTTI impairment represents the difference between the amortized cost and the present value of the expected future cash flows of the investment security. If the Company determines that a decline in fair value is OTTI and it is more likely than not that it will sell or be required to sell the investment security before recovery of its amortized cost, the entire difference between the amortized cost and the fair value of the investment security will be recognized in the Company's unaudited consolidated statements of income. Investment Securities Available-For-Sale Impairment Analysis The following discussion summarizes, by investment security type, the basis for evaluating if the applicable investment securities within the Company’s available-for-sale portfolio were OTTI at September 30, 2015 . Based on the analysis below, it is more likely than not that the Company will not sell or be required to sell the investment securities before recovery of its amortized cost. The Company's ability and intent to hold these investment securities until recovery is supported by the Company's strong capital and liquidity positions as well as its historically low portfolio turnover. As such, Management has determined that the investment securities are not OTTI at September 30, 2015 . If market conditions for investment securities worsen or the creditworthiness of the underlying issuers deteriorates, it is possible that the Company may recognize additional OTTI in future periods. U.S. Government-Sponsored Enterprises The Company invests in securities issued by U.S. Government-sponsored enterprises (“GSEs”), including GSE debt securities, mortgage-backed securities (“MBSs”), and collateralized mortgage obligations (“CMOs”). GSE securities include obligations issued by the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”), the Government National Mortgage Association (“GNMA”), the Federal Home Loan Banks ("FHLB") and the Federal Farm Credit Bank. At September 30, 2015 , only GNMA MBSs and CMOs, and Small Business Administration (“SBA”) commercial loan asset-backed securities with an estimated fair value of $20.2 million were backed explicitly by the full faith and credit of the U.S. Government, compared to $26.2 million at December 31, 2014 . At September 30, 2015 , the Company held GSE debentures with a total fair value of $27.9 million with a net unrealized gain of $0.4 million . At December 31, 2014 , the Company held GSE debentures with a total fair value of $23.0 million , which approximated amortized cost. At September 30, 2015 , one of the eleven securities in this portfolio was in unrealized loss positions. At December 31, 2014 , four of the eight securities in this portfolio were in unrealized loss positions. All securities are performing and backed by the implicit (FHLB / FNMA / FHLMC) or explicit (GNMA / SBA) guarantee of the U.S. Government. During the nine months ended September 30, 2015 , the Company purchased $11.8 million of GSE debentures. This compares to a total of $8.9 million purchased during the same period in 2014 . At September 30, 2015 , the Company held GSE mortgage-related securities with a total fair value of $449.7 million with a net unrealized gain of $0.9 million . This compares to a total fair value of $485.2 million with a net unrealized loss of $3.1 million at December 31, 2014 . At September 30, 2015 , 55 of the 250 securities in this portfolio were in unrealized loss positions, compared to 79 of the 250 securities at December 31, 2014 . All securities are performing and backed by the implicit (FHLB / FNMA / FHLMC) or explicit (GNMA) guarantee of the U.S. Government. During the nine months ended September 30, 2015 , the Company purchased $29.4 million in GSE CMOs and GSE MBSs. This compares to a total of $76.0 million purchased during the same period in 2014 . SBA Commercial Loan Asset-Backed Securities At September 30, 2015 and December 31, 2014 , the Company held eight SBA securities with a total fair value of $0.2 million , which approximated amortized cost. At September 30, 2015 and December 31, 2014 , seven of the eight securities in this portfolio were in unrealized loss positions. All securities are performing and backed by the explicit (SBA) guarantee of the U.S. Government. Corporate Obligations From time to time, the Company will invest in high-quality corporate obligations to provide portfolio diversification and improve the overall yield on the portfolio. The Company owned fifteen corporate obligation securities with a total fair value of $46.7 million and a net unrealized gain of $0.5 million at September 30, 2015 . This compares to thirteen corporate obligation securities with a total fair value of $40.2 million with a net unrealized gain of $0.4 million at December 31, 2014 . At September 30, 2015 , one of the fifteen securities in this portfolio was in an unrealized loss position. At December 31, 2014 , one of the thirteen securities in this portfolio was in an unrealized loss position. Full collection of the obligations is expected because the financial condition of the issuer is sound and has not defaulted on scheduled payments, the obligations are rated investment grade and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. During the nine months ended September 30, 2015 , the Company purchased $9.3 million of corporate obligations. This compares to a total of $12.0 million purchased during the same period in 2014 . Trust Preferred Securities Trust preferred securities represent subordinated debt issued by financial institutions. At September 30, 2015 , the Company owned two trust preferred securities with a total fair value of $1.3 million with a net unrealized loss of $0.2 million . This compares to two trust preferred securities with a total fair value of $1.2 million with a net unrealized loss of $0.2 million at December 31, 2014 . At September 30, 2015 and December 31, 2014 , both of the securities in this portfolio were in unrealized loss positions. Full collection of the obligations is expected because the financial condition of the issuers is sound, none of the issuers has defaulted on scheduled payments, the obligations are rated investment grade and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. Marketable Equity Securities At September 30, 2015 and December 31, 2014 , the Company owned two marketable equity securities with a fair value of $1.0 million , which approximated amortized cost. At September 30, 2015 and December 31, 2014 , neither of the securities in this portfolio was in an unrealized loss position. Investment Securities Held-to-Maturity Impairment Analysis At September 30, 2015 , the Company owned 62 held-to-maturity investment securities with a total fair value of $63.2 million and a net unrealized gain of $0.1 million . This compares to a fair value of $0.5 million at December 31, 2014 . As of September 30, 2015 , 12 of the securities were in an unrealized loss position compared to none of the securities in an unrealized loss position at December 31, 2014 . Management does not intend to sell these securities prior to maturity. As such, Management has determined that the investment securities are not OTTI at September 30, 2015 . During the nine months ended September 30, 2015 , the Company purchased $68.5 million of held-to-maturity investment securities. This compares to a total of $0.5 million purchased during the same period in 2014 . Portfolio Maturities The final stated maturities of the debt securities are as follows at the dates indicated: At September 30, 2015 At December 31, 2014 Amortized Cost Estimated Fair Value Weighted Average Rate Amortized Cost Estimated Fair Value Weighted Average Rate (Dollars in Thousands) Investment securities available-for-sale: Within 1 year $ 2,989 $ 3,004 1.88 % $ 3,057 $ 3,081 3.00 % After 1 year through 5 years 61,119 62,089 2.35 % 55,631 56,586 2.48 % After 5 years through 10 years 91,308 92,623 2.01 % 103,268 104,208 2.00 % Over 10 years 368,726 368,063 1.94 % 390,685 385,913 1.91 % $ 524,142 $ 525,779 2.00 % $ 552,641 $ 549,788 1.99 % Investment securities held-to-maturity: Within 1 year $ 579 $ 579 1.12 % $ — $ — — % After 1 year through 5 years 8,034 8,063 1.28 % 500 500 1.30 % After 5 years through 10 years 34,601 34,769 2.09 % — — — % Over 10 years 19,883 19,821 1.63 % — — — % $ 63,097 $ 63,232 1.83 % $ 500 $ 500 1.30 % Actual maturities of debt securities may differ from those presented above since certain obligations amortize and provide the issuer the right to call or prepay the obligation prior to the scheduled final stated maturity without penalty. MBSs and CMOs are included above based on their final stated maturities; the actual maturities, however, may occur earlier due to anticipated prepayments and stated amortization of cash flows. At September 30, 2015 , issuers of debt securities with an estimated fair value of $5.0 million had the right to call or prepay the obligations. Of the $5.0 million , $3.0 million matures in 1 - 5 years and $2.0 million matures in 6 - 10 years. At December 31, 2014 , issuers of debt securities with an estimated fair value of $16.1 million had the right to call or prepay the obligations. Of the $16.1 million , approximately $5.0 million matures in 1 - 5 years, $9.9 million matures in 6 - 10 years and $1.2 million matures after ten years. Security Sales Security transactions are recorded on the trade date. When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. There were no security sales during the three-month and nine-month periods ended September 30, 2015 . Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 (In Thousands) Sales of debt securities $ — $ 5,083 Gross gains from sales — 302 Gross losses from sales — 315 Loss on sales of securities, net $ — $ (13 ) |
Loans and Leases
Loans and Leases | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases The following tables present loan and lease balances and weighted average coupon rates for the originated and acquired loan and lease portfolios at the dates indicated: At September 30, 2015 Originated Acquired Total Balance Weighted Average Coupon Balance Weighted Average Coupon Balance Weighted Average Coupon (Dollars in Thousands) Commercial real estate loans: Commercial real estate mortgage $ 1,598,116 4.01 % $ 212,434 4.18 % $ 1,810,550 4.03 % Multi-family mortgage 576,297 4.02 % 38,263 4.34 % 614,560 4.04 % Construction 137,695 3.51 % 566 5.04 % 138,261 3.52 % Total commercial real estate loans 2,312,108 3.98 % 251,263 4.21 % 2,563,371 4.00 % Commercial loans and leases: Commercial 560,088 3.84 % 20,623 5.51 % 580,711 3.90 % Equipment financing 674,449 6.86 % 9,882 6.01 % 684,331 6.84 % Condominium association 57,562 4.52 % — — % 57,562 4.52 % Total commercial loans and leases 1,292,099 5.45 % 30,505 5.67 % 1,322,604 5.45 % Indirect automobile loans 16,294 5.55 % — — % 16,294 5.55 % Consumer loans: Residential mortgage 513,645 3.63 % 92,418 3.86 % 606,063 3.66 % Home equity 224,777 3.29 % 83,594 3.88 % 308,371 3.45 % Other consumer 12,307 4.91 % 142 17.21 % 12,449 5.06 % Total consumer loans 750,729 3.55 % 176,154 3.88 % 926,883 3.61 % Total loans and leases $ 4,371,230 4.35 % $ 457,922 4.18 % $ 4,829,152 4.33 % At December 31, 2014 Originated Acquired Total Balance Weighted Average Coupon Balance Weighted Average Coupon Balance Weighted Average Coupon (Dollars in Thousands) Commercial real estate loans: Commercial real estate mortgage $ 1,425,621 4.18 % $ 254,461 4.29 % $ 1,680,082 4.20 % Multi-family mortgage 576,214 4.11 % 63,492 4.50 % 639,706 4.15 % Construction 146,074 3.79 % 1,939 5.50 % 148,013 3.81 % Total commercial real estate loans 2,147,909 4.13 % 319,892 4.34 % 2,467,801 4.16 % Commercial loans and leases: Commercial 462,730 3.88 % 51,347 4.14 % 514,077 3.91 % Equipment financing 587,496 6.92 % 13,928 6.22 % 601,424 6.90 % Condominium association 51,593 4.60 % — — % 51,593 4.60 % Total commercial loans and leases 1,101,819 5.53 % 65,275 4.58 % 1,167,094 5.48 % Indirect automobile loans 316,987 4.47 % — — % 316,987 4.47 % Consumer loans: Residential mortgage 472,078 3.60 % 99,842 3.77 % 571,920 3.63 % Home equity 181,580 3.35 % 105,478 3.85 % 287,058 3.53 % Other consumer 11,580 5.13 % 167 16.35 % 11,747 5.29 % Total consumer loans 665,238 3.56 % 205,487 3.82 % 870,725 3.62 % Total loans and leases $ 4,231,953 4.43 % $ 590,654 4.19 % $ 4,822,607 4.40 % The Company lends primarily in the eastern half of Massachusetts, southern New Hampshire and Rhode Island, with the exception of equipment financing, 33.6% of which is in the greater New York/New Jersey metropolitan area and 66.4% of which is in other areas in the United States of America at September 30, 2015 , compared to 35.9% in the greater New York/New Jersey metropolitan area and 64.1% in other areas in the United States of America at December 31, 2014 . Competition for the indirect automobile loans increased significantly as credit unions and large national banks entered indirect automobile lending in a search for additional sources of income. That competition drove interest rates down and, in some cases, changed the manner in which interest rates are developed, from including a dealer-shared spread to imposing a dealer-based fee to originate the loan. Given this market condition, management ceased the Company's origination of indirect automobile loans in December 2014. For the quarter ended March 31, 2015, the Company sold over 90% of the portfolio for $255.2 million , which resulted in a loss of $11.8 thousand . Refer to Note 5, " Allowance for Loan and Lease Losses " for the impact of the sale on the Company's allowance for loan and lease losses. Accretable Yield for the Acquired Loan Portfolio The following table summarizes activity in the accretable yield for the acquired loan portfolio for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands) Balance at beginning of period $ 28,730 $ 38,178 $ 32,044 $ 45,789 Accretion (2,387 ) (3,806 ) (7,822 ) (13,071 ) Reclassification from nonaccretable difference for loans with improved cash flows 1,242 2,141 3,045 3,795 Changes in expected cash flows that do not affect nonaccretable difference (1) (3,403 ) — (3,085 ) — Balance at end of period $ 24,182 $ 36,513 $ 24,182 $ 36,513 (1) Represents changes in interest cash flows due to changes in interest rates on variable rate loans. On a quarterly basis, subsequent to acquisition, management reforecasts the expected cash flows for acquired ASC 310-30 loans, taking into account prepayment speeds, probability of default and loss given defaults. Management compares cash flow projections per the reforecast to the original cash flow projections and determines whether any reduction in cash flow expectations is due to credit deterioration, or if the change in cash flow expectations are related to noncredit events. This cash flow analysis is used to evaluate the need for a provision for loan and lease losses and/or prospective yield adjustments. During the nine months ended September 30, 2015 and 2014 , accretable yield adjustments totaling $3.0 million and $3.8 million , respectively, were made for certain loan pools. These prospective accretable yield adjustments, which are subject to continued re-assessment, will be recognized over the remaining lives of those pools. The aggregate remaining nonaccretable difference applicable to acquired loans and leases totaled $2.8 million and $3.6 million at September 30, 2015 and December 31, 2014 , respectively. Loans and Leases Pledged as Collateral At September 30, 2015 and December 31, 2014 , there were $1.9 billion and $1.6 billion , respectively, of loans and leases pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; and FHLBB borrowings. The Banks did not have any outstanding FRB borrowings at September 30, 2015 and December 31, 2014 . |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses The following tables present the changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment for the periods indicated: Three Months Ended September 30, 2015 Commercial Real Estate Commercial Indirect Automobile Consumer Unallocated Total (In Thousands) Balance at June 30, 2015 $ 29,216 $ 20,229 $ 381 $ 4,012 $ 2,560 $ 56,398 Charge-offs — (1,388 ) (296 ) (247 ) — (1,931 ) Recoveries — 112 179 41 — 332 Provision (credit) for loan and lease losses 1,845 2,009 57 322 (2,560 ) 1,673 Balance at September 30, 2015 $ 31,061 $ 20,962 $ 321 $ 4,128 $ — $ 56,472 Three Months Ended September 30, 2014 Commercial Real Estate Commercial Indirect Automobile Consumer Unallocated Total (In Thousands) Balance at June 30, 2014 $ 26,715 $ 15,866 $ 3,686 $ 3,017 $ 2,402 $ 51,686 Charge-offs (64 ) (605 ) (264 ) (203 ) — (1,136 ) Recoveries — 261 55 27 — 343 Provision (credit) for loan and lease losses 2,769 (1,573 ) (16 ) 728 21 1,929 Balance at September 30, 2014 $ 29,420 $ 13,949 $ 3,461 $ 3,569 $ 2,423 $ 52,822 Nine Months Ended September 30, 2015 Commercial Real Estate Commercial Indirect Automobile Consumer Unallocated Total (In Thousands) Balance at December 31, 2014 $ 29,594 $ 15,957 $ 2,331 $ 3,359 $ 2,418 $ 53,659 Charge-offs (550 ) (2,083 ) (1,513 ) (479 ) — (4,625 ) Recoveries — 418 1,170 83 — 1,671 Provision (credit) for loan and lease losses 2,017 6,670 (1,667 ) 1,165 (2,418 ) 5,767 Balance at September 30, 2015 $ 31,061 $ 20,962 $ 321 $ 4,128 $ — $ 56,472 Nine Months Ended September 30, 2014 Commercial Real Estate Commercial Indirect Automobile Consumer Unallocated Total (In Thousands) Balance at December 31, 2013 $ 23,022 $ 15,220 $ 3,924 $ 3,375 $ 2,932 $ 48,473 Charge-offs (64 ) (1,952 ) (781 ) (585 ) — (3,382 ) Recoveries — 730 332 141 — 1,203 Provision (credit) for loan and lease losses 6,462 (49 ) (14 ) 638 (509 ) 6,528 Balance at September 30, 2014 $ 29,420 $ 13,949 $ 3,461 $ 3,569 $ 2,423 $ 52,822 The liability for unfunded credit commitments, which is included in other liabilities, was $1.4 million , $1.3 million and $1.3 million at September 30, 2015 , December 31, 2014 and September 30, 2014 , respectively. The liability for unfunded credit commitments reflects changes in the estimate of loss exposure associated with certain unfunded credit commitments. No credit commitments were charged off against the liability account in the nine -month periods ended September 30, 2015 and 2014 . Provision for Credit Losses The provision for credit losses are set forth below for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands) Provision (credit) for loan and lease losses: Commercial real estate $ 1,845 $ 2,769 $ 2,017 $ 6,462 Commercial 2,009 (1,573 ) 6,670 (49 ) Indirect automobile 57 (16 ) (1,667 ) (14 ) Consumer 322 728 1,165 638 Unallocated (2,560 ) 21 (2,418 ) (509 ) Total provision for loan and lease losses 1,673 1,929 5,767 6,528 Unfunded credit commitments 82 105 164 225 Total provision for credit losses $ 1,755 $ 2,034 $ 5,931 $ 6,753 Procedure for Placing Loans and Leases on Nonaccrual Accrual of interest on loans generally is discontinued when contractual payment of principal or interest becomes past due 90 days or, if in management’s judgment, reasonable doubt exists as to the full timely collection of interest. Exceptions may be made if the loan has matured and is in the process of renewal or is well-secured and in the process of collection. When a loan is placed on nonaccrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current interest income. Interest payments on nonaccrual loans are generally applied to principal. If collection of the principal is reasonably assured, interest payments are recognized as income on the cash basis. Loans are generally returned to accrual status when principal and interest payments are current, full collectability of principal and interest is reasonably assured and a consistent record of at least six consecutive months of performance has been achieved. Allowance for Loan and Lease Losses Methodology Management has established a methodology to determine the adequacy of the allowance for loan and lease losses that assesses the risks and losses inherent in the loan and lease portfolio. Additions to the allowance for loan and lease losses are made by charges to the provision for credit losses. Losses on loans and leases are charged off against the allowance when all or a portion of a loan or lease is considered uncollectible. Subsequent recoveries on loans previously charged off, if any, are credited to the allowance when realized. Management uses a consistent and systematic process and methodology to evaluate the adequacy of the allowance for loan and lease losses on a quarterly basis. For purposes of determining the allowance for loan and lease losses, the Company has segmented certain loans and leases in the portfolio by product type into the following segments: (1) commercial real estate loans, (2) commercial loans and leases, (3) indirect automobile loans and (4) consumer loans. Portfolio segments are further disaggregated into classes based on the associated risks within the segments. Commercial real estate loans are divided into three classes: commercial real estate mortgage loans, multi-family mortgage loans, and construction loans. Commercial loans and leases are divided into four classes: commercial loans, equipment financing, taxi medallion, and loans to condominium associations. The indirect automobile loan segment is not divided into classes. Consumer loans are divided into three classes: residential mortgage loans, home equity loans and other consumer loans. A formula-based credit evaluation approach is applied to each group, coupled with an analysis of certain loans for impairment. The general allowance related to loans collectively evaluated for impairment is determined using a formula-based approach utilizing the risk ratings of individual credits and loss factors derived from historic portfolio loss rates, which include estimates of incurred losses over an estimated loss emergence period (“LEP”). The LEP was generated utilizing a charge-off look-back analysis which studied the time from the first indication of elevated risk of repayment (or other early event indicating a problem) to eventual charge-off to support the LEP considered in the allowance calculation. This reserving methodology established the approximate number of months of LEP that represents incurred losses for each portfolio. In addition to quantitative measures, relevant qualitative factors include, but are not limited to: (1) levels and trends in past due and impaired loans, (2) levels and trends in charge-offs, (3) changes in underwriting standards, policy exceptions, and credit policy, (4) experience of lending management and staff, (5) economic trends, (6) industry conditions, (7) effects of changes in credit concentrations, (8) interest rate environment, and (9) regulatory and other changes. The general allowance related to the acquired loans collectively evaluated for impairment is determined based upon the degree, if any, of deterioration in the pooled loans subsequent to acquisition. The qualitative factors used in the determination are the same as those used for originated loans. During the third quarter of 2015, the Company enhanced and refined its general allowance methodology to provide a more precise quantification of probable losses in the portfolio. Under the enhanced methodology, management combined the historical loss histories of the Banks to generate a single set of ratios. Management believes it is appropriate to aggregate the ratios as the Banks share common environmental factors, operate in similar markets, and utilize common underwriting standards in accordance with a Companywide Credit Policy. In prior periods, a historical loss history applicable to each Bank was used. Additional refinements include a change in the weighting to place more emphasis on recent loss experience rather than the charge-off look-back analysis that involves application of loss ratios over a longer period of time. This enhancement provides an allowance calculation that more accurately reflects the term of loans in the portfolio. Management employed a similar analysis for the consolidation of the qualitative factors as it did for the quantitative factors. Again, management believes the realignment of the existing nine qualitative factors used at each of the Banks into a single Companywide group of factors is appropriate based on the commonality of environmental factors, markets and underwriting standards among the Banks. In prior periods each of the Banks utilized a set of qualitative factors applicable to each Bank. The Company’s September 30, 2015 allowance calculation included a further segmentation of the commercial loans and leases to reflect the increased risk in the Company’s taxi medallion portfolio. At September 30, 2015 this portfolio is approximately $36.0 million . Based on industry factors, management established a specific loss factor for this portfolio that best represents the risks associated with it. Based on the refinements to the Company’s allowance methodology discussed above, management determined that the potential risks anticipated by the unallocated allowance are now incorporated into the allowance methodology, making the unallocated allowance unnecessary. In prior periods, the unallocated allowance was used to recognize the estimated risk associated with the allocated general and specific allowances. It incorporated management’s evaluation of existing conditions that were not included in the allocated allowance determinations and provided for losses that arise outside of the ordinary course of business. Specific valuation allowances are established for impaired originated loans with book values greater than the discounted present value of expected future cash flows or, in the case of collateral-dependent impaired loans, for any excess of a loan's book balance and the fair value of its underlying collateral. Specific valuation allowances are established for acquired loans with deterioration in the discounted present value of expected future cash flows since acquisitions or, in the case of collateral dependent impaired loans, for any increase in the excess of a loan's book balance greater than the fair value of its underlying collateral. A specific valuation allowance for losses on troubled debt restructured loans is determined by comparing the net carrying amount of the troubled debt restructured loan with the restructured loan's cash flows discounted at the original effective rate. Impaired loans are reviewed quarterly with adjustments made to the calculated reserve as necessary. As of September 30, 2015, management believes that the methodology for calculating the allowance is sound and that the allowance provides a reasonable basis for determining and reporting on probable losses in the Company’s loan portfolios. The general allowance for loan and lease losses was $51.9 million at September 30, 2015 , compared to $50.1 million at December 31, 2014 . The general portion of the allowance for loan and lease losses increased by $1.8 million during the nine months ended September 30, 2015 , primarily driven by growth in commercial real estate and commercial loan and lease portfolios, offset by the sale of the indirect automobile portfolio, which resulted in a release of $1.9 million in the general allowance for loan and lease losses in the first quarter of 2015. The specific allowance for loan and lease losses was $4.5 million at September 30, 2015 , compared to $1.2 million at December 31, 2014 . The specific allowance increased $3.3 million during the nine months ended September 30, 2015 , primarily due to one commercial relationship which was downgraded during the nine months ended September 30, 2015 . The changes to the methodology described above resulted in a reallocation of reserve from unallocated to specific loan segments. As such, the reserve for unallocated allowance for loan and lease losses at September 30, 2015 was reduced to zero at September 30, 2015 , as compared to $2.4 million at December 31, 2014 . The unallocated portion of the allowance for loan and lease losses decreased by $2.4 million during the nine months ended September 30, 2015. Credit Quality Assessment At the time of loan origination, a rating is assigned based on the financial strength of the borrower and the value of assets pledged as collateral. The Company continually monitors the asset quality of the loan portfolio using all available information. The officer responsible for handling each loan is required to initiate changes to risk ratings when changes in facts and circumstances occur that warrant an upgrade or downgrade in a loan rating. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as delinquent, impaired, nonperforming and/or put on nonaccrual status. Additionally, in the course of resolving such loans, the Company may choose to restructure the contractual terms of certain loans to match the borrower’s ability to repay the loan based on their current financial condition. If a restructured loan meets certain criteria, it may be categorized as a troubled debt restructuring. The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For the commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes, the Company utilizes an eight-grade loan rating system, which assigns a risk rating to each borrower based on a number of quantitative and qualitative factors associated with a loan transaction. Factors considered include industry and market conditions; position within the industry; earnings trends; operating cash flow; asset/liability values; debt capacity; guarantor strength; management and controls; financial reporting; collateral; and other considerations. In addition, the Company’s independent loan review group evaluates the credit quality and related risk ratings of the commercial real estate and commercial loan portfolios. The results of these reviews are reported to the Board of Directors. For consumer loans, the Company primarily relies on payment status for monitoring credit risk. The ratings categories used for assessing credit risk in the commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes are defined as follows: 1-4 Rating — Pass Loan rating grades “1” through “4” are classified as “Pass,” which indicates borrowers are performing in accordance with the terms of the loan and are less likely to result in losses due to the capacity of the borrowers to pay and the adequacy of the value of assets pledged as collateral. 5 Rating — Other Asset Especially Mentioned (“OAEM”) Borrowers exhibit potential credit weaknesses or downward trends deserving management’s attention. If not checked or corrected, these trends can weaken the Company’s asset position. While potentially weak, currently these borrowers are marginally acceptable; no loss of principal or interest is envisioned. 6 Rating — Substandard Borrowers exhibit well-defined weaknesses that jeopardize the orderly liquidation of debt. Substandard loans may be inadequately protected by the current net worth and paying capacity of the obligors or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy. Although no loss of principal is envisioned, there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Collateral coverage may be inadequate to cover the principal obligation. 7 Rating — Doubtful Borrowers exhibit well-defined weaknesses that jeopardize the orderly liquidation of debt with the added provision that the weaknesses make collection of the debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely. 8 Rating — Definite Loss Borrowers deemed incapable of repayment. Loans to such borrowers are considered uncollectable and of such little value that continuation as active assets of the Company is not warranted. Assets rated as “OAEM,” “substandard” or “doubtful” based on criteria established under banking regulations are collectively referred to as “criticized” assets. Credit Quality Information The following tables present the recorded investment in loans in each class at September 30, 2015 by credit quality indicator. At September 30, 2015 Commercial Real Estate Mortgage Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer (In Thousands) Originated: Loan rating: Pass $ 1,581,797 $ 574,822 $ 137,481 $ 547,301 $ 670,511 $ 57,562 $ 12,255 OAEM 13,164 1,166 214 6,932 808 — — Substandard 3,155 309 — 5,051 1,647 — 52 Doubtful — — — 804 1,483 — — Total originated 1,598,116 576,297 137,695 560,088 674,449 57,562 12,307 Acquired: Loan rating: Pass 202,802 36,419 566 16,387 9,882 — 142 OAEM 620 617 — 978 — — — Substandard 8,611 1,227 — 3,258 — — — Doubtful 401 — — — — — — Total acquired 212,434 38,263 566 20,623 9,882 — 142 Total loans $ 1,810,550 $ 614,560 $ 138,261 $ 580,711 $ 684,331 $ 57,562 $ 12,449 At September 30, 2015 , there were no loans categorized as definite loss. At September 30, 2015 Indirect Automobile ($ In Thousands) Originated: Credit score: Over 700 $ 6,473 39.7 % 661-700 2,378 14.6 % 660 and below 7,337 45.0 % Data not available 106 0.7 % Total loans $ 16,294 100.0 % At September 30, 2015 Residential Mortgage Home Equity ($ In Thousands) ($ In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 111,152 18.3 % $ 127,693 41.4 % 50% - 69% 211,505 34.9 % 46,724 15.2 % 70% - 79% 169,499 28.0 % 31,665 10.3 % 80% and over 20,403 3.4 % 17,984 5.8 % Data not available 1,086 0.2 % 711 0.2 % Total originated 513,645 84.8 % 224,777 72.9 % Acquired: Loan-to-value ratio: Less than 50% 19,455 3.2 % 51,476 16.7 % 50% - 69% 33,664 5.5 % 19,716 6.4 % 70% - 79% 19,668 3.2 % 9,041 2.9 % 80% and over 14,895 2.5 % 2,913 0.9 % Data not available 4,736 0.8 % 448 0.2 % Total acquired 92,418 15.2 % 83,594 27.1 % Total loans $ 606,063 100.0 % $ 308,371 100.0 % The following tables present the recorded investment in loans in each class at December 31, 2014 by credit quality indicator. At December 31, 2014 Commercial Real Estate Mortgage Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer (In Thousands) Originated: Loan rating: Pass $ 1,402,121 $ 574,972 $ 146,074 $ 447,778 $ 583,340 $ 51,593 $ 11,540 OAEM 22,491 1,242 — 12,193 932 — — Substandard 1,009 — — 1,671 2,338 — 40 Doubtful — — — 1,088 886 — — Total originated 1,425,621 576,214 146,074 462,730 587,496 51,593 11,580 Acquired: Loan rating: Pass 237,439 60,837 1,709 43,925 13,795 — 167 OAEM 8,351 713 230 1,852 — — — Substandard 8,250 1,942 — 5,424 133 — — Doubtful 421 — — 146 — — — Total acquired 254,461 63,492 1,939 51,347 13,928 — 167 Total loans $ 1,680,082 $ 639,706 $ 148,013 $ 514,077 $ 601,424 $ 51,593 $ 11,747 At December 31, 2014 , there were no loans categorized as definite loss. At December 31, 2014 Indirect Automobile ($ In Thousands) Originated: Credit score: Over 700 $ 262,160 82.7 % 661-700 43,422 13.7 % 660 and below 9,927 3.1 % Data not available 1,478 0.5 % Total loans $ 316,987 100.0 % At December 31, 2014 Residential Mortgage Home Equity ($ In Thousands) ($ In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 105,342 18.4 % $ 113,541 39.6 % 50% - 69% 179,319 31.4 % 35,660 12.4 % 70% - 79% 166,467 29.1 % 27,123 9.4 % 80% and over 19,335 3.4 % 4,195 1.5 % Data not available 1,615 0.3 % 1,061 0.4 % Total originated 472,078 82.6 % 181,580 63.2 % Acquired: Loan-to-value ratio: Less than 50% 19,574 3.4 % 70,293 24.5 % 50% - 69% 35,131 6.2 % 22,581 7.9 % 70% - 79% 22,972 4.0 % 10,569 3.7 % 80% and over 16,268 2.8 % 1,178 0.4 % Data not available 5,897 1.0 % 857 0.3 % Total acquired 99,842 17.4 % 105,478 36.8 % Total loans $ 571,920 100.0 % $ 287,058 100.0 % The following table presents information regarding foreclosed residential real estate property at September 30, 2015 . At September 30, 2015 (In Thousands) Foreclosed residential real estate property held by the creditor $ 1,149 Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure 606 Age Analysis of Past Due Loans and Leases The following tables present an age analysis of the recorded investment in total loans and leases at September 30, 2015 and December 31, 2014 . At September 30, 2015 Past Due Loans and Leases Past 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Due Greater Than 90 Days and Accruing Nonaccrual Loans and Leases (In Thousands) Originated: Commercial real estate loans: Commercial real estate mortgage $ 104 $ — $ 3,341 $ 3,445 $ 1,594,671 $ 1,598,116 $ 187 $ 3,155 Multi-family mortgage — — 309 309 575,988 576,297 — 309 Construction — — — — 137,695 137,695 — — Total commercial real estate loans 104 — 3,650 3,754 2,308,354 2,312,108 187 3,464 Commercial loans and leases: Commercial 3,482 100 3,860 7,442 552,646 560,088 — 5,327 Equipment financing 3,678 684 1,949 6,311 668,138 674,449 — 2,896 Condominium association 158 — — 158 57,404 57,562 — — Total commercial loans and leases 7,318 784 5,809 13,911 1,278,188 1,292,099 — 8,223 Indirect automobile 1,173 449 118 1,740 14,554 16,294 — 629 Consumer loans: Residential mortgage 40 — 229 269 513,376 513,645 — 2,369 Home equity 144 51 115 310 224,467 224,777 — 268 Other consumer 12 2 46 60 12,247 12,307 1 52 Total consumer loans 196 53 390 639 750,090 750,729 1 2,689 Total originated loans and leases $ 8,791 $ 1,286 $ 9,967 $ 20,044 $ 4,351,186 $ 4,371,230 $ 188 $ 15,005 At September 30, 2015 Past Due Loans and Leases Past 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Due Greater Than 90 Days and Accruing Nonaccrual Loans and Leases (In Thousands) Acquired: Commercial real estate loans: Commercial real estate mortgage $ 3,620 $ 296 $ 4,911 $ 8,827 $ 203,607 $ 212,434 $ 4,910 $ — Multi-family mortgage — — 1,077 1,077 37,186 38,263 1,077 — Construction — — — — 566 566 — — Total commercial real estate loans 3,620 296 5,988 9,904 241,359 251,263 5,987 — Commercial loans and leases: Commercial 373 250 3,121 3,744 16,879 20,623 171 2,999 Equipment financing — — — — 9,882 9,882 — — Total commercial loans and leases 373 250 3,121 3,744 26,761 30,505 171 2,999 Consumer loans: Residential mortgage 200 — 2,474 2,674 89,744 92,418 2,304 170 Home equity 707 155 444 1,306 82,288 83,594 142 1,550 Other consumer — — — — 142 142 — — Total consumer loans 907 155 2,918 3,980 172,174 176,154 2,446 1,720 Total acquired loans and leases $ 4,900 $ 701 $ 12,027 $ 17,628 $ 440,294 $ 457,922 $ 8,604 $ 4,719 Total loans and leases $ 13,691 $ 1,987 $ 21,994 $ 37,672 $ 4,791,480 $ 4,829,152 $ 8,792 $ 19,724 At December 31, 2014 Past Due Loans and Leases Past 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Due Greater Than 90 Days and Accruing Nonaccrual Loans and Leases (In Thousands) Originated: Commercial real estate loans: Commercial real estate mortgage $ 1,631 $ 416 $ 160 $ 2,207 $ 1,423,414 $ 1,425,621 $ — $ 1,009 Multi-family mortgage 385 — — 385 575,829 576,214 — — Construction — — — — 146,074 146,074 — — Total commercial real estate loans 2,016 416 160 2,592 2,145,317 2,147,909 — 1,009 Commercial loans and leases: Commercial 758 876 1,499 3,133 459,597 462,730 2 2,722 Equipment financing 1,534 138 2,392 4,064 583,432 587,496 — 3,214 Condominium association 501 — — 501 51,092 51,593 — — Total commercial loans and leases 2,793 1,014 3,891 7,698 1,094,121 1,101,819 2 5,936 Indirect automobile 4,635 923 166 5,724 311,263 316,987 — 645 Consumer loans: Residential mortgage — — 501 501 471,577 472,078 — 1,340 Home equity 75 52 129 256 181,324 181,580 — 161 Other consumer 17 5 30 52 11,528 11,580 — 41 Total consumer loans 92 57 660 809 664,429 665,238 — 1,542 Total originated loans and leases $ 9,536 $ 2,410 $ 4,877 $ 16,823 $ 4,215,130 $ 4,231,953 $ 2 $ 9,132 At December 31, 2014 Past Due Loans and Leases Past 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Due Greater Than 90 Days and Accruing Nonaccrual Loans and Leases (In Thousands) Acquired: Commercial real estate loans: Commercial real estate mortgage $ 989 $ 3,705 $ 2,387 $ 7,081 $ 247,380 $ 254,461 $ 2,387 $ — Multi-family mortgage 195 729 363 1,287 62,205 63,492 363 — Construction — — — — 1,939 1,939 — — Total commercial real estate loans 1,184 4,434 2,750 8,368 311,524 319,892 2,750 — Commercial loans and leases: Commercial 712 488 3,033 4,233 47,114 51,347 624 2,474 Equipment financing 2 52 66 120 13,808 13,928 73 9 Total commercial loans and leases 714 540 3,099 4,353 60,922 65,275 697 2,483 Consumer loans: Residential mortgage — — 2,715 2,715 97,127 99,842 2,372 342 Home equity 1,005 733 923 2,661 102,817 105,478 187 1,757 Other consumer — — — — 167 167 — — Total consumer loans 1,005 733 3,638 5,376 200,111 205,487 2,559 2,099 Total acquired loans and leases $ 2,903 $ 5,707 $ 9,487 $ 18,097 $ 572,557 $ 590,654 $ 6,006 $ 4,582 Total loan and leases $ 12,439 $ 8,117 $ 14,364 $ 34,920 $ 4,787,687 $ 4,822,607 $ 6,008 $ 13,714 Commercial Real Estate Loans — At September 30, 2015 , loans outstanding in the three classes within this segment expressed as a percentage of total loans and leases outstanding were as follows: commercial real estate mortgage loans — 37.5% ; multi-family mortgage loans — 12.7% ; and construction loans — 2.9% . Loans in this portfolio that are on nonaccrual status and/or risk-rated “substandard” or worse are evaluated on an individual loan basis for impairment. For non-impaired commercial real estate loans, loss factors are applied to outstanding loans by risk rating for each of the three classes in the portfolio. The factors applied are based primarily on historic loan loss experience and an assessment of internal and external factors and other relevant information. Commercial Loans and Leases — At September 30, 2015 , loans and leases outstanding in the three classes within this segment expressed as a percent of total loans and leases outstanding were as follows: commercial loans and leases — 12.0% ; equipment financing loans — 14.2% ; and loans to condominium associations — 1.2% . Loans and leases in this portfolio that are on nonaccrual status and/or risk-rated “substandard” or worse are evaluated on an individual basis for impairment. For non-impaired commercial loans and leases, loss factors are applied to outstanding loans by risk rating for the respective class in the portfolio. Indirect Automobile Loans — At September 30, 2015 , indirect automobile loans represented 0.3% of the Company’s total loan and lease portfolio. Determination of the allowance for loan and lease losses for this portfolio is based primarily on payment status and historical loss rates. Consumer Loans — At September 30, 2015 , loans outstanding within the three classes within this segment expressed as a percent of total loans and leases outstanding were as follows: residential mortgage loans — 12.6% ; home equity loans — 6.4% ; and other consumer loans — 0.3% . Significant risk characteristics related to the residential mortgage and home equity loan portfolios are the geographic concentration of the properties financed within selected communities in the greater Boston and Providence metropolitan areas. The payment status and loan-to-value ratio are the primary credit quality indicators used for residential mortgage loans and home equity loans. Generally, loans are not made when the loan-to-value ratio exceeds 80% unless private mortgage insurance is obtained and/or there is a financially strong guarantor. Consumer loans that become 90 days or more past due, or are placed on nonaccrual regardless of past due status, are reviewed on an individual basis for impairment by assessing the net realizable value of underlying collateral and the economic condition of the borrower. Impaired Loans and Leases A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. The Company has defined the population of impaired loans to include nonaccrual loans and troubled debt restructured loans. When the ultimate collectability of the total principal of an impaired loan or lease is in doubt and the loan is on nonaccrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan or lease is not in doubt and the loan or lease is on nonaccrual status, contractual interest is credited to interest income when received, under the cash basis method. The following tables include the recorded investment and unpaid principal balances of impaired loans and leases with the related allowance amount, if applicable, for the originated and acquired loan and lease portfolios at the dates indicated. Also presented are the average recorded investments in the impaired loans and leases and the related amount of interest recognized during the period that the impaired loans were impaired. At September 30, 2015 At December 31, 2014 Recorded (1) Unpaid Related Recorded Investment (2) Unpaid Related (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 3,069 $ 3,064 $ — $ 2,751 $ 2,748 $ — Commercial 14,411 14,381 — 13,440 13,421 — Consumer 4,487 4,480 — 3,055 3,048 — Total originated with no related allowance recorded 21,967 21,925 — 19,246 19,217 — With an allowance recorded: Commercial real estate 6,165 6,165 2,176 4,119 4,119 108 Commercial 4,852 4,840 2,127 2,019 2,011 768 Consumer — — — 176 176 10 Total originated with an allowance recorded 11,017 11,005 4,303 6,314 6,306 886 Total originated impaired loans and leases 32,984 32,930 4,303 25,560 25,523 886 Acquired: With no related allowance recorded: Commercial real estate 10,772 10,772 — 9,413 9,428 — Commercial 4,084 4,084 — 6,049 6,047 — Consumer 7,969 7,984 — 6,688 6,688 — Total acquired with no related allowance recorded 22,825 22,840 — 22,150 22,163 — With an allowance recorded: Commercial real estate — — — 244 244 22 Commercial 596 596 231 478 478 214 Consumer 92 92 7 225 225 41 Total acquired with an allowance recorded 688 688 238 947 947 277 Total acquired impaired loans and leases 23,513 23,528 238 23,097 23,110 277 Total impaired loans and leases $ 56,497 $ 56,458 $ 4,541 $ 48,657 $ 48,633 $ 1,163 (1) Includes originated and acquired nonaccrual loans of $12.3 million and $4.7 million , respectively, at September 30, 2015 . (2) Includes originated and acquired nonaccrual loans of $7.1 million and $4.6 million , respectively, at December 31, 2014 . Three Months Ended September 30, 2015 September 30, 2014 Average Interest Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 3,077 $ 21 $ 3,727 $ 32 Commercial 15,112 171 9,567 118 Consumer 4,421 15 3,568 14 Total originated with no related allowance recorded 22,610 207 16,862 164 With an allowance recorded: Commercial real estate 6,172 49 118 — Commercial 7,700 2 1,239 1 Consumer — — 14 — Total originated with an allowance recorded 13,872 51 1,371 1 Total originated impaired loans and leases 36,482 258 18,233 165 Acquired: With no related allowance recorded: Commercial real estate 10,813 39 11,652 73 Commercial 4,113 16 8,017 36 Consumer 8,094 19 6,629 13 Total acquired with no related allowance recorded 23,020 74 26,298 122 With an allowance recorded: Commercial real estate — — 3,164 36 Commercial 596 — 760 — Consumer 93 1 538 1 Total acquired with an allowance recorded 689 1 4,462 37 Total acquired impaired loans and leases 23,709 75 30,760 159 Total impaired loans and leases $ 60,191 $ 333 $ 48,993 $ 324 Nine Months Ended September 30, 2015 September 30, 2014 Average Interest Average Interest (In Thousands) Originated: With no relat |
Premises and Equipment
Premises and Equipment | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment In January 2014, the Company completed a transaction to sell a facility located in Brookline, MA, for $2.2 million . The carrying value of the property, including land, building, and furniture, fixtures, and equipment, was $0.4 million . After costs to sell of $0.2 million , the Company recorded a gain on sale in the amount of $1.6 million during the nine months ended September 30, 2014 , which is included in gain on sale/disposals of premises and equipment, net in the Company’s unaudited consolidated statements of income. There were no sales of premises and equipment during the three and nine months ended September 30, 2015 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated: At September 30, 2015 At December 31, 2014 (In Thousands) Goodwill $ 137,890 $ 137,890 Other intangible assets: Core deposits 10,268 12,455 Trade name 1,089 1,089 Total other intangible assets 11,357 13,544 Total goodwill and other intangible assets $ 149,247 $ 151,434 The Company concluded that the BankRI name would continue to be utilized in its marketing strategies; therefore, the trade name with carrying value of $1.1 million has an indefinite life. The estimated aggregate future amortization expense (in thousands) for intangible assets with a finite life remaining at September 30, 2015 is as follows: Remainder of 2015 $ 724 Year ending: 2016 2,500 2017 2,089 2018 1,669 2019 1,295 Thereafter 1,991 Total $ 10,268 |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Projects | 9 Months Ended |
Sep. 30, 2015 | |
Investments in Affordable Housing Projects [Abstract] | |
Investments in Qualified Affordable Housing Projects | Investments in Qualified Affordable Housing Projects The Company began investing in affordable housing projects that benefit low- and moderate-income individuals in 2009. As of September 30, 2015 , the Company has investments in 8 of these projects. The project sponsor or general partner controls the project's management. In each case, the Company is a limited partner with less than 50% of the outstanding equity interest in any single project. On January 1, 2015, the Company adopted ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects , which required retrospective application. Prior to the implementation of ASU 2014-01, the Company’s investments in qualified affordable housing projects were accounted for using the equity method. Under the equity method, operating losses or gains from these investments were included as a component of non-interest income in the Company's consolidated statements of income. ASU 2014-01 calls for the use of the proportional amortization method calculation and the operating losses or gains for these investments are included as a component of the provision for income taxes in the Company’s consolidated statements of income. Under the proportional amortization method, the initial costs of the investment in qualified affordable housing projects is amortized based on the tax credits and other benefits received. Further information regarding the Company's investments in affordable housing projects follows: At September 30, 2015 At December 31, 2014 (In Thousands) Investments in affordable housing projects included in other assets $ 9,990 $ 10,131 Unfunded commitments related to affordable housing projects included in other liabilities 1,982 2,608 Investments in affordable housing projects tax credits included in other liabilities 1,191 1,432 Investments in affordable housing projects tax benefits included in other liabilities 492 669 At and for the Three Months Ended At and for the Nine Months Ended September 30, 2015 (In Thousands) Investment amortization included in provision for income taxes $ 410 $ 1,230 Amount recognized as income tax benefit 538 1,613 ASU 2014-01 was applied retrospectively to all periods presented. The cumulative effect on retained earnings was $1.1 million at January 1, 2015. The following table illustrates the prior period adjustments related to the adoption of ASU 2014-01. At December 31, 2014 (In Thousands) Other assets, as reported $ 79,411 Prior period adjustment 1,068 Other assets, as adjusted $ 80,479 Retained earnings, as reported $ 83,792 Prior period adjustment 1,068 Retained earnings, as adjusted $ 84,860 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 (In Thousands) Loss from investments in affordable housing projects, as reported $ 543 $ 1,586 Prior period adjustment (543 ) (1,586 ) Loss from investments in affordable housing projects, as adjusted $ — $ — Provision for income taxes, as reported $ 6,779 $ 18,548 Prior period adjustment 384 1,152 Provision for income taxes, as adjusted $ 7,163 $ 19,700 Net income, as reported $ 11,581 $ 31,979 Prior period adjustment 159 434 Net income, as adjusted $ 11,740 $ 32,413 Basic earnings per share, as reported $ 0.17 $ 0.46 Prior period adjustment — — Basic earnings per share, as adjusted $ 0.17 $ 0.46 Effective tax rate, as reported 35.64 % 35.61 % Prior period adjustment 0.97 % 1.09 % Effective tax rate, as adjusted 36.61 % 36.70 % |
Comprehensive Income_(Loss)
Comprehensive Income/(Loss) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Comprehensive Income/(Loss) | Comprehensive Income/(Loss) Comprehensive income (loss) represents the sum of net income (loss) and other comprehensive income (loss). For the three and nine months ended September 30, 2015 and September 30, 2014 , the Company’s other comprehensive income (loss) include the following two components: (i) unrealized holding gains (losses) on investment securities available-for-sale; and (ii) adjustment of accumulated obligation for postretirement benefits. Changes in accumulated other comprehensive (loss) income by component, net of tax, were as follows for the periods indicated: Three Months Ended September 30, 2015 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Income (In Thousands) Balance at June 30, 2015 $ (1,886 ) $ 111 $ (1,775 ) Other comprehensive income 2,966 — 2,966 Balance at September 30, 2015 $ 1,080 $ 111 $ 1,191 Three Months Ended September 30, 2014 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Income (In Thousands) Balance at June 30, 2014 $ (3,574 ) $ 365 $ (3,209 ) Other comprehensive loss (1,407 ) (65 ) (1,472 ) Balance at September 30, 2014 $ (4,981 ) $ 300 $ (4,681 ) Nine Months Ended September 30, 2015 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Income (In Thousands) Balance at December 31, 2014 $ (1,733 ) $ 111 $ (1,622 ) Other comprehensive income 2,813 — 2,813 Balance at September 30, 2015 $ 1,080 $ 111 $ 1,191 Nine Months Ended September 30, 2014 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Income (In Thousands) Balance at December 31, 2013 $ (8,332 ) $ 417 $ (7,915 ) Other comprehensive income (loss) 3,351 (117 ) 3,234 Balance at September 30, 2014 $ (4,981 ) $ 300 $ (4,681 ) The following is a summary of the amounts reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2014 . Nine Months Ended Income Statement Line Affected by Reclassification September 30, 2014 Other comprehensive income (loss) component Unrealized gains (losses) on investment securities available-for-sale $ (13 ) Loss on sales of securities, net 5 Provision for income taxes Total reclassifications for the period $ (8 ) Net income The Company did not reclassify any amounts out of accumulated other comprehensive income (loss) for the three months ended September 30, 2014 , and the three and nine months ended September 30, 2015 . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company may use interest-rate contracts (swaps, caps and floors) as part of interest-rate risk management strategy. Interest-rate swap, cap and floor agreements are entered into as hedges against future interest-rate fluctuations on specifically identified assets or liabilities. The Company did not have derivative fair value hedges or derivative cash flow hedges at September 30, 2015 or December 31, 2014 . Derivatives not designated as hedges are not speculative but rather, result from a service the Company provides to certain customers for a fee. The Company executes interest-rate swaps with commercial banking customers to aid them in managing their interest-rate risk. The interest-rate swap contracts allow the commercial banking customers to convert floating-rate loan payments to fixed-rate loan payments. The Company concurrently enters into offsetting swaps with a third-party financial institution, effectively minimizing its net risk exposure resulting from such transactions. The third-party financial institution exchanges the customer’s fixed-rate loan payments for floating-rate loan payments. As the interest-rate swaps associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in the Company's unaudited consolidated statements of income. The Company had 46 interest-rate swaps related to this program with an aggregate notional amount of $293.9 million at September 30, 2015 , compared with 22 interest-rate swaps with an aggregate notional amount of $109.4 million at December 31, 2014 . Asset derivatives and liability derivatives are included in other assets and accrued expenses and other liabilities on the unaudited consolidated balance sheets, respectively. The table below presents the fair value and classification of the Company’s derivative financial instruments at September 30, 2015 and December 31, 2014 . At September 30, 2015 At December 31, 2014 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives (In Thousands) Total derivatives (interest-rate products) not designated as hedging instruments $ 8,113 $ 8,261 $ 2,676 $ 2,714 Changes in the fair value are recognized directly in the Company's unaudited consolidated statements of income and are included in other non-interest income in the consolidated statements of income. The table below presents the gain (loss) recognized in income due to changes in the fair value for the three and nine months ended September 30, 2015 and September 30, 2014 . Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands) (Loss) gain recognized in income on derivatives $ (313 ) $ 32 $ (109 ) $ 38 By using derivative financial instruments, the Company exposes itself to credit risk which is the risk of failure by the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative is negative, the Company owes the counterparty and, therefore, it does not possess credit risk. The credit risk in derivative instruments is mitigated by entering into transactions with highly-rated counterparties that management believes to be creditworthy and by limiting the amount of exposure to each counterparty. As the swaps are subject to master netting agreements, the Company had limited exposure relating to interest rate swaps with institutional counterparties. The estimated net credit risk exposure was $0.1 million at September 30, 2015 , compared to $38.0 thousand at December 31, 2014 . Certain derivative agreements contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount. The Company has posted collateral of $11.4 million and $5.4 million in the normal course of business at September 30, 2015 and December 31, 2014 , respectively. The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet at the dates indicated. At September 30, 2015 Gross Assets /Liabilities Gross Amounts Statement of Financial Position Net Amounts of the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Cash Collateral (Received)/ Posted (In Thousands) Asset Derivatives $ 8,113 $ — $ 8,113 $ — $ — $ 8,113 Liability Derivatives $ 8,261 $ — $ 8,261 $ 7,335 $ 4,030 $ 19,626 At December 31, 2014 Gross Assets /Liabilities Gross Amounts Statement of Financial Position Net Amounts of the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Cash Collateral (Received) / Posted (In Thousands) Asset Derivatives $ 2,676 $ — $ 2,676 $ — $ — $ 2,676 Liability Derivatives $ 2,714 $ — $ 2,714 $ 4,173 $ 1,180 $ 8,067 The Company has agreements with certain of its derivative counterparties that contain credit-risk-related contingent provisions. These provisions provide the counterparty with the right to terminate its derivative positions and require the Company to settle its obligations under the agreements if the Company defaults on certain of its indebtedness or if the Company fails to maintain its status as a well-capitalized institution. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Stock Based Compensation As of September 30, 2015 , the Company had three active recognition and retention plans: the 2003 Recognition and Retention Plan (the "2003 RRP") with 1,250,000 authorized shares, the 2011 Restricted Stock Award Plan (the "2011 RSA") with 500,000 authorized shares and the 2014 Equity Incentive Plan (the "2014 Plan") with 1,750,000 authorized shares. The 2003 RRP, the 2011 RSA and the 2014 Plan are collectively referred to as the "Plans". The purpose of the Plans is to promote the long-term financial success of the Company and its subsidiaries by providing a means to attract, retain and reward individuals who contribute to such success and to further align their interests with those of the Company's stockholders. Of the awarded shares, generally 50% vest ratably over three years with one-third of such shares vesting at each of the first, second and third anniversary dates of the awards. These are referred to as "time-based shares". The remaining 50% of each award has a cliff vesting schedule and will vest three years after the award date based on the level of the Company's achievement of identified performance targets in comparison to the level of achievement of such identified performance targets by a defined peer group of financial institutions. These are referred to as "performance-based shares". The specific performance measure targets relate to return on assets, return on tangible equity, asset quality and total shareholder return. Generally, if a participant leaves the Company prior to the third anniversary date of an award, any unvested shares are forfeited. Dividends declared with respect to shares awarded are held by the Company and paid to the participant only when the shares vest. Under all the Plans, shares of the Company's common stock are reserved for issuance as restricted stock awards to officers, employees, consultants and non-employee directors of the Company. Shares issued upon vesting may be either authorized but unissued shares or reacquired shares held by the Company as treasury shares. Any shares not issued because vesting requirements are not met will be retired back to treasury and be made available again for issuance under the Plans. During the three months and nine months ended September 30, 2015 , 107,133 shares and 112,553 shares were issued upon satisfaction of required conditions of the Plans, respectively. This compared to 111,255 shares and 113,042 shares during the three months and nine months ended September 30, 2014 . Total expense for the Plans was $0.4 million for the three months ended September 30, 2015 and 2014 . Total expense for the Plans was $0.9 million for the nine months ended September 30, 2015 compared to $1.0 million for the nine months ended September 30, 2014 . |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The following table sets forth a reconciliation of basic and diluted earnings per share (“EPS”) for the periods indicated: Three Months Ended September 30, 2015 September 30, 2014 Basic Fully Diluted Basic Fully Diluted (In Thousands Except Share Data) Numerator: Net income* $ 12,888 $ 12,888 $ 11,740 $ 11,740 Denominator: Weighted average shares outstanding 70,129,056 70,129,056 69,989,909 69,989,909 Effect of dilutive securities — 110,964 — 99,078 Adjusted weighted average shares outstanding 70,129,056 70,240,020 69,989,909 70,088,987 EPS* $ 0.18 $ 0.18 $ 0.17 $ 0.17 Nine Months Ended September 30, 2015 September 30, 2014 Basic Fully Diluted Basic Fully Diluted (In Thousands Except Share Data) Numerator: Net income* $ 36,456 $ 36,456 $ 32,413 $ 32,413 Denominator: Weighted average shares outstanding 70,071,999 70,071,999 69,918,248 69,918,248 Effect of dilutive securities — 135,984 — 111,135 Adjusted weighted average shares outstanding 70,071,999 70,207,983 69,918,248 70,029,383 EPS* $ 0.52 $ 0.52 $ 0.46 $ 0.46 (*) Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments A description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring and non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. There were no changes in the valuation techniques used during the three and nine months ended September 30, 2015 and September 30, 2014 . Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated: Carrying Value at September 30, 2015 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: Debt securities: GSEs $ — $ 27,933 $ — $ 27,933 GSE CMOs — 205,730 — 205,730 GSE MBSs — 243,959 — 243,959 SBA commercial loan asset-backed securities — 172 — 172 Corporate debt obligations — 46,670 — 46,670 Trust preferred securities — 1,315 — 1,315 Total debt securities — 525,779 — 525,779 Marketable equity securities 985 — — 985 Total investment securities available-for-sale $ 985 $ 525,779 $ — $ 526,764 Interest-rate swaps $ — $ 8,113 $ — $ 8,113 Liabilities: Interest-rate swaps $ — $ 8,261 $ — $ 8,261 Carrying Value at December 31, 2014 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: Debt securities: GSEs $ — $ 22,988 $ — $ 22,988 GSE CMOs — 234,169 — 234,169 GSE MBSs — 250,981 — 250,981 SBA commercial loan asset-backed securities — 203 — 203 Corporate debt obligations — 40,207 — 40,207 Trust preferred securities — 1,240 — 1,240 Total debt securities — 549,788 — 549,788 Marketable equity securities 973 — — 973 Total investment securities available-for-sale $ 973 $ 549,788 $ — $ 550,761 Interest-rate swaps $ — $ 2,676 $ — $ 2,676 Liabilities: Interest-rate swaps $ — $ 2,714 $ — $ 2,714 Investment Securities Available-for-Sale The fair value of investment securities is based principally on market prices and dealer quotes received from third-party and nationally-recognized pricing services for identical investment securities such as U.S. Treasury and agency securities. The Company's marketable equity securities are priced this way and are included in Level 1. These prices are validated by comparing the primary pricing source with an alternative pricing source when available. When quoted market prices for identical securities are unavailable, the Company uses market prices provided by independent pricing services based on recent trading activity and other observable information, including but not limited to market interest-rate curves, referenced credit spreads and estimated prepayment speeds where applicable. These investments include GSE debentures, GSE mortgage-related securities, SBA commercial loan asset backed securities, corporate debt securities, and trust preferred securities, all of which are included in Level 2. As of September 30, 2015 and December 31, 2014 , no investment securities were valued using pricing models included in Level 3. Additionally, management reviews changes in fair value from period to period and performs testing to ensure that prices received from the third parties are consistent with management's expectation of the market. Changes in the prices obtained from the pricing service are analyzed from month to month, taking into consideration changes in market conditions including changes in mortgage spreads, changes in U.S. Treasury security yields and changes in generic pricing of 15 -year and 30 -year securities. Additional analysis may include a review of prices provided by other independent parties, a yield analysis, a review of average life changes using Bloomberg analytics and a review of historical pricing for a particular security. Interest-Rate Swaps The fair values for the interest-rate swap assets and liabilities represent a Level 2 valuation and are based on settlement values adjusted for credit risks associated with the counterparties and the Company and observable market interest rate curves. Credit risk adjustments consider factors such as the likelihood of default by the Company and its counterparties, its net exposures and remaining contractual life. To date, the Company has not realized any losses due to a counterparty’s inability to pay any net uncollateralized position. See also Note 10, “Derivatives and Hedging Activities.” The reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands) Investment securities available-for-sale, beginning of period $ — $ — $ — $ 1,775 Investment security sales — — — (1,658 ) Total realized losses included in other income — — — (242 ) Total unrealized gains included in other comprehensive income — — — 125 Investment securities available-for-sale, end of period $ — $ — $ — $ — There were no transfers between levels for assets and liabilities recorded at fair value on a recurring basis during the three and nine months ended September 30, 2015 and 2014 . Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis The table below summarizes assets and liabilities measured at fair value on a non-recurring basis at the dates indicated: Carrying Value at September 30, 2015 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 12,485 $ 12,485 OREO — — 1,149 1,149 Repossessed assets — 152 — 152 Total assets measured at fair value on a non-recurring basis $ — $ 152 $ 13,634 $ 13,786 Carrying Value at December 31, 2014 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 6,376 $ 6,376 OREO — — 953 953 Repossessed assets — 503 — 503 Total assets measured at fair value on a non-recurring basis $ — $ 503 $ 7,329 $ 7,832 Collateral-Dependent Impaired Loans and Leases For nonperforming loans and leases where the credit quality of the borrower has deteriorated significantly, fair values of the underlying collateral were estimated using purchase and sales agreements (Level 2), or comparable sales or recent appraisals (Level 3), adjusted for selling costs and other expenses. Other Real Estate Owned The Company records OREO at the lower of cost or fair value. In estimating fair value, the Company utilizes purchase and sales agreements (Level 2) or comparable sales, recent appraisals or cash flows discounted at an interest rate commensurate with the risk associated with these cash flows (Level 3), adjusted for selling costs and other expenses. Repossessed Assets Repossessed assets are carried at estimated fair value less costs to sell based on auction pricing (Level 2). The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring and non-recurring basis at the dates indicated. Fair Value Valuation Technique At September 30, 2015 At December 31, 2014 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 12,485 $ 6,376 Appraisal of collateral (1) Other real estate owned $ 1,149 $ 953 Appraisal of collateral (1) (1) Fair value is generally determined through independent appraisals of the underlying collateral. The Company may also use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of these possible adjustments may vary. Summary of Estimated Fair Values of Financial Instruments The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments at the dates indicated. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, FHLBB and FRB stock and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings and accrued interest payable. Fair Value Measurements Carrying Value Estimated Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs (In Thousands) At September 30, 2015 Financial assets: Investment securities held-to-maturity: GSEs $ 22,431 $ 22,480 $ — $ 22,480 $ — GSE MBSs 19,962 19,902 — 19,902 — Municipal Obligations 20,204 20,350 — 20,350 — Foreign Government Obligations 500 500 — — 500 Loans held-for-sale 10,992 10,992 — 10,992 — Loans and leases, net 4,772,680 4,765,997 — — 4,765,997 Financial liabilities: Certificates of deposit 1,064,392 1,073,688 — 1,073,688 — Borrowed funds 960,220 966,232 — 966,232 — At December 31, 2014 Financial assets: Investment securities held-to-maturity $ 500 $ 500 $ — $ — $ 500 Loans held-for-sale 1,537 1,537 — 1,537 — Loans and leases, net 4,768,948 4,753,605 — — 4,753,605 Financial liabilities: Certificates of deposit 946,708 949,320 — 949,320 — Borrowed funds 1,126,404 1,132,940 — 1,132,940 — Investment Securities Held-to-Maturity The fair values of certain investment securities held-to-maturity are estimated using market prices provided by independent pricing services based on recent trading activity and other observable information, including but not limited to market interest-rate curves, referenced credit spreads and estimated prepayment speeds where applicable. These investments include GSE debentures, GSE MBSs, and municipal obligations, all of which are included in Level 2. Additionally, fair values of foreign government obligations are based on comparisons to market prices of similar securities and are considered to be Level 3. Loans Held-for-Sale Fair value is measured using quoted market prices when available. These assets are typically categorized as Level 1. If quoted market prices are not available, comparable market values may be utilized. These assets are typically categorized as Level 2. Loans and Leases The fair values of performing loans and leases are estimated by segregating the portfolio into its primary loan and lease categories—commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association, indirect automobile, residential mortgage, home equity and other consumer. These categories were further disaggregated based on significant financial characteristics such as type of interest rate (fixed / variable) and payment status (current / past-due). The Company discounts the contractual cash flows for each loan category using interest rates currently being offered for loans with similar terms to borrowers of similar quality and incorporates estimates of future loan prepayments. This method of estimating fair value does not incorporate the exit price concept of fair value. Deposits The fair values of deposit liabilities with no stated maturity (demand, NOW, savings and money market savings accounts) are equal to the carrying amounts payable on demand. The fair value of certificates of deposit represents contractual cash flows discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. The fair value estimates for deposits do not include the benefit that results from the low-cost funding provided by the Company’s core deposit relationships (deposit-based intangibles). Borrowed Funds The fair value of federal funds purchased is equal to the amount borrowed. The fair value of FHLBB advances and repurchase agreements represents contractual repayments discounted using interest rates currently available for borrowings with similar characteristics and remaining maturities. The fair values reported for retail repurchase agreements are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on borrowings with similar characteristics and maturities. The fair values reported for subordinated deferrable interest debentures are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on instruments with similar terms and maturities. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-Balance-Sheet Financial Instruments The Company is party to off-balance-sheet financial instruments in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby and commercial letters of credit, and interest-rate swaps. According to GAAP, these financial instruments are not recorded in the financial statements until they are funded or related fees are incurred or received. The contract amounts reflect the extent of the involvement the Company has in particular classes of these instruments. Such commitments involve, to varying degrees, elements of credit risk and interest-rate risk in excess of the amount recognized in the consolidated balance sheet. The Company’s exposure to credit loss in the event of non-performance by a counterparty is represented by the contractual amount of the instruments. The Company uses the same policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Financial instruments with off-balance-sheet risk at the dates indicated follow: At September 30, 2015 At December 31, 2014 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 108,274 $ 107,179 Commercial 71,064 102,353 Residential mortgage 8,650 20,520 Unadvanced portion of loans and leases 564,323 629,351 Unused lines of credit: Home equity 271,016 239,240 Other consumer 12,715 10,876 Other commercial 630 728 Unused letters of credit: Financial standby letters of credit 11,553 16,762 Performance standby letters of credit 402 3,126 Commercial and similar letters of credit 227 50 Back-to-back interest-rate swaps 293,926 109,362 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee by the customer. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if any, is based on management’s credit evaluation of the borrower. Standby and commercial letters of credit are conditional commitments issued by the Company to guarantee performance of a customer to a third party. These standby and commercial letters of credit are primarily issued to support the financing needs of the Company’s commercial customers. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The liability for unfunded credit commitments, which is included in other liabilities, was $1.4 million at September 30, 2015 and $1.3 million at December 31, 2014 . From time to time, the Company enters into back-to-back interest rate swaps with commercial customers and third-party financial institutions. These swaps allow the Company to offer long-term fixed-rate commercial loans while mitigating the interest-rate risk of holding those loans. In a back-to-back interest rate swap transaction, the Company lends to a commercial customer on a floating-rate basis and then enters into an interest rate swap with that customer. Concurrently, the Company enters into an offsetting swap with a third-party financial institution, effectively minimizing its net interest-rate risk exposure resulting from such transactions. The fair value of interest rate swap assets and liabilities was $8.1 million and $8.3 million , respectively, at September 30, 2015 . The fair value of interest rate swap assets and liabilities was $2.7 million and $2.7 million , respectively, at December 31, 2014 . Lease Commitments The Company leases certain office space under various noncancellable operating leases. These leases have original terms ranging from 5 years to over 20 years. Certain leases contain renewal options and escalation clauses which can increase rental expenses based principally on the consumer price index and fair market rental value provisions. A summary of future minimum rental payments under such leases at the dates indicated follows: Minimum Rental Payments (In Thousands) Remainder of 2015 $ 1,422 Year ending: 2016 5,344 2017 4,820 2018 4,265 2019 3,353 Thereafter 12,266 Total $ 31,470 The leases contain escalation clauses for real estate taxes and other expenditures. Total rental expense was $4.0 million during the nine months ended September 30, 2015 , with minimal lease acceleration. This compared to rental expense of $5.2 million during the nine months ended September 30, 2014 , which included $0.7 million in lease acceleration related to a relocation of an operations center and a closure of a branch property. Legal Proceedings There are various outstanding legal proceedings in the normal course of business. In the opinion of management, after consulting with legal counsel, the consolidated financial position and results of operations of the Company are not expected to be affected by the outcome of such proceedings. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2014 . The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant change in the near-term include the determination of the allowance for loan and lease losses, the determination of fair market values of assets and liabilities, including acquired loans and leases, the review of goodwill and intangibles for impairment and the review of deferred tax assets for valuation allowances. The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. |
Reclassification | Reclassification Certain previously reported amounts have been reclassified to conform to the current year’s presentation. Except for the adoption of Accounting Standards Update ("ASU") 2014-01, there were no changes to stockholders' equity and net income reported. Refer to Note 8, " Investments in Qualified Affordable Projects " for the impact the adoption had on the Company's financial statements. |
Recent Accounting Pronouncements | In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This ASU requires that all debt issuance costs be presented in the balance sheet as direct deductions from the carrying amount of the related debt liability. Amortization of the costs is reported as interest expense. This ASU is applied retrospectively for the first interim or annual period presented beginning after December 15, 2015; early adoption is permitted. As of September 30, 2015, the Company has accounted for its debt issuance cost as a reduction of the debt liability. The Company adopted ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects , which required retrospective application. Refer to Note 8, " Investments in Qualified Affordable Projects " for the impact the adoption had on the Company's financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of securities available-for-sale securities | The following tables set forth investment securities available-for-sale and held-to-maturity at the dates indicated: At September 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: Debt securities: GSEs $ 27,580 $ 362 $ 9 $ 27,933 GSE CMOs 207,260 289 1,819 205,730 GSE MBSs 241,518 2,901 460 243,959 SBA commercial loan asset-backed securities 173 — 1 172 Corporate debt obligations 46,146 530 6 46,670 Trust preferred securities 1,465 — 150 1,315 Total debt securities 524,142 4,082 2,445 525,779 Marketable equity securities 954 31 — 985 Total investment securities available-for-sale $ 525,096 $ 4,113 $ 2,445 $ 526,764 Investment securities held-to-maturity: GSEs $ 22,431 $ 66 $ 17 $ 22,480 GSEs MBSs 19,962 16 76 19,902 Municipal obligations 20,204 156 10 20,350 Foreign government securities 500 — — 500 Total investment securities held-to-maturity $ 63,097 $ 238 $ 103 $ 63,232 At December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: Debt securities: GSEs $ 22,929 $ 88 $ 29 $ 22,988 GSE CMOs 238,910 80 4,821 234,169 GSE MBSs 249,329 2,531 879 250,981 SBA commercial loan asset-backed securities 205 — 2 203 Corporate debt obligations 39,805 403 1 40,207 Trust preferred securities 1,463 — 223 1,240 Total debt securities 552,641 3,102 5,955 549,788 Marketable equity securities 947 26 — 973 Total investment securities available-for-sale $ 553,588 $ 3,128 $ 5,955 $ 550,761 Investment securities held-to-maturity: Foreign government securities $ 500 $ — $ — $ 500 Total investment securities held-to-maturity $ 500 $ — $ — $ 500 |
Investment securities in a continuous unrealized loss position | Investment securities at September 30, 2015 and December 31, 2014 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At September 30, 2015 Less than Twelve Months Twelve Months or Longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (In Thousands) Investment securities available-for-sale: GSEs $ 1,991 $ 9 $ — $ — $ 1,991 $ 9 GSE CMOs 37,166 222 106,368 1,597 143,534 1,819 GSE MBSs 22,629 95 17,868 365 40,497 460 SBA commercial loan asset-backed securities — — 162 1 162 1 Corporate debt obligations 3,018 6 — — 3,018 6 Trust preferred securities — — 1,315 150 1,315 150 Temporarily impaired debt securities available-for-sale 64,804 332 125,713 2,113 190,517 2,445 Investment securities held-to-maturity: GSEs 2,970 17 — — 2,970 17 GSEs MBSs 14,352 76 — — 14,352 76 Municipal obligations 2,811 10 — — 2,811 10 Temporarily impaired debt securities held-to-maturity 20,133 103 — — 20,133 103 Total temporarily impaired investment securities $ 84,937 $ 435 $ 125,713 $ 2,113 $ 210,650 $ 2,548 At December 31, 2014 Less than Twelve Months Twelve Months or Longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (In Thousands) Investment securities available-for-sale: GSEs $ 11,086 $ 29 $ — $ — $ 11,086 $ 29 GSE CMOs 39,095 179 190,345 4,642 229,440 4,821 GSE MBSs 50,099 84 39,555 795 89,654 879 SBA commercial loan asset-backed securities 8 — 186 2 194 2 Corporate debt obligations 4,069 1 — — 4,069 1 Trust preferred securities — — 1,240 223 1,240 223 Total temporarily impaired investment securities available-for-sale $ 104,357 $ 293 $ 231,326 $ 5,662 $ 335,683 $ 5,955 |
Schedule of maturities of debt securities | The final stated maturities of the debt securities are as follows at the dates indicated: At September 30, 2015 At December 31, 2014 Amortized Cost Estimated Fair Value Weighted Average Rate Amortized Cost Estimated Fair Value Weighted Average Rate (Dollars in Thousands) Investment securities available-for-sale: Within 1 year $ 2,989 $ 3,004 1.88 % $ 3,057 $ 3,081 3.00 % After 1 year through 5 years 61,119 62,089 2.35 % 55,631 56,586 2.48 % After 5 years through 10 years 91,308 92,623 2.01 % 103,268 104,208 2.00 % Over 10 years 368,726 368,063 1.94 % 390,685 385,913 1.91 % $ 524,142 $ 525,779 2.00 % $ 552,641 $ 549,788 1.99 % Investment securities held-to-maturity: Within 1 year $ 579 $ 579 1.12 % $ — $ — — % After 1 year through 5 years 8,034 8,063 1.28 % 500 500 1.30 % After 5 years through 10 years 34,601 34,769 2.09 % — — — % Over 10 years 19,883 19,821 1.63 % — — — % $ 63,097 $ 63,232 1.83 % $ 500 $ 500 1.30 % |
Schedule of sales of investment securities | Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 (In Thousands) Sales of debt securities $ — $ 5,083 Gross gains from sales — 302 Gross losses from sales — 315 Loss on sales of securities, net $ — $ (13 ) |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Summary of loan and lease balances and weighted average coupon rates for the originated and acquired portfolios | The following tables present loan and lease balances and weighted average coupon rates for the originated and acquired loan and lease portfolios at the dates indicated: At September 30, 2015 Originated Acquired Total Balance Weighted Average Coupon Balance Weighted Average Coupon Balance Weighted Average Coupon (Dollars in Thousands) Commercial real estate loans: Commercial real estate mortgage $ 1,598,116 4.01 % $ 212,434 4.18 % $ 1,810,550 4.03 % Multi-family mortgage 576,297 4.02 % 38,263 4.34 % 614,560 4.04 % Construction 137,695 3.51 % 566 5.04 % 138,261 3.52 % Total commercial real estate loans 2,312,108 3.98 % 251,263 4.21 % 2,563,371 4.00 % Commercial loans and leases: Commercial 560,088 3.84 % 20,623 5.51 % 580,711 3.90 % Equipment financing 674,449 6.86 % 9,882 6.01 % 684,331 6.84 % Condominium association 57,562 4.52 % — — % 57,562 4.52 % Total commercial loans and leases 1,292,099 5.45 % 30,505 5.67 % 1,322,604 5.45 % Indirect automobile loans 16,294 5.55 % — — % 16,294 5.55 % Consumer loans: Residential mortgage 513,645 3.63 % 92,418 3.86 % 606,063 3.66 % Home equity 224,777 3.29 % 83,594 3.88 % 308,371 3.45 % Other consumer 12,307 4.91 % 142 17.21 % 12,449 5.06 % Total consumer loans 750,729 3.55 % 176,154 3.88 % 926,883 3.61 % Total loans and leases $ 4,371,230 4.35 % $ 457,922 4.18 % $ 4,829,152 4.33 % At December 31, 2014 Originated Acquired Total Balance Weighted Average Coupon Balance Weighted Average Coupon Balance Weighted Average Coupon (Dollars in Thousands) Commercial real estate loans: Commercial real estate mortgage $ 1,425,621 4.18 % $ 254,461 4.29 % $ 1,680,082 4.20 % Multi-family mortgage 576,214 4.11 % 63,492 4.50 % 639,706 4.15 % Construction 146,074 3.79 % 1,939 5.50 % 148,013 3.81 % Total commercial real estate loans 2,147,909 4.13 % 319,892 4.34 % 2,467,801 4.16 % Commercial loans and leases: Commercial 462,730 3.88 % 51,347 4.14 % 514,077 3.91 % Equipment financing 587,496 6.92 % 13,928 6.22 % 601,424 6.90 % Condominium association 51,593 4.60 % — — % 51,593 4.60 % Total commercial loans and leases 1,101,819 5.53 % 65,275 4.58 % 1,167,094 5.48 % Indirect automobile loans 316,987 4.47 % — — % 316,987 4.47 % Consumer loans: Residential mortgage 472,078 3.60 % 99,842 3.77 % 571,920 3.63 % Home equity 181,580 3.35 % 105,478 3.85 % 287,058 3.53 % Other consumer 11,580 5.13 % 167 16.35 % 11,747 5.29 % Total consumer loans 665,238 3.56 % 205,487 3.82 % 870,725 3.62 % Total loans and leases $ 4,231,953 4.43 % $ 590,654 4.19 % $ 4,822,607 4.40 % |
Schedule of activity in the accretable yield for acquired loan portfolio | The following table summarizes activity in the accretable yield for the acquired loan portfolio for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands) Balance at beginning of period $ 28,730 $ 38,178 $ 32,044 $ 45,789 Accretion (2,387 ) (3,806 ) (7,822 ) (13,071 ) Reclassification from nonaccretable difference for loans with improved cash flows 1,242 2,141 3,045 3,795 Changes in expected cash flows that do not affect nonaccretable difference (1) (3,403 ) — (3,085 ) — Balance at end of period $ 24,182 $ 36,513 $ 24,182 $ 36,513 (1) Represents changes in interest cash flows due to changes in interest rates on variable rate loans. |
Allowance for Loan and Lease 26
Allowance for Loan and Lease Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment | The following tables present the changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment for the periods indicated: Three Months Ended September 30, 2015 Commercial Real Estate Commercial Indirect Automobile Consumer Unallocated Total (In Thousands) Balance at June 30, 2015 $ 29,216 $ 20,229 $ 381 $ 4,012 $ 2,560 $ 56,398 Charge-offs — (1,388 ) (296 ) (247 ) — (1,931 ) Recoveries — 112 179 41 — 332 Provision (credit) for loan and lease losses 1,845 2,009 57 322 (2,560 ) 1,673 Balance at September 30, 2015 $ 31,061 $ 20,962 $ 321 $ 4,128 $ — $ 56,472 Three Months Ended September 30, 2014 Commercial Real Estate Commercial Indirect Automobile Consumer Unallocated Total (In Thousands) Balance at June 30, 2014 $ 26,715 $ 15,866 $ 3,686 $ 3,017 $ 2,402 $ 51,686 Charge-offs (64 ) (605 ) (264 ) (203 ) — (1,136 ) Recoveries — 261 55 27 — 343 Provision (credit) for loan and lease losses 2,769 (1,573 ) (16 ) 728 21 1,929 Balance at September 30, 2014 $ 29,420 $ 13,949 $ 3,461 $ 3,569 $ 2,423 $ 52,822 Nine Months Ended September 30, 2015 Commercial Real Estate Commercial Indirect Automobile Consumer Unallocated Total (In Thousands) Balance at December 31, 2014 $ 29,594 $ 15,957 $ 2,331 $ 3,359 $ 2,418 $ 53,659 Charge-offs (550 ) (2,083 ) (1,513 ) (479 ) — (4,625 ) Recoveries — 418 1,170 83 — 1,671 Provision (credit) for loan and lease losses 2,017 6,670 (1,667 ) 1,165 (2,418 ) 5,767 Balance at September 30, 2015 $ 31,061 $ 20,962 $ 321 $ 4,128 $ — $ 56,472 Nine Months Ended September 30, 2014 Commercial Real Estate Commercial Indirect Automobile Consumer Unallocated Total (In Thousands) Balance at December 31, 2013 $ 23,022 $ 15,220 $ 3,924 $ 3,375 $ 2,932 $ 48,473 Charge-offs (64 ) (1,952 ) (781 ) (585 ) — (3,382 ) Recoveries — 730 332 141 — 1,203 Provision (credit) for loan and lease losses 6,462 (49 ) (14 ) 638 (509 ) 6,528 Balance at September 30, 2014 $ 29,420 $ 13,949 $ 3,461 $ 3,569 $ 2,423 $ 52,822 |
Schedule of provisions for credit losses | The provision for credit losses are set forth below for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands) Provision (credit) for loan and lease losses: Commercial real estate $ 1,845 $ 2,769 $ 2,017 $ 6,462 Commercial 2,009 (1,573 ) 6,670 (49 ) Indirect automobile 57 (16 ) (1,667 ) (14 ) Consumer 322 728 1,165 638 Unallocated (2,560 ) 21 (2,418 ) (509 ) Total provision for loan and lease losses 1,673 1,929 5,767 6,528 Unfunded credit commitments 82 105 164 225 Total provision for credit losses $ 1,755 $ 2,034 $ 5,931 $ 6,753 |
Summary of the recorded investments in loans in each class (unpaid balance of loans and leases outstanding excluding deferred loan origination costs) by credit quality indicator | The following tables present the recorded investment in loans in each class at September 30, 2015 by credit quality indicator. At September 30, 2015 Commercial Real Estate Mortgage Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer (In Thousands) Originated: Loan rating: Pass $ 1,581,797 $ 574,822 $ 137,481 $ 547,301 $ 670,511 $ 57,562 $ 12,255 OAEM 13,164 1,166 214 6,932 808 — — Substandard 3,155 309 — 5,051 1,647 — 52 Doubtful — — — 804 1,483 — — Total originated 1,598,116 576,297 137,695 560,088 674,449 57,562 12,307 Acquired: Loan rating: Pass 202,802 36,419 566 16,387 9,882 — 142 OAEM 620 617 — 978 — — — Substandard 8,611 1,227 — 3,258 — — — Doubtful 401 — — — — — — Total acquired 212,434 38,263 566 20,623 9,882 — 142 Total loans $ 1,810,550 $ 614,560 $ 138,261 $ 580,711 $ 684,331 $ 57,562 $ 12,449 At September 30, 2015 , there were no loans categorized as definite loss. At September 30, 2015 Indirect Automobile ($ In Thousands) Originated: Credit score: Over 700 $ 6,473 39.7 % 661-700 2,378 14.6 % 660 and below 7,337 45.0 % Data not available 106 0.7 % Total loans $ 16,294 100.0 % At September 30, 2015 Residential Mortgage Home Equity ($ In Thousands) ($ In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 111,152 18.3 % $ 127,693 41.4 % 50% - 69% 211,505 34.9 % 46,724 15.2 % 70% - 79% 169,499 28.0 % 31,665 10.3 % 80% and over 20,403 3.4 % 17,984 5.8 % Data not available 1,086 0.2 % 711 0.2 % Total originated 513,645 84.8 % 224,777 72.9 % Acquired: Loan-to-value ratio: Less than 50% 19,455 3.2 % 51,476 16.7 % 50% - 69% 33,664 5.5 % 19,716 6.4 % 70% - 79% 19,668 3.2 % 9,041 2.9 % 80% and over 14,895 2.5 % 2,913 0.9 % Data not available 4,736 0.8 % 448 0.2 % Total acquired 92,418 15.2 % 83,594 27.1 % Total loans $ 606,063 100.0 % $ 308,371 100.0 % The following tables present the recorded investment in loans in each class at December 31, 2014 by credit quality indicator. At December 31, 2014 Commercial Real Estate Mortgage Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer (In Thousands) Originated: Loan rating: Pass $ 1,402,121 $ 574,972 $ 146,074 $ 447,778 $ 583,340 $ 51,593 $ 11,540 OAEM 22,491 1,242 — 12,193 932 — — Substandard 1,009 — — 1,671 2,338 — 40 Doubtful — — — 1,088 886 — — Total originated 1,425,621 576,214 146,074 462,730 587,496 51,593 11,580 Acquired: Loan rating: Pass 237,439 60,837 1,709 43,925 13,795 — 167 OAEM 8,351 713 230 1,852 — — — Substandard 8,250 1,942 — 5,424 133 — — Doubtful 421 — — 146 — — — Total acquired 254,461 63,492 1,939 51,347 13,928 — 167 Total loans $ 1,680,082 $ 639,706 $ 148,013 $ 514,077 $ 601,424 $ 51,593 $ 11,747 At December 31, 2014 , there were no loans categorized as definite loss. At December 31, 2014 Indirect Automobile ($ In Thousands) Originated: Credit score: Over 700 $ 262,160 82.7 % 661-700 43,422 13.7 % 660 and below 9,927 3.1 % Data not available 1,478 0.5 % Total loans $ 316,987 100.0 % At December 31, 2014 Residential Mortgage Home Equity ($ In Thousands) ($ In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 105,342 18.4 % $ 113,541 39.6 % 50% - 69% 179,319 31.4 % 35,660 12.4 % 70% - 79% 166,467 29.1 % 27,123 9.4 % 80% and over 19,335 3.4 % 4,195 1.5 % Data not available 1,615 0.3 % 1,061 0.4 % Total originated 472,078 82.6 % 181,580 63.2 % Acquired: Loan-to-value ratio: Less than 50% 19,574 3.4 % 70,293 24.5 % 50% - 69% 35,131 6.2 % 22,581 7.9 % 70% - 79% 22,972 4.0 % 10,569 3.7 % 80% and over 16,268 2.8 % 1,178 0.4 % Data not available 5,897 1.0 % 857 0.3 % Total acquired 99,842 17.4 % 105,478 36.8 % Total loans $ 571,920 100.0 % $ 287,058 100.0 % |
Schedule of information regarding the aging of past due loans, by loans and leases class | The following tables present an age analysis of the recorded investment in total loans and leases at September 30, 2015 and December 31, 2014 . At September 30, 2015 Past Due Loans and Leases Past 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Due Greater Than 90 Days and Accruing Nonaccrual Loans and Leases (In Thousands) Originated: Commercial real estate loans: Commercial real estate mortgage $ 104 $ — $ 3,341 $ 3,445 $ 1,594,671 $ 1,598,116 $ 187 $ 3,155 Multi-family mortgage — — 309 309 575,988 576,297 — 309 Construction — — — — 137,695 137,695 — — Total commercial real estate loans 104 — 3,650 3,754 2,308,354 2,312,108 187 3,464 Commercial loans and leases: Commercial 3,482 100 3,860 7,442 552,646 560,088 — 5,327 Equipment financing 3,678 684 1,949 6,311 668,138 674,449 — 2,896 Condominium association 158 — — 158 57,404 57,562 — — Total commercial loans and leases 7,318 784 5,809 13,911 1,278,188 1,292,099 — 8,223 Indirect automobile 1,173 449 118 1,740 14,554 16,294 — 629 Consumer loans: Residential mortgage 40 — 229 269 513,376 513,645 — 2,369 Home equity 144 51 115 310 224,467 224,777 — 268 Other consumer 12 2 46 60 12,247 12,307 1 52 Total consumer loans 196 53 390 639 750,090 750,729 1 2,689 Total originated loans and leases $ 8,791 $ 1,286 $ 9,967 $ 20,044 $ 4,351,186 $ 4,371,230 $ 188 $ 15,005 At September 30, 2015 Past Due Loans and Leases Past 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Due Greater Than 90 Days and Accruing Nonaccrual Loans and Leases (In Thousands) Acquired: Commercial real estate loans: Commercial real estate mortgage $ 3,620 $ 296 $ 4,911 $ 8,827 $ 203,607 $ 212,434 $ 4,910 $ — Multi-family mortgage — — 1,077 1,077 37,186 38,263 1,077 — Construction — — — — 566 566 — — Total commercial real estate loans 3,620 296 5,988 9,904 241,359 251,263 5,987 — Commercial loans and leases: Commercial 373 250 3,121 3,744 16,879 20,623 171 2,999 Equipment financing — — — — 9,882 9,882 — — Total commercial loans and leases 373 250 3,121 3,744 26,761 30,505 171 2,999 Consumer loans: Residential mortgage 200 — 2,474 2,674 89,744 92,418 2,304 170 Home equity 707 155 444 1,306 82,288 83,594 142 1,550 Other consumer — — — — 142 142 — — Total consumer loans 907 155 2,918 3,980 172,174 176,154 2,446 1,720 Total acquired loans and leases $ 4,900 $ 701 $ 12,027 $ 17,628 $ 440,294 $ 457,922 $ 8,604 $ 4,719 Total loans and leases $ 13,691 $ 1,987 $ 21,994 $ 37,672 $ 4,791,480 $ 4,829,152 $ 8,792 $ 19,724 At December 31, 2014 Past Due Loans and Leases Past 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Due Greater Than 90 Days and Accruing Nonaccrual Loans and Leases (In Thousands) Originated: Commercial real estate loans: Commercial real estate mortgage $ 1,631 $ 416 $ 160 $ 2,207 $ 1,423,414 $ 1,425,621 $ — $ 1,009 Multi-family mortgage 385 — — 385 575,829 576,214 — — Construction — — — — 146,074 146,074 — — Total commercial real estate loans 2,016 416 160 2,592 2,145,317 2,147,909 — 1,009 Commercial loans and leases: Commercial 758 876 1,499 3,133 459,597 462,730 2 2,722 Equipment financing 1,534 138 2,392 4,064 583,432 587,496 — 3,214 Condominium association 501 — — 501 51,092 51,593 — — Total commercial loans and leases 2,793 1,014 3,891 7,698 1,094,121 1,101,819 2 5,936 Indirect automobile 4,635 923 166 5,724 311,263 316,987 — 645 Consumer loans: Residential mortgage — — 501 501 471,577 472,078 — 1,340 Home equity 75 52 129 256 181,324 181,580 — 161 Other consumer 17 5 30 52 11,528 11,580 — 41 Total consumer loans 92 57 660 809 664,429 665,238 — 1,542 Total originated loans and leases $ 9,536 $ 2,410 $ 4,877 $ 16,823 $ 4,215,130 $ 4,231,953 $ 2 $ 9,132 At December 31, 2014 Past Due Loans and Leases Past 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Due Greater Than 90 Days and Accruing Nonaccrual Loans and Leases (In Thousands) Acquired: Commercial real estate loans: Commercial real estate mortgage $ 989 $ 3,705 $ 2,387 $ 7,081 $ 247,380 $ 254,461 $ 2,387 $ — Multi-family mortgage 195 729 363 1,287 62,205 63,492 363 — Construction — — — — 1,939 1,939 — — Total commercial real estate loans 1,184 4,434 2,750 8,368 311,524 319,892 2,750 — Commercial loans and leases: Commercial 712 488 3,033 4,233 47,114 51,347 624 2,474 Equipment financing 2 52 66 120 13,808 13,928 73 9 Total commercial loans and leases 714 540 3,099 4,353 60,922 65,275 697 2,483 Consumer loans: Residential mortgage — — 2,715 2,715 97,127 99,842 2,372 342 Home equity 1,005 733 923 2,661 102,817 105,478 187 1,757 Other consumer — — — — 167 167 — — Total consumer loans 1,005 733 3,638 5,376 200,111 205,487 2,559 2,099 Total acquired loans and leases $ 2,903 $ 5,707 $ 9,487 $ 18,097 $ 572,557 $ 590,654 $ 6,006 $ 4,582 Total loan and leases $ 12,439 $ 8,117 $ 14,364 $ 34,920 $ 4,787,687 $ 4,822,607 $ 6,008 $ 13,714 |
Schedule of impaired loans and leases, by loans and leases class | The following tables include the recorded investment and unpaid principal balances of impaired loans and leases with the related allowance amount, if applicable, for the originated and acquired loan and lease portfolios at the dates indicated. Also presented are the average recorded investments in the impaired loans and leases and the related amount of interest recognized during the period that the impaired loans were impaired. At September 30, 2015 At December 31, 2014 Recorded (1) Unpaid Related Recorded Investment (2) Unpaid Related (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 3,069 $ 3,064 $ — $ 2,751 $ 2,748 $ — Commercial 14,411 14,381 — 13,440 13,421 — Consumer 4,487 4,480 — 3,055 3,048 — Total originated with no related allowance recorded 21,967 21,925 — 19,246 19,217 — With an allowance recorded: Commercial real estate 6,165 6,165 2,176 4,119 4,119 108 Commercial 4,852 4,840 2,127 2,019 2,011 768 Consumer — — — 176 176 10 Total originated with an allowance recorded 11,017 11,005 4,303 6,314 6,306 886 Total originated impaired loans and leases 32,984 32,930 4,303 25,560 25,523 886 Acquired: With no related allowance recorded: Commercial real estate 10,772 10,772 — 9,413 9,428 — Commercial 4,084 4,084 — 6,049 6,047 — Consumer 7,969 7,984 — 6,688 6,688 — Total acquired with no related allowance recorded 22,825 22,840 — 22,150 22,163 — With an allowance recorded: Commercial real estate — — — 244 244 22 Commercial 596 596 231 478 478 214 Consumer 92 92 7 225 225 41 Total acquired with an allowance recorded 688 688 238 947 947 277 Total acquired impaired loans and leases 23,513 23,528 238 23,097 23,110 277 Total impaired loans and leases $ 56,497 $ 56,458 $ 4,541 $ 48,657 $ 48,633 $ 1,163 (1) Includes originated and acquired nonaccrual loans of $12.3 million and $4.7 million , respectively, at September 30, 2015 . (2) Includes originated and acquired nonaccrual loans of $7.1 million and $4.6 million , respectively, at December 31, 2014 . Three Months Ended September 30, 2015 September 30, 2014 Average Interest Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 3,077 $ 21 $ 3,727 $ 32 Commercial 15,112 171 9,567 118 Consumer 4,421 15 3,568 14 Total originated with no related allowance recorded 22,610 207 16,862 164 With an allowance recorded: Commercial real estate 6,172 49 118 — Commercial 7,700 2 1,239 1 Consumer — — 14 — Total originated with an allowance recorded 13,872 51 1,371 1 Total originated impaired loans and leases 36,482 258 18,233 165 Acquired: With no related allowance recorded: Commercial real estate 10,813 39 11,652 73 Commercial 4,113 16 8,017 36 Consumer 8,094 19 6,629 13 Total acquired with no related allowance recorded 23,020 74 26,298 122 With an allowance recorded: Commercial real estate — — 3,164 36 Commercial 596 — 760 — Consumer 93 1 538 1 Total acquired with an allowance recorded 689 1 4,462 37 Total acquired impaired loans and leases 23,709 75 30,760 159 Total impaired loans and leases $ 60,191 $ 333 $ 48,993 $ 324 Nine Months Ended September 30, 2015 September 30, 2014 Average Interest Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 4,403 $ 65 $ 2,857 $ 80 Commercial 15,095 474 6,386 188 Consumer 4,156 45 2,509 27 Total originated with no related allowance recorded 23,654 584 11,752 295 With an allowance recorded: Commercial real estate 4,791 148 1,097 22 Commercial 6,687 8 2,898 49 Consumer 112 — 1,298 15 Total originated with an allowance recorded 11,590 156 5,293 86 Total originated impaired loans and leases 35,244 740 17,045 381 Acquired: With no related allowance recorded: Commercial real estate 9,912 114 13,211 301 Commercial 4,516 48 7,671 95 Consumer 7,927 48 6,569 23 Total acquired with no related allowance recorded 22,355 210 27,451 419 With an allowance recorded: Commercial real estate 81 — 3,035 76 Commercial 689 — 1,085 15 Consumer 274 6 436 2 Total acquired with an allowance recorded 1,044 6 4,556 93 Total acquired impaired loans and leases 23,399 216 32,007 512 Total impaired loans and leases $ 58,643 $ 956 $ 49,052 $ 893 |
Schedule of the impaired and non-impaired loans and leases, by loan and leases class | The following tables present information regarding impaired and non-impaired loans and leases at the dates indicated: At September 30, 2015 Commercial Real Estate Commercial Indirect Automobile Consumer Unallocated Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ 2,176 $ 2,127 $ — $ — $ — $ 4,303 Collectively evaluated for impairment 27,746 18,420 321 3,634 — 50,121 Total originated loans and leases 29,922 20,547 321 3,634 — 54,424 Acquired: Individually evaluated for impairment — 231 — 7 — 238 Collectively evaluated for impairment 422 79 — 36 — 537 Acquired with deteriorated credit quality 717 105 — 451 — 1,273 Total acquired loans and leases 1,139 415 — 494 — 2,048 Total allowance for loan and lease losses $ 31,061 $ 20,962 $ 321 $ 4,128 $ — $ 56,472 Loans and Leases: Originated: Individually evaluated for impairment $ 9,234 $ 16,976 $ — $ 4,299 $ — $ 30,509 Collectively evaluated for impairment 2,302,874 1,275,123 16,294 746,430 — 4,340,721 Total originated loans and leases 2,312,108 1,292,099 16,294 750,729 — 4,371,230 Acquired: Individually evaluated for impairment 3,212 4,427 — 2,651 — 10,290 Collectively evaluated for impairment 68,821 14,453 — 109,468 — 192,742 Acquired with deteriorated credit quality 179,230 11,625 — 64,035 — 254,890 Total acquired loans and leases 251,263 30,505 — 176,154 — 457,922 Total loans and leases $ 2,563,371 $ 1,322,604 $ 16,294 $ 926,883 $ — $ 4,829,152 At December 31, 2014 Commercial Real Estate Commercial Indirect Automobile Consumer Unallocated Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ 108 $ 768 $ — $ 10 $ — $ 886 Collectively evaluated for impairment 27,457 14,631 2,331 3,088 2,418 49,925 Total originated loans and leases 27,565 15,399 2,331 3,098 2,418 50,811 Acquired: Individually evaluated for impairment — 144 — 41 — 185 Collectively evaluated for impairment 648 222 — 2 — 872 Acquired with deteriorated credit quality 1,381 192 — 218 — 1,791 Total acquired loans and leases 2,029 558 — 261 — 2,848 Total allowance for loan and lease losses $ 29,594 $ 15,957 $ 2,331 $ 3,359 $ 2,418 $ 53,659 Loans and Leases: Originated: Individually evaluated for impairment $ 6,870 $ 15,459 $ — $ 3,231 $ — $ 25,560 Collectively evaluated for impairment 2,141,039 1,086,360 316,987 662,007 — 4,206,393 Total originated loans and leases 2,147,909 1,101,819 316,987 665,238 — 4,231,953 Acquired: Individually evaluated for impairment 626 4,458 — 2,562 — 7,646 Collectively evaluated for impairment 97,141 38,504 — 134,973 — 270,618 Acquired with deteriorated credit quality 222,125 22,313 — 67,952 — 312,390 Total acquired loans and leases 319,892 65,275 — 205,487 — 590,654 Total loans and leases $ 2,467,801 $ 1,167,094 $ 316,987 $ 870,725 $ — $ 4,822,607 |
Information regarding troubled debt restructuring loans | The following table presents information regarding foreclosed residential real estate property at September 30, 2015 . At September 30, 2015 (In Thousands) Foreclosed residential real estate property held by the creditor $ 1,149 Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure 606 The following table sets forth information regarding troubled debt restructured loans and leases at the dates indicated: At September 30, 2015 At December 31, 2014 (In Thousands) Troubled debt restructurings: On accrual $ 17,746 $ 14,815 On nonaccrual 5,960 5,625 Total troubled debt restructurings $ 23,706 $ 20,440 |
Summary of investment in troubled debt restructurings, and the associated specific allowances for loan and lease losses | The recorded investment in troubled debt restructurings and the associated specific allowances for loan and lease losses, in the originated and acquired loan and lease portfolios, are as follows for the periods indicated. At and for the Three Months Ended September 30, 2015 Recorded Investment Specific Defaulted (1) Number of Loans/ Leases At Modification At End of Period Allowance for Loan and Lease Losses Nonaccrual Loans and Leases Additional Commitment Number of Loans/ Leases Recorded Investment (Dollars in Thousands) Originated: Commercial 7 $ 5,600 $ 5,197 $ 119 $ 239 $ — — $ — Equipment financing 4 318 305 — — — — — Residential mortgage 1 152 153 — 153 — — — Home equity 2 273 274 — 101 Total Originated 14 6,343 5,929 119 493 — — — Acquired: Commercial 2 379 372 — — — 1 399 Home equity 1 175 174 — — — — — Total Acquired 3 554 546 — — — 1 399 Total 17 $ 6,897 $ 6,475 $ 119 $ 493 $ — 1 $ 399 (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. At and for the Three Months Ended September 30, 2014 Recorded Investment Specific Defaulted (1) Number of Loans/ Leases At Modification At End of Period Allowance for Loan and Lease Losses Nonaccrual Loans and Leases Additional Commitment Number of Loans/ Leases Recorded Investment (Dollars in Thousands) Originated: Commercial 1 $ 1,970 $ 1,970 $ — $ — $ — — $ — Equipment financing 5 696 699 18 191 — — — Total Originated 6 2,666 2,669 18 191 — — — Acquired: Commercial 4 851 924 — 45 — 1 1,335 Total Acquired 4 851 924 — 45 — 1 1,335 Total 10 $ 3,517 $ 3,593 $ 18 $ 236 $ — 1 $ 1,335 (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. At and for the Nine Months Ended September 30, 2015 Recorded Investment Specific Defaulted Number of Loans/ Leases At Modification At End of Period Allowance for Loan and Lease Losses Nonaccrual Loans and Leases Additional Commitment Number of Loans/ Leases Recorded Investment (Dollars in Thousands) Originated: Commercial 8 $ 5,735 $ 5,429 $ 119 $ 239 $ — — $ — Equipment financing 5 430 403 — — — — — Residential mortgage 1 152 153 — 153 — — — Home equity 2 273 274 — 101 — — — Total Originated 16 6,590 6,259 119 493 — — — Acquired: Commercial 4 642 634 — 12 — 1 399 Home equity 2 200 197 — 23 — — — Total Acquired 6 842 831 — 35 — 1 399 Total 22 $ 7,432 $ 7,090 $ 119 $ 528 $ — 1 $ 399 At and for the Nine Months Ended September 30, 2014 Recorded Investment Specific Defaulted Number of Loans/ Leases At Modification At End of Period Allowance for Loan and Lease Losses Nonaccrual Loans and Leases Additional Commitment Number of Loans/ Leases Recorded Investment (Dollars in Thousands) Originated: Commercial real estate mortgage 1 $ 953 $ 939 $ — $ — $ — — $ — Commercial 3 2,360 2,336 — 16 — — — Equipment financing 7 1,369 1,352 18 191 — 6 1,074 Residential mortgage 1 497 491 — 491 — 1 491 Home Equity 1 292 292 Total Originated 13 5,471 5,410 18 698 — 7 1,565 Acquired: Commercial 6 1,104 1,152 — 273 — 4 1,607 Total Acquired 6 1,104 1,152 — 273 — 4 1,607 Total 19 $ 6,575 $ 6,562 $ 18 $ 971 $ — 11 $ 3,172 |
Schedule of troubled debt restructurings by type of modification | The following table sets forth the Company’s balances of troubled debt restructurings that were modified at the dates indicated, by type of modification. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands) Loans with one modification: Extended maturity $ 1,632 $ 2,849 $ 2,137 $ 3,427 Adjusted principal — — — — Adjusted interest rate — — — 866 Interest only 1,335 — 1,335 16 Combination maturity, principal, interest rate 906 200 1,004 200 Total loans with one modification 3,873 3,049 4,476 4,509 Loans with more than one modification: Extended maturity 2,602 36 2,603 1,253 Adjusted principal — 508 — 508 Interest only — — — 292 Combination maturity, principal, interest rate — — 11 — Total loans with more than one modification 2,602 544 2,614 2,053 Total loans with modifications $ 6,475 $ 3,593 $ 7,090 $ 6,562 |
Goodwill and Other Intangible27
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of composition of goodwill and other intangible assets | The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated: At September 30, 2015 At December 31, 2014 (In Thousands) Goodwill $ 137,890 $ 137,890 Other intangible assets: Core deposits 10,268 12,455 Trade name 1,089 1,089 Total other intangible assets 11,357 13,544 Total goodwill and other intangible assets $ 149,247 $ 151,434 |
Schedule of estimated aggregate future amortization expense for intangible assets | The estimated aggregate future amortization expense (in thousands) for intangible assets with a finite life remaining at September 30, 2015 is as follows: Remainder of 2015 $ 724 Year ending: 2016 2,500 2017 2,089 2018 1,669 2019 1,295 Thereafter 1,991 Total $ 10,268 |
Investments in Qualified Affo28
Investments in Qualified Affordable Housing Projects (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments in Affordable Housing Projects [Abstract] | |
Investments in Affordable Housing Projects | Further information regarding the Company's investments in affordable housing projects follows: At September 30, 2015 At December 31, 2014 (In Thousands) Investments in affordable housing projects included in other assets $ 9,990 $ 10,131 Unfunded commitments related to affordable housing projects included in other liabilities 1,982 2,608 Investments in affordable housing projects tax credits included in other liabilities 1,191 1,432 Investments in affordable housing projects tax benefits included in other liabilities 492 669 At and for the Three Months Ended At and for the Nine Months Ended September 30, 2015 (In Thousands) Investment amortization included in provision for income taxes $ 410 $ 1,230 Amount recognized as income tax benefit 538 1,613 |
Schedule of Prior Period Adjustments Related to New Accounting Pronouncement | The following table illustrates the prior period adjustments related to the adoption of ASU 2014-01. At December 31, 2014 (In Thousands) Other assets, as reported $ 79,411 Prior period adjustment 1,068 Other assets, as adjusted $ 80,479 Retained earnings, as reported $ 83,792 Prior period adjustment 1,068 Retained earnings, as adjusted $ 84,860 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 (In Thousands) Loss from investments in affordable housing projects, as reported $ 543 $ 1,586 Prior period adjustment (543 ) (1,586 ) Loss from investments in affordable housing projects, as adjusted $ — $ — Provision for income taxes, as reported $ 6,779 $ 18,548 Prior period adjustment 384 1,152 Provision for income taxes, as adjusted $ 7,163 $ 19,700 Net income, as reported $ 11,581 $ 31,979 Prior period adjustment 159 434 Net income, as adjusted $ 11,740 $ 32,413 Basic earnings per share, as reported $ 0.17 $ 0.46 Prior period adjustment — — Basic earnings per share, as adjusted $ 0.17 $ 0.46 Effective tax rate, as reported 35.64 % 35.61 % Prior period adjustment 0.97 % 1.09 % Effective tax rate, as adjusted 36.61 % 36.70 % |
Comprehensive Income_(Loss) (Ta
Comprehensive Income/(Loss) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Schedule of changes in accumulated other comprehensive (loss) income by component, net of tax | Changes in accumulated other comprehensive (loss) income by component, net of tax, were as follows for the periods indicated: Three Months Ended September 30, 2015 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Income (In Thousands) Balance at June 30, 2015 $ (1,886 ) $ 111 $ (1,775 ) Other comprehensive income 2,966 — 2,966 Balance at September 30, 2015 $ 1,080 $ 111 $ 1,191 Three Months Ended September 30, 2014 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Income (In Thousands) Balance at June 30, 2014 $ (3,574 ) $ 365 $ (3,209 ) Other comprehensive loss (1,407 ) (65 ) (1,472 ) Balance at September 30, 2014 $ (4,981 ) $ 300 $ (4,681 ) Nine Months Ended September 30, 2015 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Income (In Thousands) Balance at December 31, 2014 $ (1,733 ) $ 111 $ (1,622 ) Other comprehensive income 2,813 — 2,813 Balance at September 30, 2015 $ 1,080 $ 111 $ 1,191 Nine Months Ended September 30, 2014 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Income (In Thousands) Balance at December 31, 2013 $ (8,332 ) $ 417 $ (7,915 ) Other comprehensive income (loss) 3,351 (117 ) 3,234 Balance at September 30, 2014 $ (4,981 ) $ 300 $ (4,681 ) |
Summary of the amounts reclassified from accumulated other comprehensive income (loss) | The following is a summary of the amounts reclassified from accumulated other comprehensive income (loss) for the nine months ended September 30, 2014 . Nine Months Ended Income Statement Line Affected by Reclassification September 30, 2014 Other comprehensive income (loss) component Unrealized gains (losses) on investment securities available-for-sale $ (13 ) Loss on sales of securities, net 5 Provision for income taxes Total reclassifications for the period $ (8 ) Net income |
Derivatives and Hedging Activ30
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value and classification of the Company's derivative financial instruments on the unaudited consolidated balance sheets and the effect of the Company's derivative financial instruments on the unaudited consolidated income statements | Asset derivatives and liability derivatives are included in other assets and accrued expenses and other liabilities on the unaudited consolidated balance sheets, respectively. The table below presents the fair value and classification of the Company’s derivative financial instruments at September 30, 2015 and December 31, 2014 . At September 30, 2015 At December 31, 2014 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives (In Thousands) Total derivatives (interest-rate products) not designated as hedging instruments $ 8,113 $ 8,261 $ 2,676 $ 2,714 Changes in the fair value are recognized directly in the Company's unaudited consolidated statements of income and are included in other non-interest income in the consolidated statements of income. The table below presents the gain (loss) recognized in income due to changes in the fair value for the three and nine months ended September 30, 2015 and September 30, 2014 . Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands) (Loss) gain recognized in income on derivatives $ (313 ) $ 32 $ (109 ) $ 38 |
Schedule of offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet | The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet at the dates indicated. At September 30, 2015 Gross Assets /Liabilities Gross Amounts Statement of Financial Position Net Amounts of the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Cash Collateral (Received)/ Posted (In Thousands) Asset Derivatives $ 8,113 $ — $ 8,113 $ — $ — $ 8,113 Liability Derivatives $ 8,261 $ — $ 8,261 $ 7,335 $ 4,030 $ 19,626 At December 31, 2014 Gross Assets /Liabilities Gross Amounts Statement of Financial Position Net Amounts of the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Cash Collateral (Received) / Posted (In Thousands) Asset Derivatives $ 2,676 $ — $ 2,676 $ — $ — $ 2,676 Liability Derivatives $ 2,714 $ — $ 2,714 $ 4,173 $ 1,180 $ 8,067 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of basic and diluted earnings per share (EPS) | The following table sets forth a reconciliation of basic and diluted earnings per share (“EPS”) for the periods indicated: Three Months Ended September 30, 2015 September 30, 2014 Basic Fully Diluted Basic Fully Diluted (In Thousands Except Share Data) Numerator: Net income* $ 12,888 $ 12,888 $ 11,740 $ 11,740 Denominator: Weighted average shares outstanding 70,129,056 70,129,056 69,989,909 69,989,909 Effect of dilutive securities — 110,964 — 99,078 Adjusted weighted average shares outstanding 70,129,056 70,240,020 69,989,909 70,088,987 EPS* $ 0.18 $ 0.18 $ 0.17 $ 0.17 Nine Months Ended September 30, 2015 September 30, 2014 Basic Fully Diluted Basic Fully Diluted (In Thousands Except Share Data) Numerator: Net income* $ 36,456 $ 36,456 $ 32,413 $ 32,413 Denominator: Weighted average shares outstanding 70,071,999 70,071,999 69,918,248 69,918,248 Effect of dilutive securities — 135,984 — 111,135 Adjusted weighted average shares outstanding 70,071,999 70,207,983 69,918,248 70,029,383 EPS* $ 0.52 $ 0.52 $ 0.46 $ 0.46 (*) Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. |
Fair Value of Financial Instr32
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated: Carrying Value at September 30, 2015 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: Debt securities: GSEs $ — $ 27,933 $ — $ 27,933 GSE CMOs — 205,730 — 205,730 GSE MBSs — 243,959 — 243,959 SBA commercial loan asset-backed securities — 172 — 172 Corporate debt obligations — 46,670 — 46,670 Trust preferred securities — 1,315 — 1,315 Total debt securities — 525,779 — 525,779 Marketable equity securities 985 — — 985 Total investment securities available-for-sale $ 985 $ 525,779 $ — $ 526,764 Interest-rate swaps $ — $ 8,113 $ — $ 8,113 Liabilities: Interest-rate swaps $ — $ 8,261 $ — $ 8,261 Carrying Value at December 31, 2014 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: Debt securities: GSEs $ — $ 22,988 $ — $ 22,988 GSE CMOs — 234,169 — 234,169 GSE MBSs — 250,981 — 250,981 SBA commercial loan asset-backed securities — 203 — 203 Corporate debt obligations — 40,207 — 40,207 Trust preferred securities — 1,240 — 1,240 Total debt securities — 549,788 — 549,788 Marketable equity securities 973 — — 973 Total investment securities available-for-sale $ 973 $ 549,788 $ — $ 550,761 Interest-rate swaps $ — $ 2,676 $ — $ 2,676 Liabilities: Interest-rate swaps $ — $ 2,714 $ — $ 2,714 |
Schedule of reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | The reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (In Thousands) Investment securities available-for-sale, beginning of period $ — $ — $ — $ 1,775 Investment security sales — — — (1,658 ) Total realized losses included in other income — — — (242 ) Total unrealized gains included in other comprehensive income — — — 125 Investment securities available-for-sale, end of period $ — $ — $ — $ — |
Summary of assets and liabilities measured at fair value on a non-recurring basis | The table below summarizes assets and liabilities measured at fair value on a non-recurring basis at the dates indicated: Carrying Value at September 30, 2015 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 12,485 $ 12,485 OREO — — 1,149 1,149 Repossessed assets — 152 — 152 Total assets measured at fair value on a non-recurring basis $ — $ 152 $ 13,634 $ 13,786 Carrying Value at December 31, 2014 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 6,376 $ 6,376 OREO — — 953 953 Repossessed assets — 503 — 503 Total assets measured at fair value on a non-recurring basis $ — $ 503 $ 7,329 $ 7,832 |
Schedule of quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring basis | The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring and non-recurring basis at the dates indicated. Fair Value Valuation Technique At September 30, 2015 At December 31, 2014 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 12,485 $ 6,376 Appraisal of collateral (1) Other real estate owned $ 1,149 $ 953 Appraisal of collateral (1) (1) Fair value is generally determined through independent appraisals of the underlying collateral. The Company may also use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of these possible adjustments may vary. |
Schedule of carrying amount, estimated fair value, and placement in the fair value hierarchy for financial instruments | The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments at the dates indicated. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, FHLBB and FRB stock and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings and accrued interest payable. Fair Value Measurements Carrying Value Estimated Fair Value Level 1 Inputs Level 2 Inputs Level 3 Inputs (In Thousands) At September 30, 2015 Financial assets: Investment securities held-to-maturity: GSEs $ 22,431 $ 22,480 $ — $ 22,480 $ — GSE MBSs 19,962 19,902 — 19,902 — Municipal Obligations 20,204 20,350 — 20,350 — Foreign Government Obligations 500 500 — — 500 Loans held-for-sale 10,992 10,992 — 10,992 — Loans and leases, net 4,772,680 4,765,997 — — 4,765,997 Financial liabilities: Certificates of deposit 1,064,392 1,073,688 — 1,073,688 — Borrowed funds 960,220 966,232 — 966,232 — At December 31, 2014 Financial assets: Investment securities held-to-maturity $ 500 $ 500 $ — $ — $ 500 Loans held-for-sale 1,537 1,537 — 1,537 — Loans and leases, net 4,768,948 4,753,605 — — 4,753,605 Financial liabilities: Certificates of deposit 946,708 949,320 — 949,320 — Borrowed funds 1,126,404 1,132,940 — 1,132,940 — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of financial instruments with off-balance sheet risk | Financial instruments with off-balance-sheet risk at the dates indicated follow: At September 30, 2015 At December 31, 2014 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 108,274 $ 107,179 Commercial 71,064 102,353 Residential mortgage 8,650 20,520 Unadvanced portion of loans and leases 564,323 629,351 Unused lines of credit: Home equity 271,016 239,240 Other consumer 12,715 10,876 Other commercial 630 728 Unused letters of credit: Financial standby letters of credit 11,553 16,762 Performance standby letters of credit 402 3,126 Commercial and similar letters of credit 227 50 Back-to-back interest-rate swaps 293,926 109,362 |
Schedule of future minimum rental payments under noncancellable operating leases | A summary of future minimum rental payments under such leases at the dates indicated follows: Minimum Rental Payments (In Thousands) Remainder of 2015 $ 1,422 Year ending: 2016 5,344 2017 4,820 2018 4,265 2019 3,353 Thereafter 12,266 Total $ 31,470 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2015USD ($)bankoffice | |
Basis of Presentation | |
Number of full-service banking offices | 24 |
FDIC insurance limit per depositor | $ | $ 250,000 |
Number of banks on whose deposits insurance coverage was offered | bank | 3 |
Percentage of insurance offered | 100.00% |
Eastern Funding LLC | |
Basis of Presentation | |
Percentage of ownership in subsidiary | 84.50% |
BankRI | |
Basis of Presentation | |
Number of full-service banking offices | 19 |
First Ipswich Bancorp: | |
Basis of Presentation | |
Number of full-service banking offices | 5 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Investment securities available-for-sale | ||
Amortized Cost | $ 525,096,000 | $ 553,588,000 |
Gross Unrealized Gains | 4,113,000 | 3,128,000 |
Gross Unrealized Losses | 2,445,000 | 5,955,000 |
Estimated fair value | 526,764,000 | 550,761,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 63,097,000 | 500,000 |
Gross Unrealized Gains | 238,000 | 0 |
Gross Unrealized Losses | 103,000 | 0 |
Estimated Fair Value | 63,232,000 | 500,000 |
Net unrealized gain (loss), available-for-sale securities | 1,700,000 | (2,800,000) |
Gross unrealized losses, fair value, available-for-sale securities | $ 190,517,000 | $ 335,683,000 |
Percentage of securities in unrealized loss positions, available-for-sale securities | 36.20% | 60.90% |
Net unrealized gain (loss), held-to-maturity securities | $ 100,000 | |
Gross unrealized losses, fair value, held-to-maturity securities | $ 20,133,000 | |
Percentage of securities unrealized loss positions, held-to-maturity securities | 31.80% | |
Available for sale securities pledged as collateral | $ 469,600,000 | $ 473,100,000 |
Debt securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 524,142,000 | 552,641,000 |
Gross Unrealized Gains | 4,082,000 | 3,102,000 |
Gross Unrealized Losses | 2,445,000 | 5,955,000 |
Estimated fair value | 525,779,000 | 549,788,000 |
GSEs | ||
Investment securities available-for-sale | ||
Amortized Cost | 27,580,000 | 22,929,000 |
Gross Unrealized Gains | 362,000 | 88,000 |
Gross Unrealized Losses | 9,000 | 29,000 |
Estimated fair value | 27,933,000 | 22,988,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 22,431,000 | |
Gross Unrealized Gains | 66,000 | |
Gross Unrealized Losses | 17,000 | |
Estimated Fair Value | 22,480,000 | |
Net unrealized gain (loss), available-for-sale securities | 400,000 | |
Gross unrealized losses, fair value, available-for-sale securities | 1,991,000 | 11,086,000 |
Gross unrealized losses, fair value, held-to-maturity securities | 2,970,000 | |
GSE CMOs | ||
Investment securities available-for-sale | ||
Amortized Cost | 207,260,000 | 238,910,000 |
Gross Unrealized Gains | 289,000 | 80,000 |
Gross Unrealized Losses | 1,819,000 | 4,821,000 |
Estimated fair value | 205,730,000 | 234,169,000 |
GSE MBSs | ||
Investment securities available-for-sale | ||
Amortized Cost | 241,518,000 | 249,329,000 |
Gross Unrealized Gains | 2,901,000 | 2,531,000 |
Gross Unrealized Losses | 460,000 | 879,000 |
Estimated fair value | 243,959,000 | 250,981,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 19,962,000 | |
Gross Unrealized Gains | 16,000 | |
Gross Unrealized Losses | 76,000 | |
Estimated Fair Value | 19,902,000 | |
SBA commercial loan asset-backed securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 173,000 | 205,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 1,000 | 2,000 |
Estimated fair value | 172,000 | 203,000 |
Investment securities held-to-maturity | ||
Gross unrealized losses, fair value, available-for-sale securities | 162,000 | 194,000 |
Corporate debt obligations | ||
Investment securities available-for-sale | ||
Amortized Cost | 46,146,000 | 39,805,000 |
Gross Unrealized Gains | 530,000 | 403,000 |
Gross Unrealized Losses | 6,000 | 1,000 |
Estimated fair value | 46,670,000 | 40,207,000 |
Investment securities held-to-maturity | ||
Net unrealized gain (loss), available-for-sale securities | 500,000 | 400,000 |
Gross unrealized losses, fair value, available-for-sale securities | 3,018,000 | 4,069,000 |
Trust preferred securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 1,465,000 | 1,463,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 150,000 | 223,000 |
Estimated fair value | 1,315,000 | 1,240,000 |
Investment securities held-to-maturity | ||
Net unrealized gain (loss), available-for-sale securities | (200,000) | (200,000) |
Gross unrealized losses, fair value, available-for-sale securities | 1,315,000 | 1,240,000 |
Municipal obligations | ||
Investment securities held-to-maturity | ||
Amortized Cost | 20,204,000 | |
Gross Unrealized Gains | 156,000 | |
Gross Unrealized Losses | 10,000 | |
Estimated Fair Value | 20,350,000 | |
Gross unrealized losses, fair value, held-to-maturity securities | 2,811,000 | |
Foreign government securities | ||
Investment securities held-to-maturity | ||
Amortized Cost | 500,000 | 500,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 500,000 | 500,000 |
Marketable equity securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 954,000 | 947,000 |
Gross Unrealized Gains | 31,000 | 26,000 |
Gross Unrealized Losses | 0 | 0 |
Estimated fair value | $ 985,000 | $ 973,000 |
Investment Securities (Details
Investment Securities (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale | ||
Less than twelve months, estimated fair value | $ 64,804 | $ 104,357 |
Less than twelve months, unrealized losses | 332 | 293 |
Twelve months or longer, estimated fair value | 125,713 | 231,326 |
Twelve months or longer, unrealized losses | 2,113 | 5,662 |
Total, estimated fair value | 190,517 | 335,683 |
Total, unrealized losses | 2,445 | 5,955 |
Held-to-maturity | ||
Less than twelve months, estimated fair value | 20,133 | |
Less than twelve months, unrealized losses | 103 | |
Twelve months or longer, estimated fair value | 0 | |
Twelve months or longer, unrealized losses | 0 | |
Total, estimated fair value | 20,133 | |
Total, unrealized losses | 103 | |
Available-for-sale and Held-to-maturity | ||
Less than twelve months, estimated fair value | 84,937 | |
Less than twelve months, unrealized losses | 435 | |
Twelve months or longer, estimated fair value | 125,713 | |
Twelve months or longer, unrealized losses | 2,113 | |
Total, estimated fair value | 210,650 | |
Total, unrealized losses | 2,548 | |
GSE | ||
Available-for-sale | ||
Less than twelve months, estimated fair value | 1,991 | 11,086 |
Less than twelve months, unrealized losses | 9 | 29 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 1,991 | 11,086 |
Total, unrealized losses | 9 | 29 |
Held-to-maturity | ||
Less than twelve months, estimated fair value | 2,970 | |
Less than twelve months, unrealized losses | 17 | |
Twelve months or longer, estimated fair value | 0 | |
Twelve months or longer, unrealized losses | 0 | |
Total, estimated fair value | 2,970 | |
Total, unrealized losses | 17 | |
GSE CMOs | ||
Available-for-sale | ||
Less than twelve months, estimated fair value | 37,166 | 39,095 |
Less than twelve months, unrealized losses | 222 | 179 |
Twelve months or longer, estimated fair value | 106,368 | 190,345 |
Twelve months or longer, unrealized losses | 1,597 | 4,642 |
Total, estimated fair value | 143,534 | 229,440 |
Total, unrealized losses | 1,819 | 4,821 |
GSE MBS | ||
Available-for-sale | ||
Less than twelve months, estimated fair value | 22,629 | 50,099 |
Less than twelve months, unrealized losses | 95 | 84 |
Twelve months or longer, estimated fair value | 17,868 | 39,555 |
Twelve months or longer, unrealized losses | 365 | 795 |
Total, estimated fair value | 40,497 | 89,654 |
Total, unrealized losses | 460 | 879 |
Held-to-maturity | ||
Less than twelve months, estimated fair value | 14,352 | |
Less than twelve months, unrealized losses | 76 | |
Twelve months or longer, estimated fair value | 0 | |
Twelve months or longer, unrealized losses | 0 | |
Total, estimated fair value | 14,352 | |
Total, unrealized losses | 76 | |
SBA commercial loan asset-backed securities | ||
Available-for-sale | ||
Less than twelve months, estimated fair value | 0 | 8 |
Less than twelve months, unrealized losses | 0 | 0 |
Twelve months or longer, estimated fair value | 162 | 186 |
Twelve months or longer, unrealized losses | 1 | 2 |
Total, estimated fair value | 162 | 194 |
Total, unrealized losses | 1 | 2 |
Corporate debt obligations | ||
Available-for-sale | ||
Less than twelve months, estimated fair value | 3,018 | 4,069 |
Less than twelve months, unrealized losses | 6 | 1 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 3,018 | 4,069 |
Total, unrealized losses | 6 | 1 |
Trust preferred securities | ||
Available-for-sale | ||
Less than twelve months, estimated fair value | 0 | 0 |
Less than twelve months, unrealized losses | 0 | 0 |
Twelve months or longer, estimated fair value | 1,315 | 1,240 |
Twelve months or longer, unrealized losses | 150 | 223 |
Total, estimated fair value | 1,315 | 1,240 |
Total, unrealized losses | 150 | $ 223 |
Municipal obligations | ||
Held-to-maturity | ||
Less than twelve months, estimated fair value | 2,811 | |
Less than twelve months, unrealized losses | 10 | |
Twelve months or longer, estimated fair value | 0 | |
Twelve months or longer, unrealized losses | 0 | |
Total, estimated fair value | 2,811 | |
Total, unrealized losses | $ 10 |
Investment Securities (Detail37
Investment Securities (Details 3) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015USD ($)securityissuer | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)security | |
Investment Securities | |||
Estimated fair value | $ 526,764 | $ 550,761 | |
Net unrealized gain (loss) | 1,700 | (2,800) | |
Purchases of investment securities available-for-sale | 50,538 | $ 96,932 | |
U.S. Government-Sponsored Enterprises backed explicitly by the full faith and credit of the U.S. Government | |||
Investment Securities | |||
Estimated fair value | 20,200 | 26,200 | |
GSEs | |||
Investment Securities | |||
Estimated fair value | 27,933 | $ 22,988 | |
Net unrealized gain (loss) | $ 400 | ||
Number of securities under unrealized loss position | security | 1 | 4 | |
Number of securities | security | 11 | 8 | |
Purchases of investment securities available-for-sale | $ 11,800 | 8,900 | |
GSE mortgage-related securities | |||
Investment Securities | |||
Estimated fair value | 449,700 | $ 485,200 | |
Net unrealized gain (loss) | $ 900 | $ (3,100) | |
Number of securities under unrealized loss position | security | 55 | 79 | |
Number of securities | security | 250 | 250 | |
Purchases of investment securities available-for-sale | $ 29,400 | 76,000 | |
SBA commercial loan asset-backed securities | |||
Investment Securities | |||
Estimated fair value | $ 172 | $ 203 | |
Number of securities under unrealized loss position | security | 7 | 7 | |
Number of securities | security | 8 | 8 | |
Corporate debt obligations | |||
Investment Securities | |||
Estimated fair value | $ 46,670 | $ 40,207 | |
Net unrealized gain (loss) | $ 500 | $ 400 | |
Number of securities under unrealized loss position | security | 1 | 1 | |
Number of securities | security | 15 | 13 | |
Purchases of investment securities available-for-sale | $ 9,300 | $ 12,000 | |
Trust preferred securities | |||
Investment Securities | |||
Estimated fair value | 1,315 | $ 1,240 | |
Net unrealized gain (loss) | $ (200) | $ (200) | |
Number of securities under unrealized loss position | security | 2 | 2 | |
Number of securities | security | 2 | 2 | |
Number of issuers defaulting on scheduled payments | issuer | 0 | ||
Marketable equity securities | |||
Investment Securities | |||
Estimated fair value | $ 985 | $ 973 | |
Number of securities under unrealized loss position | security | 0 | 0 | |
Number of securities | security | 2 | 2 |
Investment Securities (Detail38
Investment Securities (Details 4) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015USD ($)security | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)security | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of securities | security | 62 | ||
Investment securities held-to-maturity, fair value | $ 63,232 | $ 500 | |
Net unrealized gain (loss), held-to-maturity securities | 100 | ||
Unrealized losses | $ 103 | $ 0 | |
Number of securities in an unrealized loss position | security | 12 | 0 | |
Purchases of investment securities held-to-maturity | $ 68,454 | $ 500 |
Investment Securities (Detail39
Investment Securities (Details 5) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 2,989 | $ 3,057 |
After 1 year through 5 years | 61,119 | 55,631 |
After 5 years through 10 years | 91,308 | 103,268 |
Over 10 years | 368,726 | 390,685 |
Total | 524,142 | 552,641 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 3,004 | 3,081 |
After 1 year through 5 years | 62,089 | 56,586 |
After 5 years through 10 years | 92,623 | 104,208 |
Over 10 years | 368,063 | 385,913 |
Total | $ 525,779 | $ 549,788 |
Available for Sale, Weighted Average Rate | ||
Within 1 year (as a percent) | 1.88% | 3.00% |
After 1 year through 5 years (as a percent) | 2.35% | 2.48% |
After 5 years through 10 years (as a percent) | 2.01% | 2.00% |
Over 10 years (as a percent) | 1.94% | 1.91% |
Total (as a percent) | 2.00% | 1.99% |
Held-to-maturity, Amortized Cost | ||
Within 1 year | $ 579 | $ 0 |
After 1 year through 5 years | 8,034 | 500 |
After 5 years through 10 years | 34,601 | 0 |
Over 10 years | 19,883 | 0 |
Total | 63,097 | 500 |
Held-to-maturity, Estimated Fair Value | ||
Within 1 year | 579 | 0 |
After 1 year through 5 years | 8,063 | 500 |
After 5 years through 10 years | 34,769 | 0 |
Over 10 years | 19,821 | 0 |
Total | $ 63,232 | $ 500 |
Held-to-maturity, Weighted Average Rate | ||
Within 1 year (as a percent) | 1.12% | 0.00% |
After 1 year through 5 years (as a percent) | 1.28% | 1.30% |
After 5 years through 10 years (as a percent) | 2.09% | 0.00% |
Over 10 years (as a percent) | 1.63% | 0.00% |
Total (as a percent) | 1.83% | 1.30% |
Estimated fair value of debt securities have right to call or prepay the obligations | $ 5,000 | $ 16,100 |
Estimated fair value of debt securities have right to call or prepay the obligations, schedule maturities of 1-5 years | 3,000 | 5,000 |
Estimated fair value of debt securities have right to call or prepay the obligations, schedule maturities of 6-10 years | $ 2,000 | 9,900 |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities after ten years | $ 1,200 |
Investment Securities (Detail40
Investment Securities (Details 6) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Sales of debt securities | $ 0 | $ 5,083 | |
Debt securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Sales of debt securities | $ 0 | 5,083 | |
Gross gains from sales | 0 | 302 | |
Gross losses from sales | 0 | 315 | |
Loss on sales of securities, net | $ 0 | $ (13) |
Loans and Leases (Details)
Loans and Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Originated loans | $ 4,371,230,000 | $ 4,371,230,000 | $ 4,231,953,000 | ||||
Originated, Weighted Average Coupon (as a percent) | 4.35% | 4.43% | |||||
Acquired loans | 457,922,000 | $ 457,922,000 | $ 590,654,000 | ||||
Acquired, Weighted Average Coupon (as a percent) | 4.18% | 4.19% | |||||
Total Loans and Leases | 4,829,152,000 | $ 4,829,152,000 | $ 4,822,607,000 | ||||
Total, Weighted Average Coupon (as a percent) | 4.33% | 4.40% | |||||
Percentage of loans to aggregate outstanding amount in the greater New York/New Jersey metropolitan area | 33.60% | 35.90% | |||||
Percentage of loans to aggregate outstanding amount in other areas of the United States | 66.40% | 64.10% | |||||
Proceeds from sale of loan portfolio | [1] | $ 24,984,000 | $ 32,167,000 | ||||
Loss on sale of loans | (446,000) | $ (564,000) | (1,594,000) | $ (1,283,000) | |||
Commercial real estate loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Originated loans | 2,312,108,000 | $ 2,312,108,000 | $ 2,147,909,000 | ||||
Originated, Weighted Average Coupon (as a percent) | 3.98% | 4.13% | |||||
Acquired loans | 251,263,000 | $ 251,263,000 | $ 319,892,000 | ||||
Acquired, Weighted Average Coupon (as a percent) | 4.21% | 4.34% | |||||
Total Loans and Leases | 2,563,371,000 | $ 2,563,371,000 | $ 2,467,801,000 | ||||
Total, Weighted Average Coupon (as a percent) | 4.00% | 4.16% | |||||
Commercial real estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Originated loans | 1,598,116,000 | $ 1,598,116,000 | $ 1,425,621,000 | ||||
Originated, Weighted Average Coupon (as a percent) | 4.01% | 4.18% | |||||
Acquired loans | 212,434,000 | $ 212,434,000 | $ 254,461,000 | ||||
Acquired, Weighted Average Coupon (as a percent) | 4.18% | 4.29% | |||||
Total Loans and Leases | 1,810,550,000 | $ 1,810,550,000 | $ 1,680,082,000 | ||||
Total, Weighted Average Coupon (as a percent) | 4.03% | 4.20% | |||||
Multi-family mortgage | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Originated loans | 576,297,000 | $ 576,297,000 | $ 576,214,000 | ||||
Originated, Weighted Average Coupon (as a percent) | 4.02% | 4.11% | |||||
Acquired loans | 38,263,000 | $ 38,263,000 | $ 63,492,000 | ||||
Acquired, Weighted Average Coupon (as a percent) | 4.34% | 4.50% | |||||
Total Loans and Leases | 614,560,000 | $ 614,560,000 | $ 639,706,000 | ||||
Total, Weighted Average Coupon (as a percent) | 4.04% | 4.15% | |||||
Construction loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Originated loans | 137,695,000 | $ 137,695,000 | $ 146,074,000 | ||||
Originated, Weighted Average Coupon (as a percent) | 3.51% | 3.79% | |||||
Acquired loans | 566,000 | $ 566,000 | $ 1,939,000 | ||||
Acquired, Weighted Average Coupon (as a percent) | 5.04% | 5.50% | |||||
Total Loans and Leases | 138,261,000 | $ 138,261,000 | $ 148,013,000 | ||||
Total, Weighted Average Coupon (as a percent) | 3.52% | 3.81% | |||||
Commercial loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Originated loans | 1,292,099,000 | $ 1,292,099,000 | $ 1,101,819,000 | ||||
Originated, Weighted Average Coupon (as a percent) | 5.45% | 5.53% | |||||
Acquired loans | 30,505,000 | $ 30,505,000 | $ 65,275,000 | ||||
Acquired, Weighted Average Coupon (as a percent) | 5.67% | 4.58% | |||||
Total Loans and Leases | 1,322,604,000 | $ 1,322,604,000 | $ 1,167,094,000 | ||||
Total, Weighted Average Coupon (as a percent) | 5.45% | 5.48% | |||||
Commercial | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Originated loans | 560,088,000 | $ 560,088,000 | $ 462,730,000 | ||||
Originated, Weighted Average Coupon (as a percent) | 3.84% | 3.88% | |||||
Acquired loans | 20,623,000 | $ 20,623,000 | $ 51,347,000 | ||||
Acquired, Weighted Average Coupon (as a percent) | 5.51% | 4.14% | |||||
Total Loans and Leases | 580,711,000 | $ 580,711,000 | $ 514,077,000 | ||||
Total, Weighted Average Coupon (as a percent) | 3.90% | 3.91% | |||||
Equipment financing | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Originated loans | 674,449,000 | $ 674,449,000 | $ 587,496,000 | ||||
Originated, Weighted Average Coupon (as a percent) | 6.86% | 6.92% | |||||
Acquired loans | 9,882,000 | $ 9,882,000 | $ 13,928,000 | ||||
Acquired, Weighted Average Coupon (as a percent) | 6.01% | 6.22% | |||||
Total Loans and Leases | 684,331,000 | $ 684,331,000 | $ 601,424,000 | ||||
Total, Weighted Average Coupon (as a percent) | 6.84% | 6.90% | |||||
Condominium association | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Originated loans | 57,562,000 | $ 57,562,000 | $ 51,593,000 | ||||
Originated, Weighted Average Coupon (as a percent) | 4.52% | 4.60% | |||||
Acquired loans | 0 | $ 0 | $ 0 | ||||
Acquired, Weighted Average Coupon (as a percent) | 0.00% | 0.00% | |||||
Total Loans and Leases | 57,562,000 | $ 57,562,000 | $ 51,593,000 | ||||
Total, Weighted Average Coupon (as a percent) | 4.52% | 4.60% | |||||
Indirect automobile | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Originated loans | 16,294,000 | $ 16,294,000 | $ 316,987,000 | ||||
Originated, Weighted Average Coupon (as a percent) | 5.55% | 4.47% | |||||
Acquired loans | 0 | $ 0 | $ 0 | ||||
Acquired, Weighted Average Coupon (as a percent) | 0.00% | 0.00% | |||||
Total Loans and Leases | 16,294,000 | $ 16,294,000 | $ 316,987,000 | ||||
Total, Weighted Average Coupon (as a percent) | 5.55% | 4.47% | |||||
Percent of loan portfolio sold, over 90% | 90.00% | ||||||
Proceeds from sale of loan portfolio | $ 255,200,000 | ||||||
Loss on sale of loans | $ 11,800 | ||||||
Consumer loans | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Originated loans | 750,729,000 | $ 750,729,000 | $ 665,238,000 | ||||
Originated, Weighted Average Coupon (as a percent) | 3.55% | 3.56% | |||||
Acquired loans | 176,154,000 | $ 176,154,000 | $ 205,487,000 | ||||
Acquired, Weighted Average Coupon (as a percent) | 3.88% | 3.82% | |||||
Total Loans and Leases | 926,883,000 | $ 926,883,000 | $ 870,725,000 | ||||
Total, Weighted Average Coupon (as a percent) | 3.61% | 3.62% | |||||
Residential mortgage | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Originated loans | 513,645,000 | $ 513,645,000 | $ 472,078,000 | ||||
Originated, Weighted Average Coupon (as a percent) | 3.63% | 3.60% | |||||
Acquired loans | 92,418,000 | $ 92,418,000 | $ 99,842,000 | ||||
Acquired, Weighted Average Coupon (as a percent) | 3.86% | 3.77% | |||||
Total Loans and Leases | 606,063,000 | $ 606,063,000 | $ 571,920,000 | ||||
Total, Weighted Average Coupon (as a percent) | 3.66% | 3.63% | |||||
Home equity | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Originated loans | 224,777,000 | $ 224,777,000 | $ 181,580,000 | ||||
Originated, Weighted Average Coupon (as a percent) | 3.29% | 3.35% | |||||
Acquired loans | 83,594,000 | $ 83,594,000 | $ 105,478,000 | ||||
Acquired, Weighted Average Coupon (as a percent) | 3.88% | 3.85% | |||||
Total Loans and Leases | 308,371,000 | $ 308,371,000 | $ 287,058,000 | ||||
Total, Weighted Average Coupon (as a percent) | 3.45% | 3.53% | |||||
Other consumer | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Originated loans | 12,307,000 | $ 12,307,000 | $ 11,580,000 | ||||
Originated, Weighted Average Coupon (as a percent) | 4.91% | 5.13% | |||||
Acquired loans | 142,000 | $ 142,000 | $ 167,000 | ||||
Acquired, Weighted Average Coupon (as a percent) | 17.21% | 16.35% | |||||
Total Loans and Leases | $ 12,449,000 | $ 12,449,000 | $ 11,747,000 | ||||
Total, Weighted Average Coupon (as a percent) | 5.06% | 5.29% | |||||
[1] | Cash flows resulting from the sale of the indirect automobile portfolio and the OREO and repossessed assets which had been recorded as cash provided from operating activities in the filings prior to June 30, 2015 have been revised to cash flows from investing activities in the second quarter of 2015 to properly reflect the cash flow activity. There is no impact to the Company's net income or related per share amounts for the nine months ended September 30, 2015 and September 30, 2014. |
Loans and Leases (Details 2)
Loans and Leases (Details 2) - Acquired - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Summarized activity in accretable yield for the acquired loan portfolio | |||||
Balance at beginning of period | $ 28,730 | $ 38,178 | $ 32,044 | $ 45,789 | |
Accretion | (2,387) | (3,806) | (7,822) | (13,071) | |
Changes in expected cash flows that do not affect nonaccretable difference (1) | 1,242 | 2,141 | 3,045 | 3,795 | |
Changes in expected cash flows that do not affect nonaccretable difference | (3,403) | 0 | (3,085) | 0 | |
Balance at end of period | 24,182 | $ 36,513 | 24,182 | $ 36,513 | |
Aggregate remaining nonaccretable difference (representing both principal and interest) applicable to acquired loans | $ 2,800 | $ 2,800 | $ 3,600 |
Loans and Leases (Details 3)
Loans and Leases (Details 3) - USD ($) $ in Billions | Sep. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Loans and leases pledged as collateral | $ 1.9 | $ 1.6 |
Allowance for Loan and Lease 44
Allowance for Loan and Lease Losses (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($)class | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)relationshipclass | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Changes in allowance for loan losses | ||||||
Balance at the beginning of the period | $ 56,398,000 | $ 53,659,000 | $ 51,686,000 | $ 53,659,000 | $ 48,473,000 | |
Charge-offs | (1,931,000) | (1,136,000) | (4,625,000) | (3,382,000) | ||
Recoveries | 332,000 | 343,000 | 1,671,000 | 1,203,000 | ||
Provision (credit) for loan and lease losses | 1,673,000 | 1,929,000 | 5,767,000 | 6,528,000 | ||
Balance at the end of the period | 56,472,000 | 52,822,000 | 56,472,000 | 52,822,000 | ||
Unfunded credit commitments liability included in other liabilities | 1,400,000 | 1,300,000 | 1,400,000 | 1,300,000 | $ 1,300,000 | |
Unfunded credit commitments liability charged off | 0 | 0 | ||||
Provision (credit) for loan and lease losses: | ||||||
Total provision for loan and lease losses | 1,673,000 | 1,929,000 | 5,767,000 | 6,528,000 | ||
Unfunded credit commitments | 82,000 | 105,000 | 164,000 | 225,000 | ||
Total provision for credit losses | 1,755,000 | 2,034,000 | 5,931,000 | 6,753,000 | ||
Total Loans and Leases | 4,829,152,000 | 4,829,152,000 | 4,822,607,000 | |||
General allowance for loan and lease losses | 51,900,000 | 51,900,000 | 50,100,000 | |||
Increase in general portion of the allowance for loan and lease losses | 1,800,000 | |||||
Specific allowance for loan and lease losses | 4,541,000 | 4,541,000 | 1,163,000 | |||
Increase in specific portion of the allowance for loan and lease losses | $ 3,300,000 | |||||
Number of commercial relationships downgraded | relationship | 1 | |||||
Unallocated allowance for loan and lease losses | 0 | $ 0 | 2,400,000 | |||
Decrease in unallocated portion of the allowance for loan and lease losses | 2,400,000 | |||||
Commercial Real Estate | ||||||
Changes in allowance for loan losses | ||||||
Balance at the beginning of the period | 29,216,000 | 29,594,000 | 26,715,000 | 29,594,000 | 23,022,000 | |
Charge-offs | 0 | (64,000) | (550,000) | (64,000) | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provision (credit) for loan and lease losses | 1,845,000 | 2,769,000 | 2,017,000 | 6,462,000 | ||
Balance at the end of the period | 31,061,000 | 29,420,000 | 31,061,000 | 29,420,000 | ||
Provision (credit) for loan and lease losses: | ||||||
Total provision for loan and lease losses | $ 1,845,000 | 2,769,000 | $ 2,017,000 | 6,462,000 | ||
Allowance for loan and lease losses, number of classes in portfolio | class | 3 | 3 | ||||
Total Loans and Leases | $ 2,563,371,000 | $ 2,563,371,000 | 2,467,801,000 | |||
Commercial | ||||||
Changes in allowance for loan losses | ||||||
Balance at the beginning of the period | 20,229,000 | 15,957,000 | 15,866,000 | 15,957,000 | 15,220,000 | |
Charge-offs | (1,388,000) | (605,000) | (2,083,000) | (1,952,000) | ||
Recoveries | 112,000 | 261,000 | 418,000 | 730,000 | ||
Provision (credit) for loan and lease losses | 2,009,000 | (1,573,000) | 6,670,000 | (49,000) | ||
Balance at the end of the period | 20,962,000 | 13,949,000 | 20,962,000 | 13,949,000 | ||
Provision (credit) for loan and lease losses: | ||||||
Total provision for loan and lease losses | $ 2,009,000 | (1,573,000) | $ 6,670,000 | (49,000) | ||
Allowance for loan and lease losses, number of classes in portfolio | class | 4 | 4 | ||||
Total Loans and Leases | $ 1,322,604,000 | $ 1,322,604,000 | 1,167,094,000 | |||
Taxi medallion portfolio | ||||||
Provision (credit) for loan and lease losses: | ||||||
Total Loans and Leases | 36,000,000 | 36,000,000 | ||||
Indirect Automobile | ||||||
Changes in allowance for loan losses | ||||||
Balance at the beginning of the period | 381,000 | 2,331,000 | 3,686,000 | 2,331,000 | 3,924,000 | |
Charge-offs | (296,000) | (264,000) | (1,513,000) | (781,000) | ||
Recoveries | 179,000 | 55,000 | 1,170,000 | 332,000 | ||
Provision (credit) for loan and lease losses | 57,000 | (16,000) | (1,667,000) | (14,000) | ||
Balance at the end of the period | 321,000 | 3,461,000 | 321,000 | 3,461,000 | ||
Provision (credit) for loan and lease losses: | ||||||
Total provision for loan and lease losses | 57,000 | (16,000) | (1,667,000) | (14,000) | ||
Total Loans and Leases | 16,294,000 | 16,294,000 | 316,987,000 | |||
Release in general allowance resulting from the sale of portfolio | 1,900,000 | |||||
Consumer | ||||||
Changes in allowance for loan losses | ||||||
Balance at the beginning of the period | 4,012,000 | 3,359,000 | 3,017,000 | 3,359,000 | 3,375,000 | |
Charge-offs | (247,000) | (203,000) | (479,000) | (585,000) | ||
Recoveries | 41,000 | 27,000 | 83,000 | 141,000 | ||
Provision (credit) for loan and lease losses | 322,000 | 728,000 | 1,165,000 | 638,000 | ||
Balance at the end of the period | 4,128,000 | 3,569,000 | 4,128,000 | 3,569,000 | ||
Provision (credit) for loan and lease losses: | ||||||
Total provision for loan and lease losses | $ 322,000 | 728,000 | $ 1,165,000 | 638,000 | ||
Allowance for loan and lease losses, number of classes in portfolio | class | 3 | 3 | ||||
Total Loans and Leases | $ 926,883,000 | $ 926,883,000 | 870,725,000 | |||
Unallocated | ||||||
Changes in allowance for loan losses | ||||||
Balance at the beginning of the period | 2,560,000 | $ 2,418,000 | 2,402,000 | 2,418,000 | 2,932,000 | |
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provision (credit) for loan and lease losses | (2,560,000) | 21,000 | (2,418,000) | (509,000) | ||
Balance at the end of the period | 0 | 2,423,000 | 0 | 2,423,000 | ||
Provision (credit) for loan and lease losses: | ||||||
Total provision for loan and lease losses | (2,560,000) | $ 21,000 | (2,418,000) | $ (509,000) | ||
Total Loans and Leases | $ 0 | $ 0 | $ 0 |
Allowance for Loan and Lease 45
Allowance for Loan and Lease Losses (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Credit Quality Information | ||
Recorded investment | $ 4,829,152 | $ 4,822,607 |
Originated | ||
Credit Quality Information | ||
Recorded investment | 4,371,230 | 4,231,953 |
Acquired | ||
Credit Quality Information | ||
Recorded investment | 457,922 | 590,654 |
Commercial real estate mortgage | ||
Credit Quality Information | ||
Recorded investment | 1,810,550 | 1,680,082 |
Commercial real estate mortgage | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,598,116 | 1,425,621 |
Commercial real estate mortgage | Acquired | ||
Credit Quality Information | ||
Recorded investment | 212,434 | 254,461 |
Commercial real estate mortgage | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,581,797 | 1,402,121 |
Commercial real estate mortgage | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 202,802 | 237,439 |
Commercial real estate mortgage | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 13,164 | 22,491 |
Commercial real estate mortgage | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 620 | 8,351 |
Commercial real estate mortgage | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 3,155 | 1,009 |
Commercial real estate mortgage | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 8,611 | 8,250 |
Commercial real estate mortgage | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Commercial real estate mortgage | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 401 | 421 |
Multi-family mortgage | ||
Credit Quality Information | ||
Recorded investment | 614,560 | 639,706 |
Multi-family mortgage | Originated | ||
Credit Quality Information | ||
Recorded investment | 576,297 | 576,214 |
Multi-family mortgage | Acquired | ||
Credit Quality Information | ||
Recorded investment | 38,263 | 63,492 |
Multi-family mortgage | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 574,822 | 574,972 |
Multi-family mortgage | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 36,419 | 60,837 |
Multi-family mortgage | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,166 | 1,242 |
Multi-family mortgage | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 617 | 713 |
Multi-family mortgage | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 309 | 0 |
Multi-family mortgage | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 1,227 | 1,942 |
Multi-family mortgage | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Multi-family mortgage | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | ||
Credit Quality Information | ||
Recorded investment | 138,261 | 148,013 |
Construction | Originated | ||
Credit Quality Information | ||
Recorded investment | 137,695 | 146,074 |
Construction | Acquired | ||
Credit Quality Information | ||
Recorded investment | 566 | 1,939 |
Construction | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 137,481 | 146,074 |
Construction | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 566 | 1,709 |
Construction | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 214 | 0 |
Construction | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 230 |
Construction | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Commercial | ||
Credit Quality Information | ||
Recorded investment | 580,711 | 514,077 |
Commercial | Originated | ||
Credit Quality Information | ||
Recorded investment | 560,088 | 462,730 |
Commercial | Acquired | ||
Credit Quality Information | ||
Recorded investment | 20,623 | 51,347 |
Commercial | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 547,301 | 447,778 |
Commercial | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 16,387 | 43,925 |
Commercial | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 6,932 | 12,193 |
Commercial | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 978 | 1,852 |
Commercial | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 5,051 | 1,671 |
Commercial | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 3,258 | 5,424 |
Commercial | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 804 | 1,088 |
Commercial | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 146 |
Equipment Financing | ||
Credit Quality Information | ||
Recorded investment | 684,331 | 601,424 |
Equipment Financing | Originated | ||
Credit Quality Information | ||
Recorded investment | 674,449 | 587,496 |
Equipment Financing | Acquired | ||
Credit Quality Information | ||
Recorded investment | 9,882 | 13,928 |
Equipment Financing | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 670,511 | 583,340 |
Equipment Financing | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 9,882 | 13,795 |
Equipment Financing | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 808 | 932 |
Equipment Financing | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Equipment Financing | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,647 | 2,338 |
Equipment Financing | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 133 |
Equipment Financing | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,483 | 886 |
Equipment Financing | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | ||
Credit Quality Information | ||
Recorded investment | 57,562 | 51,593 |
Condominium association | Originated | ||
Credit Quality Information | ||
Recorded investment | 57,562 | 51,593 |
Condominium association | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 57,562 | 51,593 |
Condominium association | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other Consumer | ||
Credit Quality Information | ||
Recorded investment | 12,449 | 11,747 |
Other Consumer | Originated | ||
Credit Quality Information | ||
Recorded investment | 12,307 | 11,580 |
Other Consumer | Acquired | ||
Credit Quality Information | ||
Recorded investment | 142 | 167 |
Other Consumer | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 12,255 | 11,540 |
Other Consumer | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 142 | 167 |
Other Consumer | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other Consumer | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other Consumer | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 52 | 40 |
Other Consumer | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other Consumer | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other Consumer | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Indirect Automobile | ||
Credit Quality Information | ||
Recorded investment | 16,294 | 316,987 |
Indirect Automobile | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 16,294 | $ 316,987 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Indirect Automobile | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 0 | $ 0 |
Indirect Automobile | Credit score, Over 700 | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 6,473 | $ 262,160 |
Percentage of loans to aggregate outstanding amount | 39.70% | 82.70% |
Indirect Automobile | Credit score, 661-700 | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 2,378 | $ 43,422 |
Percentage of loans to aggregate outstanding amount | 14.60% | 13.70% |
Indirect Automobile | Credit score, 660 and below | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 7,337 | $ 9,927 |
Percentage of loans to aggregate outstanding amount | 45.00% | 3.10% |
Indirect Automobile | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 106 | $ 1,478 |
Percentage of loans to aggregate outstanding amount | 0.70% | 0.50% |
Residential mortgage | ||
Credit Quality Information | ||
Recorded investment | $ 606,063 | $ 571,920 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Residential mortgage | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 513,645 | $ 472,078 |
Percentage of loans to aggregate outstanding amount | 84.80% | 82.60% |
Residential mortgage | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 92,418 | $ 99,842 |
Percentage of loans to aggregate outstanding amount | 15.20% | 17.40% |
Residential mortgage | Loan-to-value ratio, less than 50% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 111,152 | $ 105,342 |
Percentage of loans to aggregate outstanding amount | 18.30% | 18.40% |
Residential mortgage | Loan-to-value ratio, less than 50% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 19,455 | $ 19,574 |
Percentage of loans to aggregate outstanding amount | 3.20% | 3.40% |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 211,505 | $ 179,319 |
Percentage of loans to aggregate outstanding amount | 34.90% | 31.40% |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 33,664 | $ 35,131 |
Percentage of loans to aggregate outstanding amount | 5.50% | 6.20% |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 169,499 | $ 166,467 |
Percentage of loans to aggregate outstanding amount | 28.00% | 29.10% |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 19,668 | $ 22,972 |
Percentage of loans to aggregate outstanding amount | 3.20% | 4.00% |
Residential mortgage | Loan-to-value ratio, 80% and over | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 20,403 | $ 19,335 |
Percentage of loans to aggregate outstanding amount | 3.40% | 3.40% |
Residential mortgage | Loan-to-value ratio, 80% and over | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 14,895 | $ 16,268 |
Percentage of loans to aggregate outstanding amount | 2.50% | 2.80% |
Residential mortgage | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 1,086 | $ 1,615 |
Percentage of loans to aggregate outstanding amount | 0.20% | 0.30% |
Residential mortgage | Data not available | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 4,736 | $ 5,897 |
Percentage of loans to aggregate outstanding amount | 0.80% | 1.00% |
Home Equity | ||
Credit Quality Information | ||
Recorded investment | $ 308,371 | $ 287,058 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Home Equity | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 224,777 | $ 181,580 |
Percentage of loans to aggregate outstanding amount | 72.90% | 63.20% |
Home Equity | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 83,594 | $ 105,478 |
Percentage of loans to aggregate outstanding amount | 27.10% | 36.80% |
Home Equity | Loan-to-value ratio, less than 50% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 127,693 | $ 113,541 |
Percentage of loans to aggregate outstanding amount | 41.40% | 39.60% |
Home Equity | Loan-to-value ratio, less than 50% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 51,476 | $ 70,293 |
Percentage of loans to aggregate outstanding amount | 16.70% | 24.50% |
Home Equity | Loan-to-value ratio, 50% - 69% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 46,724 | $ 35,660 |
Percentage of loans to aggregate outstanding amount | 15.20% | 12.40% |
Home Equity | Loan-to-value ratio, 50% - 69% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 19,716 | $ 22,581 |
Percentage of loans to aggregate outstanding amount | 6.40% | 7.90% |
Home Equity | Loan-to-value ratio, 70% - 79% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 31,665 | $ 27,123 |
Percentage of loans to aggregate outstanding amount | 10.30% | 9.40% |
Home Equity | Loan-to-value ratio, 70% - 79% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 9,041 | $ 10,569 |
Percentage of loans to aggregate outstanding amount | 2.90% | 3.70% |
Home Equity | Loan-to-value ratio, 80% and over | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 17,984 | $ 4,195 |
Percentage of loans to aggregate outstanding amount | 5.80% | 1.50% |
Home Equity | Loan-to-value ratio, 80% and over | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 2,913 | $ 1,178 |
Percentage of loans to aggregate outstanding amount | 0.90% | 0.40% |
Home Equity | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 711 | $ 1,061 |
Percentage of loans to aggregate outstanding amount | 0.20% | 0.40% |
Home Equity | Data not available | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 448 | $ 857 |
Percentage of loans to aggregate outstanding amount | 0.20% | 0.30% |
Allowance for Loan and Lease 46
Allowance for Loan and Lease Losses Allowance for Loan and Lease Losses (Details 3) $ in Thousands | Sep. 30, 2015USD ($) |
Receivables [Abstract] | |
Foreclosed residential real estate property held by the creditor | $ 1,149 |
Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure | $ 606 |
Allowance for Loan and Lease 47
Allowance for Loan and Lease Losses (Details 4) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Age analysis of past due loans | ||
Past due Total | $ 37,672 | $ 34,920 |
Current | 4,791,480 | 4,787,687 |
Total Loans and Leases | 4,829,152 | 4,822,607 |
Loans and leases past due greater than 90 days and accruing | 8,792 | 6,008 |
Nonaccrual loans and leases | 19,724 | 13,714 |
Originated | ||
Age analysis of past due loans | ||
Past due Total | 20,044 | 16,823 |
Current | 4,351,186 | 4,215,130 |
Total Loans and Leases | 4,371,230 | 4,231,953 |
Loans and leases past due greater than 90 days and accruing | 188 | 2 |
Nonaccrual loans and leases | 15,005 | 9,132 |
Acquired | ||
Age analysis of past due loans | ||
Past due Total | 17,628 | 18,097 |
Current | 440,294 | 572,557 |
Total Loans and Leases | 457,922 | 590,654 |
Loans and leases past due greater than 90 days and accruing | 8,604 | 6,006 |
Nonaccrual loans and leases | 4,719 | 4,582 |
Commercial real estate loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,563,371 | 2,467,801 |
Commercial real estate loans | Originated | ||
Age analysis of past due loans | ||
Past due Total | 3,754 | 2,592 |
Current | 2,308,354 | 2,145,317 |
Total Loans and Leases | 2,312,108 | 2,147,909 |
Loans and leases past due greater than 90 days and accruing | 187 | 0 |
Nonaccrual loans and leases | 3,464 | 1,009 |
Commercial real estate loans | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 9,904 | 8,368 |
Current | 241,359 | 311,524 |
Total Loans and Leases | 251,263 | 319,892 |
Loans and leases past due greater than 90 days and accruing | 5,987 | 2,750 |
Nonaccrual loans and leases | 0 | 0 |
Commercial real estate mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,810,550 | 1,680,082 |
Commercial real estate mortgage | Originated | ||
Age analysis of past due loans | ||
Past due Total | 3,445 | 2,207 |
Current | 1,594,671 | 1,423,414 |
Total Loans and Leases | 1,598,116 | 1,425,621 |
Loans and leases past due greater than 90 days and accruing | 187 | 0 |
Nonaccrual loans and leases | 3,155 | 1,009 |
Commercial real estate mortgage | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 8,827 | 7,081 |
Current | 203,607 | 247,380 |
Total Loans and Leases | 212,434 | 254,461 |
Loans and leases past due greater than 90 days and accruing | 4,910 | 2,387 |
Nonaccrual loans and leases | 0 | 0 |
Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 614,560 | 639,706 |
Multi-family mortgage | Originated | ||
Age analysis of past due loans | ||
Past due Total | 309 | 385 |
Current | 575,988 | 575,829 |
Total Loans and Leases | 576,297 | 576,214 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual loans and leases | 309 | 0 |
Multi-family mortgage | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 1,077 | 1,287 |
Current | 37,186 | 62,205 |
Total Loans and Leases | 38,263 | 63,492 |
Loans and leases past due greater than 90 days and accruing | 1,077 | 363 |
Nonaccrual loans and leases | 0 | 0 |
Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 138,261 | 148,013 |
Construction | Originated | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
Current | 137,695 | 146,074 |
Total Loans and Leases | 137,695 | 146,074 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual loans and leases | 0 | 0 |
Construction | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
Current | 566 | 1,939 |
Total Loans and Leases | 566 | 1,939 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual loans and leases | 0 | 0 |
Commercial loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,322,604 | 1,167,094 |
Commercial loans | Originated | ||
Age analysis of past due loans | ||
Past due Total | 13,911 | 7,698 |
Current | 1,278,188 | 1,094,121 |
Total Loans and Leases | 1,292,099 | 1,101,819 |
Loans and leases past due greater than 90 days and accruing | 0 | 2 |
Nonaccrual loans and leases | 8,223 | 5,936 |
Commercial loans | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 3,744 | 4,353 |
Current | 26,761 | 60,922 |
Total Loans and Leases | 30,505 | 65,275 |
Loans and leases past due greater than 90 days and accruing | 171 | 697 |
Nonaccrual loans and leases | 2,999 | 2,483 |
Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 580,711 | 514,077 |
Commercial | Originated | ||
Age analysis of past due loans | ||
Past due Total | 7,442 | 3,133 |
Current | 552,646 | 459,597 |
Total Loans and Leases | 560,088 | 462,730 |
Loans and leases past due greater than 90 days and accruing | 0 | 2 |
Nonaccrual loans and leases | 5,327 | 2,722 |
Commercial | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 3,744 | 4,233 |
Current | 16,879 | 47,114 |
Total Loans and Leases | 20,623 | 51,347 |
Loans and leases past due greater than 90 days and accruing | 171 | 624 |
Nonaccrual loans and leases | 2,999 | 2,474 |
Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 684,331 | 601,424 |
Equipment financing | Originated | ||
Age analysis of past due loans | ||
Past due Total | 6,311 | 4,064 |
Current | 668,138 | 583,432 |
Total Loans and Leases | 674,449 | 587,496 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual loans and leases | 2,896 | 3,214 |
Equipment financing | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 0 | 120 |
Current | 9,882 | 13,808 |
Total Loans and Leases | 9,882 | 13,928 |
Loans and leases past due greater than 90 days and accruing | 0 | 73 |
Nonaccrual loans and leases | 0 | 9 |
Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 57,562 | 51,593 |
Condominium association | Originated | ||
Age analysis of past due loans | ||
Past due Total | 158 | 501 |
Current | 57,404 | 51,092 |
Total Loans and Leases | 57,562 | 51,593 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual loans and leases | 0 | 0 |
Condominium association | Acquired | ||
Age analysis of past due loans | ||
Total Loans and Leases | 0 | 0 |
Indirect automobile | ||
Age analysis of past due loans | ||
Total Loans and Leases | 16,294 | 316,987 |
Indirect automobile | Originated | ||
Age analysis of past due loans | ||
Past due Total | 1,740 | 5,724 |
Current | 14,554 | 311,263 |
Total Loans and Leases | 16,294 | 316,987 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual loans and leases | 629 | 645 |
Indirect automobile | Acquired | ||
Age analysis of past due loans | ||
Total Loans and Leases | 0 | 0 |
Consumer loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 926,883 | 870,725 |
Consumer loans | Originated | ||
Age analysis of past due loans | ||
Past due Total | 639 | 809 |
Current | 750,090 | 664,429 |
Total Loans and Leases | 750,729 | 665,238 |
Loans and leases past due greater than 90 days and accruing | 1 | 0 |
Nonaccrual loans and leases | 2,689 | 1,542 |
Consumer loans | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 3,980 | 5,376 |
Current | 172,174 | 200,111 |
Total Loans and Leases | 176,154 | 205,487 |
Loans and leases past due greater than 90 days and accruing | 2,446 | 2,559 |
Nonaccrual loans and leases | 1,720 | 2,099 |
Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 606,063 | 571,920 |
Residential mortgage | Originated | ||
Age analysis of past due loans | ||
Past due Total | 269 | 501 |
Current | 513,376 | 471,577 |
Total Loans and Leases | 513,645 | 472,078 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual loans and leases | 2,369 | 1,340 |
Residential mortgage | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 2,674 | 2,715 |
Current | 89,744 | 97,127 |
Total Loans and Leases | 92,418 | 99,842 |
Loans and leases past due greater than 90 days and accruing | 2,304 | 2,372 |
Nonaccrual loans and leases | 170 | 342 |
Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 308,371 | 287,058 |
Home equity | Originated | ||
Age analysis of past due loans | ||
Past due Total | 310 | 256 |
Current | 224,467 | 181,324 |
Total Loans and Leases | 224,777 | 181,580 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual loans and leases | 268 | 161 |
Home equity | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 1,306 | 2,661 |
Current | 82,288 | 102,817 |
Total Loans and Leases | 83,594 | 105,478 |
Loans and leases past due greater than 90 days and accruing | 142 | 187 |
Nonaccrual loans and leases | 1,550 | 1,757 |
Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 12,449 | 11,747 |
Other consumer | Originated | ||
Age analysis of past due loans | ||
Past due Total | 60 | 52 |
Current | 12,247 | 11,528 |
Total Loans and Leases | 12,307 | 11,580 |
Loans and leases past due greater than 90 days and accruing | 1 | 0 |
Nonaccrual loans and leases | 52 | 41 |
Other consumer | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
Current | 142 | 167 |
Total Loans and Leases | 142 | 167 |
Loans and leases past due greater than 90 days and accruing | 0 | 0 |
Nonaccrual loans and leases | 0 | 0 |
31-60 Days | ||
Age analysis of past due loans | ||
Past due Total | 13,691 | 12,439 |
31-60 Days | Originated | ||
Age analysis of past due loans | ||
Past due Total | 8,791 | 9,536 |
31-60 Days | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 4,900 | 2,903 |
31-60 Days | Commercial real estate loans | Originated | ||
Age analysis of past due loans | ||
Past due Total | 104 | 2,016 |
31-60 Days | Commercial real estate loans | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 3,620 | 1,184 |
31-60 Days | Commercial real estate mortgage | Originated | ||
Age analysis of past due loans | ||
Past due Total | 104 | 1,631 |
31-60 Days | Commercial real estate mortgage | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 3,620 | 989 |
31-60 Days | Multi-family mortgage | Originated | ||
Age analysis of past due loans | ||
Past due Total | 0 | 385 |
31-60 Days | Multi-family mortgage | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 0 | 195 |
31-60 Days | Construction | Originated | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
31-60 Days | Construction | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
31-60 Days | Commercial loans | Originated | ||
Age analysis of past due loans | ||
Past due Total | 7,318 | 2,793 |
31-60 Days | Commercial loans | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 373 | 714 |
31-60 Days | Commercial | Originated | ||
Age analysis of past due loans | ||
Past due Total | 3,482 | 758 |
31-60 Days | Commercial | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 373 | 712 |
31-60 Days | Equipment financing | Originated | ||
Age analysis of past due loans | ||
Past due Total | 3,678 | 1,534 |
31-60 Days | Equipment financing | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 0 | 2 |
31-60 Days | Condominium association | Originated | ||
Age analysis of past due loans | ||
Past due Total | 158 | 501 |
31-60 Days | Indirect automobile | Originated | ||
Age analysis of past due loans | ||
Past due Total | 1,173 | 4,635 |
31-60 Days | Consumer loans | Originated | ||
Age analysis of past due loans | ||
Past due Total | 196 | 92 |
31-60 Days | Consumer loans | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 907 | 1,005 |
31-60 Days | Residential mortgage | Originated | ||
Age analysis of past due loans | ||
Past due Total | 40 | 0 |
31-60 Days | Residential mortgage | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 200 | 0 |
31-60 Days | Home equity | Originated | ||
Age analysis of past due loans | ||
Past due Total | 144 | 75 |
31-60 Days | Home equity | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 707 | 1,005 |
31-60 Days | Other consumer | Originated | ||
Age analysis of past due loans | ||
Past due Total | 12 | 17 |
31-60 Days | Other consumer | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
61-90 Days | ||
Age analysis of past due loans | ||
Past due Total | 1,987 | 8,117 |
61-90 Days | Originated | ||
Age analysis of past due loans | ||
Past due Total | 1,286 | 2,410 |
61-90 Days | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 701 | 5,707 |
61-90 Days | Commercial real estate loans | Originated | ||
Age analysis of past due loans | ||
Past due Total | 0 | 416 |
61-90 Days | Commercial real estate loans | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 296 | 4,434 |
61-90 Days | Commercial real estate mortgage | Originated | ||
Age analysis of past due loans | ||
Past due Total | 0 | 416 |
61-90 Days | Commercial real estate mortgage | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 296 | 3,705 |
61-90 Days | Multi-family mortgage | Originated | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
61-90 Days | Multi-family mortgage | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 0 | 729 |
61-90 Days | Construction | Originated | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
61-90 Days | Construction | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
61-90 Days | Commercial loans | Originated | ||
Age analysis of past due loans | ||
Past due Total | 784 | 1,014 |
61-90 Days | Commercial loans | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 250 | 540 |
61-90 Days | Commercial | Originated | ||
Age analysis of past due loans | ||
Past due Total | 100 | 876 |
61-90 Days | Commercial | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 250 | 488 |
61-90 Days | Equipment financing | Originated | ||
Age analysis of past due loans | ||
Past due Total | 684 | 138 |
61-90 Days | Equipment financing | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 0 | 52 |
61-90 Days | Condominium association | Originated | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
61-90 Days | Indirect automobile | Originated | ||
Age analysis of past due loans | ||
Past due Total | 449 | 923 |
61-90 Days | Consumer loans | Originated | ||
Age analysis of past due loans | ||
Past due Total | 53 | 57 |
61-90 Days | Consumer loans | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 155 | 733 |
61-90 Days | Residential mortgage | Originated | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
61-90 Days | Residential mortgage | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
61-90 Days | Home equity | Originated | ||
Age analysis of past due loans | ||
Past due Total | 51 | 52 |
61-90 Days | Home equity | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 155 | 733 |
61-90 Days | Other consumer | Originated | ||
Age analysis of past due loans | ||
Past due Total | 2 | 5 |
61-90 Days | Other consumer | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
Greater than 90 Days | ||
Age analysis of past due loans | ||
Past due Total | 21,994 | 14,364 |
Greater than 90 Days | Originated | ||
Age analysis of past due loans | ||
Past due Total | 9,967 | 4,877 |
Greater than 90 Days | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 12,027 | 9,487 |
Greater than 90 Days | Commercial real estate loans | Originated | ||
Age analysis of past due loans | ||
Past due Total | 3,650 | 160 |
Greater than 90 Days | Commercial real estate loans | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 5,988 | 2,750 |
Greater than 90 Days | Commercial real estate mortgage | Originated | ||
Age analysis of past due loans | ||
Past due Total | 3,341 | 160 |
Greater than 90 Days | Commercial real estate mortgage | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 4,911 | 2,387 |
Greater than 90 Days | Multi-family mortgage | Originated | ||
Age analysis of past due loans | ||
Past due Total | 309 | 0 |
Greater than 90 Days | Multi-family mortgage | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 1,077 | 363 |
Greater than 90 Days | Construction | Originated | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
Greater than 90 Days | Construction | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
Greater than 90 Days | Commercial loans | Originated | ||
Age analysis of past due loans | ||
Past due Total | 5,809 | 3,891 |
Greater than 90 Days | Commercial loans | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 3,121 | 3,099 |
Greater than 90 Days | Commercial | Originated | ||
Age analysis of past due loans | ||
Past due Total | 3,860 | 1,499 |
Greater than 90 Days | Commercial | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 3,121 | 3,033 |
Greater than 90 Days | Equipment financing | Originated | ||
Age analysis of past due loans | ||
Past due Total | 1,949 | 2,392 |
Greater than 90 Days | Equipment financing | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 0 | 66 |
Greater than 90 Days | Condominium association | Originated | ||
Age analysis of past due loans | ||
Past due Total | 0 | 0 |
Greater than 90 Days | Indirect automobile | Originated | ||
Age analysis of past due loans | ||
Past due Total | 118 | 166 |
Greater than 90 Days | Consumer loans | Originated | ||
Age analysis of past due loans | ||
Past due Total | 390 | 660 |
Greater than 90 Days | Consumer loans | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 2,918 | 3,638 |
Greater than 90 Days | Residential mortgage | Originated | ||
Age analysis of past due loans | ||
Past due Total | 229 | 501 |
Greater than 90 Days | Residential mortgage | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 2,474 | 2,715 |
Greater than 90 Days | Home equity | Originated | ||
Age analysis of past due loans | ||
Past due Total | 115 | 129 |
Greater than 90 Days | Home equity | Acquired | ||
Age analysis of past due loans | ||
Past due Total | 444 | 923 |
Greater than 90 Days | Other consumer | Originated | ||
Age analysis of past due loans | ||
Past due Total | 46 | 30 |
Greater than 90 Days | Other consumer | Acquired | ||
Age analysis of past due loans | ||
Past due Total | $ 0 | $ 0 |
Allowance for Loan and Lease 48
Allowance for Loan and Lease Losses (Details 5) | Sep. 30, 2015class |
Commercial real estate loans | |
Allowance for loan losses and recorded investment in loans | |
Number of loan classes within specific portfolio | 3 |
Commercial real estate | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 37.50% |
Multi-family mortgage | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 12.70% |
Construction loans | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 2.90% |
Commercial loans | |
Allowance for loan losses and recorded investment in loans | |
Number of loan classes within specific portfolio | 3 |
Commercial | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 12.00% |
Equipment financing | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 14.20% |
Condominium association | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 1.20% |
Indirect automobile | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 0.30% |
Consumer loans | |
Allowance for loan losses and recorded investment in loans | |
Number of loan classes within specific portfolio | 3 |
Minimum loan-to-value ratio needed for loans to be made | 80.00% |
Residential | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 12.60% |
Home equity | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 6.40% |
Other consumer | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 0.30% |
Allowance for Loan and Lease 49
Allowance for Loan and Lease Losses (Details 6) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Impaired Loans and Leases | |||||
Recorded investment | $ 56,497 | $ 56,497 | $ 48,657 | ||
Unpaid principal balance | 56,458 | 56,458 | 48,633 | ||
Related allowance | 4,541 | 4,541 | 1,163 | ||
Average recorded investment | 60,191 | $ 48,993 | 58,643 | $ 49,052 | |
Interest income recognized, Total | 333 | 324 | 956 | 893 | |
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 56,472 | 56,472 | 53,659 | ||
Total Loans and Leases | 4,829,152 | 4,829,152 | 4,822,607 | ||
Originated | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 21,967 | 21,967 | 19,246 | ||
Recorded investment, loans with related allowance recorded | 11,017 | 11,017 | 6,314 | ||
Recorded investment | 32,984 | 32,984 | 25,560 | ||
Recorded investment, nonaccrual loans | 12,300 | 12,300 | 7,100 | ||
Unpaid principal balance with no related allowance recorded | 21,925 | 21,925 | 19,217 | ||
Unpaid principal balance with related allowance recorded | 11,005 | 11,005 | 6,306 | ||
Unpaid principal balance | 32,930 | 32,930 | 25,523 | ||
Related allowance | 4,303 | 4,303 | 886 | ||
Average recorded investment with no related allowance recorded | 22,610 | 16,862 | 23,654 | 11,752 | |
Average recorded investment with related allowance recorded | 13,872 | 1,371 | 11,590 | 5,293 | |
Average recorded investment | 36,482 | 18,233 | 35,244 | 17,045 | |
Interest income recognized with no related allowance recorded | 207 | 164 | 584 | 295 | |
Interest income recognized with related allowance recorded | 51 | 1 | 156 | 86 | |
Interest income recognized, Total | 258 | 165 | 740 | 381 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 4,303 | 4,303 | 886 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 50,121 | 50,121 | 49,925 | ||
Total, Allowance | 54,424 | 54,424 | 50,811 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 30,509 | 30,509 | 25,560 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 4,340,721 | 4,340,721 | 4,206,393 | ||
Total Loans and Leases | 4,371,230 | 4,371,230 | 4,231,953 | ||
Acquired | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 22,825 | 22,825 | 22,150 | ||
Recorded investment, loans with related allowance recorded | 688 | 688 | 947 | ||
Recorded investment | 23,513 | 23,513 | 23,097 | ||
Recorded investment, nonaccrual loans | 4,700 | 4,700 | 4,600 | ||
Unpaid principal balance with no related allowance recorded | 22,840 | 22,840 | 22,163 | ||
Unpaid principal balance with related allowance recorded | 688 | 688 | 947 | ||
Unpaid principal balance | 23,528 | 23,528 | 23,110 | ||
Related allowance | 238 | 238 | 277 | ||
Average recorded investment with no related allowance recorded | 23,020 | 26,298 | 22,355 | 27,451 | |
Average recorded investment with related allowance recorded | 689 | 4,462 | 1,044 | 4,556 | |
Average recorded investment | 23,709 | 30,760 | 23,399 | 32,007 | |
Interest income recognized with no related allowance recorded | 74 | 122 | 210 | 419 | |
Interest income recognized with related allowance recorded | 1 | 37 | 6 | 93 | |
Interest income recognized, Total | 75 | 159 | 216 | 512 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 238 | 238 | 185 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 537 | 537 | 872 | ||
Total, Allowance | 2,048 | 2,048 | 2,848 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 10,290 | 10,290 | 7,646 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 192,742 | 192,742 | 270,618 | ||
Total Loans and Leases | 457,922 | 457,922 | 590,654 | ||
Acquired | Receivables Acquired with Deteriorated Credit Quality | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 1,273 | 1,273 | 1,791 | ||
Total Loans and Leases | 254,890 | 254,890 | 312,390 | ||
Commercial real estate loans | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 31,061 | 31,061 | 29,594 | ||
Total Loans and Leases | 2,563,371 | 2,563,371 | 2,467,801 | ||
Commercial real estate loans | Originated | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 3,069 | 3,069 | 2,751 | ||
Recorded investment, loans with related allowance recorded | 6,165 | 6,165 | 4,119 | ||
Unpaid principal balance with no related allowance recorded | 3,064 | 3,064 | 2,748 | ||
Unpaid principal balance with related allowance recorded | 6,165 | 6,165 | 4,119 | ||
Related allowance | 2,176 | 2,176 | 108 | ||
Average recorded investment with no related allowance recorded | 3,077 | 3,727 | 4,403 | 2,857 | |
Average recorded investment with related allowance recorded | 6,172 | 118 | 4,791 | 1,097 | |
Interest income recognized with no related allowance recorded | 21 | 32 | 65 | 80 | |
Interest income recognized with related allowance recorded | 49 | 0 | 148 | 22 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 2,176 | 2,176 | 108 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 27,746 | 27,746 | 27,457 | ||
Total, Allowance | 29,922 | 29,922 | 27,565 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 9,234 | 9,234 | 6,870 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 2,302,874 | 2,302,874 | 2,141,039 | ||
Total Loans and Leases | 2,312,108 | 2,312,108 | 2,147,909 | ||
Commercial real estate loans | Acquired | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 10,772 | 10,772 | 9,413 | ||
Recorded investment, loans with related allowance recorded | 0 | 0 | 244 | ||
Unpaid principal balance with no related allowance recorded | 10,772 | 10,772 | 9,428 | ||
Unpaid principal balance with related allowance recorded | 0 | 0 | 244 | ||
Related allowance | 0 | 0 | 22 | ||
Average recorded investment with no related allowance recorded | 10,813 | 11,652 | 9,912 | 13,211 | |
Average recorded investment with related allowance recorded | 0 | 3,164 | 81 | 3,035 | |
Interest income recognized with no related allowance recorded | 39 | 73 | 114 | 301 | |
Interest income recognized with related allowance recorded | 0 | 36 | 0 | 76 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 0 | 0 | 0 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 422 | 422 | 648 | ||
Total, Allowance | 1,139 | 1,139 | 2,029 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 3,212 | 3,212 | 626 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 68,821 | 68,821 | 97,141 | ||
Total Loans and Leases | 251,263 | 251,263 | 319,892 | ||
Commercial real estate loans | Acquired | Receivables Acquired with Deteriorated Credit Quality | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 717 | 717 | 1,381 | ||
Total Loans and Leases | 179,230 | 179,230 | 222,125 | ||
Commercial | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 20,962 | 20,962 | 15,957 | ||
Total Loans and Leases | 1,322,604 | 1,322,604 | 1,167,094 | ||
Commercial | Originated | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 14,411 | 14,411 | 13,440 | ||
Recorded investment, loans with related allowance recorded | 4,852 | 4,852 | 2,019 | ||
Unpaid principal balance with no related allowance recorded | 14,381 | 14,381 | 13,421 | ||
Unpaid principal balance with related allowance recorded | 4,840 | 4,840 | 2,011 | ||
Related allowance | 2,127 | 2,127 | 768 | ||
Average recorded investment with no related allowance recorded | 15,112 | 9,567 | 15,095 | 6,386 | |
Average recorded investment with related allowance recorded | 7,700 | 1,239 | 6,687 | 2,898 | |
Interest income recognized with no related allowance recorded | 171 | 118 | 474 | 188 | |
Interest income recognized with related allowance recorded | 2 | 1 | 8 | 49 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 2,127 | 2,127 | 768 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 18,420 | 18,420 | 14,631 | ||
Total, Allowance | 20,547 | 20,547 | 15,399 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 16,976 | 16,976 | 15,459 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 1,275,123 | 1,275,123 | 1,086,360 | ||
Total Loans and Leases | 1,292,099 | 1,292,099 | 1,101,819 | ||
Commercial | Acquired | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 4,084 | 4,084 | 6,049 | ||
Recorded investment, loans with related allowance recorded | 596 | 596 | 478 | ||
Unpaid principal balance with no related allowance recorded | 4,084 | 4,084 | 6,047 | ||
Unpaid principal balance with related allowance recorded | 596 | 596 | 478 | ||
Related allowance | 231 | 231 | 214 | ||
Average recorded investment with no related allowance recorded | 4,113 | 8,017 | 4,516 | 7,671 | |
Average recorded investment with related allowance recorded | 596 | 760 | 689 | 1,085 | |
Interest income recognized with no related allowance recorded | 16 | 36 | 48 | 95 | |
Interest income recognized with related allowance recorded | 0 | 0 | 0 | 15 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 231 | 231 | 144 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 79 | 79 | 222 | ||
Total, Allowance | 415 | 415 | 558 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 4,427 | 4,427 | 4,458 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 14,453 | 14,453 | 38,504 | ||
Total Loans and Leases | 30,505 | 30,505 | 65,275 | ||
Commercial | Acquired | Receivables Acquired with Deteriorated Credit Quality | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 105 | 105 | 192 | ||
Total Loans and Leases | 11,625 | 11,625 | 22,313 | ||
Indirect automobile | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 321 | 321 | 2,331 | ||
Total Loans and Leases | 16,294 | 16,294 | 316,987 | ||
Indirect automobile | Originated | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 0 | 0 | 0 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 321 | 321 | 2,331 | ||
Total, Allowance | 321 | 321 | 2,331 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 0 | 0 | 0 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 16,294 | 16,294 | 316,987 | ||
Total Loans and Leases | 16,294 | 16,294 | 316,987 | ||
Indirect automobile | Acquired | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 0 | 0 | 0 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 0 | 0 | 0 | ||
Total, Allowance | 0 | 0 | 0 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 0 | 0 | 0 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 0 | 0 | 0 | ||
Total Loans and Leases | 0 | 0 | 0 | ||
Indirect automobile | Acquired | Receivables Acquired with Deteriorated Credit Quality | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 0 | 0 | 0 | ||
Total Loans and Leases | 0 | 0 | 0 | ||
Consumer loans | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 4,128 | 4,128 | 3,359 | ||
Total Loans and Leases | 926,883 | 926,883 | 870,725 | ||
Consumer loans | Originated | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 4,487 | 4,487 | 3,055 | ||
Recorded investment, loans with related allowance recorded | 0 | 0 | 176 | ||
Unpaid principal balance with no related allowance recorded | 4,480 | 4,480 | 3,048 | ||
Unpaid principal balance with related allowance recorded | 0 | 0 | 176 | ||
Related allowance | 0 | 0 | 10 | ||
Average recorded investment with no related allowance recorded | 4,421 | 3,568 | 4,156 | 2,509 | |
Average recorded investment with related allowance recorded | 0 | 14 | 112 | 1,298 | |
Interest income recognized with no related allowance recorded | 15 | 14 | 45 | 27 | |
Interest income recognized with related allowance recorded | 0 | 0 | 0 | 15 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 0 | 0 | 10 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 3,634 | 3,634 | 3,088 | ||
Total, Allowance | 3,634 | 3,634 | 3,098 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 4,299 | 4,299 | 3,231 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 746,430 | 746,430 | 662,007 | ||
Total Loans and Leases | 750,729 | 750,729 | 665,238 | ||
Consumer loans | Acquired | |||||
Impaired Loans and Leases | |||||
Recorded investment, loans with no related allowance recorded | 7,969 | 7,969 | 6,688 | ||
Recorded investment, loans with related allowance recorded | 92 | 92 | 225 | ||
Unpaid principal balance with no related allowance recorded | 7,984 | 7,984 | 6,688 | ||
Unpaid principal balance with related allowance recorded | 92 | 92 | 225 | ||
Related allowance | 7 | 7 | 41 | ||
Average recorded investment with no related allowance recorded | 8,094 | 6,629 | 7,927 | 6,569 | |
Average recorded investment with related allowance recorded | 93 | 538 | 274 | 436 | |
Interest income recognized with no related allowance recorded | 19 | 13 | 48 | 23 | |
Interest income recognized with related allowance recorded | 1 | $ 1 | 6 | $ 2 | |
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 7 | 7 | 41 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 36 | 36 | 2 | ||
Total, Allowance | 494 | 494 | 261 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 2,651 | 2,651 | 2,562 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 109,468 | 109,468 | 134,973 | ||
Total Loans and Leases | 176,154 | 176,154 | 205,487 | ||
Consumer loans | Acquired | Receivables Acquired with Deteriorated Credit Quality | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 451 | 451 | 218 | ||
Total Loans and Leases | 64,035 | 64,035 | 67,952 | ||
Unallocated | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 0 | 0 | 2,418 | ||
Total Loans and Leases | 0 | 0 | 0 | ||
Unallocated | Originated | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 0 | 0 | 0 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 0 | 0 | 2,418 | ||
Total, Allowance | 0 | 0 | 2,418 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 0 | 0 | 0 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 0 | 0 | 0 | ||
Total Loans and Leases | 0 | 0 | 0 | ||
Unallocated | Acquired | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Loans and Leases Individually Evaluated for Impairment, Allowance | 0 | 0 | 0 | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 0 | 0 | 0 | ||
Total, Allowance | 0 | 0 | 0 | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 0 | 0 | 0 | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 0 | 0 | 0 | ||
Total Loans and Leases | 0 | 0 | 0 | ||
Unallocated | Acquired | Receivables Acquired with Deteriorated Credit Quality | |||||
Recorded investment in loans and leases by portfolio segment | |||||
Total, Allowance | 0 | 0 | 0 | ||
Total Loans and Leases | $ 0 | $ 0 | $ 0 |
Allowance for Loan and Lease 50
Allowance for Loan and Lease Losses (Details 7) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | Sep. 30, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | Dec. 31, 2014USD ($) | |
Troubled debt restructurings: | |||||
On accrual | $ 17,746,000 | $ 17,746,000 | $ 14,815,000 | ||
On nonaccrual | 5,960,000 | 5,960,000 | 5,625,000 | ||
Total troubled debt restructurings | $ 23,706,000 | $ 23,706,000 | $ 20,440,000 | ||
Number of loans | loan | 17 | 10 | 22 | 19 | |
Recorded Investment, At modification | $ 6,897,000 | $ 3,517,000 | $ 7,432,000 | $ 6,575,000 | |
Recorded Investment, At end of period | 6,475,000 | 3,593,000 | 7,090,000 | 6,562,000 | |
Specific Allowance for Loan and Lease Losses | 119,000 | 18,000 | 119,000 | 18,000 | |
Nonaccrual Loans and Leases/Recorded Investment | $ 493,000 | $ 236,000 | $ 528,000 | $ 971,000 | |
Defaulted, number of loans/leases | loan | 1 | 1 | 1 | 11 | |
Defaulted, recorded investment | $ 399,000 | $ 1,335,000 | $ 399,000 | $ 3,172,000 | |
Total loans with one modification | 3,873,000 | 3,049,000 | 4,476,000 | 4,509,000 | |
Total loans with more than one modification | $ 2,602,000 | 544,000 | 2,614,000 | 2,053,000 | |
Financial impact of modification of performing and nonperforming loans (less than $0.1 million) | $ 100,000 | 100,000 | |||
Commitments to lend funds to debtors owing receivables whose terms had been modified in troubled debt restructurings | $ 0 | $ 0 | |||
Originated | |||||
Troubled debt restructurings: | |||||
Number of loans | loan | 14 | 6 | 16 | 13 | |
Recorded Investment, At modification | $ 6,343,000 | $ 2,666,000 | $ 6,590,000 | $ 5,471,000 | |
Recorded Investment, At end of period | 5,929,000 | 2,669,000 | 6,259,000 | 5,410,000 | |
Specific Allowance for Loan and Lease Losses | 119,000 | 18,000 | 119,000 | 18,000 | |
Nonaccrual Loans and Leases/Recorded Investment | $ 493,000 | $ 191,000 | $ 493,000 | $ 698,000 | |
Defaulted, number of loans/leases | loan | 0 | 0 | 0 | 7 | |
Defaulted, recorded investment | $ 0 | $ 0 | $ 0 | $ 1,565,000 | |
Acquired | |||||
Troubled debt restructurings: | |||||
Number of loans | loan | 3 | 4 | 6 | 6 | |
Recorded Investment, At modification | $ 554,000 | $ 851,000 | $ 842,000 | $ 1,104,000 | |
Recorded Investment, At end of period | 546,000 | 924,000 | 831,000 | 1,152,000 | |
Specific Allowance for Loan and Lease Losses | 0 | 0 | 0 | 0 | |
Nonaccrual Loans and Leases/Recorded Investment | $ 0 | $ 45,000 | $ 35,000 | $ 273,000 | |
Defaulted, number of loans/leases | loan | 1 | 1 | 1 | 4 | |
Defaulted, recorded investment | $ 399,000 | $ 1,335,000 | $ 399,000 | $ 1,607,000 | |
Extended maturity | |||||
Troubled debt restructurings: | |||||
Total loans with one modification | 1,632,000 | 2,849,000 | 2,137,000 | 3,427,000 | |
Total loans with more than one modification | 2,602,000 | 36,000 | 2,603,000 | 1,253,000 | |
Adjusted principal | |||||
Troubled debt restructurings: | |||||
Total loans with one modification | 0 | 0 | 0 | 0 | |
Total loans with more than one modification | 0 | 508,000 | 0 | 508,000 | |
Adjusted interest rate | |||||
Troubled debt restructurings: | |||||
Total loans with one modification | 0 | 0 | 0 | 866,000 | |
Interest only | |||||
Troubled debt restructurings: | |||||
Total loans with one modification | 1,335,000 | 0 | 1,335,000 | 16,000 | |
Total loans with more than one modification | 0 | 0 | 0 | 292,000 | |
Combination maturity, principal, and interest rate | |||||
Troubled debt restructurings: | |||||
Total loans with one modification | 906,000 | 200,000 | 1,004,000 | 200,000 | |
Total loans with more than one modification | $ 0 | $ 0 | $ 11,000 | $ 0 | |
Commercial real estate mortgage | Originated | |||||
Troubled debt restructurings: | |||||
Number of loans | loan | 1 | ||||
Recorded Investment, At modification | $ 953,000 | ||||
Recorded Investment, At end of period | 939,000 | ||||
Specific Allowance for Loan and Lease Losses | 0 | ||||
Nonaccrual Loans and Leases/Recorded Investment | $ 0 | ||||
Defaulted, number of loans/leases | loan | 0 | ||||
Defaulted, recorded investment | $ 0 | ||||
Commercial | Originated | |||||
Troubled debt restructurings: | |||||
Number of loans | loan | 7 | 1 | 8 | 3 | |
Recorded Investment, At modification | $ 5,600,000 | $ 1,970,000 | $ 5,735,000 | $ 2,360,000 | |
Recorded Investment, At end of period | 5,197,000 | 1,970,000 | 5,429,000 | 2,336,000 | |
Specific Allowance for Loan and Lease Losses | 119,000 | 0 | 119,000 | 0 | |
Nonaccrual Loans and Leases/Recorded Investment | $ 239,000 | $ 0 | $ 239,000 | $ 16,000 | |
Defaulted, number of loans/leases | loan | 0 | 0 | 0 | 0 | |
Defaulted, recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Commercial | Acquired | |||||
Troubled debt restructurings: | |||||
Number of loans | loan | 2 | 4 | 4 | 6 | |
Recorded Investment, At modification | $ 379,000 | $ 851,000 | $ 642,000 | $ 1,104,000 | |
Recorded Investment, At end of period | 372,000 | 924,000 | 634,000 | 1,152,000 | |
Specific Allowance for Loan and Lease Losses | 0 | 0 | 0 | 0 | |
Nonaccrual Loans and Leases/Recorded Investment | $ 0 | $ 45,000 | $ 12,000 | $ 273,000 | |
Defaulted, number of loans/leases | loan | 1 | 1 | 1 | 4 | |
Defaulted, recorded investment | $ 399,000 | $ 1,335,000 | $ 399,000 | $ 1,607,000 | |
Equipment financing | Originated | |||||
Troubled debt restructurings: | |||||
Number of loans | loan | 4 | 5 | 5 | 7 | |
Recorded Investment, At modification | $ 318,000 | $ 696,000 | $ 430,000 | $ 1,369,000 | |
Recorded Investment, At end of period | 305,000 | 699,000 | 403,000 | 1,352,000 | |
Specific Allowance for Loan and Lease Losses | 0 | 18,000 | 0 | 18,000 | |
Nonaccrual Loans and Leases/Recorded Investment | $ 0 | $ 191,000 | $ 0 | $ 191,000 | |
Defaulted, number of loans/leases | loan | 0 | 0 | 0 | 6 | |
Defaulted, recorded investment | $ 0 | $ 0 | $ 0 | $ 1,074,000 | |
Residential mortgage | Originated | |||||
Troubled debt restructurings: | |||||
Number of loans | loan | 1 | 1 | 1 | ||
Recorded Investment, At modification | $ 152,000 | $ 152,000 | $ 497,000 | ||
Recorded Investment, At end of period | 153,000 | 153,000 | 491,000 | ||
Specific Allowance for Loan and Lease Losses | 0 | 0 | 0 | ||
Nonaccrual Loans and Leases/Recorded Investment | $ 153,000 | $ 153,000 | $ 491,000 | ||
Defaulted, number of loans/leases | loan | 0 | 0 | 1 | ||
Defaulted, recorded investment | $ 0 | $ 0 | $ 491,000 | ||
Residential mortgage | Acquired | |||||
Troubled debt restructurings: | |||||
Number of loans | loan | 1 | ||||
Recorded Investment, At modification | $ 175,000 | ||||
Recorded Investment, At end of period | 174,000 | ||||
Specific Allowance for Loan and Lease Losses | 0 | ||||
Nonaccrual Loans and Leases/Recorded Investment | $ 0 | ||||
Defaulted, number of loans/leases | loan | 0 | ||||
Defaulted, recorded investment | $ 0 | ||||
Home equity | Originated | |||||
Troubled debt restructurings: | |||||
Number of loans | loan | 2 | 2 | 1 | ||
Recorded Investment, At modification | $ 273,000 | $ 273,000 | $ 292,000 | ||
Recorded Investment, At end of period | 274,000 | 274,000 | $ 292,000 | ||
Specific Allowance for Loan and Lease Losses | 0 | 0 | |||
Nonaccrual Loans and Leases/Recorded Investment | $ 101,000 | $ 101,000 | |||
Defaulted, number of loans/leases | loan | 0 | ||||
Defaulted, recorded investment | $ 0 | ||||
Home equity | Acquired | |||||
Troubled debt restructurings: | |||||
Number of loans | loan | 2 | ||||
Recorded Investment, At modification | $ 200,000 | ||||
Recorded Investment, At end of period | 197,000 | ||||
Specific Allowance for Loan and Lease Losses | 0 | ||||
Nonaccrual Loans and Leases/Recorded Investment | $ 23,000 | ||||
Defaulted, number of loans/leases | loan | 0 | ||||
Defaulted, recorded investment | $ 0 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from sales or premises and equipment | $ 0 | $ 1,972 | ||||
Carrying value of premises and equipment | $ 77,472 | 77,472 | $ 80,619 | |||
Gain on sale/disposals of premises and equipment, net | $ 0 | $ (2) | $ 0 | 1,502 | ||
Facility | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from sales or premises and equipment | $ 2,200 | |||||
Carrying value of premises and equipment | $ 400 | |||||
Cost of sale | 200 | |||||
Gain on sale/disposals of premises and equipment, net | $ 1,600 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Goodwill | $ 137,890 | $ 137,890 |
Total other intangible assets | 11,357 | 13,544 |
Total goodwill and other intangible assets | 149,247 | 151,434 |
Trade name | ||
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Total other intangible assets | 1,089 | 1,089 |
Core deposits | ||
Schedule of Goodwill and Intangible Assets [Line Items] | ||
Total other intangible assets | $ 10,268 | $ 12,455 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets (Details 2) $ in Thousands | Sep. 30, 2015USD ($) |
Scheduled amortization expense attributable to other acquisition-related intangible assets | |
Remainder of 2015 | $ 724 |
Year ending: | |
2,016 | 2,500 |
2,017 | 2,089 |
2,018 | 1,669 |
2,019 | 1,295 |
Thereafter | 1,991 |
Total | $ 10,268 |
Investments in Qualified Affo54
Investments in Qualified Affordable Housing Projects - Additional Information (Details) $ in Millions | Sep. 30, 2015project | Jan. 01, 2015USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Number of affordable housing project investments | 8 | |
Accounting Standards Update 2014-01 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect on retained earnings | $ | $ 1.1 |
Investments in Qualified Affo55
Investments in Qualified Affordable Housing Projects - Further Information Regarding Investments in Affordable Housing Projects (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Investments in Affordable Housing Projects [Abstract] | |||
Investments in affordable housing projects included in other assets | $ 9,990 | $ 9,990 | $ 10,131 |
Unfunded commitments related to affordable housing projects included in other liabilities | 1,982 | 1,982 | 2,608 |
Investments in affordable housing projects tax credits included in other liabilities | 1,191 | 1,432 | |
Investments in affordable housing projects tax benefits included in other liabilities | 492 | $ 669 | |
Investment amortization included in provision for income taxes | 410 | 1,230 | |
Amount recognized as income tax benefit | $ 538 | $ 1,613 |
Investments in Qualified Affo56
Investments in Qualified Affordable Housing Projects - Prior Period Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Other assets | [1] | $ 89,649 | $ 89,649 | $ 80,479 | ||
Retained earnings | [1] | 102,684 | 102,684 | 84,860 | ||
Provision for income taxes | [1] | 6,897 | $ 7,163 | 21,116 | $ 19,700 | |
Net income | [1] | $ 12,888 | $ 11,740 | $ 36,456 | $ 32,413 | |
EPS, Basic (in dollars per share) | [1] | $ 0.18 | $ 0.17 | $ 0.52 | $ 0.46 | |
Accounting Standards Update 2014-01 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Other assets | 80,479 | |||||
Retained earnings | 84,860 | |||||
Loss from investments in affordable housing projects, as reported | $ 0 | $ 0 | ||||
Provision for income taxes | 7,163 | 19,700 | ||||
Net income | $ 11,740 | $ 32,413 | ||||
EPS, Basic (in dollars per share) | $ 0.17 | $ 0.46 | ||||
Effective tax rate | 36.61% | 36.70% | ||||
Accounting Standards Update 2014-01 | Previously Reported | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Other assets | 79,411 | |||||
Retained earnings | 83,792 | |||||
Loss from investments in affordable housing projects, as reported | $ 543 | $ 1,586 | ||||
Provision for income taxes | 6,779 | 18,548 | ||||
Net income | $ 11,581 | $ 31,979 | ||||
EPS, Basic (in dollars per share) | $ 0.17 | $ 0.46 | ||||
Effective tax rate | 35.64% | 35.61% | ||||
Accounting Standards Update 2014-01 | Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Other assets | 1,068 | |||||
Retained earnings | $ 1,068 | |||||
Loss from investments in affordable housing projects, as reported | $ (543) | $ (1,586) | ||||
Provision for income taxes | 384 | 1,152 | ||||
Net income | $ 159 | $ 434 | ||||
EPS, Basic (in dollars per share) | $ 0 | $ 0 | ||||
Effective tax rate | 0.97% | 1.09% | ||||
[1] | Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. Refer to Note 8, "Investments in Qualified Affordable Projects". |
Comprehensive Income_(Loss) (De
Comprehensive Income/(Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance at the beginning of the period | $ (1,775) | $ (3,209) | $ (1,622) | $ (7,915) |
Other comprehensive income (loss) | 2,966 | (1,472) | 2,813 | 3,234 |
Balance at the end of the period | 1,191 | (4,681) | 1,191 | (4,681) |
Investment Securities Available-for-Sale | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance at the beginning of the period | (1,886) | (3,574) | (1,733) | (8,332) |
Other comprehensive income (loss) | 2,966 | (1,407) | 2,813 | 3,351 |
Balance at the end of the period | 1,080 | (4,981) | 1,080 | (4,981) |
Postretirement Benefits | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance at the beginning of the period | 111 | 365 | 111 | 417 |
Other comprehensive income (loss) | 0 | (65) | 0 | (117) |
Balance at the end of the period | $ 111 | $ 300 | $ 111 | $ 300 |
Comprehensive Income_(Loss) - R
Comprehensive Income/(Loss) - Reclassifications (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Provision for income taxes | [1] | $ (6,897,000) | $ (7,163,000) | $ (21,116,000) | $ (19,700,000) |
Net income attributable to Brookline Bancorp, Inc. | [1] | 36,456,000 | 32,413,000 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | $ 0 | $ 0 | $ 0 | ||
Reclassification out of Accumulated Other Comprehensive Income | Investment Securities Available-for-Sale | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Loss on sales of securities, net | (13,000) | ||||
Provision for income taxes | 5,000 | ||||
Net income attributable to Brookline Bancorp, Inc. | $ (8,000) | ||||
[1] | Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. Refer to Note 8, "Investments in Qualified Affordable Projects". |
Derivatives and Hedging Activ59
Derivatives and Hedging Activities (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)derivative | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)derivative | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)derivative | |
Asset Derivatives | |||||
Total derivatives (interest-rate products) not designated as hedging instruments | $ 8,113,000 | $ 8,113,000 | $ 2,676,000 | ||
Liability Derivatives | |||||
Total derivatives (interest-rate products) not designated as hedging instruments | 8,261,000 | 8,261,000 | 2,714,000 | ||
Gain (Loss) Recognized in Income on Derivatives | |||||
Estimated net credit risk exposure | 100,000 | 100,000 | 38,000 | ||
Posted collateral | $ 11,400,000 | $ 11,400,000 | $ 5,400,000 | ||
Derivatives not designated as hedging instruments | Interest-rate swaps | |||||
Derivatives and Hedging Activities | |||||
Number of interest-rate swaps | derivative | 46 | 46 | 22 | ||
Notional amount of interest-rate swaps | $ 293,900,000 | $ 293,900,000 | $ 109,400,000 | ||
Derivatives not designated as hedging instruments | Interest-rate products | |||||
Asset Derivatives | |||||
Total derivatives (interest-rate products) not designated as hedging instruments | 8,113,000 | 8,113,000 | 2,676,000 | ||
Liability Derivatives | |||||
Total derivatives (interest-rate products) not designated as hedging instruments | 8,261,000 | 8,261,000 | $ 2,714,000 | ||
Gain (Loss) Recognized in Income on Derivatives | |||||
(Loss) gain recognized in income on derivatives | $ (313,000) | $ 32,000 | $ (109,000) | $ 38,000 |
Derivatives and Hedging Activ60
Derivatives and Hedging Activities (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Asset Derivatives | ||
Gross Amounts of Recognized Assets | $ 8,113 | $ 2,676 |
Net Amounts Of Assets Presented in the Statement of Financial Position | 8,113 | 2,676 |
Net Amount | 8,113 | 2,676 |
Liability Derivatives | ||
Gross Amounts of Recognized Liabilities | 8,261 | 2,714 |
Net Amounts Of Liabilities Presented in the Statement of Financial Position | 8,261 | 2,714 |
Gross Amounts Not Offset in the Statement of Financial Position | ||
Financial Instruments | 7,335 | 4,173 |
Cash Collateral Received | 4,030 | 1,180 |
Net Amount | $ 19,626 | $ 8,067 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)planshares | Sep. 30, 2014USD ($)shares | Sep. 30, 2015USD ($)planshares | Sep. 30, 2014USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of stock based compensation plans | plan | 3 | 3 | ||
Shares issued upon satisfaction of required conditions of the Plans | 107,133 | 111,255 | 112,553 | 113,042 |
Stock based compensation expense | $ | $ 0.4 | $ 0.4 | $ 0.9 | $ 1 |
Time-based shares | Vest equally over three years | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of shares in tranche | 50.00% | |||
Award vesting period | 3 years | |||
Time-based shares | Vesting, first anniversary | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% | |||
Time-based shares | Vesting, second anniversary | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% | |||
Time-based shares | Vesting, third anniversary | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 33.33% | |||
Performance-based shares | Vesting after achievement of performance targets | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of shares in tranche | 50.00% | |||
Award vesting period | 3 years | |||
Recognition and Retention Plan 2003 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized | 1,250,000 | 1,250,000 | ||
Restricted Stock Plan 2011 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized | 500,000 | 500,000 | ||
Equity Incentive Plan 2014 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized | 1,750,000 | 1,750,000 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Numerator: | |||||
Net income | [1] | $ 12,888 | $ 11,740 | $ 36,456 | $ 32,413 |
Denominator: | |||||
Weighted average shares outstanding | 70,129,056 | 69,989,909 | 70,071,999 | 69,918,248 | |
Effect of dilutive securities (in shares) | 110,964 | 99,078 | 135,984 | 111,135 | |
Adjusted weighted average shares outstanding | 70,240,020 | 70,088,987 | 70,207,983 | 70,029,383 | |
EPS, Basic (in dollars per share) | [1] | $ 0.18 | $ 0.17 | $ 0.52 | $ 0.46 |
EPS, Fully Diluted (in dollars per share) | [1] | $ 0.18 | $ 0.17 | $ 0.52 | $ 0.46 |
[1] | Previously reported amounts prior to January 1, 2015 have been restated to reflect a retrospective change in accounting principle for investments in qualified affordable housing projects, in accordance with ASU 2014-01. Refer to Note 8, "Investments in Qualified Affordable Projects". |
Fair Value of Financial Instr63
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Assets: | ||
Total securities available-for-sale | $ 526,764 | $ 550,761 |
Interest-rate swaps | 8,113 | 2,676 |
Liabilities: | ||
Interest-rate swaps | $ 8,261 | 2,714 |
Changes in generic pricing of securities period one, considered for analyzing changes in prices obtained from pricing service | 15 years | |
Changes in generic pricing of securities period two, considered for analyzing changes in prices obtained from pricing service | 30 years | |
Recurring basis | ||
Assets: | ||
Interest-rate swaps | $ 8,113 | 2,676 |
Liabilities: | ||
Interest-rate swaps | 8,261 | 2,714 |
Recurring basis | Securities available for sale | ||
Assets: | ||
Total securities available-for-sale | 526,764 | 550,761 |
Recurring basis | Debt securities | ||
Assets: | ||
Total securities available-for-sale | 525,779 | 549,788 |
Recurring basis | GSEs | ||
Assets: | ||
Total securities available-for-sale | 27,933 | 22,988 |
Recurring basis | GSE CMOs | ||
Assets: | ||
Total securities available-for-sale | 205,730 | 234,169 |
Recurring basis | GSE MBSs | ||
Assets: | ||
Total securities available-for-sale | 243,959 | 250,981 |
Recurring basis | SBA commercial loan asset-backed securities | ||
Assets: | ||
Total securities available-for-sale | 172 | 203 |
Recurring basis | Corporate debt obligations | ||
Assets: | ||
Total securities available-for-sale | 46,670 | 40,207 |
Recurring basis | Trust preferred securities | ||
Assets: | ||
Total securities available-for-sale | 1,315 | 1,240 |
Recurring basis | Marketable equity securities | ||
Assets: | ||
Total securities available-for-sale | 985 | 973 |
Recurring basis | Level 1 | ||
Assets: | ||
Interest-rate swaps | 0 | 0 |
Liabilities: | ||
Interest-rate swaps | 0 | 0 |
Recurring basis | Level 1 | Securities available for sale | ||
Assets: | ||
Total securities available-for-sale | 985 | 973 |
Recurring basis | Level 1 | Debt securities | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | GSEs | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | GSE CMOs | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | GSE MBSs | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | Corporate debt obligations | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | Trust preferred securities | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | Marketable equity securities | ||
Assets: | ||
Total securities available-for-sale | 985 | 973 |
Recurring basis | Level 2 | ||
Assets: | ||
Interest-rate swaps | 8,113 | 2,676 |
Liabilities: | ||
Interest-rate swaps | 8,261 | 2,714 |
Recurring basis | Level 2 | Securities available for sale | ||
Assets: | ||
Total securities available-for-sale | 525,779 | 549,788 |
Recurring basis | Level 2 | Debt securities | ||
Assets: | ||
Total securities available-for-sale | 525,779 | 549,788 |
Recurring basis | Level 2 | GSEs | ||
Assets: | ||
Total securities available-for-sale | 27,933 | 22,988 |
Recurring basis | Level 2 | GSE CMOs | ||
Assets: | ||
Total securities available-for-sale | 205,730 | 234,169 |
Recurring basis | Level 2 | GSE MBSs | ||
Assets: | ||
Total securities available-for-sale | 243,959 | 250,981 |
Recurring basis | Level 2 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Total securities available-for-sale | 172 | 203 |
Recurring basis | Level 2 | Corporate debt obligations | ||
Assets: | ||
Total securities available-for-sale | 46,670 | 40,207 |
Recurring basis | Level 2 | Trust preferred securities | ||
Assets: | ||
Total securities available-for-sale | 1,315 | 1,240 |
Recurring basis | Level 2 | Marketable equity securities | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | ||
Assets: | ||
Interest-rate swaps | 0 | 0 |
Liabilities: | ||
Interest-rate swaps | 0 | 0 |
Recurring basis | Level 3 | Securities available for sale | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | Debt securities | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | GSEs | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | GSE CMOs | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | GSE MBSs | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | Corporate debt obligations | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | Trust preferred securities | ||
Assets: | ||
Total securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | Marketable equity securities | ||
Assets: | ||
Total securities available-for-sale | $ 0 | $ 0 |
Fair Value of Financial Instr64
Fair Value of Financial Instruments (Details 2) - Securities available for sale - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Reconciliation of assets measured at fair value on a recurring basis | ||||
Investment securities available-for-sale, beginning of period | $ 0 | $ 0 | $ 0 | $ 1,775 |
Investment security sales | 0 | 0 | 0 | (1,658) |
Total realized losses included in other income | 0 | 0 | 0 | (242) |
Total unrealized gains included in other comprehensive income | 0 | 0 | 0 | 125 |
Investment securities available-for-sale, end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Instr65
Fair Value of Financial Instruments (Details 3) - Nonrecurring basis - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair value of assets and liabilities | ||
Fair value of assets | $ 13,786 | $ 7,832 |
Level 1 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 0 | 0 |
Level 2 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 152 | 503 |
Level 3 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 13,634 | 7,329 |
Collateral-dependent impaired loans and leases | ||
Fair value of assets and liabilities | ||
Fair value of assets | 12,485 | 6,376 |
Collateral-dependent impaired loans and leases | Level 1 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 0 | 0 |
Collateral-dependent impaired loans and leases | Level 2 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 0 | 0 |
Collateral-dependent impaired loans and leases | Level 3 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 12,485 | 6,376 |
OREO | ||
Fair value of assets and liabilities | ||
Fair value of assets | 1,149 | 953 |
OREO | Level 1 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 0 | 0 |
OREO | Level 2 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 0 | 0 |
OREO | Level 3 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 1,149 | 953 |
Repossessed assets | ||
Fair value of assets and liabilities | ||
Fair value of assets | 152 | 503 |
Repossessed assets | Level 1 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 0 | 0 |
Repossessed assets | Level 2 | ||
Fair value of assets and liabilities | ||
Fair value of assets | 152 | 503 |
Repossessed assets | Level 3 | ||
Fair value of assets and liabilities | ||
Fair value of assets | $ 0 | $ 0 |
Fair Value of Financial Instr66
Fair Value of Financial Instruments (Details 4) - Level 3 - Appraisal of collateral - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Collateral-dependent impaired loans and leases | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 12,485 | $ 6,376 |
OREO | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 1,149 | $ 953 |
Fair Value of Financial Instr67
Fair Value of Financial Instruments (Details 5) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financial assets: | ||
Investment securities held-to-maturity, fair value | $ 63,232 | $ 500 |
Loans and leases, net | 4,772,680 | 4,768,948 |
Financial liabilities: | ||
Borrowed funds | 28,434 | 39,615 |
GSEs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 22,480 | |
GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 19,902 | |
Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 20,350 | |
Foreign government securities | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 500 | 500 |
Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | |
Loans held-for-sale | 0 | 0 |
Loans and leases, net | 0 | 0 |
Financial liabilities: | ||
Certificates of deposit | 0 | 0 |
Borrowed funds | 0 | 0 |
Level 1 | GSEs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | |
Level 1 | GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | |
Level 1 | Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | |
Level 1 | Foreign government securities | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | |
Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | |
Loans held-for-sale | 10,992 | 1,537 |
Loans and leases, net | 0 | 0 |
Financial liabilities: | ||
Certificates of deposit | 1,073,688 | 949,320 |
Borrowed funds | 966,232 | 1,132,940 |
Level 2 | GSEs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 22,480 | |
Level 2 | GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 19,902 | |
Level 2 | Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 20,350 | |
Level 2 | Foreign government securities | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | |
Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 500 | |
Loans held-for-sale | 0 | 0 |
Loans and leases, net | 4,765,997 | 4,753,605 |
Financial liabilities: | ||
Certificates of deposit | 0 | 0 |
Borrowed funds | 0 | 0 |
Level 3 | GSEs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | |
Level 3 | GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | |
Level 3 | Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 0 | |
Level 3 | Foreign government securities | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 500 | |
Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 500 | |
Loans held-for-sale | 10,992 | 1,537 |
Loans and leases, net | 4,772,680 | 4,768,948 |
Financial liabilities: | ||
Certificates of deposit | 1,064,392 | 946,708 |
Borrowed funds | 960,220 | 1,126,404 |
Carrying Value | GSEs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 22,431 | |
Carrying Value | GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 19,962 | |
Carrying Value | Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 20,204 | |
Carrying Value | Foreign government securities | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 500 | |
Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 500 | |
Loans held-for-sale | 10,992 | 1,537 |
Loans and leases, net | 4,765,997 | 4,753,605 |
Financial liabilities: | ||
Certificates of deposit | 1,073,688 | 949,320 |
Borrowed funds | 966,232 | $ 1,132,940 |
Estimated Fair Value | GSEs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 22,480 | |
Estimated Fair Value | GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 19,902 | |
Estimated Fair Value | Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | 20,350 | |
Estimated Fair Value | Foreign government securities | ||
Financial assets: | ||
Investment securities held-to-maturity, fair value | $ 500 |
Commitments and Contingencies68
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Loan commitments | |||
Unadvanced portion of loans and leases | $ 564,323 | $ 629,351 | |
Unused lines of credit: | |||
Home equity | 271,016 | 239,240 | |
Other consumer | 12,715 | 10,876 | |
Other commercial | 630 | 728 | |
Unused letters of credit: | |||
Financial standby letters of credit | 11,553 | 16,762 | |
Performance standby letters of credit | 402 | 3,126 | |
Commercial and similar letters of credit | 227 | 50 | |
Back-to-back interest-rate swaps | 293,926 | 109,362 | |
Unfunded credit commitments liability included in other liabilities | 1,400 | $ 1,300 | 1,300 |
Fair value of interest rate swap assets | 8,100 | 2,700 | |
Fair value of interest rate swap liabilities | 8,300 | 2,700 | |
Summary of future minimum rental payments under noncancelable operating leases year ending December 31 | |||
Remainder of 2015 | 1,422 | ||
Year ending: | |||
2,016 | 5,344 | ||
2,017 | 4,820 | ||
2,018 | 4,265 | ||
2,019 | 3,353 | ||
Thereafter | 12,266 | ||
Total | 31,470 | ||
Total rental expense | $ 4,000 | 5,200 | |
Operating leases, rent expense, acceleration | $ 700 | ||
Minimum | |||
Summary of future minimum rental payments under noncancelable operating leases year ending December 31 | |||
Lease term (over 20 years) | 5 years | ||
Maximum | |||
Summary of future minimum rental payments under noncancelable operating leases year ending December 31 | |||
Lease term (over 20 years) | 20 years | ||
Commercial real estate mortgage loans | |||
Loan commitments | |||
Commitments to originate loans and leases | $ 108,274 | 107,179 | |
Commercial | |||
Loan commitments | |||
Commitments to originate loans and leases | 71,064 | 102,353 | |
Residential mortgage | |||
Loan commitments | |||
Commitments to originate loans and leases | $ 8,650 | $ 20,520 |