Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Document and Entity Information | |||
Entity Registrant Name | BROOKLINE BANCORP INC | ||
Entity Central Index Key | 1,049,782 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 759.5 | ||
Entity Common Stock, Shares Outstanding | 70,560,495 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
ASSETS | |||
Cash and due from banks | $ 36,055 | $ 28,753 | |
Short-term investments | 31,602 | 46,736 | |
Total cash and cash equivalents | 67,657 | 75,489 | |
Investment securities available-for-sale | 523,634 | 513,201 | |
Investment securities held-to-maturity (fair value of $85,271 and $93,695, respectively) | 87,120 | 93,757 | |
Total investment securities | 610,754 | 606,958 | |
Loans held-for-sale | 13,078 | 13,383 | |
Total loans and leases | 5,398,864 | 4,995,540 | |
Allowance for loan and lease losses | (53,666) | (56,739) | |
Net loans and leases | 5,345,198 | 4,938,801 | |
Restricted equity securities | 64,511 | 66,117 | |
Premises and equipment, net of accumulated depreciation of $58,790 and $51,722, respectively | 76,176 | 78,156 | |
Deferred tax asset | 25,247 | 26,817 | |
Goodwill | 137,890 | 137,890 | |
Identified intangible assets, net of accumulated amortization of $31,649 and $29,149, respectively | 8,133 | 10,633 | |
Other real estate owned (OREO) and repossessed assets, net | 1,399 | 1,343 | |
Other assets | [1] | 88,086 | 86,751 |
Total assets | 6,438,129 | 6,042,338 | |
Non-interest-bearing deposits: | |||
Demand checking accounts | 900,474 | 799,117 | |
Interest-bearing deposits: | |||
NOW accounts | 323,160 | 283,972 | |
Savings accounts | 613,061 | 540,788 | |
Money market accounts | 1,733,359 | 1,594,269 | |
Certificate of deposit accounts | 1,041,022 | 1,087,872 | |
Total interest-bearing deposits | 3,710,602 | 3,506,901 | |
Total deposits | 4,611,076 | 4,306,018 | |
Borrowed funds: | |||
Advances from the Federal Home Loan Bank of Boston (FHLBB) | 910,774 | 861,866 | |
Subordinated debentures and notes | 83,105 | 82,936 | |
Other borrowed funds | 50,207 | 38,227 | |
Total borrowed funds | 1,044,086 | 983,029 | |
Mortgagors' escrow accounts | 7,645 | 7,516 | |
Accrued expenses and other liabilities | 72,573 | 72,289 | |
Total liabilities | 5,735,380 | 5,368,852 | |
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 | 616,734 | 616,899 | |
Retained earnings, partially restricted | [1] | 136,671 | 109,675 |
Accumulated other comprehensive loss | (3,818) | (2,476) | |
Treasury stock, at cost; 4,707,096 shares and 4,861,554 shares, respectively | (53,837) | (56,208) | |
Unallocated common stock held by Employee Stock Ownership Plan (ESOP); 176,688 shares and 213,066 shares, respectively | (963) | (1,162) | |
Total Brookline Bancorp, Inc. stockholders' equity | [1] | 695,544 | 667,485 |
Noncontrolling interest in subsidiary | 7,205 | 6,001 | |
Total stockholders' equity | [1],[2] | 702,749 | 673,486 |
Total liabilities and stockholders' equity | [1] | 6,438,129 | 6,042,338 |
Commercial real estate loans | |||
ASSETS | |||
Total loans and leases | 2,918,567 | 2,664,394 | |
Commercial loans and leases | |||
ASSETS | |||
Total loans and leases | 1,495,408 | 1,374,296 | |
Indirect automobile loans | |||
ASSETS | |||
Total loans and leases | 6,141 | 13,678 | |
Consumer loans | |||
ASSETS | |||
Total loans and leases | $ 978,748 | $ 943,172 | |
[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 10, "Other Assets". | ||
[2] | 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 10, "Other Assets". |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 85,271 | $ 93,695 |
Premises and equipment, accumulated depreciation and amortization | 58,790 | 51,722 |
Identified intangible assets, accumulated amortization | $ 31,649 | $ 29,149 |
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 | 4,707,096 | 4,861,554 |
Unallocated common stock held by ESOP, shares | 176,688 | 213,066 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Interest and dividend income: | ||||
Loans and leases | $ 224,721 | $ 212,604 | $ 206,781 | |
Debt securities | 11,710 | 11,416 | 9,527 | |
Marketable and restricted equity securities | 2,975 | 2,762 | 2,072 | |
Short-term investments | 242 | 128 | 102 | |
Total interest and dividend income | 239,648 | 226,910 | 218,482 | |
Interest expense: | ||||
Deposits | 20,070 | 17,480 | 17,060 | |
Borrowed funds | 15,914 | 15,065 | 12,354 | |
Total interest expense | 35,984 | 32,545 | 29,414 | |
Net interest income | 203,664 | 194,365 | 189,068 | |
Provision for credit losses | 10,353 | 7,451 | 8,477 | |
Net interest income after provision for credit losses | 193,311 | 186,914 | 180,591 | |
Non-interest income: | ||||
Deposit fees | 8,913 | 8,730 | 8,692 | |
Loan fees | 1,299 | 1,186 | 1,010 | |
Loan level derivative income, net | 3,962 | 3,397 | 946 | |
Gain on sales of investment securities, net | 0 | 0 | 65 | |
Gain on sales of loans and leases held-for-sale | 3,256 | 2,208 | 1,651 | |
Gain on sale/disposals of premises and equipment, net | 0 | 0 | 1,502 | |
Other | 5,237 | 4,663 | 6,314 | |
Total non-interest income | [1] | 22,667 | 20,184 | 20,180 |
Non-interest expense: | ||||
Compensation and employee benefits | 77,836 | 71,272 | 71,801 | |
Occupancy | 13,882 | 13,926 | 14,294 | |
Equipment and data processing | 15,496 | 14,837 | 17,020 | |
Professional services | 3,852 | 4,192 | 5,357 | |
FDIC insurance | 3,332 | 3,510 | 3,362 | |
Advertising and marketing | 3,381 | 3,352 | 3,058 | |
Amortization of identified intangible assets | 2,500 | 2,911 | 3,343 | |
Other | 10,083 | 11,377 | 10,925 | |
Total non-interest expense | 130,362 | 125,377 | 129,160 | |
Income before provision for income taxes | [1] | 85,616 | 81,721 | 71,611 |
Provision for income taxes | [1] | 30,392 | 29,353 | 26,286 |
Net income before noncontrolling interest in subsidiary | [1] | 55,224 | 52,368 | 45,325 |
Less net income attributable to noncontrolling interest in subsidiary | [2] | 2,862 | 2,586 | 2,037 |
Net income attributable to Brookline Bancorp, Inc. | [1],[3] | $ 52,362 | $ 49,782 | $ 43,288 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.74 | $ 0.71 | $ 0.62 | |
Diluted (in dollars per share) | $ 0.74 | $ 0.71 | $ 0.62 | |
Weighted average common shares outstanding during the year: | ||||
Basic (in shares) | 70,261,954 | 70,098,561 | 69,945,028 | |
Diluted (in shares) | 70,444,083 | 70,235,868 | 70,054,815 | |
Dividends declared per common share (in dollars per share) | $ 0.360 | $ 0.355 | $ 0.34 | |
[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 10, "Other Assets". | |||
[2] | 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 10, "Other Assets". | |||
[3] | 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 10, "Other Assets". |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income before noncontrolling interest in subsidiary | [1] | $ 55,224 | $ 52,368 | $ 45,325 |
Other comprehensive income (loss), net of taxes: | ||||
Unrealized securities holding (losses) gains | (2,167) | (1,573) | 10,699 | |
Income tax benefit (expense) | 781 | 479 | (4,058) | |
Net unrealized securities holding (losses) gains before reclassification adjustments | (1,386) | (1,094) | 6,641 | |
Less reclassification adjustments for securities gains included in net income: | ||||
Gain on sales of securities, net | 0 | 0 | 65 | |
Income tax expense | 0 | 0 | (23) | |
Net reclassification adjustments for securities gains included in net income | 0 | 0 | 42 | |
Net unrealized securities holding (losses) gains | (1,386) | (1,094) | 6,599 | |
Postretirement benefits: | ||||
Adjustment of accumulated obligation for postretirement benefits | 69 | 353 | (498) | |
Income tax (expense) benefit | (25) | (113) | 192 | |
Net adjustment of accumulated obligation for postretirement benefits | 44 | 240 | (306) | |
Other comprehensive (loss) income, net of taxes | [2] | (1,342) | (854) | 6,293 |
Comprehensive income | 53,882 | 51,514 | 51,618 | |
Net income attributable to noncontrolling interest in subsidiary | [2] | 2,862 | 2,586 | 2,037 |
Comprehensive income attributable to Brookline Bancorp, Inc. | $ 51,020 | $ 48,928 | $ 49,581 | |
[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 10, "Other Assets". | |||
[2] | 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 10, "Other Assets". |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Unallocated Common Stock Held by ESOP | Total Brookline Bancorp, Inc. Stockholders' Equity | Noncontrolling Interest in Subsidiary | ||||
Balance at Dec. 31, 2013 | $ 618,716 | [1] | $ 757 | $ 617,538 | $ 65,448 | [1] | $ (7,915) | $ (59,826) | $ (1,590) | $ 614,412 | [1] | $ 4,304 | |
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Net income attributable to Brookline Bancorp, Inc. | [1] | 43,288 | 43,288 | 43,288 | |||||||||
Net income attributable to noncontrolling interest in subsidiary | 2,037 | [1] | 2,037 | ||||||||||
Issuance of noncontrolling units | 60 | [1] | 60 | ||||||||||
Other comprehensive income (loss) | 6,293 | [1] | 6,293 | 6,293 | [1] | ||||||||
Common stock dividends | [1] | (23,876) | (23,876) | (23,876) | |||||||||
Dividend distribution to owners of noncontrolling interest in subsidiary | (1,614) | [1] | (1,614) | ||||||||||
Compensation under recognition and retention plan | 1,205 | [1] | (339) | 1,544 | 1,205 | [1] | |||||||
Common stock held by ESOP committed to be released | 496 | [1] | 276 | 220 | 496 | [1] | |||||||
Balance at Dec. 31, 2014 | 646,605 | [1] | 757 | 617,475 | 84,860 | [1] | (1,622) | (58,282) | (1,370) | 641,818 | [1] | 4,787 | |
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Net income attributable to Brookline Bancorp, Inc. | [1] | 49,782 | 49,782 | 49,782 | |||||||||
Net income attributable to noncontrolling interest in subsidiary | 2,586 | [1] | 2,586 | ||||||||||
Issuance of noncontrolling units | 65 | [1] | 65 | ||||||||||
Other comprehensive income (loss) | (854) | [1] | (854) | (854) | [1] | ||||||||
Common stock dividends | [1] | (24,967) | (24,967) | (24,967) | |||||||||
Dividend distribution to owners of noncontrolling interest in subsidiary | (1,437) | [1] | (1,437) | ||||||||||
Compensation under recognition and retention plan | 1,311 | [1] | (763) | 2,074 | 1,311 | [1] | |||||||
Common stock held by ESOP committed to be released | 395 | [1] | 187 | 208 | 395 | [1] | |||||||
Balance at Dec. 31, 2015 | 673,486 | [1],[2] | 757 | 616,899 | 109,675 | [1] | (2,476) | (56,208) | (1,162) | 667,485 | [1] | 6,001 | |
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Net income attributable to Brookline Bancorp, Inc. | [1] | 52,362 | 52,362 | 52,362 | |||||||||
Net income attributable to noncontrolling interest in subsidiary | 2,862 | [1] | 2,862 | ||||||||||
Issuance of noncontrolling units | 76 | [1] | 76 | ||||||||||
Other comprehensive income (loss) | (1,342) | [1] | (1,342) | (1,342) | [1] | ||||||||
Common stock dividends | [1] | (25,366) | (25,366) | (25,366) | |||||||||
Dividend distribution to owners of noncontrolling interest in subsidiary | (1,734) | [1] | (1,734) | ||||||||||
Compensation under recognition and retention plan | 2,010 | [1] | (361) | 2,371 | 2,010 | [1] | |||||||
Common stock held by ESOP committed to be released | 395 | [1] | 196 | 199 | 395 | [1] | |||||||
Balance at Dec. 31, 2016 | $ 702,749 | [1],[2] | $ 757 | $ 616,734 | $ 136,671 | [1] | $ (3,818) | $ (53,837) | $ (963) | $ 695,544 | [1] | $ 7,205 | |
[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 10, "Other Assets". | ||||||||||||
[2] | 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 10, "Other Assets". |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends, per share (in dollars per share) | $ 0.360 | $ 0.355 | $ 0.34 |
Common stock held by ESOP committed to be released, shares | 36,372 | 38,316 | 40,284 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Cash flows from operating activities: | ||||
Net income attributable to Brookline Bancorp, Inc. | [1],[2] | $ 52,362 | $ 49,782 | $ 43,288 |
Adjustments to reconcile net income to net cash provided from operating activities: | ||||
Net income attributable to noncontrolling interest in subsidiary | [3] | 2,862 | 2,586 | 2,037 |
Provision for credit losses | 10,353 | 7,451 | 8,477 | |
Origination of loans and leases held-for-sale | (56,080) | (74,841) | (21,365) | |
Proceeds from sales of loans and leases held-for-sale, net | 55,636 | 64,398 | 34,717 | |
Deferred income tax expense | 2,322 | 1,239 | 125 | |
Depreciation of premises and equipment | 7,080 | 7,074 | 7,020 | |
Amortization of investment securities premiums and discounts, net | 2,158 | 1,841 | 2,656 | |
Amortization of deferred loan and lease origination costs, net | 5,883 | 4,775 | 9,890 | |
Amortization of identified intangible assets | 2,500 | 2,911 | 3,343 | |
Amortization of debt issuance costs | 101 | 100 | 29 | |
Accretion of acquisition fair value adjustments, net | (3,960) | (7,242) | (11,217) | |
Gain on sales of investment securities, net | 0 | 0 | (65) | |
Gain on sales of loans and leases held-for-sale | (3,256) | (2,208) | (1,651) | |
Gain on sales/disposals of premises and equipment, net | 0 | 0 | (1,502) | |
Loss on sales of OREO and other repossessed assets, net | 84 | 102 | 11 | |
Write-down of OREO and other repossessed assets | 190 | 229 | 381 | |
Compensation under recognition and retention plans | 1,844 | 1,276 | 1,205 | |
ESOP shares committed to be released | 395 | 395 | 496 | |
Net change in: | ||||
Cash surrender value of bank-owned life insurance | (1,050) | (1,049) | (1,054) | |
Other assets | [2] | (287) | (5,135) | (1,700) |
Accrued expenses and other liabilities | (1,039) | 10,920 | 9,166 | |
Net cash provided from (used for) operating activities | [2] | 78,098 | 64,604 | 84,287 |
Cash flows from investing activities: | ||||
Proceeds from sales of investment securities available-for-sale | 0 | 0 | 5,485 | |
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale | 100,957 | 97,771 | 84,091 | |
Purchases of investment securities available-for-sale | (115,403) | (63,615) | (139,866) | |
Proceeds from maturities, calls, and principal repayments of investment securities held to maturity | 42,492 | 9,579 | 500 | |
Purchases of investment securities held-to-maturity | (36,167) | (102,847) | (500) | |
Proceeds from redemption of restricted equity securities | 5,623 | 9,924 | 0 | |
Purchase of restricted equity securities | (4,017) | (1,237) | (8,245) | |
Proceeds from sales of loans and leases held-for-investment, net | 45,979 | 273,688 | 0 | |
Net increase in loans and leases | (465,527) | (457,460) | (477,128) | |
Proceeds from sales of premises and equipment | 0 | 0 | 1,972 | |
Purchase of premises and equipment, net | (5,262) | (4,775) | (7,782) | |
Proceeds from sale of OREO and other repossessed assets | 3,362 | 7,152 | 12,317 | |
Net cash used for investing activities | (427,963) | (231,820) | (529,156) | |
Cash flows from financing activities: | ||||
Increase in demand checking, NOW, savings and money market accounts | 351,908 | 206,748 | 111,060 | |
(Decrease) increase in certificates of deposit | (46,752) | 141,338 | 12,271 | |
Proceeds from FHLBB advances | 5,905,511 | 4,018,000 | 2,214,931 | |
Repayment of FHLBB advances | (5,854,019) | (4,157,392) | (1,976,848) | |
Proceeds from issuance of subordinated notes | 0 | 0 | 73,495 | |
Increase (decrease) in other borrowed funds, net | 11,980 | (1,388) | 4,996 | |
Increase (decrease) in mortgagors' escrow accounts, net | 129 | (985) | 612 | |
Proceeds from exercise of stock options | 300 | 0 | 0 | |
Payment of dividends on common stock | (25,366) | (24,967) | (23,876) | |
Proceeds from issuance of noncontrolling units | 76 | 65 | 60 | |
Payment of dividends to owners of noncontrolling interest in subsidiary | (1,734) | (1,437) | (1,614) | |
Net cash (used for) provided from used for financing activities | 342,033 | 179,982 | 415,087 | |
Net (decrease) increase in cash and cash equivalents | (7,832) | 12,766 | (29,782) | |
Cash and cash equivalents at beginning of year | 75,489 | 62,723 | 92,505 | |
Cash and cash equivalents at end of year | 67,657 | 75,489 | 62,723 | |
Cash paid during the year for: | ||||
Interest on deposits, borrowed funds and subordinated debt | 38,620 | 35,522 | 31,303 | |
Income taxes | 29,770 | 26,694 | 21,207 | |
Non-cash investing activities: | ||||
Transfer from loans and leases to loan and leases held-for-sale | 2,500 | 0 | 0 | |
Transfer from loans to other real estate owned | $ 3,692 | $ 7,370 | $ 12,587 | |
[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 10, "Other Assets". | |||
[2] | 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 10, "Other Assets". | |||
[3] | 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 10, "Other Assets". |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Overview Brookline Bancorp, Inc. (the "Company") is a bank holding company (within the meaning of the Bank Holding Company Act of 1956, as amended) and the parent of Brookline Bank, a Massachusetts-chartered savings bank; Bank Rhode Island ("BankRI"), a Rhode Island-chartered financial institution; and First Ipswich Bank ("First Ipswich"), a Massachusetts-chartered trust company (collectively referred to as the "Banks"). The Banks are all members of the Federal Reserve System. The Company is also the parent of Brookline Securities Corp. ("BSC"). The Company's primary business is to provide commercial, business and retail banking services to its corporate, municipal and retail customers through its banks and non-bank subsidiaries. Brookline Bank, which includes its wholly-owned subsidiaries BBS Investment Corp., Longwood Securities Corp. and its 84.4% -owned subsidiary, Eastern Funding LLC ("Eastern Funding"), operates 25 full-service banking offices in the greater Boston metropolitan area. BankRI, which includes its wholly-owned subsidiaries, Acorn Insurance Agency, BRI Realty Corp., Macrolease Corporation ("Macrolease"), BRI Investment Corp. and its wholly-owned subsidiary, BRI MSC Corp., operates 20 full-service banking offices in the greater Providence area. First Ipswich, which includes its wholly-owned subsidiaries, First Ipswich Insurance Agency and First Ipswich Securities II Corp., operates 5 full-service banking offices on the north shore of eastern Massachusetts. The Company's activities include acceptance of commercial, municipal and retail deposits, origination of mortgage loans on commercial and residential real estate located principally in Massachusetts and Rhode Island, origination of commercial loans and leases to small- and mid-sized businesses, investment in debt and equity securities, and the offering of cash management and investment advisory services. The Company also provides specialty equipment financing through its subsidiaries Eastern Funding, which is based in New York 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 Massachusetts-chartered savings 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 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 Banks. As FDIC-insured depository institutions, the Banks are also secondarily subject to supervision, examination and regulation by the FDIC. Additionally, as a Massachusetts-chartered savings bank, Brookline Bank is also 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 Company's consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") as set forth by the Financial Accounting Standards Board ("FASB") in its Accounting Standards Codification and through the rules and interpretive releases of the Securities and Exchange Commission ("SEC") under the authority of federal securities laws. The 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, the review of goodwill and intangibles for impairment and the review of deferred tax assets for valuation allowance. 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 10, " Other Assets " for the impact the adoption had on the Company's financial statements. Cash and Cash Equivalents For purposes of reporting asset balances and cash flows, cash and cash equivalents includes cash on hand and due from banks (including cash items in process of clearing), interest-bearing deposits with banks, federal funds sold, money market mutual funds and other short-term investments with original maturities of three months or less. Investment Securities Investment securities, other than those reported as short-term investments, are classified at the time of purchase as "available-for-sale," or "held-to-maturity." Classification is periodically re-evaluated for consistency with the Company's goals and objectives. Equity investments in the Federal Home Loan Bank of Boston ("FHLBB") and the Federal Reserve Bank of Boston are discussed in more detail in Note 5, "Restricted Equity Securities." Investment Securities Available-for-Sale and Held-to-Maturity Investment securities for which the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at amortized cost. Those investment securities held for indefinite periods of time but not necessarily to maturity are classified as available-for-sale. Investment securities held for indefinite periods of time include investment securities that management intends to use as part of its asset/liability, liquidity, and/or capital management strategies and may be sold in response to changes in interest rates, maturities, asset/liability mix, liquidity needs, regulatory capital needs or other business factors. Investment securities available-for-sale are carried at estimated fair value, primarily obtained from a third-party pricing service, with unrealized gains and losses reported on an after-tax basis in stockholders' equity as accumulated other comprehensive income or loss. As of December 31, 2016 and 2015 , the Company did not make any adjustments to the prices provided by the third-party pricing service. Security transactions are recorded on the trade date. Realized gains and losses are determined using the specific identification method and are recorded in non-interest income. Interest and dividends on securities are recorded using the accrual method. Premiums and discounts on securities are amortized or accreted into interest income using the level-yield method over the remaining period to contractual maturity, adjusted for the effect of actual prepayments in the case of mortgage-backed securities ("MBSs") and collateralized mortgage obligations ("CMOs"). These estimates of prepayment assumptions are made based upon the actual performance of the underlying security, current interest rates, the general market consensus regarding changes in mortgage interest rates, the contractual repayment terms of the underlying loans, the priority rights of the investors to the cash flows from the mortgage securities and other economic conditions. When differences arise between anticipated prepayments and actual prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. Unamortized premium or discount is adjusted to the amount that would have existed had the new effective yield been applied since purchase, with a corresponding charge or credit to interest income. Management evaluates securities for other-than-temporary impairment ("OTTI") on a periodic basis. Factors considered in determining whether an impairment is OTTI include: (1) the length of time and the extent to which the fair value has been less than amortized cost, (2) projected future cash flows, (3) the financial condition and near-term prospects of the issuers, and (4) the intent and ability of the Company to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value. The Company records an OTTI loss in an amount equal to the entire difference between the fair value and amortized cost if: (1) the Company intends to sell an impaired investment security, (2) it is more likely than not that the Company will be required to sell the investment security before its amortized costs, or (3) for debt securities, the present value of expected future cash flows is not sufficient to recover the entire amortized cost basis. If an investment security is determined to be OTTI but the Company does not intend to sell the investment security, only the credit portion of the estimated loss is recognized in earnings, with the non credit portion of the loss recognized in other comprehensive income. Restricted Equity Securities The Company invests in the stock of the FHLBB, the Federal Reserve Bank of Boston and a small amount of other restricted securities. No ready market exists for these stocks, and they have no quoted market values. The Banks, as members of the FHLBB, are required to maintain investments in the capital stock of the FHLBB equal to their membership base investments plus an activity-based investment determined according to the Banks' level of outstanding FHLBB advances. Federal Reserve Bank of Boston stock was purchased and is redeemable at par. The Company reviews for impairment of these securities based on the ultimate recoverability of the cost basis in the stock. As of December 31, 2016 and 2015 , no impairment has been recognized. Loans Originated Loans Loans the Company originates for the portfolio, and for which it has the intent and ability to hold to maturity, are reported at amortized cost, inclusive of deferred loan origination fees and expenses, less unadvanced funds due borrowers on loans and the allowance for loan and lease losses. Interest income on loans and leases originated for the portfolio is accrued on unpaid principal balances as earned. Loan origination fees and direct loan origination costs are deferred, and the net fee or cost is recognized in interest income using the interest method. Deferred amounts are recognized for fixed-rate loans over the contractual life of the loans and for adjustable-rate loans over the period of time required to adjust the contractual interest rate to a yield approximating a market rate at the origination date. If a loan is prepaid, the unamortized portion of the loan origination costs, including third party referral related costs not subject to rebate from the dealer, is charged to income. Loans and Leases Held-for-Sale Management identifies and designates certain newly originated loans and leases for sale to specific financial institutions, subject to the underwriting criteria of those financial institutions. These loans and leases are held for sale and are carried at the lower of cost or market as determined in the aggregate. Deferred loan fees and costs are included in the determination of the gain or loss on sale. Acquired Loans Acquired loans that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the recorded fair value of the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately are not to be received). Nonperforming Loans Nonaccrual Loans 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. Impaired Loans 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. Smaller-balance, homogeneous loans that are evaluated collectively for impairment, such as residential, home equity and other consumer loans are specifically excluded from the impaired loan portfolio except where the loan is classified as a troubled debt restructuring. The Company has defined the population of impaired loans to include nonaccrual loans and troubled debt restructured ("TDR") 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 value of an impaired loan is measured based upon the present value of expected future cash flows discounted at the loan's effective interest rate, or the fair value of the collateral if the loan is collateral-dependent and its payment is expected solely based on the underlying collateral. For impaired loans deemed collateral dependent, where impairment is measured using the fair value of the collateral, the Company will either obtain a new appraisal or use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Interest collected on impaired loans is either applied against principal or reported as income according to management's judgment as to the collectability of principal. If management does not consider a loan ultimately collectible within an acceptable time frame, payments are applied as principal to reduce the loan balance. If full collection of the remaining recorded investment should subsequently occur, interest receipts are recorded as interest income on a cash basis. Troubled Debt Restructured Loans In cases where a borrower experiences financial difficulties and the Company makes certain concessionary modifications to contractual terms, the loan is classified as a TDR loan. In determining whether a debtor is experiencing financial difficulties, the Company considers, among other factors, whether the debtor is in payment default or is likely to be in payment default in the foreseeable future without the modification, if the debtor declared or is in the process of declaring bankruptcy, there is substantial doubt that the debtor will continue as a going concern, the debtor's entity-specific projected cash flows will not be sufficient to service its debt, or the debtor cannot obtain funds from sources other than the existing creditors at market terms for debt with similar risk characteristics. Large groups of small-balance homogeneous loans such as residential real estate, residential construction, home equity and other consumer portfolios are collectively evaluated for impairment. As such, the Company does not typically identify individual loans within these groupings as impaired loans or for impairment evaluation and disclosure. However, the Company evaluates all TDRs for impairment on an individual loan basis regardless of loan type. Modifications may include interest-rate reductions, short-term (defined as one year or less) changes in payment structure to interest-only payments, short-term extensions of the loan's original contractual term, or less frequently, principal forgiveness, interest capitalization, forbearance and other actions intended to minimize economic loss and avoid foreclosure or repossession of collateral. Typically, TDRs are placed on nonaccrual status and reported as nonperforming loans. Generally, a nonaccrual loan that is restructured remains on nonaccrual for a period of six months to demonstrate that the borrower can meet the restructured terms; however, performance prior to the restructuring, or significant events that coincide with the restructuring, are considered in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of restructuring or after a shorter performance period. If the borrower's ability to meet the revised payment schedule is not reasonably assured, the loan remains classified as a nonaccrual loan. Loans restructured at an interest rate equal to or greater than that of a new loan with comparable risk at the time the loan agreement is modified may be excluded from restructured loan disclosures in years subsequent to the restructuring if they are in compliance with the modified terms. Allowance for Loan and Lease Losses 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) and 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 three classes: commercial loans which includes taxi medallion loans, equipment financing, and loans to condominium associations. Consumer loans are divided into four classes: residential mortgage loans, home equity loans, indirect automobile loans, and other consumer loans. A formula-based credit evaluation approach is applied to each group, coupled with an analysis of certain loans for impairment. The general allowance related to loans collectively evaluated for impairment is determined using a formula-based approach utilizing the risk ratings of individual credits and loss factors derived from historic portfolio loss rates, which include estimates of incurred losses over an estimated loss emergence period (“LEP”). The LEP was generated utilizing a charge-off look-back analysis which studied the time from the first indication of elevated risk of repayment (or other early event indicating a problem) to eventual charge-off to support the LEP considered in the allowance calculation. This reserving methodology established the approximate number of months of LEP that represents incurred losses for each portfolio. In addition to quantitative measures, relevant qualitative factors include, but are not limited to: (1) levels and trends in past due and impaired loans, (2) levels and trends in charge-offs, (3) changes in underwriting standards, policy exceptions, and credit policy, (4) experience of lending management and staff, (5) economic trends, (6) industry conditions, (7) effects of changes in credit concentrations, (8) interest rate environment, and (9) regulatory and other changes. The general allowance related to the acquired loans collectively evaluated for impairment is determined based upon the degree, if any, of deterioration in the pooled loans subsequent to acquisition. The qualitative factors used in the determination are the same as those used for originated loans. During 2015, the Company enhanced and refined its general allowance methodology. Under the enhanced methodology, management combined the historical loss histories of the Banks to generate a single set of historical loss ratios. Management believes it is appropriate to aggregate the ratios as the Banks share common environmental factors, operate in similar geographic markets, and utilize common underwriting standards in accordance with the Company's Credit Policy. In prior periods, a historical loss history applicable to each Bank was used. Management employed a similar analysis for the consolidation of the qualitative factors as it did for the quantitative factors. Again, management believes the realignment of the existing nine qualitative factors used at each of the Banks into a single group of factors used for the Company 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 December 31, 2016 allowance calculation included a further segmentation of the commercial loans and leases to reflect the increased risk in the Company’s taxi medallion portfolio. As of December 31, 2016 , this portfolio is approximately $31.1 million . Based on industry conditions, management established a specific loss factor for this portfolio that best represents the changing 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 TDR 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 December 31, 2016 , management believes that the methodology for calculating the allowance is sound and that the allowance provides a reasonable basis for determining and reporting on probable losses in the Company’s loan portfolios. Liability for Unfunded Commitments In the ordinary course of business, the Company enters into commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for loan losses. Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation and amortization, except for land which is carried at cost. Premises and equipment are depreciated using the straight-line method over the estimated useful life of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the improvements. Costs related to internal-use software development projects that provide significant new functionality are capitalized. Internal-use software is software acquired or modified solely to meet the Company's needs and for which there is no plan to market the software externally. Direct and indirect costs associated with the application development stage of internal use software are capitalized until such time that the software is substantially complete and ready for its intended use. Capitalized costs are amortized on a straight-line basis over the remaining estimated life of the software. Computer software and development costs incurred in the preliminary project stage, as well as training and maintenance costs, are expensed as incurred. Leases The Company leases properties for offices and branches in the states of Massachusetts, Rhode Island and New York. Lease terms range from five years to over 25 years with options to renew. Management performs an analysis to determine proper lease accounting at lease inception and for each renewal. If a lease meets any of the following four criteria, the lease is classified as capital lease. The four criteria are: transfer of ownership by the end of lease term; contains bargain purchase option; lease term is at least 75% of the property’s estimated remaining economic life; or present value of the minimum lease payment is at least 90% of the fair value of the leased property. The Company did not have any capital leases as of December 31, 2016 or 2015 . All leases are classified as operating leases and rental payments are expensed as incurred. Certain leases contain rent escalation clauses which are amortized over the life of the lease under the straight-line method. Bank-Owned Life Insurance The Company acquired bank-owned life insurance ("BOLI") plans as part of its acquisitions of First Ipswich and BankRI. BOLI represents life insurance on the lives of certain current and former employees who have provided positive consent allowing their employer to be the beneficiary of such policies. BankRI and First Ipswich are the beneficiaries of their respective policies. BankRI and First Ipswich utilize BOLI as tax-efficient financing for their benefit obligations to their employees, including their retirement obligations and Supplemental Executive Retirement Plans ("SERPs"). Since BankRI and First Ipswich are the primary beneficiaries of their respective insurance policies, increases in the cash value of the policies, as well as insurance proceeds received, are recorded in non-interest income and are not subject to income taxes. BOLI is recorded at the cash value of the policies, less any applicable cash surrender charges, and is reflected as an asset in the accompanying consolidated balance sheets. Cash proceeds, if any, are classified as cash flows from investing activities. The Company reviews the financial strength of the insurance carriers prior to the purchase of BOLI to ensure minimum credit ratings of at least investment grade. The financial strength of the carriers is reviewed at least annually, and BOLI with any individual carrier is limited to 10% of the Company's capital. Total BOLI is limited to 25% of the Company's capital. Goodwill and Other Identified Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill and indefinite-lived identified intangible assets are not subject to amortization. Definite-lived identified intangible assets are assets resulting from acquisitions that are being amortized over their estimated useful lives. The recoverability of goodwill and identified intangible assets is evaluated for impairment at least annually. As part of this evaluation, the Company makes a qualitative assessment of whether it is more likely than not that the fair value of an acquired asset is greater than its carrying amount. If the Company qualitatively concludes that it is more likely than not that the fair value of an acquired asset is greater than its carrying amount, no further testing is necessary. If, however, the Company qualitatively concludes that it is more likely than not that the fair value of an acquired asset is less than its carrying value, the Company performs a two-step quantitative impairment test to determine whether the asset is impaired. If impairment is deemed to have occurred, the amount of impairment is charged to expense when identified. The Company did not have any impairment as of December 31, 2016 and 2015 . OREO and Other Repossessed Assets OREO and other repossessed assets consists of properties acquired through foreclosure, real estate acquired through acceptance of a deed in lieu of foreclosure and loans determined to be substantively repossessed. Real estate loans that are substantively repossessed include only those loans for which the Company has taken possession of the collateral. OREO and other repossessed assets which consist of vehicles and equipment, if any, are recorded initially at estimated fair value less costs to sell, resulting in a new cost basis. The amount by which the recorded investment in the loan exceeds the fair value (net of estimated cost to sell) of the foreclosed or repossessed asset is charged to the allowance for loan and lease losses. Such evaluations are based on an analysis of individual properties/assets as well as a general assessment of current real estate market conditions. Subsequent declines in the fair value of the foreclosed or repossessed asset below the new cost basis are recorded through the use of a valuation allowance. Subsequent increases in the fair value are recorded as reductions in |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2017-05, Other Income Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20). This ASU was issued to clarify the scope of Subtopic 610-20, and to add guidance for partial sales of nonfinancial assets. For public entities, this ASU is effective for annual reporting periods beginning after December 15, 2017. Management believes that this ASU applies and is assessing the impact, if any, as of December 31, 2016 . Management will form a project team to determine the impact and if the Company will early adopt the ASU. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This ASU was issued to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. For public entities, this ASU is effective for the fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted and application should be on a prospective basis. Management has evaluated this ASU and believes that ASU 2017-04 does apply. Management will form a project team to determine the impact and if the Company will early adopt the ASU. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). This ASU was issued to provide clarification and uniformity on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows under Topic 230. This amendments presented in this ASU are effective for fiscal years beginning after December 15, 2017. As of December 31, 2016 , management believes that ASU 2016-15 does apply, and after completing an internal analysis has determined the impact of adoption of this ASU in 2018 will be related to financial statement presentation. In June 2016, the FASB issued ASU 2016-13, Financial instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The intent of this ASU is to replace the current GAAP method of calculating credit losses. Current GAAP uses a higher threshold at which likely losses can be calculated and recorded. The new process will require institutions to account for likely losses that originally would not have been part of the calculation. The calculation will incorporate future forecasting in addition to historical and current measures. For public entities that file with the SEC, this ASU is effective for the fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This ASU must be applied prospectively to debt securities marked as other than temporarily impaired. A retrospective approach will be applied cumulatively to retained earnings. Early adoption is permitted as of the fiscal years beginning after December 15, 2018. Management has determined that ASU 2016-13 does apply, but has not determined the impact, if any, as of December 31, 2016 . In preparation for the adoption in 2019 of this ASU, management formed a steering committee which has determined an approach for implementation which includes the selection of a third party software service provider. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The intention of this ASU is to provide additional clarification on specific issues brought forth by the FASB and the International Accounting Standards Board Joint Transition Resource Group for Revenue Recognition in relation to Topic 606 and revenue recognition. This ASU is to have the same effective date as ASU 2015-14 which deferred the effective date of ASU 2014-09 to December 15, 2017. Management has determined that ASU 2016-12 does apply, but has not determined the impact, if any, as of December 31, 2016 . Management assembled a project team to address the changes pursuant to Topic 606. The project team has made an initial scope assessment and additional progress over the topic is expected to be made in the second quarter of 2017. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This ASU was issued as part of the FASB Simplification Initiative which intends to reduce the complexity of GAAP while improving usefulness to users. There are eight main items in this ASU that contribute to the simplification of share-based accounting. For public entities, this ASU is effective for the fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. Management believes that this ASU applies, but does not plan to early adopt, but has not yet determined the impact of implementation. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). This ASU was issued to clarify how to recognize revenue depending on an entities position, in relation to another entity involved, on contracts with customers. The entity can either be a principal party or an agent, and must record revenue accordingly. This ASU is not yet effective. Since this ASU affects ASU 2014-09, and that effective date was deferred, this ASU remains suspended too. Management believes that this ASU applies and is assessing the impact, if any, as of December 31, 2016 . Management assembled a project team to address the changes pursuant to Topic 606. The project team has made an initial scope assessment and additional progress over the topic is expected to be made in the second quarter of 2017. In February 2016, FASB issued ASU 2016-02, Leases. This ASU requires lessees to put most leases on their balance sheet but recognize expenses on their income statements in a manner similar to current accounting. This ASU also eliminates current real estate-specific provisions for all companies. For lessors, this ASU modifies the classification criteria and the accounting for sales-type and direct financing leases. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods therein. Early adoption is permitted. Management believes that this ASU applies and is assessing the impact, if any, as of December 31, 2016 . Management has met to discuss the impact and will assemble a project team to assess steps required for adoption prior to implementation of the standard in 2019. In January 2016, the FASB issued ASU 2016-01, Financial Instruments. This ASU significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods therein. Management believes that this ASU applies and is assessing the impact, if any, as of December 31, 2016 . Management has put together a steering committee which has made progress identifying the additional data requirements necessary to implement the ASU and has determined an approach for implementation which includes the selection of a third party software service provider. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This ASU was issued to defer the effective date of ASU 2014-09 for all entities by one year. In effect, public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods (including interim reporting periods within those period) beginning after December 15, 2017. Management believes that this ASU applies and is assessing the impact, if any, as of December 31, 2016 . Management assembled a project team to address the changes pursuant to Topic 606. The project team has made an initial scope assessment and additional progress over the topic is expected to be made in the second quarter of 2017. |
Cash, Cash Equivalents and Shor
Cash, Cash Equivalents and Short-Term Investments | 12 Months Ended |
Dec. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Short-Term Investments | Cash, Cash Equivalents and Short-Term Investments The Banks are required to maintain average reserve balances with the Federal Reserve Bank based upon a percentage of certain of the Banks' deposits. As of December 31, 2016 and 2015 , the average amount required to be held before a credit for vault cash was $6.9 million and $6.2 million , respectively. Aggregate reserve balances included in cash and cash equivalents were $30.9 million and $45.5 million , respectively, as of December 31, 2016 and 2015 . Short-term investments are summarized as follows: At December 31, 2016 2015 (In Thousands) FRB interest bearing reserve $ 19,952 $ 34,575 FHLB overnight deposits 2,142 9,573 Federal funds sold 9,508 2,588 Total short-term investments $ 31,602 $ 46,736 Short-term investments are stated at cost which approximates market value. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 98,122 $ 188 $ 1,290 $ 97,020 GSE CMOs 161,483 37 3,480 158,040 GSE MBSs 214,946 794 2,825 212,915 SBA commercial loan asset-backed securities 107 — — 107 Corporate debt obligations 48,308 360 183 48,485 U.S. treasury bonds 4,801 — 64 4,737 Trust preferred securities 1,469 — 111 1,358 Marketable equity securities 966 15 9 972 Total investment securities available-for-sale $ 530,202 $ 1,394 $ 7,962 $ 523,634 Investment securities held-to-maturity: GSE debentures $ 14,735 $ — $ 634 $ 14,101 GSEs MBSs 17,666 — 187 17,479 Municipal obligations 54,219 5 1,020 53,204 Foreign government obligations 500 — 13 487 Total investment securities held-to-maturity $ 87,120 $ 5 $ 1,854 $ 85,271 At December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 40,658 $ 141 $ 172 $ 40,627 GSE CMOs 198,000 45 4,229 193,816 GSE MBSs 230,213 1,098 1,430 229,881 SBA commercial loan asset-backed securities 148 — 1 147 Corporate debt obligations 46,160 344 18 46,486 Trust preferred securities 1,466 — 199 1,267 Marketable equity securities 956 21 — 977 Total investment securities available-for-sale $ 517,601 $ 1,649 $ 6,049 $ 513,201 Investment securities held-to-maturity: GSE debentures $ 34,915 $ 9 $ 105 $ 34,819 GSEs MBSs 19,291 — 305 18,986 Municipal obligations 39,051 364 25 39,390 Foreign government obligations 500 — — 500 Total investment securities held-to-maturity $ 93,757 $ 373 $ 435 $ 93,695 As of December 31, 2016 , the fair value of all investment securities available-for-sale was $523.6 million , with net unrealized losses of $6.6 million , compared to a fair value of $513.2 million and net unrealized losses of $4.4 million as of December 31, 2015 . As of December 31, 2016 , $389.0 million , or 74.3% of the portfolio, had gross unrealized losses of $8.0 million , compared to $ 368.1 million , or 71.7% of the portfolio, with gross unrealized losses of $6.0 million as of December 31, 2015 . As of December 31, 2016 , the fair value of all investment securities held-to-maturity was $85.3 million , with net unrealized losses of $1.8 million , compared to a fair value of $93.7 million with net unrealized losses of $62.0 thousand as of December 31, 2015 . As of December 31, 2016 , $82.0 million , or 94.1% of the portfolio, had gross unrealized losses of $1.9 million . There were $52.3 million , or 55.8% of the portfolio, with net unrealized losses $435 thousand as of December 31, 2015 . Investment Securities as Collateral As of December 31, 2016 and 2015 , respectively, $429.1 million and $486.4 million of investment securities were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; and FHLBB borrowings. The Banks did not have any outstanding FRB borrowings as of December 31, 2016 and 2015 . Other-Than-Temporary Impairment ("OTTI") Investment securities as of December 31, 2016 and 2015 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At December 31, 2016 Less than Twelve Months Twelve Months or Longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (In Thousands) Investment securities available-for-sale: GSE debentures $ 67,216 $ 1,291 $ — $ — $ 67,216 $ 1,291 GSE CMOs 118,450 2,162 38,852 1,318 157,302 3,480 GSE MBSs 149,687 2,821 198 3 149,885 2,824 SBA commercial loan asset-backed securities — — 72 — 72 — Corporate debt obligations 7,953 183 — — 7,953 183 U.S. Treasury bonds 4,737 64 — — 4,737 64 Trust preferred securities — — 1,358 111 1,358 111 Marketable equity securities 503 9 — — 503 9 Temporarily impaired investment securities available-for-sale 348,546 6,530 40,480 1,432 389,026 7,962 Investment securities held-to-maturity: GSE debentures 14,101 634 — — 14,101 634 GSEs MBSs 17,289 187 — — 17,289 187 Municipal obligations 50,098 1,020 — — 50,098 1,020 Foreign government obligations 487 13 — — 487 13 Temporarily impaired investment securities held-to-maturity 81,975 1,854 — — 81,975 1,854 Total temporarily impaired investment securities $ 430,521 $ 8,384 $ 40,480 $ 1,432 $ 471,001 $ 9,816 At December 31, 2015 Less than Twelve Months Twelve Months or Longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (In Thousands) Investment securities available-for-sale: GSE debentures $ 19,633 $ 172 $ — $ — $ 19,633 $ 172 GSE CMOs 89,680 1,294 100,473 2,935 190,153 4,229 GSE MBSs 133,779 845 16,968 585 150,747 1,430 SBA commercial loan asset-backed securities — — 139 1 139 1 Corporate debt obligations 6,181 18 — — 6,181 18 Trust preferred securities — — 1,267 199 1,267 199 Temporarily impaired investment securities available-for-sale 249,273 2,329 118,847 3,720 368,120 6,049 Investment securities held-to-maturity: GSE debentures 25,837 105 — — 25,837 105 GSEs MBSs 18,834 305 — — 18,834 305 Municipal obligations 7,629 25 — — 7,629 25 Temporarily impaired investment securities held-to-maturity 52,300 435 — — 52,300 435 Total temporarily impaired investment securities $ 301,573 $ 2,764 $ 118,847 $ 3,720 $ 420,420 $ 6,484 The Company performs regular analysis on the investment securities available-for-sale 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 consolidated statement 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 security will be recognized in the Company's consolidated statement 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 as of December 31, 2016 . Based on the analysis below and the determination that, 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 as of December 31, 2016 . If market conditions for investment securities worsen or the creditworthiness of the underlying issuers deteriorates, it is possible that the Company may recognize additional OTTI in future periods. U.S. Government-Sponsored Enterprises The Company invests in securities issued by U.S. Government-sponsored enterprises ("GSEs"), including GSE debentures, 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. As of December 31, 2016 , only GNMA MBSs and CMOs, and Small Business Administration ("SBA") commercial loan asset-backed securities in our available-for-sale portfolio with an estimated fair value of $26.2 million were backed explicitly by the full faith and credit of the U.S. Government, compared to $21.8 million as of December 31, 2015 . As of December 31, 2016 , the Company owned twenty-nine GSE debentures with a total fair value of $97.0 million , and a net unrealized loss of $1.1 million . As of December 31, 2015 , the Company held thirteen GSE debentures with a total fair value of $40.6 million , and a net unrealized loss of $31.0 thousand . As of December 31, 2016 , twenty-one of the twenty-nine securities in this portfolio were in an unrealized loss position. As of December 31, 2015 , seven of the thirteen securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA/SBA) guarantee of the U.S Government. For the year ended December 31, 2016 , the Company purchased a total of $65.7 million GSE debentures. This compares to $24.9 million purchased during the same period in 2015 . As of December 31, 2016 , the Company owned 62 GSE CMOs with a total fair value of $158.0 million and a net unrealized loss of $3.4 million . As of December 31, 2015 , the Company held 63 GSE CMOs with a total fair value of $193.8 million with a net unrealized loss of $4.2 million . As of December 31, 2016 , 47 of the 62 securities in this portfolio were in an unrealized loss position. As of December 31, 2015 , 45 of the 63 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the year ended December 31, 2016 , the Company purchased a total of $3.1 million of GSE CMOs. The Company did not make any purchases during the same period in 2015 . As of December 31, 2016 , the Company owned 195 GSE MBSs with a total fair value of $212.9 million and a net unrealized loss of $2.0 million . As of December 31, 2015, the Company held 186 GSE MBSs with a total fair value of $229.9 million with a net unrealized loss of $0.3 million . As of December 31, 2016 , 60 of the 195 securities in this portfolio were in an unrealized loss position. As of December 31, 2015, 56 of the 186 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the years ended December 31, 2016 and 2015 , the Company purchased a total of $36.6 million and $29.5 million , respectively, of GSE MBSs. SBA Commercial Loan Asset-Backed As of December 31, 2016 and December 31, 2015 , the Company owned SBA securities with a total fair value of $0.1 million and $0.1 million , respectively, which approximated amortized cost. As of December 31, 2016 , four of the six securities in this portfolio were in an unrealized loss position. As of December 31, 2015 , six of the seven securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the explicit (SBA) guarantee of the U.S Government. Corporate Obligations From time to time, the Company may invest in high-quality corporate obligations to provide portfolio diversification and improve the overall yield on the portfolio. The Company owned sixteen corporate obligation securities with a total fair value of $48.5 million and a net unrealized gain of $0.2 million as of December 31, 2016 . This compares to fifteen corporate obligation securities with a total fair value of $46.5 million and a net unrealized gain of $0.3 million as of December 31, 2015 . As of December 31, 2016 , three of the sixteen securities in this portfolio were in an unrealized loss position. As of December 31, 2015 , two of the fifteen securities in this portfolio was in an unrealized loss position. Full collection of the obligations is expected because the financial condition of the issuers is sound, they have 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. For the year ended December 31, 2016 , the Company purchased $5.1 million in corporate obligations compared to $9.3 million in the same period in 2015 . U.S. Treasury Bonds The Company invests in securities issued by the U.S. government. As of December 31, 2016 , the Company owned one U.S. treasury bond with a total fair value of $4.7 million and a net unrealized loss of $0.1 million . The Company did not hold any U.S. treasury bonds as of December 31, 2015 . Trust Preferred Securities Trust preferred securities represent subordinated debt issued by financial institutions. As of December 31, 2016 , the Company owned two trust preferred securities with a total fair value of $1.4 million and a net unrealized loss of $0.1 million . This compares to two trust preferred securities with a total fair value of $1.3 million and a net unrealized loss of $0.2 million as of December 31, 2015 . As of December 31, 2016 and 2015 , both of the securities in this portfolio were in an unrealized loss position. Full collection of the obligations is expected because the financial condition of the issuers is sound, neither 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 As of December 31, 2016 , the Company owned marketable equity securities with a fair value of $1.0 million , which approximated amortized cost, compared to a fair value of $1.0 million , which approximated cost as of December 31, 2015 . As of December 31, 2016 , one of the two securities in this portfolio was in an unrealized loss position. As of December 31, 2015 , none of the two securities in this portfolio was in an unrealized loss position. Investment Securities Held-to-Maturity Impairment Analysis The following discussion summarizes by investment security type, the basis for evaluating if the applicable investment securities within the Company's held-to-maturity portfolio were OTTI at December 31, 2016 . Management does not intend to sell these securities prior to maturity. U.S. Government-Sponsored Enterprises As of December 31, 2016 , the Company owned five GSE debentures with a total fair value of $14.1 million and a net unrealized loss of $0.6 million . As of December 31, 2015 , the Company owned twelve GSE debentures with a total fair value of $34.8 million and a net unrealized loss of $0.1 million . As of December 31, 2016 , all securities in this portfolio were in an unrealized loss position. At December 31, 2015 , nine of the twelve securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the years ended December 31, 2016 and December 31, 2015 , the Company purchased a total of $17.7 million and $42.4 million in GSE debentures, respectively. As of December 31, 2016 , the Company owned eleven GSE MBSs with a total fair value of $17.5 million and a net unrealized loss of $0.2 million . As of December 31, 2015 , the Company owned ten GSE MBSs with a total fair value of $19.0 million and an unrealized loss of $0.3 million . As of December 31, 2016 , eight of the eleven securities in this portfolio were in an unrealized loss position as compared to December 31, 2015 , when seven of the ten securities were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the years ended December 31, 2016 and December 31, 2015 , the Company purchased a total of $2.3 million and $21.3 million in GSE MBSs, respectively. Municipal Obligations As of December 31, 2016 , the Company owned 100 municipal obligation securities with a total fair value and total amortized cost of $53.2 million and $54.2 million , respectively. As of December 31, 2015 , the Company owned 72 municipal obligation securities with a total fair value and total amortized cost of $39.4 million and $39.1 million , respectively. As of December 31, 2016 , 93 of the 100 securities in this portfolio were in an unrealized loss position as compared to December 31, 2015 , when 15 of the 72 securities were in an unrealized loss position. During the year ended December 31, 2016 , the Company purchased a total of $15.6 million of municipal obligations. During the year ended December 31, 2015 , the Company purchased $39.2 million in municipal obligations. Foreign Government Obligations As of December 31, 2016 and December 31, 2015 , the Company owned one foreign government obligation security with a fair value and amortized cost of $0.5 million . As of December 31, 2016 , the security was in an unrealized loss position. The security was not in an unrealized loss position at December 31, 2015 . During the year ended December 31, 2016 , the Company repurchased the foreign government obligation security that matured during the first quarter of 2016. During the year ended December 31, 2015 , the Company did not purchase any foreign government obligation securities. Portfolio Maturities The final stated maturities of the debt securities are as follows for the periods indicated: At December 31, 2016 2015 Amortized Cost Estimated Fair Value Weighted Average Rate Amortized Cost Estimated Fair Value Weighted Average Rate (Dollars in Thousands) Investment securities available-for-sale: Within 1 year $ 13 $ 13 0.17% $ 2,999 $ 3,003 2.09% After 1 year through 5 years 81,524 81,833 2.14% 59,729 60,249 2.32% After 5 years through 10 years 128,956 127,952 2.03% 100,658 100,833 2.05% Over 10 years 318,743 312,864 2.03% 353,259 348,139 1.97% $ 529,236 $ 522,662 2.04% $ 516,645 $ 512,224 2.03% Investment securities held-to-maturity: Within 1 year $ 190 $ 190 1.00% $ 651 $ 651 1.00% After 1 year through 5 years 23,012 22,750 1.30% 23,888 23,866 1.52% After 5 years through 10 years 46,442 45,042 1.75% $ 50,078 $ 50,344 2.00% Over 10 years 17,476 17,289 2.11% $ 19,140 $ 18,834 1.82% $ 87,120 $ 85,271 1.70% $ 93,757 $ 93,695 1.83% Actual maturities of debt securities will differ from those presented above since certain obligations amortize and may also provide the issuer the right to call or prepay the obligation prior to scheduled 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. As of December 31, 2016 , issuers of debt securities with an estimated fair value of $27.9 million had the right to call or prepay the obligations. Of the $27.9 million , approximately $3.0 million matures in 1 - 5 years, $23.5 million matures in 6 - 10 years, and $1.4 million matures after ten years. As of December 31, 2015 , issuers of debt securities with an estimated fair value of approximately $48.5 million had the right to call or prepay the obligations. Of the $48.5 million , $15.5 million matures in 1-5 years, $31.8 million matures in 6-10 years, and $1.2 million matures after ten years. 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. Sales of investment securities are summarized as follows: Year Ended December 31, 2016 2015 2014 (In Thousands) Sales of debt securities $ — $ — $ 5,084 Sales of marketable equity securities — — 401 Gross gains from sales $ — $ — $ 380 Gross losses from sales — — 315 Gain on sales of securities, net $ — $ — $ 65 |
Restricted Equity Securities
Restricted Equity Securities | 12 Months Ended |
Dec. 31, 2016 | |
Restricted Investments Note [Abstract] | |
Restricted Equity Securities | Restricted Equity Securities Investments in the restricted equity securities of various entities are as follows: At December 31, 2016 2015 (In Thousands) FHLBB stock $ 47,284 $ 48,890 Federal Reserve Bank of Boston stock 16,752 16,752 Other restricted equity securities 475 475 $ 64,511 $ 66,117 The Company invests in the stock of FHLBB as one of the requirements to borrow. As of December 31, 2016 and 2015 , FHLBB stock is recorded at its carrying value, which is equal to cost and which management believes approximates its fair value. The FHLBB stated that it remained in compliance with all regulatory capital ratios as of December 31, 2016 and was classified as "adequately capitalized" by its regulator, based on the FHLBB's financial information as of September 30, 2016. The FHLBB paid a dividend to member banks at an annualized rate of 254 basis points in 2015. The FHLBB increased its dividend from 342 basis points in the first quarter of 2016 to 380 basis points in the fourth quarter of 2016 . As of December 31, 2016 , the Company's investment in FHLBB stock exceeded its required investment which provides for additional borrowing capacity. The Company invests in the stock of the Federal Reserve Bank of Boston as required by its the Banks' membership in the Federal Reserve system. As of December 31, 2016 and 2015 , Federal Reserve Bank of Boston stock is recorded at its carrying value, which is equal to cost and which management believes approximates its fair value. The Company, through its wholly owned subsidiary, Brookline Securities Corp., holds 9,721 shares of restricted equity securities of Northeast Retirement Services, Inc. ("NRS"). This investment was recorded at cost of $144 thousand as no readily determinable fair value exists. On December 5, 2016, Community Bank Systems, Inc. ("CBU") announced entry into a merger agreement to acquire NRS. After receiving stockholder and regulatory approvals, CBU completed the acquisition of NRS on February 3, 2017. The Company exchanged the 9,721 share of NRS and received $319.04 in cash and 14.876 shares of CBU common stock for each share of NRS held. Management continues to record this transaction at cost. Refer to Note 24, " Subsequent Events " for the impact of the exchange on the Company's financial statements. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016 Originated Acquired Total Balance Weighted Average Coupon Balance Weighted Average Coupon Balance Weighted Average Coupon (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 1,907,254 3.95% $ 143,128 4.24% $ 2,050,382 3.97% Multi-family mortgage 701,450 3.79% 29,736 4.53% 731,186 3.82% Construction 136,785 3.79% 214 3.67% 136,999 3.79% Total commercial real estate loans 2,745,489 3.90% 173,078 4.29% 2,918,567 3.92% Commercial loans and leases: Commercial 621,285 4.11% 14,141 5.44% 635,426 4.14% Equipment financing 793,702 7.06% 6,158 5.86% 799,860 7.05% Condominium association 60,122 4.39% — —% 60,122 4.39% Total commercial loans and leases 1,475,109 5.71% 20,299 5.57% 1,495,408 5.71% Indirect automobile loans 6,141 5.40% — —% 6,141 5.40% Consumer loans: Residential mortgage 555,430 3.67% 68,919 3.98% 624,349 3.70% Home equity 289,361 3.50% 52,880 4.26% 342,241 3.62% Other consumer 12,030 5.51% 128 17.92% 12,158 5.64% Total consumer loans 856,821 3.64% 121,927 4.12% 978,748 3.70% Total loans and leases $ 5,083,560 4.38% $ 315,304 4.31% $ 5,398,864 4.38% At December 31, 2015 Originated Acquired Total Balance Weighted Average Coupon Balance Weighted Average Coupon Balance Weighted Average Coupon (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 1,684,548 4.00% $ 191,044 4.15 % $ 1,875,592 4.02% Multi-family mortgage 620,865 3.92% 37,615 4.35 % 658,480 3.94% Construction 129,742 3.60% 580 5.08 % 130,322 3.61% Total commercial real estate loans 2,435,155 3.96% 229,239 4.19 % 2,664,394 3.98% Commercial loans and leases: Commercial 576,599 3.90% 15,932 5.65 % 592,531 3.95% Equipment financing 712,988 7.05% 8,902 6.14 % 721,890 7.04% Condominium association 59,875 4.50% — — % 59,875 4.50% Total commercial loans and leases 1,349,462 5.59% 24,834 5.83 % 1,374,296 5.59% Indirect automobile loans 13,678 5.53% — — % 13,678 5.53% Consumer loans: Residential mortgage 527,846 3.64% 88,603 3.85 % 616,449 3.67% Home equity 234,708 3.35% 79,845 3.99 % 314,553 3.51% Other consumer 12,039 4.77% 131 17.40 % 12,170 4.91% Total consumer loans 774,593 3.57% 168,579 3.93 % 943,172 3.63% Total loans and leases $ 4,572,888 4.38% $ 422,652 4.18 % $ 4,995,540 4.36% The net unamortized deferred loan origination fees and costs included in total loans and leases were $14.2 million and $12.8 million as of December 31, 2016 and 2015 , respectively. The Company's Banks and subsidiaries lend primarily in eastern Massachusetts, southern New Hampshire and Rhode Island, with the exception of equipment financing, 29.6% of which is in the greater New York and New Jersey metropolitan area and 70.4% of which is in other areas in the United States of America as of December 31, 2016 , as compared to 32.8% of which is in the greater New York and New Jersey metropolitan area and 67.2% of which is in other areas in the United States of America as of December 31, 2015 . Competition for indirect automobile loans increased significantly in recent years as credit unions and large national banks entered indirect automobile lending. That competition drove interest rates down and, in some cases, changed the manner in which interest rates are developed, from including a dealer-shared spread to imposing a dealer-based fee to originate the loan. Given this market condition, management ceased the Company's origination of indirect automobile loans in December 2014. For the 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 excluding the impact on the allowance for loan and lease losses. Accretable Yield for the Acquired Loan Portfolio The following table summarizes activity in the accretable yield for the acquired loan portfolio for the periods indicated: Year Ended December 31, 2016 2015 2014 (In Thousands) Balance at beginning of year $ 20,796 $ 32,044 $ 45,789 Accretion (6,781 ) (10,467 ) (15,805 ) Reclassification from/(to) nonaccretable difference as a result from changes in expected cash flows 338 (781 ) 2,060 Balance at end of year $ 14,353 $ 20,796 $ 32,044 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 are due to deterioration, or if the change in cash flow expectation is 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 years ended December 31, 2016 , 2015 and 2014 , accretable yield adjustments totaling $0.3 million , $(0.8) million , and $2.1 million , respectively, were made for certain loan pools. These accretable yield adjustments, which are subject to continued re-assessment, will be recognized over the remaining lives of those pools. Related Party Loans The Banks' authority to extend credit to their respective directors and executive officers, as well as to entities controlled by such persons, is currently governed by the requirements of the Sarbanes-Oxley Act and Regulation O of the FRB. Among other things, these provisions require that extensions of credit to insiders (1) be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features; and (2) not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate, which limits are based, in part, on the amount of the Banks' capital. In addition, the extensions of credit to insiders must be approved by the applicable Bank's Board of Directors. The following table summarizes the change in the total amounts of loans and advances, to directors, executive officers and their affiliates for the periods indicated. All loans were performing as of December 31, 2016 . Year Ended December 31, 2016 2015 (In Thousands) Balance at beginning of year $ 37,375 $ 8,574 New loans granted during the year 8,352 9,931 Loans reclassified as insider loans — 21,481 Advances on lines of credit 26 840 Repayments (2,295 ) (1,344 ) Loan no longer classified as an insider loan — (2,107 ) Balance at end of year $ 43,458 $ 37,375 Unfunded commitments on extensions of credit to insiders totaled $8.7 million and $14.8 million as of December 31, 2016 and 2015 , respectively. Loans and Leases Pledged as Collateral As of December 31, 2016 and 2015 , there were $2.1 billion and $1.8 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 as of December 31, 2016 and 2015 . |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 12 Months Ended |
Dec. 31, 2016 | |
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: Year Ended December 31, 2016 Commercial Real Estate Commercial Indirect Automobile Consumer Total (In Thousands) Balance at December 31, 2015 $ 30,151 $ 22,018 $ 269 $ 4,301 $ 56,739 Charge-offs (2,169 ) (10,516 ) (573 ) (1,409 ) (14,667 ) Recoveries — 642 597 153 1,392 (Credit) provision for loan and lease losses (337 ) 8,762 (171 ) 1,948 10,202 Balance at December 31, 2016 $ 27,645 $ 20,906 $ 122 $ 4,993 $ 53,666 Year Ended December 31, 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 ) (3,634 ) (1,788 ) (582 ) — (6,554 ) Recoveries — 667 1,442 102 — 2,211 Provision (credit) for loan and lease losses 1,107 9,028 (1,716 ) 1,422 (2,418 ) 7,423 Balance at December 31, 2015 $ 30,151 $ 22,018 $ 269 $ 4,301 $ — $ 56,739 Year Ended December 31, 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 (130 ) (2,507 ) (1,163 ) (650 ) — (4,450 ) Recoveries 4 801 434 158 — 1,397 Provision (credit) for loan and lease losses 6,698 2,443 (864 ) 476 (514 ) 8,239 Balance at December 31, 2014 $ 29,594 $ 15,957 $ 2,331 $ 3,359 $ 2,418 $ 53,659 The liability for unfunded credit commitments, which is included in other liabilities, was $1.5 million , $1.3 million , and $1.3 million at December 31, 2016 , 2015 and 2014 , respectively. The changes in the liability for unfunded credit commitments reflect changes in the estimate of loss exposure associated with certain unfunded credit commitments. No credit commitments were charged off against the liability account in the years ended December 31, 2016 , 2015 and 2014 . Provision for Credit Losses The provisions for credit losses are set forth below for the periods indicated: Originated Acquired Total Year Ended December 31, Year Ended December 31, Year Ended December 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 (In Thousands) Provision (credit) for loan and lease losses: Commercial real estate $ (750 ) $ 1,459 $ 5,009 $ 413 $ (352 ) $ 1,689 $ (337 ) $ 1,107 $ 6,698 Commercial 8,469 9,077 2,030 293 (49 ) 413 8,762 9,028 2,443 Indirect automobile (171 ) (1,716 ) (864 ) — — — (171 ) (1,716 ) (864 ) Consumer 1,434 953 417 514 469 59 1,948 1,422 476 Unallocated — (2,418 ) (514 ) — — — — (2,418 ) (514 ) Total provision for loan and lease losses 8,982 7,355 6,078 1,220 68 2,161 10,202 7,423 8,239 Unfunded credit commitments 151 28 238 — — — 151 28 238 Total provision for credit losses $ 9,133 $ 7,383 $ 6,316 $ 1,220 $ 68 $ 2,161 $ 10,353 $ 7,451 $ 8,477 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) consumer loans. Portfolio segments are further disaggregated into classes based on the associated risks within the segments. Commercial real estate loans are divided into three classes: commercial real estate loans, multi-family mortgage loans, and construction loans. Commercial loans and leases are divided into three classes: commercial loans which includes taxi medallion loans, equipment financing, and loans to condominium associations. Consumer loans are divided into four classes: residential mortgage loans, home equity loans, indirect automobile loans, and other consumer loans. A formula-based credit evaluation approach is applied to each group, coupled with an analysis of certain loans for impairment. For each class of loan, management makes significant judgments in selecting the estimation method that fits the credit characteristics of its class and portfolio segment as set forth below. Also refer to Note 1, "Basis of Presentation," in the consolidated financial statements for more information on the Company's allowance of loan and lease losses methodology. 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 further 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 geographic markets, and utilize common underwriting standards in accordance with the Company's Credit Policy. In prior periods to the three months ended September 30, 2015, a historical loss history applicable to each Bank was used. Management employed a similar analysis for the consolidation of the qualitative factors as it did for the quantitative factors. Again, management believes the realignment of the existing nine qualitative factors used at each of the Banks into a single group of factors for use across the Company is appropriate based on the commonality of environmental factors, markets and underwriting standards among the Banks. In prior periods to the three months ended September 30, 2015, each of the Banks utilized a set of qualitative factors applicable to each Bank. 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 TDR 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 December 31, 2016 , management believes that the methodology for calculating the allowance is sound and that the allowance provides a reasonable basis for determining and reporting on probable losses in the Company’s loan portfolios. As of December 31, 2016 , the Company had a portfolio of approximately $31.1 million in loans secured by taxi medallions issued by the cities of Boston and Cambridge. As of December 31, 2015 , this portfolio was approximately $35.8 million . Application-based mobile ride services, such as Uber and Lyft, have generated increased competition in the transportation sector, resulting in a reduction in taxi utilization and, as a result, a reduction in the collateral value and credit quality of taxi medallion loans. This has increased the likelihood that loans secured by taxi medallions may default, or that the borrowers may be unable to repay these loans at maturity, potentially resulting in an increase in past due loans, troubled debt restructurings, and charge-offs. Therefore, beginning with the three months ended December 31, 2015 , the Company’s allowance calculation included a further segmentation of the commercial loans and leases to reflect the increased risk in the Company’s taxi medallion portfolio. This allowance calculation segmentation represents management’s estimations of the risks associated with the portfolio. As of December 31, 2016 , the Company had an allowance for loan and lease losses associated with taxi medallion loans of $1.3 million of which $0.1 million were specific reserves and $1.2 million was a general reserve. As of December 31, 2015 , the Company had a general reserve for loan and lease losses associated with taxi medallion loans of $4.3 million with no specific reserves. The decrease in the allowance for loan and leases associated with taxi medallion loans was primarily driven by the charge-offs of the majority of trouble debt restructured taxi medallion loans which had a specific reserve in prior period due to changes in the underlined collateral value of the taxi medallions. The total troubled debt restructured loans and leases secured by taxi medallions increased by $4.8 million from $1.3 million at December 31, 2015 to $6.1 million at December 31, 2016 . The total loans and leases secured by taxi medallions that were placed on nonaccrual increased to $13.4 million at December 31, 2016 from zero at December 31, 2015 . However, further declines in demand for taxi services or further deterioration in the value of taxi medallions may result in higher delinquencies and losses beyond that provided for in the allowance for loan and lease losses. The general allowance for loan and lease losses was $53.5 million as of December 31, 2016 , compared to $53.1 million as of December 31, 2015 . The general portion of the allowance for loan and lease losses increased by $0.4 million during the year ended December 31, 2016 , as a result of the continued growth in the Company's loan portfolios offset by the decrease in historical loss factors applied to the commercial real estate and consumer loan portfolios and the improvement of credit risk ratings of loans within the commercial real estate and commercial portfolios. The specific allowance for loan and lease losses was $0.2 million as of December 31, 2016 , compared to $3.6 million as of December 31, 2015 . The specific allowance decreased by $3.4 million during the year ended December 31, 2016 , primarily due to the charge-offs on loans which previously had a specific reserve during the year ended December 31, 2015 . Credit Quality Assessment At the time of loan origination, a rating is assigned based on the capacity to pay and general financial strength of the borrower, the value of assets pledged as collateral, and the evaluation of third party support such as a guarantor. The Company continually monitors the 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 all loans, 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 in all loan portfolios. The results of these reviews are reported to the Risk Committee of the Board of Directors on a periodic basis and annually to the Board of Directors. For the consumer loans, the Company heavily relies on payment status for calibrating credit risk. The ratings categories used for assessing credit risk in the commercial real estate, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes are defined as follows: 1 -4 Rating—Pass Loan rating grades "1" through "4" are classified as "Pass," which indicates borrowers are performing in accordance with the terms of the loan and are less likely to result in loss due to the capacity of the borrower to pay and the adequacy of the value of assets pledged as collateral. 5 Rating—Other Assets Especially Mentioned ("OAEM") Borrowers exhibit potential credit weaknesses or downward trends deserving management's attention. If not checked or corrected, these trends will weaken the Company's asset and 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 uncollectible 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 as of December 31, 2016 by credit quality indicator. At December 31, 2016 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer (In Thousands) Originated: Loan rating: Pass $ 1,899,162 $ 700,046 $ 136,607 $ 583,940 $ 786,050 $ 60,122 $ 12,018 OAEM 1,538 — 178 8,675 824 — — Substandard 6,288 1,404 — 28,595 4,848 — 12 Doubtful 266 — — 75 1,980 — — Total originated 1,907,254 701,450 136,785 621,285 793,702 60,122 12,030 Acquired: Loan rating: Pass 131,850 29,153 214 10,312 6,158 — 128 OAEM 1,408 270 — 249 — — — Substandard 9,768 313 — 3,017 — — — Doubtful 102 — — 563 — — — Total acquired 143,128 29,736 214 14,141 6,158 — 128 Total loans $ 2,050,382 $ 731,186 $ 136,999 $ 635,426 $ 799,860 $ 60,122 $ 12,158 As of December 31, 2016 , there were no loans categorized as definite loss. At December 31, 2016 Indirect Automobile ($ In Thousands) Originated: Credit score: Over 700 $ 2,469 40.2 % 661-700 906 14.7 % 660 and below 2,743 44.7 % Data not available* 23 0.4 % Total loans $ 6,141 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data is not available. At December 31, 2016 Residential Mortgage Home Equity ($ In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 138,030 22.1 % $ 153,679 44.9 % 50% - 69% 229,799 36.9 % 61,553 18.1 % 70% - 79% 162,614 26.0 % 49,987 14.6 % 80% and over 21,859 3.5 % 23,317 6.8 % Data not available* 3,128 0.5 % 825 0.2 % Total originated 555,430 89.0 % 289,361 84.6 % Acquired: Loan-to-value ratio: Less than 50% 17,809 2.9 % 32,334 9.4 % 50%—69% 24,027 3.8 % 15,059 4.4 % 70%—79% 14,030 2.2 % 3,069 0.9 % 80% and over 10,069 1.6 % 1,016 0.3 % Data not available* 2,984 0.5 % 1,402 0.4 % Total acquired 68,919 11.0 % 52,880 15.4 % Total loans $ 624,349 100.0 % $ 342,241 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data is not available. The following tables present the recorded investment in loans in each class as of December 31, 2015 by credit quality indicator. At December 31, 2015 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer (In Thousands) Originated: Loan rating: Pass $ 1,668,891 $ 619,786 $ 129,534 $ 562,615 $ 709,381 $ 59,875 $ 12,017 OAEM 12,781 788 208 9,976 804 — — Substandard 780 291 — 1,714 1,414 — 22 Doubtful 2,096 — — 2,294 1,389 — — Total originated 1,684,548 620,865 129,742 576,599 712,988 59,875 12,039 Acquired: Loan rating: Pass 182,377 35,785 580 11,959 8,902 — 131 OAEM 1,202 612 — 902 — — — Substandard 7,066 1,218 — 3,071 — — — Doubtful 399 — — — — — — Total acquired 191,044 37,615 580 15,932 8,902 — 131 Total loans $ 1,875,592 $ 658,480 $ 130,322 $ 592,531 $ 721,890 $ 59,875 $ 12,170 As of December 31, 2015 , there were no loans categorized as definite loss. At December 31, 2015 Indirect Automobile ($ In Thousands) Originated: Credit score: Over 700 $ 5,435 39.7 % 661-700 1,965 14.4 % 660 and below 6,217 45.5 % Data not available* 61 0.4 % Total loans $ 13,678 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data is not available. At December 31, 2015 Residential Mortgage Home Equity ($ In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 118,628 19.2 % $ 131,584 41.8 % 50%—69% 214,390 34.8 % 51,492 16.4 % 70%—79% 173,774 28.2 % 32,916 10.5 % 80% and over 17,808 2.9 % 18,082 5.7 % Data not available* 3,246 0.5 % 634 0.2 % Total originated 527,846 85.6 % 234,708 74.6 % Acquired: Loan-to-value ratio: Less than 50% 18,857 3.1 % 48,563 15.4 % 50%—69% 32,986 5.3 % 20,623 6.6 % 70%—79% 17,883 2.9 % 7,144 2.3 % 80% and over 14,011 2.3 % 2,650 0.8 % Data not available* 4,866 0.8 % 865 0.3 % Total acquired 88,603 14.4 % 79,845 25.4 % Total loans $ 616,449 100.0 % $ 314,553 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data is not available. The following table presents information regarding foreclosed residential real estate property for the periods indicated: At December 31, 2016 At December 31, 2015 (In Thousands) Foreclosed residential real estate property held by the creditor $ 251 $ 362 Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure 1,213 298 Age Analysis of Past Due Loans and Leases The following tables present an age analysis of the recorded investment in total loans and leases as of December 31, 2016 and 2015 . At December 31, 2016 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Originated: Commercial real estate loans: Commercial real estate $ 1,525 $ 2,075 $ 429 $ 4,029 $ 1,903,225 $ 1,907,254 $ 2 $ 5,035 Multi-family mortgage 2,296 — 291 2,587 698,863 701,450 — 1,404 Construction 547 — — 547 136,238 136,785 — — Total commercial real estate loans 4,368 2,075 720 7,163 2,738,326 2,745,489 2 6,439 Commercial loans and leases: Commercial 5,396 815 10,014 16,225 605,060 621,285 — 20,587 Equipment financing 2,983 1,444 5,341 9,768 783,934 793,702 — 6,758 Condominium association 266 — — 266 59,856 60,122 — — Total commercial loans and leases 8,645 2,259 15,355 26,259 1,448,850 1,475,109 — 27,345 Indirect automobile 547 76 8 631 5,510 6,141 — 137 Consumer loans: Residential mortgage 3,745 2,294 163 6,202 549,228 555,430 — 2,455 Home equity 25 219 5 249 289,112 289,361 3 128 Other consumer 2 11 8 21 12,009 12,030 — 12 Total consumer loans 3,772 2,524 176 6,472 850,349 856,821 3 2,595 Total originated loans and leases $ 17,332 $ 6,934 $ 16,259 $ 40,525 $ 5,043,035 $ 5,083,560 $ 5 $ 36,516 At December 31, 2016 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Acquired: Commercial real estate loans: Commercial real estate $ 925 $ — $ 4,011 $ 4,936 $ 138,192 $ 143,128 $ 3,786 $ 305 Multi-family mortgage — — — — 29,736 29,736 — — Construction — — — — 214 214 — — Total commercial real estate loans 925 — 4,011 4,936 168,142 173,078 3,786 305 Commercial loans and leases: Commercial 306 — 2,651 2,957 11,184 14,141 264 2,387 Equipment financing — — — — 6,158 6,158 — — Total commercial loans and leases 306 — 2,651 2,957 17,342 20,299 264 2,387 Consumer loans: Residential mortgage — 318 2,865 3,183 65,736 68,919 2,820 46 Home equity 288 97 339 724 52,156 52,880 202 823 Other consumer — 1 — 1 127 128 — — Total consumer loans 288 416 3,204 3,908 118,019 121,927 3,022 869 Total acquired loans and leases $ 1,519 $ 416 $ 9,866 $ 11,801 $ 303,503 $ 315,304 $ 7,072 $ 3,561 Total loans and leases $ 18,851 $ 7,350 $ 26,125 $ 52,326 $ 5,346,538 $ 5,398,864 $ 7,077 $ 40,077 At December 31, 2015 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Originated: Commercial real estate loans: Commercial real estate $ 1,782 $ — $ 2,097 $ 3,879 $ 1,680,669 $ 1,684,548 $ — $ 2,876 Multi-family mortgage — — 16 16 620,849 620,865 16 291 Construction 652 — — 652 129,090 129,742 — — Total commercial real estate loans 2,434 — 2,113 4,547 2,430,608 2,435,155 16 3,167 Commercial loans and leases: Commercial 4,578 1,007 2,368 7,953 568,646 576,599 24 3,586 Equipment financing 1,681 595 2,143 4,419 708,569 712,988 77 2,610 Condominium association 205 124 — 329 59,546 59,875 — — Total commercial loans and leases 6,464 1,726 4,511 12,701 1,336,761 1,349,462 101 6,196 Indirect automobile 1,058 335 106 1,499 12,179 13,678 — 675 Consumer loans: Residential mortgage 1,384 — 229 1,613 526,233 527,846 — 1,873 Home equity 390 237 9 636 234,072 234,708 — 319 Other consumer 19 2 25 46 11,993 12,039 — 29 Total consumer loans 1,793 239 263 2,295 772,298 774,593 — 2,221 Total originated loans and leases $ 11,749 $ 2,300 $ 6,993 $ 21,042 $ 4,551,846 $ 4,572,888 $ 117 $ 12,259 At December 31, 2015 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Acquired: Commercial real estate loans: Commercial real estate $ 1,336 $ 369 $ 7,588 $ 9,293 $ 181,751 $ 191,044 $ 4,982 $ 2,606 Multi-family mortgage — — 1,077 1,077 36,538 37,615 1,077 — Construction — — — — 580 580 — — Total commercial real estate loans 1,336 369 8,665 10,370 218,869 229,239 6,059 2,606 Commercial loans and leases: Commercial 351 23 2,967 3,341 12,591 15,932 325 2,678 Equipment financing — — — — 8,902 8,902 — — Total commercial loans and leases 351 23 2,967 3,341 21,493 24,834 325 2,678 Consumer loans: Residential mortgage 326 216 2,399 2,941 85,662 88,603 2,047 352 Home equity 1,012 386 460 1,858 77,987 79,845 142 1,438 Other consumer — — — — 131 131 — — Total consumer loans 1,338 602 2,859 4,799 163,780 168,579 2,189 1,790 Total acquired loans and leases $ 3,025 $ 994 $ 14,491 $ 18,510 $ 404,142 $ 422,652 $ 8,573 $ 7,074 Total loans and leases $ 14,774 $ 3,294 $ 21,484 $ 39,552 $ 4,955,988 $ 4,995,540 $ 8,690 $ 19,333 Commercial Real Estate Loans —As of December 31, 2016 , loans outstanding in the three classes within this segment expressed as a percentage of total loans and leases outstanding were as follows: commercial real estate loans -- 38.1% ; multi-family mortgage loans -- 13.5% ; and construction loans -- 2.5% . 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 —As of December 31, 2016 , loans and leases outstanding in the three classes within this segment expressed as a percent of total loans and leases outstanding were as follows: commercial loans and leases -- 11.8% ; equipment financing loans -- 14.8% ; and loans to condominium associations -- 1.1% . 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 each of the three classes in the portfolio. Consumer Loans —As of December 31, 2016 , loans outstanding within the four classes within this segment expressed as a percent of total loans and leases outstanding were as follows: residential mortgage loans -- 11.6% , home equity loans -- 6.3% , indirect automobile loans -- 0.1% , and other consumer loans -- 0.2% . Significant risk characteristics related to the residential mortgage and home equity loan portfolios are the geographic concentration of the properties financed within selected communities in the greater Boston and Providence metropolitan areas. The payment status and loan-to-value ratio are the primary credit quality indicator 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. Determination of the allowance for loan and lease losses for indirect automobile loans is based primarily on payment status and historical loss rates. 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 December 31, 2016 At December 31, 2015 Recorded (1) Unpaid Related Recorded Investment (2) Unpaid Related (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 9,113 $ 9,104 $ — $ 2,758 $ 2,756 $ — Commercial 39,269 39,210 — 14,097 14,074 — Consumer 4,823 4,815 — 4,582 4,575 — Total originated with no related allowance recorded 53,205 53,129 — 21,437 21,405 — With an allowance recorded: Commercial real estate 3,984 3,984 28 6,150 6,150 2,167 Commercial 605 605 97 2,215 2,213 1,202 Consumer — — — — — — Total originated with an allowance recorded 4,589 4,589 125 8,365 8,363 3,369 Total originated impaired loans and leases 57,794 57,718 125 29,802 29,768 3,369 Acquired: With no related allowance recorded: Commercial real estate 10,400 10,400 — 7,035 7,035 — Commercial 3,948 3,948 — 4,053 4,052 — Consumer 6,384 6,399 — 7,549 7,565 — Total acquired with no related allowance recorded 20,732 20,747 — 18,637 18,652 — With an allowance recorded: Commercial real estate — — — 2,606 2,606 148 Commercial — — — 486 486 112 Consumer 253 253 27 174 174 9 Total acquired with an allowance recorded 253 253 27 3,266 3,266 269 Total acquired impaired loans and leases 20,985 21,000 27 21,903 21,918 269 Total impaired loans and leases $ 78,779 $ 78,718 $ 152 $ 51,705 $ 51,686 $ 3,638 ___________________________________________________________________________ (1) Includes originated and acquired nonaccrual loans of $34.1 million and $3.6 million , respectively as of December 31, 2016 . (2) Includes originated and acquired nonaccrual loans of $9.3 million and $7.1 million , respectively as of December 31, 2015 . Year Ended December 31, 2016 December 31, 2015 December 31, 2014 Average Interest Average Interest Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 6,608 $ 152 $ 3,999 $ 86 $ 2,786 $ 102 Commercial 23,445 600 15,143 641 11,840 343 Consumer 4,126 76 4,267 65 3,166 42 Total originated |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment Premises and equipment consist of the following: At December 31, Estimated Useful Life 2016 2015 (In Thousands) (In Years) Land $ 7,562 $ 7,562 NA Fine art 472 349 NA Computer equipment 9,004 8,677 3 Vehicles 221 221 3 to 5 Core processing system and software 19,433 18,933 3 to 7.5 Furniture, fixtures and equipment 13,439 12,670 5 to 25 Office building and improvements 84,835 81,466 10 to 40 Total 134,966 129,878 Accumulated depreciation and amortization 58,790 51,722 Total premises and equipment $ 76,176 $ 78,156 Depreciation and amortization expense is calculated using the straight-line method and is included in occupancy and equipment and data processing expense in the Consolidated Statements of Income. For the years ended December 31, 2016 , 2015 and 2014 , depreciation and amortization expense related to premises and equipment totaled $7.2 million , $7.2 million , and $7.0 million , respectively. 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 year ended December 31, 2014 , which is included in gain on sale/disposals of premises and equipment, net in the Company’s consolidated statements of income. There were no sales of premises and equipment during the years ended December 31, 2016 and 2015 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the carrying value of goodwill for the periods indicated were as follows: Year Ended December 31, 2016 2015 2014 (In Thousands) Balance at beginning of year $ 137,890 $ 137,890 $ 137,890 Additions — — — Adjustments to original goodwill — — — Balance at end of year $ 137,890 $ 137,890 $ 137,890 The following is a summary of the Company's other intangible assets: At December 31, 2016 At December 31, 2015 Gross Accumulated Carrying Gross Accumulated Carrying (In Thousands) Other intangible assets: Core deposits $ 36,172 $ 29,128 $ 7,044 $ 36,172 $ 26,628 $ 9,544 Trade name 1,600 511 1,089 1,600 511 1,089 Trust relationship 1,568 1,568 — 1,568 1,568 — Other intangible 442 442 — 442 442 — Total other intangible assets $ 39,782 $ 31,649 $ 8,133 $ 39,782 $ 29,149 $ 10,633 At December 31, 2013, 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 and ceased to amortize. The weighted-average amortization period for the core deposit intangible is 8.8 years. There were no impairment losses relating to other acquisition-related intangible assets recorded during the years ended December 31, 2016 , 2015 and 2014 . The estimated aggregate future amortization expense for other intangible assets for each of the next five years and thereafter is as follows: Year ended December 31: Amount (In Thousands) 2017 $ 2,089 2018 1,669 2019 1,295 2020 944 2021 601 Thereafter 446 Total $ 7,044 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets BOLI BOLI is recorded at the cash surrender value of the policies, less any applicable cash surrender charges, and is recorded in other assets. As of December 31, 2016 and 2015 , BankRI owned seven policies with a net cash surrender value of $37.9 million and $36.8 million , respectively. As of December 31, 2016 and 2015 , First Ipswich owned two policies with a net cash surrender value of $0.8 million and $0.8 million , respectively. The Company recorded a total of $1.1 million , $1.0 million , and $1.1 million of tax exempt income from these nine policies in 2016 , 2015 , and 2014 , respectively. They are included in the Company’s other non-interest income in the consolidated statements of income. Affordable Housing Investments The Company began investing in affordable housing projects that benefit low- and moderate-income individuals in 2009. As of December 31, 2016 , the Company had investments in ten 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 and had an impact on net income for 2014 of $0.5 million and a cumulative effect on retained earnings of $1.1 million at January 1, 2015. Prior to the adoption 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 December 31, 2016 2015 2014 (In Thousands) Investments in affordable housing projects included in other assets $ 11,565 $ 11,604 $ 10,131 Unfunded commitments related to affordable housing projects included in other liabilities 1,686 3,163 2,608 Investment in affordable housing tax credits included in other liabilities 1,753 1,588 1,432 Investment in affordable housing tax benefits included in other liabilities 598 656 669 For the year ended, December 31, 2016 December 31, 2015 (In Thousands) Investment amortization included in provision for income taxes $ 1,726 $ 1,654 Amount recognized as income tax benefit 598 656 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits A summary of deposits follows: December 31, 2016 December 31, 2015 Amount Weighted Average Rate Amount Weighted Average Rate (Dollars in Thousands) Demand checking accounts $ 900,474 — % $ 799,117 — % NOW accounts 323,160 0.07 % 283,972 0.07 % Savings accounts 613,061 0.20 % 540,788 0.25 % Money market accounts 1,733,359 0.47 % 1,594,269 0.44 % Total core deposit accounts 3,570,054 0.27 % 3,218,146 0.26 % Certificate of deposit accounts maturing: Within six months 345,339 0.77 % 320,975 0.65 % After six months but within 1 year 233,470 0.83 % 395,516 0.83 % After 1 year but within 2 years 264,993 1.08 % 226,513 1.02 % After 2 years but within 3 years 84,673 1.56 % 60,730 1.42 % After 3 years but within 4 years 52,522 1.88 % 30,002 1.78 % After 4 years but within 5 years 59,910 1.78 % 53,717 1.88 % 5+ Years 115 1.66 % 419 1.82 % Total certificate of deposit accounts 1,041,022 1.04 % 1,087,872 0.93 % Total deposits $ 4,611,076 0.44 % $ 4,306,018 0.43 % Certificate of deposit accounts issued in amounts of $250,000 or more totaled $196.7 million and $168.4 million as of December 31, 2016 and 2015 , respectively. Interest expense on deposit balances is summarized as follows: Year Ended December 31, 2016 2015 2014 (In Thousands) Interest-bearing deposits: NOW accounts $ 209 $ 179 $ 171 Savings accounts 1,322 1,094 1,197 Money market accounts 7,549 6,935 7,846 Certificate of deposit accounts 10,990 9,272 7,846 Total interest-bearing deposits $ 20,070 $ 17,480 $ 17,060 Related Party Deposits Deposit accounts of directors, executive officers and their affiliates totaled $39.5 million and $40.5 million as of December 31, 2016 and 2015 , respectively. Collateral Pledged to Deposits As of December 31, 2016 and 2015 , $160.9 million and $170.4 million , respectively, of collateral was pledged for municipal deposits and TT&L (Treasury Tax and Loan Deposits). |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds Borrowed funds are comprised of the following: At December 31, 2016 2015 (In Thousands) Advances from the FHLBB $ 910,774 $ 861,866 Subordinated debentures and notes 83,105 82,936 Other borrowed funds 50,207 38,227 Total borrowed funds $ 1,044,086 $ 983,029 Interest expense on borrowed funds for the periods indicated is as follows: Year Ended December 31, 2016 2015 2014 (In Thousands) Advances from the FHLBB $ 10,760 $ 9,950 $ 10,535 Subordinated debentures and notes 5,038 5,001 1,740 Other borrowed funds 116 114 79 Total interest expense on borrowed funds $ 15,914 $ 15,065 $ 12,354 Collateral Pledged to Borrowed Funds As of December 31, 2016 and 2015 , $1.8 billion and $2.3 billion , respectively, of investment securities and loans and leases, were pledged as collateral for repurchase agreements, swap agreements, FHLBB borrowings, and municipal deposits and TT&L (Treasury Tax and Loan Deposits). The Banks did not have any outstanding FRB borrowings as of December 31, 2016 and 2015 . FHLBB Advances FHLBB advances mature as follows: At December 31, 2016 2015 Amount Callable Amount Weighted Average Rate Amount Callable Amount Weighted Average Rate (Dollars in Thousands) Within 1 year $ 651,489 $ 75,705 1.22 % $ 575,749 $ 30,599 0.70 % Over 1 year to 2 years 168,598 290,311 1.44 % 228,422 114,922 1.89 % Over 2 years to 3 years 14,354 — 0.09 % 36,476 10,038 2.46 % Over 3 years to 4 years 85 — 2.04 % 5,342 — 2.17 % Over 4 years to 5 years 1,110 — 3.07 % 91 — 2.04 % Over 5 years 75,138 — 1.08 % 15,786 — 4.21 % $ 910,774 $ 366,016 1.24 % $ 861,866 $ 155,559 1.16 % Actual maturities of the advances may differ from those presented above since the FHLBB has the right to call certain advances prior to the scheduled maturity. The FHLBB advances are secured by blanket pledge agreements which require the Banks to maintain certain qualifying assets as collateral. The Banks did not have any FRB borrowings as of December 31, 2016 . Total available borrowing capacity for advances from the FHLBB and FRB was $1.6 billion as of December 31, 2016 for the Banks. The total amount of qualifying collateral for FHLBB and FRB borrowings was $2.3 billion as of December 31, 2016 . Repurchase Agreements Information concerning repurchase agreements is as follows for the periods indicated below: Year Ended December 31, 2016 2015 (Dollars In Thousands) Outstanding at end of year $ 50,207 $ 38,227 Average outstanding for the year 41,053 34,468 Maximum outstanding at any month-end 50,207 38,231 Weighted average rate at end of year 0.14 % 0.19 % Weighted average rate paid for the year 0.27 % 0.33 % Securities sold under agreements to repurchase are funds borrowed from customers on an overnight basis that are secured by GSEs in the same amount. The obligations to repurchase the identical securities that were sold are reflected as liabilities and the securities remain in the asset accounts. Subordinated Debentures and Notes On September 15, 2014, the Company issued $75.0 million of 6.0% fixed-to-floating subordinated notes due September 15, 2029. The Company is obligated to pay 6.0% interest semiannually between September 2014 and September 2024. Subsequently, the Company is obligated to pay 3-month LIBOR plus 3.315% quarterly until the notes mature in September 2029. The following table summarizes the Company's subordinated debentures and notes at the dates indicated. Carrying Amount Issue Date Rate Maturity Date Next Call Date December 31, 2016 December 31, 2015 (Dollars in Thousands) June 26, 2003 Variable; 3-month LIBOR + 3.10% June 26, 2033 March 26, 2017 $ 4,752 $ 4,724 March 17, 2004 Variable; 3-month LIBOR + 2.79% March 17, 2034 March 17, 2017 4,628 4,588 September 15, 2014 6.0% Fixed-to-Variable; 3-month LIBOR + 3.315% September 15, 2029 September 15, 2024 73,725 73,624 Total $ 83,105 $ 82,936 The above carrying amounts of the acquired subordinated debentures included $0.6 million of accretion adjustments and $1.3 million of capitalized debt issuance costs as of December 31, 2016 . This compares to $0.7 million of accretion adjustments and $1.4 million of capitalized debt issuance costs as of December 31, 2015 . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
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 credits, and loan level derivatives. 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 sheets. The Company's exposure to credit loss in the event of non-performance by the counterparty is represented by the fair value 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 December 31, 2016 2015 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 27,750 $ 36,000 Commercial 71,716 78,017 Residential mortgage 28,179 19,430 Unadvanced portion of loans and leases 580,416 648,291 Unused lines of credit: Home equity 340,682 280,786 Other consumer 13,157 12,383 Other commercial 208 529 Unused letters of credit: Financial standby letters of credit 11,720 12,389 Performance standby letters of credit 516 392 Commercial and similar letters of credit 785 821 Loan level derivatives: Receive fixed, pay variable 383,780 245,316 Pay fixed, receive variable 383,780 245,316 Risk participation-out agreements 16,961 — Foreign exchange contracts: Buys foreign currency, sells U.S. currency 4,050 — Sells foreign currency, buys U.S. currency 4,050 — 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 credits 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 $1.5 million and $1.3 million as of December 31, 2016 and December 31, 2015 , respectively. From time to time, the Company enters into loan level derivatives, risk participation agreements or foreign exchange contracts with commercial customers and third-party financial institutions. These derivatives allow the Company to offer long-term fixed-rate commercial loans while mitigating the interest-rate or foreign exchange risk of holding those loans. In a loan level derivative transaction, the Company lends to a commercial customer on a floating-rate basis and then enters into an loan level derivative with that customer. Concurrently, the Company enters into offsetting swaps with a third-party financial institution, effectively minimizing its net interest-rate risk exposure resulting from such transactions. The fair value of derivative assets and liabilities was $9.7 million and $9.7 million , respectively, as of December 31, 2016 . The fair value of derivative assets and liabilities was $8.7 million and $8.8 million , respectively, as of December 31, 2015 . Lease Commitments The Company leases certain office space under various noncancellable operating leases. These leases have original terms ranging from 5 years to over 25 years. Certain leases contain renewal options and escalation clauses which can increase rental expenses based principally on the consumer price index and fair market rental value provisions. A summary of future minimum rental payments under such leases at the dates indicated follows: Year ended December 31, Minimum Rental Payments (In Thousands) 2017 $ 4,916 2018 4,560 2019 3,712 2020 3,153 2021 2,643 Thereafter 12,005 Total $ 30,989 Certain leases contain escalation clauses for real estate taxes and other expenditures, which are not included above. Total rental expense was $5.3 million in 2016 . This compares to total rent expense of $5.5 million in 2015 , which included $0.2 million in lease acceleration related to the sale of $255.2 million of the indirect automobile loan portfolio in March 2015. In 2014 , total rent expense was $6.5 million , which included $0.8 million in lease acceleration related to a relocation of an operations center and the closure of a branch property. A portion of the Company's headquarters was rented to third-party tenants which generated rental income of $0.4 million in 2016 and 2015 , respectively. Rental income was reported in non-interest income in the Company's consolidated statements of income. Legal Proceedings In the normal course of business, there are various outstanding legal proceedings. In the opinion of management, after consulting with legal counsel, the consolidated financial position and results of operations of the Company are not expected to be affected materially by the outcome of such proceedings. |
Earnings per Share (EPS)
Earnings per Share (EPS) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share (EPS) | Earnings per Share ("EPS") The following table is a reconciliation of basic EPS and diluted EPS: For the year ended December 31, 2016 2015 2014 Basic Fully Diluted Basic Fully Diluted Basic Fully Diluted (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income * $ 52,362 $ 52,362 $ 49,782 $ 49,782 $ 43,288 $ 43,288 Denominator: Weighted average shares outstanding 70,261,954 70,261,954 70,098,561 70,098,561 69,945,028 69,945,028 Effect of dilutive securities — 182,129 — 137,307 — 109,787 Adjusted weighted average shares outstanding 70,261,954 70,444,083 70,098,561 70,235,868 69,945,028 70,054,815 EPS * $ 0.74 $ 0.74 $ 0.71 $ 0.71 $ 0.62 $ 0.62 _______________________________________________________________________________ (*) 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 10, "Other Assets". |
Comprehensive Income_(Loss)
Comprehensive Income/(Loss) | 12 Months Ended |
Dec. 31, 2016 | |
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 years ended December 31, 2016 , 2015 and 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: Year Ended December 31, 2016 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Loss (In Thousands) Balance at December 31, 2015 $ (2,827 ) $ 351 $ (2,476 ) Other comprehensive (loss) income (1,386 ) 44 (1,342 ) Balance at December 31, 2016 $ (4,213 ) $ 395 $ (3,818 ) Year Ended December 31, 2015 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Loss (In Thousands) Balance at December 31, 2014 $ (1,733 ) $ 111 $ (1,622 ) Other comprehensive (loss) income (1,094 ) 240 (854 ) Balance at December 31, 2015 $ (2,827 ) $ 351 $ (2,476 ) Year Ended December 31, 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) 6,599 (306 ) 6,293 Balance at December 31, 2014 $ (1,733 ) $ 111 $ (1,622 ) The following is a summary of the amounts reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2016 , 2015 , and 2014 . Year Ended December 31, Income Statement Line Affected by Reclassification 2016 2015 2014 (In Thousands) Other Comprehensive Income (Loss) Component Unrealized gains on investment securities available-for-sale: $ — $ — $ 65 Gain on sales of securities,net — — (23 ) Provision for income taxes Total reclassifications for the period $ — $ — $ 42 Net income |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
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), and risk participation agreements 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 as of December 31, 2016 and 2015 . 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 loan level derivative products such as interest-rate swap agreements 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 swap agreements associated with this program do not meet hedge accounting requirements, changes in the fair value are recognized directly in earnings. In 2016, the Company utilized risk participation agreements with other banks participating in commercial loan arrangements. Participating banks guarantee the performance on borrower-related interest rate swap contracts. Risk participation agreements are derivative financial instruments and are recorded at fair value. These derivatives are not designated as hedges and therefore, changes in fair value are recorded directly through earnings at each reporting period. Under a risk participation agreement, a derivative asset, the Company participates out a portion of the credit risk associated with the interest rate swap position executed with the commercial borrower, for a fee paid to the participating bank. In 2016, the Company offered foreign exchange contracts to commercial borrowers to accommodate their business needs. These foreign exchange contracts do not qualify as hedges for accounting purposes. To mitigate the market and liquidity risk associated with these foreign exchange contracts, the Company enters into similar offsetting positions. Asset derivatives and liability derivatives are included in other assets and accrued expenses and other liabilities on the consolidated balance sheets. The following tables presents the Company's customer related derivative positions for the periods indicated below for those derivatives not designated as hedging. Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value December 31, 2016 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 54 $ — $ 4,025 $ 2,141 $ 29,501 $ 348,113 $ 383,780 $ 9,738 Pay fixed, receive variable 54 — 4,025 2,141 29,501 348,113 383,780 9,738 Risk participation-out agreements 5 — — — 9,078 7,883 16,961 20 Foreign exchange contracts Buys foreign currency, sells U.S. currency 3 $ 4,050 $ — $ — $ — $ — $ 4,050 $ — Sells foreign currency, buys U.S. currency 3 4,050 — — — — 4,050 — As of December 31, 2016 , the fair value of the foreign exchange contracts was nominal. Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value December 31, 2015 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 32 $ — $ — $ 4,147 $ 2,247 $ 238,922 $ 245,316 $ 8,656 Pay fixed, receive variable 32 — — 4,147 2,247 238,922 245,316 8,781 Changes in the fair value are recognized directly in the Company's 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 year ended December 31, 2016 and 2015 . Year Ended December 31, 2016 2015 (In Thousands) Gain (loss) recognized in income on: Loan level derivatives $ — $ 86 Risk participation-out agreements — — Foreign exchange contracts — — Total $ — $ 86 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 by either cross collateralizing the underlying hedged loan or through bilateral posting of collateral to cover exposure. As the swaps are subject to master netting agreements, the Company had limited exposure relating to loan level derivatives with institutional counterparties as of December 31, 2016 and 2015 . The estimated net credit risk exposure for derivative financial instruments was zero and $125.0 thousand as of December 31, 2016 , and 2015 , respectively. Certain derivative agreements contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount. The Company posted collateral of $34.5 million and $14.7 million in the normal course of business as of December 31, 2016 and 2015 , respectively. The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the consolidated balance sheet at the dates indicated. At December 31, 2016 Gross Gross Amounts Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Loan level derivatives $ 9,738 $ — $ 9,738 $ — $ — $ 9,738 Risk participation-out agreements 20 — 20 — — 20 Foreign exchange contracts — — — — — — Total $ 9,758 $ — $ 9,758 $ — $ — $ 9,758 Liability derivatives Loan level derivatives $ 9,738 $ — $ 9,738 $ 33,744 $ 720 $ — Foreign exchange contracts — — — — — — Total $ 9,738 $ — $ 9,738 $ 33,744 $ 720 $ — As of December 31, 2016 , the fair value of the foreign exchange contracts was nominal. At December 31, 2015 Gross Gross Amounts Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Loan level derivatives $ 8,656 $ — $ 8,656 $ — $ — $ 8,656 Total $ 8,656 $ — $ 8,656 $ — $ — $ 8,656 Liability derivatives Loan level derivatives $ 8,781 $ — $ 8,781 $ 9,873 $ 4,790 $ — Total $ 8,781 $ — $ 8,781 $ 9,873 $ 4,790 $ — The Company did not enter into any risk participation agreements and foreign exchange contracts in 2015. 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense is comprised of the following amounts: Year Ended December 31, 2016 2015 2014 (In Thousands) Current provision: Federal * $ 22,954 $ 23,340 $ 20,862 State * 5,116 4,774 5,299 Total current provision 28,070 28,114 26,161 Deferred provision (benefit): Federal * 2,271 679 244 State * 51 560 (119 ) Total deferred provision 2,322 1,239 125 Total provision for income taxes $ 30,392 $ 29,353 $ 26,286 Total provision for income taxes differed from the amounts computed by applying the statutory U.S. federal income tax rate 35.0% to income before tax expense as a result of the following: Year Ended December 31, 2016 2015 2014 (Dollars In Thousands) Expected income tax expense at statutory federal tax rate * $ 29,965 $ 28,603 $ 25,049 State taxes, net of federal income tax benefit * 3,358 3,467 3,377 Bank-owned life insurance (368 ) (367 ) (369 ) Tax-exempt interest income (826 ) (622 ) (341 ) Income attributable to noncontrolling interest in subsidiary (1,163 ) (994 ) (831 ) Tax credits from investments in affordable housing projects * (640 ) (526 ) (667 ) Other, net * 66 (208 ) 68 Total provision for income taxes * $ 30,392 $ 29,353 $ 26,286 Effective income tax rate * 35.5 % 35.9 % 36.7 % _____________________________________________________________________________ (*) 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. The Company's effective tax rate was 35.5% as of December 31, 2016 compared to 35.9% as of December 31, 2015 . The decrease in the Company's effective tax rate from 2015 was primarily driven by investments in municipal bonds and the utilization of state net operating loss carryforwards which became available in 2016 due to New York state tax law changes. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at the dates indicated are as follows: At December 31, 2016 2015 (In Thousands) Deferred tax assets: Allowance for loan and lease losses $ 21,655 $ 22,741 Deferred compensation 5,659 4,819 Supplemental Executive Retirement Plans 4,127 3,966 Unrealized loss on investment securities available-for-sale 2,355 1,577 Net operating loss carryforwards 999 1,306 Postretirement benefits 465 505 Nonaccrual interest 621 352 Accrued expense 828 522 Restricted stock and stock option plans 573 812 Employee stock ownership plan 147 102 Alternative minimum tax credits 31 31 Acquisition fair value adjustments — 606 Other 30 45 Total gross deferred tax assets 37,490 37,384 Deferred tax liabilities: Identified intangible assets and goodwill 4,660 5,392 Deferred loan origination costs, net 3,370 2,218 Depreciation 2,193 2,957 Prepaid expense 1,045 — Acquisition fair value adjustments 975 — Total gross deferred tax liabilities 12,243 10,567 Net deferred tax asset $ 25,247 $ 26,817 As of December 31, 2016 , the Company had net operating loss carryforwards for federal income tax purposes of $2.9 million which are available to offset future federal taxable income, if any, through 2020. In addition, the Company has alternative minimum tax credit carryforwards of $31.0 thousand , which are available to reduce future federal income taxes, if any, over an indefinite period. According to Section 382 of the Internal Revenue Code, the net operating loss carryforwards and credit are subject to an annual limitation of $0.9 million . The Company has determined that a valuation allowance is not required for any of its deferred tax assets because it believes that it is more likely than not that these assets will reverse against future taxable income. For federal income tax purposes, the Company has a $1.8 million reserve for credit losses which remains subject to recapture. If any portion of the reserve is used for purposes other than to absorb the losses for which it was established, approximately 150% of the amount actually used (limited to the amount of the reserve) would be subject to taxation in the year in which used. As the Company intends to use the reserve only to absorb credit losses, no provision has been made for the $1.0 million liability that would result if 100% of the reserve were recaptured. The Company did not have any unrecognized tax benefits accrued as income tax receivables or as deferred tax items as of December 31, 2016 and 2015 .The Company files U.S. federal and state income tax returns. As of December 31, 2016 , the Company is subject to examination by the Internal Revenue Service and Massachusetts and Rhode Island tax authorities for tax years after December 31, 2012 . As of December 31, 2016 , the Company is also subject to examination for several other state tax authorities for tax years after December 31, 2009 . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Preferred Stock The Company is authorized to issue 50,000,000 shares of serial preferred stock, par value $0.01 per share, from time to time in one or more series subject to limitations of law. The Board of Directors is authorized to fix the designations, powers, preferences, limitations and rights of the shares of each such series. As of December 31, 2016 , there were no shares of preferred stock issued. Capital Distributions and Restrictions Thereon The Company is a legal entity separate and distinct from each of the Banks and Brookline Securities Corp. The Company's primary source of revenue is dividends paid to it by the Banks and Brookline Securities Corp. The FRB has authority to prohibit the Company from paying dividends to the Company's shareholders if such payment is deemed to be an unsafe or unsound practice. The FRB has indicated generally that it may be an unsafe or unsound practice for bank holding companies to pay dividends unless the bank holding company's net income over the preceding year is sufficient to fund the dividends and the expected rate of earnings retention is consistent with the organization's capital needs, asset quality and overall financial condition. The FRB also has the authority to use its enforcement powers to prohibit the Banks from paying dividends to the Company if, in its opinion, the payment of dividends would constitute an unsafe or unsound practice. Federal law also prohibits the payment of dividends by a bank that will result in the bank failing to meet its applicable capital requirements on a pro forma basis. In addition, a state bank that is a member of the Federal Reserve System may not declare or pay a dividend if the total of all dividends declared during the calendar year, including the proposed dividend, exceeds the sum of the bank's net income (as reportable in its Reports of Condition and Income) during the current calendar year and the retained net income of the prior two calendar years, unless the dividend has been approved by the FRB. Payment of dividends by a bank is also restricted pursuant to various state regulatory limitations, including the Massachusetts Division of Banks in the case of Brookline Bank and First Ipswich, and the Banking Division of the Rhode Island Department of Business Regulation in the case of BankRI. Common Stock Repurchases In 2016 , 2015 and 2014 , no shares of the Company's common stock were repurchased by the Company. On February 4, 2016, the Company's Board of Directors authorized a stock repurchase program to acquire up to $10.0 million of total outstanding shares of the Company's common stock over a period of twelve months ending on January 31, 2017. Repurchases may be made from time to time depending on market conditions and other factors, and will be conducted through open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with the Securities and Exchange Commission Rule 10b5-1. There is no guarantee as to the exact number of shares, if any, to be repurchased by the Company. As of December 31, 2016 , no shares of stock were repurchased under the stock repurchase program. Restricted Retained Earnings As part of the stock offering in 2002 and as required by regulation, Brookline Bank established a liquidation account for the benefit of eligible account holders and supplemental eligible account holders who maintain their deposit accounts at Brookline Bank after the stock offering. In the unlikely event of a complete liquidation of Brookline Bank (and only in that event), eligible depositors who continue to maintain deposit accounts at Brookline Bank shall be entitled to receive a distribution from the liquidation account. Accordingly, retained earnings of the Company are deemed to be restricted up to the balance of the liquidation account. The liquidation account balance is reduced annually to the extent that eligible depositors have reduced their qualifying deposits as of each anniversary date. Subsequent increases in deposit account balances do not restore an account holder's interest in the liquidation account The liquidation account totaled $15.2 million (unaudited), $16.6 million (unaudited), and $18.4 million (unaudited) at December 31, 2016 , 2015 and 2014 , respectively. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Requirements | Regulatory Capital Requirements The Company's primary source of cash is dividends from the Banks and Brookline Securities Corp. The Banks are subject to certain restrictions on the amount of dividends that they may declare without prior regulatory approval. In addition, the dividends declared cannot be in excess of the amount which would cause the Banks to fall below the minimum required for capital adequacy purposes. The Company is a bank holding company within the meaning of the Bank Holding Company Act of 1956, as amended (the "BHCA") and as such, must comply with the capital requirements of the Federal Reserve Bank (the "FRB") at the consolidated level. As member banks of the FRB, Brookline Bank, BankRI and First Ipswich are also required to comply with the regulatory capital requirement of the FRB. The FRB has promulgated regulations imposing minimum capital requirements for bank holding companies and state member banks as well as prompt corrective action regulations for state member banks that implement the system of prompt corrective action established by Section 38 of the Federal Deposit Insurance Act, as amended (the "FDIA"). Under the prompt corrective action regulations in effect as of December 31, 2016 , a bank is "well-capitalized" if it has: (1) a total risk-based capital ratio of 10.0% or greater; (2) a Tier 1 risk-based capital ratio of 8.0% or greater; (3) a common equity Tier 1 capital ratio of 6.5% or greater; (4) a Tier 1 leverage ratio of 5.0% or greater; and (5) is not subject to any written agreement, order, capital directive or prompt corrective action directive to meet and maintain a specific capital level for any capital measure. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines, the Company and each of the Banks must meet specific capital guidelines that involve quantitative measures of the Company's and the Banks' assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. In addition, the prompt corrective action rules applicable to state member banks establish a framework of supervisory actions for state member banks that are not at least adequately capitalized. The Company's and the Banks' capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. Bank holding companies are not subject to prompt corrective action requirements. However, a bank holding company is considered "well capitalized" for purpose of the FRB's Regulation Y (which can affect eligibility for expedited application processes to make acquisitions and engage in new activities) if the bank holding company maintains on a consolidated basis a total risk-based capital ratio of 10.0% or greater and a Tier 1 risk-based capital ratio of 6.0% or greater and is not subject to any written agreement under capital directive or prompt correction action directive issued by the FRB to meet and maintain a specific capital level for any capital measure. As of December 31, 2016 , the Company and the Banks are each under the primary regulation of, and must comply with, the capital requirements of the FRB. As of December 31, 2016 , the Company and the Banks exceeded all regulatory capital requirements and were considered “well-capitalized” under prompt corrective action regulations, as amended to reflect the changes under Basel III Capital Rules. The following table presents actual and required capital ratios as of December 31, 2016 for the Company and the Banks under the Basel III Capital Rules based on the phase-in provision of the Basel III Capital Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules have been fully phased in. Actual Minimum Required for Capital Adequacy Purposes Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer Minimum Required to be Considered “Well-Capitalized” Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) At December 31, 2016: Brookline Bancorp, Inc. Common equity Tier 1 capital ratio (1) $ 559,644 10.48 % $ 240,305 4.50 % $ 373,808 7.00 % N/A N/A Tier 1 leverage capital ratio (2) 575,830 9.16 % 251,454 4.00 % 251,454 4.00 % N/A N/A Tier 1 risk-based capital ratio (3) 575,830 10.79 % 320,202 6.00 % 453,620 8.50 % N/A N/A Total risk-based capital ratio (4) 704,675 13.20 % 427,076 8.00 % 560,537 10.50 % N/A N/A Brookline Bank Common equity Tier 1 capital ratio (1) $ 384,759 11.31 % $ 153,087 4.50 % $ 238,136 7.00 % $ 221,126 6.50 % Tier 1 leverage capital ratio (2) 391,964 10.07 % 155,696 4.00 % 155,696 4.00 % 194,620 5.00 % Tier 1 risk-based capital ratio (3) 391,964 11.53 % 203,971 6.00 % 288,959 8.50 % 271,961 8.00 % Total risk-based capital ratio (4) 428,966 12.61 % 272,143 8.00 % 357,188 10.50 % 340,179 10.00 % BankRI Common equity Tier 1 capital ratio (1) $ 182,202 10.94 % $ 74,946 4.50 % $ 116,583 7.00 % $ 108,255 6.50 % Tier 1 leverage capital ratio (2) 182,202 8.97 % 81,249 4.00 % 81,249 4.00 % 101,562 5.00 % Tier 1 risk-based capital ratio (3) 182,202 10.94 % 99,928 6.00 % 141,565 8.50 % 133,237 8.00 % Total risk-based capital ratio (4) 197,702 11.87 % 133,245 8.00 % 174,884 10.50 % 166,556 10.00 % First Ipswich Common equity Tier 1 capital ratio (1) $ 33,433 12.61 % $ 11,931 4.50 % $ 18,559 7.00 % $ 17,234 6.50 % Tier 1 leverage capital ratio (2) 33,433 9.23 % 14,489 4.00 % 14,489 4.00 % 18,111 5.00 % Tier 1 risk-based capital ratio (3) 33,433 12.61 % 15,908 6.00 % 22,536 8.50 % 21,210 8.00 % Total risk-based capital ratio (4) 36,053 13.60 % 21,208 8.00 % 27,835 10.50 % 26,510 10.00 % _______________________________________________________________________________ (1) Common equity Tier 1 capital ratio is calculated by dividing common equity Tier 1 capital by risk-weighted assets. The ratio was established as part of the implementation of Basel III, effective January 1, 2015. (2) Tier 1 leverage capital ratio is calculated by dividing Tier 1 capital by average assets. (3) Tier 1 risk-based capital ratio is calculated by dividing Tier 1 capital by risk-weighted assets. (4) Total risk-based capital ratio is calculated by dividing total capital by risk-weighted assets. The following table presents actual and required capital ratios as of December 31, 2015 for the Company and the Banks under the regulatory capital rules then in effect. Actual Minimum Required for Capital Adequacy Purposes Minimum Required to be Considered “Well-Capitalized” Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) At December 31, 2015: Brookline Bancorp, Inc. Common equity Tier 1 capital ratio (1) $ 530,505 10.62 % $ 224,790 4.50 % N/A N/A Tier 1 leverage capital ratio (2) 545,035 9.37 % 231,930 4.00 % N/A N/A Tier 1 risk-based capital ratio (3) 545,035 10.91 % 300,019 6.00 % N/A N/A Total risk-based capital ratio (4) 676,709 13.54 % 401,013 8.00 % N/A N/A Brookline Bank Common equity Tier 1 capital ratio (1) $ 374,002 11.89 % $ 141,548 4.50 % $ 204,459 6.50 % Tier 1 leverage capital ratio (2) 380,003 10.78 % 141,003 4.00 % 176,254 5.00 % Tier 1 risk-based capital ratio (3) 380,003 12.08 % 188,743 6.00 % 251,658 8.00 % Total risk-based capital ratio (4) 417,270 13.27 % 251,557 8.00 % 314,446 10.00 % BankRI Common equity Tier 1 capital ratio (1) $ 171,967 10.63 % $ 72,799 4.50 % $ 105,154 6.50 % Tier 1 leverage capital ratio (2) 171,967 8.51 % 80,831 4.00 % 101,038 5.00 % Tier 1 risk-based capital ratio (3) 171,967 10.63 % 97,065 6.00 % 129,420 8.00 % Total risk-based capital ratio (4) 189,953 11.74 % 129,440 8.00 % 161,800 10.00 % First Ipswich Common equity Tier 1 capital ratio (1) $ 32,831 13.87 % $ 10,652 4.50 % $ 15,386 6.50 % Tier 1 leverage capital ratio (2) 32,831 9.26 % 14,182 4.00 % 17,727 5.00 % Tier 1 risk-based capital ratio (3) 32,831 13.87 % 14,202 6.00 % 18,936 8.00 % Total risk-based capital ratio (4) 35,617 15.05 % 18,933 8.00 % 23,666 10.00 % _______________________________________________________________________________ (1) Common equity Tier 1 capital ratio is calculated by dividing common equity Tier 1 capital by risk-weighted assets. The ratio was established as part of the implementation of Basel III, effective January 1, 2015. (2) Tier 1 leverage capital ratio is calculated by dividing Tier 1 capital by average assets. (3) Tier 1 risk-based capital ratio is calculated by dividing Tier 1 capital by risk-weighted assets. (4) Total risk-based capital ratio is calculated by dividing total capital by risk-weighted assets. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Postretirement Benefits Postretirement benefits are provided for part of the annual expense of health insurance premiums for certain retired employees and their dependents. No contributions are made by the Company to invest in assets allocated for the purpose of funding this benefit obligation. The following table presents the components of net periodic postretirement benefit cost and other amounts recognized in other comprehensive income: Year Ended December 31, 2016 2015 2014 (In Thousands) Net periodic benefit expense: Service cost $ 48 $ 55 $ 45 Interest cost 44 49 47 Prior service credit (21 ) (21 ) (21 ) Actuarial gain (42 ) (20 ) (40 ) Net periodic benefit expense $ 29 $ 63 $ 31 Changes in postretirement benefit obligation recognized in other comprehensive income: Net actuarial gain (loss) $ 90 $ 374 $ (477 ) Prior service credit (21 ) (21 ) (21 ) Total pre-tax changes in postretirement benefit obligation recognized in other comprehensive income $ 69 $ 353 $ (498 ) The discount rate used to determine the actuarial present value of projected postretirement benefit obligations was 4.15% in 2016 , 4.35% in 2015 and 4.00% in 2014 . The estimated prior service credit that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2017 is $41.0 thousand . The liability for the postretirement benefits included in accrued expenses and other liabilities was $1.1 million and $1.2 million as of December 31, 2016 and 2015 , respectively. The actual health care trend used to measure the accumulated postretirement benefit obligation in 2016 for plan participants below age 65 and for plan participants over age 65 was 7.5% and 8.3% , respectively. In 2015 , the rate for plan participants below age 65 and for plan participants over age 65 was 7.4% and 5.0% , respectively. This decrease from 2015 is due to lower than average subsidy towards retiree medical expenses as compared to the industry and a slight decrease in life expectancy. The rates to be used in 2017 through 2021 are expected to be in the range of 6.7% to 5.7% and to decline gradually thereafter to 5.00% . Assumed health care trend rates may have a significant effect on the amounts reported for the postretirement benefit plan. A 1% change in assumed health care cost trend rates would have the following effects: 1% Increase 1% Decrease (In Thousands) Effect on total service and interest cost components of net periodic postretirement benefit costs $ 23 $ (18 ) Effect on the accumulated postretirement benefit obligation 259 (202 ) 401(k) Plans The Company administers one 401(k) plan (the "Plan"), which is a qualified, tax-exempt profit-sharing plan with a salary deferral feature under Section 401(k) of the Internal Revenue Code. Each employee, excluding temporary employees, who has attained the age of 21 is eligible to participate in the plan by making voluntary contributions, subject to certain limits based on federal tax laws. In the Plan, the Company makes a matching contribution of the amount contributed by eligible employees, up to 5% of the employee's yearly compensation. Contributions to the Plan are subject to certain limits based on federal tax laws. Expenses associated with the plans were $2.8 million in 2016 , $2.3 million in 2015 , and $2.4 million in 2014 . Nonqualified Deferred Compensation Plan The Company also maintains a Nonqualified Deferred Compensation Plan (the "Nonqualified Plan") under which certain participants may contribute the amounts they are precluded from contributing to the Company's 401(k) plan because of the qualified plan limitations, and additional compensation deferrals that may be advantageous for personal income tax or other planning reasons. Expenses associated with the Nonqualified Plan were nominal in 2016 , 2015 and 2014 . Accrued liabilities associated with the Nonqualified Plan in 2016 , 2015 , and 2014 were $0.2 million , $0.2 million, and $0.3 million, respectively. Supplemental Executive Retirement Agreements The Company acquired two Supplemental Executive Retirement Plans (the "SERPs") as part of its acquisition of BankRI. The Company maintains the SERPs for certain senior executives under which participants are entitled to an annual retirement benefit. As of December 31, 2016 , there are 13 participants in the SERPs. The Company funded a Rabbi Trust to provide a partial funding source for the Company's liabilities under the SERPs. During 2016, a portion of the Company's BOLI assets were transferred into the Rabbi Trust as a replacement for the funds previously held in the Rabbi Trust. The Company records the liability for the SERPs based on an actuarial calculation in accordance with GAAP, and no actuarial gains and losses are recognized. Total expenses for benefits payable under the SERPs for the years ended December 31, 2016 , and 2015 were $0.8 million and $0.1 million, respectively. Aggregate benefits payable included in accrued expenses and other liabilities as of December 31, 2016 and 2015 were $11.6 million and $11.2 million, respectively. The nominal discount rate used to determine the actuarial present value of projected benefits under the agreements was 4.00% and 4.25% in the year 2016 and 2015 , respectively. Employee Stock Ownership Plan Brookline Bank established an Employee Stock Ownership Plan ("ESOP") on November 1, 1997. The Company's ESOP loan to Brookline Bank to purchase 546,986 shares of Company common stock is payable in quarterly installments over 30 years, bears interest at 8.50% per annum, matures December 31, 2021, and can be prepaid without penalty. The loan is repaid to the Company in the form of cash contributions from Brookline Bank, subject to federal tax law limits. The outstanding balance of the loan as of December 31, 2016 and 2015 , was $1.5 million and $1.8 million , respectively, and is eliminated in consolidation. Shares of common stock used as collateral to secure the loan are released and available for allocation to eligible employees as the principal and interest on the loan is paid. The ESOP was amended in 2015 to permit all eligible participants in the ESOP as of July 1, 2015 or any eligible participants after July 1, 2015 to be fully vested in the ESOP upon the date of eligibility. Dividends on released shares are credited to the participants' ESOP accounts. Dividends on unallocated shares of common stock are generally applied towards payment of the loan. ESOP shares committed to be released are considered outstanding in determining earnings per share. As of December 31, 2016 and 2015 , the ESOP held 176,688 and 213,066 unallocated shares, respectively at an aggregate cost of $0.9 million and $1.1 million , respectively. The market value of such shares as of December 31, 2016 and 2015 was $2.9 million and $2.5 million , respectively. Compensation and employee benefits expense related to the ESOP was $0.4 million in 2016 , 2015 , and 2014 , respectively, based on the commitment to release to eligible employees 36,372 shares in 2016 , 38,316 shares in 2015 and 40,284 shares in 2014 . Recognition and Retention Plans As of December 31, 2016 , the Company had three active recognition and retention plans: the 2003 Recognition and Retention Plan (the "2003 RRP") with 1,250,000 authorized shares, the 2011 Restricted Stock Award Plan ("2011 RSA") with 500,000 authorized shares and the 2014 Equity Incentive Plan ("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 comprised of 17 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 stockholder return (share price appreciation from date of award plus dividends paid as a percent of the Company's common stock share price on the date of award). 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 will be 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 were 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. Total expense for the Plans was $1.8 million in 2016 , $1.4 million in 2015 and $1.2 million in 2014 , respectively. Total income tax benefits on vested awards was $0.3 million in 2016 , $0.3 million in 2015 , and $0.4 million in 2014 . Dividends paid on unvested RRP shares, which are recognized as compensation expense, were $0.1 million in 2016 , $0.1 million in 2015 , and $0.2 million in 2014 . Activity under the recognition and retention plans was as follows: Restricted Stock Awards Outstanding Weighted Average Price per Share (Dollars in Thousands, Except Per Share Amounts) Recognition and Retention Plans: Outstanding at December 31, 2015 486,035 $ 10.37 Granted 206,625 11.45 Vested (158,653 ) 10.33 Forfeited / Canceled (57,153 ) 10.02 Outstanding at December 31, 2016 476,854 $ 10.90 Unrecognized compensation cost $ 2,678 Weighted average remaining recognition period (months) 23 Stock Option Plans The Company has an active equity incentive plan, the 2014 Plan. The prior plans, the "2003 Option Plan" and the "1999 Option Plan" were terminated on October 16, 2013 and April 19, 2009, respectively. The 2014 plan is an omnibus plan from which the Company may award up to 1,750,000 shares of restricted stock or stock options among other types of awards. Under all the stock option plans, shares of the Company's common stock were reserved for issuance to directors, employees, consultants and non-employee directors of the Company. Shares issued upon the exercise of a stock option may be either authorized but unissued shares or reacquired shares held by the Company as treasury shares. Any shares subject to an award which expire or are terminated unexercised will again be available for issuance under the plans. The exercise price of options awarded is the fair market value of the common stock of the Company on the date the award is made. Certain of the options include a reload feature whereby an optionee exercising an option by delivery of shares of common stock would automatically be granted an additional option at the fair market value of stock when such additional option is granted equal to the number of shares so delivered. If an individual to whom a stock option was granted ceases to maintain continuous service by reason of normal retirement, death or disability, or following a change in control, all options and rights granted and not fully exercisable become exercisable in full upon the happening of such an event and shall remain exercisable for a period ranging from 3 months to 5 years. No options were granted in 2016 , 2015 , or 2014 . There was no expense for the stock option plans in 2016 , 2015 , and 2014 . In accordance with the terms of the Plans, no dividend equivalent rights were paid to holders of unexercised vested options in 2016 , 2015 or 2014 . Activity under the option plans was as follows: Options Outstanding Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Weighted Average Contractual Term (In Years) (Dollars in Thousands, Except Per Share Amounts) Employee Stock Options: Outstanding at December 31, 2015 229,845 $ 10.42 Granted — — Exercised (27,500 ) 11.68 Forfeited / Canceled (5,000 ) 12.91 Outstanding at December 31, 2016 197,345 $ 10.18 $ — 2.7 Exercisable at December 31, 2016 197,345 $ 10.18 $ — 2.7 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 and 2015 . Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following table set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at December 31, 2016 and 2015 : Carrying Value as of December 31, 2016 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 97,020 $ — $ 97,020 GSE CMOs — 158,040 — 158,040 GSE MBSs — 212,915 — 212,915 SBA commercial loan asset-backed securities — 107 — 107 Corporate debt obligations — 48,485 — 48,485 U.S. Treasury bonds — 4,737 — 4,737 Trust preferred securities — 1,358 — 1,358 Marketable equity securities 972 — — 972 Total investment securities available-for-sale $ 972 $ 522,662 $ — $ 523,634 Loan level derivatives $ — $ 9,738 $ — $ 9,738 Risk participation-out agreements — 20 — 20 Liabilities: Loan level derivatives $ — $ 9,738 $ — $ 9,738 As of December 31, 2016 , the fair value of the foreign exchange contracts was nominal. Carrying Value as of December 31, 2015 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 40,627 $ — $ 40,627 GSE CMOs — 193,816 — 193,816 GSE MBSs — 229,881 — 229,881 SBA commercial loan asset-backed securities — 147 — 147 Corporate debt obligations — 46,486 — 46,486 Trust preferred securities — 1,267 — 1,267 Marketable equity securities 977 — — 977 Total investment securities available-for-sale $ 977 $ 512,224 $ — $ 513,201 Loan level derivatives $ — $ 8,656 $ — $ 8,656 Liabilities: Loan level derivatives $ — $ 8,781 $ — $ 8,781 The Company did not enter into any risk participation agreements and foreign exchange contracts in 2015. 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 December 31, 2016 and December 31, 2015 , 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. Loan Level Derivatives 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. Refer also to Note 16, "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: Year Ended December 31, 2016 2015 2014 (In Thousands) Investment securities available-for-sale, beginning of year $ — $ — $ 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 year $ — $ — $ — There were no transfers between levels for assets and liabilities recorded at fair value on a recurring basis during 2016 or 2015 . Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2016 and 2015 are summarized below: Carrying Value as of December 31, 2016 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 27,282 $ 27,282 OREO — — 618 618 Repossessed assets — 781 — 781 Total assets measured at fair value on a non-recurring basis $ — $ 781 $ 27,900 $ 28,681 Carrying Value as of December 31, 2015 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 12,137 $ 12,137 OREO — — 729 729 Repossessed assets — 614 — 614 Total assets measured at fair value on a non-recurring basis $ — $ 614 $ 12,866 $ 13,480 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 basis at the dates indicated. Fair Value Valuation Technique At December 31, 2016 At December 31, 2015 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 27,282 $ 12,137 Appraisal of collateral (1) Other real estate owned 618 729 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 the unobservable inputs used may vary but is generally 0% - 10% on the discount for costs to sell and 0% - 15% on appraisal adjustments. Summary of Estimated Fair Values of Financial Instruments The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company's financial instruments at the dates indicated. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, restricted equity securities, 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 December 31, 2016 Financial assets: Investment securities held-to-maturity: GSE debentures $ 14,735 $ 14,101 $ — $ 14,101 $ — GSE MBSs 17,666 17,479 — 17,479 — Municipal obligations 54,219 53,204 — 53,204 — Foreign government obligations 500 487 — — 487 Loans held-for-sale 13,078 13,078 — 13,078 — Loans and leases, net 5,345,198 5,195,312 — — 5,195,312 Restricted equity securities 64,511 75,589 — — 75,589 Financial liabilities: Certificates of deposit 1,041,022 1,042,653 — 1,042,653 — Borrowed funds 1,044,086 1,030,753 — 1,030,753 — At December 31, 2015 Financial assets: Investment securities held-to-maturity: GSE debentures $ 34,915 $ 34,819 $ — $ 34,819 $ — GSE MBSs 19,291 18,986 — 18,986 — Municipal obligations 39,051 39,390 — 39,390 — Foreign government obligations 500 500 — — 500 Loans held-for-sale 13,383 13,383 — 13,383 — Loans and leases, net 4,938,801 4,857,060 — — 4,857,060 Restricted equity securities 66,117 66,117 — — 66,117 Financial liabilities: Certificates of deposit 1,087,872 1,091,906 — 1,091,906 — Borrowed funds 983,029 981,349 — 981,349 — 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 was 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 upon 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. Restricted Equity Securities The fair values of certain restricted equity securities are estimated using observable inputs adjusted for other unobservable information, including but not limited to probability assumptions and similar discounts where applicable. These restricted equity securities are considered to be Level 3. 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. |
Condensed Parent Company Financ
Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Financial Statements | Condensed Parent Company Financial Statements Condensed Parent Company Balance Sheets as of December 31, 2016 and 2015 and Statements of Income for the years ended December 31, 2016 , 2015 and 2014 are as follows. The Statement of Stockholders' Equity is not presented below as the parent company's stockholders' equity is that of the consolidated company. Balance Sheets At December 31, 2016 2015 (In Thousands) ASSETS Cash and due from banks $ 32,220 $ 28,070 Short-term investments 32 33 Total cash and cash equivalents 32,252 28,103 ESOP loan to Brookline Bank 1,502 1,752 Restricted equity securities 100 100 Premises and equipment, net 6,946 9,040 Investment in subsidiaries, at equity 701,943 681,504 Goodwill 35,267 35,267 Other assets 8,259 2,631 Total assets $ 786,269 $ 758,397 LIABILITIES AND STOCKHOLDERS' EQUITY Borrowed funds $ 83,105 $ 82,936 Deferred tax liability 243 435 Accrued expenses and other liabilities 7,377 7,541 Total liabilities 90,725 90,912 Stockholders' equity: Common stock, $0.01 par value; 200,000,000 shares authorized; 75,744,445 shares issued 757 757 Additional paid-in capital 616,734 616,899 Retained earnings, partially restricted 136,671 109,675 Accumulated other comprehensive loss (3,818 ) (2,476 ) Treasury stock, at cost; 4,707,096 shares and 4,861,554 shares, respectively (53,837 ) (56,208 ) Unallocated common stock held by Employee Stock Ownership Plan ("ESOP"); 176,688 shares and 213,066 shares, respectively (963 ) (1,162 ) Total stockholders' equity 695,544 667,485 Total liabilities and stockholders' equity $ 786,269 $ 758,397 Statements of Income Year Ended December 31, 2016 2015 2014 (In Thousands) Interest and dividend income: Dividend income from subsidiaries $ 2,468 $ — $ 24,700 Marketable and restricted equity securities — 97 — ESOP loan to Brookline Bank 141 162 183 Total interest and dividend income 2,609 259 24,883 Interest expense: Borrowed funds 5,080 5,063 1,746 Net interest income (2,471 ) (4,804 ) 23,137 Non-interest income: Other 15 5 — Total non-interest income 15 5 — Non-interest expense: Compensation and employee benefits 82 205 2,357 Occupancy 1,582 22 38 Equipment and data processing (3) (1,190 ) 687 1,499 Directors' fees 700 688 656 Franchise taxes 180 113 252 Insurance 490 490 472 Professional services (1) 245 185 (113 ) Other (2) (1,300 ) (1,289 ) 751 Total non-interest expense 789 1,101 5,912 (Loss) income before income taxes (3,245 ) (5,900 ) 17,225 Credit for income taxes (1,779 ) (1,854 ) (2,705 ) (Loss) income before equity in undistributed income of subsidiaries (1,466 ) (4,046 ) 19,930 Equity in undistributed income of subsidiaries 53,828 53,828 23,358 Net income $ 52,362 $ 49,782 $ 43,288 _______________________________________________________________________________ (1) The Parent Company received a net benefit in 2014 from the intercompany allocation of expense that is eliminated in consolidation. (2) The Parent Company received a net benefit in 2016 and 2015 from the intercompany allocation of expense that is eliminated in consolidation. (3) The Parent Company received a net benefit in 2016 from the intercompany allocation of expense that is eliminated in consolidation. Statements of Cash Flows Year Ended December 31, 2016 2015 2014 (In Thousands) Cash flows from operating activities: Net income attributable to parent company $ 52,362 $ 49,782 $ 43,288 Adjustments to reconcile net income to net cash provided from operating activities: Equity in undistributed income of subsidiaries (53,828 ) (53,828 ) (23,358 ) Depreciation of premises and equipment 2,735 2,728 2,563 Amortization of debt issuance costs 101 100 29 Other operating activities, net 28,536 2,479 (30,822 ) Net cash provided from (used for) operating activities 29,906 1,261 (8,300 ) Cash flows from investing activities: Repayment of ESOP loan by Brookline Bank 250 250 250 Purchase of premises and equipment (641 ) (742 ) (1,739 ) Net cash used for investing activities (391 ) (492 ) (1,489 ) Cash flows from financing activities: Proceeds from issuance of subordinated notes — — 73,495 Payment of dividends on common stock (25,366 ) (24,967 ) (23,876 ) Net cash (used for) provided from used for financing activities (25,366 ) (24,967 ) 49,619 Net increase (decrease) in cash and cash equivalents 4,149 (24,198 ) 39,830 Cash and cash equivalents at beginning of year 28,103 52,301 12,471 Cash and cash equivalents at end of year $ 32,252 $ 28,103 $ 52,301 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) 2016 Quarters Fourth Third Second First (Dollars in Thousands Except Per Share Data) Interest and dividend income $ 60,983 $ 61,531 $ 59,236 $ 57,898 Interest expense 9,129 9,181 8,979 8,695 Net interest income 51,854 52,350 50,257 49,203 Provision for credit losses 3,215 2,215 2,545 2,378 Net interest income after provision for credit losses 48,639 50,135 47,712 46,825 Loan level derivative income, net 265 858 1,210 1,629 Gain on sale of loans and leases held-for-sale 1,270 588 345 905 Other non-interest income 3,895 3,883 3,820 3,935 Amortization of identified intangible assets (621 ) (623 ) (621 ) (635 ) Other non-interest expense (31,986 ) (32,765 ) (31,629 ) (31,418 ) Income before provision for income taxes 21,462 22,076 20,837 21,241 Provision for income taxes 7,524 7,804 7,465 7,599 Net income before noncontrolling interest in subsidiary 13,938 14,272 13,372 13,642 Less net income attributable to noncontrolling interest in subsidiary 659 655 718 830 Net income attributable to Brookline Bancorp, Inc. $ 13,279 $ 13,617 $ 12,654 $ 12,812 Earnings per share: Basic $ 0.19 $ 0.19 $ 0.18 $ 0.18 Diluted 0.19 0.19 0.18 0.18 Average common shares outstanding: Basic 70,362,702 70,299,722 70,196,950 70,186,921 Diluted 70,592,204 70,450,760 70,388,438 70,343,408 Common stock price: High $ 16.60 $ 12.19 $ 11.69 $ 11.21 Low 12.05 10.71 10.44 10.23 Dividends per share $ 0.090 $ 0.090 $ 0.090 $ 0.090 2015 Quarters Fourth Third Second First (Dollars in Thousands Except Per Share Data) Interest and dividend income $ 58,448 $ 56,687 $ 55,166 $ 56,609 Interest expense 8,370 8,100 7,994 8,081 Net interest income 50,078 48,587 47,172 48,528 Provision for credit losses 1,520 1,755 1,913 2,263 Net interest income after provision for credit losses 48,558 46,832 45,259 46,265 Loan level derivative income, net 1,556 900 941 — Gain on sales of loans and leases held-for-sale 614 446 279 869 Other non-interest income 3,893 3,438 3,647 3,601 Amortization of identified intangible assets (724 ) (725 ) (724 ) (738 ) Other non-interest expense (31,605 ) (30,545 ) (29,728 ) (30,588 ) Income before provision for income taxes 22,292 20,346 19,674 19,409 Provision for income taxes 8,237 6,897 7,115 7,104 Net income before noncontrolling interest in subsidiary 14,055 13,449 12,559 12,305 Less net income attributable to noncontrolling interest in subsidiary 728 561 694 602 Net income attributable to Brookline Bancorp, Inc. $ 13,327 $ 12,888 $ 11,865 $ 11,703 Earnings per share: Basic $ 0.19 $ 0.18 $ 0.17 $ 0.17 Diluted 0.19 0.18 0.17 0.17 Average common shares outstanding: Basic 70,177,382 70,129,056 70,049,829 70,036,090 Diluted 70,318,657 70,240,020 70,215,850 70,164,105 Common stock price: High $ 11.89 $ 11.66 $ 11.54 $ 10.05 Low 10.19 10.09 10.10 9.29 Dividends per share $ 0.090 $ 0.090 $ 0.090 $ 0.085 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 3, 2017, the Company through its wholly owned subsidiary, Brookline Securities Corp. exchanged 9,721 shares of restricted equity securities of NRS, and the Company received $319.04 in cash and 14.876 shares of CBU common stock for each share of NRS held. As part of the merger agreement, the Company is restricted to selling 5,071 shares per day in the open market. The Company recognized a gain on sale of restricted equity securities of $11.3 million on a pre-tax basis and $10.1 million on an after-tax basis in its consolidated financial statements in February 2017. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies | |
Basis of Accounting | The Company's consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") as set forth by the Financial Accounting Standards Board ("FASB") in its Accounting Standards Codification and through the rules and interpretive releases of the Securities and Exchange Commission ("SEC") under the authority of federal securities laws. |
Consolidation | The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. |
Use of Estimates | 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, the review of goodwill and intangibles for impairment and the review of deferred tax assets for valuation allowance. 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting asset balances and cash flows, cash and cash equivalents includes cash on hand and due from banks (including cash items in process of clearing), interest-bearing deposits with banks, federal funds sold, money market mutual funds and other short-term investments with original maturities of three months or less. |
Investment Securities | Investment Securities Investment securities, other than those reported as short-term investments, are classified at the time of purchase as "available-for-sale," or "held-to-maturity." Classification is periodically re-evaluated for consistency with the Company's goals and objectives. Equity investments in the Federal Home Loan Bank of Boston ("FHLBB") and the Federal Reserve Bank of Boston are discussed in more detail in Note 5, "Restricted Equity Securities." Investment Securities Available-for-Sale and Held-to-Maturity Investment securities for which the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at amortized cost. Those investment securities held for indefinite periods of time but not necessarily to maturity are classified as available-for-sale. Investment securities held for indefinite periods of time include investment securities that management intends to use as part of its asset/liability, liquidity, and/or capital management strategies and may be sold in response to changes in interest rates, maturities, asset/liability mix, liquidity needs, regulatory capital needs or other business factors. Investment securities available-for-sale are carried at estimated fair value, primarily obtained from a third-party pricing service, with unrealized gains and losses reported on an after-tax basis in stockholders' equity as accumulated other comprehensive income or loss. As of December 31, 2016 and 2015 , the Company did not make any adjustments to the prices provided by the third-party pricing service. Security transactions are recorded on the trade date. Realized gains and losses are determined using the specific identification method and are recorded in non-interest income. Interest and dividends on securities are recorded using the accrual method. Premiums and discounts on securities are amortized or accreted into interest income using the level-yield method over the remaining period to contractual maturity, adjusted for the effect of actual prepayments in the case of mortgage-backed securities ("MBSs") and collateralized mortgage obligations ("CMOs"). These estimates of prepayment assumptions are made based upon the actual performance of the underlying security, current interest rates, the general market consensus regarding changes in mortgage interest rates, the contractual repayment terms of the underlying loans, the priority rights of the investors to the cash flows from the mortgage securities and other economic conditions. When differences arise between anticipated prepayments and actual prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. Unamortized premium or discount is adjusted to the amount that would have existed had the new effective yield been applied since purchase, with a corresponding charge or credit to interest income. Management evaluates securities for other-than-temporary impairment ("OTTI") on a periodic basis. Factors considered in determining whether an impairment is OTTI include: (1) the length of time and the extent to which the fair value has been less than amortized cost, (2) projected future cash flows, (3) the financial condition and near-term prospects of the issuers, and (4) the intent and ability of the Company to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value. The Company records an OTTI loss in an amount equal to the entire difference between the fair value and amortized cost if: (1) the Company intends to sell an impaired investment security, (2) it is more likely than not that the Company will be required to sell the investment security before its amortized costs, or (3) for debt securities, the present value of expected future cash flows is not sufficient to recover the entire amortized cost basis. If an investment security is determined to be OTTI but the Company does not intend to sell the investment security, only the credit portion of the estimated loss is recognized in earnings, with the non credit portion of the loss recognized in other comprehensive income. Restricted Equity Securities The Company invests in the stock of the FHLBB, the Federal Reserve Bank of Boston and a small amount of other restricted securities. No ready market exists for these stocks, and they have no quoted market values. The Banks, as members of the FHLBB, are required to maintain investments in the capital stock of the FHLBB equal to their membership base investments plus an activity-based investment determined according to the Banks' level of outstanding FHLBB advances. Federal Reserve Bank of Boston stock was purchased and is redeemable at par. |
Loans | Loans Originated Loans Loans the Company originates for the portfolio, and for which it has the intent and ability to hold to maturity, are reported at amortized cost, inclusive of deferred loan origination fees and expenses, less unadvanced funds due borrowers on loans and the allowance for loan and lease losses. Interest income on loans and leases originated for the portfolio is accrued on unpaid principal balances as earned. Loan origination fees and direct loan origination costs are deferred, and the net fee or cost is recognized in interest income using the interest method. Deferred amounts are recognized for fixed-rate loans over the contractual life of the loans and for adjustable-rate loans over the period of time required to adjust the contractual interest rate to a yield approximating a market rate at the origination date. If a loan is prepaid, the unamortized portion of the loan origination costs, including third party referral related costs not subject to rebate from the dealer, is charged to income. Loans and Leases Held-for-Sale Management identifies and designates certain newly originated loans and leases for sale to specific financial institutions, subject to the underwriting criteria of those financial institutions. These loans and leases are held for sale and are carried at the lower of cost or market as determined in the aggregate. Deferred loan fees and costs are included in the determination of the gain or loss on sale. Acquired Loans Acquired loans that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the recorded fair value of the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately are not to be received). |
Non-Performing Loans | Nonperforming Loans Nonaccrual Loans 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. Impaired Loans 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. Smaller-balance, homogeneous loans that are evaluated collectively for impairment, such as residential, home equity and other consumer loans are specifically excluded from the impaired loan portfolio except where the loan is classified as a troubled debt restructuring. The Company has defined the population of impaired loans to include nonaccrual loans and troubled debt restructured ("TDR") 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 value of an impaired loan is measured based upon the present value of expected future cash flows discounted at the loan's effective interest rate, or the fair value of the collateral if the loan is collateral-dependent and its payment is expected solely based on the underlying collateral. For impaired loans deemed collateral dependent, where impairment is measured using the fair value of the collateral, the Company will either obtain a new appraisal or use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Interest collected on impaired loans is either applied against principal or reported as income according to management's judgment as to the collectability of principal. If management does not consider a loan ultimately collectible within an acceptable time frame, payments are applied as principal to reduce the loan balance. If full collection of the remaining recorded investment should subsequently occur, interest receipts are recorded as interest income on a cash basis. Troubled Debt Restructured Loans In cases where a borrower experiences financial difficulties and the Company makes certain concessionary modifications to contractual terms, the loan is classified as a TDR loan. In determining whether a debtor is experiencing financial difficulties, the Company considers, among other factors, whether the debtor is in payment default or is likely to be in payment default in the foreseeable future without the modification, if the debtor declared or is in the process of declaring bankruptcy, there is substantial doubt that the debtor will continue as a going concern, the debtor's entity-specific projected cash flows will not be sufficient to service its debt, or the debtor cannot obtain funds from sources other than the existing creditors at market terms for debt with similar risk characteristics. Large groups of small-balance homogeneous loans such as residential real estate, residential construction, home equity and other consumer portfolios are collectively evaluated for impairment. As such, the Company does not typically identify individual loans within these groupings as impaired loans or for impairment evaluation and disclosure. However, the Company evaluates all TDRs for impairment on an individual loan basis regardless of loan type. Modifications may include interest-rate reductions, short-term (defined as one year or less) changes in payment structure to interest-only payments, short-term extensions of the loan's original contractual term, or less frequently, principal forgiveness, interest capitalization, forbearance and other actions intended to minimize economic loss and avoid foreclosure or repossession of collateral. Typically, TDRs are placed on nonaccrual status and reported as nonperforming loans. Generally, a nonaccrual loan that is restructured remains on nonaccrual for a period of six months to demonstrate that the borrower can meet the restructured terms; however, performance prior to the restructuring, or significant events that coincide with the restructuring, are considered in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of restructuring or after a shorter performance period. If the borrower's ability to meet the revised payment schedule is not reasonably assured, the loan remains classified as a nonaccrual loan. Loans restructured at an interest rate equal to or greater than that of a new loan with comparable risk at the time the loan agreement is modified may be excluded from restructured loan disclosures in years subsequent to the restructuring if they are in compliance with the modified terms. |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses 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) and 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 three classes: commercial loans which includes taxi medallion loans, equipment financing, and loans to condominium associations. Consumer loans are divided into four classes: residential mortgage loans, home equity loans, indirect automobile loans, and other consumer loans. A formula-based credit evaluation approach is applied to each group, coupled with an analysis of certain loans for impairment. The general allowance related to loans collectively evaluated for impairment is determined using a formula-based approach utilizing the risk ratings of individual credits and loss factors derived from historic portfolio loss rates, which include estimates of incurred losses over an estimated loss emergence period (“LEP”). The LEP was generated utilizing a charge-off look-back analysis which studied the time from the first indication of elevated risk of repayment (or other early event indicating a problem) to eventual charge-off to support the LEP considered in the allowance calculation. This reserving methodology established the approximate number of months of LEP that represents incurred losses for each portfolio. In addition to quantitative measures, relevant qualitative factors include, but are not limited to: (1) levels and trends in past due and impaired loans, (2) levels and trends in charge-offs, (3) changes in underwriting standards, policy exceptions, and credit policy, (4) experience of lending management and staff, (5) economic trends, (6) industry conditions, (7) effects of changes in credit concentrations, (8) interest rate environment, and (9) regulatory and other changes. The general allowance related to the acquired loans collectively evaluated for impairment is determined based upon the degree, if any, of deterioration in the pooled loans subsequent to acquisition. The qualitative factors used in the determination are the same as those used for originated loans. During 2015, the Company enhanced and refined its general allowance methodology. Under the enhanced methodology, management combined the historical loss histories of the Banks to generate a single set of historical loss ratios. Management believes it is appropriate to aggregate the ratios as the Banks share common environmental factors, operate in similar geographic markets, and utilize common underwriting standards in accordance with the Company's Credit Policy. In prior periods, a historical loss history applicable to each Bank was used. Management employed a similar analysis for the consolidation of the qualitative factors as it did for the quantitative factors. Again, management believes the realignment of the existing nine qualitative factors used at each of the Banks into a single group of factors used for the Company 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 December 31, 2016 allowance calculation included a further segmentation of the commercial loans and leases to reflect the increased risk in the Company’s taxi medallion portfolio. As of December 31, 2016 , this portfolio is approximately $31.1 million . Based on industry conditions, management established a specific loss factor for this portfolio that best represents the changing 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 TDR 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 December 31, 2016 , management believes that the methodology for calculating the allowance is sound and that the allowance provides a reasonable basis for determining and reporting on probable losses in the Company’s loan portfolios. Liability for Unfunded Commitments In the ordinary course of business, the Company enters into commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for loan losses. |
Premises and Equipment | Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation and amortization, except for land which is carried at cost. Premises and equipment are depreciated using the straight-line method over the estimated useful life of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the improvements. Costs related to internal-use software development projects that provide significant new functionality are capitalized. Internal-use software is software acquired or modified solely to meet the Company's needs and for which there is no plan to market the software externally. Direct and indirect costs associated with the application development stage of internal use software are capitalized until such time that the software is substantially complete and ready for its intended use. Capitalized costs are amortized on a straight-line basis over the remaining estimated life of the software. Computer software and development costs incurred in the preliminary project stage, as well as training and maintenance costs, are expensed as incurred. |
Leases | Leases The Company leases properties for offices and branches in the states of Massachusetts, Rhode Island and New York. Lease terms range from five years to over 25 years with options to renew. Management performs an analysis to determine proper lease accounting at lease inception and for each renewal. If a lease meets any of the following four criteria, the lease is classified as capital lease. The four criteria are: transfer of ownership by the end of lease term; contains bargain purchase option; lease term is at least 75% of the property’s estimated remaining economic life; or present value of the minimum lease payment is at least 90% of the fair value of the leased property. The Company did not have any capital leases as of December 31, 2016 or 2015 . All leases are classified as operating leases and rental payments are expensed as incurred. Certain leases contain rent escalation clauses which are amortized over the life of the lease under the straight-line method. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Company acquired bank-owned life insurance ("BOLI") plans as part of its acquisitions of First Ipswich and BankRI. BOLI represents life insurance on the lives of certain current and former employees who have provided positive consent allowing their employer to be the beneficiary of such policies. BankRI and First Ipswich are the beneficiaries of their respective policies. BankRI and First Ipswich utilize BOLI as tax-efficient financing for their benefit obligations to their employees, including their retirement obligations and Supplemental Executive Retirement Plans ("SERPs"). Since BankRI and First Ipswich are the primary beneficiaries of their respective insurance policies, increases in the cash value of the policies, as well as insurance proceeds received, are recorded in non-interest income and are not subject to income taxes. BOLI is recorded at the cash value of the policies, less any applicable cash surrender charges, and is reflected as an asset in the accompanying consolidated balance sheets. Cash proceeds, if any, are classified as cash flows from investing activities. The Company reviews the financial strength of the insurance carriers prior to the purchase of BOLI to ensure minimum credit ratings of at least investment grade. The financial strength of the carriers is reviewed at least annually, and BOLI with any individual carrier is limited to 10% of the Company's capital. Total BOLI is limited to 25% of the Company's capital. |
Goodwill and Other Identified Intangible Assets | Goodwill and Other Identified Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill and indefinite-lived identified intangible assets are not subject to amortization. Definite-lived identified intangible assets are assets resulting from acquisitions that are being amortized over their estimated useful lives. The recoverability of goodwill and identified intangible assets is evaluated for impairment at least annually. As part of this evaluation, the Company makes a qualitative assessment of whether it is more likely than not that the fair value of an acquired asset is greater than its carrying amount. If the Company qualitatively concludes that it is more likely than not that the fair value of an acquired asset is greater than its carrying amount, no further testing is necessary. If, however, the Company qualitatively concludes that it is more likely than not that the fair value of an acquired asset is less than its carrying value, the Company performs a two-step quantitative impairment test to determine whether the asset is impaired. If impairment is deemed to have occurred, the amount of impairment is charged to expense when identified. The Company did not have any impairment as of December 31, 2016 and 2015 . |
OREO and Other Repossessed Assets | OREO and Other Repossessed Assets OREO and other repossessed assets consists of properties acquired through foreclosure, real estate acquired through acceptance of a deed in lieu of foreclosure and loans determined to be substantively repossessed. Real estate loans that are substantively repossessed include only those loans for which the Company has taken possession of the collateral. OREO and other repossessed assets which consist of vehicles and equipment, if any, are recorded initially at estimated fair value less costs to sell, resulting in a new cost basis. The amount by which the recorded investment in the loan exceeds the fair value (net of estimated cost to sell) of the foreclosed or repossessed asset is charged to the allowance for loan and lease losses. Such evaluations are based on an analysis of individual properties/assets as well as a general assessment of current real estate market conditions. Subsequent declines in the fair value of the foreclosed or repossessed asset below the new cost basis are recorded through the use of a valuation allowance. Subsequent increases in the fair value are recorded as reductions in the allowance, but not below zero. Rental revenue received on foreclosed or repossessed assets is included in other non-interest income, whereas operating expenses and changes in the valuation allowance relating to foreclosed and repossessed assets are included in other non-interest expense. Certain costs used to improve such properties are capitalized. Gains and losses from the sale of OREO and other repossessed assets are reflected in non-interest expense when realized. Together with nonperforming loans, OREO and repossessed assets comprise nonperforming assets. |
Derivatives | Derivatives The Company utilizes loan level derivatives which consists of interest rate swap agreements and risk participation agreements as part of the Company's interest-rate risk management strategy for certain assets and liabilities and not for speculative purposes. Based on the Company's intended use for the loan level derivatives at inception, the Company designates the derivative as either an economic hedge of an asset or liability, or a hedging instrument subject to the hedge accounting provisions of FASB ASC Topic 815, "Derivatives and Hedging." Loan level derivatives and foreign exchange contracts entered into on behalf of our customers are designated as economic hedges and are recorded at fair value within other assets or liabilities. Changes in the fair value of these non hedging derivatives are recorded directly through earnings at each reporting period. |
Transfer of Financial Assets | Transfer of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Securities Sold under Agreements to Repurchase | Securities Sold under Agreements to Repurchase The Company enters into sales of securities under agreements to repurchase with the Banks' commercial customers. These agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the consolidated balance sheets. Securities pledged as collateral under agreements to repurchase are reflected as assets in the accompanying consolidated balance sheets. |
Employee Benefits | Employee Benefits Costs related to the Company's 401(k) plan are recognized in current operations. Costs related to the Company's nonqualified deferred compensation plan, SERPs and postretirement benefits are recognized over the vesting period or the related service periods of the participating employees. Changes in the funded status of postretirement benefits are recognized through comprehensive income in the year in which changes occur. Compensation expense for the Company's Employee Stock Ownership Program ("ESOP") is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair market value of the shares during the year. The Company recognizes compensation expense ratably over the year based upon the Company's estimate of the number of shares expected to be allocated by the ESOP. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in capital. The fair value of restricted stock awards and stock option grants are determined as of the grant date and are recorded as compensation expense over the period in which the shares of restricted stock awards and stock options vest. Forfeitures are estimated in determining compensation expense. |
Fair Value Measurements | Fair Value Measurements ASC 820-10, "Fair Value Measurements and Disclosures," defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability is not adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities. It is not a forced transaction. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, able to transact, and willing to transact. A fair-value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs are included in ASC 820. The fair value hierarchy is as follows: Level 1: Inputs are unadjusted quoted prices in active markets for assets and liabilities identical to those reported at fair value. Level 2: Inputs other than quoted prices included within Level 1. Level 2 inputs are observable either directly or indirectly. These inputs might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3: Inputs are unobservable inputs for an asset or liability that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. These inputs are used to determine fair value only when observable inputs are not available. |
Earnings per Common Share | Earnings per Common Share Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding for the applicable period, exclusive of Treasury shares, unearned ESOP shares and unvested shares of restricted stock. Diluted EPS is calculated after adjusting the denominator of the basic EPS calculation for the effect of all potential dilutive common shares outstanding during the period. The dilutive effects of options and unvested restricted stock awards are computed using the "treasury stock" method. Management evaluated the "two class" method and concluded that the method did not apply to the Company's EPS calculation. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Tax positions that are more likely than not to be sustained upon a tax examination are recognized in the Company's financial statements to the extent that the benefit is greater than 50% likely of being recognized. Interest resulting from underpayment of income taxes is classified as income tax expense in the first period the interest would begin accruing according to the provision of the relevant tax law. Penalties resulting from underpayment of income taxes are classified as income tax expense in the period for which the Company claims or expects to claim an uncertain tax position or in the period in which the Company's judgment changes regarding an uncertain tax position. |
Treasury Stock | Treasury Stock Any shares repurchased under the Company's share repurchase programs were purchased in open-market transactions and are held as treasury stock. Treasury stock also consists of common stock withheld to satisfy federal, state and local income tax withholding requirements for employee restricted stock awards upon vesting. All treasury stock is held at cost. |
Segment Reporting | Segment Reporting An operating segment is defined as a component of a business for which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and evaluate performance. The Company is a bank holding company with subsidiaries engaged in the business of banking and activities closely related to banking. The Company's banking business provided substantially all of its total revenues and pre-tax income in 2016 , 2015 and 2014 . Therefore, the Company has determined there to be a single segment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2017-05, Other Income Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20). This ASU was issued to clarify the scope of Subtopic 610-20, and to add guidance for partial sales of nonfinancial assets. For public entities, this ASU is effective for annual reporting periods beginning after December 15, 2017. Management believes that this ASU applies and is assessing the impact, if any, as of December 31, 2016 . Management will form a project team to determine the impact and if the Company will early adopt the ASU. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This ASU was issued to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. For public entities, this ASU is effective for the fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted and application should be on a prospective basis. Management has evaluated this ASU and believes that ASU 2017-04 does apply. Management will form a project team to determine the impact and if the Company will early adopt the ASU. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). This ASU was issued to provide clarification and uniformity on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows under Topic 230. This amendments presented in this ASU are effective for fiscal years beginning after December 15, 2017. As of December 31, 2016 , management believes that ASU 2016-15 does apply, and after completing an internal analysis has determined the impact of adoption of this ASU in 2018 will be related to financial statement presentation. In June 2016, the FASB issued ASU 2016-13, Financial instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The intent of this ASU is to replace the current GAAP method of calculating credit losses. Current GAAP uses a higher threshold at which likely losses can be calculated and recorded. The new process will require institutions to account for likely losses that originally would not have been part of the calculation. The calculation will incorporate future forecasting in addition to historical and current measures. For public entities that file with the SEC, this ASU is effective for the fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This ASU must be applied prospectively to debt securities marked as other than temporarily impaired. A retrospective approach will be applied cumulatively to retained earnings. Early adoption is permitted as of the fiscal years beginning after December 15, 2018. Management has determined that ASU 2016-13 does apply, but has not determined the impact, if any, as of December 31, 2016 . In preparation for the adoption in 2019 of this ASU, management formed a steering committee which has determined an approach for implementation which includes the selection of a third party software service provider. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The intention of this ASU is to provide additional clarification on specific issues brought forth by the FASB and the International Accounting Standards Board Joint Transition Resource Group for Revenue Recognition in relation to Topic 606 and revenue recognition. This ASU is to have the same effective date as ASU 2015-14 which deferred the effective date of ASU 2014-09 to December 15, 2017. Management has determined that ASU 2016-12 does apply, but has not determined the impact, if any, as of December 31, 2016 . Management assembled a project team to address the changes pursuant to Topic 606. The project team has made an initial scope assessment and additional progress over the topic is expected to be made in the second quarter of 2017. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This ASU was issued as part of the FASB Simplification Initiative which intends to reduce the complexity of GAAP while improving usefulness to users. There are eight main items in this ASU that contribute to the simplification of share-based accounting. For public entities, this ASU is effective for the fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. Management believes that this ASU applies, but does not plan to early adopt, but has not yet determined the impact of implementation. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). This ASU was issued to clarify how to recognize revenue depending on an entities position, in relation to another entity involved, on contracts with customers. The entity can either be a principal party or an agent, and must record revenue accordingly. This ASU is not yet effective. Since this ASU affects ASU 2014-09, and that effective date was deferred, this ASU remains suspended too. Management believes that this ASU applies and is assessing the impact, if any, as of December 31, 2016 . Management assembled a project team to address the changes pursuant to Topic 606. The project team has made an initial scope assessment and additional progress over the topic is expected to be made in the second quarter of 2017. In February 2016, FASB issued ASU 2016-02, Leases. This ASU requires lessees to put most leases on their balance sheet but recognize expenses on their income statements in a manner similar to current accounting. This ASU also eliminates current real estate-specific provisions for all companies. For lessors, this ASU modifies the classification criteria and the accounting for sales-type and direct financing leases. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods therein. Early adoption is permitted. Management believes that this ASU applies and is assessing the impact, if any, as of December 31, 2016 . Management has met to discuss the impact and will assemble a project team to assess steps required for adoption prior to implementation of the standard in 2019. In January 2016, the FASB issued ASU 2016-01, Financial Instruments. This ASU significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods therein. Management believes that this ASU applies and is assessing the impact, if any, as of December 31, 2016 . Management has put together a steering committee which has made progress identifying the additional data requirements necessary to implement the ASU and has determined an approach for implementation which includes the selection of a third party software service provider. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. This ASU was issued to defer the effective date of ASU 2014-09 for all entities by one year. In effect, public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods (including interim reporting periods within those period) beginning after December 15, 2017. Management believes that this ASU applies and is assessing the impact, if any, as of December 31, 2016 . Management assembled a project team to address the changes pursuant to Topic 606. The project team has made an initial scope assessment and additional progress over the topic is expected to be made in the second quarter of 2017. |
Cash and Short-Term Investments
Cash and Short-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Short-term investments | Short-term investments are summarized as follows: At December 31, 2016 2015 (In Thousands) FRB interest bearing reserve $ 19,952 $ 34,575 FHLB overnight deposits 2,142 9,573 Federal funds sold 9,508 2,588 Total short-term investments $ 31,602 $ 46,736 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of securities available-for-sale securities | The following tables set forth investment securities available-for-sale and held-to-maturity at the dates indicated: At December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 98,122 $ 188 $ 1,290 $ 97,020 GSE CMOs 161,483 37 3,480 158,040 GSE MBSs 214,946 794 2,825 212,915 SBA commercial loan asset-backed securities 107 — — 107 Corporate debt obligations 48,308 360 183 48,485 U.S. treasury bonds 4,801 — 64 4,737 Trust preferred securities 1,469 — 111 1,358 Marketable equity securities 966 15 9 972 Total investment securities available-for-sale $ 530,202 $ 1,394 $ 7,962 $ 523,634 Investment securities held-to-maturity: GSE debentures $ 14,735 $ — $ 634 $ 14,101 GSEs MBSs 17,666 — 187 17,479 Municipal obligations 54,219 5 1,020 53,204 Foreign government obligations 500 — 13 487 Total investment securities held-to-maturity $ 87,120 $ 5 $ 1,854 $ 85,271 At December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 40,658 $ 141 $ 172 $ 40,627 GSE CMOs 198,000 45 4,229 193,816 GSE MBSs 230,213 1,098 1,430 229,881 SBA commercial loan asset-backed securities 148 — 1 147 Corporate debt obligations 46,160 344 18 46,486 Trust preferred securities 1,466 — 199 1,267 Marketable equity securities 956 21 — 977 Total investment securities available-for-sale $ 517,601 $ 1,649 $ 6,049 $ 513,201 Investment securities held-to-maturity: GSE debentures $ 34,915 $ 9 $ 105 $ 34,819 GSEs MBSs 19,291 — 305 18,986 Municipal obligations 39,051 364 25 39,390 Foreign government obligations 500 — — 500 Total investment securities held-to-maturity $ 93,757 $ 373 $ 435 $ 93,695 |
Investment securities in a continuous unrealized loss position | Investment securities as of December 31, 2016 and 2015 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At December 31, 2016 Less than Twelve Months Twelve Months or Longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (In Thousands) Investment securities available-for-sale: GSE debentures $ 67,216 $ 1,291 $ — $ — $ 67,216 $ 1,291 GSE CMOs 118,450 2,162 38,852 1,318 157,302 3,480 GSE MBSs 149,687 2,821 198 3 149,885 2,824 SBA commercial loan asset-backed securities — — 72 — 72 — Corporate debt obligations 7,953 183 — — 7,953 183 U.S. Treasury bonds 4,737 64 — — 4,737 64 Trust preferred securities — — 1,358 111 1,358 111 Marketable equity securities 503 9 — — 503 9 Temporarily impaired investment securities available-for-sale 348,546 6,530 40,480 1,432 389,026 7,962 Investment securities held-to-maturity: GSE debentures 14,101 634 — — 14,101 634 GSEs MBSs 17,289 187 — — 17,289 187 Municipal obligations 50,098 1,020 — — 50,098 1,020 Foreign government obligations 487 13 — — 487 13 Temporarily impaired investment securities held-to-maturity 81,975 1,854 — — 81,975 1,854 Total temporarily impaired investment securities $ 430,521 $ 8,384 $ 40,480 $ 1,432 $ 471,001 $ 9,816 At December 31, 2015 Less than Twelve Months Twelve Months or Longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (In Thousands) Investment securities available-for-sale: GSE debentures $ 19,633 $ 172 $ — $ — $ 19,633 $ 172 GSE CMOs 89,680 1,294 100,473 2,935 190,153 4,229 GSE MBSs 133,779 845 16,968 585 150,747 1,430 SBA commercial loan asset-backed securities — — 139 1 139 1 Corporate debt obligations 6,181 18 — — 6,181 18 Trust preferred securities — — 1,267 199 1,267 199 Temporarily impaired investment securities available-for-sale 249,273 2,329 118,847 3,720 368,120 6,049 Investment securities held-to-maturity: GSE debentures 25,837 105 — — 25,837 105 GSEs MBSs 18,834 305 — — 18,834 305 Municipal obligations 7,629 25 — — 7,629 25 Temporarily impaired investment securities held-to-maturity 52,300 435 — — 52,300 435 Total temporarily impaired investment securities $ 301,573 $ 2,764 $ 118,847 $ 3,720 $ 420,420 $ 6,484 |
Schedule of maturities of the investments in debt securities | es The final stated maturities of the debt securities are as follows for the periods indicated: At December 31, 2016 2015 Amortized Cost Estimated Fair Value Weighted Average Rate Amortized Cost Estimated Fair Value Weighted Average Rate (Dollars in Thousands) Investment securities available-for-sale: Within 1 year $ 13 $ 13 0.17% $ 2,999 $ 3,003 2.09% After 1 year through 5 years 81,524 81,833 2.14% 59,729 60,249 2.32% After 5 years through 10 years 128,956 127,952 2.03% 100,658 100,833 2.05% Over 10 years 318,743 312,864 2.03% 353,259 348,139 1.97% $ 529,236 $ 522,662 2.04% $ 516,645 $ 512,224 2.03% Investment securities held-to-maturity: Within 1 year $ 190 $ 190 1.00% $ 651 $ 651 1.00% After 1 year through 5 years 23,012 22,750 1.30% 23,888 23,866 1.52% After 5 years through 10 years 46,442 45,042 1.75% $ 50,078 $ 50,344 2.00% Over 10 years 17,476 17,289 2.11% $ 19,140 $ 18,834 1.82% $ 87,120 $ 85,271 1.70% $ 93,757 $ 93,695 1.83% |
Schedule of sales of investment securities | Sales of investment securities are summarized as follows: Year Ended December 31, 2016 2015 2014 (In Thousands) Sales of debt securities $ — $ — $ 5,084 Sales of marketable equity securities — — 401 Gross gains from sales $ — $ — $ 380 Gross losses from sales — — 315 Gain on sales of securities, net $ — $ — $ 65 |
Restricted Equity Securities (T
Restricted Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restricted Investments Note [Abstract] | |
Components of investments in the restricted equity securities of various entities | Investments in the restricted equity securities of various entities are as follows: At December 31, 2016 2015 (In Thousands) FHLBB stock $ 47,284 $ 48,890 Federal Reserve Bank of Boston stock 16,752 16,752 Other restricted equity securities 475 475 $ 64,511 $ 66,117 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Summary of loan and lease balances 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 December 31, 2016 Originated Acquired Total Balance Weighted Average Coupon Balance Weighted Average Coupon Balance Weighted Average Coupon (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 1,907,254 3.95% $ 143,128 4.24% $ 2,050,382 3.97% Multi-family mortgage 701,450 3.79% 29,736 4.53% 731,186 3.82% Construction 136,785 3.79% 214 3.67% 136,999 3.79% Total commercial real estate loans 2,745,489 3.90% 173,078 4.29% 2,918,567 3.92% Commercial loans and leases: Commercial 621,285 4.11% 14,141 5.44% 635,426 4.14% Equipment financing 793,702 7.06% 6,158 5.86% 799,860 7.05% Condominium association 60,122 4.39% — —% 60,122 4.39% Total commercial loans and leases 1,475,109 5.71% 20,299 5.57% 1,495,408 5.71% Indirect automobile loans 6,141 5.40% — —% 6,141 5.40% Consumer loans: Residential mortgage 555,430 3.67% 68,919 3.98% 624,349 3.70% Home equity 289,361 3.50% 52,880 4.26% 342,241 3.62% Other consumer 12,030 5.51% 128 17.92% 12,158 5.64% Total consumer loans 856,821 3.64% 121,927 4.12% 978,748 3.70% Total loans and leases $ 5,083,560 4.38% $ 315,304 4.31% $ 5,398,864 4.38% At December 31, 2015 Originated Acquired Total Balance Weighted Average Coupon Balance Weighted Average Coupon Balance Weighted Average Coupon (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 1,684,548 4.00% $ 191,044 4.15 % $ 1,875,592 4.02% Multi-family mortgage 620,865 3.92% 37,615 4.35 % 658,480 3.94% Construction 129,742 3.60% 580 5.08 % 130,322 3.61% Total commercial real estate loans 2,435,155 3.96% 229,239 4.19 % 2,664,394 3.98% Commercial loans and leases: Commercial 576,599 3.90% 15,932 5.65 % 592,531 3.95% Equipment financing 712,988 7.05% 8,902 6.14 % 721,890 7.04% Condominium association 59,875 4.50% — — % 59,875 4.50% Total commercial loans and leases 1,349,462 5.59% 24,834 5.83 % 1,374,296 5.59% Indirect automobile loans 13,678 5.53% — — % 13,678 5.53% Consumer loans: Residential mortgage 527,846 3.64% 88,603 3.85 % 616,449 3.67% Home equity 234,708 3.35% 79,845 3.99 % 314,553 3.51% Other consumer 12,039 4.77% 131 17.40 % 12,170 4.91% Total consumer loans 774,593 3.57% 168,579 3.93 % 943,172 3.63% Total loans and leases $ 4,572,888 4.38% $ 422,652 4.18 % $ 4,995,540 4.36% |
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: Year Ended December 31, 2016 2015 2014 (In Thousands) Balance at beginning of year $ 20,796 $ 32,044 $ 45,789 Accretion (6,781 ) (10,467 ) (15,805 ) Reclassification from/(to) nonaccretable difference as a result from changes in expected cash flows 338 (781 ) 2,060 Balance at end of year $ 14,353 $ 20,796 $ 32,044 |
Summary of the change in the total amounts of loans and advances, all of which were performing, to directors, executive officers and their affiliates | The following table summarizes the change in the total amounts of loans and advances, to directors, executive officers and their affiliates for the periods indicated. All loans were performing as of December 31, 2016 . Year Ended December 31, 2016 2015 (In Thousands) Balance at beginning of year $ 37,375 $ 8,574 New loans granted during the year 8,352 9,931 Loans reclassified as insider loans — 21,481 Advances on lines of credit 26 840 Repayments (2,295 ) (1,344 ) Loan no longer classified as an insider loan — (2,107 ) Balance at end of year $ 43,458 $ 37,375 |
Allowance for Loan and Lease 38
Allowance for Loan and Lease Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of changes in the 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: Year Ended December 31, 2016 Commercial Real Estate Commercial Indirect Automobile Consumer Total (In Thousands) Balance at December 31, 2015 $ 30,151 $ 22,018 $ 269 $ 4,301 $ 56,739 Charge-offs (2,169 ) (10,516 ) (573 ) (1,409 ) (14,667 ) Recoveries — 642 597 153 1,392 (Credit) provision for loan and lease losses (337 ) 8,762 (171 ) 1,948 10,202 Balance at December 31, 2016 $ 27,645 $ 20,906 $ 122 $ 4,993 $ 53,666 Year Ended December 31, 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 ) (3,634 ) (1,788 ) (582 ) — (6,554 ) Recoveries — 667 1,442 102 — 2,211 Provision (credit) for loan and lease losses 1,107 9,028 (1,716 ) 1,422 (2,418 ) 7,423 Balance at December 31, 2015 $ 30,151 $ 22,018 $ 269 $ 4,301 $ — $ 56,739 Year Ended December 31, 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 (130 ) (2,507 ) (1,163 ) (650 ) — (4,450 ) Recoveries 4 801 434 158 — 1,397 Provision (credit) for loan and lease losses 6,698 2,443 (864 ) 476 (514 ) 8,239 Balance at December 31, 2014 $ 29,594 $ 15,957 $ 2,331 $ 3,359 $ 2,418 $ 53,659 |
Provisions for credit losses | The provisions for credit losses are set forth below for the periods indicated: Originated Acquired Total Year Ended December 31, Year Ended December 31, Year Ended December 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 (In Thousands) Provision (credit) for loan and lease losses: Commercial real estate $ (750 ) $ 1,459 $ 5,009 $ 413 $ (352 ) $ 1,689 $ (337 ) $ 1,107 $ 6,698 Commercial 8,469 9,077 2,030 293 (49 ) 413 8,762 9,028 2,443 Indirect automobile (171 ) (1,716 ) (864 ) — — — (171 ) (1,716 ) (864 ) Consumer 1,434 953 417 514 469 59 1,948 1,422 476 Unallocated — (2,418 ) (514 ) — — — — (2,418 ) (514 ) Total provision for loan and lease losses 8,982 7,355 6,078 1,220 68 2,161 10,202 7,423 8,239 Unfunded credit commitments 151 28 238 — — — 151 28 238 Total provision for credit losses $ 9,133 $ 7,383 $ 6,316 $ 1,220 $ 68 $ 2,161 $ 10,353 $ 7,451 $ 8,477 |
Summary of the recorded investments by credit quality indicator, by loan class | The following tables present the recorded investment in loans in each class as of December 31, 2016 by credit quality indicator. At December 31, 2016 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer (In Thousands) Originated: Loan rating: Pass $ 1,899,162 $ 700,046 $ 136,607 $ 583,940 $ 786,050 $ 60,122 $ 12,018 OAEM 1,538 — 178 8,675 824 — — Substandard 6,288 1,404 — 28,595 4,848 — 12 Doubtful 266 — — 75 1,980 — — Total originated 1,907,254 701,450 136,785 621,285 793,702 60,122 12,030 Acquired: Loan rating: Pass 131,850 29,153 214 10,312 6,158 — 128 OAEM 1,408 270 — 249 — — — Substandard 9,768 313 — 3,017 — — — Doubtful 102 — — 563 — — — Total acquired 143,128 29,736 214 14,141 6,158 — 128 Total loans $ 2,050,382 $ 731,186 $ 136,999 $ 635,426 $ 799,860 $ 60,122 $ 12,158 As of December 31, 2016 , there were no loans categorized as definite loss. At December 31, 2016 Indirect Automobile ($ In Thousands) Originated: Credit score: Over 700 $ 2,469 40.2 % 661-700 906 14.7 % 660 and below 2,743 44.7 % Data not available* 23 0.4 % Total loans $ 6,141 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data is not available. At December 31, 2016 Residential Mortgage Home Equity ($ In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 138,030 22.1 % $ 153,679 44.9 % 50% - 69% 229,799 36.9 % 61,553 18.1 % 70% - 79% 162,614 26.0 % 49,987 14.6 % 80% and over 21,859 3.5 % 23,317 6.8 % Data not available* 3,128 0.5 % 825 0.2 % Total originated 555,430 89.0 % 289,361 84.6 % Acquired: Loan-to-value ratio: Less than 50% 17,809 2.9 % 32,334 9.4 % 50%—69% 24,027 3.8 % 15,059 4.4 % 70%—79% 14,030 2.2 % 3,069 0.9 % 80% and over 10,069 1.6 % 1,016 0.3 % Data not available* 2,984 0.5 % 1,402 0.4 % Total acquired 68,919 11.0 % 52,880 15.4 % Total loans $ 624,349 100.0 % $ 342,241 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data is not available. The following tables present the recorded investment in loans in each class as of December 31, 2015 by credit quality indicator. At December 31, 2015 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer (In Thousands) Originated: Loan rating: Pass $ 1,668,891 $ 619,786 $ 129,534 $ 562,615 $ 709,381 $ 59,875 $ 12,017 OAEM 12,781 788 208 9,976 804 — — Substandard 780 291 — 1,714 1,414 — 22 Doubtful 2,096 — — 2,294 1,389 — — Total originated 1,684,548 620,865 129,742 576,599 712,988 59,875 12,039 Acquired: Loan rating: Pass 182,377 35,785 580 11,959 8,902 — 131 OAEM 1,202 612 — 902 — — — Substandard 7,066 1,218 — 3,071 — — — Doubtful 399 — — — — — — Total acquired 191,044 37,615 580 15,932 8,902 — 131 Total loans $ 1,875,592 $ 658,480 $ 130,322 $ 592,531 $ 721,890 $ 59,875 $ 12,170 As of December 31, 2015 , there were no loans categorized as definite loss. At December 31, 2015 Indirect Automobile ($ In Thousands) Originated: Credit score: Over 700 $ 5,435 39.7 % 661-700 1,965 14.4 % 660 and below 6,217 45.5 % Data not available* 61 0.4 % Total loans $ 13,678 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data is not available. At December 31, 2015 Residential Mortgage Home Equity ($ In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 118,628 19.2 % $ 131,584 41.8 % 50%—69% 214,390 34.8 % 51,492 16.4 % 70%—79% 173,774 28.2 % 32,916 10.5 % 80% and over 17,808 2.9 % 18,082 5.7 % Data not available* 3,246 0.5 % 634 0.2 % Total originated 527,846 85.6 % 234,708 74.6 % Acquired: Loan-to-value ratio: Less than 50% 18,857 3.1 % 48,563 15.4 % 50%—69% 32,986 5.3 % 20,623 6.6 % 70%—79% 17,883 2.9 % 7,144 2.3 % 80% and over 14,011 2.3 % 2,650 0.8 % Data not available* 4,866 0.8 % 865 0.3 % Total acquired 88,603 14.4 % 79,845 25.4 % Total loans $ 616,449 100.0 % $ 314,553 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data is not available. |
Information regarding troubled debt restructuring loans | The following table sets forth information regarding troubled debt restructured loans and leases at the dates indicated: At December 31, 2016 At December 31, 2015 (In Thousands) Troubled debt restructurings: On accrual $ 13,883 $ 17,953 On nonaccrual 11,919 4,965 Total troubled debt restructurings $ 25,802 $ 22,918 The following table presents information regarding foreclosed residential real estate property for the periods indicated: At December 31, 2016 At December 31, 2015 (In Thousands) Foreclosed residential real estate property held by the creditor $ 251 $ 362 Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure 1,213 298 |
Information regarding the aging of past due loans, by loan class | The following tables present an age analysis of the recorded investment in total loans and leases as of December 31, 2016 and 2015 . At December 31, 2016 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Originated: Commercial real estate loans: Commercial real estate $ 1,525 $ 2,075 $ 429 $ 4,029 $ 1,903,225 $ 1,907,254 $ 2 $ 5,035 Multi-family mortgage 2,296 — 291 2,587 698,863 701,450 — 1,404 Construction 547 — — 547 136,238 136,785 — — Total commercial real estate loans 4,368 2,075 720 7,163 2,738,326 2,745,489 2 6,439 Commercial loans and leases: Commercial 5,396 815 10,014 16,225 605,060 621,285 — 20,587 Equipment financing 2,983 1,444 5,341 9,768 783,934 793,702 — 6,758 Condominium association 266 — — 266 59,856 60,122 — — Total commercial loans and leases 8,645 2,259 15,355 26,259 1,448,850 1,475,109 — 27,345 Indirect automobile 547 76 8 631 5,510 6,141 — 137 Consumer loans: Residential mortgage 3,745 2,294 163 6,202 549,228 555,430 — 2,455 Home equity 25 219 5 249 289,112 289,361 3 128 Other consumer 2 11 8 21 12,009 12,030 — 12 Total consumer loans 3,772 2,524 176 6,472 850,349 856,821 3 2,595 Total originated loans and leases $ 17,332 $ 6,934 $ 16,259 $ 40,525 $ 5,043,035 $ 5,083,560 $ 5 $ 36,516 At December 31, 2016 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Acquired: Commercial real estate loans: Commercial real estate $ 925 $ — $ 4,011 $ 4,936 $ 138,192 $ 143,128 $ 3,786 $ 305 Multi-family mortgage — — — — 29,736 29,736 — — Construction — — — — 214 214 — — Total commercial real estate loans 925 — 4,011 4,936 168,142 173,078 3,786 305 Commercial loans and leases: Commercial 306 — 2,651 2,957 11,184 14,141 264 2,387 Equipment financing — — — — 6,158 6,158 — — Total commercial loans and leases 306 — 2,651 2,957 17,342 20,299 264 2,387 Consumer loans: Residential mortgage — 318 2,865 3,183 65,736 68,919 2,820 46 Home equity 288 97 339 724 52,156 52,880 202 823 Other consumer — 1 — 1 127 128 — — Total consumer loans 288 416 3,204 3,908 118,019 121,927 3,022 869 Total acquired loans and leases $ 1,519 $ 416 $ 9,866 $ 11,801 $ 303,503 $ 315,304 $ 7,072 $ 3,561 Total loans and leases $ 18,851 $ 7,350 $ 26,125 $ 52,326 $ 5,346,538 $ 5,398,864 $ 7,077 $ 40,077 At December 31, 2015 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Originated: Commercial real estate loans: Commercial real estate $ 1,782 $ — $ 2,097 $ 3,879 $ 1,680,669 $ 1,684,548 $ — $ 2,876 Multi-family mortgage — — 16 16 620,849 620,865 16 291 Construction 652 — — 652 129,090 129,742 — — Total commercial real estate loans 2,434 — 2,113 4,547 2,430,608 2,435,155 16 3,167 Commercial loans and leases: Commercial 4,578 1,007 2,368 7,953 568,646 576,599 24 3,586 Equipment financing 1,681 595 2,143 4,419 708,569 712,988 77 2,610 Condominium association 205 124 — 329 59,546 59,875 — — Total commercial loans and leases 6,464 1,726 4,511 12,701 1,336,761 1,349,462 101 6,196 Indirect automobile 1,058 335 106 1,499 12,179 13,678 — 675 Consumer loans: Residential mortgage 1,384 — 229 1,613 526,233 527,846 — 1,873 Home equity 390 237 9 636 234,072 234,708 — 319 Other consumer 19 2 25 46 11,993 12,039 — 29 Total consumer loans 1,793 239 263 2,295 772,298 774,593 — 2,221 Total originated loans and leases $ 11,749 $ 2,300 $ 6,993 $ 21,042 $ 4,551,846 $ 4,572,888 $ 117 $ 12,259 At December 31, 2015 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Acquired: Commercial real estate loans: Commercial real estate $ 1,336 $ 369 $ 7,588 $ 9,293 $ 181,751 $ 191,044 $ 4,982 $ 2,606 Multi-family mortgage — — 1,077 1,077 36,538 37,615 1,077 — Construction — — — — 580 580 — — Total commercial real estate loans 1,336 369 8,665 10,370 218,869 229,239 6,059 2,606 Commercial loans and leases: Commercial 351 23 2,967 3,341 12,591 15,932 325 2,678 Equipment financing — — — — 8,902 8,902 — — Total commercial loans and leases 351 23 2,967 3,341 21,493 24,834 325 2,678 Consumer loans: Residential mortgage 326 216 2,399 2,941 85,662 88,603 2,047 352 Home equity 1,012 386 460 1,858 77,987 79,845 142 1,438 Other consumer — — — — 131 131 — — Total consumer loans 1,338 602 2,859 4,799 163,780 168,579 2,189 1,790 Total acquired loans and leases $ 3,025 $ 994 $ 14,491 $ 18,510 $ 404,142 $ 422,652 $ 8,573 $ 7,074 Total loans and leases $ 14,774 $ 3,294 $ 21,484 $ 39,552 $ 4,955,988 $ 4,995,540 $ 8,690 $ 19,333 |
Impaired loans and leases, by loan 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 December 31, 2016 At December 31, 2015 Recorded (1) Unpaid Related Recorded Investment (2) Unpaid Related (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 9,113 $ 9,104 $ — $ 2,758 $ 2,756 $ — Commercial 39,269 39,210 — 14,097 14,074 — Consumer 4,823 4,815 — 4,582 4,575 — Total originated with no related allowance recorded 53,205 53,129 — 21,437 21,405 — With an allowance recorded: Commercial real estate 3,984 3,984 28 6,150 6,150 2,167 Commercial 605 605 97 2,215 2,213 1,202 Consumer — — — — — — Total originated with an allowance recorded 4,589 4,589 125 8,365 8,363 3,369 Total originated impaired loans and leases 57,794 57,718 125 29,802 29,768 3,369 Acquired: With no related allowance recorded: Commercial real estate 10,400 10,400 — 7,035 7,035 — Commercial 3,948 3,948 — 4,053 4,052 — Consumer 6,384 6,399 — 7,549 7,565 — Total acquired with no related allowance recorded 20,732 20,747 — 18,637 18,652 — With an allowance recorded: Commercial real estate — — — 2,606 2,606 148 Commercial — — — 486 486 112 Consumer 253 253 27 174 174 9 Total acquired with an allowance recorded 253 253 27 3,266 3,266 269 Total acquired impaired loans and leases 20,985 21,000 27 21,903 21,918 269 Total impaired loans and leases $ 78,779 $ 78,718 $ 152 $ 51,705 $ 51,686 $ 3,638 ___________________________________________________________________________ (1) Includes originated and acquired nonaccrual loans of $34.1 million and $3.6 million , respectively as of December 31, 2016 . (2) Includes originated and acquired nonaccrual loans of $9.3 million and $7.1 million , respectively as of December 31, 2015 . Year Ended December 31, 2016 December 31, 2015 December 31, 2014 Average Interest Average Interest Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 6,608 $ 152 $ 3,999 $ 86 $ 2,786 $ 102 Commercial 23,445 600 15,143 641 11,840 343 Consumer 4,126 76 4,267 65 3,166 42 Total originated with no related allowance recorded 34,179 828 23,409 792 17,792 487 With an allowance recorded: Commercial real estate 4,715 195 5,132 197 3,223 69 Commercial 9,915 6 5,650 10 2,285 51 Consumer 124 — 84 — 458 15 Total originated with an allowance recorded 14,754 201 10,866 207 5,966 135 Total originated impaired loans and leases 48,933 1,029 34,275 999 23,758 622 Acquired: With no related allowance recorded: Commercial real estate 8,906 151 9,200 125 10,884 350 Commercial 4,255 75 4,428 65 6,875 122 Consumer 7,537 68 7,837 62 6,701 28 Total acquired with no related allowance recorded 20,698 294 21,465 252 24,460 500 With an allowance recorded: Commercial real estate 1,093 — 713 — 942 76 Commercial 364 — 638 — 631 15 Consumer 431 8 249 8 281 3 Total acquired with an allowance recorded 1,888 8 1,600 8 1,854 94 Total acquired impaired loans and leases 22,586 302 23,065 260 26,314 594 Total impaired loans and leases $ 71,519 $ 1,331 $ 57,340 $ 1,259 $ 50,072 $ 1,216 |
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 December 31, 2016 Commercial Real Estate Commercial Indirect Automobile Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ 28 $ 97 $ — $ — $ 125 Collectively evaluated for impairment 26,830 20,682 122 4,654 52,288 Total originated loans and leases 26,858 20,779 122 4,654 52,413 Acquired: Individually evaluated for impairment — — — 27 27 Collectively evaluated for impairment 221 13 — 34 268 Acquired with deteriorated credit quality 566 114 — 278 958 Total acquired loans and leases 787 127 — 339 1,253 Total allowance for loan and lease losses $ 27,645 $ 20,906 $ 122 $ 4,993 $ 53,666 Loans and Leases: Originated: Individually evaluated for impairment $ 13,097 $ 37,637 $ — $ 4,711 $ 55,445 Collectively evaluated for impairment 2,732,392 1,437,472 6,141 852,110 5,028,115 Total originated loans and leases 2,745,489 1,475,109 6,141 856,821 5,083,560 Acquired: Individually evaluated for impairment 690 3,047 — 2,028 5,765 Collectively evaluated for impairment 47,599 10,863 — 70,115 128,577 Acquired with deteriorated credit quality 124,789 6,389 — 49,784 180,962 Total acquired loans and leases 173,078 20,299 — 121,927 315,304 Total loans and leases $ 2,918,567 $ 1,495,408 $ 6,141 $ 978,748 $ 5,398,864 At December 31, 2015 Commercial Real Estate Commercial Indirect Automobile Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ 2,167 $ 1,202 $ — $ — $ 3,369 Collectively evaluated for impairment 26,857 20,545 269 3,947 51,618 Total originated loans and leases 29,024 21,747 269 3,947 54,987 Acquired: Individually evaluated for impairment 148 112 — 9 269 Collectively evaluated for impairment 333 71 — 45 449 Acquired with deteriorated credit quality 646 88 — 300 1,034 Total acquired loans and leases 1,127 271 — 354 1,752 Total allowance for loan and lease losses $ 30,151 $ 22,018 $ 269 $ 4,301 $ 56,739 Loans and Leases: Originated: Individually evaluated for impairment $ 8,907 $ 15,806 $ — $ 4,471 $ 29,184 Collectively evaluated for impairment 2,426,248 1,333,656 13,678 770,122 4,543,704 Total originated loans and leases 2,435,155 1,349,462 13,678 774,593 4,572,888 Acquired: Individually evaluated for impairment 3,188 4,090 — 2,606 9,884 Collectively evaluated for impairment 63,857 12,081 — 105,146 181,084 Acquired with deteriorated credit quality 162,194 8,663 — 60,827 231,684 Total acquired loans and leases 229,239 24,834 — 168,579 422,652 Total loans and leases $ 2,664,394 $ 1,374,296 $ 13,678 $ 943,172 $ 4,995,540 |
Summary of loans restructured or defaulted | 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, that were modified during the periods indicated, are as follows. At and for the Year Ended December 31, 2016 Recorded Investment Specific Allowance for Loan and Lease Losses Defaulted (1) Number of Loans/ Leases At Modification At End of Period Nonaccrual Loans and Leases Additional Commitment Number of Loans/ Leases Recorded Investment (Dollars in Thousands) Originated: Multi-family mortgage 2 $ 1,155 $ 1,114 $ — $ 1,114 $ — — $ — Commercial 22 9,701 6,015 — 6,015 — 2 364 Equipment financing 3 797 524 — 524 — 2 341 Total originated 27 11,653 7,653 — 7,653 — 4 705 Acquired: Home equity 5 374 368 20 145 — — — Total acquired 5 374 368 20 145 — — — Total loans and leases 32 $ 12,027 $ 8,021 $ 20 $ 7,798 $ — 4 $ 705 ______________________________________________________________________ (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 Year Ended December 31, 2015 Recorded Investment Specific Allowance for Loan and Lease Losses Defaulted (1) Number of Loans/ Leases At Modification At End of Period Nonaccrual Loans and Leases Additional Commitment Number of Loans/ Leases Recorded Investment (Dollars in Thousands) Originated: Commercial 9 $ 5,757 $ 5,497 $ 119 $ 258 $ — 1 $ 237 Equipment financing 1 112 100 — — — — — Residential mortgage 1 100 150 — 151 — — — Home equity 3 353 298 — 99 — 1 28 Total originated 14 6,322 6,045 119 508 — 2 265 Acquired: Commercial 4 642 632 — — — 1 11 Home equity 2 200 196 — — — 1 24 Total acquired 6 842 828 — — — 2 35 Total loans and leases 20 $ 7,164 $ 6,873 $ 119 $ 508 $ — 4 $ 300 ______________________________________________________________________ (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 Year Ended December 31, 2014 Recorded Investment Specific Allowance for Loan and Lease Losses Defaulted (1) Number of Loans/ Leases At Modification At End of Period Nonaccrual Loans and Leases Number of Loans/ Leases Recorded Investment (Dollars in Thousands) Originated: Commercial real estate 1 $ 953 $ 932 $ — $ — — $ — Commercial 6 2,884 2,948 — 628 3 615 Equipment financing 6 984 936 15 169 4 636 Residential mortgage 1 496 — — — — — Home equity 2 400 402 — — — — Total originated 16 5,717 5,218 15 797 7 1,251 Acquired: Commercial 6 1,369 1,406 — 66 1 419 Home equity 1 190 189 — — — — Total acquired 7 1,559 1,595 — 66 1 419 Total loans and leases 23 $ 7,276 $ 6,813 $ 15 $ 863 8 $ 1,670 ______________________________________________________________________ (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. |
Schedule of troubled debt restructurings by type of modification | The following table sets forth the Company's end-of-period balances for troubled debt restructurings that were modified during the periods indicated, by type of modification. Year Ended December 31, 2016 2015 2014 (In Thousands) Loans with one modification: Extended maturity $ 599 $ 2,215 $ 3,241 Adjusted principal 249 — — Interest only 1,493 1,335 16 Combination maturity, principal, interest rate 5,455 692 479 Total loans modified once $ 7,796 $ 4,242 $ 3,736 Loans with more than one modification: Extended maturity $ 225 $ 2,598 $ 1,951 Interest only — — 292 Combination maturity, principal, interest rate — 33 834 Total loans modified more than once $ 225 $ 2,631 $ 3,077 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of premises and equipment | Premises and equipment consist of the following: At December 31, Estimated Useful Life 2016 2015 (In Thousands) (In Years) Land $ 7,562 $ 7,562 NA Fine art 472 349 NA Computer equipment 9,004 8,677 3 Vehicles 221 221 3 to 5 Core processing system and software 19,433 18,933 3 to 7.5 Furniture, fixtures and equipment 13,439 12,670 5 to 25 Office building and improvements 84,835 81,466 10 to 40 Total 134,966 129,878 Accumulated depreciation and amortization 58,790 51,722 Total premises and equipment $ 76,176 $ 78,156 |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying value of goodwill | The changes in the carrying value of goodwill for the periods indicated were as follows: Year Ended December 31, 2016 2015 2014 (In Thousands) Balance at beginning of year $ 137,890 $ 137,890 $ 137,890 Additions — — — Adjustments to original goodwill — — — Balance at end of year $ 137,890 $ 137,890 $ 137,890 |
Schedule of composition of other intangible assets | The following is a summary of the Company's other intangible assets: At December 31, 2016 At December 31, 2015 Gross Accumulated Carrying Gross Accumulated Carrying (In Thousands) Other intangible assets: Core deposits $ 36,172 $ 29,128 $ 7,044 $ 36,172 $ 26,628 $ 9,544 Trade name 1,600 511 1,089 1,600 511 1,089 Trust relationship 1,568 1,568 — 1,568 1,568 — Other intangible 442 442 — 442 442 — Total other intangible assets $ 39,782 $ 31,649 $ 8,133 $ 39,782 $ 29,149 $ 10,633 |
Schedule of estimated aggregate future amortization expense for intangible assets | The estimated aggregate future amortization expense for other intangible assets for each of the next five years and thereafter is as follows: Year ended December 31: Amount (In Thousands) 2017 $ 2,089 2018 1,669 2019 1,295 2020 944 2021 601 Thereafter 446 Total $ 7,044 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of information regarding the Company's investments in affordable housing projects | Further information regarding the Company's investments in affordable housing projects follows: At December 31, 2016 2015 2014 (In Thousands) Investments in affordable housing projects included in other assets $ 11,565 $ 11,604 $ 10,131 Unfunded commitments related to affordable housing projects included in other liabilities 1,686 3,163 2,608 Investment in affordable housing tax credits included in other liabilities 1,753 1,588 1,432 Investment in affordable housing tax benefits included in other liabilities 598 656 669 For the year ended, December 31, 2016 December 31, 2015 (In Thousands) Investment amortization included in provision for income taxes $ 1,726 $ 1,654 Amount recognized as income tax benefit 598 656 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Summary of deposits | A summary of deposits follows: December 31, 2016 December 31, 2015 Amount Weighted Average Rate Amount Weighted Average Rate (Dollars in Thousands) Demand checking accounts $ 900,474 — % $ 799,117 — % NOW accounts 323,160 0.07 % 283,972 0.07 % Savings accounts 613,061 0.20 % 540,788 0.25 % Money market accounts 1,733,359 0.47 % 1,594,269 0.44 % Total core deposit accounts 3,570,054 0.27 % 3,218,146 0.26 % Certificate of deposit accounts maturing: Within six months 345,339 0.77 % 320,975 0.65 % After six months but within 1 year 233,470 0.83 % 395,516 0.83 % After 1 year but within 2 years 264,993 1.08 % 226,513 1.02 % After 2 years but within 3 years 84,673 1.56 % 60,730 1.42 % After 3 years but within 4 years 52,522 1.88 % 30,002 1.78 % After 4 years but within 5 years 59,910 1.78 % 53,717 1.88 % 5+ Years 115 1.66 % 419 1.82 % Total certificate of deposit accounts 1,041,022 1.04 % 1,087,872 0.93 % Total deposits $ 4,611,076 0.44 % $ 4,306,018 0.43 % |
Schedule of interest expense on deposit balances | Interest expense on deposit balances is summarized as follows: Year Ended December 31, 2016 2015 2014 (In Thousands) Interest-bearing deposits: NOW accounts $ 209 $ 179 $ 171 Savings accounts 1,322 1,094 1,197 Money market accounts 7,549 6,935 7,846 Certificate of deposit accounts 10,990 9,272 7,846 Total interest-bearing deposits $ 20,070 $ 17,480 $ 17,060 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of borrowed funds | Borrowed funds are comprised of the following: At December 31, 2016 2015 (In Thousands) Advances from the FHLBB $ 910,774 $ 861,866 Subordinated debentures and notes 83,105 82,936 Other borrowed funds 50,207 38,227 Total borrowed funds $ 1,044,086 $ 983,029 |
Schedule of interest expense on borrowed funds | Interest expense on borrowed funds for the periods indicated is as follows: Year Ended December 31, 2016 2015 2014 (In Thousands) Advances from the FHLBB $ 10,760 $ 9,950 $ 10,535 Subordinated debentures and notes 5,038 5,001 1,740 Other borrowed funds 116 114 79 Total interest expense on borrowed funds $ 15,914 $ 15,065 $ 12,354 |
Schedule of federal home loan bank advances | FHLBB advances mature as follows: At December 31, 2016 2015 Amount Callable Amount Weighted Average Rate Amount Callable Amount Weighted Average Rate (Dollars in Thousands) Within 1 year $ 651,489 $ 75,705 1.22 % $ 575,749 $ 30,599 0.70 % Over 1 year to 2 years 168,598 290,311 1.44 % 228,422 114,922 1.89 % Over 2 years to 3 years 14,354 — 0.09 % 36,476 10,038 2.46 % Over 3 years to 4 years 85 — 2.04 % 5,342 — 2.17 % Over 4 years to 5 years 1,110 — 3.07 % 91 — 2.04 % Over 5 years 75,138 — 1.08 % 15,786 — 4.21 % $ 910,774 $ 366,016 1.24 % $ 861,866 $ 155,559 1.16 % |
Schedule of information concerning repurchase agreements during the period | Information concerning repurchase agreements is as follows for the periods indicated below: Year Ended December 31, 2016 2015 (Dollars In Thousands) Outstanding at end of year $ 50,207 $ 38,227 Average outstanding for the year 41,053 34,468 Maximum outstanding at any month-end 50,207 38,231 Weighted average rate at end of year 0.14 % 0.19 % Weighted average rate paid for the year 0.27 % 0.33 % |
Summary of subordinated debentures | The following table summarizes the Company's subordinated debentures and notes at the dates indicated. Carrying Amount Issue Date Rate Maturity Date Next Call Date December 31, 2016 December 31, 2015 (Dollars in Thousands) June 26, 2003 Variable; 3-month LIBOR + 3.10% June 26, 2033 March 26, 2017 $ 4,752 $ 4,724 March 17, 2004 Variable; 3-month LIBOR + 2.79% March 17, 2034 March 17, 2017 4,628 4,588 September 15, 2014 6.0% Fixed-to-Variable; 3-month LIBOR + 3.315% September 15, 2029 September 15, 2024 73,725 73,624 Total $ 83,105 $ 82,936 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of financial instruments with off-balance sheet risk | Financial instruments with off-balance-sheet risk at the dates indicated follow: At December 31, 2016 2015 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 27,750 $ 36,000 Commercial 71,716 78,017 Residential mortgage 28,179 19,430 Unadvanced portion of loans and leases 580,416 648,291 Unused lines of credit: Home equity 340,682 280,786 Other consumer 13,157 12,383 Other commercial 208 529 Unused letters of credit: Financial standby letters of credit 11,720 12,389 Performance standby letters of credit 516 392 Commercial and similar letters of credit 785 821 Loan level derivatives: Receive fixed, pay variable 383,780 245,316 Pay fixed, receive variable 383,780 245,316 Risk participation-out agreements 16,961 — Foreign exchange contracts: Buys foreign currency, sells U.S. currency 4,050 — Sells foreign currency, buys U.S. currency 4,050 — |
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: Year ended December 31, Minimum Rental Payments (In Thousands) 2017 $ 4,916 2018 4,560 2019 3,712 2020 3,153 2021 2,643 Thereafter 12,005 Total $ 30,989 |
Earnings per Share (EPS) (Table
Earnings per Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of basic EPS and diluted EPS | The following table is a reconciliation of basic EPS and diluted EPS: For the year ended December 31, 2016 2015 2014 Basic Fully Diluted Basic Fully Diluted Basic Fully Diluted (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income * $ 52,362 $ 52,362 $ 49,782 $ 49,782 $ 43,288 $ 43,288 Denominator: Weighted average shares outstanding 70,261,954 70,261,954 70,098,561 70,098,561 69,945,028 69,945,028 Effect of dilutive securities — 182,129 — 137,307 — 109,787 Adjusted weighted average shares outstanding 70,261,954 70,444,083 70,098,561 70,235,868 69,945,028 70,054,815 EPS * $ 0.74 $ 0.74 $ 0.71 $ 0.71 $ 0.62 $ 0.62 _______________________________________________________________________________ (*) 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 10, "Other Assets". |
Comprehensive Income_(Loss) (Ta
Comprehensive Income/(Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: Year Ended December 31, 2016 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Loss (In Thousands) Balance at December 31, 2015 $ (2,827 ) $ 351 $ (2,476 ) Other comprehensive (loss) income (1,386 ) 44 (1,342 ) Balance at December 31, 2016 $ (4,213 ) $ 395 $ (3,818 ) Year Ended December 31, 2015 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Loss (In Thousands) Balance at December 31, 2014 $ (1,733 ) $ 111 $ (1,622 ) Other comprehensive (loss) income (1,094 ) 240 (854 ) Balance at December 31, 2015 $ (2,827 ) $ 351 $ (2,476 ) Year Ended December 31, 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) 6,599 (306 ) 6,293 Balance at December 31, 2014 $ (1,733 ) $ 111 $ (1,622 ) |
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 years ended December 31, 2016 , 2015 , and 2014 . Year Ended December 31, Income Statement Line Affected by Reclassification 2016 2015 2014 (In Thousands) Other Comprehensive Income (Loss) Component Unrealized gains on investment securities available-for-sale: $ — $ — $ 65 Gain on sales of securities,net — — (23 ) Provision for income taxes Total reclassifications for the period $ — $ — $ 42 Net income |
Derivatives and Hedging Activ47
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value and classification of derivative financial instruments on the consolidated balance sheets and the effect of the derivative financial instruments on the consolidated income statements | The following tables presents the Company's customer related derivative positions for the periods indicated below for those derivatives not designated as hedging. Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value December 31, 2016 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 54 $ — $ 4,025 $ 2,141 $ 29,501 $ 348,113 $ 383,780 $ 9,738 Pay fixed, receive variable 54 — 4,025 2,141 29,501 348,113 383,780 9,738 Risk participation-out agreements 5 — — — 9,078 7,883 16,961 20 Foreign exchange contracts Buys foreign currency, sells U.S. currency 3 $ 4,050 $ — $ — $ — $ — $ 4,050 $ — Sells foreign currency, buys U.S. currency 3 4,050 — — — — 4,050 — As of December 31, 2016 , the fair value of the foreign exchange contracts was nominal. Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value December 31, 2015 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 32 $ — $ — $ 4,147 $ 2,247 $ 238,922 $ 245,316 $ 8,656 Pay fixed, receive variable 32 — — 4,147 2,247 238,922 245,316 8,781 Changes in the fair value are recognized directly in the Company's 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 year ended December 31, 2016 and 2015 . Year Ended December 31, 2016 2015 (In Thousands) Gain (loss) recognized in income on: Loan level derivatives $ — $ 86 Risk participation-out agreements — — Foreign exchange contracts — — Total $ — $ 86 |
Schedule of offsetting derivatives and amounts subject to master netting agreements not offset in the audited consolidated balance sheet | The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the consolidated balance sheet at the dates indicated. At December 31, 2016 Gross Gross Amounts Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Loan level derivatives $ 9,738 $ — $ 9,738 $ — $ — $ 9,738 Risk participation-out agreements 20 — 20 — — 20 Foreign exchange contracts — — — — — — Total $ 9,758 $ — $ 9,758 $ — $ — $ 9,758 Liability derivatives Loan level derivatives $ 9,738 $ — $ 9,738 $ 33,744 $ 720 $ — Foreign exchange contracts — — — — — — Total $ 9,738 $ — $ 9,738 $ 33,744 $ 720 $ — As of December 31, 2016 , the fair value of the foreign exchange contracts was nominal. At December 31, 2015 Gross Gross Amounts Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Loan level derivatives $ 8,656 $ — $ 8,656 $ — $ — $ 8,656 Total $ 8,656 $ — $ 8,656 $ — $ — $ 8,656 Liability derivatives Loan level derivatives $ 8,781 $ — $ 8,781 $ 9,873 $ 4,790 $ — Total $ 8,781 $ — $ 8,781 $ 9,873 $ 4,790 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense | Income tax expense is comprised of the following amounts: Year Ended December 31, 2016 2015 2014 (In Thousands) Current provision: Federal * $ 22,954 $ 23,340 $ 20,862 State * 5,116 4,774 5,299 Total current provision 28,070 28,114 26,161 Deferred provision (benefit): Federal * 2,271 679 244 State * 51 560 (119 ) Total deferred provision 2,322 1,239 125 Total provision for income taxes $ 30,392 $ 29,353 $ 26,286 |
Schedule of reconciliation of income tax expense | Total provision for income taxes differed from the amounts computed by applying the statutory U.S. federal income tax rate 35.0% to income before tax expense as a result of the following: Year Ended December 31, 2016 2015 2014 (Dollars In Thousands) Expected income tax expense at statutory federal tax rate * $ 29,965 $ 28,603 $ 25,049 State taxes, net of federal income tax benefit * 3,358 3,467 3,377 Bank-owned life insurance (368 ) (367 ) (369 ) Tax-exempt interest income (826 ) (622 ) (341 ) Income attributable to noncontrolling interest in subsidiary (1,163 ) (994 ) (831 ) Tax credits from investments in affordable housing projects * (640 ) (526 ) (667 ) Other, net * 66 (208 ) 68 Total provision for income taxes * $ 30,392 $ 29,353 $ 26,286 Effective income tax rate * 35.5 % 35.9 % 36.7 % _____________________________________________________________________________ (*) 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. |
Schedule of the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at the dates indicated are as follows: At December 31, 2016 2015 (In Thousands) Deferred tax assets: Allowance for loan and lease losses $ 21,655 $ 22,741 Deferred compensation 5,659 4,819 Supplemental Executive Retirement Plans 4,127 3,966 Unrealized loss on investment securities available-for-sale 2,355 1,577 Net operating loss carryforwards 999 1,306 Postretirement benefits 465 505 Nonaccrual interest 621 352 Accrued expense 828 522 Restricted stock and stock option plans 573 812 Employee stock ownership plan 147 102 Alternative minimum tax credits 31 31 Acquisition fair value adjustments — 606 Other 30 45 Total gross deferred tax assets 37,490 37,384 Deferred tax liabilities: Identified intangible assets and goodwill 4,660 5,392 Deferred loan origination costs, net 3,370 2,218 Depreciation 2,193 2,957 Prepaid expense 1,045 — Acquisition fair value adjustments 975 — Total gross deferred tax liabilities 12,243 10,567 Net deferred tax asset $ 25,247 $ 26,817 |
Regulatory Capital Requiremen49
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of the company's and the bank's actual and required capital amounts and ratios | Actual Minimum Required for Capital Adequacy Purposes Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer Minimum Required to be Considered “Well-Capitalized” Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) At December 31, 2016: Brookline Bancorp, Inc. Common equity Tier 1 capital ratio (1) $ 559,644 10.48 % $ 240,305 4.50 % $ 373,808 7.00 % N/A N/A Tier 1 leverage capital ratio (2) 575,830 9.16 % 251,454 4.00 % 251,454 4.00 % N/A N/A Tier 1 risk-based capital ratio (3) 575,830 10.79 % 320,202 6.00 % 453,620 8.50 % N/A N/A Total risk-based capital ratio (4) 704,675 13.20 % 427,076 8.00 % 560,537 10.50 % N/A N/A Brookline Bank Common equity Tier 1 capital ratio (1) $ 384,759 11.31 % $ 153,087 4.50 % $ 238,136 7.00 % $ 221,126 6.50 % Tier 1 leverage capital ratio (2) 391,964 10.07 % 155,696 4.00 % 155,696 4.00 % 194,620 5.00 % Tier 1 risk-based capital ratio (3) 391,964 11.53 % 203,971 6.00 % 288,959 8.50 % 271,961 8.00 % Total risk-based capital ratio (4) 428,966 12.61 % 272,143 8.00 % 357,188 10.50 % 340,179 10.00 % BankRI Common equity Tier 1 capital ratio (1) $ 182,202 10.94 % $ 74,946 4.50 % $ 116,583 7.00 % $ 108,255 6.50 % Tier 1 leverage capital ratio (2) 182,202 8.97 % 81,249 4.00 % 81,249 4.00 % 101,562 5.00 % Tier 1 risk-based capital ratio (3) 182,202 10.94 % 99,928 6.00 % 141,565 8.50 % 133,237 8.00 % Total risk-based capital ratio (4) 197,702 11.87 % 133,245 8.00 % 174,884 10.50 % 166,556 10.00 % First Ipswich Common equity Tier 1 capital ratio (1) $ 33,433 12.61 % $ 11,931 4.50 % $ 18,559 7.00 % $ 17,234 6.50 % Tier 1 leverage capital ratio (2) 33,433 9.23 % 14,489 4.00 % 14,489 4.00 % 18,111 5.00 % Tier 1 risk-based capital ratio (3) 33,433 12.61 % 15,908 6.00 % 22,536 8.50 % 21,210 8.00 % Total risk-based capital ratio (4) 36,053 13.60 % 21,208 8.00 % 27,835 10.50 % 26,510 10.00 % _______________________________________________________________________________ (1) Common equity Tier 1 capital ratio is calculated by dividing common equity Tier 1 capital by risk-weighted assets. The ratio was established as part of the implementation of Basel III, effective January 1, 2015. (2) Tier 1 leverage capital ratio is calculated by dividing Tier 1 capital by average assets. (3) Tier 1 risk-based capital ratio is calculated by dividing Tier 1 capital by risk-weighted assets. (4) Total risk-based capital ratio is calculated by dividing total capital by risk-weighted assets. The following table presents actual and required capital ratios as of December 31, 2015 for the Company and the Banks under the regulatory capital rules then in effect. Actual Minimum Required for Capital Adequacy Purposes Minimum Required to be Considered “Well-Capitalized” Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) At December 31, 2015: Brookline Bancorp, Inc. Common equity Tier 1 capital ratio (1) $ 530,505 10.62 % $ 224,790 4.50 % N/A N/A Tier 1 leverage capital ratio (2) 545,035 9.37 % 231,930 4.00 % N/A N/A Tier 1 risk-based capital ratio (3) 545,035 10.91 % 300,019 6.00 % N/A N/A Total risk-based capital ratio (4) 676,709 13.54 % 401,013 8.00 % N/A N/A Brookline Bank Common equity Tier 1 capital ratio (1) $ 374,002 11.89 % $ 141,548 4.50 % $ 204,459 6.50 % Tier 1 leverage capital ratio (2) 380,003 10.78 % 141,003 4.00 % 176,254 5.00 % Tier 1 risk-based capital ratio (3) 380,003 12.08 % 188,743 6.00 % 251,658 8.00 % Total risk-based capital ratio (4) 417,270 13.27 % 251,557 8.00 % 314,446 10.00 % BankRI Common equity Tier 1 capital ratio (1) $ 171,967 10.63 % $ 72,799 4.50 % $ 105,154 6.50 % Tier 1 leverage capital ratio (2) 171,967 8.51 % 80,831 4.00 % 101,038 5.00 % Tier 1 risk-based capital ratio (3) 171,967 10.63 % 97,065 6.00 % 129,420 8.00 % Total risk-based capital ratio (4) 189,953 11.74 % 129,440 8.00 % 161,800 10.00 % First Ipswich Common equity Tier 1 capital ratio (1) $ 32,831 13.87 % $ 10,652 4.50 % $ 15,386 6.50 % Tier 1 leverage capital ratio (2) 32,831 9.26 % 14,182 4.00 % 17,727 5.00 % Tier 1 risk-based capital ratio (3) 32,831 13.87 % 14,202 6.00 % 18,936 8.00 % Total risk-based capital ratio (4) 35,617 15.05 % 18,933 8.00 % 23,666 10.00 % _______________________________________________________________________________ (1) Common equity Tier 1 capital ratio is calculated by dividing common equity Tier 1 capital by risk-weighted assets. The ratio was established as part of the implementation of Basel III, effective January 1, 2015. (2) Tier 1 leverage capital ratio is calculated by dividing Tier 1 capital by average assets. (3) Tier 1 risk-based capital ratio is calculated by dividing Tier 1 capital by risk-weighted assets. (4) Total risk-based capital ratio is calculated by dividing total capital by risk-weighted assets. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of the components of net periodic postretirement benefit cost and other amounts recognized in other comprehensive income | The following table presents the components of net periodic postretirement benefit cost and other amounts recognized in other comprehensive income: Year Ended December 31, 2016 2015 2014 (In Thousands) Net periodic benefit expense: Service cost $ 48 $ 55 $ 45 Interest cost 44 49 47 Prior service credit (21 ) (21 ) (21 ) Actuarial gain (42 ) (20 ) (40 ) Net periodic benefit expense $ 29 $ 63 $ 31 Changes in postretirement benefit obligation recognized in other comprehensive income: Net actuarial gain (loss) $ 90 $ 374 $ (477 ) Prior service credit (21 ) (21 ) (21 ) Total pre-tax changes in postretirement benefit obligation recognized in other comprehensive income $ 69 $ 353 $ (498 ) |
Schedule of effect of 1% change in assumed health care cost trend rates | A 1% change in assumed health care cost trend rates would have the following effects: 1% Increase 1% Decrease (In Thousands) Effect on total service and interest cost components of net periodic postretirement benefit costs $ 23 $ (18 ) Effect on the accumulated postretirement benefit obligation 259 (202 ) |
Activity under recognition and retention plans | Activity under the recognition and retention plans was as follows: Restricted Stock Awards Outstanding Weighted Average Price per Share (Dollars in Thousands, Except Per Share Amounts) Recognition and Retention Plans: Outstanding at December 31, 2015 486,035 $ 10.37 Granted 206,625 11.45 Vested (158,653 ) 10.33 Forfeited / Canceled (57,153 ) 10.02 Outstanding at December 31, 2016 476,854 $ 10.90 Unrecognized compensation cost $ 2,678 Weighted average remaining recognition period (months) 23 |
Schedule of stock option activity | Activity under the option plans was as follows: Options Outstanding Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Weighted Average Contractual Term (In Years) (Dollars in Thousands, Except Per Share Amounts) Employee Stock Options: Outstanding at December 31, 2015 229,845 $ 10.42 Granted — — Exercised (27,500 ) 11.68 Forfeited / Canceled (5,000 ) 12.91 Outstanding at December 31, 2016 197,345 $ 10.18 $ — 2.7 Exercisable at December 31, 2016 197,345 $ 10.18 $ — 2.7 |
Fair Value of Financial Instr51
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair value of assets and liabilities | |
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: Year Ended December 31, 2016 2015 2014 (In Thousands) Investment securities available-for-sale, beginning of year $ — $ — $ 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 year $ — $ — $ — |
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 basis at the dates indicated. Fair Value Valuation Technique At December 31, 2016 At December 31, 2015 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 27,282 $ 12,137 Appraisal of collateral (1) Other real estate owned 618 729 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 the unobservable inputs used may vary but is generally 0% - 10% on the discount for costs to sell and 0% - 15% on appraisal adjustments. |
Summary of the carrying values and estimated fair values | 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, restricted equity securities, 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 December 31, 2016 Financial assets: Investment securities held-to-maturity: GSE debentures $ 14,735 $ 14,101 $ — $ 14,101 $ — GSE MBSs 17,666 17,479 — 17,479 — Municipal obligations 54,219 53,204 — 53,204 — Foreign government obligations 500 487 — — 487 Loans held-for-sale 13,078 13,078 — 13,078 — Loans and leases, net 5,345,198 5,195,312 — — 5,195,312 Restricted equity securities 64,511 75,589 — — 75,589 Financial liabilities: Certificates of deposit 1,041,022 1,042,653 — 1,042,653 — Borrowed funds 1,044,086 1,030,753 — 1,030,753 — At December 31, 2015 Financial assets: Investment securities held-to-maturity: GSE debentures $ 34,915 $ 34,819 $ — $ 34,819 $ — GSE MBSs 19,291 18,986 — 18,986 — Municipal obligations 39,051 39,390 — 39,390 — Foreign government obligations 500 500 — — 500 Loans held-for-sale 13,383 13,383 — 13,383 — Loans and leases, net 4,938,801 4,857,060 — — 4,857,060 Restricted equity securities 66,117 66,117 — — 66,117 Financial liabilities: Certificates of deposit 1,087,872 1,091,906 — 1,091,906 — Borrowed funds 983,029 981,349 — 981,349 — |
Recurring basis | |
Fair value of assets and liabilities | |
Schedule of assets and liabilities measured at fair value on a recurring and non-recurring basis | The following table set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at December 31, 2016 and 2015 : Carrying Value as of December 31, 2016 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 97,020 $ — $ 97,020 GSE CMOs — 158,040 — 158,040 GSE MBSs — 212,915 — 212,915 SBA commercial loan asset-backed securities — 107 — 107 Corporate debt obligations — 48,485 — 48,485 U.S. Treasury bonds — 4,737 — 4,737 Trust preferred securities — 1,358 — 1,358 Marketable equity securities 972 — — 972 Total investment securities available-for-sale $ 972 $ 522,662 $ — $ 523,634 Loan level derivatives $ — $ 9,738 $ — $ 9,738 Risk participation-out agreements — 20 — 20 Liabilities: Loan level derivatives $ — $ 9,738 $ — $ 9,738 As of December 31, 2016 , the fair value of the foreign exchange contracts was nominal. Carrying Value as of December 31, 2015 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 40,627 $ — $ 40,627 GSE CMOs — 193,816 — 193,816 GSE MBSs — 229,881 — 229,881 SBA commercial loan asset-backed securities — 147 — 147 Corporate debt obligations — 46,486 — 46,486 Trust preferred securities — 1,267 — 1,267 Marketable equity securities 977 — — 977 Total investment securities available-for-sale $ 977 $ 512,224 $ — $ 513,201 Loan level derivatives $ — $ 8,656 $ — $ 8,656 Liabilities: Loan level derivatives $ — $ 8,781 $ — $ 8,781 |
Nonrecurring basis | |
Fair value of assets and liabilities | |
Schedule of assets and liabilities measured at fair value on a recurring and non-recurring basis | Assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2016 and 2015 are summarized below: Carrying Value as of December 31, 2016 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 27,282 $ 27,282 OREO — — 618 618 Repossessed assets — 781 — 781 Total assets measured at fair value on a non-recurring basis $ — $ 781 $ 27,900 $ 28,681 Carrying Value as of December 31, 2015 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 12,137 $ 12,137 OREO — — 729 729 Repossessed assets — 614 — 614 Total assets measured at fair value on a non-recurring basis $ — $ 614 $ 12,866 $ 13,480 |
Condensed Parent Company Fina52
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Balance Sheets | Balance Sheets At December 31, 2016 2015 (In Thousands) ASSETS Cash and due from banks $ 32,220 $ 28,070 Short-term investments 32 33 Total cash and cash equivalents 32,252 28,103 ESOP loan to Brookline Bank 1,502 1,752 Restricted equity securities 100 100 Premises and equipment, net 6,946 9,040 Investment in subsidiaries, at equity 701,943 681,504 Goodwill 35,267 35,267 Other assets 8,259 2,631 Total assets $ 786,269 $ 758,397 LIABILITIES AND STOCKHOLDERS' EQUITY Borrowed funds $ 83,105 $ 82,936 Deferred tax liability 243 435 Accrued expenses and other liabilities 7,377 7,541 Total liabilities 90,725 90,912 Stockholders' equity: Common stock, $0.01 par value; 200,000,000 shares authorized; 75,744,445 shares issued 757 757 Additional paid-in capital 616,734 616,899 Retained earnings, partially restricted 136,671 109,675 Accumulated other comprehensive loss (3,818 ) (2,476 ) Treasury stock, at cost; 4,707,096 shares and 4,861,554 shares, respectively (53,837 ) (56,208 ) Unallocated common stock held by Employee Stock Ownership Plan ("ESOP"); 176,688 shares and 213,066 shares, respectively (963 ) (1,162 ) Total stockholders' equity 695,544 667,485 Total liabilities and stockholders' equity $ 786,269 $ 758,397 |
Statements of Income | Statements of Income Year Ended December 31, 2016 2015 2014 (In Thousands) Interest and dividend income: Dividend income from subsidiaries $ 2,468 $ — $ 24,700 Marketable and restricted equity securities — 97 — ESOP loan to Brookline Bank 141 162 183 Total interest and dividend income 2,609 259 24,883 Interest expense: Borrowed funds 5,080 5,063 1,746 Net interest income (2,471 ) (4,804 ) 23,137 Non-interest income: Other 15 5 — Total non-interest income 15 5 — Non-interest expense: Compensation and employee benefits 82 205 2,357 Occupancy 1,582 22 38 Equipment and data processing (3) (1,190 ) 687 1,499 Directors' fees 700 688 656 Franchise taxes 180 113 252 Insurance 490 490 472 Professional services (1) 245 185 (113 ) Other (2) (1,300 ) (1,289 ) 751 Total non-interest expense 789 1,101 5,912 (Loss) income before income taxes (3,245 ) (5,900 ) 17,225 Credit for income taxes (1,779 ) (1,854 ) (2,705 ) (Loss) income before equity in undistributed income of subsidiaries (1,466 ) (4,046 ) 19,930 Equity in undistributed income of subsidiaries 53,828 53,828 23,358 Net income $ 52,362 $ 49,782 $ 43,288 _______________________________________________________________________________ (1) The Parent Company received a net benefit in 2014 from the intercompany allocation of expense that is eliminated in consolidation. (2) The Parent Company received a net benefit in 2016 and 2015 from the intercompany allocation of expense that is eliminated in consolidation. (3) The Parent Company received a net benefit in 2016 from the intercompany allocation of expense that is eliminated in consolidation. |
Statements of Cash Flows | Statements of Cash Flows Year Ended December 31, 2016 2015 2014 (In Thousands) Cash flows from operating activities: Net income attributable to parent company $ 52,362 $ 49,782 $ 43,288 Adjustments to reconcile net income to net cash provided from operating activities: Equity in undistributed income of subsidiaries (53,828 ) (53,828 ) (23,358 ) Depreciation of premises and equipment 2,735 2,728 2,563 Amortization of debt issuance costs 101 100 29 Other operating activities, net 28,536 2,479 (30,822 ) Net cash provided from (used for) operating activities 29,906 1,261 (8,300 ) Cash flows from investing activities: Repayment of ESOP loan by Brookline Bank 250 250 250 Purchase of premises and equipment (641 ) (742 ) (1,739 ) Net cash used for investing activities (391 ) (492 ) (1,489 ) Cash flows from financing activities: Proceeds from issuance of subordinated notes — — 73,495 Payment of dividends on common stock (25,366 ) (24,967 ) (23,876 ) Net cash (used for) provided from used for financing activities (25,366 ) (24,967 ) 49,619 Net increase (decrease) in cash and cash equivalents 4,149 (24,198 ) 39,830 Cash and cash equivalents at beginning of year 28,103 52,301 12,471 Cash and cash equivalents at end of year $ 32,252 $ 28,103 $ 52,301 |
Quarterly Results of Operatio53
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly results of operations | 2016 Quarters Fourth Third Second First (Dollars in Thousands Except Per Share Data) Interest and dividend income $ 60,983 $ 61,531 $ 59,236 $ 57,898 Interest expense 9,129 9,181 8,979 8,695 Net interest income 51,854 52,350 50,257 49,203 Provision for credit losses 3,215 2,215 2,545 2,378 Net interest income after provision for credit losses 48,639 50,135 47,712 46,825 Loan level derivative income, net 265 858 1,210 1,629 Gain on sale of loans and leases held-for-sale 1,270 588 345 905 Other non-interest income 3,895 3,883 3,820 3,935 Amortization of identified intangible assets (621 ) (623 ) (621 ) (635 ) Other non-interest expense (31,986 ) (32,765 ) (31,629 ) (31,418 ) Income before provision for income taxes 21,462 22,076 20,837 21,241 Provision for income taxes 7,524 7,804 7,465 7,599 Net income before noncontrolling interest in subsidiary 13,938 14,272 13,372 13,642 Less net income attributable to noncontrolling interest in subsidiary 659 655 718 830 Net income attributable to Brookline Bancorp, Inc. $ 13,279 $ 13,617 $ 12,654 $ 12,812 Earnings per share: Basic $ 0.19 $ 0.19 $ 0.18 $ 0.18 Diluted 0.19 0.19 0.18 0.18 Average common shares outstanding: Basic 70,362,702 70,299,722 70,196,950 70,186,921 Diluted 70,592,204 70,450,760 70,388,438 70,343,408 Common stock price: High $ 16.60 $ 12.19 $ 11.69 $ 11.21 Low 12.05 10.71 10.44 10.23 Dividends per share $ 0.090 $ 0.090 $ 0.090 $ 0.090 2015 Quarters Fourth Third Second First (Dollars in Thousands Except Per Share Data) Interest and dividend income $ 58,448 $ 56,687 $ 55,166 $ 56,609 Interest expense 8,370 8,100 7,994 8,081 Net interest income 50,078 48,587 47,172 48,528 Provision for credit losses 1,520 1,755 1,913 2,263 Net interest income after provision for credit losses 48,558 46,832 45,259 46,265 Loan level derivative income, net 1,556 900 941 — Gain on sales of loans and leases held-for-sale 614 446 279 869 Other non-interest income 3,893 3,438 3,647 3,601 Amortization of identified intangible assets (724 ) (725 ) (724 ) (738 ) Other non-interest expense (31,605 ) (30,545 ) (29,728 ) (30,588 ) Income before provision for income taxes 22,292 20,346 19,674 19,409 Provision for income taxes 8,237 6,897 7,115 7,104 Net income before noncontrolling interest in subsidiary 14,055 13,449 12,559 12,305 Less net income attributable to noncontrolling interest in subsidiary 728 561 694 602 Net income attributable to Brookline Bancorp, Inc. $ 13,327 $ 12,888 $ 11,865 $ 11,703 Earnings per share: Basic $ 0.19 $ 0.18 $ 0.17 $ 0.17 Diluted 0.19 0.18 0.17 0.17 Average common shares outstanding: Basic 70,177,382 70,129,056 70,049,829 70,036,090 Diluted 70,318,657 70,240,020 70,215,850 70,164,105 Common stock price: High $ 11.89 $ 11.66 $ 11.54 $ 10.05 Low 10.19 10.09 10.10 9.29 Dividends per share $ 0.090 $ 0.090 $ 0.090 $ 0.085 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)classbanksegment | Dec. 31, 2015USD ($) | |
Basis of Presentation | ||
Number of full-service banking offices | bank | 25 | |
Percentage of insurance offered | 100.00% | |
Impairment of restricted securities | $ 0 | $ 0 |
Number of days past due, non-accrual status (in days) | 90 days | |
Period after which a non-accrual loan is restructured (in months) | 6 months | |
Total loans and leases | $ 5,398,864,000 | 4,995,540,000 |
BOLI, as percentage of capital plus reserves, maximum, individual carrier (as a percent) | 10.00% | |
BOLI, as percentage of capital plus reserves, maximum, aggregate (as a percent) | 25.00% | |
Number of reportable segments | segment | 1 | |
Taxi Medallion Portfolio | ||
Basis of Presentation | ||
Total loans and leases | $ 31,100,000 | 35,800,000 |
Commercial real estate loans | ||
Basis of Presentation | ||
Number of loan classes within specific portfolio | class | 3 | |
Total loans and leases | $ 2,918,567,000 | 2,664,394,000 |
Commercial loans | ||
Basis of Presentation | ||
Number of loan classes within specific portfolio | class | 3 | |
Total loans and leases | $ 1,495,408,000 | 1,374,296,000 |
Consumer loans | ||
Basis of Presentation | ||
Number of days past due, non-accrual status (in days) | 90 days | |
Number of loan classes within specific portfolio | class | 4 | |
Total loans and leases | $ 978,748,000 | $ 943,172,000 |
Eastern Funding LLC | ||
Basis of Presentation | ||
Percentage of ownership in subsidiary | 84.40% | |
BankRI | ||
Basis of Presentation | ||
Number of full-service banking offices | bank | 20 | |
First Ipswich | ||
Basis of Presentation | ||
Number of full-service banking offices | bank | 5 | |
Minimum | ||
Basis of Presentation | ||
Term of operating lease | 5 years | |
Maximum | ||
Basis of Presentation | ||
Term of operating lease | 25 years |
Cash and Short-Term Investmen55
Cash and Short-Term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] | ||
Average amount required to be held with Federal Reserve Bank | $ 6,900 | $ 6,200 |
Aggregate reserves | 30,900 | 45,500 |
Short-term investments | ||
FRB interest bearing reserve | 19,952 | 34,575 |
FHLB overnight deposits | 2,142 | 9,573 |
Federal funds sold | 9,508 | 2,588 |
Total short-term investments | $ 31,602 | $ 46,736 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Investment securities available-for-sale | ||
Amortized Cost | $ 530,202,000 | $ 517,601,000 |
Gross Unrealized Gains | 1,394,000 | 1,649,000 |
Gross Unrealized Losses | 7,962,000 | 6,049,000 |
Estimated Fair Value | 523,634,000 | 513,201,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 87,120,000 | 93,757,000 |
Gross Unrealized Gains | 5,000 | 373,000 |
Gross Unrealized Losses | 1,854,000 | 435,000 |
Estimated Fair Value | 85,271,000 | 93,695,000 |
Investment securities available-for-sale | 523,634,000 | 513,201,000 |
Net unrealized gain (loss) | (6,600,000) | (4,400,000) |
Total, estimated fair value | $ 389,000,000 | $ 368,100,000 |
Percentage of securities in unrealized loss positions, available-for-sale securities | 74.30% | 71.70% |
Net unrealized gain (loss), held-to-maturity securities | $ 1,800,000 | $ 62,000 |
Gross unrealized losses, fair value, held-to-maturity securities | $ 82,000,000 | $ 52,300,000 |
Percentage of securities in unrealized loss positions, held-to-maturity securities | 94.10% | 55.80% |
Available for sale securities pledged as collateral | $ 429,100,000 | $ 486,400,000 |
GSE debentures | ||
Investment securities available-for-sale | ||
Amortized Cost | 98,122,000 | 40,658,000 |
Gross Unrealized Gains | 188,000 | 141,000 |
Gross Unrealized Losses | 1,290,000 | 172,000 |
Estimated Fair Value | 97,020,000 | 40,627,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 14,735,000 | 34,915,000 |
Gross Unrealized Gains | 0 | 9,000 |
Gross Unrealized Losses | 634,000 | 105,000 |
Estimated Fair Value | 14,101,000 | 34,819,000 |
Investment securities available-for-sale | 97,020,000 | 40,627,000 |
Net unrealized gain (loss) | (1,100,000) | (31,000) |
Net unrealized gain (loss), held-to-maturity securities | 600,000 | 100,000 |
Gross unrealized losses, fair value, held-to-maturity securities | 14,100,000 | 34,800,000 |
GSE CMOs | ||
Investment securities available-for-sale | ||
Amortized Cost | 161,483,000 | 198,000,000 |
Gross Unrealized Gains | 37,000 | 45,000 |
Gross Unrealized Losses | 3,480,000 | 4,229,000 |
Estimated Fair Value | 158,040,000 | 193,816,000 |
Investment securities held-to-maturity | ||
Investment securities available-for-sale | 158,040,000 | 193,816,000 |
GSE MBSs | ||
Investment securities available-for-sale | ||
Amortized Cost | 214,946,000 | 230,213,000 |
Gross Unrealized Gains | 794,000 | 1,098,000 |
Gross Unrealized Losses | 2,825,000 | 1,430,000 |
Estimated Fair Value | 212,915,000 | 229,881,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 17,666,000 | 19,291,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 187,000 | 305,000 |
Estimated Fair Value | 17,479,000 | 18,986,000 |
Investment securities available-for-sale | 212,915,000 | 229,881,000 |
Net unrealized gain (loss), held-to-maturity securities | 200,000 | 300,000 |
Gross unrealized losses, fair value, held-to-maturity securities | 17,500,000 | 19,000,000 |
SBA commercial loan asset-backed securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 107,000 | 148,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 1,000 |
Estimated Fair Value | 107,000 | 147,000 |
Investment securities held-to-maturity | ||
Investment securities available-for-sale | 107,000 | 147,000 |
Corporate debt obligations | ||
Investment securities available-for-sale | ||
Amortized Cost | 48,308,000 | 46,160,000 |
Gross Unrealized Gains | 360,000 | 344,000 |
Gross Unrealized Losses | 183,000 | 18,000 |
Estimated Fair Value | 48,485,000 | 46,486,000 |
Investment securities held-to-maturity | ||
Investment securities available-for-sale | 48,485,000 | 46,486,000 |
Net unrealized gain (loss) | 200,000 | 300,000 |
U.S. Treasury bonds | ||
Investment securities available-for-sale | ||
Amortized Cost | 4,801,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 64,000 | |
Estimated Fair Value | 4,737,000 | |
Investment securities held-to-maturity | ||
Investment securities available-for-sale | 4,737,000 | |
Net unrealized gain (loss) | 100,000 | |
Trust preferred securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 1,469,000 | 1,466,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 111,000 | 199,000 |
Estimated Fair Value | 1,358,000 | 1,267,000 |
Investment securities held-to-maturity | ||
Investment securities available-for-sale | 1,358,000 | 1,267,000 |
Net unrealized gain (loss) | (100,000) | (200,000) |
Marketable equity securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 966,000 | 956,000 |
Gross Unrealized Gains | 15,000 | 21,000 |
Gross Unrealized Losses | 9,000 | 0 |
Estimated Fair Value | 972,000 | 977,000 |
Investment securities held-to-maturity | ||
Investment securities available-for-sale | 972,000 | 977,000 |
Municipal obligations | ||
Investment securities held-to-maturity | ||
Amortized Cost | 54,219,000 | 39,051,000 |
Gross Unrealized Gains | 5,000 | 364,000 |
Gross Unrealized Losses | 1,020,000 | 25,000 |
Estimated Fair Value | 53,204,000 | 39,390,000 |
Gross unrealized losses, fair value, held-to-maturity securities | 53,200,000 | 39,400,000 |
Foreign government obligations | ||
Investment securities held-to-maturity | ||
Amortized Cost | 500,000 | 500,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 13,000 | 0 |
Estimated Fair Value | 487,000 | 500,000 |
Gross unrealized losses, fair value, held-to-maturity securities | $ 500,000 | $ 500,000 |
Investment Securities (Details
Investment Securities (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment securities available-for-sale | ||
Estimated Fair Value | $ 389,000 | $ 368,100 |
Investment securities held-to-maturity | ||
Total, estimated fair value | 82,000 | 52,300 |
GSE debentures | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 67,216 | 19,633 |
Less than twelve months, unrealized losses | 1,291 | 172 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Estimated Fair Value | 67,216 | 19,633 |
Total, unrealized losses | 1,291 | 172 |
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 14,101 | 25,837 |
Less than twelve months, unrealized losses | 634 | 105 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 14,101 | 25,837 |
Total, unrealized losses | 634 | 105 |
GSE CMOs | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 118,450 | 89,680 |
Less than twelve months, unrealized losses | 2,162 | 1,294 |
Twelve months or longer, estimated fair value | 38,852 | 100,473 |
Twelve months or longer, unrealized losses | 1,318 | 2,935 |
Estimated Fair Value | 157,302 | 190,153 |
Total, unrealized losses | 3,480 | 4,229 |
GSE MBSs | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 149,687 | 133,779 |
Less than twelve months, unrealized losses | 2,821 | 845 |
Twelve months or longer, estimated fair value | 198 | 16,968 |
Twelve months or longer, unrealized losses | 3 | 585 |
Estimated Fair Value | 149,885 | 150,747 |
Total, unrealized losses | 2,824 | 1,430 |
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 17,289 | 18,834 |
Less than twelve months, unrealized losses | 187 | 305 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 17,289 | 18,834 |
Total, unrealized losses | 187 | 305 |
SBA commercial loan asset-backed securities | ||
Investment 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 | 72 | 139 |
Twelve months or longer, unrealized losses | 0 | 1 |
Estimated Fair Value | 72 | 139 |
Total, unrealized losses | 0 | 1 |
Corporate debt obligations | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 7,953 | 6,181 |
Less than twelve months, unrealized losses | 183 | 18 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Estimated Fair Value | 7,953 | 6,181 |
Total, unrealized losses | 183 | 18 |
U.S. Treasury bonds | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 4,737 | |
Less than twelve months, unrealized losses | 64 | |
Twelve months or longer, estimated fair value | 0 | |
Twelve months or longer, unrealized losses | 0 | |
Estimated Fair Value | 4,737 | |
Total, unrealized losses | 64 | |
Trust preferred securities | ||
Investment 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 | 1,358 | 1,267 |
Twelve months or longer, unrealized losses | 111 | 199 |
Estimated Fair Value | 1,358 | 1,267 |
Total, unrealized losses | 111 | 199 |
Marketable equity securities | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 503 | |
Less than twelve months, unrealized losses | 9 | |
Twelve months or longer, estimated fair value | 0 | |
Twelve months or longer, unrealized losses | 0 | |
Estimated Fair Value | 503 | |
Total, unrealized losses | 9 | |
Debt Securities | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 348,546 | 249,273 |
Less than twelve months, unrealized losses | 6,530 | 2,329 |
Twelve months or longer, estimated fair value | 40,480 | 118,847 |
Twelve months or longer, unrealized losses | 1,432 | 3,720 |
Estimated Fair Value | 389,026 | 368,120 |
Total, unrealized losses | 7,962 | 6,049 |
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 81,975 | 52,300 |
Less than twelve months, unrealized losses | 1,854 | 435 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 81,975 | 52,300 |
Total, unrealized losses | 1,854 | 435 |
Available-for-sale Securities and Held-to-maturity Securities [Abstract] | ||
Less Than Twelve Months, Estimated Fair Value | 430,521 | 301,573 |
Less Than Twelve Months, Unrealized Losses | 8,384 | 2,764 |
Twelve Months or Longer, Estimated Fair Value | 40,480 | 118,847 |
Twelve Months or Longer, Unrealized Losses | 1,432 | 3,720 |
Total, Estimated Fair Value | 471,001 | 420,420 |
Total, Unrealized Losses | 9,816 | 6,484 |
Municipal obligations | ||
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 50,098 | 7,629 |
Less than twelve months, unrealized losses | 1,020 | 25 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 50,098 | 7,629 |
Total, unrealized losses | 1,020 | $ 25 |
Foreign government obligations | ||
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 487 | |
Less than twelve months, unrealized losses | 13 | |
Twelve months or longer, estimated fair value | 0 | |
Twelve months or longer, unrealized losses | 0 | |
Total, estimated fair value | 487 | |
Total, unrealized losses | $ 13 |
Investment Securities (Detail58
Investment Securities (Details 3) | 12 Months Ended | ||
Dec. 31, 2016USD ($)security | Dec. 31, 2015USD ($)security | Dec. 31, 2014USD ($) | |
Investment Securities | |||
Estimated Fair Value | $ 523,634,000 | $ 513,201,000 | |
Net unrealized gain (loss) | (6,600,000) | (4,400,000) | |
Purchases of securities available-for-sale | 115,403,000 | 63,615,000 | $ 139,866,000 |
Fair value | 82,000,000 | 52,300,000 | |
Net unrealized gain (loss), held-to-maturity securities | (1,800,000) | (62,000) | |
Purchases of investment securities held-to-maturity | 36,167,000 | 102,847,000 | $ 500,000 |
Amortized Cost | 87,120,000 | 93,757,000 | |
US Government Sponsored Enterprises Debt Securities Excluding Specified Securities | |||
Investment Securities | |||
Estimated Fair Value | 26,200,000 | 21,800,000 | |
GSE debentures | |||
Investment Securities | |||
Estimated Fair Value | $ 97,020,000 | $ 40,627,000 | |
Number of securities | security | 29 | 13 | |
Net unrealized gain (loss) | $ (1,100,000) | $ (31,000) | |
Number of securities in unrealized loss positions | security | 21 | 7 | |
Purchases of securities available-for-sale | $ 65,700,000 | $ 24,900,000 | |
Number of securities | security | 5 | 12 | |
Fair value | $ 14,100,000 | $ 34,800,000 | |
Net unrealized gain (loss), held-to-maturity securities | (600,000) | $ (100,000) | |
Number of securities in an unrealized loss position | security | 9 | ||
Purchases of investment securities held-to-maturity | 17,700,000 | $ 42,400,000 | |
Amortized Cost | 14,735,000 | 34,915,000 | |
GSE CMOs | |||
Investment Securities | |||
Estimated Fair Value | $ 158,000,000 | $ 193,800,000 | |
Number of securities | security | 62 | 63 | |
Net unrealized gain (loss) | $ (3,400,000) | $ (4,200,000) | |
Number of securities in unrealized loss positions | security | 47 | 45 | |
Purchases of securities available-for-sale | $ 3,100,000 | $ 0 | |
GSE mortgage-related securities | |||
Investment Securities | |||
Estimated Fair Value | $ 212,900,000 | $ 229,900,000 | |
Number of securities | security | 195 | 186 | |
Net unrealized gain (loss) | $ (2,000,000) | $ (300,000) | |
Number of securities in unrealized loss positions | security | 60 | 56 | |
Purchases of securities available-for-sale | $ 36,600,000 | $ 29,500,000 | |
SBA commercial loan asset-backed securities | |||
Investment Securities | |||
Estimated Fair Value | $ 107,000 | $ 147,000 | |
Number of securities | security | 6 | 7 | |
Number of securities in unrealized loss positions | security | 4 | 6 | |
Corporate debt obligations | |||
Investment Securities | |||
Estimated Fair Value | $ 48,485,000 | $ 46,486,000 | |
Number of securities | security | 16 | 15 | |
Net unrealized gain (loss) | $ 200,000 | $ 300,000 | |
Number of securities in unrealized loss positions | security | 3 | 2 | |
Purchases of securities available-for-sale | $ 5,100,000 | $ 9,300,000 | |
U.S. Treasury bonds | |||
Investment Securities | |||
Estimated Fair Value | 4,737,000 | ||
Net unrealized gain (loss) | 100,000 | ||
Trust preferred securities | |||
Investment Securities | |||
Estimated Fair Value | $ 1,358,000 | $ 1,267,000 | |
Number of securities | security | 2 | 2 | |
Net unrealized gain (loss) | $ (100,000) | $ (200,000) | |
Number of securities in unrealized loss positions | security | 2 | 2 | |
Marketable equity securities | |||
Investment Securities | |||
Estimated Fair Value | $ 972,000 | $ 977,000 | |
Number of securities | security | 2 | 2 | |
Number of securities in unrealized loss positions | security | 1 | 0 | |
GSE MBSs | |||
Investment Securities | |||
Estimated Fair Value | $ 212,915,000 | $ 229,881,000 | |
Number of securities | security | 11 | 10 | |
Fair value | $ 17,500,000 | $ 19,000,000 | |
Net unrealized gain (loss), held-to-maturity securities | $ (200,000) | $ (300,000) | |
Number of securities in an unrealized loss position | security | 8 | 7 | |
Purchases of investment securities held-to-maturity | $ 2,300,000 | $ 21,300,000 | |
Amortized Cost | 17,666,000 | $ 19,291,000 | |
Municipal obligations | |||
Investment Securities | |||
Purchases of securities available-for-sale | $ 15,600,000 | ||
Number of securities | security | 100 | 72 | |
Fair value | $ 53,200,000 | $ 39,400,000 | |
Number of securities in an unrealized loss position | security | 93 | 15 | |
Purchases of investment securities held-to-maturity | $ 39,200,000 | ||
Amortized Cost | $ 54,219,000 | $ 39,051,000 | |
Foreign government obligations | |||
Investment Securities | |||
Number of securities | security | 1 | 1 | |
Fair value | $ 500,000 | $ 500,000 | |
Number of securities in an unrealized loss position | security | 1 | 0 | |
Amortized Cost | $ 500,000 | $ 500,000 |
Investment Securities (Detail59
Investment Securities (Details 4) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 13 | $ 2,999 |
After 1 year through 5 years | 81,524 | 59,729 |
After 5 years through 10 years | 128,956 | 100,658 |
Over 10 years | 318,743 | 353,259 |
Total | 529,236 | 516,645 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 13 | 3,003 |
After 1 year through 5 years | 81,833 | 60,249 |
After 5 years through 10 years | 127,952 | 100,833 |
Over 10 years | 312,864 | 348,139 |
Total | $ 522,662 | $ 512,224 |
Available for Sale, Weighted Average Rate | ||
Within 1 year (as a percent) | 0.17% | 2.09% |
After 1 year through 5 years (as a percent) | 2.14% | 2.32% |
After 5 years through 10 years (as a percent) | 2.03% | 2.05% |
Over 10 years (as a percent) | 2.03% | 1.97% |
Total (as a percent) | 2.04% | 2.03% |
Held-to-Maturity, Amortized Cost | ||
Within 1 year | $ 190 | $ 651 |
After 1 year through 5 years | 23,012 | 23,888 |
After 5 years through 10 years | 46,442 | 50,078 |
Over 10 years | 17,476 | 19,140 |
Total | 87,120 | 93,757 |
Held-to-Maturity, Estimated Fair Value | ||
Within 1 year | 190 | 651 |
After 1 year through 5 years | 22,750 | 23,866 |
After 5 years through 10 years | 45,042 | 50,344 |
Over 10 years | 17,289 | 18,834 |
Total | $ 85,271 | $ 93,695 |
Held-to-Maturity, Weighted Average Rate | ||
Within 1 year (as a percent) | 1.00% | 1.00% |
After 1 year through 5 years (as a percent) | 1.30% | 1.52% |
After 5 years through 10 years (as a percent) | 1.75% | 2.00% |
Over 10 years (as a percent) | 2.11% | 1.82% |
Total (as a percent) | 1.70% | 1.83% |
Estimated fair value of debt securities have right to call or prepay the obligations | $ 27,900 | $ 48,500 |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of after one year through five years | 3,000 | |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities after five years through ten years | 23,500 | 31,800 |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of which is after 10 years | $ 1,400 | 1,200 |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of less than one year | $ 15,500 |
Investment Securities (Detail60
Investment Securities (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales | $ 0 | $ 0 | $ 5,485 |
Gross gains from sales | 0 | 0 | 380 |
Gross losses from sales | 0 | 0 | 315 |
Gain on sales of securities, net | 0 | 0 | 65 |
Sales of debt securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales | 0 | 0 | 5,084 |
Sales of marketable equity securities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Proceeds from sales | $ 0 | $ 0 | $ 401 |
Restricted Equity Securities (D
Restricted Equity Securities (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Feb. 03, 2017 | |
Restricted equity securities | ||||
Restricted equity securities | $ 64,511 | $ 66,117 | ||
FHLBB stock | ||||
Restricted equity securities | ||||
Restricted equity securities | $ 47,284 | $ 48,890 | ||
Dividend rate (as a percent) | 3.80% | 3.42% | 2.54% | |
Federal Reserve Bank of Boston stock | ||||
Restricted equity securities | ||||
Restricted equity securities | $ 16,752 | $ 16,752 | ||
Other restricted equity securities | ||||
Restricted equity securities | ||||
Restricted equity securities | $ 475 | $ 475 | ||
Northeast Retirement Services | Brookline Securities Corp | ||||
Restricted equity securities | ||||
Number of shares held as investment | 9,721 | |||
Shares held as investment at cost | $ 144 | |||
Community Bank Systems, Inc. | Subsequent Event | Brookline Securities Corp | ||||
Restricted equity securities | ||||
Cash received per share at exchange (in dollars per share) | $ 319.04 | |||
Number of acquirer shares received per acquiree shares held at exchange (in shares) | 14.876 |
Loans and Leases (Details)
Loans and Leases (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Originated loans | $ 5,083,560,000 | $ 4,572,888,000 | $ 5,083,560,000 | $ 4,572,888,000 | |||||||
Originated, Weighted Average Coupon (as a percent) | 4.38% | 4.38% | |||||||||
Acquired loans | 315,304,000 | 422,652,000 | $ 315,304,000 | $ 422,652,000 | |||||||
Acquired, Weighted Average Coupon (as a percent) | 4.31% | 4.18% | |||||||||
Total loans and leases | 5,398,864,000 | 4,995,540,000 | $ 5,398,864,000 | $ 4,995,540,000 | |||||||
Total, Weighted Average Coupon (as a percent) | 4.38% | 4.36% | |||||||||
Unamortized deferred loan origination fees and costs | 14,200,000 | 12,800,000 | $ 14,200,000 | $ 12,800,000 | |||||||
Percentage of loans to aggregate outstanding amount in the greater New York/New Jersey Metropolitan area and northeastern states | 29.60% | 32.80% | |||||||||
Percentage of loans to aggregate outstanding amount in Other areas of the United States | 70.40% | 67.20% | |||||||||
Proceeds from sales of loans and leases held-for-sale, net | $ 55,636,000 | $ 64,398,000 | $ 34,717,000 | ||||||||
Gain on sales of loans and leases held-for-sale | (1,270,000) | $ (588,000) | $ (345,000) | $ (905,000) | (614,000) | $ (446,000) | $ (279,000) | $ (869,000) | (3,256,000) | (2,208,000) | $ (1,651,000) |
Commercial real estate | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Total loans and leases | 2,050,382,000 | 1,875,592,000 | 2,050,382,000 | 1,875,592,000 | |||||||
Multi-family mortgage | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Total loans and leases | 731,186,000 | 658,480,000 | 731,186,000 | 658,480,000 | |||||||
Construction | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Total loans and leases | 136,999,000 | 130,322,000 | 136,999,000 | 130,322,000 | |||||||
Commercial | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Total loans and leases | 635,426,000 | 592,531,000 | 635,426,000 | 592,531,000 | |||||||
Equipment financing | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Total loans and leases | 799,860,000 | 721,890,000 | 799,860,000 | 721,890,000 | |||||||
Condominium association | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Total loans and leases | 60,122,000 | 59,875,000 | 60,122,000 | 59,875,000 | |||||||
Residential mortgage | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Total loans and leases | 624,349,000 | 616,449,000 | 624,349,000 | 616,449,000 | |||||||
Home equity | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Total loans and leases | 342,241,000 | 314,553,000 | 342,241,000 | 314,553,000 | |||||||
Other consumer | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Total loans and leases | 12,158,000 | 12,170,000 | 12,158,000 | 12,170,000 | |||||||
Commercial real estate loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Originated loans | 2,745,489,000 | 2,435,155,000 | $ 2,745,489,000 | $ 2,435,155,000 | |||||||
Originated, Weighted Average Coupon (as a percent) | 3.90% | 3.96% | |||||||||
Acquired loans | 173,078,000 | 229,239,000 | $ 173,078,000 | $ 229,239,000 | |||||||
Acquired, Weighted Average Coupon (as a percent) | 4.29% | 4.19% | |||||||||
Total loans and leases | 2,918,567,000 | 2,664,394,000 | $ 2,918,567,000 | $ 2,664,394,000 | |||||||
Total, Weighted Average Coupon (as a percent) | 3.92% | 3.98% | |||||||||
Commercial real estate loans | Commercial real estate | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Originated loans | 1,907,254,000 | 1,684,548,000 | $ 1,907,254,000 | $ 1,684,548,000 | |||||||
Originated, Weighted Average Coupon (as a percent) | 3.95% | 4.00% | |||||||||
Acquired loans | 143,128,000 | 191,044,000 | $ 143,128,000 | $ 191,044,000 | |||||||
Acquired, Weighted Average Coupon (as a percent) | 4.24% | 4.15% | |||||||||
Total loans and leases | 2,050,382,000 | 1,875,592,000 | $ 2,050,382,000 | $ 1,875,592,000 | |||||||
Total, Weighted Average Coupon (as a percent) | 3.97% | 4.02% | |||||||||
Commercial real estate loans | Multi-family mortgage | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Originated loans | 701,450,000 | 620,865,000 | $ 701,450,000 | $ 620,865,000 | |||||||
Originated, Weighted Average Coupon (as a percent) | 3.79% | 3.92% | |||||||||
Acquired loans | 29,736,000 | 37,615,000 | $ 29,736,000 | $ 37,615,000 | |||||||
Acquired, Weighted Average Coupon (as a percent) | 4.53% | 4.35% | |||||||||
Total loans and leases | 731,186,000 | 658,480,000 | $ 731,186,000 | $ 658,480,000 | |||||||
Total, Weighted Average Coupon (as a percent) | 3.82% | 3.94% | |||||||||
Commercial real estate loans | Construction | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Originated loans | 136,785,000 | 129,742,000 | $ 136,785,000 | $ 129,742,000 | |||||||
Originated, Weighted Average Coupon (as a percent) | 3.79% | 3.60% | |||||||||
Acquired loans | 214,000 | 580,000 | $ 214,000 | $ 580,000 | |||||||
Acquired, Weighted Average Coupon (as a percent) | 3.67% | 5.08% | |||||||||
Total loans and leases | 136,999,000 | 130,322,000 | $ 136,999,000 | $ 130,322,000 | |||||||
Total, Weighted Average Coupon (as a percent) | 3.79% | 3.61% | |||||||||
Commercial loans and leases | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Originated loans | 1,475,109,000 | 1,349,462,000 | $ 1,475,109,000 | $ 1,349,462,000 | |||||||
Originated, Weighted Average Coupon (as a percent) | 5.71% | 5.59% | |||||||||
Acquired loans | 20,299,000 | 24,834,000 | $ 20,299,000 | $ 24,834,000 | |||||||
Acquired, Weighted Average Coupon (as a percent) | 5.57% | 5.83% | |||||||||
Total loans and leases | 1,495,408,000 | 1,374,296,000 | $ 1,495,408,000 | $ 1,374,296,000 | |||||||
Total, Weighted Average Coupon (as a percent) | 5.71% | 5.59% | |||||||||
Commercial loans and leases | Commercial | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Originated loans | 621,285,000 | 576,599,000 | $ 621,285,000 | $ 576,599,000 | |||||||
Originated, Weighted Average Coupon (as a percent) | 4.11% | 3.90% | |||||||||
Acquired loans | 14,141,000 | 15,932,000 | $ 14,141,000 | $ 15,932,000 | |||||||
Acquired, Weighted Average Coupon (as a percent) | 5.44% | 5.65% | |||||||||
Total loans and leases | 635,426,000 | 592,531,000 | $ 635,426,000 | $ 592,531,000 | |||||||
Total, Weighted Average Coupon (as a percent) | 4.14% | 3.95% | |||||||||
Commercial loans and leases | Equipment financing | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Originated loans | 793,702,000 | 712,988,000 | $ 793,702,000 | $ 712,988,000 | |||||||
Originated, Weighted Average Coupon (as a percent) | 7.06% | 7.05% | |||||||||
Acquired loans | 6,158,000 | 8,902,000 | $ 6,158,000 | $ 8,902,000 | |||||||
Acquired, Weighted Average Coupon (as a percent) | 5.86% | 6.14% | |||||||||
Total loans and leases | 799,860,000 | 721,890,000 | $ 799,860,000 | $ 721,890,000 | |||||||
Total, Weighted Average Coupon (as a percent) | 7.05% | 7.04% | |||||||||
Commercial loans and leases | Condominium association | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Originated loans | 60,122,000 | 59,875,000 | $ 60,122,000 | $ 59,875,000 | |||||||
Originated, Weighted Average Coupon (as a percent) | 4.39% | 4.50% | |||||||||
Acquired loans | 0 | 0 | $ 0 | $ 0 | |||||||
Acquired, Weighted Average Coupon (as a percent) | 0.00% | 0.00% | |||||||||
Total loans and leases | 60,122,000 | 59,875,000 | $ 60,122,000 | $ 59,875,000 | |||||||
Total, Weighted Average Coupon (as a percent) | 4.39% | 4.50% | |||||||||
Indirect automobile loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Originated loans | 6,141,000 | 13,678,000 | $ 6,141,000 | $ 13,678,000 | |||||||
Originated, Weighted Average Coupon (as a percent) | 5.40% | 5.53% | |||||||||
Acquired loans | 0 | 0 | $ 0 | $ 0 | |||||||
Acquired, Weighted Average Coupon (as a percent) | 0.00% | 0.00% | |||||||||
Total loans and leases | 6,141,000 | 13,678,000 | $ 6,141,000 | $ 13,678,000 | |||||||
Total, Weighted Average Coupon (as a percent) | 5.40% | 5.53% | |||||||||
Percent of loan portfolio sold (over) | 90.00% | ||||||||||
Proceeds from sales of loans and leases held-for-sale, net | $ 255,200,000 | ||||||||||
Gain on sales of loans and leases held-for-sale | $ 11,800 | ||||||||||
Consumer loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Originated loans | 856,821,000 | 774,593,000 | $ 856,821,000 | $ 774,593,000 | |||||||
Originated, Weighted Average Coupon (as a percent) | 3.64% | 3.57% | |||||||||
Acquired loans | 121,927,000 | 168,579,000 | $ 121,927,000 | $ 168,579,000 | |||||||
Acquired, Weighted Average Coupon (as a percent) | 4.12% | 3.93% | |||||||||
Total loans and leases | 978,748,000 | 943,172,000 | $ 978,748,000 | $ 943,172,000 | |||||||
Total, Weighted Average Coupon (as a percent) | 3.70% | 3.63% | |||||||||
Consumer loans | Residential mortgage | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Originated loans | 555,430,000 | 527,846,000 | $ 555,430,000 | $ 527,846,000 | |||||||
Originated, Weighted Average Coupon (as a percent) | 3.67% | 3.64% | |||||||||
Acquired loans | 68,919,000 | 88,603,000 | $ 68,919,000 | $ 88,603,000 | |||||||
Acquired, Weighted Average Coupon (as a percent) | 3.98% | 3.85% | |||||||||
Total loans and leases | 624,349,000 | 616,449,000 | $ 624,349,000 | $ 616,449,000 | |||||||
Total, Weighted Average Coupon (as a percent) | 3.70% | 3.67% | |||||||||
Consumer loans | Home equity | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Originated loans | 289,361,000 | 234,708,000 | $ 289,361,000 | $ 234,708,000 | |||||||
Originated, Weighted Average Coupon (as a percent) | 3.50% | 3.35% | |||||||||
Acquired loans | 52,880,000 | 79,845,000 | $ 52,880,000 | $ 79,845,000 | |||||||
Acquired, Weighted Average Coupon (as a percent) | 4.26% | 3.99% | |||||||||
Total loans and leases | 342,241,000 | 314,553,000 | $ 342,241,000 | $ 314,553,000 | |||||||
Total, Weighted Average Coupon (as a percent) | 3.62% | 3.51% | |||||||||
Consumer loans | Other consumer | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Originated loans | 12,030,000 | 12,039,000 | $ 12,030,000 | $ 12,039,000 | |||||||
Originated, Weighted Average Coupon (as a percent) | 5.51% | 4.77% | |||||||||
Acquired loans | 128,000 | 131,000 | $ 128,000 | $ 131,000 | |||||||
Acquired, Weighted Average Coupon (as a percent) | 17.92% | 17.40% | |||||||||
Total loans and leases | $ 12,158,000 | $ 12,170,000 | $ 12,158,000 | $ 12,170,000 | |||||||
Total, Weighted Average Coupon (as a percent) | 5.64% | 4.91% |
Loans and Leases (Details 2)
Loans and Leases (Details 2) - Acquired - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summarized activity in accretable yield for the acquired loan portfolio | |||
Balance at beginning of year | $ 20,796 | $ 32,044 | $ 45,789 |
Accretion | (6,781) | (10,467) | (15,805) |
Reclassification from/(to) nonaccretable difference as a result from changes in expected cash flows | 338 | (781) | 2,060 |
Balance at end of year | $ 14,353 | $ 20,796 | $ 32,044 |
Loans and Leases (Details 3)
Loans and Leases (Details 3) - Directors, executive officers and their affiliates - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Change in the total amounts of loans and advances, all of which were performing | ||
Balance at beginning of year | $ 37,375 | $ 8,574 |
New loans granted during the year | 8,352 | 9,931 |
Loans reclassified as insider loans | 0 | 21,481 |
Advances on lines of credit | 26 | 840 |
Repayments | (2,295) | (1,344) |
Loan no longer classified as an insider loan | 0 | (2,107) |
Balance at end of year | 43,458 | 37,375 |
Unfunded commitments on extensions of credit | $ 8,700 | $ 14,800 |
Loans and Leases (Details 4)
Loans and Leases (Details 4) - USD ($) $ in Billions | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables [Abstract] | ||
Loans and leases pledged as collateral | $ 2.1 | $ 1.8 |
Allowance for Loan and Lease 66
Allowance for Loan and Lease Losses (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($)class | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)class | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | $ 56,739,000 | $ 53,659,000 | $ 56,739,000 | $ 53,659,000 | $ 48,473,000 | ||||||
Charge-offs | (14,667,000) | (6,554,000) | (4,450,000) | ||||||||
Recoveries | 1,392,000 | 2,211,000 | 1,397,000 | ||||||||
(Credit) provision for loan and lease losses | 10,202,000 | 7,423,000 | 8,239,000 | ||||||||
Balance at the end of the period | $ 53,666,000 | $ 56,739,000 | 53,666,000 | 56,739,000 | 53,659,000 | ||||||
Unfunded credit commitments liability included in other liabilities | 1,500,000 | 1,300,000 | 1,500,000 | 1,300,000 | 1,300,000 | ||||||
Unfunded credit commitments liability charged off | 0 | 0 | 0 | ||||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | 10,202,000 | 7,423,000 | 8,239,000 | ||||||||
Unfunded credit commitments | 151,000 | 28,000 | 238,000 | ||||||||
Total provision for credit losses | 3,215,000 | $ 2,215,000 | $ 2,545,000 | 2,378,000 | 1,520,000 | $ 1,755,000 | $ 1,913,000 | 2,263,000 | 10,353,000 | 7,451,000 | 8,477,000 |
Total loans and leases | 5,398,864,000 | 4,995,540,000 | 5,398,864,000 | 4,995,540,000 | |||||||
Related allowance | 152,000 | 3,638,000 | 152,000 | 3,638,000 | |||||||
Specific allowance for loan and lease losses | 200,000 | 3,600,000 | 200,000 | 3,600,000 | |||||||
General allowance for loan and lease losses | 53,500,000 | 53,100,000 | 53,500,000 | 53,100,000 | |||||||
Increase (decrease) in total debt restructured loans and leases | 2,900,000 | ||||||||||
Total troubled debt restructurings | 25,802,000 | 22,918,000 | 25,802,000 | 22,918,000 | |||||||
Nonaccrual Loans and Leases | 40,077,000 | 19,333,000 | 40,077,000 | 19,333,000 | |||||||
Increase in general portion of the allowance for loan and lease losses | 400,000 | ||||||||||
Increase (decrease) in specific portion of the allowance for loan and lease losses | (3,400,000) | ||||||||||
Taxi Medallion Portfolio | |||||||||||
Provisions for credit losses | |||||||||||
Total loans and leases | 31,100,000 | 35,800,000 | 31,100,000 | 35,800,000 | |||||||
Related allowance | 1,300,000 | 1,300,000 | |||||||||
Specific allowance for loan and lease losses | 100,000 | 0 | 100,000 | 0 | |||||||
General allowance for loan and lease losses | 1,200,000 | 4,300,000 | 1,200,000 | 4,300,000 | |||||||
Increase (decrease) in total debt restructured loans and leases | 4,800,000 | ||||||||||
Total troubled debt restructurings | 6,100,000 | 1,300,000 | 6,100,000 | 1,300,000 | |||||||
Nonaccrual Loans and Leases | 13,400,000 | 0 | 13,400,000 | 0 | |||||||
Originated | |||||||||||
Changes in allowance for loan losses | |||||||||||
(Credit) provision for loan and lease losses | 8,982,000 | 7,355,000 | 6,078,000 | ||||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | 8,982,000 | 7,355,000 | 6,078,000 | ||||||||
Unfunded credit commitments | 151,000 | 28,000 | 238,000 | ||||||||
Total provision for credit losses | 9,133,000 | 7,383,000 | 6,316,000 | ||||||||
Total loans and leases | 5,083,560,000 | 4,572,888,000 | 5,083,560,000 | 4,572,888,000 | |||||||
Related allowance | 125,000 | 3,369,000 | 125,000 | 3,369,000 | |||||||
Nonaccrual Loans and Leases | 36,516,000 | 12,259,000 | 36,516,000 | 12,259,000 | |||||||
Acquired | |||||||||||
Changes in allowance for loan losses | |||||||||||
(Credit) provision for loan and lease losses | 1,220,000 | 68,000 | 2,161,000 | ||||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | 1,220,000 | 68,000 | 2,161,000 | ||||||||
Unfunded credit commitments | 0 | 0 | 0 | ||||||||
Total provision for credit losses | 1,220,000 | 68,000 | 2,161,000 | ||||||||
Total loans and leases | 315,304,000 | 422,652,000 | 315,304,000 | 422,652,000 | |||||||
Related allowance | 27,000 | 269,000 | 27,000 | 269,000 | |||||||
Nonaccrual Loans and Leases | 3,561,000 | 7,074,000 | 3,561,000 | 7,074,000 | |||||||
Commercial Real Estate | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | 30,151,000 | 29,594,000 | 30,151,000 | 29,594,000 | 23,022,000 | ||||||
Charge-offs | (2,169,000) | (550,000) | (130,000) | ||||||||
Recoveries | 0 | 0 | 4,000 | ||||||||
(Credit) provision for loan and lease losses | (337,000) | 1,107,000 | 6,698,000 | ||||||||
Balance at the end of the period | $ 27,645,000 | 30,151,000 | 27,645,000 | 30,151,000 | 29,594,000 | ||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | $ (337,000) | 1,107,000 | 6,698,000 | ||||||||
Number of loan classes within specific portfolio | class | 3 | 3 | |||||||||
Total loans and leases | $ 2,918,567,000 | 2,664,394,000 | $ 2,918,567,000 | 2,664,394,000 | |||||||
Commercial Real Estate | Originated | |||||||||||
Changes in allowance for loan losses | |||||||||||
(Credit) provision for loan and lease losses | (750,000) | 1,459,000 | 5,009,000 | ||||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | (750,000) | 1,459,000 | 5,009,000 | ||||||||
Total loans and leases | 2,745,489,000 | 2,435,155,000 | 2,745,489,000 | 2,435,155,000 | |||||||
Related allowance | 28,000 | 2,167,000 | 28,000 | 2,167,000 | |||||||
Nonaccrual Loans and Leases | 6,439,000 | 3,167,000 | 6,439,000 | 3,167,000 | |||||||
Commercial Real Estate | Acquired | |||||||||||
Changes in allowance for loan losses | |||||||||||
(Credit) provision for loan and lease losses | 413,000 | (352,000) | 1,689,000 | ||||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | 413,000 | (352,000) | 1,689,000 | ||||||||
Total loans and leases | 173,078,000 | 229,239,000 | 173,078,000 | 229,239,000 | |||||||
Related allowance | 0 | 148,000 | 0 | 148,000 | |||||||
Nonaccrual Loans and Leases | 305,000 | 2,606,000 | 305,000 | 2,606,000 | |||||||
Commercial | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | 22,018,000 | 15,957,000 | 22,018,000 | 15,957,000 | 15,220,000 | ||||||
Charge-offs | (10,516,000) | (3,634,000) | (2,507,000) | ||||||||
Recoveries | 642,000 | 667,000 | 801,000 | ||||||||
(Credit) provision for loan and lease losses | 8,762,000 | 9,028,000 | 2,443,000 | ||||||||
Balance at the end of the period | $ 20,906,000 | 22,018,000 | 20,906,000 | 22,018,000 | 15,957,000 | ||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | $ 8,762,000 | 9,028,000 | 2,443,000 | ||||||||
Number of loan classes within specific portfolio | class | 3 | 3 | |||||||||
Total loans and leases | $ 1,495,408,000 | 1,374,296,000 | $ 1,495,408,000 | 1,374,296,000 | |||||||
Commercial | Originated | |||||||||||
Changes in allowance for loan losses | |||||||||||
(Credit) provision for loan and lease losses | 8,469,000 | 9,077,000 | 2,030,000 | ||||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | 8,469,000 | 9,077,000 | 2,030,000 | ||||||||
Total loans and leases | 1,475,109,000 | 1,349,462,000 | 1,475,109,000 | 1,349,462,000 | |||||||
Related allowance | 97,000 | 1,202,000 | 97,000 | 1,202,000 | |||||||
Nonaccrual Loans and Leases | 27,345,000 | 6,196,000 | 27,345,000 | 6,196,000 | |||||||
Commercial | Acquired | |||||||||||
Changes in allowance for loan losses | |||||||||||
(Credit) provision for loan and lease losses | 293,000 | (49,000) | 413,000 | ||||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | 293,000 | (49,000) | 413,000 | ||||||||
Total loans and leases | 20,299,000 | 24,834,000 | 20,299,000 | 24,834,000 | |||||||
Related allowance | 0 | 112,000 | 0 | 112,000 | |||||||
Nonaccrual Loans and Leases | 2,387,000 | 2,678,000 | 2,387,000 | 2,678,000 | |||||||
Indirect automobile loans | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | 269,000 | 2,331,000 | 269,000 | 2,331,000 | 3,924,000 | ||||||
Charge-offs | (573,000) | (1,788,000) | (1,163,000) | ||||||||
Recoveries | 597,000 | 1,442,000 | 434,000 | ||||||||
(Credit) provision for loan and lease losses | (171,000) | (1,716,000) | (864,000) | ||||||||
Balance at the end of the period | 122,000 | 269,000 | 122,000 | 269,000 | 2,331,000 | ||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | (171,000) | (1,716,000) | (864,000) | ||||||||
Total loans and leases | 6,141,000 | 13,678,000 | 6,141,000 | 13,678,000 | |||||||
Indirect automobile loans | Originated | |||||||||||
Changes in allowance for loan losses | |||||||||||
(Credit) provision for loan and lease losses | (171,000) | (1,716,000) | (864,000) | ||||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | (171,000) | (1,716,000) | (864,000) | ||||||||
Total loans and leases | 6,141,000 | 13,678,000 | 6,141,000 | 13,678,000 | |||||||
Nonaccrual Loans and Leases | 137,000 | 675,000 | 137,000 | 675,000 | |||||||
Indirect automobile loans | Acquired | |||||||||||
Changes in allowance for loan losses | |||||||||||
(Credit) provision for loan and lease losses | 0 | 0 | 0 | ||||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | 0 | 0 | 0 | ||||||||
Total loans and leases | 0 | 0 | 0 | 0 | |||||||
Consumer | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | 4,301,000 | 3,359,000 | 4,301,000 | 3,359,000 | 3,375,000 | ||||||
Charge-offs | (1,409,000) | (582,000) | (650,000) | ||||||||
Recoveries | 153,000 | 102,000 | 158,000 | ||||||||
(Credit) provision for loan and lease losses | 1,948,000 | 1,422,000 | 476,000 | ||||||||
Balance at the end of the period | $ 4,993,000 | 4,301,000 | 4,993,000 | 4,301,000 | 3,359,000 | ||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | $ 1,948,000 | 1,422,000 | 476,000 | ||||||||
Number of loan classes within specific portfolio | class | 4 | 4 | |||||||||
Total loans and leases | $ 978,748,000 | 943,172,000 | $ 978,748,000 | 943,172,000 | |||||||
Consumer | Originated | |||||||||||
Changes in allowance for loan losses | |||||||||||
(Credit) provision for loan and lease losses | 1,434,000 | 953,000 | 417,000 | ||||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | 1,434,000 | 953,000 | 417,000 | ||||||||
Total loans and leases | 856,821,000 | 774,593,000 | 856,821,000 | 774,593,000 | |||||||
Related allowance | 0 | 0 | 0 | 0 | |||||||
Nonaccrual Loans and Leases | 2,595,000 | 2,221,000 | 2,595,000 | 2,221,000 | |||||||
Consumer | Acquired | |||||||||||
Changes in allowance for loan losses | |||||||||||
(Credit) provision for loan and lease losses | 514,000 | 469,000 | 59,000 | ||||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | 514,000 | 469,000 | 59,000 | ||||||||
Total loans and leases | 121,927,000 | 168,579,000 | 121,927,000 | 168,579,000 | |||||||
Related allowance | 27,000 | 9,000 | 27,000 | 9,000 | |||||||
Nonaccrual Loans and Leases | $ 869,000 | 1,790,000 | 869,000 | 1,790,000 | |||||||
Unallocated | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | $ 0 | $ 2,418,000 | 0 | 2,418,000 | 2,932,000 | ||||||
Charge-offs | 0 | 0 | |||||||||
Recoveries | 0 | 0 | |||||||||
(Credit) provision for loan and lease losses | 0 | (2,418,000) | (514,000) | ||||||||
Balance at the end of the period | $ 0 | 0 | 2,418,000 | ||||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | 0 | (2,418,000) | (514,000) | ||||||||
Unallocated | Originated | |||||||||||
Changes in allowance for loan losses | |||||||||||
(Credit) provision for loan and lease losses | 0 | (2,418,000) | (514,000) | ||||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | 0 | (2,418,000) | (514,000) | ||||||||
Unallocated | Acquired | |||||||||||
Changes in allowance for loan losses | |||||||||||
(Credit) provision for loan and lease losses | 0 | 0 | 0 | ||||||||
Provisions for credit losses | |||||||||||
Total provision for loan and lease losses | $ 0 | $ 0 | $ 0 | ||||||||
Commercial real estate | |||||||||||
Provisions for credit losses | |||||||||||
Number of loan classes within specific portfolio | class | 3 | 3 | |||||||||
Consumer Loan | |||||||||||
Provisions for credit losses | |||||||||||
Number of loan classes within specific portfolio | class | 4 | 4 |
Allowance for Loan and Lease 67
Allowance for Loan and Lease Losses (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Credit Quality Information | ||
Recorded investment | $ 5,398,864 | $ 4,995,540 |
Originated | ||
Credit Quality Information | ||
Recorded investment | 5,083,560 | 4,572,888 |
Acquired | ||
Credit Quality Information | ||
Recorded investment | 315,304 | 422,652 |
Commercial real estate | ||
Credit Quality Information | ||
Recorded investment | 2,050,382 | 1,875,592 |
Commercial real estate | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,907,254 | 1,684,548 |
Commercial real estate | Acquired | ||
Credit Quality Information | ||
Recorded investment | 143,128 | 191,044 |
Commercial real estate | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,899,162 | 1,668,891 |
Commercial real estate | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 131,850 | 182,377 |
Commercial real estate | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,538 | 12,781 |
Commercial real estate | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 1,408 | 1,202 |
Commercial real estate | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 6,288 | 780 |
Commercial real estate | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 9,768 | 7,066 |
Commercial real estate | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 266 | 2,096 |
Commercial real estate | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 102 | 399 |
Multi-family mortgage | ||
Credit Quality Information | ||
Recorded investment | 731,186 | 658,480 |
Multi-family mortgage | Originated | ||
Credit Quality Information | ||
Recorded investment | 701,450 | 620,865 |
Multi-family mortgage | Acquired | ||
Credit Quality Information | ||
Recorded investment | 29,736 | 37,615 |
Multi-family mortgage | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 700,046 | 619,786 |
Multi-family mortgage | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 29,153 | 35,785 |
Multi-family mortgage | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 788 |
Multi-family mortgage | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 270 | 612 |
Multi-family mortgage | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,404 | 291 |
Multi-family mortgage | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 313 | 1,218 |
Multi-family mortgage | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Multi-family mortgage | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | ||
Credit Quality Information | ||
Recorded investment | 136,999 | 130,322 |
Construction | Originated | ||
Credit Quality Information | ||
Recorded investment | 136,785 | 129,742 |
Construction | Acquired | ||
Credit Quality Information | ||
Recorded investment | 214 | 580 |
Construction | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 136,607 | 129,534 |
Construction | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 214 | 580 |
Construction | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 178 | 208 |
Construction | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Commercial | ||
Credit Quality Information | ||
Recorded investment | 635,426 | 592,531 |
Commercial | Originated | ||
Credit Quality Information | ||
Recorded investment | 621,285 | 576,599 |
Commercial | Acquired | ||
Credit Quality Information | ||
Recorded investment | 14,141 | 15,932 |
Commercial | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 583,940 | 562,615 |
Commercial | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 10,312 | 11,959 |
Commercial | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 8,675 | 9,976 |
Commercial | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 249 | 902 |
Commercial | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 28,595 | 1,714 |
Commercial | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 3,017 | 3,071 |
Commercial | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 75 | 2,294 |
Commercial | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 563 | 0 |
Equipment financing | ||
Credit Quality Information | ||
Recorded investment | 799,860 | 721,890 |
Equipment financing | Originated | ||
Credit Quality Information | ||
Recorded investment | 793,702 | 712,988 |
Equipment financing | Acquired | ||
Credit Quality Information | ||
Recorded investment | 6,158 | 8,902 |
Equipment financing | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 786,050 | 709,381 |
Equipment financing | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 6,158 | 8,902 |
Equipment financing | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 824 | 804 |
Equipment financing | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Equipment financing | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 4,848 | 1,414 |
Equipment financing | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Equipment financing | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,980 | 1,389 |
Equipment financing | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | ||
Credit Quality Information | ||
Recorded investment | 60,122 | 59,875 |
Condominium association | Originated | ||
Credit Quality Information | ||
Recorded investment | 60,122 | 59,875 |
Condominium association | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 60,122 | 59,875 |
Condominium association | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other consumer | ||
Credit Quality Information | ||
Recorded investment | 12,158 | 12,170 |
Other consumer | Originated | ||
Credit Quality Information | ||
Recorded investment | 12,030 | 12,039 |
Other consumer | Acquired | ||
Credit Quality Information | ||
Recorded investment | 128 | 131 |
Other consumer | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 12,018 | 12,017 |
Other consumer | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 128 | 131 |
Other consumer | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other consumer | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other consumer | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 12 | 22 |
Other consumer | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other consumer | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other consumer | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Residential mortgage | ||
Credit Quality Information | ||
Recorded investment | $ 624,349 | $ 616,449 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Residential mortgage | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 555,430 | $ 527,846 |
Percentage of loans to aggregate outstanding amount | 89.00% | 85.60% |
Residential mortgage | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 68,919 | $ 88,603 |
Percentage of loans to aggregate outstanding amount | 11.00% | 14.40% |
Residential mortgage | Loan-to-value ratio, less than 50% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 138,030 | $ 118,628 |
Percentage of loans to aggregate outstanding amount | 22.10% | 19.20% |
Residential mortgage | Loan-to-value ratio, less than 50% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 17,809 | $ 18,857 |
Percentage of loans to aggregate outstanding amount | 2.90% | 3.10% |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 229,799 | $ 214,390 |
Percentage of loans to aggregate outstanding amount | 36.90% | 34.80% |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 24,027 | $ 32,986 |
Percentage of loans to aggregate outstanding amount | 3.80% | 5.30% |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 162,614 | $ 173,774 |
Percentage of loans to aggregate outstanding amount | 26.00% | 28.20% |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 14,030 | $ 17,883 |
Percentage of loans to aggregate outstanding amount | 2.20% | 2.90% |
Residential mortgage | Loan-to-value ratio, 80% and greater than | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 21,859 | $ 17,808 |
Percentage of loans to aggregate outstanding amount | 3.50% | 2.90% |
Residential mortgage | Loan-to-value ratio, 80% and greater than | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 10,069 | $ 14,011 |
Percentage of loans to aggregate outstanding amount | 1.60% | 2.30% |
Residential mortgage | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 3,128 | $ 3,246 |
Percentage of loans to aggregate outstanding amount | 0.50% | 0.50% |
Residential mortgage | Data not available | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 2,984 | $ 4,866 |
Percentage of loans to aggregate outstanding amount | 0.50% | 0.80% |
Home equity | ||
Credit Quality Information | ||
Recorded investment | $ 342,241 | $ 314,553 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Home equity | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 289,361 | $ 234,708 |
Percentage of loans to aggregate outstanding amount | 84.60% | 74.60% |
Home equity | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 52,880 | $ 79,845 |
Percentage of loans to aggregate outstanding amount | 15.40% | 25.40% |
Home equity | Loan-to-value ratio, less than 50% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 153,679 | $ 131,584 |
Percentage of loans to aggregate outstanding amount | 44.90% | 41.80% |
Home equity | Loan-to-value ratio, less than 50% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 32,334 | $ 48,563 |
Percentage of loans to aggregate outstanding amount | 9.40% | 15.40% |
Home equity | Loan-to-value ratio, 50% - 69% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 61,553 | $ 51,492 |
Percentage of loans to aggregate outstanding amount | 18.10% | 16.40% |
Home equity | Loan-to-value ratio, 50% - 69% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 15,059 | $ 20,623 |
Percentage of loans to aggregate outstanding amount | 4.40% | 6.60% |
Home equity | Loan-to-value ratio, 70% - 79% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 49,987 | $ 32,916 |
Percentage of loans to aggregate outstanding amount | 14.60% | 10.50% |
Home equity | Loan-to-value ratio, 70% - 79% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 3,069 | $ 7,144 |
Percentage of loans to aggregate outstanding amount | 0.90% | 2.30% |
Home equity | Loan-to-value ratio, 80% and greater than | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 23,317 | $ 18,082 |
Percentage of loans to aggregate outstanding amount | 6.80% | 5.70% |
Home equity | Loan-to-value ratio, 80% and greater than | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 1,016 | $ 2,650 |
Percentage of loans to aggregate outstanding amount | 0.30% | 0.80% |
Home equity | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 825 | $ 634 |
Percentage of loans to aggregate outstanding amount | 0.20% | 0.20% |
Home equity | Data not available | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 1,402 | $ 865 |
Percentage of loans to aggregate outstanding amount | 0.40% | 0.30% |
Indirect automobile loans | ||
Credit Quality Information | ||
Recorded investment | $ 6,141 | $ 13,678 |
Indirect automobile loans | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 6,141 | $ 13,678 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Indirect automobile loans | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 0 | $ 0 |
Indirect automobile loans | Credit score, Over 700 | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 2,469 | $ 5,435 |
Percentage of loans to aggregate outstanding amount | 40.20% | 39.70% |
Indirect automobile loans | Credit score, 661-700 | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 906 | $ 1,965 |
Percentage of loans to aggregate outstanding amount | 14.70% | 14.40% |
Indirect automobile loans | Credit score, 660 and below | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 2,743 | $ 6,217 |
Percentage of loans to aggregate outstanding amount | 44.70% | 45.50% |
Indirect automobile loans | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 23 | $ 61 |
Percentage of loans to aggregate outstanding amount | 0.40% | 0.40% |
Allowance for Loan and Lease 68
Allowance for Loan and Lease Losses Allowance for Loan and Lease Losses (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | ||
Foreclosed residential real estate property held by the creditor | $ 251 | $ 362 |
Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure | 1,213 | 298 |
On accrual | 13,883 | 17,953 |
On nonaccrual | 11,919 | 4,965 |
Total troubled debt restructurings | 25,802 | $ 22,918 |
Increase (decrease) in total debt restructured loans and leases | $ 2,900 |
Allowance for Loan and Lease 69
Allowance for Loan and Lease Losses (Details 4) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Age analysis of past due loans | ||
Past Due | $ 52,326 | $ 39,552 |
Current | 5,346,538 | 4,955,988 |
Total Loans and Leases | 5,398,864 | 4,995,540 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 7,077 | 8,690 |
Nonaccrual Loans and Leases | 40,077 | 19,333 |
Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,050,382 | 1,875,592 |
Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 731,186 | 658,480 |
Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 136,999 | 130,322 |
Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 635,426 | 592,531 |
Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 799,860 | 721,890 |
Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 60,122 | 59,875 |
Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 624,349 | 616,449 |
Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 342,241 | 314,553 |
Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 12,158 | 12,170 |
Commercial real estate loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,918,567 | 2,664,394 |
Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,050,382 | 1,875,592 |
Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 731,186 | 658,480 |
Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 136,999 | 130,322 |
Commercial loans and leases | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,495,408 | 1,374,296 |
Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 635,426 | 592,531 |
Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 799,860 | 721,890 |
Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 60,122 | 59,875 |
Indirect automobile loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 6,141 | 13,678 |
Consumer loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 978,748 | 943,172 |
Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 624,349 | 616,449 |
Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 342,241 | 314,553 |
Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 12,158 | 12,170 |
31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 18,851 | 14,774 |
61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 7,350 | 3,294 |
Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 26,125 | 21,484 |
Originated | ||
Age analysis of past due loans | ||
Past Due | 40,525 | 21,042 |
Current | 5,043,035 | 4,551,846 |
Total Loans and Leases | 5,083,560 | 4,572,888 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 5 | 117 |
Nonaccrual Loans and Leases | 36,516 | 12,259 |
Originated | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,907,254 | 1,684,548 |
Originated | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 701,450 | 620,865 |
Originated | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 136,785 | 129,742 |
Originated | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 621,285 | 576,599 |
Originated | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 793,702 | 712,988 |
Originated | Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 60,122 | 59,875 |
Originated | Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 555,430 | 527,846 |
Originated | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 289,361 | 234,708 |
Originated | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 12,030 | 12,039 |
Originated | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 7,163 | 4,547 |
Current | 2,738,326 | 2,430,608 |
Total Loans and Leases | 2,745,489 | 2,435,155 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 2 | 16 |
Nonaccrual Loans and Leases | 6,439 | 3,167 |
Originated | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 4,029 | 3,879 |
Current | 1,903,225 | 1,680,669 |
Total Loans and Leases | 1,907,254 | 1,684,548 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 2 | 0 |
Nonaccrual Loans and Leases | 5,035 | 2,876 |
Originated | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 2,587 | 16 |
Current | 698,863 | 620,849 |
Total Loans and Leases | 701,450 | 620,865 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 16 |
Nonaccrual Loans and Leases | 1,404 | 291 |
Originated | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 547 | 652 |
Current | 136,238 | 129,090 |
Total Loans and Leases | 136,785 | 129,742 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Originated | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 26,259 | 12,701 |
Current | 1,448,850 | 1,336,761 |
Total Loans and Leases | 1,475,109 | 1,349,462 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 101 |
Nonaccrual Loans and Leases | 27,345 | 6,196 |
Originated | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 16,225 | 7,953 |
Current | 605,060 | 568,646 |
Total Loans and Leases | 621,285 | 576,599 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 24 |
Nonaccrual Loans and Leases | 20,587 | 3,586 |
Originated | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 9,768 | 4,419 |
Current | 783,934 | 708,569 |
Total Loans and Leases | 793,702 | 712,988 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 77 |
Nonaccrual Loans and Leases | 6,758 | 2,610 |
Originated | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 266 | 329 |
Current | 59,856 | 59,546 |
Total Loans and Leases | 60,122 | 59,875 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Originated | Indirect automobile loans | ||
Age analysis of past due loans | ||
Past Due | 631 | 1,499 |
Current | 5,510 | 12,179 |
Total Loans and Leases | 6,141 | 13,678 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 137 | 675 |
Originated | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 6,472 | 2,295 |
Current | 850,349 | 772,298 |
Total Loans and Leases | 856,821 | 774,593 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 3 | 0 |
Nonaccrual Loans and Leases | 2,595 | 2,221 |
Originated | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 6,202 | 1,613 |
Current | 549,228 | 526,233 |
Total Loans and Leases | 555,430 | 527,846 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 2,455 | 1,873 |
Originated | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 249 | 636 |
Current | 289,112 | 234,072 |
Total Loans and Leases | 289,361 | 234,708 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 3 | 0 |
Nonaccrual Loans and Leases | 128 | 319 |
Originated | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 21 | 46 |
Current | 12,009 | 11,993 |
Total Loans and Leases | 12,030 | 12,039 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 12 | 29 |
Originated | 31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 17,332 | 11,749 |
Originated | 31-60 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 4,368 | 2,434 |
Originated | 31-60 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 1,525 | 1,782 |
Originated | 31-60 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 2,296 | 0 |
Originated | 31-60 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 547 | 652 |
Originated | 31-60 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 8,645 | 6,464 |
Originated | 31-60 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 5,396 | 4,578 |
Originated | 31-60 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 2,983 | 1,681 |
Originated | 31-60 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 266 | 205 |
Originated | 31-60 days past due | Indirect automobile loans | ||
Age analysis of past due loans | ||
Past Due | 547 | 1,058 |
Originated | 31-60 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 3,772 | 1,793 |
Originated | 31-60 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 3,745 | 1,384 |
Originated | 31-60 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 25 | 390 |
Originated | 31-60 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 2 | 19 |
Originated | 61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 6,934 | 2,300 |
Originated | 61-90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 2,075 | 0 |
Originated | 61-90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 2,075 | 0 |
Originated | 61-90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Originated | 61-90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Originated | 61-90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 2,259 | 1,726 |
Originated | 61-90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 815 | 1,007 |
Originated | 61-90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 1,444 | 595 |
Originated | 61-90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 0 | 124 |
Originated | 61-90 days past due | Indirect automobile loans | ||
Age analysis of past due loans | ||
Past Due | 76 | 335 |
Originated | 61-90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 2,524 | 239 |
Originated | 61-90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 2,294 | 0 |
Originated | 61-90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 219 | 237 |
Originated | 61-90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 11 | 2 |
Originated | Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 16,259 | 6,993 |
Originated | Greater than 90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 720 | 2,113 |
Originated | Greater than 90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 429 | 2,097 |
Originated | Greater than 90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 291 | 16 |
Originated | Greater than 90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Originated | Greater than 90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 15,355 | 4,511 |
Originated | Greater than 90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 10,014 | 2,368 |
Originated | Greater than 90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 5,341 | 2,143 |
Originated | Greater than 90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Originated | Greater than 90 days past due | Indirect automobile loans | ||
Age analysis of past due loans | ||
Past Due | 8 | 106 |
Originated | Greater than 90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 176 | 263 |
Originated | Greater than 90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 163 | 229 |
Originated | Greater than 90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 5 | 9 |
Originated | Greater than 90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 8 | 25 |
Acquired | ||
Age analysis of past due loans | ||
Past Due | 11,801 | 18,510 |
Current | 303,503 | 404,142 |
Total Loans and Leases | 315,304 | 422,652 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 7,072 | 8,573 |
Nonaccrual Loans and Leases | 3,561 | 7,074 |
Acquired | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 143,128 | 191,044 |
Acquired | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 29,736 | 37,615 |
Acquired | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 214 | 580 |
Acquired | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 14,141 | 15,932 |
Acquired | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 6,158 | 8,902 |
Acquired | Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 0 | 0 |
Acquired | Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 68,919 | 88,603 |
Acquired | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 52,880 | 79,845 |
Acquired | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 128 | 131 |
Acquired | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 4,936 | 10,370 |
Current | 168,142 | 218,869 |
Total Loans and Leases | 173,078 | 229,239 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 3,786 | 6,059 |
Nonaccrual Loans and Leases | 305 | 2,606 |
Acquired | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 4,936 | 9,293 |
Current | 138,192 | 181,751 |
Total Loans and Leases | 143,128 | 191,044 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 3,786 | 4,982 |
Nonaccrual Loans and Leases | 305 | 2,606 |
Acquired | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 1,077 |
Current | 29,736 | 36,538 |
Total Loans and Leases | 29,736 | 37,615 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 1,077 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Current | 214 | 580 |
Total Loans and Leases | 214 | 580 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 2,957 | 3,341 |
Current | 17,342 | 21,493 |
Total Loans and Leases | 20,299 | 24,834 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 264 | 325 |
Nonaccrual Loans and Leases | 2,387 | 2,678 |
Acquired | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 2,957 | 3,341 |
Current | 11,184 | 12,591 |
Total Loans and Leases | 14,141 | 15,932 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 264 | 325 |
Nonaccrual Loans and Leases | 2,387 | 2,678 |
Acquired | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Current | 6,158 | 8,902 |
Total Loans and Leases | 6,158 | 8,902 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | Indirect automobile loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 0 | 0 |
Acquired | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 3,908 | 4,799 |
Current | 118,019 | 163,780 |
Total Loans and Leases | 121,927 | 168,579 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 3,022 | 2,189 |
Nonaccrual Loans and Leases | 869 | 1,790 |
Acquired | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 3,183 | 2,941 |
Current | 65,736 | 85,662 |
Total Loans and Leases | 68,919 | 88,603 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 2,820 | 2,047 |
Nonaccrual Loans and Leases | 46 | 352 |
Acquired | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 724 | 1,858 |
Current | 52,156 | 77,987 |
Total Loans and Leases | 52,880 | 79,845 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 202 | 142 |
Nonaccrual Loans and Leases | 823 | 1,438 |
Acquired | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 1 | 0 |
Current | 127 | 131 |
Total Loans and Leases | 128 | 131 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | 31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 1,519 | 3,025 |
Acquired | 31-60 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 925 | 1,336 |
Acquired | 31-60 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 925 | 1,336 |
Acquired | 31-60 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 31-60 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 31-60 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 306 | 351 |
Acquired | 31-60 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 306 | 351 |
Acquired | 31-60 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 31-60 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 288 | 1,338 |
Acquired | 31-60 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 326 |
Acquired | 31-60 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 288 | 1,012 |
Acquired | 31-60 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 416 | 994 |
Acquired | 61-90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 0 | 369 |
Acquired | 61-90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 0 | 369 |
Acquired | 61-90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 61-90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 61-90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 0 | 23 |
Acquired | 61-90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 0 | 23 |
Acquired | 61-90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 61-90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 416 | 602 |
Acquired | 61-90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 318 | 216 |
Acquired | 61-90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 97 | 386 |
Acquired | 61-90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 1 | 0 |
Acquired | Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 9,866 | 14,491 |
Acquired | Greater than 90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 4,011 | 8,665 |
Acquired | Greater than 90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 4,011 | 7,588 |
Acquired | Greater than 90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 1,077 |
Acquired | Greater than 90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | Greater than 90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 2,651 | 2,967 |
Acquired | Greater than 90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 2,651 | 2,967 |
Acquired | Greater than 90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | Greater than 90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 3,204 | 2,859 |
Acquired | Greater than 90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 2,865 | 2,399 |
Acquired | Greater than 90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 339 | 460 |
Acquired | Greater than 90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | $ 0 | $ 0 |
Allowance for Loan and Lease 70
Allowance for Loan and Lease Losses (Details 5) | 12 Months Ended |
Dec. 31, 2016class | |
Allowance for loan losses and recorded investment in loans | |
Number of days past due, non-accrual status (in days) | 90 days |
Commercial real estate loans | |
Allowance for loan losses and recorded investment in loans | |
Number of loan classes within specific portfolio | 3 |
Commercial real estate loans | Commercial real estate | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 38.10% |
Commercial real estate loans | Multi-family mortgage | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 13.50% |
Commercial real estate loans | Construction | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 2.50% |
Commercial loans | |
Allowance for loan losses and recorded investment in loans | |
Number of loan classes within specific portfolio | 3 |
Commercial loans | Commercial | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 11.80% |
Commercial loans | Equipment financing | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 14.80% |
Commercial loans | Condominium association | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 1.10% |
Indirect automobile loans | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 0.10% |
Consumer loans | |
Allowance for loan losses and recorded investment in loans | |
Number of loan classes within specific portfolio | 4 |
Loans not made, loan to value ratio, minimum (as a percent) | 80.00% |
Number of days past due, non-accrual status (in days) | 90 days |
Consumer loans | Residential mortgage | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 11.60% |
Consumer loans | Home equity | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 6.30% |
Consumer loans | Other consumer | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 0.20% |
Allowance for Loan and Lease 71
Allowance for Loan and Lease Losses (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Impaired Loans and Leases | |||
Recorded investment | $ 78,779 | $ 51,705 | |
Unpaid principal balance | 78,718 | 51,686 | |
Related allowance | 152 | 3,638 | |
Average recorded investment | 71,519 | 57,340 | $ 50,072 |
Interest income recognized, Total | 1,331 | 1,259 | 1,216 |
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 53,666 | 56,739 | |
Total Loans and Leases | 5,398,864 | 4,995,540 | |
Commercial real estate loans | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 27,645 | 30,151 | |
Total Loans and Leases | 2,918,567 | 2,664,394 | |
Commercial | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 20,906 | 22,018 | |
Total Loans and Leases | 1,495,408 | 1,374,296 | |
Consumer loans | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 4,993 | 4,301 | |
Total Loans and Leases | 978,748 | 943,172 | |
Indirect automobile loans | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 122 | 269 | |
Total Loans and Leases | 6,141 | 13,678 | |
Originated | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 53,205 | 21,437 | |
Recorded investment, loans with related allowance recorded | 4,589 | 8,365 | |
Recorded investment | 57,794 | 29,802 | |
Unpaid principal balance with no related allowance recorded | 53,129 | 21,405 | |
Unpaid principal balance with related allowance recorded | 4,589 | 8,363 | |
Unpaid principal balance | 57,718 | 29,768 | |
Related allowance | 125 | 3,369 | |
Recorded investment, nonaccrual loans | 34,100 | 9,300 | |
Average recorded investment with no related allowance recorded | 34,179 | 23,409 | 17,792 |
Average recorded investment with related allowance recorded | 14,754 | 10,866 | 5,966 |
Average recorded investment | 48,933 | 34,275 | 23,758 |
Interest income recognized with no related allowance recorded | 828 | 792 | 487 |
Interest income recognized with related allowance recorded | 201 | 207 | 135 |
Interest income recognized, Total | 1,029 | 999 | 622 |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 125 | 3,369 | |
Collectively evaluated for impairment, allowance | 52,288 | 51,618 | |
Total, Allowance | 52,413 | 54,987 | |
Individually evaluated for impairment, Loans and Leases | 55,445 | 29,184 | |
Collectively evaluated for impairment, Loans and Leases | 5,028,115 | 4,543,704 | |
Total Loans and Leases | 5,083,560 | 4,572,888 | |
Originated | Commercial real estate loans | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 9,113 | 2,758 | |
Recorded investment, loans with related allowance recorded | 3,984 | 6,150 | |
Unpaid principal balance with no related allowance recorded | 9,104 | 2,756 | |
Unpaid principal balance with related allowance recorded | 3,984 | 6,150 | |
Related allowance | 28 | 2,167 | |
Average recorded investment with no related allowance recorded | 6,608 | 3,999 | 2,786 |
Average recorded investment with related allowance recorded | 4,715 | 5,132 | 3,223 |
Interest income recognized with no related allowance recorded | 152 | 86 | 102 |
Interest income recognized with related allowance recorded | 195 | 197 | 69 |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 28 | 2,167 | |
Collectively evaluated for impairment, allowance | 26,830 | 26,857 | |
Total, Allowance | 26,858 | 29,024 | |
Individually evaluated for impairment, Loans and Leases | 13,097 | 8,907 | |
Collectively evaluated for impairment, Loans and Leases | 2,732,392 | 2,426,248 | |
Total Loans and Leases | 2,745,489 | 2,435,155 | |
Originated | Commercial | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 39,269 | 14,097 | |
Recorded investment, loans with related allowance recorded | 605 | 2,215 | |
Unpaid principal balance with no related allowance recorded | 39,210 | 14,074 | |
Unpaid principal balance with related allowance recorded | 605 | 2,213 | |
Related allowance | 97 | 1,202 | |
Average recorded investment with no related allowance recorded | 23,445 | 15,143 | 11,840 |
Average recorded investment with related allowance recorded | 9,915 | 5,650 | 2,285 |
Interest income recognized with no related allowance recorded | 600 | 641 | 343 |
Interest income recognized with related allowance recorded | 6 | 10 | 51 |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 97 | 1,202 | |
Collectively evaluated for impairment, allowance | 20,682 | 20,545 | |
Total, Allowance | 20,779 | 21,747 | |
Individually evaluated for impairment, Loans and Leases | 37,637 | 15,806 | |
Collectively evaluated for impairment, Loans and Leases | 1,437,472 | 1,333,656 | |
Total Loans and Leases | 1,475,109 | 1,349,462 | |
Originated | Consumer loans | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 4,823 | 4,582 | |
Recorded investment, loans with related allowance recorded | 0 | 0 | |
Unpaid principal balance with no related allowance recorded | 4,815 | 4,575 | |
Unpaid principal balance with related allowance recorded | 0 | 0 | |
Related allowance | 0 | 0 | |
Average recorded investment with no related allowance recorded | 4,126 | 4,267 | 3,166 |
Average recorded investment with related allowance recorded | 124 | 84 | 458 |
Interest income recognized with no related allowance recorded | 76 | 65 | 42 |
Interest income recognized with related allowance recorded | 0 | 0 | 15 |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 0 | 0 | |
Collectively evaluated for impairment, allowance | 4,654 | 3,947 | |
Total, Allowance | 4,654 | 3,947 | |
Individually evaluated for impairment, Loans and Leases | 4,711 | 4,471 | |
Collectively evaluated for impairment, Loans and Leases | 852,110 | 770,122 | |
Total Loans and Leases | 856,821 | 774,593 | |
Originated | Indirect automobile loans | |||
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 0 | 0 | |
Collectively evaluated for impairment, allowance | 122 | 269 | |
Total, Allowance | 122 | 269 | |
Individually evaluated for impairment, Loans and Leases | 0 | 0 | |
Collectively evaluated for impairment, Loans and Leases | 6,141 | 13,678 | |
Total Loans and Leases | 6,141 | 13,678 | |
Acquired | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 20,732 | 18,637 | |
Recorded investment, loans with related allowance recorded | 253 | 3,266 | |
Recorded investment | 20,985 | 21,903 | |
Unpaid principal balance with no related allowance recorded | 20,747 | 18,652 | |
Unpaid principal balance with related allowance recorded | 253 | 3,266 | |
Unpaid principal balance | 21,000 | 21,918 | |
Related allowance | 27 | 269 | |
Recorded investment, nonaccrual loans | 3,600 | 7,100 | |
Average recorded investment with no related allowance recorded | 20,698 | 21,465 | 24,460 |
Average recorded investment with related allowance recorded | 1,888 | 1,600 | 1,854 |
Average recorded investment | 22,586 | 23,065 | 26,314 |
Interest income recognized with no related allowance recorded | 294 | 252 | 500 |
Interest income recognized with related allowance recorded | 8 | 8 | 94 |
Interest income recognized, Total | 302 | 260 | 594 |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 27 | 269 | |
Collectively evaluated for impairment, allowance | 268 | 449 | |
Total, Allowance | 1,253 | 1,752 | |
Individually evaluated for impairment, Loans and Leases | 5,765 | 9,884 | |
Collectively evaluated for impairment, Loans and Leases | 128,577 | 181,084 | |
Total Loans and Leases | 315,304 | 422,652 | |
Acquired | Receivables Acquired with Deteriorated Credit Quality | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 958 | 1,034 | |
Total Loans and Leases | 180,962 | 231,684 | |
Acquired | Commercial real estate loans | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 10,400 | 7,035 | |
Recorded investment, loans with related allowance recorded | 0 | 2,606 | |
Unpaid principal balance with no related allowance recorded | 10,400 | 7,035 | |
Unpaid principal balance with related allowance recorded | 0 | 2,606 | |
Related allowance | 0 | 148 | |
Average recorded investment with no related allowance recorded | 8,906 | 9,200 | 10,884 |
Average recorded investment with related allowance recorded | 1,093 | 713 | 942 |
Interest income recognized with no related allowance recorded | 151 | 125 | 350 |
Interest income recognized with related allowance recorded | 0 | 0 | 76 |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 0 | 148 | |
Collectively evaluated for impairment, allowance | 221 | 333 | |
Total, Allowance | 787 | 1,127 | |
Individually evaluated for impairment, Loans and Leases | 690 | 3,188 | |
Collectively evaluated for impairment, Loans and Leases | 47,599 | 63,857 | |
Total Loans and Leases | 173,078 | 229,239 | |
Acquired | Commercial real estate loans | Receivables Acquired with Deteriorated Credit Quality | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 566 | 646 | |
Total Loans and Leases | 124,789 | 162,194 | |
Acquired | Commercial | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 3,948 | 4,053 | |
Recorded investment, loans with related allowance recorded | 0 | 486 | |
Unpaid principal balance with no related allowance recorded | 3,948 | 4,052 | |
Unpaid principal balance with related allowance recorded | 0 | 486 | |
Related allowance | 0 | 112 | |
Average recorded investment with no related allowance recorded | 4,255 | 4,428 | 6,875 |
Average recorded investment with related allowance recorded | 364 | 638 | 631 |
Interest income recognized with no related allowance recorded | 75 | 65 | 122 |
Interest income recognized with related allowance recorded | 0 | 0 | 15 |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 0 | 112 | |
Collectively evaluated for impairment, allowance | 13 | 71 | |
Total, Allowance | 127 | 271 | |
Individually evaluated for impairment, Loans and Leases | 3,047 | 4,090 | |
Collectively evaluated for impairment, Loans and Leases | 10,863 | 12,081 | |
Total Loans and Leases | 20,299 | 24,834 | |
Acquired | Commercial | Receivables Acquired with Deteriorated Credit Quality | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 114 | 88 | |
Total Loans and Leases | 6,389 | 8,663 | |
Acquired | Consumer loans | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 6,384 | 7,549 | |
Recorded investment, loans with related allowance recorded | 253 | 174 | |
Unpaid principal balance with no related allowance recorded | 6,399 | 7,565 | |
Unpaid principal balance with related allowance recorded | 253 | 174 | |
Related allowance | 27 | 9 | |
Average recorded investment with no related allowance recorded | 7,537 | 7,837 | 6,701 |
Average recorded investment with related allowance recorded | 431 | 249 | 281 |
Interest income recognized with no related allowance recorded | 68 | 62 | 28 |
Interest income recognized with related allowance recorded | 8 | 8 | $ 3 |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 27 | 9 | |
Collectively evaluated for impairment, allowance | 34 | 45 | |
Total, Allowance | 339 | 354 | |
Individually evaluated for impairment, Loans and Leases | 2,028 | 2,606 | |
Collectively evaluated for impairment, Loans and Leases | 70,115 | 105,146 | |
Total Loans and Leases | 121,927 | 168,579 | |
Acquired | Consumer loans | Receivables Acquired with Deteriorated Credit Quality | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 278 | 300 | |
Total Loans and Leases | 49,784 | 60,827 | |
Acquired | Indirect automobile loans | |||
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 0 | 0 | |
Collectively evaluated for impairment, allowance | 0 | 0 | |
Total, Allowance | 0 | 0 | |
Individually evaluated for impairment, Loans and Leases | 0 | 0 | |
Collectively evaluated for impairment, Loans and Leases | 0 | 0 | |
Total Loans and Leases | 0 | 0 | |
Acquired | Indirect automobile loans | Receivables Acquired with Deteriorated Credit Quality | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 0 | 0 | |
Total Loans and Leases | $ 0 | $ 0 |
Allowance for Loan and Lease 72
Allowance for Loan and Lease Losses (Details 7) | 12 Months Ended | ||
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 32 | 20 | 23 |
Recorded Investment, At Modification | $ 12,027,000 | $ 7,164,000 | $ 7,276,000 |
Recorded Investment, At end of period | 8,021,000 | 6,873,000 | 6,813,000 |
Specific Allowance for Loan and Lease Losses | 20,000 | 119,000 | 15,000 |
Nonaccrual Loans and Leases | $ 7,798,000 | $ 508,000 | $ 863,000 |
Defaulted, number of loans/leases | loan | 4 | 4 | 8 |
Defaulted, recorded investment | $ 705,000 | $ 300,000 | $ 1,670,000 |
Loans with one modification | 7,796,000 | 4,242,000 | 3,736,000 |
Loans with more than one modification | 225,000 | 2,631,000 | 3,077,000 |
Financial impact of modification of performing and nonperforming loans | 4,300,000 | 200,000 | 300,000 |
Commitments to lend funds to debtors owing receivables whose terms had been modified in troubled debt restructurings | 0 | ||
Extended maturity | |||
Financing Receivable, Modifications [Line Items] | |||
Loans with one modification | 599,000 | 2,215,000 | 3,241,000 |
Loans with more than one modification | 225,000 | 2,598,000 | 1,951,000 |
Adjusted principal | |||
Financing Receivable, Modifications [Line Items] | |||
Loans with one modification | 249,000 | 0 | 0 |
Interest only | |||
Financing Receivable, Modifications [Line Items] | |||
Loans with one modification | 1,493,000 | 1,335,000 | 16,000 |
Loans with more than one modification | 0 | 0 | 292,000 |
Combination maturity, principal, interest rate | |||
Financing Receivable, Modifications [Line Items] | |||
Loans with one modification | 5,455,000 | 692,000 | 479,000 |
Loans with more than one modification | $ 0 | $ 33,000 | $ 834,000 |
Originated | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 27 | 14 | 16 |
Recorded Investment, At Modification | $ 11,653,000 | $ 6,322,000 | $ 5,717,000 |
Recorded Investment, At end of period | 7,653,000 | 6,045,000 | 5,218,000 |
Specific Allowance for Loan and Lease Losses | 0 | 119,000 | 15,000 |
Nonaccrual Loans and Leases | $ 7,653,000 | $ 508,000 | $ 797,000 |
Defaulted, number of loans/leases | loan | 4 | 2 | 7 |
Defaulted, recorded investment | $ 705,000 | $ 265,000 | $ 1,251,000 |
Originated | Commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 1 | ||
Recorded Investment, At Modification | $ 953,000 | ||
Recorded Investment, At end of period | 932,000 | ||
Specific Allowance for Loan and Lease Losses | 0 | ||
Nonaccrual Loans and Leases | $ 0 | ||
Defaulted, number of loans/leases | loan | 0 | ||
Defaulted, recorded investment | $ 0 | ||
Originated | Multi-family mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 2 | ||
Recorded Investment, At Modification | $ 1,155,000 | ||
Recorded Investment, At end of period | 1,114,000 | ||
Specific Allowance for Loan and Lease Losses | 0 | ||
Nonaccrual Loans and Leases | $ 1,114,000 | ||
Defaulted, number of loans/leases | loan | 0 | ||
Defaulted, recorded investment | $ 0 | ||
Originated | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 22 | 9 | 6 |
Recorded Investment, At Modification | $ 9,701,000 | $ 5,757,000 | $ 2,884,000 |
Recorded Investment, At end of period | 6,015,000 | 5,497,000 | 2,948,000 |
Specific Allowance for Loan and Lease Losses | 0 | 119,000 | 0 |
Nonaccrual Loans and Leases | $ 6,015,000 | $ 258,000 | $ 628,000 |
Defaulted, number of loans/leases | loan | 2 | 1 | 3 |
Defaulted, recorded investment | $ 364,000 | $ 237,000 | $ 615,000 |
Originated | Equipment financing | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 3 | 1 | 6 |
Recorded Investment, At Modification | $ 797,000 | $ 112,000 | $ 984,000 |
Recorded Investment, At end of period | 524,000 | 100,000 | 936,000 |
Specific Allowance for Loan and Lease Losses | 0 | 0 | 15,000 |
Nonaccrual Loans and Leases | $ 524,000 | $ 0 | $ 169,000 |
Defaulted, number of loans/leases | loan | 2 | 0 | 4 |
Defaulted, recorded investment | $ 341,000 | $ 0 | $ 636,000 |
Originated | Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 1 | 1 | |
Recorded Investment, At Modification | $ 100,000 | $ 496,000 | |
Recorded Investment, At end of period | 150,000 | 0 | |
Specific Allowance for Loan and Lease Losses | 0 | 0 | |
Nonaccrual Loans and Leases | $ 151,000 | $ 0 | |
Defaulted, number of loans/leases | loan | 0 | 0 | |
Defaulted, recorded investment | $ 0 | $ 0 | |
Originated | Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 3 | 2 | |
Recorded Investment, At Modification | $ 353,000 | $ 400,000 | |
Recorded Investment, At end of period | 298,000 | $ 402,000 | |
Specific Allowance for Loan and Lease Losses | 0 | ||
Nonaccrual Loans and Leases | $ 99,000 | ||
Defaulted, number of loans/leases | loan | 1 | ||
Defaulted, recorded investment | $ 28,000 | ||
Acquired | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 5 | 6 | 7 |
Recorded Investment, At Modification | $ 374,000 | $ 842,000 | $ 1,559,000 |
Recorded Investment, At end of period | 368,000 | 828,000 | 1,595,000 |
Specific Allowance for Loan and Lease Losses | 20,000 | 0 | 0 |
Nonaccrual Loans and Leases | $ 145,000 | $ 0 | $ 66,000 |
Defaulted, number of loans/leases | loan | 0 | 2 | 1 |
Defaulted, recorded investment | $ 0 | $ 35,000 | $ 419,000 |
Acquired | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 4 | 6 | |
Recorded Investment, At Modification | $ 642,000 | $ 1,369,000 | |
Recorded Investment, At end of period | 632,000 | 1,406,000 | |
Specific Allowance for Loan and Lease Losses | 0 | 0 | |
Nonaccrual Loans and Leases | $ 0 | $ 66,000 | |
Defaulted, number of loans/leases | loan | 1 | 1 | |
Defaulted, recorded investment | $ 11,000 | $ 419,000 | |
Acquired | Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 5 | 2 | 1 |
Recorded Investment, At Modification | $ 374,000 | $ 200,000 | $ 190,000 |
Recorded Investment, At end of period | 368,000 | 196,000 | $ 189,000 |
Specific Allowance for Loan and Lease Losses | 20,000 | 0 | |
Nonaccrual Loans and Leases | $ 145,000 | $ 0 | |
Defaulted, number of loans/leases | loan | 0 | 1 | |
Defaulted, recorded investment | $ 0 | $ 24,000 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Premises and Equipment | ||||
Premises and Equipment, gross amount | $ 134,966 | $ 129,878 | ||
Accumulated depreciation and amortization | 58,790 | 51,722 | ||
Total premises and equipment | 76,176 | 78,156 | ||
Depreciation and amortization expense | 7,200 | 7,200 | $ 7,000 | |
Proceeds from sales of premises and equipment | 0 | 0 | ||
Gain on sale/disposals of premises and equipment, net | 0 | 0 | 1,502 | |
Land | ||||
Premises and Equipment | ||||
Premises and Equipment, gross amount | 7,562 | 7,562 | ||
Fine art | ||||
Premises and Equipment | ||||
Premises and Equipment, gross amount | 472 | 349 | ||
Computer equipment | ||||
Premises and Equipment | ||||
Premises and Equipment, gross amount | $ 9,004 | $ 8,677 | ||
Estimated useful life | 3 years | 3 years | ||
Vehicles | ||||
Premises and Equipment | ||||
Premises and Equipment, gross amount | $ 221 | $ 221 | ||
Core processing system and software | ||||
Premises and Equipment | ||||
Premises and Equipment, gross amount | 19,433 | 18,933 | ||
Furniture, fixtures and equipment | ||||
Premises and Equipment | ||||
Premises and Equipment, gross amount | 13,439 | 12,670 | ||
Office building and improvements | ||||
Premises and Equipment | ||||
Premises and Equipment, gross amount | $ 84,835 | $ 81,466 | ||
Facility | ||||
Premises and Equipment | ||||
Total premises and equipment | $ 400 | |||
Proceeds from sales of premises and equipment | $ 2,200 | |||
Cost of sale | 200 | |||
Gain on sale/disposals of premises and equipment, net | $ 1,600 | |||
Minimum | Vehicles | ||||
Premises and Equipment | ||||
Estimated useful life | 3 years | 3 years | ||
Minimum | Core processing system and software | ||||
Premises and Equipment | ||||
Estimated useful life | 3 years | 3 years | ||
Minimum | Furniture, fixtures and equipment | ||||
Premises and Equipment | ||||
Estimated useful life | 5 years | 5 years | ||
Minimum | Office building and improvements | ||||
Premises and Equipment | ||||
Estimated useful life | 10 years | 10 years | ||
Maximum | Vehicles | ||||
Premises and Equipment | ||||
Estimated useful life | 5 years | 5 years | ||
Maximum | Core processing system and software | ||||
Premises and Equipment | ||||
Estimated useful life | 7 years 6 months | 7 years 6 months | ||
Maximum | Furniture, fixtures and equipment | ||||
Premises and Equipment | ||||
Estimated useful life | 25 years | 25 years | ||
Maximum | Office building and improvements | ||||
Premises and Equipment | ||||
Estimated useful life | 40 years | 40 years |
Goodwill and Other Intangible74
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | |||
Balance at beginning of year | $ 137,890 | $ 137,890 | $ 137,890 |
Additions | 0 | 0 | 0 |
Adjustments to original goodwill | 0 | 0 | 0 |
Balance at end of year | $ 137,890 | $ 137,890 | $ 137,890 |
Goodwill and Other Intangible75
Goodwill and Other Intangible Assets (Details 2) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other intangibe assets: | |||
Gross amount | $ 39,782,000 | $ 39,782,000 | |
Accumulated amortization | 31,649,000 | 29,149,000 | |
Carrying Amount | 8,133,000 | 10,633,000 | |
Impairment losses relating to other acquisition-related intangible assets | 0 | 0 | $ 0 |
Core deposits | |||
Other intangibe assets: | |||
Gross amount | 36,172,000 | 36,172,000 | |
Accumulated amortization | 29,128,000 | 26,628,000 | |
Carrying Amount | $ 7,044,000 | 9,544,000 | |
Weighted-average amortization period | 8 years 9 months 18 days | ||
Trade name | |||
Other intangibe assets: | |||
Gross amount | $ 1,600,000 | 1,600,000 | |
Accumulated amortization | 511,000 | 511,000 | |
Carrying Amount | 1,089,000 | 1,089,000 | |
Trust relationship | |||
Other intangibe assets: | |||
Gross amount | 1,568,000 | 1,568,000 | |
Accumulated amortization | 1,568,000 | 1,568,000 | |
Carrying Amount | 0 | 0 | |
Other intangible | |||
Other intangibe assets: | |||
Gross amount | 442,000 | 442,000 | |
Accumulated amortization | 442,000 | 442,000 | |
Carrying Amount | $ 0 | $ 0 |
Goodwill and Other Intangible76
Goodwill and Other Intangible Assets (Details 3) $ in Millions | Dec. 31, 2013USD ($) |
Trade name | |
Indefinite-lived Intangible Assets [Line Items] | |
Indefinite-lived intangible assets | $ 1.1 |
Goodwill and Other Intangible77
Goodwill and Other Intangible Assets (Details 4) $ in Thousands | Dec. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 2,089 |
2,018 | 1,669 |
2,019 | 1,295 |
2,020 | 944 |
2,021 | 601 |
Thereafter | 446 |
Total | $ 7,044 |
Other Assets (Details)
Other Assets (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)policy | Dec. 31, 2015USD ($)policy | Dec. 31, 2014USD ($)policy | |
Acquisitions | |||
Number of policies owned | policy | 9 | 9 | 9 |
Other non-interest income | |||
Acquisitions | |||
Tax exempt BOLI income | $ | $ 1.1 | $ 1 | $ 1.1 |
BankRI | |||
Acquisitions | |||
Number of policies owned | policy | 7 | 7 | |
Net cash surrender value | $ | $ 37.9 | $ 36.8 | |
First Ipswich | |||
Acquisitions | |||
Number of policies owned | policy | 2 | 2 | |
Net cash surrender value | $ | $ 0.8 | $ 0.8 |
Other Assets (Details 2)
Other Assets (Details 2) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2016USD ($)project | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)project | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jan. 01, 2015USD ($) | |||||
Investment in housing programs | ||||||||||||||||
Net income attributable to Brookline Bancorp, Inc. | $ 13,279 | $ 13,617 | $ 12,654 | $ 12,812 | $ 13,327 | $ 12,888 | $ 11,865 | $ 11,703 | $ 52,362 | [1],[2] | $ 49,782 | [1],[2] | $ 43,288 | [1],[2] | ||
Investments in Affordable Housing Projects [Abstract] | ||||||||||||||||
Investments in affordable housing projects included in other assets | [3] | 88,086 | 86,751 | 88,086 | 86,751 | |||||||||||
Unfunded commitments related to affordable housing projects included in other liabilities | $ 1,500 | 1,300 | 1,500 | 1,300 | 1,300 | |||||||||||
Investment amortization included in provision for income taxes | 1,726 | 1,654 | ||||||||||||||
Amount recognized as income tax benefit | $ 598 | 656 | ||||||||||||||
Affordable housing project | ||||||||||||||||
Investment in housing programs | ||||||||||||||||
Number of investments | project | 10 | 10 | ||||||||||||||
Maximum percentage of outstanding equity interest that can be invested by the entity in any single project | 50.00% | |||||||||||||||
Investments in Affordable Housing Projects [Abstract] | ||||||||||||||||
Investments in affordable housing projects included in other assets | $ 11,565 | 11,604 | $ 11,565 | 11,604 | 10,131 | |||||||||||
Unfunded commitments related to affordable housing projects included in other liabilities | $ 1,686 | $ 3,163 | 1,686 | 3,163 | 2,608 | |||||||||||
Investment in affordable housing tax credits included in other liabilities | 1,753 | 1,588 | 1,432 | |||||||||||||
Investment in affordable housing tax benefits included in other liabilities | $ 598 | $ 656 | 669 | |||||||||||||
Accounting Standards Update 2014-01 | ||||||||||||||||
Investment in housing programs | ||||||||||||||||
Net income attributable to Brookline Bancorp, Inc. | $ 500 | |||||||||||||||
Retained earnings | $ 1,100 | |||||||||||||||
[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 10, "Other Assets". | |||||||||||||||
[2] | 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 10, "Other Assets". | |||||||||||||||
[3] | 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 10, "Other Assets". |
Deposits (Details)
Deposits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Banking and Thrift [Abstract] | |||
Demand checking accounts | $ 900,474,000 | $ 799,117,000 | |
NOW accounts | 323,160,000 | 283,972,000 | |
Savings accounts | 613,061,000 | 540,788,000 | |
Money market accounts | 1,733,359,000 | 1,594,269,000 | |
Total core deposit accounts | 3,570,054,000 | 3,218,146,000 | |
Certificate of deposit accounts maturing: | |||
Within six months | 345,339,000 | 320,975,000 | |
After six months but within 1 year | 233,470,000 | 395,516,000 | |
After 1 year but within 2 years | 264,993,000 | 226,513,000 | |
After 2 years but within 3 years | 84,673,000 | 60,730,000 | |
After 3 years but within 4 years | 52,522,000 | 30,002,000 | |
After 4 years but within 5 years | 59,910,000 | 53,717,000 | |
After 5 Years | 115,000 | 419,000 | |
Total certificate of deposit accounts | 1,041,022,000 | 1,087,872,000 | |
Total deposits | $ 4,611,076,000 | $ 4,306,018,000 | |
Weighted Average Rate of deposit accounts | |||
Demand checking accounts (as a percent) | 0.00% | 0.00% | |
NOW accounts (as a percent) | 0.07% | 0.07% | |
Savings accounts (as a percent) | 0.20% | 0.25% | |
Money market savings accounts (as a percent) | 0.47% | 0.44% | |
Total transaction deposit accounts (as a percent) | 0.27% | 0.26% | |
Weighted Average Rate of certificate of deposit accounts maturing: | |||
Within six months (as a percent) | 0.77% | 0.65% | |
After six months but within 1 year (as a percent) | 0.83% | 0.83% | |
After 1 year but within 2 years (as a percent) | 1.08% | 1.02% | |
After 2 years but within 3 years (as a percent) | 1.56% | 1.42% | |
After 3 years but within 4 years (as a percent) | 1.88% | 1.78% | |
After 4 years but within 5 years (as a percent) | 1.78% | 1.88% | |
After 5 years (as a percent) | 1.66% | 1.82% | |
Total certificate of deposit accounts (as a percent) | 1.04% | 0.93% | |
Total of weighted average rate of deposits (as a percent) | 0.44% | 0.43% | |
Threshold for disclosure of time deposit issued amounts | $ 250,000 | $ 250,000 | |
Time Deposits, $100,000 or More | 196,700,000 | 168,400,000 | |
Interest-bearing deposits: | |||
NOW accounts | 209,000 | 179,000 | $ 171,000 |
Savings accounts | 1,322,000 | 1,094,000 | 1,197,000 |
Money market accounts | 7,549,000 | 6,935,000 | 7,846,000 |
Certificate of deposit accounts | 10,990,000 | 9,272,000 | 7,846,000 |
Total interest-bearing deposits | 20,070,000 | 17,480,000 | $ 17,060,000 |
Related party deposits | 39,500,000 | 40,500,000 | |
Deposits pledged as collateral | $ 160,900,000 | $ 170,400,000 |
Borrowed Funds (Details)
Borrowed Funds (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Borrowed funds | |||
Total borrowed funds | $ 1,044,086 | $ 983,029 | |
Total interest expense on borrowed funds | 15,914 | 15,065 | $ 12,354 |
Securities available-for-sale and loans pledged as collateral | 1,800,000 | 2,300,000 | |
Advances from the FHLBB | |||
Borrowed funds | |||
Total borrowed funds | 910,774 | 861,866 | |
Total interest expense on borrowed funds | 10,760 | 9,950 | 10,535 |
Subordinated debentures and notes | |||
Borrowed funds | |||
Total borrowed funds | 83,105 | 82,936 | |
Total interest expense on borrowed funds | 5,038 | 5,001 | 1,740 |
Other borrowed funds | |||
Borrowed funds | |||
Total borrowed funds | 50,207 | 38,227 | |
Total interest expense on borrowed funds | $ 116 | $ 114 | $ 79 |
Borrowed Funds (Details 2)
Borrowed Funds (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Amount | ||
Within 1 year | $ 651,489 | $ 575,749 |
Over 1 year to 2 years | 168,598 | 228,422 |
Over 2 years to 3 years | 14,354 | 36,476 |
Over 3 years to 4 years | 85 | 5,342 |
Over 4 years to 5 years | 1,110 | 91 |
Over 5 years | 75,138 | 15,786 |
Total | 910,774 | 861,866 |
Callable Amount | ||
Within 1 year | 75,705 | 30,599 |
Over 1 year to 2 years | 290,311 | 114,922 |
Over 2 years to 3 years | 0 | 10,038 |
Over 3 years to 4 years | 0 | 0 |
Over 4 years to 5 years | 0 | 0 |
Over 5 years | 0 | 0 |
Total | $ 366,016 | $ 155,559 |
Weighted Average Rate | ||
Within 1 year (as a percent) | 1.22% | 0.70% |
Over 1 year to 2 years (as a percent) | 1.44% | 1.89% |
Over 2 years to 3 years (as a percent) | 0.09% | 2.46% |
Over 3 years to 4 years (as a percent) | 2.04% | 2.17% |
Over 4 years to 5 years (as a percent) | 3.07% | 2.04% |
Over 5 years (as a percent) | 1.08% | 4.21% |
Weighted average interest rate of total advances from the FHLB (as a percent) | 1.24% | 1.16% |
Total available borrowing capacity from Federal Home Loan Bank | $ 1,600,000 | |
Qualifying collateral available for Federal Home Loan Bank borrowings | 2,300,000 | |
Outstanding at end of year | 1,044,086 | $ 983,029 |
Repurchase agreements | ||
Weighted Average Rate | ||
Outstanding at end of year | 50,207 | 38,227 |
Average outstanding for the year | 41,053 | 34,468 |
Maximum outstanding at any month-end | $ 50,207 | $ 38,231 |
Weighted average rate at end of year | 0.14% | 0.19% |
Weighted average rate paid for the year | 0.27% | 0.33% |
Borrowed Funds (Details 3)
Borrowed Funds (Details 3) - USD ($) | Sep. 15, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Borrowed funds | ||||
Total borrowed funds | $ 1,044,086,000 | $ 983,029,000 | ||
Accretion adjustment | (2,158,000) | (1,841,000) | $ (2,656,000) | |
Subordinated debenture maturing June 26, 2033 | ||||
Borrowed funds | ||||
Total borrowed funds | 4,752,000 | 4,724,000 | ||
Subordinated debenture maturing March 17, 2034 | ||||
Borrowed funds | ||||
Total borrowed funds | 4,628,000 | 4,588,000 | ||
Subordinated debenture maturing September 15, 2029 | ||||
Borrowed funds | ||||
Total borrowed funds | 73,725,000 | 73,624,000 | ||
Subordinated Debentures Maturing June 26, 2033, March 17, 2034 and September 15, 2029 | ||||
Borrowed funds | ||||
Total borrowed funds | $ 83,105,000 | 82,936,000 | ||
LIBOR | Subordinated debenture maturing June 26, 2033 | ||||
Borrowed funds | ||||
Variable interest rate spread (as a percent) | 3.10% | |||
LIBOR | Subordinated debenture maturing March 17, 2034 | ||||
Borrowed funds | ||||
Variable interest rate spread (as a percent) | 2.79% | |||
Interest rate period 1 | Subordinated debenture maturing September 15, 2029 | ||||
Borrowed funds | ||||
Fixed interest rate | 6.00% | |||
Interest rate period 2 | LIBOR | Subordinated debenture maturing September 15, 2029 | ||||
Borrowed funds | ||||
Variable interest rate spread (as a percent) | 3.315% | |||
Subordinated debentures and notes | Subordinated debenture maturing September 15, 2029 | ||||
Borrowed funds | ||||
Principal amount | $ 75,000,000 | |||
Accretion adjustment | $ 600,000 | 700,000 | ||
Capitalized financing costs | $ 1,300,000 | $ 1,400,000 | ||
Subordinated debentures and notes | Interest rate period 1 | Subordinated debenture maturing September 15, 2029 | ||||
Borrowed funds | ||||
Fixed interest rate | 6.00% | |||
Subordinated debentures and notes | Interest rate period 2 | LIBOR | Subordinated debenture maturing September 15, 2029 | ||||
Borrowed funds | ||||
Variable interest rate spread (as a percent) | 3.315% |
Commitments and Contingencies84
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loan commitments | ||
Unadvanced portion of loans and leases | $ 580,416 | $ 648,291 |
Unused lines of credit: | ||
Home equity | 340,682 | 280,786 |
Other consumer | 13,157 | 12,383 |
Other commercial | 208 | 529 |
Unused letters of credit: | ||
Financial standby letters of credit | 11,720 | 12,389 |
Performance standby letters of credit | 516 | 392 |
Commercial and similar letters of credit | 785 | 821 |
Unfunded credit commitments liability | 1,500 | 1,300 |
Fair value of interest rate swap assets | 9,700 | 8,700 |
Fair value of interest rate swap liabilities | 9,700 | 8,800 |
Commercial real estate | ||
Loan commitments | ||
Commitments to originate loans and leases | 27,750 | 36,000 |
Commercial | ||
Loan commitments | ||
Commitments to originate loans and leases | 71,716 | 78,017 |
Residential mortgage | ||
Loan commitments | ||
Commitments to originate loans and leases | 28,179 | 19,430 |
Receive fixed, pay variable | ||
Unused letters of credit: | ||
Derivatives | 383,780 | 245,316 |
Pay fixed, receive variable | ||
Unused letters of credit: | ||
Derivatives | 383,780 | 245,316 |
Risk Participation-out Agreement | ||
Unused letters of credit: | ||
Derivatives | 16,961 | 0 |
Foreign Exchange Contract | Buys foreign currency, sells U.S. currency | ||
Unused letters of credit: | ||
Derivatives | 4,050 | 0 |
Foreign Exchange Contract | Sells foreign currency, buys U.S. currency | ||
Unused letters of credit: | ||
Derivatives | 4,050 | 0 |
Derivatives not designed as hedging instruments | Receive fixed, pay variable | ||
Unused letters of credit: | ||
Derivatives | 383,780 | 245,316 |
Derivatives not designed as hedging instruments | Pay fixed, receive variable | ||
Unused letters of credit: | ||
Derivatives | 383,780 | $ 245,316 |
Derivatives not designed as hedging instruments | Risk Participation-out Agreement | ||
Unused letters of credit: | ||
Derivatives | 16,961 | |
Derivatives not designed as hedging instruments | Foreign Exchange Contract | Buys foreign currency, sells U.S. currency | ||
Unused letters of credit: | ||
Derivatives | 4,050 | |
Derivatives not designed as hedging instruments | Foreign Exchange Contract | Sells foreign currency, buys U.S. currency | ||
Unused letters of credit: | ||
Derivatives | $ 4,050 |
Commitments and Contingencies85
Commitments and Contingencies (Details 2) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of future minimum rental payments under noncancellable operating leases year ending December 31 | ||||
2,017 | $ 4,916 | |||
2,018 | 4,560 | |||
2,019 | 3,712 | |||
2,020 | 3,153 | |||
2,021 | 2,643 | |||
Thereafter | 12,005 | |||
Total | 30,989 | |||
Total rental expense | 5,300 | $ 5,500 | $ 6,500 | |
Lease acceleration related to relocation | 200 | 800 | ||
Proceeds from sales of loans and leases held-for-sale, net | 55,636 | 64,398 | $ 34,717 | |
Rental income | $ 400 | $ 400 | ||
Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Term of operating lease | 5 years | |||
Maximum | ||||
Operating Leased Assets [Line Items] | ||||
Term of operating lease | 25 years | |||
Indirect automobile loans | ||||
Summary of future minimum rental payments under noncancellable operating leases year ending December 31 | ||||
Proceeds from sales of loans and leases held-for-sale, net | $ 255,200 |
Earnings per Share (EPS) (Detai
Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Earnings Per Share [Abstract] | ||||||||||||
Net income | [1] | $ 52,362 | $ 49,782 | $ 43,288 | ||||||||
Weighted average shares outstanding | 70,362,702 | 70,299,722 | 70,196,950 | 70,186,921 | 70,177,382 | 70,129,056 | 70,049,829 | 70,036,090 | 70,261,954 | 70,098,561 | 69,945,028 | |
Effect of dilutive securities (in shares) | 182,129 | 137,307 | 109,787 | |||||||||
Adjusted weighted average shares outstanding | 70,592,204 | 70,450,760 | 70,388,438 | 70,343,408 | 70,318,657 | 70,240,020 | 70,215,850 | 70,164,105 | 70,444,083 | 70,235,868 | 70,054,815 | |
Basic EPS (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 | $ 0.19 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.74 | $ 0.71 | $ 0.62 | |
Diluted EPS (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 | $ 0.19 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.74 | $ 0.71 | $ 0.62 | |
[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 10, "Other Assets". |
Comprehensive Income_(Loss) (De
Comprehensive Income/(Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in accumulated other comprehensive (loss) income by component, net of tax | |||
Balance at the beginning of the period | $ (2,476) | $ (1,622) | $ (7,915) |
Other comprehensive (loss) income | (1,342) | (854) | 6,293 |
Balance at the end of the period | (3,818) | (2,476) | (1,622) |
Investment Securities Available-for-Sale | |||
Changes in accumulated other comprehensive (loss) income by component, net of tax | |||
Balance at the beginning of the period | (2,827) | (1,733) | (8,332) |
Other comprehensive (loss) income | (1,386) | (1,094) | 6,599 |
Balance at the end of the period | (4,213) | (2,827) | (1,733) |
Postretirement Benefits | |||
Changes in accumulated other comprehensive (loss) income by component, net of tax | |||
Balance at the beginning of the period | 351 | 111 | 417 |
Other comprehensive (loss) income | 44 | 240 | (306) |
Balance at the end of the period | $ 395 | $ 351 | $ 111 |
Comprehensive Income_(Loss) (88
Comprehensive Income/(Loss) (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Provision for income taxes | $ (7,524) | $ (7,804) | $ (7,465) | $ (7,599) | $ (8,237) | $ (6,897) | $ (7,115) | $ (7,104) | $ (30,392) | [1] | $ (29,353) | [1] | $ (26,286) | [1] | |
Net income | [2] | 52,362 | 49,782 | 43,288 | |||||||||||
Investment Securities Available-for-Sale | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||
Gain on sales of securities,net | 0 | 0 | 65 | ||||||||||||
Provision for income taxes | 0 | 0 | (23) | ||||||||||||
Net income | $ 0 | $ 0 | $ 42 | ||||||||||||
[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 10, "Other Assets". | ||||||||||||||
[2] | 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 10, "Other Assets". |
Derivatives and Hedging Activ89
Derivatives and Hedging Activities (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)derivative | Dec. 31, 2015USD ($)derivative | |
Loss Recognized in Income on Derivatives | ||
Gain (loss) recognized in income | $ 0 | $ 86,000 |
Estimated net credit risk exposure | 0 | 125,000 |
Collateral posted | 34,500,000 | 14,700,000 |
Receive fixed, pay variable | ||
Derivatives and Hedging Activities | ||
Total | $ 383,780,000 | $ 245,316,000 |
Receive fixed, pay variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 54,000 | 32,000 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 0 |
Notional Amount Maturing, Less than 2 years | 4,025,000 | 0 |
Notional Amount Maturing, Less than 3 years | 2,141,000 | 4,147,000 |
Notional Amount Maturing, Less than 4 years | 29,501,000 | 2,247,000 |
Notional Amount Maturing, Thereafter | 348,113,000 | 238,922,000 |
Total | 383,780,000 | 245,316,000 |
Loss Recognized in Income on Derivatives | ||
Derivative, Fair Value, Net | 9,738,000 | 8,656,000 |
Pay fixed, receive variable | ||
Derivatives and Hedging Activities | ||
Total | $ 383,780,000 | $ 245,316,000 |
Pay fixed, receive variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 54,000 | 32,000 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 0 |
Notional Amount Maturing, Less than 2 years | 4,025,000 | 0 |
Notional Amount Maturing, Less than 3 years | 2,141,000 | 4,147,000 |
Notional Amount Maturing, Less than 4 years | 29,501,000 | 2,247,000 |
Notional Amount Maturing, Thereafter | 348,113,000 | 238,922,000 |
Total | 383,780,000 | 245,316,000 |
Loss Recognized in Income on Derivatives | ||
Derivative, Fair Value, Net | 9,738,000 | 8,781,000 |
Risk Participation-out Agreement | ||
Derivatives and Hedging Activities | ||
Total | 16,961,000 | 0 |
Loss Recognized in Income on Derivatives | ||
Gain (loss) recognized in income | $ 0 | 0 |
Risk Participation-out Agreement | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 5,000 | |
Notional Amount Maturing, Less than 1 year | $ 0 | |
Notional Amount Maturing, Less than 2 years | 0 | |
Notional Amount Maturing, Less than 3 years | 0 | |
Notional Amount Maturing, Less than 4 years | 9,078,000 | |
Notional Amount Maturing, Thereafter | 7,883,000 | |
Total | 16,961,000 | |
Loss Recognized in Income on Derivatives | ||
Derivative, Fair Value, Net | 20,000 | |
Foreign Exchange Contract | ||
Loss Recognized in Income on Derivatives | ||
Gain (loss) recognized in income | 0 | 0 |
Loan Level Derivative | ||
Loss Recognized in Income on Derivatives | ||
Gain (loss) recognized in income | 0 | 86,000 |
Buys foreign currency, sells U.S. currency | Foreign Exchange Contract | ||
Derivatives and Hedging Activities | ||
Total | $ 4,050,000 | 0 |
Buys foreign currency, sells U.S. currency | Foreign Exchange Contract | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 3,000 | |
Notional Amount Maturing, Less than 1 year | $ 4,050,000 | |
Notional Amount Maturing, Less than 2 years | 0 | |
Notional Amount Maturing, Less than 3 years | 0 | |
Notional Amount Maturing, Less than 4 years | 0 | |
Notional Amount Maturing, Thereafter | 0 | |
Total | 4,050,000 | |
Loss Recognized in Income on Derivatives | ||
Derivative, Fair Value, Net | 0 | |
Sells foreign currency, buys U.S. currency | Foreign Exchange Contract | ||
Derivatives and Hedging Activities | ||
Total | $ 4,050,000 | $ 0 |
Sells foreign currency, buys U.S. currency | Foreign Exchange Contract | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 3,000 | |
Notional Amount Maturing, Less than 1 year | $ 4,050,000 | |
Notional Amount Maturing, Less than 2 years | 0 | |
Notional Amount Maturing, Less than 3 years | 0 | |
Notional Amount Maturing, Less than 4 years | 0 | |
Notional Amount Maturing, Thereafter | 0 | |
Total | 4,050,000 | |
Loss Recognized in Income on Derivatives | ||
Derivative, Fair Value, Net | $ 0 |
Derivatives and Hedging Activ90
Derivatives and Hedging Activities (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Asset derivatives | ||
Gross Amounts Recognized, Assets | $ 9,758 | $ 8,656 |
Net Amounts Presented in the Statement of Financial Position | 9,758 | 8,656 |
Net Amount | 9,758 | 8,656 |
Liability derivatives | ||
Gross Amounts Recognized, Liabilities | 9,738 | 8,781 |
Net Amounts Presented in the Statement of Financial Position | 9,738 | 8,781 |
Gross Amounts Not Offset in the Statement of Financial Position | ||
Financial Instruments Pledged | 33,744 | 9,873 |
Cash Collateral Pledged | 720 | 4,790 |
Net Amount | 0 | 0 |
Loan Level Derivative | ||
Asset derivatives | ||
Gross Amounts Recognized, Assets | 9,738 | 8,656 |
Net Amounts Presented in the Statement of Financial Position | 9,738 | 8,656 |
Net Amount | 9,738 | 8,656 |
Liability derivatives | ||
Gross Amounts Recognized, Liabilities | 9,738 | 8,781 |
Net Amounts Presented in the Statement of Financial Position | 9,738 | 8,781 |
Gross Amounts Not Offset in the Statement of Financial Position | ||
Financial Instruments Pledged | 33,744 | 9,873 |
Cash Collateral Pledged | 720 | 4,790 |
Net Amount | 0 | $ 0 |
Risk Participation-out Agreement | ||
Asset derivatives | ||
Gross Amounts Recognized, Assets | 20 | |
Net Amounts Presented in the Statement of Financial Position | 20 | |
Net Amount | $ 20 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Current provision: | ||||||||||||||
Federal | $ 22,954 | $ 23,340 | $ 20,862 | |||||||||||
State | 5,116 | 4,774 | 5,299 | |||||||||||
Total current provision | 28,070 | 28,114 | 26,161 | |||||||||||
Deferred provision (benefit): | ||||||||||||||
Federal | 2,271 | 679 | 244 | |||||||||||
State | 51 | 560 | (119) | |||||||||||
Total deferred provision | 2,322 | 1,239 | 125 | |||||||||||
Total provision for income taxes | $ 7,524 | $ 7,804 | $ 7,465 | $ 7,599 | $ 8,237 | $ 6,897 | $ 7,115 | $ 7,104 | $ 30,392 | [1] | $ 29,353 | [1] | $ 26,286 | [1] |
[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 10, "Other Assets". |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Statutory U.S federal income tax rate (as a percent) | 35.00% | 35.00% | 35.00% | |||||||||||
Reconciliation of income tax expense | ||||||||||||||
Expected income tax expense at statutory federal tax rate | $ 29,965 | $ 28,603 | $ 25,049 | |||||||||||
State taxes, net of federal income tax benefit | 3,358 | 3,467 | 3,377 | |||||||||||
Bank-owned life insurance | (368) | (367) | (369) | |||||||||||
Tax-exempt interest income | (826) | (622) | (341) | |||||||||||
Income attributable to noncontrolling interest in subsidiary | (1,163) | (994) | (831) | |||||||||||
Tax credits from investments in affordable housing projects | (640) | (526) | (667) | |||||||||||
Other, net | 66 | (208) | 68 | |||||||||||
Total provision for income taxes | $ 7,524 | $ 7,804 | $ 7,465 | $ 7,599 | $ 8,237 | $ 6,897 | $ 7,115 | $ 7,104 | $ 30,392 | [1] | $ 29,353 | [1] | $ 26,286 | [1] |
Effective income tax rate (as a percent) | 35.50% | 35.90% | 36.70% | |||||||||||
[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 10, "Other Assets". |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred tax assets: | ||
Allowance for loan and lease losses | $ 21,655,000 | $ 22,741,000 |
Deferred compensation | 5,659,000 | 4,819,000 |
Supplemental Executive Retirement Plans | 4,127,000 | 3,966,000 |
Unrealized loss on investment securities available-for-sale | 2,355,000 | 1,577,000 |
Net operating loss carryforwards | 999,000 | 1,306,000 |
Postretirement benefits | 465,000 | 505,000 |
Restricted stock and stock option plans | 573,000 | 812,000 |
Employee stock ownership plan | 147,000 | 102,000 |
Nonaccrual interest | 621,000 | 352,000 |
Accrued expense | 828,000 | 522,000 |
Alternative minimum tax credits | 31,000 | 31,000 |
Acquisition fair value adjustments | 0 | 606,000 |
Other | 30,000 | 45,000 |
Total gross deferred tax assets | 37,490,000 | 37,384,000 |
Deferred tax liabilities: | ||
Identified intangible assets and goodwill | 4,660,000 | 5,392,000 |
Deferred loan origination costs, net | 3,370,000 | 2,218,000 |
Depreciation | 2,193,000 | 2,957,000 |
Prepaid expense | 1,045,000 | 0 |
Acquisition fair value adjustments | 975,000 | 0 |
Total gross deferred tax liabilities | 12,243,000 | 10,567,000 |
Net deferred tax asset | 25,247,000 | $ 26,817,000 |
Net operating loss carryforwards for U.S. federal income tax purposes | 2,900,000 | |
Alternative minimum tax credit carryforwards for U.S. federal income tax purpose | 31,000 | |
Net operating loss carryforwards and credit subject to annual limitation | 900,000 | |
Reserve for loan losses | $ 1,800,000 | |
Percentage of the amount the used reserve for loan losses would be subject to taxation, if, the reserve is used for purposes other than to absorb the losses for which it was established | 150.00% | |
Amount of liability that would result if 100% of the reserve were recaptured on which no provision has been made | $ 1,000,000 | |
Reserve for loan losses recaptured (as a percent) | 100.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 04, 2016 | |
Equity [Abstract] | ||||
Authorized serial preferred stock | 50,000,000 | |||
Serial preferred stock, par value (in dollars per share) | $ 0.01 | |||
Preferred stock issued | 0 | |||
Number of shares repurchased | 0 | 0 | 0 | |
Stock repurchase program, authorized amount | $ 10,000,000 | |||
Liquidation account, total | $ 15,200,000 | $ 16,600,000 | $ 18,400,000 |
Regulatory Capital Requiremen95
Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Bank actual capital amount | ||
Common equity Tier 1 capital ratio, Actual, Amount | $ 559,644 | $ 530,505 |
Tier 1 leverage capital | 575,830 | 545,035 |
Risk-based capital: | ||
Tier 1 | 575,830 | 545,035 |
Total risk-based capital | $ 704,675 | $ 676,709 |
Bank actual capital ratio | ||
Common equity Tier 1 capital ratio, Actual, Ratio (as a percent) | 10.48% | 10.62% |
Tier 1 leverage capital ratio (as a percent) | 9.16% | 9.37% |
Risk-based capital: | ||
Tier 1 (as a percent) | 10.79% | 10.91% |
Total (as a percent) | 13.20% | 13.54% |
Minimum capital adequacy amount | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Amount | $ 240,305 | $ 224,790 |
Tier 1 leverage capital | 251,454 | 231,930 |
Risk-based capital: | ||
Tier 1 | 320,202 | 300,019 |
Total | $ 427,076 | $ 401,013 |
Minimum capital adequacy ratio | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Ratio (as a percent) | 4.50% | 4.50% |
Tier 1 leverage capital ratio (as a percent) | 4.00% | 4.00% |
Risk-based capital: | ||
Tier 1 (as a percent) | 6.00% | 6.00% |
Total (as a percent) | 8.00% | 8.00% |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio | $ 373,808 | |
Tier 1 leverage capital ratio | 251,454 | |
Risk-based capital: | ||
Tier 1 risk-based capital ratio | 453,620 | |
Total risk-based capital ratio | $ 560,537 | |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio (as a percent) | 7.00% | |
Tier 1 leverage capital ratio (as a percent) | 4.00% | |
Risk-based capital: | ||
Tier 1 (as a percent) | 8.50% | |
Total (as a percent) | 10.50% | |
Classified as well capitalized ratio | ||
Tier 1 leverage capital ratio (as a percent) | 5.00% | 5.00% |
Risk-based capital: | ||
Tier 1 (as a percent) | 8.00% | 8.00% |
Total (as a percent) | 10.00% | 10.00% |
Brookline Bank | ||
Bank actual capital amount | ||
Common equity Tier 1 capital ratio, Actual, Amount | $ 384,759 | $ 374,002 |
Tier 1 leverage capital | 391,964 | 380,003 |
Risk-based capital: | ||
Tier 1 | 391,964 | 380,003 |
Total risk-based capital | $ 428,966 | $ 417,270 |
Bank actual capital ratio | ||
Common equity Tier 1 capital ratio, Actual, Ratio (as a percent) | 11.31% | 11.89% |
Tier 1 leverage capital ratio (as a percent) | 10.07% | 10.78% |
Risk-based capital: | ||
Tier 1 (as a percent) | 11.53% | 12.08% |
Total (as a percent) | 12.61% | 13.27% |
Minimum capital adequacy amount | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Amount | $ 153,087 | $ 141,548 |
Tier 1 leverage capital | 155,696 | 141,003 |
Risk-based capital: | ||
Tier 1 | 203,971 | 188,743 |
Total | $ 272,143 | $ 251,557 |
Minimum capital adequacy ratio | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Ratio (as a percent) | 4.50% | 4.50% |
Tier 1 leverage capital ratio (as a percent) | 4.00% | 4.00% |
Risk-based capital: | ||
Tier 1 (as a percent) | 6.00% | 6.00% |
Total (as a percent) | 8.00% | 8.00% |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio | $ 238,136 | |
Tier 1 leverage capital ratio | 155,696 | |
Risk-based capital: | ||
Tier 1 risk-based capital ratio | 288,959 | |
Total risk-based capital ratio | $ 357,188 | |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio (as a percent) | 7.00% | |
Tier 1 leverage capital ratio (as a percent) | 4.00% | |
Risk-based capital: | ||
Tier 1 (as a percent) | 8.50% | |
Total (as a percent) | 10.50% | |
Classified as well capitalized | ||
Common equity Tier 1 capital ratio, Minimum Required to Be Considered Well-Capitalized, Amount | $ 221,126 | $ 204,459 |
Tier 1 leverage capital | 194,620 | 176,254 |
Risk-based capital: | ||
Tier 1 | 271,961 | 251,658 |
Total | $ 340,179 | $ 314,446 |
Classified as well capitalized ratio | ||
Common equity Tier 1 capital ratio, Minimum Required to Be Considered Well-Capitalized, Ratio (as a percent) | 6.50% | 6.50% |
BankRI | ||
Bank actual capital amount | ||
Common equity Tier 1 capital ratio, Actual, Amount | $ 182,202 | $ 171,967 |
Tier 1 leverage capital | 182,202 | 171,967 |
Risk-based capital: | ||
Tier 1 | 182,202 | 171,967 |
Total risk-based capital | $ 197,702 | $ 189,953 |
Bank actual capital ratio | ||
Common equity Tier 1 capital ratio, Actual, Ratio (as a percent) | 10.94% | 10.63% |
Tier 1 leverage capital ratio (as a percent) | 8.97% | 8.51% |
Risk-based capital: | ||
Tier 1 (as a percent) | 10.94% | 10.63% |
Total (as a percent) | 11.87% | 11.74% |
Minimum capital adequacy amount | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Amount | $ 74,946 | $ 72,799 |
Tier 1 leverage capital | 81,249 | 80,831 |
Risk-based capital: | ||
Tier 1 | 99,928 | 97,065 |
Total | $ 133,245 | $ 129,440 |
Minimum capital adequacy ratio | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Ratio (as a percent) | 4.50% | 4.50% |
Tier 1 leverage capital ratio (as a percent) | 4.00% | 4.00% |
Risk-based capital: | ||
Tier 1 (as a percent) | 6.00% | 6.00% |
Total (as a percent) | 8.00% | 8.00% |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio | $ 116,583 | |
Tier 1 leverage capital ratio | 81,249 | |
Risk-based capital: | ||
Tier 1 risk-based capital ratio | 141,565 | |
Total risk-based capital ratio | $ 174,884 | |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio (as a percent) | 7.00% | |
Tier 1 leverage capital ratio (as a percent) | 4.00% | |
Risk-based capital: | ||
Tier 1 (as a percent) | 8.50% | |
Total (as a percent) | 10.50% | |
Classified as well capitalized | ||
Common equity Tier 1 capital ratio, Minimum Required to Be Considered Well-Capitalized, Amount | $ 108,255 | $ 105,154 |
Tier 1 leverage capital | 101,562 | 101,038 |
Risk-based capital: | ||
Tier 1 | 133,237 | 129,420 |
Total | $ 166,556 | $ 161,800 |
Classified as well capitalized ratio | ||
Common equity Tier 1 capital ratio, Minimum Required to Be Considered Well-Capitalized, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 leverage capital ratio (as a percent) | 5.00% | 5.00% |
Risk-based capital: | ||
Tier 1 (as a percent) | 8.00% | 8.00% |
Total (as a percent) | 10.00% | 10.00% |
First Ipswich | ||
Bank actual capital amount | ||
Common equity Tier 1 capital ratio, Actual, Amount | $ 33,433 | $ 32,831 |
Tier 1 leverage capital | 33,433 | 32,831 |
Risk-based capital: | ||
Tier 1 | 33,433 | 32,831 |
Total risk-based capital | $ 36,053 | $ 35,617 |
Bank actual capital ratio | ||
Common equity Tier 1 capital ratio, Actual, Ratio (as a percent) | 12.61% | 13.87% |
Tier 1 leverage capital ratio (as a percent) | 9.23% | 9.26% |
Risk-based capital: | ||
Tier 1 (as a percent) | 12.61% | 13.87% |
Total (as a percent) | 13.60% | 15.05% |
Minimum capital adequacy amount | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Amount | $ 11,931 | $ 10,652 |
Tier 1 leverage capital | 14,489 | 14,182 |
Risk-based capital: | ||
Tier 1 | 15,908 | 14,202 |
Total | $ 21,208 | $ 18,933 |
Minimum capital adequacy ratio | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Ratio (as a percent) | 4.50% | 4.50% |
Tier 1 leverage capital ratio (as a percent) | 4.00% | 4.00% |
Risk-based capital: | ||
Tier 1 (as a percent) | 6.00% | 6.00% |
Total (as a percent) | 8.00% | 8.00% |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio | $ 18,559 | |
Tier 1 leverage capital ratio | 14,489 | |
Risk-based capital: | ||
Tier 1 risk-based capital ratio | 22,536 | |
Total risk-based capital ratio | $ 27,835 | |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio (as a percent) | 7.00% | |
Tier 1 leverage capital ratio (as a percent) | 4.00% | |
Risk-based capital: | ||
Tier 1 (as a percent) | 8.50% | |
Total (as a percent) | 10.50% | |
Classified as well capitalized | ||
Common equity Tier 1 capital ratio, Minimum Required to Be Considered Well-Capitalized, Amount | $ 17,234 | $ 15,386 |
Tier 1 leverage capital | 18,111 | 17,727 |
Risk-based capital: | ||
Tier 1 | 21,210 | 18,936 |
Total | $ 26,510 | $ 23,666 |
Classified as well capitalized ratio | ||
Common equity Tier 1 capital ratio, Minimum Required to Be Considered Well-Capitalized, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 leverage capital ratio (as a percent) | 5.00% | 5.00% |
Risk-based capital: | ||
Tier 1 (as a percent) | 8.00% | 8.00% |
Total (as a percent) | 10.00% | 10.00% |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)yrplan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Changes in postretirement benefit obligation recognized in other comprehensive income: | |||
Total pre-tax changes in postretirement benefit obligation recognized in other comprehensive income | $ (69,000) | $ (353,000) | $ 498,000 |
401(k) Plans | |||
Number of 401(k) plans administered | plan | 1 | ||
Minimum employee age required to participate in the plan (in years) | yr | 21 | ||
Expense for the company plan contributions | $ 2,800,000 | 2,300,000 | 2,400,000 |
Accrued liabilities with deferred compensation plan | $ 200,000 | 200,000 | 300,000 |
401(k) plan 1 | |||
401(k) Plans | |||
Company contribution as percentage of compensation of eligible employees | 5.00% | ||
Health Insurance Postretirement Benefit | |||
Net periodic benefit expense: | |||
Service cost | $ 48,000 | 55,000 | 45,000 |
Interest cost | 44,000 | 49,000 | 47,000 |
Prior service credit | (21,000) | (21,000) | (21,000) |
Actuarial gain | (42,000) | (20,000) | (40,000) |
Net periodic benefit expense | 29,000 | 63,000 | 31,000 |
Changes in postretirement benefit obligation recognized in other comprehensive income: | |||
Net actuarial gain (loss) | 90,000 | 374,000 | (477,000) |
Prior service credit | (21,000) | (21,000) | (21,000) |
Total pre-tax changes in postretirement benefit obligation recognized in other comprehensive income | $ 69,000 | $ 353,000 | $ (498,000) |
Discount rate used to determine the actuarial present value of projected postretirement benefit obligations (as a percent) | 4.15% | 4.35% | 4.00% |
Estimated prior service credit that will be amortized from accumulated other comprehensive income into net periodic benefit cost | $ 41,000 | ||
Liability for the postretirement benefits included in accrued expenses and other liabilities | $ 1,100,000 | $ 1,200,000 | |
Assumed health care trend rates used in 2016 through 2020, high end of range (as a percent) | 6.70% | ||
Assumed health care trend rates used in 2016 through 2020, low end of range (as a percent) | 5.70% | ||
Assumed health care trend rate after 2020 (as a percent) | 5.00% | ||
Effect of 1% change in assumed health care cost trend rates | |||
Effect of 1% increase on total service and interest cost components of net periodic postretirement benefit costs | $ 23,000 | ||
Effect of 1% decrease on total service and interest cost components of net periodic postretirement benefit costs | (18,000) | ||
Effect of 1% increase on the accumulated postretirement benefit obligation | 259,000 | ||
Effect of 1% decrease on the accumulated postretirement benefit obligation | $ (202,000) | ||
Health Insurance Postretirement Benefit | Below age 65 | |||
Changes in postretirement benefit obligation recognized in other comprehensive income: | |||
Actual health care trend that will be used to measure the accumulated postretirement benefit obligation (as a percent) | 7.50% | ||
Actual health care trend used to measure the accumulated postretirement benefit obligation (as a percent) | 7.40% | ||
Health Insurance Postretirement Benefit | Over age 65 | |||
Changes in postretirement benefit obligation recognized in other comprehensive income: | |||
Actual health care trend that will be used to measure the accumulated postretirement benefit obligation (as a percent) | 8.30% | ||
Actual health care trend used to measure the accumulated postretirement benefit obligation (as a percent) | 5.00% |
Employee Benefit Plans (Detai97
Employee Benefit Plans (Details 2) - Supplemental retirement plan $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)participant | Dec. 31, 2015USD ($) | |
Supplemental Executive Retirement Agreements | ||
Number of participants | participant | 13 | |
Expenses for benefits payable recognized under agreement | $ 0.8 | $ 0.1 |
Aggregate benefits payable included in accrued expenses and other liabilities | $ 11.6 | $ 11.2 |
Discount rate used to determine the actuarial present value (as a percent) | 4.00% | 4.25% |
Employee Benefit Plans (Detai98
Employee Benefit Plans (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-Based Payment Arrangements | |||
Unallocated shares | 176,688 | 213,066 | |
Unallocated shares, aggregate cost | $ 963 | $ 1,162 | |
Compensation and employee benefits expense | $ 395 | 395 | $ 496 |
Employee Stock Ownership Plan | |||
Share-Based Payment Arrangements | |||
ESOP loan to purchase shares of entity's common stock | 546,986 | ||
Number of years during which quarterly installments are payable | 30 years | ||
Percentage of interest payable per annum on loan obtained by the ESOP | 8.50% | ||
Outstanding balance of loan | $ 1,500 | $ 1,800 | |
Unallocated shares | 176,688 | 213,066 | |
Unallocated shares, aggregate cost | $ 900 | $ 1,100 | |
Unallocated shares, market value | 2,900 | 2,500 | |
Compensation and employee benefits expense | $ 400 | $ 400 | $ 400 |
Number of shares committed to be released to eligible employees | 36,372 | 38,316 | 40,284 |
Employee Benefit Plans (Detai99
Employee Benefit Plans (Details 4) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)financial_institutionplan$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of share-based compensation plans | plan | 3 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividends paid on unvested shares recognized as compensation expense | $ | $ 100 | $ 100 | $ 200 |
Restricted Stock Awards Outstanding | |||
Outstanding at beginning of year (in shares) | 486,035 | ||
Granted (in shares) | 206,625 | ||
Vested (in shares) | (158,653) | ||
Forfeited / Canceled (in shares) | (57,153) | ||
Outstanding at end of year (in shares) | 476,854 | 486,035 | |
Weighted Average Grant Price per Share | |||
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 10.37 | ||
Granted (in dollars per share) | $ / shares | 11.45 | ||
Vested (in dollars per share) | $ / shares | 10.33 | ||
Forfeited / Canceled (in dollars per share) | $ / shares | 10.02 | ||
Outstanding at end of year (in dollars per share) | $ / shares | $ 10.90 | $ 10.37 | |
Unrecognized compensation cost | $ | $ 2,678 | ||
Weighted average remaining recognition period | 23 months | ||
Performance-based shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of financial institutions comprising peer group | financial_institution | 17 | ||
Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of authorized shares | 1,750,000 | ||
Share-based compensation expense | $ | $ 1,800 | $ 1,400 | 1,200 |
Tax benefits from vested awards | $ | $ 300 | $ 300 | $ 400 |
2003 RRP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of authorized shares | 1,250,000 | ||
2011 Restricted Stock Award Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of authorized shares | 500,000 | ||
Vesting equally over three years | Time-based shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of shares in tranche | 50.00% | ||
Award vesting period | 3 years | ||
Award vesting percentage | 33.00% | ||
Vesting after achievement of performance targets | Performance-based shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of shares in tranche | 50.00% | ||
Award vesting period | 3 years |
Employee Benefit Plans (Deta100
Employee Benefit Plans (Details 5) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock option activity | |||
Outstanding at the beginning of the period (in shares) | 229,845 | ||
Granted (in shares) | 0 | 0 | 0 |
Exercised (in shares) | (27,500) | ||
Forfeited/Canceled (in shares) | (5,000) | ||
Outstanding at the end of the period (in shares) | 197,345 | 229,845 | |
Exercisable at the end of the period (in shares) | 197,345 | ||
Stock Option Activity, Weighted Average Exercise Price | |||
Outstanding at the beginning of the period (in dollars per share) | $ 10.42 | ||
Granted (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 11.68 | ||
Forfeited/Canceled (in dollars per share) | 12.91 | ||
Outstanding at the end of the period (in dollars per share) | 10.18 | $ 10.42 | |
Exercisable at the end of the period (in dollars per share) | $ 10.18 | ||
Stock Option Activity, Aggregate Intrinsic Value | |||
Outstanding at the end of the period | $ 0 | ||
Exercisable at the end of the period | $ 0 | ||
Stock Option Activity, Weighted Average Contractual Term | |||
Outstanding at the end of the period (in years) | 2 years 8 months 12 days | ||
Exercisable at the end of the period (in years) | 2 years 8 months 12 days | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercisable period upon happening of a specific event, low end of range (in months) | 3 months | ||
Exercisable period upon happening of a specific event, high end of range (in years) | 5 years | ||
Share-based compensation expense | $ 0 | $ 0 | $ 0 |
Dividend equivalent rights | $ 0 | $ 0 | $ 0 |
Equity Incentive Plan 2014 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of authorized shares | 1,750,000 |
Fair Value of Financial Inst101
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Assets: | ||
Investment securities available-for-sale | $ 523,634 | $ 513,201 |
Derivatives | 9,758 | 8,656 |
Liabilities: | ||
Loan level derivatives | $ 9,738 | 8,781 |
Changes in generic pricing of securities period one, considered for analyzing changes in prices obtained from pricing service (in years) | 15 years | |
Changes in generic pricing of securities period two, considered for analyzing changes in prices obtained from pricing service (in years) | 30 years | |
Recurring basis | ||
Assets: | ||
Derivatives | 8,656 | |
Liabilities: | ||
Loan level derivatives | $ 9,738 | 8,781 |
Recurring basis | Investment securities available for sale | ||
Assets: | ||
Investment securities available-for-sale | 523,634 | 513,201 |
Recurring basis | GSE debentures | ||
Assets: | ||
Investment securities available-for-sale | 97,020 | 40,627 |
Recurring basis | GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale | 158,040 | 193,816 |
Recurring basis | GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale | 212,915 | 229,881 |
Recurring basis | SBA commercial loan asset-backed securities | ||
Assets: | ||
Investment securities available-for-sale | 107 | 147 |
Recurring basis | Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale | 48,485 | 46,486 |
Recurring basis | U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale | 4,737 | |
Recurring basis | Trust preferred securities | ||
Assets: | ||
Investment securities available-for-sale | 1,358 | 1,267 |
Recurring basis | Marketable equity securities | ||
Assets: | ||
Investment securities available-for-sale | 972 | 977 |
Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Loan level derivatives | 0 | 0 |
Recurring basis | Level 1 | Investment securities available for sale | ||
Assets: | ||
Investment securities available-for-sale | 972 | 977 |
Recurring basis | Level 1 | GSE debentures | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale | 0 | |
Recurring basis | Level 1 | Trust preferred securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | Marketable equity securities | ||
Assets: | ||
Investment securities available-for-sale | 972 | 977 |
Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 8,656 | |
Liabilities: | ||
Loan level derivatives | 9,738 | 8,781 |
Recurring basis | Level 2 | Investment securities available for sale | ||
Assets: | ||
Investment securities available-for-sale | 522,662 | 512,224 |
Recurring basis | Level 2 | GSE debentures | ||
Assets: | ||
Investment securities available-for-sale | 97,020 | 40,627 |
Recurring basis | Level 2 | GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale | 158,040 | 193,816 |
Recurring basis | Level 2 | GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale | 212,915 | 229,881 |
Recurring basis | Level 2 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Investment securities available-for-sale | 107 | 147 |
Recurring basis | Level 2 | Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale | 48,485 | 46,486 |
Recurring basis | Level 2 | U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale | 4,737 | |
Recurring basis | Level 2 | Trust preferred securities | ||
Assets: | ||
Investment securities available-for-sale | 1,358 | 1,267 |
Recurring basis | Level 2 | Marketable equity securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | |
Liabilities: | ||
Loan level derivatives | 0 | 0 |
Recurring basis | Level 3 | Investment securities available for sale | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | GSE debentures | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale | 0 | |
Recurring basis | Level 3 | Trust preferred securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | Marketable equity securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Loan Level Derivative | ||
Assets: | ||
Derivatives | 9,738 | 8,656 |
Liabilities: | ||
Loan level derivatives | 9,738 | $ 8,781 |
Loan Level Derivative | Recurring basis | ||
Assets: | ||
Derivatives | 9,738 | |
Loan Level Derivative | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | |
Loan Level Derivative | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 9,738 | |
Loan Level Derivative | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | |
Risk Participation-out Agreement | ||
Assets: | ||
Derivatives | 20 | |
Risk Participation-out Agreement | Recurring basis | ||
Assets: | ||
Derivatives | 20 | |
Risk Participation-out Agreement | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | |
Risk Participation-out Agreement | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 20 | |
Risk Participation-out Agreement | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | $ 0 |
Fair Value of Financial Inst102
Fair Value of Financial Instruments (Details 2) - Investment securities available for sale - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of assets measured at fair value on a recurring basis | |||
Investment securities available-for-sale, beginning of year | $ 0 | $ 0 | $ 1,775 |
Investment security sales | 0 | 0 | (1,658) |
Total realized losses included in other income | 0 | 0 | (242) |
Total unrealized gains included in other comprehensive income | 0 | 0 | 125 |
Investment securities available-for-sale, end of year | $ 0 | $ 0 | $ 0 |
Fair Value of Financial Inst103
Fair Value of Financial Instruments (Details 3) - Nonrecurring basis - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | $ 28,681 | $ 13,480 |
Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 781 | 614 |
Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 27,900 | 12,866 |
Collateral-dependent impaired loans and leases | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 27,282 | 12,137 |
Collateral-dependent impaired loans and leases | Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Collateral-dependent impaired loans and leases | Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Collateral-dependent impaired loans and leases | Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 27,282 | 12,137 |
OREO | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 618 | 729 |
OREO | Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
OREO | Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
OREO | Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 618 | 729 |
Repossessed assets | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 781 | 614 |
Repossessed assets | Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Repossessed assets | Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 781 | 614 |
Repossessed assets | Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | $ 0 | $ 0 |
Fair Value of Financial Inst104
Fair Value of Financial Instruments (Details 4) - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Recurring basis | Collateral-dependent impaired loans and leases | Appraisal of collateral | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 27,282 | $ 12,137 |
Recurring basis | Other real estate owned | Appraisal of collateral | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 618 | $ 729 |
Minimum | Discount for Costs to Sell | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread (as a percent) | 0.00% | |
Minimum | Appraisal Adjustments | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread (as a percent) | 0.00% | |
Maximum | Discount for Costs to Sell | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread (as a percent) | 10.00% | |
Maximum | Appraisal Adjustments | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread (as a percent) | 15.00% |
Fair Value of Financial Inst105
Fair Value of Financial Instruments (Details 5) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Investment securities held-to-maturity: | $ 85,271 | $ 93,695 |
Loans and leases, net | 5,345,198 | 4,938,801 |
Restricted equity securities | 64,511 | 66,117 |
Financial liabilities: | ||
Certificates of deposit | 1,041,022 | 1,087,872 |
Borrowed funds | 50,207 | 38,227 |
Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | |
Loans held-for-sale | 0 | 0 |
Loans and leases, net | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities: | ||
Certificates of deposit | 0 | 0 |
Borrowed funds | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Loans held-for-sale | 13,078 | 13,383 |
Loans and leases, net | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities: | ||
Certificates of deposit | 1,042,653 | 1,091,906 |
Borrowed funds | 1,030,753 | 981,349 |
Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | |
Loans held-for-sale | 0 | 0 |
Loans and leases, net | 5,195,312 | 4,857,060 |
Restricted equity securities | 75,589 | 66,117 |
Financial liabilities: | ||
Certificates of deposit | 0 | 0 |
Borrowed funds | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Loans held-for-sale | 13,078 | 13,383 |
Loans and leases, net | 5,345,198 | 4,938,801 |
Restricted equity securities | 64,511 | 66,117 |
Financial liabilities: | ||
Certificates of deposit | 1,041,022 | 1,087,872 |
Borrowed funds | 1,044,086 | 983,029 |
Estimated Fair Value | ||
Financial assets: | ||
Loans held-for-sale | 13,078 | 13,383 |
Loans and leases, net | 5,195,312 | 4,857,060 |
Restricted equity securities | 75,589 | 66,117 |
Financial liabilities: | ||
Certificates of deposit | 1,042,653 | 1,091,906 |
Borrowed funds | 1,030,753 | 981,349 |
GSE debentures | ||
Financial assets: | ||
Investment securities held-to-maturity: | 14,101 | 34,819 |
GSE debentures | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | |
GSE debentures | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 14,101 | 34,819 |
GSE debentures | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | |
GSE debentures | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 14,735 | 34,915 |
GSE debentures | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 14,101 | 34,819 |
GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity: | 17,479 | 18,986 |
GSE MBSs | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
GSE MBSs | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 17,479 | 18,986 |
GSE MBSs | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
GSE MBSs | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 17,666 | 19,291 |
GSE MBSs | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 17,479 | 18,986 |
Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity: | 53,204 | 39,390 |
Municipal obligations | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
Municipal obligations | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 53,204 | 39,390 |
Municipal obligations | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
Municipal obligations | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 54,219 | 39,051 |
Municipal obligations | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 53,204 | 39,390 |
Foreign government obligations | ||
Financial assets: | ||
Investment securities held-to-maturity: | 487 | 500 |
Foreign government obligations | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
Foreign government obligations | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
Foreign government obligations | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 487 | 500 |
Foreign government obligations | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 500 | 500 |
Foreign government obligations | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | $ 487 | $ 500 |
Condensed Parent Company Fin106
Condensed Parent Company Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
ASSETS | |||||||||||||||||||
Cash and due from banks | $ 36,055 | $ 28,753 | |||||||||||||||||
Short-term investments | 31,602 | 46,736 | |||||||||||||||||
Total cash and cash equivalents | $ 67,657 | $ 75,489 | $ 75,489 | $ 62,723 | $ 75,489 | $ 62,723 | $ 92,505 | 67,657 | 75,489 | $ 62,723 | $ 92,505 | ||||||||
Restricted equity securities | 64,511 | 66,117 | |||||||||||||||||
Premises and equipment, net | 76,176 | 78,156 | |||||||||||||||||
Goodwill | 137,890 | 137,890 | 137,890 | 137,890 | |||||||||||||||
Other assets | [1] | 88,086 | 86,751 | ||||||||||||||||
Total assets | 6,438,129 | 6,042,338 | |||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
Borrowed funds | 1,044,086 | 983,029 | |||||||||||||||||
Accrued expenses and other liabilities | 72,573 | 72,289 | |||||||||||||||||
Total liabilities | 5,735,380 | 5,368,852 | |||||||||||||||||
Stockholders' equity | |||||||||||||||||||
Common stock, $0.01 par value; 200,000,000 shares authorized; 75,744,445 shares issued | $ 757 | $ 757 | |||||||||||||||||
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 | |||||||||||||||||
Additional paid-in capital | $ 616,734 | $ 616,899 | |||||||||||||||||
Retained earnings, partially restricted | [1] | 136,671 | 109,675 | ||||||||||||||||
Accumulated other comprehensive loss | (3,818) | (2,476) | (1,622) | (7,915) | |||||||||||||||
Treasury stock, at cost; 4,707,096 shares and 4,861,554 shares, respectively | $ (53,837) | $ (56,208) | |||||||||||||||||
Treasury stock, shares | 4,707,096 | 4,861,554 | |||||||||||||||||
Unallocated common stock held by Employee Stock Ownership Plan (ESOP); 176,688 shares and 213,066 shares, respectively | $ (963) | $ (1,162) | |||||||||||||||||
Unallocated common stock held by ESOP, shares | 176,688 | 213,066 | |||||||||||||||||
Total Brookline Bancorp, Inc. stockholders' equity | [1] | $ 695,544 | $ 667,485 | ||||||||||||||||
Total liabilities and stockholders' equity | [1] | 6,438,129 | 6,042,338 | ||||||||||||||||
Interest and dividend income: | |||||||||||||||||||
Marketable and restricted equity securities | 2,975 | 2,762 | 2,072 | ||||||||||||||||
Total interest and dividend income | 60,983 | $ 61,531 | $ 59,236 | 57,898 | 58,448 | $ 56,687 | $ 55,166 | 56,609 | 239,648 | 226,910 | 218,482 | ||||||||
Interest expense: | |||||||||||||||||||
Net interest income | 51,854 | 52,350 | 50,257 | 49,203 | 50,078 | 48,587 | 47,172 | 48,528 | 203,664 | 194,365 | 189,068 | ||||||||
Non-interest income: | |||||||||||||||||||
Other | 5,237 | 4,663 | 6,314 | ||||||||||||||||
Total non-interest income | [2] | 22,667 | 20,184 | 20,180 | |||||||||||||||
Non-interest expense: | |||||||||||||||||||
Compensation and employee benefits | 77,836 | 71,272 | 71,801 | ||||||||||||||||
Occupancy | 13,882 | 13,926 | 14,294 | ||||||||||||||||
Equipment and data processing | 15,496 | 14,837 | 17,020 | ||||||||||||||||
Professional services | 3,852 | 4,192 | 5,357 | ||||||||||||||||
Other | 31,986 | 32,765 | 31,629 | 31,418 | 31,605 | 30,545 | 29,728 | 30,588 | 10,083 | 11,377 | 10,925 | ||||||||
Total non-interest expense | 130,362 | 125,377 | 129,160 | ||||||||||||||||
Credit for income taxes | 7,524 | 7,804 | 7,465 | 7,599 | 8,237 | 6,897 | 7,115 | 7,104 | 30,392 | [2] | 29,353 | [2] | 26,286 | [2] | |||||
Net income attributable to Brookline Bancorp, Inc. | 13,279 | 13,617 | 12,654 | 12,812 | 13,327 | 12,888 | 11,865 | 11,703 | 52,362 | [2],[3] | 49,782 | [2],[3] | 43,288 | [2],[3] | |||||
Statement of Cash Flows | |||||||||||||||||||
Net income attributable to Brookline Bancorp, Inc. | 13,279 | $ 13,617 | $ 12,654 | 12,812 | 13,327 | $ 12,888 | $ 11,865 | 11,703 | 52,362 | [2],[3] | 49,782 | [2],[3] | 43,288 | [2],[3] | |||||
Adjustments to reconcile net income to net cash provided from operating activities: | |||||||||||||||||||
Depreciation of premises and equipment | 7,080 | 7,074 | 7,020 | ||||||||||||||||
Amortization of debt issuance costs | 101 | 100 | 29 | ||||||||||||||||
Net cash provided from (used for) operating activities | [3] | 78,098 | 64,604 | 84,287 | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Purchase of premises and equipment | (5,262) | (4,775) | (7,782) | ||||||||||||||||
Net cash used for investing activities | (427,963) | (231,820) | (529,156) | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from issuance of subordinated notes | 0 | 0 | 73,495 | ||||||||||||||||
Payment of dividends on common stock | (25,366) | (24,967) | (23,876) | ||||||||||||||||
Net cash (used for) provided from used for financing activities | 342,033 | 179,982 | 415,087 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 75,489 | 62,723 | 75,489 | 62,723 | 92,505 | ||||||||||||||
Cash and cash equivalents at end of year | 67,657 | 75,489 | 67,657 | 75,489 | 62,723 | ||||||||||||||
Parent Company | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and due from banks | 32,220 | 28,070 | |||||||||||||||||
Short-term investments | 32 | 33 | |||||||||||||||||
Total cash and cash equivalents | 32,252 | 28,103 | 28,103 | 52,301 | 28,103 | 52,301 | 12,471 | 32,252 | 28,103 | $ 52,301 | $ 12,471 | ||||||||
ESOP loan to Brookline Bank | 1,502 | 1,752 | |||||||||||||||||
Restricted equity securities | 100 | 100 | |||||||||||||||||
Premises and equipment, net | 6,946 | 9,040 | |||||||||||||||||
Investment in subsidiaries, at equity | 701,943 | 681,504 | |||||||||||||||||
Goodwill | 35,267 | 35,267 | |||||||||||||||||
Other assets | 8,259 | 2,631 | |||||||||||||||||
Total assets | 786,269 | 758,397 | |||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||
Borrowed funds | 83,105 | 82,936 | |||||||||||||||||
Deferred tax liability | 243 | 435 | |||||||||||||||||
Accrued expenses and other liabilities | 7,377 | 7,541 | |||||||||||||||||
Total liabilities | 90,725 | 90,912 | |||||||||||||||||
Stockholders' equity | |||||||||||||||||||
Common stock, $0.01 par value; 200,000,000 shares authorized; 75,744,445 shares issued | $ 757 | $ 757 | |||||||||||||||||
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 | |||||||||||||||||
Additional paid-in capital | $ 616,734 | $ 616,899 | |||||||||||||||||
Retained earnings, partially restricted | 136,671 | 109,675 | |||||||||||||||||
Accumulated other comprehensive loss | (3,818) | (2,476) | |||||||||||||||||
Treasury stock, at cost; 4,707,096 shares and 4,861,554 shares, respectively | $ (53,837) | $ (56,208) | |||||||||||||||||
Treasury stock, shares | 4,707,096 | 4,861,554 | |||||||||||||||||
Unallocated common stock held by Employee Stock Ownership Plan (ESOP); 176,688 shares and 213,066 shares, respectively | $ (963) | $ (1,162) | |||||||||||||||||
Unallocated common stock held by ESOP, shares | 176,688 | 213,066 | |||||||||||||||||
Total Brookline Bancorp, Inc. stockholders' equity | $ 695,544 | $ 667,485 | |||||||||||||||||
Total liabilities and stockholders' equity | $ 786,269 | $ 758,397 | |||||||||||||||||
Interest and dividend income: | |||||||||||||||||||
Dividend income from subsidiaries | 2,468 | 0 | 24,700 | ||||||||||||||||
Marketable and restricted equity securities | 0 | 97 | 0 | ||||||||||||||||
ESOP loan to Brookline Bank | 141 | 162 | 183 | ||||||||||||||||
Total interest and dividend income | 2,609 | 259 | 24,883 | ||||||||||||||||
Interest expense: | |||||||||||||||||||
Borrowed funds | 5,080 | 5,063 | 1,746 | ||||||||||||||||
Net interest income | (2,471) | (4,804) | 23,137 | ||||||||||||||||
Non-interest income: | |||||||||||||||||||
Other | 15 | 5 | 0 | ||||||||||||||||
Total non-interest income | 15 | 5 | 0 | ||||||||||||||||
Non-interest expense: | |||||||||||||||||||
Compensation and employee benefits | 82 | 205 | 2,357 | ||||||||||||||||
Occupancy | 1,582 | 22 | 38 | ||||||||||||||||
Equipment and data processing | (1,190) | 687 | 1,499 | ||||||||||||||||
Directors' fees | 700 | 688 | 656 | ||||||||||||||||
Franchise taxes | 180 | 113 | 252 | ||||||||||||||||
Insurance | 490 | 490 | 472 | ||||||||||||||||
Professional services | 245 | 185 | (113) | ||||||||||||||||
Other | (1,300) | (1,289) | 751 | ||||||||||||||||
Total non-interest expense | 789 | 1,101 | 5,912 | ||||||||||||||||
(Loss) income before income taxes | (3,245) | (5,900) | 17,225 | ||||||||||||||||
Credit for income taxes | (1,779) | (1,854) | (2,705) | ||||||||||||||||
(Loss) income before equity in undistributed income of subsidiaries | (1,466) | (4,046) | 19,930 | ||||||||||||||||
Equity in undistributed income of subsidiaries | 53,828 | 53,828 | 23,358 | ||||||||||||||||
Net income attributable to Brookline Bancorp, Inc. | 52,362 | 49,782 | 43,288 | ||||||||||||||||
Statement of Cash Flows | |||||||||||||||||||
Net income attributable to Brookline Bancorp, Inc. | 52,362 | 49,782 | 43,288 | ||||||||||||||||
Adjustments to reconcile net income to net cash provided from operating activities: | |||||||||||||||||||
Equity in undistributed income of subsidiaries | (53,828) | (53,828) | (23,358) | ||||||||||||||||
Depreciation of premises and equipment | 2,735 | 2,728 | 2,563 | ||||||||||||||||
Amortization of debt issuance costs | 101 | 100 | 29 | ||||||||||||||||
Other operating activities, net | 28,536 | 2,479 | (30,822) | ||||||||||||||||
Net cash provided from (used for) operating activities | 29,906 | 1,261 | (8,300) | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Repayment of ESOP loan by Brookline Bank | 250 | 250 | 250 | ||||||||||||||||
Purchase of premises and equipment | (641) | (742) | (1,739) | ||||||||||||||||
Net cash used for investing activities | (391) | (492) | (1,489) | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from issuance of subordinated notes | 0 | 0 | 73,495 | ||||||||||||||||
Payment of dividends on common stock | (25,366) | (24,967) | (23,876) | ||||||||||||||||
Net cash (used for) provided from used for financing activities | (25,366) | (24,967) | 49,619 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 4,149 | (24,198) | 39,830 | ||||||||||||||||
Cash and cash equivalents at beginning of year | $ 28,103 | $ 52,301 | 28,103 | 52,301 | 12,471 | ||||||||||||||
Cash and cash equivalents at end of year | $ 32,252 | $ 28,103 | $ 32,252 | $ 28,103 | $ 52,301 | ||||||||||||||
[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 10, "Other Assets". | ||||||||||||||||||
[2] | 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 10, "Other Assets". | ||||||||||||||||||
[3] | 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 10, "Other Assets". |
Quarterly Results of Operati107
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Interest and dividend income | $ 60,983 | $ 61,531 | $ 59,236 | $ 57,898 | $ 58,448 | $ 56,687 | $ 55,166 | $ 56,609 | $ 239,648 | $ 226,910 | $ 218,482 | |||
Interest expense | 9,129 | 9,181 | 8,979 | 8,695 | 8,370 | 8,100 | 7,994 | 8,081 | 35,984 | 32,545 | 29,414 | |||
Net interest income | 51,854 | 52,350 | 50,257 | 49,203 | 50,078 | 48,587 | 47,172 | 48,528 | 203,664 | 194,365 | 189,068 | |||
Provision for credit losses | 3,215 | 2,215 | 2,545 | 2,378 | 1,520 | 1,755 | 1,913 | 2,263 | 10,353 | 7,451 | 8,477 | |||
Net interest income after provision for credit losses | 48,639 | 50,135 | 47,712 | 46,825 | 48,558 | 46,832 | 45,259 | 46,265 | 193,311 | 186,914 | 180,591 | |||
Loan level derivative income, net | 265 | 858 | 1,210 | 1,629 | 1,556 | 900 | 941 | 0 | 3,962 | 3,397 | 946 | |||
Gain on sales of loans and leases held-for-sale | 1,270 | 588 | 345 | 905 | 614 | 446 | 279 | 869 | 3,256 | 2,208 | 1,651 | |||
Other non-interest income | 3,895 | 3,883 | 3,820 | 3,935 | 3,893 | 3,438 | 3,647 | 3,601 | ||||||
Amortization of identified intangible assets | (621) | (623) | (621) | (635) | (724) | (725) | (724) | (738) | (2,500) | (2,911) | (3,343) | |||
Other non-interest expense | (31,986) | (32,765) | (31,629) | (31,418) | (31,605) | (30,545) | (29,728) | (30,588) | (10,083) | (11,377) | (10,925) | |||
Income before provision for income taxes | 21,462 | 22,076 | 20,837 | 21,241 | 22,292 | 20,346 | 19,674 | 19,409 | 85,616 | [1] | 81,721 | [1] | 71,611 | [1] |
Provision for income taxes | 7,524 | 7,804 | 7,465 | 7,599 | 8,237 | 6,897 | 7,115 | 7,104 | 30,392 | [1] | 29,353 | [1] | 26,286 | [1] |
Net income before noncontrolling interest in subsidiary | 13,938 | 14,272 | 13,372 | 13,642 | 14,055 | 13,449 | 12,559 | 12,305 | 55,224 | [1] | 52,368 | [1] | 45,325 | [1] |
Less net income attributable to noncontrolling interest in subsidiary | 659 | 655 | 718 | 830 | 728 | 561 | 694 | 602 | 2,862 | [2] | 2,586 | [2] | 2,037 | [2] |
Net income attributable to Brookline Bancorp, Inc. | $ 13,279 | $ 13,617 | $ 12,654 | $ 12,812 | $ 13,327 | $ 12,888 | $ 11,865 | $ 11,703 | $ 52,362 | [1],[3] | $ 49,782 | [1],[3] | $ 43,288 | [1],[3] |
Earnings per share: | ||||||||||||||
Basic (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 | $ 0.19 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.74 | $ 0.71 | $ 0.62 | |||
Diluted (in dollars per share) | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 | $ 0.19 | $ 0.18 | $ 0.17 | $ 0.17 | $ 0.74 | $ 0.71 | $ 0.62 | |||
Average common shares outstanding: | ||||||||||||||
Basic (in shares) | 70,362,702 | 70,299,722 | 70,196,950 | 70,186,921 | 70,177,382 | 70,129,056 | 70,049,829 | 70,036,090 | 70,261,954 | 70,098,561 | 69,945,028 | |||
Diluted (in shares) | 70,592,204 | 70,450,760 | 70,388,438 | 70,343,408 | 70,318,657 | 70,240,020 | 70,215,850 | 70,164,105 | 70,444,083 | 70,235,868 | 70,054,815 | |||
Common stock price: | ||||||||||||||
High (in dollars per share) | $ 16.60 | $ 12.19 | $ 11.69 | $ 11.21 | $ 11.89 | $ 11.66 | $ 11.54 | $ 10.05 | ||||||
Low (in dollars per share) | 12.05 | 10.71 | 10.44 | 10.23 | 10.19 | 10.09 | 10.1 | 9.29 | ||||||
Dividends paid: | ||||||||||||||
Dividends per share (in dollars per share) | $ 0.090 | $ 0.09 | $ 0.09 | $ 0.090 | $ 0.090 | $ 0.090 | $ 0.090 | $ 0.085 | ||||||
[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 10, "Other Assets". | |||||||||||||
[2] | 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 10, "Other Assets". | |||||||||||||
[3] | 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 10, "Other Assets". |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Feb. 28, 2017 | Feb. 03, 2017 | Dec. 31, 2016 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Gain on sale of restricted investments, before tax | $ 11.3 | ||
Gain on sale of restricted investments, net of tax | $ 10.1 | ||
Brookline Securities Corp | Northeast Retirement Services | |||
Subsequent Event [Line Items] | |||
Number of shares held as investment | 9,721 | ||
Brookline Securities Corp | Community Bank Systems, Inc. | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Cash received per share at exchange (in dollars per share) | $ 319.04 | ||
Number of acquirer shares received per acquiree shares held at exchange (in shares) | 14.876 | ||
Daily authorized amount of shares that can be sold (in shares) | 5,071 |