Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 05, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | BROOKLINE BANCORP INC | |
Entity Central Index Key | 1,049,782 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 76,519,932 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
ASSETS | |||
Cash and due from banks | $ 33,565 | $ 36,055 | |
Short-term investments | 29,178 | 31,602 | |
Total cash and cash equivalents | 62,743 | 67,657 | |
Investment securities available-for-sale | 528,433 | 523,634 | |
Investment securities held-to-maturity (fair value of $99,534 and $85,271, respectively) | 100,691 | 87,120 | |
Total investment securities | 629,124 | 610,754 | |
Loans held-for-sale | 1,152 | 13,078 | |
Total loans and leases | 5,461,779 | 5,398,864 | |
Allowance for loan and lease losses | (66,133) | (53,666) | |
Net loans and leases | 5,395,646 | 5,345,198 | |
Restricted equity securities | 68,065 | 64,511 | |
Premises and equipment, net of accumulated depreciation of $60,068 and $58,790, respectively | 76,973 | 76,176 | |
Deferred tax asset | 29,859 | 25,247 | |
Goodwill | 137,890 | 137,890 | |
Identified intangible assets, net of accumulated amortization of $32,181 and $31,649, respectively | 7,601 | 8,133 | |
Other real estate owned (OREO) and repossessed assets, net | 2,286 | 1,399 | |
Other assets | [1] | 86,382 | 88,086 |
Total assets | 6,497,721 | 6,438,129 | |
Non-interest-bearing deposits: | |||
Demand checking accounts | 898,161 | 900,474 | |
Interest-bearing deposits: | |||
NOW accounts | 321,392 | 323,160 | |
Savings accounts | 575,808 | 613,061 | |
Money market accounts | 1,765,895 | 1,733,359 | |
Certificate of deposit accounts | 1,090,647 | 1,041,022 | |
Total interest-bearing deposits | 3,753,742 | 3,710,602 | |
Total deposits | 4,651,903 | 4,611,076 | |
Borrowed funds: | |||
Advances from the Federal Home Loan Bank of Boston (FHLBB) | 930,001 | 910,774 | |
Subordinated debentures and notes | 83,147 | 83,105 | |
Other borrowed funds | 43,637 | 50,207 | |
Total borrowed funds | 1,056,785 | 1,044,086 | |
Mortgagors' escrow accounts | 8,032 | 7,645 | |
Accrued expenses and other liabilities | 69,752 | 72,573 | |
Total liabilities | 5,786,472 | 5,735,380 | |
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 | 617,364 | 616,734 | |
Retained earnings, partially restricted | [1] | 143,766 | 136,671 |
Accumulated other comprehensive loss | (3,261) | (3,818) | |
Treasury stock, at cost; 4,707,096 shares and 4,707,096 shares, respectively | (53,837) | (53,837) | |
Unallocated common stock held by Employee Stock Ownership Plan (ESOP); 168,099 shares and 176,688 shares, respectively | (916) | (963) | |
Total Brookline Bancorp, Inc. stockholders' equity | [1] | 703,873 | 695,544 |
Noncontrolling interest in subsidiary | 7,376 | 7,205 | |
Total stockholders' equity | [1] | 711,249 | 702,749 |
Total liabilities and stockholders' equity | [1] | 6,497,721 | 6,438,129 |
Commercial real estate loans | |||
ASSETS | |||
Total loans and leases | 2,951,155 | 2,918,567 | |
Commercial loans and leases | |||
ASSETS | |||
Total loans and leases | 1,520,389 | 1,495,408 | |
Consumer loans | |||
ASSETS | |||
Total loans and leases | $ 990,235 | $ 984,889 | |
[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". |
Unaudited Consolidated Balance3
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 99,534 | $ 85,271 |
Premises and equipment, accumulated depreciation and amortization | 60,068 | 58,790 |
Identified intangible assets, accumulated amortization | $ 32,181 | $ 31,649 |
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 | 4,707,096 |
Unallocated common stock held by ESOP, shares | 168,099 | 176,688 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest and dividend income: | ||
Loans and leases | $ 58,558 | $ 54,247 |
Debt securities | 3,000 | 2,932 |
Marketable and restricted equity securities | 726 | 680 |
Short-term investments | 67 | 39 |
Total interest and dividend income | 62,351 | 57,898 |
Interest expense: | ||
Deposits | 5,080 | 4,745 |
Borrowed funds | 4,173 | 3,950 |
Total interest expense | 9,253 | 8,695 |
Net interest income | 53,098 | 49,203 |
Provision for credit losses | 13,402 | 2,378 |
Net interest income after provision for credit losses | 39,696 | 46,825 |
Non-interest income: | ||
Deposit fees | 2,252 | 2,145 |
Loan fees | 261 | 330 |
Loan level derivative income, net | 402 | 1,629 |
Gain on sales of investment securities, net | 11,393 | 0 |
Gain on sales of loans and leases held-for-sale | 353 | 905 |
Other | 1,247 | 1,460 |
Total non-interest income | 15,908 | 6,469 |
Non-interest expense: | ||
Compensation and employee benefits | 19,784 | 18,727 |
Occupancy | 3,645 | 3,526 |
Equipment and data processing | 4,063 | 3,714 |
Professional services | 1,106 | 966 |
FDIC insurance | 855 | 878 |
Advertising and marketing | 817 | 861 |
Amortization of identified intangible assets | 532 | 635 |
Other | 2,954 | 2,746 |
Total non-interest expense | 33,756 | 32,053 |
Income before provision for income taxes | 21,848 | 21,241 |
Provision for income taxes | 7,835 | 7,599 |
Net income before noncontrolling interest in subsidiary | 14,013 | 13,642 |
Less net income attributable to noncontrolling interest in subsidiary | 568 | 830 |
Net income attributable to Brookline Bancorp, Inc. | $ 13,445 | $ 12,812 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.19 | $ 0.18 |
Diluted (in dollars per share) | $ 0.19 | $ 0.18 |
Weighted average common shares outstanding during the year: | ||
Basic (in shares) | 70,386,766 | 70,186,921 |
Diluted (in shares) | 70,844,096 | 70,343,408 |
Dividends declared per common share (in dollars per share) | $ 0.09 | $ 0.09 |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income before noncontrolling interest in subsidiary | $ 14,013 | $ 13,642 |
Other comprehensive income, net of taxes: | ||
Unrealized securities holding gains | 870 | 9,074 |
Income tax expense | (313) | (3,246) |
Net unrealized securities holding gains before reclassification adjustments | 557 | 5,828 |
Postretirement benefits: | ||
Adjustment of accumulated obligation for postretirement benefits | 0 | 0 |
Income tax expense | 0 | 0 |
Net adjustment of accumulated obligation for postretirement benefits | 0 | 0 |
Other comprehensive income, net of taxes | 557 | 5,828 |
Comprehensive income | 14,570 | 19,470 |
Net income attributable to noncontrolling interest in subsidiary | 568 | 830 |
Comprehensive income attributable to Brookline Bancorp, Inc. | $ 14,002 | $ 18,640 |
Unaudited Consolidated Stateme6
Unaudited 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, 2015 | $ 673,486 | $ 757 | $ 616,899 | $ 109,675 | $ (2,476) | $ (56,208) | $ (1,162) | $ 667,485 | $ 6,001 | |
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income attributable to Brookline Bancorp, Inc. | 12,812 | 12,812 | 12,812 | |||||||
Net income attributable to noncontrolling interest in subsidiary | 830 | 830 | ||||||||
Issuance of noncontrolling units | 76 | 76 | ||||||||
Other comprehensive income (loss) | 5,828 | 5,828 | 5,828 | |||||||
Common stock dividends | (6,336) | (6,336) | (6,336) | |||||||
Dividend distribution to owners of noncontrolling interest in subsidiary | (530) | (530) | ||||||||
Compensation under recognition and retention plan | 529 | 529 | 529 | |||||||
Common stock held by ESOP committed to be released | 99 | 49 | 50 | 99 | ||||||
Balance at Mar. 31, 2016 | 686,794 | 757 | 617,477 | 116,151 | 3,352 | (56,208) | (1,112) | 680,417 | 6,377 | |
Balance at Dec. 31, 2016 | 702,749 | [1] | 757 | 616,734 | 136,671 | (3,818) | (53,837) | (963) | 695,544 | 7,205 |
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income attributable to Brookline Bancorp, Inc. | 13,445 | 13,445 | 13,445 | |||||||
Net income attributable to noncontrolling interest in subsidiary | 568 | 568 | ||||||||
Issuance of noncontrolling units | 118 | 118 | ||||||||
Other comprehensive income (loss) | 557 | 557 | 557 | |||||||
Dividend distribution to owners of noncontrolling interest in subsidiary | (6,865) | (6,350) | (6,350) | (515) | ||||||
Compensation under recognition and retention plan | 559 | 559 | 559 | |||||||
Common stock held by ESOP committed to be released | 118 | 71 | 47 | 118 | ||||||
Balance at Mar. 31, 2017 | $ 711,249 | [1] | $ 757 | $ 617,364 | $ 143,766 | $ (3,261) | $ (53,837) | $ (916) | $ 703,873 | $ 7,376 |
[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". |
Unaudited Consolidated Stateme7
Unaudited Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends, per share (in dollars per share) | $ 0.09 | $ 0.09 |
Common stock held by ESOP committed to be released, shares | 8,589 | 9,093 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income attributable to Brookline Bancorp, Inc. | $ 13,445,000 | $ 12,812,000 |
Adjustments to reconcile net income to net cash provided from operating activities: | ||
Net income attributable to noncontrolling interest in subsidiary | 568,000 | 830,000 |
Provision for credit losses | 13,402,000 | 2,378,000 |
Origination of loans and leases held-for-sale | (8,493,000) | (11,949,000) |
Proceeds from sales of loans and leases held-for-sale, net | 13,246,000 | 12,323,000 |
Deferred income tax benefit | (4,925,000) | (611,000) |
Depreciation of premises and equipment | 1,795,000 | 1,783,000 |
Amortization of investment securities premiums and discounts, net | 416,000 | 500,000 |
Amortization of deferred loan and lease origination costs, net | 1,626,000 | 1,453,000 |
Amortization of identified intangible assets | 532,000 | 635,000 |
Amortization of debt issuance costs | 25,000 | 25,000 |
Accretion of acquisition fair value adjustments, net | (617,000) | (789,000) |
Gain on sales of investment securities, net | (11,393,000) | 0 |
Gain on sales of loans and leases held-for-sale | (353,000) | (905,000) |
Gain on sales of OREO and other repossessed assets, net | (10,000) | (7,000) |
Write-down of OREO and other repossessed assets | 56,000 | 45,000 |
Compensation under recognition and retention plans | 579,000 | 570,000 |
ESOP shares committed to be released | 118,000 | 99,000 |
Net change in: | ||
Cash surrender value of bank-owned life insurance | (256,000) | (259,000) |
Other assets | 1,986,000 | (10,278,000) |
Accrued expenses and other liabilities | (2,781,000) | (8,332,000) |
Net cash provided from (used for) operating activities | 18,966,000 | 323,000 |
Cash flows from investing activities: | ||
Proceeds from sales of investment securities available-for-sale | 11,515,000 | 0 |
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale | 19,592,000 | 27,639,000 |
Purchases of investment securities available-for-sale | (23,935,000) | (41,985,000) |
Proceeds from maturities, calls, and principal repayments of investment securities held to maturity | 1,300,000 | 13,784,000 |
Purchases of investment securities held-to-maturity | (14,873,000) | (3,496,000) |
Proceeds from redemption of restricted equity securities | 0 | 679,000 |
Purchase of restricted equity securities | (3,676,000) | 0 |
Proceeds from sales of loans and leases held-for-investment, net | 698,000 | 23,116,000 |
Net increase in loans and leases | (59,893,000) | (149,323,000) |
Purchase of premises and equipment, net | (2,659,000) | (796,000) |
Proceeds from sale of OREO and other repossessed assets | 413,000 | 1,547,000 |
Net cash used for investing activities | (71,518,000) | (128,835,000) |
Cash flows from financing activities: | ||
(Decrease) increase in demand checking, NOW, savings and money market accounts | (8,798,000) | 67,160,000 |
Increase in certificates of deposit | 49,625,000 | 20,302,000 |
Proceeds from FHLBB advances | 1,294,000,000 | 2,244,237,000 |
Repayment of FHLBB advances | (1,274,259,000) | (2,199,504,000) |
(Decrease) increase in other borrowed funds, net | (6,570,000) | 1,151,000 |
Increase in mortgagors' escrow accounts, net | 387,000 | 389,000 |
Payment of dividends on common stock | (6,350,000) | (6,336,000) |
Proceeds from issuance of noncontrolling units | 118,000 | 76,000 |
Payment of dividends to owners of noncontrolling interest in subsidiary | (515,000) | (530,000) |
Net cash (used for) provided from used for financing activities | 47,638,000 | 126,945,000 |
Net (decrease) increase in cash and cash equivalents | (4,914,000) | (1,567,000) |
Cash and cash equivalents at beginning of period | 67,657,000 | 75,489,000 |
Cash and cash equivalents at end of period | 62,743,000 | 73,922,000 |
Cash paid during the period for: | ||
Interest on deposits, borrowed funds and subordinated debt | 10,789,000 | 10,447,000 |
Income taxes | 4,861,000 | 8,286,000 |
Non-cash investing activities: | ||
Transfer from loans and leases to loan and leases held-for-sale | 7,500,000 | 10,000,000 |
Transfer from loans to other real estate owned | $ 1,346,000 | $ 807,000 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 the Banks and its non-bank subsidiaries. Brookline Bank, which includes its wholly-owned subsidiaries BBS Investment Corp., Longwood Securities Corp. and its 84.2% -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 six 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 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 companies, 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 unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of Management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2016 . The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In preparing these consolidated financial statements, Management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant change in the near-term include the determination of the allowance for loan and lease losses, the determination of fair market values of assets and liabilities, including acquired loans and leases, the review of goodwill and intangibles for impairment and the review of deferred tax assets for valuation allowances. The judgments used by Management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. Reclassification Certain previously reported amounts have been reclassified to conform to the current year's presentation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2017-08, Premium Amortization on Purchased Callable debt Securities (Subtopic 310-20). This ASU was issued to clarify the Subtopic 310-20, and to amend the amortization period for certain purchased callable debt securities held at a premium. For public entities, this ASU is effective for annual reporting periods beginning after December 15, 2018. The Company adopted ASU 2017-08 effective January 1, 2017 and the adoption did not have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued Accounting Standards Update ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715). This ASU was issued primarily to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. This ASU is effective for annual reporting periods beginning after December 15, 2017. Management has determined that ASU 2017-07 does apply, but has not determined the impact, if any, as of March 31, 2017 . Management will meet to discuss and will put together a project team to assess steps to adoption prior to implementation of the standard in 2018. In February 2017, the FASB issued 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 March 31, 2017 . 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 March 31, 2017 , 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 March 31, 2017 . In preparation for the adoption in 2019 of this ASU, management formed a steering committee which has developed 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 March 31, 2017 . 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. The ASU was effective for annual periods beginning after December 15, 2016, and interim periods within those annual reporting periods with early adoption available. The Company adopted ASU 2016-09 effective January 1, 2017 and the adoption did not have a material impact on the Company’s consolidated financial statements. The requirement to report the excess tax benefit related to settlements of share-based payment awards in earnings as an increase to or reduction in provision for income taxes has been applied to settlements occurring on or after January 1, 2017. Previously, such amounts were recorded in the pool of excess tax benefits included in additional paid-in capital, if such pool was available. Excess tax benefits are no longer recognized in additional paid-in capital and as a result, the assumed proceeds from applying the treasury stock method when computing earnings per share should exclude the amount of excess tax benefits that would have previously been recognized in additional paid-in capital. Additionally, consistent with this change, excess tax benefits are now classified along with other income tax cash flows as an operating activity rather than a financing activity in the statement of cash flows. ASU 2016-09 also amended the classification and statutory tax withholding requirements in order to qualify as an equity awards and the classification on the statement of cash flows for employee taxes paid when the Company withholds shares, and as a result, will be presented as a financing activity on the statement of cash flows. The Company did not have any settlements of share-based payment awards for the three months ended March 31, 2017, therefore there was no impact in applying this guidance. ASU 2016-09 also provided that an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. The Company chose a modified retrospective approach and a policy election to account for forfeitures when they occur. This change resulted in a cumulative adjustment that is immaterial to all periods presented. 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 March 31, 2017 . 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 March 31, 2017 . 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 March 31, 2017 . 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 March 31, 2017 . 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. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 121,800 $ 273 $ 960 $ 121,113 GSE CMOs 153,037 37 3,397 149,677 GSE MBSs 203,636 602 2,314 201,924 SBA commercial loan asset-backed securities 103 — — 103 Corporate debt obligations 48,309 366 153 48,522 U.S. Treasury bonds 4,808 — 43 4,765 Trust preferred securities 1,469 — 114 1,355 Marketable equity securities 969 13 8 974 Total investment securities available-for-sale $ 534,131 $ 1,291 $ 6,989 $ 528,433 Investment securities held-to-maturity: GSE debentures $ 29,608 $ 12 $ 609 $ 29,011 GSEs MBSs 16,494 3 111 16,386 Municipal obligations 54,089 102 543 53,648 Foreign government obligations 500 — 11 489 Total investment securities held-to-maturity $ 100,691 $ 117 $ 1,274 $ 99,534 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 As of March 31, 2017 , the fair value of all investment securities available-for-sale was $528.4 million , with net unrealized losses of $5.7 million , compared to a fair value of $523.6 million and net unrealized losses of $6.6 million as of December 31, 2016 . As of March 31, 2017 , $390.0 million , or 73.8% of the portfolio, had gross unrealized losses of $7.0 million , compared to $ 389.0 million , or 74.3% of the portfolio, with gross unrealized losses of $8.0 million as of December 31, 2016 . As of March 31, 2017 , the fair value of all investment securities held-to-maturity was $99.5 million , with net unrealized losses of $1.2 million , compared to a fair value of $85.3 million with net unrealized losses of $1.8 million as of December 31, 2016 . As of March 31, 2017 , $67.2 million , or 66.8% of the portfolio, had gross unrealized losses of $1.3 million . There were $82.0 million , or 94.1% of the portfolio, with net unrealized losses $1.9 million as of December 31, 2016 . Investment Securities as Collateral As of March 31, 2017 and December 31, 2016 , respectively, $437.0 million and $429.1 million of investment securities were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; FRB borrowings; and FHLBB borrowings. The Banks did not have any outstanding FRB borrowings as of March 31, 2017 and December 31, 2016 . Other-Than-Temporary Impairment ("OTTI") Investment securities as of March 31, 2017 and December 31, 2016 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At March 31, 2017 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 $ 72,568 $ 960 $ — $ — $ 72,568 $ 960 GSE CMOs 112,140 2,087 36,834 1,310 148,974 3,397 GSE MBSs 156,605 2,311 195 3 156,800 2,314 SBA commercial loan asset-backed securities — — 70 — 70 — Corporate debt obligations 4,961 153 — — 4,961 153 U.S. Treasury bonds 4,764 43 — — 4,764 43 Trust preferred securities — — 1,355 114 1,355 114 Marketable equity securities 503 8 — — 503 8 Temporarily impaired investment securities available-for-sale 351,541 5,562 38,454 1,427 389,995 6,989 Investment securities held-to-maturity: GSE debentures 17,104 609 — — 17,104 609 GSEs MBSs 14,091 111 — — 14,091 111 Municipal obligations 35,534 543 — — 35,534 543 Foreign government obligations 489 11 — — 489 11 Temporarily impaired investment securities held-to-maturity 67,218 1,274 — — 67,218 1,274 Total temporarily impaired investment securities $ 418,759 $ 6,836 $ 38,454 $ 1,427 $ 457,213 $ 8,263 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 $ 1,290 $ — $ — $ 67,216 $ 1,290 GSE CMOs 118,450 2,162 38,852 1,318 157,302 3,480 GSE MBSs 149,687 2,822 198 3 149,885 2,825 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 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 unaudited 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 unaudited 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 March 31, 2017 . 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 March 31, 2017 . 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 March 31, 2017 , 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 $27.2 million were backed explicitly by the full faith and credit of the U.S. Government, compared to $26.2 million as of December 31, 2016 . As of March 31, 2017 , the Company owned thirty-seven GSE debentures with a total fair value of $121.1 million , and a net unrealized loss of $0.7 million . As of December 31, 2016 , the Company held twenty-nine GSE debentures with a total fair value of $97.0 million , and a net unrealized loss of $1.1 million . As of March 31, 2017 , twenty-two of the thirty-seven securities in this portfolio were in an unrealized loss position. As of December 31, 2016 , twenty-one of the twenty-nine 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. During the three months ended March 31, 2017 , the Company purchased a total of $23.9 million GSE debentures. This compares to $21.5 million purchased during the same period in 2016 . As of March 31, 2017 , the Company owned 62 GSE CMOs with a total fair value of $149.7 million and a net unrealized loss of $3.4 million . As of December 31, 2016 , the Company held 62 GSE CMOs with a total fair value of $158.0 million with a net unrealized loss of $3.4 million . As of March 31, 2017 , 47 of the 62 securities in this portfolio were in an unrealized loss position. As of December 31, 2016 , 47 of the 62 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 three months ended March 31, 2017 and 2016 , the Company did not purchase any GSE CMOs. As of March 31, 2017 , the Company owned 192 GSE MBSs with a total fair value of $201.9 million and a net unrealized loss of $1.7 million . As of December 31, 2016 , the Company held 195 GSE MBSs with a total fair value of $212.9 million with a net unrealized loss of $2.0 million . As of March 31, 2017 , 67 of the 192 securities in this portfolio were in an unrealized loss position. As of December 31, 2016 , 60 of the 195 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 three months ended March 31, 2017 , the Company did not purchase any GSE MBSs, as compared to the same period in 2016 , when the Company purchased a total of $20.5 million of GSE MBSs. SBA Commercial Loan Asset-Backed As of March 31, 2017 and December 31, 2016 , 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 March 31, 2017 , four of the six securities in this portfolio were in an unrealized loss position. As of December 31, 2016 , four of the six 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 March 31, 2017 . This compares to 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 . As of March 31, 2017 , two of the sixteen securities in this portfolio were in an unrealized loss position. As of December 31, 2016 , three of the sixteen 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. During the three months ended March 31, 2017 and 2016 , the Company did not purchase any corporate obligations. U.S. Treasury Bonds The Company invests in securities issued by the U.S. government. As of March 31, 2017 , the Company owned one U.S. treasury bond with a total fair value of $4.8 million and an unrealized loss of $43.0 thousand . This compares to one U.S. treasury bond with a total fair value of $4.7 million and an unrealized loss of $0.1 million as of December 31, 2016 . During the three months ended March 31, 2017 and 2016 , the Company did not purchase any U.S. treasury bonds. Trust Preferred Securities Trust preferred securities represent subordinated debt issued by financial institutions. As of March 31, 2017 , 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 $1.4 million and a net unrealized loss of $0.1 million as of December 31, 2016 . As of March 31, 2017 and December 31, 2016 , 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 March 31, 2017 , 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 amortized cost as of December 31, 2016 . As of March 31, 2017 , one of the two securities in this portfolio was in an unrealized loss position. As of December 31, 2016 , one 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 March 31, 2017 . Management has the ability and the intent to hold the securities until maturity. U.S. Government-Sponsored Enterprises As of March 31, 2017 , the Company owned ten GSE debentures with a total fair value of $29.0 million and a net unrealized loss of $0.6 million . 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 March 31, 2017 , six of the ten securities in this portfolio were in an unrealized loss position. At December 31, 2016 , five of the five 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 three months ended March 31, 2017 and 2016 , the Company purchased a total of $14.9 million and $3.0 million in GSE debentures, respectively. As of March 31, 2017 , the Company owned eleven GSE MBSs with a total fair value of $16.4 million and a net unrealized loss of $0.1 million . As of December 31, 2016 , the Company owned eleven GSE MBSs with a total fair value of $17.5 million and an unrealized loss of $0.2 million . As of March 31, 2017 , seven of the eleven securities in this portfolio were in an unrealized loss position as compared to December 31, 2016 , when eight of the eleven 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 three months ended March 31, 2017 and 2016 , the Company did not purchase any GSE MBSs. Municipal Obligations As of March 31, 2017 , the Company owned 100 municipal obligation securities with a total fair value and total amortized cost of $53.6 million and $54.1 million , respectively. 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 March 31, 2017 , 66 of the 100 securities in this portfolio were in an unrealized loss position as compared to December 31, 2016 , when 93 of the 100 securities were in an unrealized loss position. During the three months ended March 31, 2017 and 2016 , the Company did not purchase any municipal obligations. Foreign Government Obligations As of March 31, 2017 and December 31, 2016 , the Company owned one foreign government obligation security with a fair value and amortized cost of $0.5 million . As of March 31, 2017 and December 31, 2016 respectively, the security was in an unrealized loss position. During the three months ended March 31, 2017 , the Company did not purchase any foreign government obligations. During the three months ended March 31, 2016 , the Company repurchased the foreign government obligation security that matured in the same period. Portfolio Maturities The final stated maturities of the debt securities are as follows for the periods indicated: At March 31, 2017 At December 31, 2016 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 $ 3,056 $ 3,070 2.26% $ 13 $ 13 0.17% After 1 year through 5 years 109,779 110,215 2.11% 81,524 81,833 2.14% After 5 years through 10 years 119,741 118,848 2.04% 128,956 127,952 2.03% Over 10 years 300,586 295,326 2.02% 318,743 312,864 2.03% $ 533,162 $ 527,459 2.05% $ 529,236 $ 522,662 2.04% Investment securities held-to-maturity: Within 1 year $ 672 $ 671 1.00% $ 190 $ 190 1.00% After 1 year through 5 years 37,871 37,847 1.64% 23,012 22,750 1.30% After 5 years through 10 years 45,729 44,705 1.75% 46,442 45,042 1.75% Over 10 years 16,419 16,311 2.09% 17,476 17,289 2.11% $ 100,691 $ 99,534 1.76% $ 87,120 $ 85,271 1.70% 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 March 31, 2017 , issuers of debt securities with an estimated fair value of $42.8 million had the right to call or prepay the obligations. Of the $42.8 million , approximately $17.9 million matures in 1 - 5 years, $24.0 million matures in 6 - 10 years, and $0.9 million matures after ten years. As of December 31, 2016 , issuers of debt securities with an estimated fair value of approximately $27.9 million had the right to call or prepay the obligations. Of the $27.9 million , $3.0 million matures in 1-5 years, $23.5 million matures in 6-10 years, and $1.4 million matures after ten years. Security Sales On February 3, 2017, the Company, through its wholly owned subsidiary, Brookline Securities Corp., received $319.04 in cash and 14.876 shares of Community Bank Systems, Inc. (“CBU”) common stock in exchange for each of the 9,721 shares of Northeast Retirement Services, Inc. (“NRS”) stock held by Brookline Securities Corp. The exchange was completed in accordance with the merger agreement entered into between NRS and CBU. As part of the merger agreement, the Company was restricted to selling 5,071 shares of CBU per day in the open market. During the quarter ended March 31, 2017, the Company completed the sale of all the CBU shares. When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The table below summarizes the activity with respect to the sale of the CBU shares. Three Months Ended March 31, 2017 (In Thousands) Sales of marketable and restricted equity securities $ 11,393 Gross gains from sales 11,612 Gross losses from sales 219 Gain on sales of securities, net $ 11,393 There were no security sales during the three months ended March 31, 2016. |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 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 $ 1,932,173 4.01% $ 134,426 4.27% $ 2,066,599 4.03% Multi-family mortgage 705,705 3.86% 28,117 4.51% 733,822 3.88% Construction 150,524 4.20% 210 3.67% 150,734 4.20% Total commercial real estate loans 2,788,402 3.98% 162,753 4.31% 2,951,155 4.00% Commercial loans and leases: Commercial 633,812 4.20% 10,428 5.52% 644,240 4.22% Equipment financing 810,258 7.12% 5,495 5.88% 815,753 7.11% Condominium association 60,396 4.39% — —% 60,396 4.39% Total commercial loans and leases 1,504,466 5.78% 15,923 5.64% 1,520,389 5.78% Consumer loans: Residential mortgage 565,666 3.69% 66,197 4.02% 631,863 3.72% Home equity 293,323 3.71% 50,063 4.37% 343,386 3.81% Other consumer 14,867 5.48% 119 17.95% 14,986 5.58% Total consumer loans 873,856 3.73% 116,379 4.18% 990,235 3.78% Total loans and leases $ 5,166,724 4.46% $ 295,055 4.33% $ 5,461,779 4.45% 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% 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 18,171 5.48% 128 17.92 % 18,299 5.57% Total consumer loans 862,962 3.65% 121,927 4.12 % 984,889 3.71% Total loans and leases $ 5,083,560 4.38% $ 315,304 4.31 % $ 5,398,864 4.38% The net unamortized deferred loan origination fees and costs included in total loans and leases were $14.5 million and $14.2 million as of March 31, 2017 and December 31, 2016 , respectively. The Company's Banks and subsidiaries lend primarily in eastern Massachusetts, southern New Hampshire and Rhode Island, with the exception of equipment financing, 29.3% of which is in the greater New York and New Jersey metropolitan area and 70.7% of which is in other areas in the United States of America as of March 31, 2017 . Accretable Yield for the Acquired Loan Portfolio The following table summarizes activity in the accretable yield for the acquired loan portfolio for the periods indicated: Three Months Ended March 31, 2017 2016 (In Thousands) Balance at beginning of period $ 14,353 $ 20,796 Accretion (1,407 ) (1,184 ) Reclassification from (to) nonaccretable difference as a result of changes in expected cash flows 126 188 Balance at end of period $ 13,072 $ 19,800 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 three months ended March 31, 2017 and 2016 , accretable yield adjustments totaling $0.1 million and $0.2 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. Loans and Leases Pledged as Collateral As of March 31, 2017 and December 31, 2016 , there were $1.9 billion and $2.1 billion , respectively, of loans and leases pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; FRB borrowings; and FHLBB borrowings. The Banks did not have any outstanding FRB borrowings as of March 31, 2017 and December 31, 2016 . |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses The following tables present the changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment for the periods indicated: Three Months Ended March 31, 2017 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at December 31, 2016 $ 27,645 $ 20,906 $ 5,115 $ 53,666 Charge-offs (24 ) (1,207 ) (151 ) (1,382 ) Recoveries 140 142 105 387 Provision (credit) for loan and lease losses 227 13,442 (207 ) 13,462 Balance at March 31, 2017 $ 27,988 $ 33,283 $ 4,862 $ 66,133 Three Months Ended March 31, 2016 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at December 31, 2015 $ 30,151 $ 22,018 $ 4,570 $ 56,739 Charge-offs (331 ) (288 ) (256 ) (875 ) Recoveries — 224 251 475 Provision (credit) for loan and lease losses 1,164 1,024 79 2,267 Balance at March 31, 2016 $ 30,984 $ 22,978 $ 4,644 $ 58,606 The liability for unfunded credit commitments, which is included in other liabilities, was $1.4 million , $1.5 million , and $1.4 million at March 31, 2017 , December 31, 2016 , and March 31, 2016 , 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 three-month periods ended March 31, 2017 and 2016 . Provision for Credit Losses The provisions for credit losses are set forth below for the periods indicated: Three Months Ended March 31, 2017 2016 (In Thousands) Provision (credit) for loan and lease losses: Commercial real estate $ 227 $ 1,164 Commercial 13,442 1,024 Consumer (207 ) 79 Total provision for loan and lease losses 13,462 2,267 Unfunded credit commitments (60 ) 111 Total provision for credit losses $ 13,402 $ 2,378 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, and (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 three classes: residential mortgage loans, home equity loans, and other consumer loans. A formula-based credit evaluation approach is applied to each group, coupled with an analysis of certain loans for impairment. 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. 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. Specific valuation allowances are established for impaired originated loans with book values greater than the discounted present value of expected future cash flows or, in the case of collateral-dependent impaired loans, for any excess of a loan's book balance and the fair value of its underlying collateral. Specific valuation allowances are established for acquired loans with deterioration in the discounted present value of expected future cash flows since acquisitions or, in the case of collateral dependent impaired loans, for any increase in the excess of a loan's book balance greater than the fair value of its underlying collateral. A specific valuation allowance for losses on troubled debt restructured ("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 March 31, 2017 , 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 March 31, 2017 , the Company had a portfolio of approximately $30.6 million in loans secured by taxi medallions issued by the cities of Boston and Cambridge. As of December 31, 2016 , this portfolio was approximately $31.1 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. 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 current risks associated with the portfolio. As of March 31, 2017 , the Company had an allowance for loan and lease losses associated with taxi medallion loans of $7.6 million of which $5.5 million were specific reserves and $2.1 million was a general reserve. 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. The increase in the allowance for loan and leases associated with taxi medallion loans was primarily driven by the increase in specific reserves due to changes in the underlying collateral value of taxi medallions and the increase in general reserve due to the increase in the historical loss factor applied to the taxi medallion loans. The total troubled debt restructured loans and leases secured by taxi medallions increased by $0.7 million from $6.1 million at December 31, 2016 to $6.8 million at March 31, 2017 due to two taxi medallion relationships which were restructured during the quarter. The total loans and leases secured by taxi medallions that were placed on nonaccrual increased to $14.2 million at March 31, 2017 from $13.4 million at December 31, 2016 due to the two restructured taxi medallion relationships mentioned above which were placed on nonaccrual status in the quarter. In addition, 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 $56.0 million as of March 31, 2017 , compared to $53.5 million as of December 31, 2016 . The general portion of the allowance for loan and lease losses increased by $2.5 million during the three months ended March 31, 2017 , as a result of the continued growth in the Company's loan portfolios and the increase in historical loss factors applied to commercial real estate and commercial portfolios, offset by the decrease in historical loss factors applied to the consumer loan portfolios. The specific allowance for loan and lease losses was $10.1 million as of March 31, 2017 , compared to $0.2 million as of December 31, 2016 . The specific allowance increased by $9.9 million during the three months ended March 31, 2017 , primarily due to the reduction in collateral values for taxi medallion loans and the increase in specific reserves for two commercial loans during the quarter. 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 March 31, 2017 , by credit quality indicator. At March 31, 2017 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer (In Thousands) Originated: Loan rating: Pass $ 1,918,249 $ 704,610 $ 150,524 $ 595,579 $ 802,801 $ 60,396 $ 14,791 OAEM 6,891 — — 9,422 779 — — Substandard 6,767 1,095 — 23,898 3,755 — 76 Doubtful 266 — — 4,913 2,923 — — Total originated 1,932,173 705,705 150,524 633,812 810,258 60,396 14,867 Acquired: Loan rating: Pass 125,129 27,540 210 7,610 5,495 — 116 OAEM 885 268 — 245 — — — Substandard 8,310 309 — 2,010 — — 3 Doubtful 102 — — 563 — — — Total acquired 134,426 28,117 210 10,428 5,495 — 119 Total loans $ 2,066,599 $ 733,822 $ 150,734 $ 644,240 $ 815,753 $ 60,396 $ 14,986 As of March 31, 2017 , there were no loans categorized as definite loss. At March 31, 2017 Residential Mortgage Home Equity ($ In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 139,383 22.0 % $ 147,633 43.0 % 50% - 69% 238,100 37.7 % 66,444 19.3 % 70% - 79% 166,006 26.3 % 55,337 16.1 % 80% and over 19,394 3.1 % 23,041 6.7 % Data not available* 2,783 0.4 % 868 0.3 % Total originated 565,666 89.5 % 293,323 85.4 % Acquired: Loan-to-value ratio: Less than 50% 17,219 2.7 % 30,261 8.9 % 50%—69% 23,316 3.7 % 14,839 4.3 % 70%—79% 13,337 2.1 % 2,417 0.7 % 80% and over 9,343 1.5 % 1,007 0.3 % Data not available* 2,982 0.5 % 1,539 0.4 % Total acquired 66,197 10.5 % 50,063 14.6 % Total loans $ 631,863 100.0 % $ 343,386 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data are not available. 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 $ 18,022 OAEM 1,538 — 178 8,675 824 — — Substandard 6,288 1,404 — 28,595 4,848 — 149 Doubtful 266 — — 75 1,980 — — Total originated 1,907,254 701,450 136,785 621,285 793,702 60,122 18,171 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 $ 18,299 As of December 31, 2016 , there were no loans categorized as definite loss. 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 are not available. The following table presents information regarding foreclosed residential real estate property for the periods indicated: At March 31, 2017 At December 31, 2016 (In Thousands) Foreclosed residential real estate property held by the creditor $ 251 $ 251 Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure 1,455 1,213 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 March 31, 2017 and December 31, 2016 . At March 31, 2017 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 $ 487 $ 889 $ 3,836 $ 5,212 $ 1,926,961 $ 1,932,173 $ 2 $ 5,526 Multi-family mortgage 1,928 — — 1,928 703,777 705,705 — 1,095 Construction — — — — 150,524 150,524 — — Total commercial real estate loans 2,415 889 3,836 7,140 2,781,262 2,788,402 2 6,621 Commercial loans and leases: Commercial 9,232 1,680 10,128 21,040 612,772 633,812 — 25,750 Equipment financing 2,983 1,406 4,217 8,606 801,652 810,258 78 6,445 Condominium association 196 — — 196 60,200 60,396 — — Total commercial loans and leases 12,411 3,086 14,345 29,842 1,474,624 1,504,466 78 32,195 Consumer loans: Residential mortgage 1,185 — 2,956 4,141 561,525 565,666 1 2,955 Home equity 1,042 1 207 1,250 292,073 293,323 1 610 Other consumer 353 24 26 403 14,464 14,867 — 76 Total consumer loans 2,580 25 3,189 5,794 868,062 873,856 2 3,641 Total originated loans and leases $ 17,406 $ 4,000 $ 21,370 $ 42,776 $ 5,123,948 $ 5,166,724 $ 82 $ 42,457 (Continued) At March 31, 2017 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 $ 3,529 $ 126 $ 3,523 $ 7,178 $ 127,248 $ 134,426 $ 3,452 $ 145 Multi-family mortgage — — 3 3 28,114 28,117 3 — Construction — — — — 210 210 — — Total commercial real estate loans 3,529 126 3,526 7,181 155,572 162,753 3,455 145 Commercial loans and leases: Commercial 258 — 1,913 2,171 8,257 10,428 222 1,692 Equipment financing — — 17 17 5,478 5,495 17 — Total commercial loans and leases 258 — 1,930 2,188 13,735 15,923 239 1,692 Consumer loans: Residential mortgage 107 297 2,641 3,045 63,152 66,197 2,594 46 Home equity 381 97 188 666 49,397 50,063 142 723 Other consumer — 3 3 116 119 3 — Total consumer loans 488 394 2,832 3,714 112,665 116,379 2,739 769 Total acquired loans and leases $ 4,275 $ 520 $ 8,288 $ 13,083 $ 281,972 $ 295,055 $ 6,433 $ 2,606 Total loans and leases $ 21,681 $ 4,520 $ 29,658 $ 55,859 $ 5,405,920 $ 5,461,779 $ 6,515 $ 45,063 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 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 549 87 16 652 17,519 18,171 — 149 Total consumer loans 4,319 2,600 184 7,103 855,859 862,962 3 2,732 Total originated loans and leases $ 17,332 $ 6,934 $ 16,259 $ 40,525 $ 5,043,035 $ 5,083,560 $ 5 $ 36,516 (Continued) 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 Commercial Real Estate Loans —As of March 31, 2017 , 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 -- 37.8% ; multi-family mortgage loans -- 13.4% ; and construction loans -- 2.8% . 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 March 31, 2017 , 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 -- 14.9% ; 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 March 31, 2017 , loans outstanding within the three classes within this segment expressed as a percent of total loans and leases outstanding were as follows: residential mortgage loans -- 11.6% , home equity loans -- 6.3% , and other consumer loans -- 0.3% . Significant risk characteristics related to the residential mortgage and home equity loan portfolios are the geographic concentration of the properties financed within selected communities in the greater Boston and Providence metropolitan areas. The payment status and loan-to-value ratio are the primary credit quality 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. 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 March 31, 2017 At December 31, 2016 Recorded (1) Unpaid Related Recorded Investment (2) Unpaid Related (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 9,271 $ 9,263 $ — $ 9,113 $ 9,104 $ — Commercial 19,779 19,811 — 39,269 39,210 — Consumer 5,296 5,287 — 4,823 4,815 — Total originated with no related allowance recorded 34,346 34,361 — 53,205 53,129 — With an allowance recorded: Commercial real estate 4,007 4,007 54 3,984 3,984 28 Commercial 22,232 22,189 10,007 605 605 97 Total originated with an allowance recorded 26,239 26,196 10,061 4,589 4,589 125 Total originated impaired loans and leases 60,585 60,557 10,061 57,794 57,718 125 Acquired: With no related allowance recorded: Commercial real estate 8,938 8,938 — 10,400 10,400 — Commercial 2,925 2,925 — 3,948 3,948 — Consumer 6,059 6,074 — 6,384 6,399 — Total acquired with no related allowance recorded 17,922 17,937 — 20,732 20,747 — With an allowance recorded: Consumer 168 168 20 253 253 27 Total acquired with an allowance recorded 168 168 20 253 253 27 Total acquired impaired loans and leases 18,090 18,105 20 20,985 21,000 27 Total impaired loans and leases $ 78,675 $ 78,662 $ 10,081 $ 78,779 $ 78,718 $ 152 ___________________________________________________________________________ (1) Includes originated and acquired nonaccrual loans of $41.1 million and $2.7 million , respectively as of March 31, 2017 . (2) Includes originated and acquired nonaccrual loans of $34.1 million and $3.6 million , respectively as of December 31, 2016 . Three Months Ended March 31, 2017 March 31, 2016 Average Interest Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 9,363 $ 32 $ 3,124 $ 21 Commercial 21,058 164 13,775 150 Consumer 5,306 16 4,488 20 Total originated with no related allowance recorded 35,727 212 21,387 191 With an allowance recorded: Commercial real estate 4,000 48 6,122 49 Commercial 22,322 1 11,283 1 Total originated with an allowance recorded 26,322 49 17,405 50 Total originated impaired loans and leases 62,049 261 38,792 241 Acquired: With no related allowance recorded: Commercial real estate 9,419 19 6,036 10 Commercial 2,934 10 4,276 18 Consumer 6,133 16 7,167 17 Total acquired with no related allowance recorded 18,486 45 17,479 45 With an allowance recorded: Commercial real estate — — 2,606 — Commercial — — 486 — Consumer 168 1 525 2 Total acquired with an allowance recorded 168 1 3,617 2 Total acquired impaired loans and leases 18,654 46 21,096 47 Total impaired loans and leases $ 80,703 $ 307 $ 59,888 $ 288 The following tables present information regarding impaired and non-impaired loans and leases at the dates indicated: At March 31, 2017 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ 54 $ 10,007 $ — $ 10,061 Collectively evaluated for impairment 27,069 23,157 4,542 54,768 Total originated loans and leases 27,123 33,164 4,542 64,829 Acquired: Individually evaluated for impairment — — 20 20 Collectively evaluated for impairment 177 14 27 218 Acquired with deteriorated credit quality 688 105 273 1,066 Total acquired loans and leases 865 119 320 1,304 Total allowance for loan and lease losses $ 27,988 $ 33,283 $ 4,862 $ 66,133 Loans and Leases: Originated: Individually evaluated for impairment $ 13,276 $ 38,139 $ 5,182 $ 56,597 Collectively evaluated for impairment 2,775,126 1,466,327 868,674 5,110,127 Total originated loans and leases 2,788,402 1,504,466 873,856 5,166,724 Acquired: Individually evaluated for impairment — 2,344 1,755 4,099 Collectively evaluated for impairment 42,272 7,555 67,307 117,134 Acquired with deteriorated credit quality 120,481 6,024 47,317 173,822 Total acquired loans and leases 162,753 15,923 116,379 295,055 Total loans and leases $ 2,951,155 $ 1,520,389 $ 990,235 $ 5,461,779 At December 31, 2016 Commercial Real Estate Commercial 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 4,776 52,288 Total originated loans and leases 26,858 20,779 4,776 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 $ 5,115 $ 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 1,437,472 858,251 5,028,115 Total originated loans and leases 2,745,489 1,475,109 862,962 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 $ 984,889 $ 5,398,864 Troubled Debt Restructured Loans and Leases A specific valuation allowance for losses on troubled debt restructured loans is determined by comparing the net carrying amount of the troubled debt restructured loan with the restructured loan's cash flows discounted at the original effective rate. The following table sets forth information regarding troubled debt restructured loans and leases at the dates indicated: At March 31, 2017 At December 31, 2016 (In Thousands) Troubled debt restructurings: On accrual $ 13,662 $ 13,883 On nonaccrual 11,756 11,919 Total troubled debt restructurings $ 25,418 $ 25,802 Total troubled debt restructuring loans and leases decreased by $0.4 million to $25.4 million at March 31, 2017 from $25.8 mill |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated: At March 31, 2017 At December 31, 2016 (In Thousands) Goodwill $ 137,890 $ 137,890 Other intangible assets: Core deposits 6,512 7,044 Trade name 1,089 1,089 Total other intangible assets 7,601 8,133 Total goodwill and other intangible assets $ 145,491 $ 146,023 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 8.6 years. The estimated aggregate future amortization expense (in thousands) for other intangible assets for each of the next five years and thereafter is as follows: Remainder of 2017 $ 1,557 Year ending: 2018 1,669 2019 1,295 2020 944 2021 601 2022 299 Thereafter 147 Total $ 6,512 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Comprehensive Income (Loss) For the three months ended March 31, 2017 and March 31, 2016 , the Company’s accumulated other comprehensive income (loss) includes 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 income (loss) by component, net of tax, were as follows for the periods indicated: Three Months Ended March 31, 2017 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Loss (In Thousands) Balance at December 31, 2016 $ (4,213 ) $ 395 $ (3,818 ) Other comprehensive income 557 — 557 Balance at March 31, 2017 $ (3,656 ) $ 395 $ (3,261 ) Three Months Ended March 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 income 5,828 — 5,828 Balance at March 31, 2016 $ 3,001 $ 351 $ 3,352 The Company did not reclassify any amounts out of accumulated other comprehensive income (loss) for the three months ended March 31, 2017 and March 31, 2016 . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company utilizes loan level derivatives which consist of interest-rate contracts (swaps, caps and floors), 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". 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 March 31, 2017 or December 31, 2016 . 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. The Company utilizes 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-out agreement, a derivative asset, the Corporation 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. Under a risk participation-in agreement, a derivative liability, the Corporation assumes, or participates in, a portion of the credit risk associated with the interest rate swap position with the commercial borrower, for a fee received from the other bank. The Company had no risk participation-in agreements in 2016. The Company offers 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 unaudited 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 March 31, 2017 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 57 $ — $ 6,110 $ — $ 29,132 $ 363,051 $ 398,293 $ 9,336 Pay fixed, receive variable 57 — 6,110 — 29,132 363,051 398,293 9,336 Risk participation-out agreements 5 — — — 8,964 7,863 16,827 16 Risk participation-in agreements 1 — — — — 3,825 3,825 13 Foreign exchange contracts Buys foreign currency, sells U.S. currency 9 $ 9,023 $ — $ — $ — $ — $ 9,023 $ 23 Sells foreign currency, buys U.S. currency 18 9,023 — — — — 9,023 23 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. As of December 31, 2016 , the Company held no risk participation-in agreements. Refer also to Note 11, "Fair Value of Financial Instruments." 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 $29.9 million and $34.5 million in the normal course of business as of March 31, 2017 and December 31, 2016 , respectively. The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet at the dates indicated. At March 31, 2017 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 $ 9,336 $ — $ 9,336 $ — $ 840 $ 8,496 Risk participation-out agreements 16 — 16 — — 16 Foreign exchange contracts 23 — 23 — — 23 Total $ 9,375 $ — $ 9,375 $ — $ 840 $ 8,535 Liability derivatives Loan level derivatives $ 9,336 $ — $ 9,336 $ 29,175 $ 720 $ — Risk participation-in agreements 13 — 13 — — — Foreign exchange contracts 23 — 23 — — — Total $ 9,372 $ — $ 9,372 $ 29,175 $ 720 $ — 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 Total $ 9,758 $ — $ 9,758 $ — $ — $ 9,758 Liability derivatives Loan level derivatives $ 9,738 $ — $ 9,738 $ 33,744 $ 720 $ — Total $ 9,738 $ — $ 9,738 $ 33,744 $ 720 $ — As of December 31, 2016 , the fair value of the foreign exchange contracts was nominal. As of December 31, 2016 , the Company held no risk participation-in agreements. The Company has agreements with certain of its derivative counterparties that contain credit-risk-related contingent provisions. These provisions provide the counterparty with the right to terminate its derivative positions and require the Company to settle its obligations under the agreements if the Company defaults on certain of its indebtedness or if the Company fails to maintain its status as a well-capitalized institution. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Stock Based Compensation | Stock Based Compensation As of March 31, 2017 , 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, and non-employee directors of the Company. Shares issued upon vesting may be either authorized but unissued shares or reacquired shares held by the Company as treasury shares. Any shares not issued because vesting requirements are not met will be retired back to treasury and be made available again for issuance under the Plans. During the three months ended March 31, 2017 , and 2016 , no shares were issued upon satisfaction of required conditions of the Plans. Total expense for the Plans was $0.6 million for the three months ended March 31, 2017 and 2016 , respectively. |
Earnings per Share (EPS)
Earnings per Share (EPS) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share (EPS) | Earnings per Share ("EPS") The following table is a reconciliation of basic EPS and diluted EPS: Three Months Ended March 31, 2017 March 31, 2016 Basic Fully Diluted Basic Fully Diluted (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 13,445 $ 13,445 $ 12,812 $ 12,812 Denominator: Weighted average shares outstanding 70,386,766 70,386,766 70,186,921 70,186,921 Effect of dilutive securities — 457,330 — 156,487 Adjusted weighted average shares outstanding 70,386,766 70,844,096 70,186,921 70,343,408 EPS $ 0.19 $ 0.19 $ 0.18 $ 0.18 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments A description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring and non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. There were no changes in the valuation techniques used during the three months ended March 31, 2017 and March 31, 2016 . Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated: Carrying Value as of March 31, 2017 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 121,113 $ — $ 121,113 GSE CMOs — 149,677 — 149,677 GSE MBSs — 201,924 — 201,924 SBA commercial loan asset-backed securities — 103 — 103 Corporate debt obligations — 48,522 — 48,522 U.S. Treasury bonds — 4,765 — 4,765 Trust preferred securities — 1,355 — 1,355 Marketable equity securities 974 — — 974 Total investment securities available-for-sale $ 974 $ 527,459 $ — $ 528,433 Loan level derivatives $ — $ 9,336 $ — $ 9,336 Risk participation-out agreements — 16 — 16 Foreign exchange contracts — 23 — 23 Liabilities: Loan level derivatives $ — $ 9,336 $ — $ 9,336 Risk participation-in agreements — 13 — 13 Foreign exchange contracts — 23 — 23 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 Foreign exchange contracts — — — — Liabilities: Loan level derivatives $ — $ 9,738 $ — $ 9,738 As of December 31, 2016 , the fair value of the foreign exchange contracts was nominal. As of December 31, 2016 , the Company held no risk participation-in agreements. 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 March 31, 2017 and December 31, 2016 , 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 8, "Derivatives and Hedging Activities." There were no transfers between levels for assets and liabilities recorded at fair value on a recurring basis during the three months ended March 31, 2017 and 2016 , respectively. Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis are summarized below at the dated indicated: Carrying Value as of March 31, 2017 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 $ — $ — $ 34,457 $ 34,457 OREO — — 618 618 Repossessed assets — 1,668 — 1,668 Total assets measured at fair value on a non-recurring basis $ — $ 1,668 $ 35,075 $ 36,743 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 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 March 31, 2017 At December 31, 2016 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 34,457 $ 27,282 Appraisal of collateral (1) Other real estate owned 618 618 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 March 31, 2017 Financial assets: Investment securities held-to-maturity: GSE debentures $ 29,608 $ 29,011 $ — $ 29,011 $ — GSE MBSs 16,494 16,386 — 16,386 — Municipal obligations 54,089 53,648 — 53,648 — Foreign government obligations 500 489 — 489 Loans held-for-sale 1,152 1,152 — 1,152 — Loans and leases, net 5,395,646 5,285,178 — — 5,285,178 Restricted equity securities 68,065 68,065 — — 68,065 Financial liabilities: Certificates of deposit 1,090,647 1,087,550 — 1,087,550 — Borrowed funds 1,056,785 1,046,438 — 1,046,438 — 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 — 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, 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. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 At December 31, 2016 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 26,341 $ 27,750 Commercial 76,180 71,716 Residential mortgage 28,814 28,179 Unadvanced portion of loans and leases 544,889 580,416 Unused lines of credit: Home equity 357,969 340,682 Other consumer 12,721 13,157 Other commercial 481 208 Unused letters of credit: Financial standby letters of credit 11,735 11,720 Performance standby letters of credit 466 516 Commercial and similar letters of credit 842 785 Loan level derivatives: Receive fixed, pay variable 398,293 383,780 Pay fixed, receive variable 398,293 383,780 Risk participation-out agreements 16,827 16,961 Risk participation-in agreements 3,825 — Foreign exchange contracts: Buys foreign currency, sells U.S. currency 9,023 4,050 Sells foreign currency, buys U.S. currency 9,023 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 $1.4 million and $1.5 million as of March 31, 2017 and December 31, 2016 , 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 $9.4 million and $9.4 million , respectively, as of March 31, 2017 . The fair value of derivative assets and liabilities was $9.8 million and $9.7 million , respectively, as of December 31, 2016 . 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: Minimum Rental Payments (In Thousands) Remainder of 2017 $ 4,076 Year ending: 2018 5,034 2019 4,165 2020 3,609 2021 3,100 2022 2,878 Thereafter 11,045 Total $ 33,907 Certain leases contain escalation clauses for real estate taxes and other expenditures, which are not included above. Total rental expense was $1.4 million and $1.3 million for the three months ended March 31, 2017 and 2016 , respectively. The increase was due to the opening of a new branch in Danvers, Massachusetts for First Ipswich Bank, and the relocation of a branch in Brookline, Massachusetts for Brookline Bank. 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On, April 27, 2017, the Company entered into an underwriting agreement with Piper Jaffray & Co., as representative of the underwriters named therein (collectively, the “Underwriters”), to offer and sell 5,175,000 shares of the Company’s common stock, $0.01 par value per share at a public offering price of $14.50 per share in an underwritten public offering (the “Offering”). In conjunction with the Offering, the Company granted the Underwriters a 30 -day option to purchase up to an additional 776,250 shares of its Common Stock. On May 2, 2017, the Company and the Underwriters closed the Offering. The Underwriters exercised their option resulting in a new issuance in the aggregate of 5,951,250 shares of the Company’s common stock at a price to the public of $14.50 per share. The Company received net proceeds of $82.0 million after deductions for underwriting discounts, commissions, and expenses. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies | |
Basis of Accounting | Basis of Financial Statement Presentation The unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of Management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2016 . |
Consolidation | The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. |
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 and leases, the review of goodwill and intangibles for impairment and the review of deferred tax assets for valuation allowances. The judgments used by Management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2017-08, Premium Amortization on Purchased Callable debt Securities (Subtopic 310-20). This ASU was issued to clarify the Subtopic 310-20, and to amend the amortization period for certain purchased callable debt securities held at a premium. For public entities, this ASU is effective for annual reporting periods beginning after December 15, 2018. The Company adopted ASU 2017-08 effective January 1, 2017 and the adoption did not have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued Accounting Standards Update ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715). This ASU was issued primarily to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. This ASU is effective for annual reporting periods beginning after December 15, 2017. Management has determined that ASU 2017-07 does apply, but has not determined the impact, if any, as of March 31, 2017 . Management will meet to discuss and will put together a project team to assess steps to adoption prior to implementation of the standard in 2018. In February 2017, the FASB issued 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 March 31, 2017 . 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 March 31, 2017 , 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 March 31, 2017 . In preparation for the adoption in 2019 of this ASU, management formed a steering committee which has developed 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 March 31, 2017 . 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. The ASU was effective for annual periods beginning after December 15, 2016, and interim periods within those annual reporting periods with early adoption available. The Company adopted ASU 2016-09 effective January 1, 2017 and the adoption did not have a material impact on the Company’s consolidated financial statements. The requirement to report the excess tax benefit related to settlements of share-based payment awards in earnings as an increase to or reduction in provision for income taxes has been applied to settlements occurring on or after January 1, 2017. Previously, such amounts were recorded in the pool of excess tax benefits included in additional paid-in capital, if such pool was available. Excess tax benefits are no longer recognized in additional paid-in capital and as a result, the assumed proceeds from applying the treasury stock method when computing earnings per share should exclude the amount of excess tax benefits that would have previously been recognized in additional paid-in capital. Additionally, consistent with this change, excess tax benefits are now classified along with other income tax cash flows as an operating activity rather than a financing activity in the statement of cash flows. ASU 2016-09 also amended the classification and statutory tax withholding requirements in order to qualify as an equity awards and the classification on the statement of cash flows for employee taxes paid when the Company withholds shares, and as a result, will be presented as a financing activity on the statement of cash flows. The Company did not have any settlements of share-based payment awards for the three months ended March 31, 2017, therefore there was no impact in applying this guidance. ASU 2016-09 also provided that an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. The Company chose a modified retrospective approach and a policy election to account for forfeitures when they occur. This change resulted in a cumulative adjustment that is immaterial to all periods presented. 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 March 31, 2017 . 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 March 31, 2017 . 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 March 31, 2017 . 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 March 31, 2017 . 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. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 121,800 $ 273 $ 960 $ 121,113 GSE CMOs 153,037 37 3,397 149,677 GSE MBSs 203,636 602 2,314 201,924 SBA commercial loan asset-backed securities 103 — — 103 Corporate debt obligations 48,309 366 153 48,522 U.S. Treasury bonds 4,808 — 43 4,765 Trust preferred securities 1,469 — 114 1,355 Marketable equity securities 969 13 8 974 Total investment securities available-for-sale $ 534,131 $ 1,291 $ 6,989 $ 528,433 Investment securities held-to-maturity: GSE debentures $ 29,608 $ 12 $ 609 $ 29,011 GSEs MBSs 16,494 3 111 16,386 Municipal obligations 54,089 102 543 53,648 Foreign government obligations 500 — 11 489 Total investment securities held-to-maturity $ 100,691 $ 117 $ 1,274 $ 99,534 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 |
Investment securities in a continuous unrealized loss position | Investment securities as of March 31, 2017 and December 31, 2016 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At March 31, 2017 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 $ 72,568 $ 960 $ — $ — $ 72,568 $ 960 GSE CMOs 112,140 2,087 36,834 1,310 148,974 3,397 GSE MBSs 156,605 2,311 195 3 156,800 2,314 SBA commercial loan asset-backed securities — — 70 — 70 — Corporate debt obligations 4,961 153 — — 4,961 153 U.S. Treasury bonds 4,764 43 — — 4,764 43 Trust preferred securities — — 1,355 114 1,355 114 Marketable equity securities 503 8 — — 503 8 Temporarily impaired investment securities available-for-sale 351,541 5,562 38,454 1,427 389,995 6,989 Investment securities held-to-maturity: GSE debentures 17,104 609 — — 17,104 609 GSEs MBSs 14,091 111 — — 14,091 111 Municipal obligations 35,534 543 — — 35,534 543 Foreign government obligations 489 11 — — 489 11 Temporarily impaired investment securities held-to-maturity 67,218 1,274 — — 67,218 1,274 Total temporarily impaired investment securities $ 418,759 $ 6,836 $ 38,454 $ 1,427 $ 457,213 $ 8,263 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 $ 1,290 $ — $ — $ 67,216 $ 1,290 GSE CMOs 118,450 2,162 38,852 1,318 157,302 3,480 GSE MBSs 149,687 2,822 198 3 149,885 2,825 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 |
Schedule of maturities of the investments in debt securities | The final stated maturities of the debt securities are as follows for the periods indicated: At March 31, 2017 At December 31, 2016 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 $ 3,056 $ 3,070 2.26% $ 13 $ 13 0.17% After 1 year through 5 years 109,779 110,215 2.11% 81,524 81,833 2.14% After 5 years through 10 years 119,741 118,848 2.04% 128,956 127,952 2.03% Over 10 years 300,586 295,326 2.02% 318,743 312,864 2.03% $ 533,162 $ 527,459 2.05% $ 529,236 $ 522,662 2.04% Investment securities held-to-maturity: Within 1 year $ 672 $ 671 1.00% $ 190 $ 190 1.00% After 1 year through 5 years 37,871 37,847 1.64% 23,012 22,750 1.30% After 5 years through 10 years 45,729 44,705 1.75% 46,442 45,042 1.75% Over 10 years 16,419 16,311 2.09% 17,476 17,289 2.11% $ 100,691 $ 99,534 1.76% $ 87,120 $ 85,271 1.70% |
Summary of Gains and Losses from Sale of Securities | Three Months Ended March 31, 2017 (In Thousands) Sales of marketable and restricted equity securities $ 11,393 Gross gains from sales 11,612 Gross losses from sales 219 Gain on sales of securities, net $ 11,393 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 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 $ 1,932,173 4.01% $ 134,426 4.27% $ 2,066,599 4.03% Multi-family mortgage 705,705 3.86% 28,117 4.51% 733,822 3.88% Construction 150,524 4.20% 210 3.67% 150,734 4.20% Total commercial real estate loans 2,788,402 3.98% 162,753 4.31% 2,951,155 4.00% Commercial loans and leases: Commercial 633,812 4.20% 10,428 5.52% 644,240 4.22% Equipment financing 810,258 7.12% 5,495 5.88% 815,753 7.11% Condominium association 60,396 4.39% — —% 60,396 4.39% Total commercial loans and leases 1,504,466 5.78% 15,923 5.64% 1,520,389 5.78% Consumer loans: Residential mortgage 565,666 3.69% 66,197 4.02% 631,863 3.72% Home equity 293,323 3.71% 50,063 4.37% 343,386 3.81% Other consumer 14,867 5.48% 119 17.95% 14,986 5.58% Total consumer loans 873,856 3.73% 116,379 4.18% 990,235 3.78% Total loans and leases $ 5,166,724 4.46% $ 295,055 4.33% $ 5,461,779 4.45% 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% 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 18,171 5.48% 128 17.92 % 18,299 5.57% Total consumer loans 862,962 3.65% 121,927 4.12 % 984,889 3.71% Total loans and leases $ 5,083,560 4.38% $ 315,304 4.31 % $ 5,398,864 4.38% |
Schedule of activity in the accretable yield for acquired loan portfolio | The following table summarizes activity in the accretable yield for the acquired loan portfolio for the periods indicated: Three Months Ended March 31, 2017 2016 (In Thousands) Balance at beginning of period $ 14,353 $ 20,796 Accretion (1,407 ) (1,184 ) Reclassification from (to) nonaccretable difference as a result of changes in expected cash flows 126 188 Balance at end of period $ 13,072 $ 19,800 |
Allowance for Loan and Lease 25
Allowance for Loan and Lease Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: Three Months Ended March 31, 2017 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at December 31, 2016 $ 27,645 $ 20,906 $ 5,115 $ 53,666 Charge-offs (24 ) (1,207 ) (151 ) (1,382 ) Recoveries 140 142 105 387 Provision (credit) for loan and lease losses 227 13,442 (207 ) 13,462 Balance at March 31, 2017 $ 27,988 $ 33,283 $ 4,862 $ 66,133 Three Months Ended March 31, 2016 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at December 31, 2015 $ 30,151 $ 22,018 $ 4,570 $ 56,739 Charge-offs (331 ) (288 ) (256 ) (875 ) Recoveries — 224 251 475 Provision (credit) for loan and lease losses 1,164 1,024 79 2,267 Balance at March 31, 2016 $ 30,984 $ 22,978 $ 4,644 $ 58,606 |
Provisions for credit losses | The provisions for credit losses are set forth below for the periods indicated: Three Months Ended March 31, 2017 2016 (In Thousands) Provision (credit) for loan and lease losses: Commercial real estate $ 227 $ 1,164 Commercial 13,442 1,024 Consumer (207 ) 79 Total provision for loan and lease losses 13,462 2,267 Unfunded credit commitments (60 ) 111 Total provision for credit losses $ 13,402 $ 2,378 |
Summary of the recorded investments by credit quality indicator, by loan class | Credit Quality Information The following tables present the recorded investment in loans in each class as of March 31, 2017 , by credit quality indicator. At March 31, 2017 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer (In Thousands) Originated: Loan rating: Pass $ 1,918,249 $ 704,610 $ 150,524 $ 595,579 $ 802,801 $ 60,396 $ 14,791 OAEM 6,891 — — 9,422 779 — — Substandard 6,767 1,095 — 23,898 3,755 — 76 Doubtful 266 — — 4,913 2,923 — — Total originated 1,932,173 705,705 150,524 633,812 810,258 60,396 14,867 Acquired: Loan rating: Pass 125,129 27,540 210 7,610 5,495 — 116 OAEM 885 268 — 245 — — — Substandard 8,310 309 — 2,010 — — 3 Doubtful 102 — — 563 — — — Total acquired 134,426 28,117 210 10,428 5,495 — 119 Total loans $ 2,066,599 $ 733,822 $ 150,734 $ 644,240 $ 815,753 $ 60,396 $ 14,986 As of March 31, 2017 , there were no loans categorized as definite loss. At March 31, 2017 Residential Mortgage Home Equity ($ In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 139,383 22.0 % $ 147,633 43.0 % 50% - 69% 238,100 37.7 % 66,444 19.3 % 70% - 79% 166,006 26.3 % 55,337 16.1 % 80% and over 19,394 3.1 % 23,041 6.7 % Data not available* 2,783 0.4 % 868 0.3 % Total originated 565,666 89.5 % 293,323 85.4 % Acquired: Loan-to-value ratio: Less than 50% 17,219 2.7 % 30,261 8.9 % 50%—69% 23,316 3.7 % 14,839 4.3 % 70%—79% 13,337 2.1 % 2,417 0.7 % 80% and over 9,343 1.5 % 1,007 0.3 % Data not available* 2,982 0.5 % 1,539 0.4 % Total acquired 66,197 10.5 % 50,063 14.6 % Total loans $ 631,863 100.0 % $ 343,386 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data are not available. 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 $ 18,022 OAEM 1,538 — 178 8,675 824 — — Substandard 6,288 1,404 — 28,595 4,848 — 149 Doubtful 266 — — 75 1,980 — — Total originated 1,907,254 701,450 136,785 621,285 793,702 60,122 18,171 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 $ 18,299 As of December 31, 2016 , there were no loans categorized as definite loss. 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 are 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 March 31, 2017 At December 31, 2016 (In Thousands) Troubled debt restructurings: On accrual $ 13,662 $ 13,883 On nonaccrual 11,756 11,919 Total troubled debt restructurings $ 25,418 $ 25,802 The following table presents information regarding foreclosed residential real estate property for the periods indicated: At March 31, 2017 At December 31, 2016 (In Thousands) Foreclosed residential real estate property held by the creditor $ 251 $ 251 Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure 1,455 1,213 |
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 March 31, 2017 and December 31, 2016 . At March 31, 2017 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 $ 487 $ 889 $ 3,836 $ 5,212 $ 1,926,961 $ 1,932,173 $ 2 $ 5,526 Multi-family mortgage 1,928 — — 1,928 703,777 705,705 — 1,095 Construction — — — — 150,524 150,524 — — Total commercial real estate loans 2,415 889 3,836 7,140 2,781,262 2,788,402 2 6,621 Commercial loans and leases: Commercial 9,232 1,680 10,128 21,040 612,772 633,812 — 25,750 Equipment financing 2,983 1,406 4,217 8,606 801,652 810,258 78 6,445 Condominium association 196 — — 196 60,200 60,396 — — Total commercial loans and leases 12,411 3,086 14,345 29,842 1,474,624 1,504,466 78 32,195 Consumer loans: Residential mortgage 1,185 — 2,956 4,141 561,525 565,666 1 2,955 Home equity 1,042 1 207 1,250 292,073 293,323 1 610 Other consumer 353 24 26 403 14,464 14,867 — 76 Total consumer loans 2,580 25 3,189 5,794 868,062 873,856 2 3,641 Total originated loans and leases $ 17,406 $ 4,000 $ 21,370 $ 42,776 $ 5,123,948 $ 5,166,724 $ 82 $ 42,457 (Continued) At March 31, 2017 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 $ 3,529 $ 126 $ 3,523 $ 7,178 $ 127,248 $ 134,426 $ 3,452 $ 145 Multi-family mortgage — — 3 3 28,114 28,117 3 — Construction — — — — 210 210 — — Total commercial real estate loans 3,529 126 3,526 7,181 155,572 162,753 3,455 145 Commercial loans and leases: Commercial 258 — 1,913 2,171 8,257 10,428 222 1,692 Equipment financing — — 17 17 5,478 5,495 17 — Total commercial loans and leases 258 — 1,930 2,188 13,735 15,923 239 1,692 Consumer loans: Residential mortgage 107 297 2,641 3,045 63,152 66,197 2,594 46 Home equity 381 97 188 666 49,397 50,063 142 723 Other consumer — 3 3 116 119 3 — Total consumer loans 488 394 2,832 3,714 112,665 116,379 2,739 769 Total acquired loans and leases $ 4,275 $ 520 $ 8,288 $ 13,083 $ 281,972 $ 295,055 $ 6,433 $ 2,606 Total loans and leases $ 21,681 $ 4,520 $ 29,658 $ 55,859 $ 5,405,920 $ 5,461,779 $ 6,515 $ 45,063 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 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 549 87 16 652 17,519 18,171 — 149 Total consumer loans 4,319 2,600 184 7,103 855,859 862,962 3 2,732 Total originated loans and leases $ 17,332 $ 6,934 $ 16,259 $ 40,525 $ 5,043,035 $ 5,083,560 $ 5 $ 36,516 (Continued) 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 |
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 March 31, 2017 At December 31, 2016 Recorded (1) Unpaid Related Recorded Investment (2) Unpaid Related (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 9,271 $ 9,263 $ — $ 9,113 $ 9,104 $ — Commercial 19,779 19,811 — 39,269 39,210 — Consumer 5,296 5,287 — 4,823 4,815 — Total originated with no related allowance recorded 34,346 34,361 — 53,205 53,129 — With an allowance recorded: Commercial real estate 4,007 4,007 54 3,984 3,984 28 Commercial 22,232 22,189 10,007 605 605 97 Total originated with an allowance recorded 26,239 26,196 10,061 4,589 4,589 125 Total originated impaired loans and leases 60,585 60,557 10,061 57,794 57,718 125 Acquired: With no related allowance recorded: Commercial real estate 8,938 8,938 — 10,400 10,400 — Commercial 2,925 2,925 — 3,948 3,948 — Consumer 6,059 6,074 — 6,384 6,399 — Total acquired with no related allowance recorded 17,922 17,937 — 20,732 20,747 — With an allowance recorded: Consumer 168 168 20 253 253 27 Total acquired with an allowance recorded 168 168 20 253 253 27 Total acquired impaired loans and leases 18,090 18,105 20 20,985 21,000 27 Total impaired loans and leases $ 78,675 $ 78,662 $ 10,081 $ 78,779 $ 78,718 $ 152 ___________________________________________________________________________ (1) Includes originated and acquired nonaccrual loans of $41.1 million and $2.7 million , respectively as of March 31, 2017 . (2) Includes originated and acquired nonaccrual loans of $34.1 million and $3.6 million , respectively as of December 31, 2016 . Three Months Ended March 31, 2017 March 31, 2016 Average Interest Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 9,363 $ 32 $ 3,124 $ 21 Commercial 21,058 164 13,775 150 Consumer 5,306 16 4,488 20 Total originated with no related allowance recorded 35,727 212 21,387 191 With an allowance recorded: Commercial real estate 4,000 48 6,122 49 Commercial 22,322 1 11,283 1 Total originated with an allowance recorded 26,322 49 17,405 50 Total originated impaired loans and leases 62,049 261 38,792 241 Acquired: With no related allowance recorded: Commercial real estate 9,419 19 6,036 10 Commercial 2,934 10 4,276 18 Consumer 6,133 16 7,167 17 Total acquired with no related allowance recorded 18,486 45 17,479 45 With an allowance recorded: Commercial real estate — — 2,606 — Commercial — — 486 — Consumer 168 1 525 2 Total acquired with an allowance recorded 168 1 3,617 2 Total acquired impaired loans and leases 18,654 46 21,096 47 Total impaired loans and leases $ 80,703 $ 307 $ 59,888 $ 288 |
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 March 31, 2017 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ 54 $ 10,007 $ — $ 10,061 Collectively evaluated for impairment 27,069 23,157 4,542 54,768 Total originated loans and leases 27,123 33,164 4,542 64,829 Acquired: Individually evaluated for impairment — — 20 20 Collectively evaluated for impairment 177 14 27 218 Acquired with deteriorated credit quality 688 105 273 1,066 Total acquired loans and leases 865 119 320 1,304 Total allowance for loan and lease losses $ 27,988 $ 33,283 $ 4,862 $ 66,133 Loans and Leases: Originated: Individually evaluated for impairment $ 13,276 $ 38,139 $ 5,182 $ 56,597 Collectively evaluated for impairment 2,775,126 1,466,327 868,674 5,110,127 Total originated loans and leases 2,788,402 1,504,466 873,856 5,166,724 Acquired: Individually evaluated for impairment — 2,344 1,755 4,099 Collectively evaluated for impairment 42,272 7,555 67,307 117,134 Acquired with deteriorated credit quality 120,481 6,024 47,317 173,822 Total acquired loans and leases 162,753 15,923 116,379 295,055 Total loans and leases $ 2,951,155 $ 1,520,389 $ 990,235 $ 5,461,779 At December 31, 2016 Commercial Real Estate Commercial 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 4,776 52,288 Total originated loans and leases 26,858 20,779 4,776 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 $ 5,115 $ 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 1,437,472 858,251 5,028,115 Total originated loans and leases 2,745,489 1,475,109 862,962 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 $ 984,889 $ 5,398,864 |
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 Three Months Ended March 31, 2017 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 3 $ 765 $ 765 $ 364 $ 741 $ — 3 $ 800 Total originated 3 $ 765 $ 765 $ 364 $ 741 $ — 3 $ 800 ______________________________________________________________________ (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. At and for the Three Months Ended March 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: Commercial real estate 2 $ 1,155 $ 1,155 $ — $ 1,155 $ — — $ — Commercial 16 7,268 7,256 2,156 7,256 — — — Equipment financing 2 364 364 — 364 — — — Total originated 20 $ 8,787 $ 8,775 $ 2,156 $ 8,775 $ — — $ — ______________________________________________________________________ (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. Three Months Ended March 31, 2017 2016 (In Thousands) Loans with one modification: Adjusted principal $ 375 $ — Interest only — 2,412 Combination maturity, principal, interest rate 390 6,363 Total loans with one modification $ 765 $ 8,775 |
Goodwill and Other Intangible26
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying value of goodwill | The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated: At March 31, 2017 At December 31, 2016 (In Thousands) Goodwill $ 137,890 $ 137,890 Other intangible assets: Core deposits 6,512 7,044 Trade name 1,089 1,089 Total other intangible assets 7,601 8,133 Total goodwill and other intangible assets $ 145,491 $ 146,023 |
Schedule of composition of other intangible assets | The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated: At March 31, 2017 At December 31, 2016 (In Thousands) Goodwill $ 137,890 $ 137,890 Other intangible assets: Core deposits 6,512 7,044 Trade name 1,089 1,089 Total other intangible assets 7,601 8,133 Total goodwill and other intangible assets $ 145,491 $ 146,023 |
Schedule of estimated aggregate future amortization expense for intangible assets | The estimated aggregate future amortization expense (in thousands) for other intangible assets for each of the next five years and thereafter is as follows: Remainder of 2017 $ 1,557 Year ending: 2018 1,669 2019 1,295 2020 944 2021 601 2022 299 Thereafter 147 Total $ 6,512 |
Accumulated Other Comprehensi27
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of changes in accumulated other comprehensive (loss) income by component, net of tax | Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the periods indicated: Three Months Ended March 31, 2017 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Loss (In Thousands) Balance at December 31, 2016 $ (4,213 ) $ 395 $ (3,818 ) Other comprehensive income 557 — 557 Balance at March 31, 2017 $ (3,656 ) $ 395 $ (3,261 ) Three Months Ended March 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 income 5,828 — 5,828 Balance at March 31, 2016 $ 3,001 $ 351 $ 3,352 |
Derivatives and Hedging Activ28
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 57 $ — $ 6,110 $ — $ 29,132 $ 363,051 $ 398,293 $ 9,336 Pay fixed, receive variable 57 — 6,110 — 29,132 363,051 398,293 9,336 Risk participation-out agreements 5 — — — 8,964 7,863 16,827 16 Risk participation-in agreements 1 — — — — 3,825 3,825 13 Foreign exchange contracts Buys foreign currency, sells U.S. currency 9 $ 9,023 $ — $ — $ — $ — $ 9,023 $ 23 Sells foreign currency, buys U.S. currency 18 9,023 — — — — 9,023 23 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 — |
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 unaudited consolidated balance sheet at the dates indicated. At March 31, 2017 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 $ 9,336 $ — $ 9,336 $ — $ 840 $ 8,496 Risk participation-out agreements 16 — 16 — — 16 Foreign exchange contracts 23 — 23 — — 23 Total $ 9,375 $ — $ 9,375 $ — $ 840 $ 8,535 Liability derivatives Loan level derivatives $ 9,336 $ — $ 9,336 $ 29,175 $ 720 $ — Risk participation-in agreements 13 — 13 — — — Foreign exchange contracts 23 — 23 — — — Total $ 9,372 $ — $ 9,372 $ 29,175 $ 720 $ — 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 Total $ 9,758 $ — $ 9,758 $ — $ — $ 9,758 Liability derivatives Loan level derivatives $ 9,738 $ — $ 9,738 $ 33,744 $ 720 $ — Total $ 9,738 $ — $ 9,738 $ 33,744 $ 720 $ — |
Earnings per Share (EPS) (Table
Earnings per Share (EPS) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of basic EPS and diluted EPS | The following table is a reconciliation of basic EPS and diluted EPS: Three Months Ended March 31, 2017 March 31, 2016 Basic Fully Diluted Basic Fully Diluted (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 13,445 $ 13,445 $ 12,812 $ 12,812 Denominator: Weighted average shares outstanding 70,386,766 70,386,766 70,186,921 70,186,921 Effect of dilutive securities — 457,330 — 156,487 Adjusted weighted average shares outstanding 70,386,766 70,844,096 70,186,921 70,343,408 EPS $ 0.19 $ 0.19 $ 0.18 $ 0.18 |
Fair Value of Financial Instr30
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair value of assets and liabilities | |
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 March 31, 2017 At December 31, 2016 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 34,457 $ 27,282 Appraisal of collateral (1) Other real estate owned 618 618 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 March 31, 2017 Financial assets: Investment securities held-to-maturity: GSE debentures $ 29,608 $ 29,011 $ — $ 29,011 $ — GSE MBSs 16,494 16,386 — 16,386 — Municipal obligations 54,089 53,648 — 53,648 — Foreign government obligations 500 489 — 489 Loans held-for-sale 1,152 1,152 — 1,152 — Loans and leases, net 5,395,646 5,285,178 — — 5,285,178 Restricted equity securities 68,065 68,065 — — 68,065 Financial liabilities: Certificates of deposit 1,090,647 1,087,550 — 1,087,550 — Borrowed funds 1,056,785 1,046,438 — 1,046,438 — 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 — |
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 tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated: Carrying Value as of March 31, 2017 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 121,113 $ — $ 121,113 GSE CMOs — 149,677 — 149,677 GSE MBSs — 201,924 — 201,924 SBA commercial loan asset-backed securities — 103 — 103 Corporate debt obligations — 48,522 — 48,522 U.S. Treasury bonds — 4,765 — 4,765 Trust preferred securities — 1,355 — 1,355 Marketable equity securities 974 — — 974 Total investment securities available-for-sale $ 974 $ 527,459 $ — $ 528,433 Loan level derivatives $ — $ 9,336 $ — $ 9,336 Risk participation-out agreements — 16 — 16 Foreign exchange contracts — 23 — 23 Liabilities: Loan level derivatives $ — $ 9,336 $ — $ 9,336 Risk participation-in agreements — 13 — 13 Foreign exchange contracts — 23 — 23 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 Foreign exchange contracts — — — — Liabilities: Loan level derivatives $ — $ 9,738 $ — $ 9,738 |
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 are summarized below at the dated indicated: Carrying Value as of March 31, 2017 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 $ — $ — $ 34,457 $ 34,457 OREO — — 618 618 Repossessed assets — 1,668 — 1,668 Total assets measured at fair value on a non-recurring basis $ — $ 1,668 $ 35,075 $ 36,743 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 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 At December 31, 2016 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 26,341 $ 27,750 Commercial 76,180 71,716 Residential mortgage 28,814 28,179 Unadvanced portion of loans and leases 544,889 580,416 Unused lines of credit: Home equity 357,969 340,682 Other consumer 12,721 13,157 Other commercial 481 208 Unused letters of credit: Financial standby letters of credit 11,735 11,720 Performance standby letters of credit 466 516 Commercial and similar letters of credit 842 785 Loan level derivatives: Receive fixed, pay variable 398,293 383,780 Pay fixed, receive variable 398,293 383,780 Risk participation-out agreements 16,827 16,961 Risk participation-in agreements 3,825 — Foreign exchange contracts: Buys foreign currency, sells U.S. currency 9,023 4,050 Sells foreign currency, buys U.S. currency 9,023 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: Minimum Rental Payments (In Thousands) Remainder of 2017 $ 4,076 Year ending: 2018 5,034 2019 4,165 2020 3,609 2021 3,100 2022 2,878 Thereafter 11,045 Total $ 33,907 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2017bank | |
Basis of Presentation | |
Number of full-service banking offices | 25 |
Percentage of insurance offered | 100.00% |
Eastern Funding LLC | |
Basis of Presentation | |
Percentage of ownership in subsidiary | 84.20% |
BankRI | |
Basis of Presentation | |
Number of full-service banking offices | 20 |
First Ipswich | |
Basis of Presentation | |
Number of full-service banking offices | 6 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Investment securities available-for-sale | ||
Amortized Cost | $ 534,131,000 | $ 530,202,000 |
Gross Unrealized Gains | 1,291,000 | 1,394,000 |
Gross Unrealized Losses | 6,989,000 | 7,962,000 |
Estimated Fair Value | 528,433,000 | 523,634,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 100,691,000 | 87,120,000 |
Gross Unrealized Gains | 117,000 | 5,000 |
Gross Unrealized Losses | 1,274,000 | 1,854,000 |
Estimated Fair Value | 99,534,000 | 85,271,000 |
Investment securities available-for-sale | 528,433,000 | 523,634,000 |
Net unrealized gain (loss) | (5,700,000) | (6,600,000) |
Total, estimated fair value | $ 390,000,000 | $ 389,000,000 |
Percentage of securities in unrealized loss positions, available-for-sale securities | 73.80% | 74.30% |
Net unrealized gain (loss), held-to-maturity securities | $ 1,200,000 | $ 1,800,000 |
Gross unrealized losses, fair value, held-to-maturity securities | $ 67,200,000 | $ 82,000,000 |
Percentage of securities in unrealized loss positions, held-to-maturity securities | 66.80% | 94.10% |
Available for sale securities pledged as collateral | $ 437,000,000 | $ 429,100,000 |
GSE debentures | ||
Investment securities available-for-sale | ||
Amortized Cost | 121,800,000 | 98,122,000 |
Gross Unrealized Gains | 273,000 | 188,000 |
Gross Unrealized Losses | 960,000 | 1,290,000 |
Estimated Fair Value | 121,113,000 | 97,020,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 29,608,000 | 14,735,000 |
Gross Unrealized Gains | 12,000 | 0 |
Gross Unrealized Losses | 609,000 | 634,000 |
Estimated Fair Value | 29,011,000 | 14,101,000 |
Investment securities available-for-sale | 121,113,000 | 97,020,000 |
Net unrealized gain (loss) | (700,000) | (1,100,000) |
Net unrealized gain (loss), held-to-maturity securities | 600,000 | 600,000 |
Gross unrealized losses, fair value, held-to-maturity securities | 29,000,000 | 14,100,000 |
GSE CMOs | ||
Investment securities available-for-sale | ||
Amortized Cost | 153,037,000 | 161,483,000 |
Gross Unrealized Gains | 37,000 | 37,000 |
Gross Unrealized Losses | 3,397,000 | 3,480,000 |
Estimated Fair Value | 149,677,000 | 158,040,000 |
Investment securities held-to-maturity | ||
Investment securities available-for-sale | 149,677,000 | 158,040,000 |
GSE MBSs | ||
Investment securities available-for-sale | ||
Amortized Cost | 203,636,000 | 214,946,000 |
Gross Unrealized Gains | 602,000 | 794,000 |
Gross Unrealized Losses | 2,314,000 | 2,825,000 |
Estimated Fair Value | 201,924,000 | 212,915,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 16,494,000 | 17,666,000 |
Gross Unrealized Gains | 3,000 | 0 |
Gross Unrealized Losses | 111,000 | 187,000 |
Estimated Fair Value | 16,386,000 | 17,479,000 |
Investment securities available-for-sale | 201,924,000 | 212,915,000 |
Net unrealized gain (loss), held-to-maturity securities | 100,000 | 200,000 |
Gross unrealized losses, fair value, held-to-maturity securities | 16,400,000 | 17,500,000 |
SBA commercial loan asset-backed securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 103,000 | 107,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 103,000 | 107,000 |
Investment securities held-to-maturity | ||
Investment securities available-for-sale | 103,000 | 107,000 |
Corporate debt obligations | ||
Investment securities available-for-sale | ||
Amortized Cost | 48,309,000 | 48,308,000 |
Gross Unrealized Gains | 366,000 | 360,000 |
Gross Unrealized Losses | 153,000 | 183,000 |
Estimated Fair Value | 48,522,000 | 48,485,000 |
Investment securities held-to-maturity | ||
Investment securities available-for-sale | 48,522,000 | 48,485,000 |
Net unrealized gain (loss) | 200,000 | 200,000 |
U.S. Treasury bonds | ||
Investment securities available-for-sale | ||
Amortized Cost | 4,808,000 | 4,801,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 43,000 | 64,000 |
Estimated Fair Value | 4,765,000 | 4,737,000 |
Investment securities held-to-maturity | ||
Investment securities available-for-sale | 4,765,000 | 4,737,000 |
Net unrealized gain (loss) | 43,000 | (100,000) |
Trust preferred securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 1,469,000 | 1,469,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 114,000 | 111,000 |
Estimated Fair Value | 1,355,000 | 1,358,000 |
Investment securities held-to-maturity | ||
Investment securities available-for-sale | 1,355,000 | 1,358,000 |
Net unrealized gain (loss) | (100,000) | (100,000) |
Marketable equity securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 969,000 | 966,000 |
Gross Unrealized Gains | 13,000 | 15,000 |
Gross Unrealized Losses | 8,000 | 9,000 |
Estimated Fair Value | 974,000 | 972,000 |
Investment securities held-to-maturity | ||
Investment securities available-for-sale | 974,000 | 972,000 |
Municipal obligations | ||
Investment securities held-to-maturity | ||
Amortized Cost | 54,089,000 | 54,219,000 |
Gross Unrealized Gains | 102,000 | 5,000 |
Gross Unrealized Losses | 543,000 | 1,020,000 |
Estimated Fair Value | 53,648,000 | 53,204,000 |
Gross unrealized losses, fair value, held-to-maturity securities | 53,600,000 | 53,200,000 |
Foreign government obligations | ||
Investment securities held-to-maturity | ||
Amortized Cost | 500,000 | 500,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 11,000 | 13,000 |
Estimated Fair Value | 489,000 | $ 487,000 |
Gross unrealized losses, fair value, held-to-maturity securities | $ 500,000 |
Investment Securities (Other-Th
Investment Securities (Other-Than-Temporary Impairment)(Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Investment securities available-for-sale | ||
Estimated Fair Value | $ 390,000 | $ 389,000 |
Investment securities held-to-maturity | ||
Total, estimated fair value | 67,200 | 82,000 |
GSE debentures | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 72,568 | 67,216 |
Less than twelve months, unrealized losses | 960 | 1,290 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Estimated Fair Value | 72,568 | 67,216 |
Total, unrealized losses | 960 | 1,290 |
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 17,104 | 14,101 |
Less than twelve months, unrealized losses | 609 | 634 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 17,104 | 14,101 |
Total, unrealized losses | 609 | 634 |
GSE CMOs | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 112,140 | 118,450 |
Less than twelve months, unrealized losses | 2,087 | 2,162 |
Twelve months or longer, estimated fair value | 36,834 | 38,852 |
Twelve months or longer, unrealized losses | 1,310 | 1,318 |
Estimated Fair Value | 148,974 | 157,302 |
Total, unrealized losses | 3,397 | 3,480 |
GSE MBSs | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 156,605 | 149,687 |
Less than twelve months, unrealized losses | 2,311 | 2,822 |
Twelve months or longer, estimated fair value | 195 | 198 |
Twelve months or longer, unrealized losses | 3 | 3 |
Estimated Fair Value | 156,800 | 149,885 |
Total, unrealized losses | 2,314 | 2,825 |
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 14,091 | 17,289 |
Less than twelve months, unrealized losses | 111 | 187 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 14,091 | 17,289 |
Total, unrealized losses | 111 | 187 |
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 | 70 | 72 |
Twelve months or longer, unrealized losses | 0 | 0 |
Estimated Fair Value | 70 | 72 |
Total, unrealized losses | 0 | 0 |
Corporate debt obligations | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 4,961 | 7,953 |
Less than twelve months, unrealized losses | 153 | 183 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Estimated Fair Value | 4,961 | 7,953 |
Total, unrealized losses | 153 | 183 |
U.S. Treasury bonds | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 4,764 | 4,737 |
Less than twelve months, unrealized losses | 43 | 64 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Estimated Fair Value | 4,764 | 4,737 |
Total, unrealized losses | 43 | 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 | 1,355 | 1,358 |
Twelve months or longer, unrealized losses | 114 | 111 |
Estimated Fair Value | 1,355 | 1,358 |
Total, unrealized losses | 114 | 111 |
Marketable equity securities | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 503 | 503 |
Less than twelve months, unrealized losses | 8 | 9 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Estimated Fair Value | 503 | 503 |
Total, unrealized losses | 8 | 9 |
Debt Securities | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 351,541 | 348,546 |
Less than twelve months, unrealized losses | 5,562 | 6,530 |
Twelve months or longer, estimated fair value | 38,454 | 40,480 |
Twelve months or longer, unrealized losses | 1,427 | 1,432 |
Estimated Fair Value | 389,995 | 389,026 |
Total, unrealized losses | 6,989 | 7,962 |
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 67,218 | 81,975 |
Less than twelve months, unrealized losses | 1,274 | 1,854 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 67,218 | 81,975 |
Total, unrealized losses | 1,274 | 1,854 |
Available-for-sale Securities and Held-to-maturity Securities [Abstract] | ||
Less Than Twelve Months, Estimated Fair Value | 418,759 | 430,521 |
Less Than Twelve Months, Unrealized Losses | 6,836 | 8,384 |
Twelve Months or Longer, Estimated Fair Value | 38,454 | 40,480 |
Twelve Months or Longer, Unrealized Losses | 1,427 | 1,432 |
Total, Estimated Fair Value | 457,213 | 471,001 |
Total, Unrealized Losses | 8,263 | 9,816 |
Municipal obligations | ||
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 35,534 | 50,098 |
Less than twelve months, unrealized losses | 543 | 1,020 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 35,534 | 50,098 |
Total, unrealized losses | 543 | 1,020 |
Foreign government obligations | ||
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 489 | 487 |
Less than twelve months, unrealized losses | 11 | 13 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, estimated fair value | 489 | 487 |
Total, unrealized losses | $ 11 | $ 13 |
Investment Securities (Narrativ
Investment Securities (Narrative)(Details) | 3 Months Ended | ||
Mar. 31, 2017USD ($)security | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)security | |
Investment Securities | |||
Estimated Fair Value | $ 528,433,000 | $ 523,634,000 | |
Net unrealized gain (loss) | (5,700,000) | (6,600,000) | |
Purchases of securities available-for-sale | 23,935,000 | $ 41,985,000 | |
Fair value | 67,200,000 | 82,000,000 | |
Net unrealized gain (loss), held-to-maturity securities | (1,200,000) | (1,800,000) | |
Purchases of investment securities held-to-maturity | 14,873,000 | 3,496,000 | |
Amortized Cost | 100,691,000 | 87,120,000 | |
US Government Sponsored Enterprises Debt Securities Excluding Specified Securities | |||
Investment Securities | |||
Estimated Fair Value | 27,200,000 | 26,200,000 | |
GSE debentures | |||
Investment Securities | |||
Estimated Fair Value | $ 121,113,000 | $ 97,020,000 | |
Number of securities | security | 37 | 29 | |
Net unrealized gain (loss) | $ (700,000) | $ (1,100,000) | |
Number of securities in unrealized loss positions | security | 22 | 21 | |
Purchases of securities available-for-sale | $ 23,900,000 | 21,500,000 | |
Number of securities | security | 10 | 5 | |
Fair value | $ 29,000,000 | $ 14,100,000 | |
Net unrealized gain (loss), held-to-maturity securities | $ (600,000) | $ (600,000) | |
Number of securities in an unrealized loss position | security | 6 | 5 | |
Purchases of investment securities held-to-maturity | $ 14,900,000 | 3,000,000 | |
Amortized Cost | 29,608,000 | $ 14,735,000 | |
GSE CMOs | |||
Investment Securities | |||
Estimated Fair Value | $ 149,700,000 | $ 158,000,000 | |
Number of securities | security | 62 | 62 | |
Net unrealized gain (loss) | $ (3,400,000) | $ (3,400,000) | |
Number of securities in unrealized loss positions | security | 47 | 47 | |
Purchases of securities available-for-sale | $ 0 | 0 | |
GSE mortgage-related securities | |||
Investment Securities | |||
Estimated Fair Value | $ 201,900,000 | $ 212,900,000 | |
Number of securities | security | 192 | 195 | |
Net unrealized gain (loss) | $ (1,700,000) | $ (2,000,000) | |
Number of securities in unrealized loss positions | security | 67 | 60 | |
Purchases of securities available-for-sale | $ 0 | 20,500,000 | |
SBA commercial loan asset-backed securities | |||
Investment Securities | |||
Estimated Fair Value | $ 103,000 | $ 107,000 | |
Number of securities | security | 6 | 6 | |
Number of securities in unrealized loss positions | security | 4 | 4 | |
Corporate debt obligations | |||
Investment Securities | |||
Estimated Fair Value | $ 48,522,000 | $ 48,485,000 | |
Number of securities | security | 16 | 16 | |
Net unrealized gain (loss) | $ 200,000 | $ 200,000 | |
Number of securities in unrealized loss positions | security | 2 | 3 | |
Purchases of securities available-for-sale | $ 0 | 0 | |
U.S. Treasury bonds | |||
Investment Securities | |||
Estimated Fair Value | $ 4,765,000 | $ 4,737,000 | |
Number of securities | security | 1 | 1 | |
Net unrealized gain (loss) | $ 43,000 | $ (100,000) | |
Purchases of securities available-for-sale | 0 | 0 | |
Trust preferred securities | |||
Investment Securities | |||
Estimated Fair Value | $ 1,355,000 | $ 1,358,000 | |
Number of securities | security | 2 | 2 | |
Net unrealized gain (loss) | $ (100,000) | $ (100,000) | |
Number of securities in unrealized loss positions | security | 2 | 2 | |
Marketable equity securities | |||
Investment Securities | |||
Estimated Fair Value | $ 974,000 | $ 972,000 | |
Number of securities | security | 2 | 2 | |
Number of securities in unrealized loss positions | security | 1 | 1 | |
GSE MBSs | |||
Investment Securities | |||
Estimated Fair Value | $ 201,924,000 | $ 212,915,000 | |
Number of securities | security | 11 | 11 | |
Fair value | $ 16,400,000 | $ 17,500,000 | |
Net unrealized gain (loss), held-to-maturity securities | $ (100,000) | $ (200,000) | |
Number of securities in an unrealized loss position | security | 7 | 8 | |
Purchases of investment securities held-to-maturity | $ 0 | 0 | |
Amortized Cost | $ 16,494,000 | $ 17,666,000 | |
Municipal obligations | |||
Investment Securities | |||
Number of securities | security | 100 | 100 | |
Fair value | $ 53,600,000 | $ 53,200,000 | |
Number of securities in an unrealized loss position | security | 66 | 93 | |
Purchases of investment securities held-to-maturity | $ 0 | $ 0 | |
Amortized Cost | $ 54,089,000 | $ 54,219,000 | |
Foreign government obligations | |||
Investment Securities | |||
Number of securities | security | 1 | 1 | |
Fair value | $ 500,000 | ||
Number of securities in an unrealized loss position | security | 1 | 1 | |
Purchases of investment securities held-to-maturity | $ 0 | ||
Amortized Cost | $ 500,000 | $ 500,000 |
Investment Securities (Portfoli
Investment Securities (Portfolio Maturities)(Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 3,056 | $ 13 |
After 1 year through 5 years | 109,779 | 81,524 |
After 5 years through 10 years | 119,741 | 128,956 |
Over 10 years | 300,586 | 318,743 |
Total | 533,162 | 529,236 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 3,070 | 13 |
After 1 year through 5 years | 110,215 | 81,833 |
After 5 years through 10 years | 118,848 | 127,952 |
Over 10 years | 295,326 | 312,864 |
Total | $ 527,459 | $ 522,662 |
Available for Sale, Weighted Average Rate | ||
Within 1 year (as a percent) | 2.26% | 0.17% |
After 1 year through 5 years (as a percent) | 2.11% | 2.14% |
After 5 years through 10 years (as a percent) | 2.04% | 2.03% |
Over 10 years (as a percent) | 2.02% | 2.03% |
Total (as a percent) | 2.05% | 2.04% |
Held-to-Maturity, Amortized Cost | ||
Within 1 year | $ 672 | $ 190 |
After 1 year through 5 years | 37,871 | 23,012 |
After 5 years through 10 years | 45,729 | 46,442 |
Over 10 years | 16,419 | 17,476 |
Total | 100,691 | 87,120 |
Held-to-Maturity, Estimated Fair Value | ||
Within 1 year | 671 | 190 |
After 1 year through 5 years | 37,847 | 22,750 |
After 5 years through 10 years | 44,705 | 45,042 |
Over 10 years | 16,311 | 17,289 |
Total | $ 99,534 | $ 85,271 |
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) | 1.64% | 1.30% |
After 5 years through 10 years (as a percent) | 1.75% | 1.75% |
Over 10 years (as a percent) | 2.09% | 2.11% |
Total (as a percent) | 1.76% | 1.70% |
Estimated fair value of debt securities have right to call or prepay the obligations | $ 42,800 | $ 27,900 |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of after one year through five years | 17,900 | 3,000 |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities after five years through ten years | 24,000 | 23,500 |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of which is after 10 years | $ 900 | $ 1,400 |
Investment Securities (Security
Investment Securities (Security Sales)(Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Feb. 03, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Sales of marketable and restricted equity securities | $ 11,393 | |
Gross gains from sales | 11,612 | |
Gross losses from sales | 219 | |
Gain on sales of securities, net | $ 11,393 | |
Community Bank Systems, Inc. | Brookline Securities Corp | ||
Schedule of Available-for-sale Securities [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 | |
Northeast Retirement Services | Brookline Securities Corp | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of shares held as investment | 9,721 |
Loans and Leases (Details)
Loans and Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 5,166,724 | $ 5,083,560 |
Originated, Weighted Average Coupon (as a percent) | 4.46% | 4.38% |
Acquired loans | $ 295,055 | $ 315,304 |
Acquired, Weighted Average Coupon (as a percent) | 4.33% | 4.31% |
Total loans and leases | $ 5,461,779 | $ 5,398,864 |
Total, Weighted Average Coupon (as a percent) | 4.45% | 4.38% |
Unamortized deferred loan origination fees and costs | $ 14,500 | $ 14,200 |
Percentage of loans to aggregate outstanding amount in the greater New York/New Jersey Metropolitan area and northeastern states | 29.30% | |
Percentage of loans to aggregate outstanding amount in Other areas of the United States | 70.70% | |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 2,066,599 | 2,050,382 |
Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 733,822 | 731,186 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 150,734 | 136,999 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 644,240 | 635,426 |
Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 815,753 | 799,860 |
Condominium association | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 60,396 | 60,122 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 631,863 | 624,349 |
Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 343,386 | 342,241 |
Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 14,986 | 18,299 |
Commercial real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 2,788,402 | $ 2,745,489 |
Originated, Weighted Average Coupon (as a percent) | 3.98% | 3.90% |
Acquired loans | $ 162,753 | $ 173,078 |
Acquired, Weighted Average Coupon (as a percent) | 4.31% | 4.29% |
Total loans and leases | $ 2,951,155 | $ 2,918,567 |
Total, Weighted Average Coupon (as a percent) | 4.00% | 3.92% |
Commercial real estate loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 1,932,173 | $ 1,907,254 |
Originated, Weighted Average Coupon (as a percent) | 4.01% | 3.95% |
Acquired loans | $ 134,426 | $ 143,128 |
Acquired, Weighted Average Coupon (as a percent) | 4.27% | 4.24% |
Total loans and leases | $ 2,066,599 | $ 2,050,382 |
Total, Weighted Average Coupon (as a percent) | 4.03% | 3.97% |
Commercial real estate loans | Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 705,705 | $ 701,450 |
Originated, Weighted Average Coupon (as a percent) | 3.86% | 3.79% |
Acquired loans | $ 28,117 | $ 29,736 |
Acquired, Weighted Average Coupon (as a percent) | 4.51% | 4.53% |
Total loans and leases | $ 733,822 | $ 731,186 |
Total, Weighted Average Coupon (as a percent) | 3.88% | 3.82% |
Commercial real estate loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 150,524 | $ 136,785 |
Originated, Weighted Average Coupon (as a percent) | 4.20% | 3.79% |
Acquired loans | $ 210 | $ 214 |
Acquired, Weighted Average Coupon (as a percent) | 3.67% | 3.67% |
Total loans and leases | $ 150,734 | $ 136,999 |
Total, Weighted Average Coupon (as a percent) | 4.20% | 3.79% |
Commercial loans and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 1,504,466 | $ 1,475,109 |
Originated, Weighted Average Coupon (as a percent) | 5.78% | 5.71% |
Acquired loans | $ 15,923 | $ 20,299 |
Acquired, Weighted Average Coupon (as a percent) | 5.64% | 5.57% |
Total loans and leases | $ 1,520,389 | $ 1,495,408 |
Total, Weighted Average Coupon (as a percent) | 5.78% | 5.71% |
Commercial loans and leases | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 633,812 | $ 621,285 |
Originated, Weighted Average Coupon (as a percent) | 4.20% | 4.11% |
Acquired loans | $ 10,428 | $ 14,141 |
Acquired, Weighted Average Coupon (as a percent) | 5.52% | 5.44% |
Total loans and leases | $ 644,240 | $ 635,426 |
Total, Weighted Average Coupon (as a percent) | 4.22% | 4.14% |
Commercial loans and leases | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 810,258 | $ 793,702 |
Originated, Weighted Average Coupon (as a percent) | 7.12% | 7.06% |
Acquired loans | $ 5,495 | $ 6,158 |
Acquired, Weighted Average Coupon (as a percent) | 5.88% | 5.86% |
Total loans and leases | $ 815,753 | $ 799,860 |
Total, Weighted Average Coupon (as a percent) | 7.11% | 7.05% |
Commercial loans and leases | Condominium association | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 60,396 | $ 60,122 |
Originated, Weighted Average Coupon (as a percent) | 4.39% | 4.39% |
Acquired loans | $ 0 | $ 0 |
Acquired, Weighted Average Coupon (as a percent) | 0.00% | 0.00% |
Total loans and leases | $ 60,396 | $ 60,122 |
Total, Weighted Average Coupon (as a percent) | 4.39% | 4.39% |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 873,856 | $ 862,962 |
Originated, Weighted Average Coupon (as a percent) | 3.73% | 3.65% |
Acquired loans | $ 116,379 | $ 121,927 |
Acquired, Weighted Average Coupon (as a percent) | 4.18% | 4.12% |
Total loans and leases | $ 990,235 | $ 984,889 |
Total, Weighted Average Coupon (as a percent) | 3.78% | 3.71% |
Consumer loans | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 565,666 | $ 555,430 |
Originated, Weighted Average Coupon (as a percent) | 3.69% | 3.67% |
Acquired loans | $ 66,197 | $ 68,919 |
Acquired, Weighted Average Coupon (as a percent) | 4.02% | 3.98% |
Total loans and leases | $ 631,863 | $ 624,349 |
Total, Weighted Average Coupon (as a percent) | 3.72% | 3.70% |
Consumer loans | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 293,323 | $ 289,361 |
Originated, Weighted Average Coupon (as a percent) | 3.71% | 3.50% |
Acquired loans | $ 50,063 | $ 52,880 |
Acquired, Weighted Average Coupon (as a percent) | 4.37% | 4.26% |
Total loans and leases | $ 343,386 | $ 342,241 |
Total, Weighted Average Coupon (as a percent) | 3.81% | 3.62% |
Consumer loans | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 14,867 | $ 18,171 |
Originated, Weighted Average Coupon (as a percent) | 5.48% | 5.48% |
Acquired loans | $ 119 | $ 128 |
Acquired, Weighted Average Coupon (as a percent) | 17.95% | 17.92% |
Total loans and leases | $ 14,986 | $ 18,299 |
Total, Weighted Average Coupon (as a percent) | 5.58% | 5.57% |
Loans and Leases (Accretable Yi
Loans and Leases (Accretable Yield for the Acquired Loan Portfolio)(Details) - Acquired - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Summarized activity in accretable yield for the acquired loan portfolio | ||
Balance at beginning of period | $ 14,353 | $ 20,796 |
Accretion | (1,407) | (1,184) |
Reclassification from (to) nonaccretable difference as a result of changes in expected cash flows | 126 | 188 |
Balance at end of period | $ 13,072 | $ 19,800 |
Loans and Leases (Pledged as Co
Loans and Leases (Pledged as Collateral)(Details) - USD ($) $ in Billions | Mar. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
Loans and leases pledged as collateral | $ 1.9 | $ 2.1 |
Allowance for Loan and Lease 41
Allowance for Loan and Lease Losses (Details) | 3 Months Ended | |||
Mar. 31, 2017USD ($)loanclass | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | $ 53,666,000 | $ 56,739,000 | ||
Charge-offs | (1,382,000) | (875,000) | ||
Recoveries | 387,000 | 475,000 | ||
Provision (credit) for loan and lease losses | 13,462,000 | 2,267,000 | ||
Balance at the end of the period | 66,133,000 | 58,606,000 | ||
Unfunded credit commitments liability included in other liabilities | 1,400,000 | $ 1,500,000 | $ 1,400,000 | |
Unfunded credit commitments liability charged off | 0 | 0 | ||
Provisions for credit losses | ||||
Total provision for loan and lease losses | 13,462,000 | 2,267,000 | ||
Unfunded credit commitments | (60,000) | 111,000 | ||
Total provision for credit losses | 13,402,000 | 2,378,000 | ||
Total loans and leases | 5,461,779,000 | 5,398,864,000 | ||
Related allowance | 10,081,000 | 152,000 | ||
Specific allowance for loan and lease losses | 10,100,000 | 200,000 | ||
General allowance for loan and lease losses | 56,000,000 | 53,500,000 | ||
Increase (decrease) in total debt restructured loans and leases | (400,000) | |||
Total troubled debt restructurings | 25,418,000 | 25,802,000 | ||
Nonaccrual Loans and Leases | 45,063,000 | 40,077,000 | ||
Increase in general portion of the allowance for loan and lease losses | 2,500,000 | |||
Increase (decrease) in specific portion of the allowance for loan and lease losses | 9,900,000 | |||
Taxi Medallion Portfolio | ||||
Provisions for credit losses | ||||
Total loans and leases | 30,600,000 | 31,100,000 | ||
Related allowance | 7,600,000 | 1,300,000 | ||
Specific allowance for loan and lease losses | 5,500,000 | 100,000 | ||
General allowance for loan and lease losses | 2,100,000 | 1,200,000 | ||
Increase (decrease) in total debt restructured loans and leases | 700,000 | |||
Total troubled debt restructurings | $ 6,800,000 | 6,100,000 | ||
Number of Loans/ Leases | loan | 2 | |||
Nonaccrual Loans and Leases | $ 14,200,000 | 13,400,000 | ||
Commercial Real Estate | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | 27,645,000 | 30,151,000 | ||
Charge-offs | (24,000) | (331,000) | ||
Recoveries | 140,000 | 0 | ||
Provision (credit) for loan and lease losses | 227,000 | 1,164,000 | ||
Balance at the end of the period | 27,988,000 | 30,984,000 | ||
Provisions for credit losses | ||||
Total provision for loan and lease losses | $ 227,000 | 1,164,000 | ||
Number of loan classes within specific portfolio | class | 3 | |||
Total loans and leases | $ 2,951,155,000 | 2,918,567,000 | ||
Commercial | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | 20,906,000 | 22,018,000 | ||
Charge-offs | (1,207,000) | (288,000) | ||
Recoveries | 142,000 | 224,000 | ||
Provision (credit) for loan and lease losses | 13,442,000 | 1,024,000 | ||
Balance at the end of the period | 33,283,000 | 22,978,000 | ||
Provisions for credit losses | ||||
Total provision for loan and lease losses | $ 13,442,000 | 1,024,000 | ||
Number of loan classes within specific portfolio | class | 3 | |||
Total loans and leases | $ 1,520,389,000 | 1,495,408,000 | ||
Number of Loans/ Leases | loan | 1 | |||
Consumer | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | $ 5,115,000 | 4,570,000 | ||
Charge-offs | (151,000) | (256,000) | ||
Recoveries | 105,000 | 251,000 | ||
Provision (credit) for loan and lease losses | (207,000) | 79,000 | ||
Balance at the end of the period | 4,862,000 | 4,644,000 | ||
Provisions for credit losses | ||||
Total provision for loan and lease losses | (207,000) | $ 79,000 | ||
Total loans and leases | $ 990,235,000 | $ 984,889,000 | ||
Commercial real estate | ||||
Provisions for credit losses | ||||
Number of loan classes within specific portfolio | class | 3 | |||
Consumer Loan | ||||
Provisions for credit losses | ||||
Number of loan classes within specific portfolio | class | 3 |
Allowance for Loan and Lease 42
Allowance for Loan and Lease Losses (Credit Quality Information)(Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Credit Quality Information | ||
Recorded investment | $ 5,461,779 | $ 5,398,864 |
Originated | ||
Credit Quality Information | ||
Recorded investment | 5,166,724 | 5,083,560 |
Acquired | ||
Credit Quality Information | ||
Recorded investment | 295,055 | 315,304 |
Commercial real estate | ||
Credit Quality Information | ||
Recorded investment | 2,066,599 | 2,050,382 |
Commercial real estate | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,932,173 | 1,907,254 |
Commercial real estate | Acquired | ||
Credit Quality Information | ||
Recorded investment | 134,426 | 143,128 |
Commercial real estate | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,918,249 | 1,899,162 |
Commercial real estate | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 125,129 | 131,850 |
Commercial real estate | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 6,891 | 1,538 |
Commercial real estate | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 885 | 1,408 |
Commercial real estate | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 6,767 | 6,288 |
Commercial real estate | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 8,310 | 9,768 |
Commercial real estate | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 266 | 266 |
Commercial real estate | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 102 | 102 |
Multi-family mortgage | ||
Credit Quality Information | ||
Recorded investment | 733,822 | 731,186 |
Multi-family mortgage | Originated | ||
Credit Quality Information | ||
Recorded investment | 705,705 | 701,450 |
Multi-family mortgage | Acquired | ||
Credit Quality Information | ||
Recorded investment | 28,117 | 29,736 |
Multi-family mortgage | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 704,610 | 700,046 |
Multi-family mortgage | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 27,540 | 29,153 |
Multi-family mortgage | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Multi-family mortgage | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 268 | 270 |
Multi-family mortgage | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,095 | 1,404 |
Multi-family mortgage | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 309 | 313 |
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 | 150,734 | 136,999 |
Construction | Originated | ||
Credit Quality Information | ||
Recorded investment | 150,524 | 136,785 |
Construction | Acquired | ||
Credit Quality Information | ||
Recorded investment | 210 | 214 |
Construction | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 150,524 | 136,607 |
Construction | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 210 | 214 |
Construction | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 178 |
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 | 644,240 | 635,426 |
Commercial | Originated | ||
Credit Quality Information | ||
Recorded investment | 633,812 | 621,285 |
Commercial | Acquired | ||
Credit Quality Information | ||
Recorded investment | 10,428 | 14,141 |
Commercial | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 595,579 | 583,940 |
Commercial | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 7,610 | 10,312 |
Commercial | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 9,422 | 8,675 |
Commercial | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 245 | 249 |
Commercial | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 23,898 | 28,595 |
Commercial | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 2,010 | 3,017 |
Commercial | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 4,913 | 75 |
Commercial | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 563 | 563 |
Equipment financing | ||
Credit Quality Information | ||
Recorded investment | 815,753 | 799,860 |
Equipment financing | Originated | ||
Credit Quality Information | ||
Recorded investment | 810,258 | 793,702 |
Equipment financing | Acquired | ||
Credit Quality Information | ||
Recorded investment | 5,495 | 6,158 |
Equipment financing | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 802,801 | 786,050 |
Equipment financing | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 5,495 | 6,158 |
Equipment financing | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 779 | 824 |
Equipment financing | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Equipment financing | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 3,755 | 4,848 |
Equipment financing | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Equipment financing | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 2,923 | 1,980 |
Equipment financing | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | ||
Credit Quality Information | ||
Recorded investment | 60,396 | 60,122 |
Condominium association | Originated | ||
Credit Quality Information | ||
Recorded investment | 60,396 | 60,122 |
Condominium association | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 60,396 | 60,122 |
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 | 14,986 | 18,299 |
Other consumer | Originated | ||
Credit Quality Information | ||
Recorded investment | 14,867 | 18,171 |
Other consumer | Acquired | ||
Credit Quality Information | ||
Recorded investment | 119 | 128 |
Other consumer | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 14,791 | 18,022 |
Other consumer | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 116 | 128 |
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 | 76 | 149 |
Other consumer | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 3 | 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 | $ 631,863 | $ 624,349 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Residential mortgage | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 565,666 | $ 555,430 |
Percentage of loans to aggregate outstanding amount | 89.50% | 89.00% |
Residential mortgage | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 66,197 | $ 68,919 |
Percentage of loans to aggregate outstanding amount | 10.50% | 11.00% |
Residential mortgage | Loan-to-value ratio, less than 50% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 139,383 | $ 138,030 |
Percentage of loans to aggregate outstanding amount | 22.00% | 22.10% |
Residential mortgage | Loan-to-value ratio, less than 50% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 17,219 | $ 17,809 |
Percentage of loans to aggregate outstanding amount | 2.70% | 2.90% |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 238,100 | $ 229,799 |
Percentage of loans to aggregate outstanding amount | 37.70% | 36.90% |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 23,316 | $ 24,027 |
Percentage of loans to aggregate outstanding amount | 3.70% | 3.80% |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 166,006 | $ 162,614 |
Percentage of loans to aggregate outstanding amount | 26.30% | 26.00% |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 13,337 | $ 14,030 |
Percentage of loans to aggregate outstanding amount | 2.10% | 2.20% |
Residential mortgage | Loan-to-value ratio, 80% and greater than | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 19,394 | $ 21,859 |
Percentage of loans to aggregate outstanding amount | 3.10% | 3.50% |
Residential mortgage | Loan-to-value ratio, 80% and greater than | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 9,343 | $ 10,069 |
Percentage of loans to aggregate outstanding amount | 1.50% | 1.60% |
Residential mortgage | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 2,783 | $ 3,128 |
Percentage of loans to aggregate outstanding amount | 0.40% | 0.50% |
Residential mortgage | Data not available | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 2,982 | $ 2,984 |
Percentage of loans to aggregate outstanding amount | 0.50% | 0.50% |
Home equity | ||
Credit Quality Information | ||
Recorded investment | $ 343,386 | $ 342,241 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Home equity | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 293,323 | $ 289,361 |
Percentage of loans to aggregate outstanding amount | 85.40% | 84.60% |
Home equity | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 50,063 | $ 52,880 |
Percentage of loans to aggregate outstanding amount | 14.60% | 15.40% |
Home equity | Loan-to-value ratio, less than 50% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 147,633 | $ 153,679 |
Percentage of loans to aggregate outstanding amount | 43.00% | 44.90% |
Home equity | Loan-to-value ratio, less than 50% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 30,261 | $ 32,334 |
Percentage of loans to aggregate outstanding amount | 8.90% | 9.40% |
Home equity | Loan-to-value ratio, 50% - 69% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 66,444 | $ 61,553 |
Percentage of loans to aggregate outstanding amount | 19.30% | 18.10% |
Home equity | Loan-to-value ratio, 50% - 69% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 14,839 | $ 15,059 |
Percentage of loans to aggregate outstanding amount | 4.30% | 4.40% |
Home equity | Loan-to-value ratio, 70% - 79% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 55,337 | $ 49,987 |
Percentage of loans to aggregate outstanding amount | 16.10% | 14.60% |
Home equity | Loan-to-value ratio, 70% - 79% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 2,417 | $ 3,069 |
Percentage of loans to aggregate outstanding amount | 0.70% | 0.90% |
Home equity | Loan-to-value ratio, 80% and greater than | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 23,041 | $ 23,317 |
Percentage of loans to aggregate outstanding amount | 6.70% | 6.80% |
Home equity | Loan-to-value ratio, 80% and greater than | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 1,007 | $ 1,016 |
Percentage of loans to aggregate outstanding amount | 0.30% | 0.30% |
Home equity | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 868 | $ 825 |
Percentage of loans to aggregate outstanding amount | 0.30% | 0.20% |
Home equity | Data not available | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 1,539 | $ 1,402 |
Percentage of loans to aggregate outstanding amount | 0.40% | 0.40% |
Allowance for Loan and Lease 43
Allowance for Loan and Lease Losses Allowance for Loan and Lease Losses (Foreclosed Residential Real Estate Property)(Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Receivables [Abstract] | ||
Foreclosed residential real estate property held by the creditor | $ 251 | $ 251 |
Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure | 1,455 | 1,213 |
On accrual | 13,662 | 13,883 |
On nonaccrual | 11,756 | 11,919 |
Total troubled debt restructurings | 25,418 | $ 25,802 |
Increase (decrease) in total debt restructured loans and leases | $ (400) |
Allowance for Loan and Lease 44
Allowance for Loan and Lease Losses (Past Due Loans)(Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Age analysis of past due loans | ||
Past Due | $ 55,859 | $ 52,326 |
Current | 5,405,920 | 5,346,538 |
Total Loans and Leases | 5,461,779 | 5,398,864 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 6,515 | 7,077 |
Nonaccrual Loans and Leases | 45,063 | 40,077 |
Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,066,599 | 2,050,382 |
Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 733,822 | 731,186 |
Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 150,734 | 136,999 |
Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 644,240 | 635,426 |
Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 815,753 | 799,860 |
Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 60,396 | 60,122 |
Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 631,863 | 624,349 |
Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 343,386 | 342,241 |
Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 14,986 | 18,299 |
Commercial real estate loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,951,155 | 2,918,567 |
Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,066,599 | 2,050,382 |
Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 733,822 | 731,186 |
Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 150,734 | 136,999 |
Commercial loans and leases | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,520,389 | 1,495,408 |
Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 644,240 | 635,426 |
Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 815,753 | 799,860 |
Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 60,396 | 60,122 |
Consumer loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 990,235 | 984,889 |
Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 631,863 | 624,349 |
Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 343,386 | 342,241 |
Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 14,986 | 18,299 |
31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 21,681 | 18,851 |
61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 4,520 | 7,350 |
Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 29,658 | 26,125 |
Originated | ||
Age analysis of past due loans | ||
Past Due | 42,776 | 40,525 |
Current | 5,123,948 | 5,043,035 |
Total Loans and Leases | 5,166,724 | 5,083,560 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 82 | 5 |
Nonaccrual Loans and Leases | 42,457 | 36,516 |
Originated | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,932,173 | 1,907,254 |
Originated | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 705,705 | 701,450 |
Originated | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 150,524 | 136,785 |
Originated | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 633,812 | 621,285 |
Originated | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 810,258 | 793,702 |
Originated | Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 60,396 | 60,122 |
Originated | Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 565,666 | 555,430 |
Originated | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 293,323 | 289,361 |
Originated | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 14,867 | 18,171 |
Originated | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 7,140 | 7,163 |
Current | 2,781,262 | 2,738,326 |
Total Loans and Leases | 2,788,402 | 2,745,489 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 2 | 2 |
Nonaccrual Loans and Leases | 6,621 | 6,439 |
Originated | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 5,212 | 4,029 |
Current | 1,926,961 | 1,903,225 |
Total Loans and Leases | 1,932,173 | 1,907,254 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 2 | 2 |
Nonaccrual Loans and Leases | 5,526 | 5,035 |
Originated | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 1,928 | 2,587 |
Current | 703,777 | 698,863 |
Total Loans and Leases | 705,705 | 701,450 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 1,095 | 1,404 |
Originated | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 547 |
Current | 150,524 | 136,238 |
Total Loans and Leases | 150,524 | 136,785 |
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 | 29,842 | 26,259 |
Current | 1,474,624 | 1,448,850 |
Total Loans and Leases | 1,504,466 | 1,475,109 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 78 | 0 |
Nonaccrual Loans and Leases | 32,195 | 27,345 |
Originated | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 21,040 | 16,225 |
Current | 612,772 | 605,060 |
Total Loans and Leases | 633,812 | 621,285 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 25,750 | 20,587 |
Originated | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 8,606 | 9,768 |
Current | 801,652 | 783,934 |
Total Loans and Leases | 810,258 | 793,702 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 78 | 0 |
Nonaccrual Loans and Leases | 6,445 | 6,758 |
Originated | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 196 | 266 |
Current | 60,200 | 59,856 |
Total Loans and Leases | 60,396 | 60,122 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Originated | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 5,794 | 7,103 |
Current | 868,062 | 855,859 |
Total Loans and Leases | 873,856 | 862,962 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 2 | 3 |
Nonaccrual Loans and Leases | 3,641 | 2,732 |
Originated | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 4,141 | 6,202 |
Current | 561,525 | 549,228 |
Total Loans and Leases | 565,666 | 555,430 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 1 | 0 |
Nonaccrual Loans and Leases | 2,955 | 2,455 |
Originated | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 1,250 | 249 |
Current | 292,073 | 289,112 |
Total Loans and Leases | 293,323 | 289,361 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 1 | 3 |
Nonaccrual Loans and Leases | 610 | 128 |
Originated | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 403 | 652 |
Current | 14,464 | 17,519 |
Total Loans and Leases | 14,867 | 18,171 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 76 | 149 |
Originated | 31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 17,406 | 17,332 |
Originated | 31-60 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 2,415 | 4,368 |
Originated | 31-60 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 487 | 1,525 |
Originated | 31-60 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 1,928 | 2,296 |
Originated | 31-60 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 547 |
Originated | 31-60 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 12,411 | 8,645 |
Originated | 31-60 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 9,232 | 5,396 |
Originated | 31-60 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 2,983 | 2,983 |
Originated | 31-60 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 196 | 266 |
Originated | 31-60 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 2,580 | 4,319 |
Originated | 31-60 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 1,185 | 3,745 |
Originated | 31-60 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 1,042 | 25 |
Originated | 31-60 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 353 | 549 |
Originated | 61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 4,000 | 6,934 |
Originated | 61-90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 889 | 2,075 |
Originated | 61-90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 889 | 2,075 |
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 | 3,086 | 2,259 |
Originated | 61-90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 1,680 | 815 |
Originated | 61-90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 1,406 | 1,444 |
Originated | 61-90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Originated | 61-90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 25 | 2,600 |
Originated | 61-90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 2,294 |
Originated | 61-90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 1 | 219 |
Originated | 61-90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 24 | 87 |
Originated | Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 21,370 | 16,259 |
Originated | Greater than 90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 3,836 | 720 |
Originated | Greater than 90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 3,836 | 429 |
Originated | Greater than 90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 291 |
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 | 14,345 | 15,355 |
Originated | Greater than 90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 10,128 | 10,014 |
Originated | Greater than 90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 4,217 | 5,341 |
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 | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 3,189 | 184 |
Originated | Greater than 90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 2,956 | 163 |
Originated | Greater than 90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 207 | 5 |
Originated | Greater than 90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 26 | 16 |
Acquired | ||
Age analysis of past due loans | ||
Past Due | 13,083 | 11,801 |
Current | 281,972 | 303,503 |
Total Loans and Leases | 295,055 | 315,304 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 6,433 | 7,072 |
Nonaccrual Loans and Leases | 2,606 | 3,561 |
Acquired | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 134,426 | 143,128 |
Acquired | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 28,117 | 29,736 |
Acquired | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 210 | 214 |
Acquired | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 10,428 | 14,141 |
Acquired | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 5,495 | 6,158 |
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 | 66,197 | 68,919 |
Acquired | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 50,063 | 52,880 |
Acquired | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 119 | 128 |
Acquired | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 7,181 | 4,936 |
Current | 155,572 | 168,142 |
Total Loans and Leases | 162,753 | 173,078 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 3,455 | 3,786 |
Nonaccrual Loans and Leases | 145 | 305 |
Acquired | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 7,178 | 4,936 |
Current | 127,248 | 138,192 |
Total Loans and Leases | 134,426 | 143,128 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 3,452 | 3,786 |
Nonaccrual Loans and Leases | 145 | 305 |
Acquired | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 3 | 0 |
Current | 28,114 | 29,736 |
Total Loans and Leases | 28,117 | 29,736 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 3 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Current | 210 | 214 |
Total Loans and Leases | 210 | 214 |
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 | 2,188 | 2,957 |
Current | 13,735 | 17,342 |
Total Loans and Leases | 15,923 | 20,299 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 239 | 264 |
Nonaccrual Loans and Leases | 1,692 | 2,387 |
Acquired | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 2,171 | 2,957 |
Current | 8,257 | 11,184 |
Total Loans and Leases | 10,428 | 14,141 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 222 | 264 |
Nonaccrual Loans and Leases | 1,692 | 2,387 |
Acquired | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 17 | 0 |
Current | 5,478 | 6,158 |
Total Loans and Leases | 5,495 | 6,158 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 17 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 3,714 | 3,908 |
Current | 112,665 | 118,019 |
Total Loans and Leases | 116,379 | 121,927 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 2,739 | 3,022 |
Nonaccrual Loans and Leases | 769 | 869 |
Acquired | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 3,045 | 3,183 |
Current | 63,152 | 65,736 |
Total Loans and Leases | 66,197 | 68,919 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 2,594 | 2,820 |
Nonaccrual Loans and Leases | 46 | 46 |
Acquired | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 666 | 724 |
Current | 49,397 | 52,156 |
Total Loans and Leases | 50,063 | 52,880 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 142 | 202 |
Nonaccrual Loans and Leases | 723 | 823 |
Acquired | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 3 | 1 |
Current | 116 | 127 |
Total Loans and Leases | 119 | 128 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 3 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | 31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 4,275 | 1,519 |
Acquired | 31-60 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 3,529 | 925 |
Acquired | 31-60 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 3,529 | 925 |
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 | 258 | 306 |
Acquired | 31-60 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 258 | 306 |
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 | 488 | 288 |
Acquired | 31-60 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 107 | 0 |
Acquired | 31-60 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 381 | 288 |
Acquired | 31-60 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | 61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 520 | 416 |
Acquired | 61-90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 126 | 0 |
Acquired | 61-90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 126 | 0 |
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 | 0 |
Acquired | 61-90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
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 | 394 | 416 |
Acquired | 61-90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 297 | 318 |
Acquired | 61-90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 97 | 97 |
Acquired | 61-90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 0 | 1 |
Acquired | Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 8,288 | 9,866 |
Acquired | Greater than 90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 3,526 | 4,011 |
Acquired | Greater than 90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 3,523 | 4,011 |
Acquired | Greater than 90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 3 | 0 |
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 | 1,930 | 2,651 |
Acquired | Greater than 90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 1,913 | 2,651 |
Acquired | Greater than 90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 17 | 0 |
Acquired | Greater than 90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 2,832 | 3,204 |
Acquired | Greater than 90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 2,641 | 2,865 |
Acquired | Greater than 90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 188 | 339 |
Acquired | Greater than 90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | $ 3 | $ 0 |
Allowance for Loan and Lease 45
Allowance for Loan and Lease Losses (Narrative Loan Information)(Details) | 3 Months Ended |
Mar. 31, 2017class | |
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 | 37.80% |
Commercial real estate loans | Multi-family mortgage | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 13.40% |
Commercial real estate loans | Construction | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 2.80% |
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 | 14.90% |
Commercial loans | Condominium association | |
Allowance for loan losses and recorded investment in loans | |
Percentage of loans to aggregate outstanding amount | 1.10% |
Consumer loans | |
Allowance for loan losses and recorded investment in loans | |
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 | 0.30% |
Allowance for Loan and Lease 46
Allowance for Loan and Lease Losses (Recorded Investment)(Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Impaired Loans and Leases | |||
Recorded investment | $ 78,675 | $ 78,779 | |
Unpaid principal balance | 78,662 | 78,718 | |
Related allowance | 10,081 | 152 | |
Average recorded investment | 80,703 | $ 59,888 | |
Interest income recognized, Total | 307 | 288 | |
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 66,133 | 53,666 | |
Total Loans and Leases | 5,461,779 | 5,398,864 | |
Commercial real estate loans | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 27,988 | 27,645 | |
Total Loans and Leases | 2,951,155 | 2,918,567 | |
Commercial | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 33,283 | 20,906 | |
Total Loans and Leases | 1,520,389 | 1,495,408 | |
Consumer loans | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 4,862 | 5,115 | |
Total Loans and Leases | 990,235 | 984,889 | |
Originated | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 34,346 | 53,205 | |
Recorded investment, loans with related allowance recorded | 26,239 | 4,589 | |
Recorded investment | 60,585 | 57,794 | |
Unpaid principal balance with no related allowance recorded | 34,361 | 53,129 | |
Unpaid principal balance with related allowance recorded | 26,196 | 4,589 | |
Unpaid principal balance | 60,557 | 57,718 | |
Related allowance | 10,061 | 125 | |
Recorded investment, nonaccrual loans | 41,100 | 34,100 | |
Average recorded investment with no related allowance recorded | 35,727 | 21,387 | |
Average recorded investment with related allowance recorded | 26,322 | 17,405 | |
Average recorded investment | 62,049 | 38,792 | |
Interest income recognized with no related allowance recorded | 212 | 191 | |
Interest income recognized with related allowance recorded | 49 | 50 | |
Interest income recognized, Total | 261 | 241 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 10,061 | 125 | |
Collectively evaluated for impairment, allowance | 54,768 | 52,288 | |
Total, Allowance | 64,829 | 52,413 | |
Individually evaluated for impairment, Loans and Leases | 56,597 | 55,445 | |
Collectively evaluated for impairment, Loans and Leases | 5,110,127 | 5,028,115 | |
Total Loans and Leases | 5,166,724 | 5,083,560 | |
Originated | Commercial real estate loans | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 9,271 | 9,113 | |
Recorded investment, loans with related allowance recorded | 4,007 | 3,984 | |
Unpaid principal balance with no related allowance recorded | 9,263 | 9,104 | |
Unpaid principal balance with related allowance recorded | 4,007 | 3,984 | |
Related allowance | 54 | 28 | |
Average recorded investment with no related allowance recorded | 9,363 | 3,124 | |
Average recorded investment with related allowance recorded | 4,000 | 6,122 | |
Interest income recognized with no related allowance recorded | 32 | 21 | |
Interest income recognized with related allowance recorded | 48 | 49 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 54 | 28 | |
Collectively evaluated for impairment, allowance | 27,069 | 26,830 | |
Total, Allowance | 27,123 | 26,858 | |
Individually evaluated for impairment, Loans and Leases | 13,276 | 13,097 | |
Collectively evaluated for impairment, Loans and Leases | 2,775,126 | 2,732,392 | |
Total Loans and Leases | 2,788,402 | 2,745,489 | |
Originated | Commercial | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 19,779 | 39,269 | |
Recorded investment, loans with related allowance recorded | 22,232 | 605 | |
Unpaid principal balance with no related allowance recorded | 19,811 | 39,210 | |
Unpaid principal balance with related allowance recorded | 22,189 | 605 | |
Related allowance | 10,007 | 97 | |
Average recorded investment with no related allowance recorded | 21,058 | 13,775 | |
Average recorded investment with related allowance recorded | 22,322 | 11,283 | |
Interest income recognized with no related allowance recorded | 164 | 150 | |
Interest income recognized with related allowance recorded | 1 | 1 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 10,007 | 97 | |
Collectively evaluated for impairment, allowance | 23,157 | 20,682 | |
Total, Allowance | 33,164 | 20,779 | |
Individually evaluated for impairment, Loans and Leases | 38,139 | 37,637 | |
Collectively evaluated for impairment, Loans and Leases | 1,466,327 | 1,437,472 | |
Total Loans and Leases | 1,504,466 | 1,475,109 | |
Originated | Consumer loans | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 5,296 | 4,823 | |
Unpaid principal balance with no related allowance recorded | 5,287 | 4,815 | |
Average recorded investment with no related allowance recorded | 5,306 | 4,488 | |
Interest income recognized with no related allowance recorded | 16 | 20 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 0 | 0 | |
Collectively evaluated for impairment, allowance | 4,542 | 4,776 | |
Total, Allowance | 4,542 | 4,776 | |
Individually evaluated for impairment, Loans and Leases | 5,182 | 4,711 | |
Collectively evaluated for impairment, Loans and Leases | 868,674 | 858,251 | |
Total Loans and Leases | 873,856 | 862,962 | |
Acquired | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 17,922 | 20,732 | |
Recorded investment, loans with related allowance recorded | 168 | 253 | |
Recorded investment | 18,090 | 20,985 | |
Unpaid principal balance with no related allowance recorded | 17,937 | 20,747 | |
Unpaid principal balance with related allowance recorded | 168 | 253 | |
Unpaid principal balance | 18,105 | 21,000 | |
Related allowance | 20 | 27 | |
Recorded investment, nonaccrual loans | 2,700 | 3,600 | |
Average recorded investment with no related allowance recorded | 18,486 | 17,479 | |
Average recorded investment with related allowance recorded | 168 | 3,617 | |
Average recorded investment | 18,654 | 21,096 | |
Interest income recognized with no related allowance recorded | 45 | 45 | |
Interest income recognized with related allowance recorded | 1 | 2 | |
Interest income recognized, Total | 46 | 47 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 20 | 27 | |
Collectively evaluated for impairment, allowance | 218 | 268 | |
Total, Allowance | 1,304 | 1,253 | |
Individually evaluated for impairment, Loans and Leases | 4,099 | 5,765 | |
Collectively evaluated for impairment, Loans and Leases | 117,134 | 128,577 | |
Total Loans and Leases | 295,055 | 315,304 | |
Acquired | Receivables Acquired with Deteriorated Credit Quality | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 1,066 | 958 | |
Total Loans and Leases | 173,822 | 180,962 | |
Acquired | Commercial real estate loans | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 8,938 | 10,400 | |
Unpaid principal balance with no related allowance recorded | 8,938 | 10,400 | |
Average recorded investment with no related allowance recorded | 9,419 | 6,036 | |
Average recorded investment with related allowance recorded | 0 | 2,606 | |
Interest income recognized with no related allowance recorded | 19 | 10 | |
Interest income recognized with related allowance recorded | 0 | 0 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 0 | 0 | |
Collectively evaluated for impairment, allowance | 177 | 221 | |
Total, Allowance | 865 | 787 | |
Individually evaluated for impairment, Loans and Leases | 0 | 690 | |
Collectively evaluated for impairment, Loans and Leases | 42,272 | 47,599 | |
Total Loans and Leases | 162,753 | 173,078 | |
Acquired | Commercial real estate loans | Receivables Acquired with Deteriorated Credit Quality | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 688 | 566 | |
Total Loans and Leases | 120,481 | 124,789 | |
Acquired | Commercial | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 2,925 | 3,948 | |
Unpaid principal balance with no related allowance recorded | 2,925 | 3,948 | |
Average recorded investment with no related allowance recorded | 2,934 | 4,276 | |
Average recorded investment with related allowance recorded | 0 | 486 | |
Interest income recognized with no related allowance recorded | 10 | 18 | |
Interest income recognized with related allowance recorded | 0 | 0 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 0 | 0 | |
Collectively evaluated for impairment, allowance | 14 | 13 | |
Total, Allowance | 119 | 127 | |
Individually evaluated for impairment, Loans and Leases | 2,344 | 3,047 | |
Collectively evaluated for impairment, Loans and Leases | 7,555 | 10,863 | |
Total Loans and Leases | 15,923 | 20,299 | |
Acquired | Commercial | Receivables Acquired with Deteriorated Credit Quality | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 105 | 114 | |
Total Loans and Leases | 6,024 | 6,389 | |
Acquired | Consumer loans | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 6,059 | 6,384 | |
Recorded investment, loans with related allowance recorded | 168 | 253 | |
Unpaid principal balance with no related allowance recorded | 6,074 | 6,399 | |
Unpaid principal balance with related allowance recorded | 168 | 253 | |
Related allowance | 20 | 27 | |
Average recorded investment with no related allowance recorded | 6,133 | 7,167 | |
Average recorded investment with related allowance recorded | 168 | 525 | |
Interest income recognized with no related allowance recorded | 16 | 17 | |
Interest income recognized with related allowance recorded | 1 | $ 2 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 20 | 27 | |
Collectively evaluated for impairment, allowance | 27 | 34 | |
Total, Allowance | 320 | 339 | |
Individually evaluated for impairment, Loans and Leases | 1,755 | 2,028 | |
Collectively evaluated for impairment, Loans and Leases | 67,307 | 70,115 | |
Total Loans and Leases | 116,379 | 121,927 | |
Acquired | Consumer loans | Receivables Acquired with Deteriorated Credit Quality | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 273 | 278 | |
Total Loans and Leases | $ 47,317 | $ 49,784 |
Allowance for Loan and Lease 47
Allowance for Loan and Lease Losses (Troubled Debt Restructurings)(Details) | 3 Months Ended | |
Mar. 31, 2017USD ($)loan | Mar. 31, 2016USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment, At end of period | $ 800,000 | $ 8,800,000 |
Loans with one modification | 765,000 | 8,775,000 |
Financial impact of modification of performing and nonperforming loans | 7,000 | 0 |
Commitments to lend funds to debtors owing receivables whose terms had been modified in troubled debt restructurings | 0 | 0 |
Adjusted principal | ||
Financing Receivable, Modifications [Line Items] | ||
Loans with one modification | 375,000 | 0 |
Interest only | ||
Financing Receivable, Modifications [Line Items] | ||
Loans with one modification | 0 | 2,412,000 |
Combination maturity, principal, interest rate | ||
Financing Receivable, Modifications [Line Items] | ||
Loans with one modification | $ 390,000 | $ 6,363,000 |
Originated | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/ Leases | loan | 3 | 20 |
Recorded Investment, At Modification | $ 765,000 | $ 8,787,000 |
Recorded Investment, At end of period | 765,000 | 8,775,000 |
Specific Allowance for Loan and Lease Losses | 364,000 | 2,156,000 |
Nonaccrual Loans and Leases | $ 741,000 | $ 8,775,000 |
Defaulted, number of loans/leases | loan | 3 | 0 |
Defaulted, recorded investment | $ 800,000 | $ 0 |
Originated | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/ Leases | loan | 2 | |
Recorded Investment, At Modification | $ 1,155,000 | |
Recorded Investment, At end of period | 1,155,000 | |
Specific Allowance for Loan and Lease Losses | 0 | |
Nonaccrual Loans and Leases | $ 1,155,000 | |
Defaulted, number of loans/leases | loan | 0 | |
Defaulted, recorded investment | $ 0 | |
Originated | Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/ Leases | loan | 3 | 16 |
Recorded Investment, At Modification | $ 765,000 | $ 7,268,000 |
Recorded Investment, At end of period | 765,000 | 7,256,000 |
Specific Allowance for Loan and Lease Losses | 364,000 | 2,156,000 |
Nonaccrual Loans and Leases | $ 741,000 | $ 7,256,000 |
Defaulted, number of loans/leases | loan | 3 | 0 |
Defaulted, recorded investment | $ 800,000 | $ 0 |
Originated | Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/ Leases | loan | 2 | |
Recorded Investment, At Modification | $ 364,000 | |
Recorded Investment, At end of period | 364,000 | |
Specific Allowance for Loan and Lease Losses | 0 | |
Nonaccrual Loans and Leases | $ 364,000 | |
Defaulted, number of loans/leases | loan | 0 | |
Defaulted, recorded investment | $ 0 |
Goodwill and Other Intangible48
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 137,890 | $ 137,890 |
Total other intangible assets | 7,601 | 8,133 |
Total goodwill and other intangible assets | 145,491 | 146,023 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets | 6,512 | 7,044 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets | $ 1,089 | $ 1,089 |
Goodwill and Other Intangible49
Goodwill and Other Intangible Assets (Narrative)(Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2013 | |
Trade name | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 1.1 | |
Core deposits | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Weighted-average amortization period | 8 years 7 months 6 days |
Goodwill and Other Intangible50
Goodwill and Other Intangible Assets (Future Amortization Expense)(Details) $ in Thousands | Mar. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2017 | $ 1,557 |
2,018 | 1,669 |
2,019 | 1,295 |
2,020 | 944 |
2,021 | 601 |
2,022 | 299 |
Thereafter | 147 |
Total | $ 6,512 |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||
Balance at the beginning of the period | $ (3,818) | $ (2,476) |
Other comprehensive income | 557 | 5,828 |
Balance at the end of the period | (3,261) | 3,352 |
Investment Securities Available-for-Sale | ||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||
Balance at the beginning of the period | (4,213) | (2,827) |
Other comprehensive income | 557 | 5,828 |
Balance at the end of the period | (3,656) | 3,001 |
Postretirement Benefits | ||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||
Balance at the beginning of the period | 395 | 351 |
Other comprehensive income | 0 | 0 |
Balance at the end of the period | $ 395 | $ 351 |
Derivatives and Hedging Activ52
Derivatives and Hedging Activities (Details) $ in Thousands | Mar. 31, 2017USD ($)derivative | Dec. 31, 2016USD ($)derivative |
Derivatives and Hedging Activities | ||
Collateral posted | $ 29,900 | $ 34,500 |
Receive fixed, pay variable | ||
Derivatives and Hedging Activities | ||
Total | $ 398,293 | $ 383,780 |
Receive fixed, pay variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 57,000 | 54,000 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 0 |
Notional Amount Maturing, Less than 2 years | 6,110 | 4,025 |
Notional Amount Maturing, Less than 3 years | 0 | 2,141 |
Notional Amount Maturing, Less than 4 years | 29,132 | 29,501 |
Notional Amount Maturing, Thereafter | 363,051 | 348,113 |
Total | 398,293 | 383,780 |
Fair Value | 9,336 | 9,738 |
Pay fixed, receive variable | ||
Derivatives and Hedging Activities | ||
Total | $ 398,293 | $ 383,780 |
Pay fixed, receive variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 57,000 | 54,000 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 0 |
Notional Amount Maturing, Less than 2 years | 6,110 | 4,025 |
Notional Amount Maturing, Less than 3 years | 0 | 2,141 |
Notional Amount Maturing, Less than 4 years | 29,132 | 29,501 |
Notional Amount Maturing, Thereafter | 363,051 | 348,113 |
Total | 398,293 | 383,780 |
Fair Value | 9,336 | 9,738 |
Risk participation-out agreements | ||
Derivatives and Hedging Activities | ||
Total | $ 16,827 | $ 16,961 |
Risk participation-out agreements | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 5,000 | 5,000 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 0 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 0 | 0 |
Notional Amount Maturing, Less than 4 years | 8,964 | 9,078 |
Notional Amount Maturing, Thereafter | 7,863 | 7,883 |
Total | 16,827 | 16,961 |
Fair Value | 16 | 20 |
Risk participation-in agreements | ||
Derivatives and Hedging Activities | ||
Total | $ 3,825 | $ 0 |
Risk participation-in agreements | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 1,000 | 0 |
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 | 0 | |
Notional Amount Maturing, Thereafter | 3,825 | |
Total | 3,825 | |
Fair Value | 13 | |
Buys foreign currency, sells U.S. currency | Foreign exchange contracts | ||
Derivatives and Hedging Activities | ||
Total | $ 9,023 | $ 4,050 |
Buys foreign currency, sells U.S. currency | Foreign exchange contracts | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 9,000 | 3,000 |
Notional Amount Maturing, Less than 1 year | $ 9,023 | $ 4,050 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 0 | 0 |
Notional Amount Maturing, Less than 4 years | 0 | 0 |
Notional Amount Maturing, Thereafter | 0 | 0 |
Total | 9,023 | 4,050 |
Fair Value | 23 | 0 |
Sells foreign currency, buys U.S. currency | Foreign exchange contracts | ||
Derivatives and Hedging Activities | ||
Total | $ 9,023 | $ 4,050 |
Sells foreign currency, buys U.S. currency | Foreign exchange contracts | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 18,000 | 3,000 |
Notional Amount Maturing, Less than 1 year | $ 9,023 | $ 4,050 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 0 | 0 |
Notional Amount Maturing, Less than 4 years | 0 | 0 |
Notional Amount Maturing, Thereafter | 0 | 0 |
Total | 9,023 | 4,050 |
Fair Value | $ 23 | $ 0 |
Derivatives and Hedging Activ53
Derivatives and Hedging Activities (Offsetting of Derivatives and Amounts Subject to Master Netting Agreements)(Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Asset derivatives | ||
Gross Amounts Recognized, Assets | $ 9,375 | $ 9,758 |
Net Amounts Presented in the Statement of Financial Position | 9,375 | 9,758 |
Gross Amount Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 840 | |
Net Amount | 8,535 | 9,758 |
Liability derivatives | ||
Gross Amounts Recognized, Liabilities | 9,372 | 9,738 |
Net Amounts Presented in the Statement of Financial Position | 9,372 | 9,738 |
Gross Amounts Not Offset in the Statement of Financial Position | ||
Financial Instruments Pledged | 29,175 | 33,744 |
Cash Collateral Pledged | 720 | 720 |
Net Amount | 0 | 0 |
Loan Level Derivative | ||
Asset derivatives | ||
Gross Amounts Recognized, Assets | 9,336 | 9,738 |
Net Amounts Presented in the Statement of Financial Position | 9,336 | 9,738 |
Gross Amount Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 840 | |
Net Amount | 8,496 | 9,738 |
Liability derivatives | ||
Gross Amounts Recognized, Liabilities | 9,336 | 9,738 |
Net Amounts Presented in the Statement of Financial Position | 9,336 | 9,738 |
Gross Amounts Not Offset in the Statement of Financial Position | ||
Financial Instruments Pledged | 29,175 | 33,744 |
Cash Collateral Pledged | 720 | 720 |
Net Amount | 0 | 0 |
Risk participation-out agreements | ||
Asset derivatives | ||
Gross Amounts Recognized, Assets | 16 | 20 |
Net Amounts Presented in the Statement of Financial Position | 16 | 20 |
Net Amount | 16 | $ 20 |
Risk participation-in agreements | ||
Liability derivatives | ||
Gross Amounts Recognized, Liabilities | 13 | |
Net Amounts Presented in the Statement of Financial Position | 13 | |
Gross Amounts Not Offset in the Statement of Financial Position | ||
Net Amount | 0 | |
Foreign exchange contracts | ||
Asset derivatives | ||
Gross Amounts Recognized, Assets | 23 | |
Net Amounts Presented in the Statement of Financial Position | 23 | |
Net Amount | 23 | |
Liability derivatives | ||
Gross Amounts Recognized, Liabilities | 23 | |
Net Amounts Presented in the Statement of Financial Position | 23 | |
Gross Amounts Not Offset in the Statement of Financial Position | ||
Net Amount | $ 0 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($)financial_institutionplanshares | Mar. 31, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share-based compensation plans | plan | 3 | |
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 | $ | $ 0.6 | $ 0.6 |
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 | |
Vesting, First Anniversary | Time-based shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting percentage | 33.33% | |
Vesting, Second Anniversary | Time-based shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting percentage | 33.33% | |
Vesting, Third Anniversary | Time-based shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting percentage | 33.33% | |
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 |
Earnings per Share (EPS) (Detai
Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net income | $ 13,445 | $ 12,812 |
Weighted average shares outstanding | 70,386,766 | 70,186,921 |
Effect of dilutive securities (in shares) | 457,330 | 156,487 |
Adjusted weighted average shares outstanding | 70,844,096 | 70,343,408 |
Basic EPS (in dollars per share) | $ 0.19 | $ 0.18 |
Diluted EPS (in dollars per share) | $ 0.19 | $ 0.18 |
Fair Value of Financial Instr56
Fair Value of Financial Instruments (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Assets: | ||
Investment securities available-for-sale | $ 528,433,000 | $ 523,634,000 |
Derivatives | 9,375,000 | 9,758,000 |
Liabilities: | ||
Loan level derivatives | $ 9,372,000 | 9,738,000 |
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 | Investment securities available for sale | ||
Assets: | ||
Investment securities available-for-sale | $ 528,433,000 | 523,634,000 |
Recurring basis | GSE debentures | ||
Assets: | ||
Investment securities available-for-sale | 121,113,000 | 97,020,000 |
Recurring basis | GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale | 149,677,000 | 158,040,000 |
Recurring basis | GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale | 201,924,000 | 212,915,000 |
Recurring basis | SBA commercial loan asset-backed securities | ||
Assets: | ||
Investment securities available-for-sale | 103,000 | 107,000 |
Recurring basis | Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale | 48,522,000 | 48,485,000 |
Recurring basis | U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale | 4,765,000 | 4,737,000 |
Recurring basis | Trust preferred securities | ||
Assets: | ||
Investment securities available-for-sale | 1,355,000 | 1,358,000 |
Recurring basis | Marketable equity securities | ||
Assets: | ||
Investment securities available-for-sale | 974,000 | 972,000 |
Recurring basis | Level 1 | Investment securities available for sale | ||
Assets: | ||
Investment securities available-for-sale | 974,000 | 972,000 |
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 | 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 | 974,000 | 972,000 |
Recurring basis | Level 2 | Investment securities available for sale | ||
Assets: | ||
Investment securities available-for-sale | 527,459,000 | 522,662,000 |
Recurring basis | Level 2 | GSE debentures | ||
Assets: | ||
Investment securities available-for-sale | 121,113,000 | 97,020,000 |
Recurring basis | Level 2 | GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale | 149,677,000 | 158,040,000 |
Recurring basis | Level 2 | GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale | 201,924,000 | 212,915,000 |
Recurring basis | Level 2 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Investment securities available-for-sale | 103,000 | 107,000 |
Recurring basis | Level 2 | Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale | 48,522,000 | 48,485,000 |
Recurring basis | Level 2 | U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale | 4,765,000 | 4,737,000 |
Recurring basis | Level 2 | Trust preferred securities | ||
Assets: | ||
Investment securities available-for-sale | 1,355,000 | 1,358,000 |
Recurring basis | Level 2 | Marketable equity securities | ||
Assets: | ||
Investment securities available-for-sale | 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 | 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 | 9,336,000 | 9,738,000 |
Liabilities: | ||
Loan level derivatives | 9,336,000 | 9,738,000 |
Loan Level Derivative | Recurring basis | ||
Assets: | ||
Derivatives | 9,336,000 | 9,738,000 |
Liabilities: | ||
Loan level derivatives | 9,336,000 | 9,738,000 |
Loan Level Derivative | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Loan level derivatives | 0 | 0 |
Loan Level Derivative | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 9,336,000 | 9,738,000 |
Liabilities: | ||
Loan level derivatives | 9,336,000 | 9,738,000 |
Loan Level Derivative | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Loan level derivatives | 0 | 0 |
Risk participation-out agreements | ||
Assets: | ||
Derivatives | 16,000 | 20,000 |
Risk participation-out agreements | Recurring basis | ||
Assets: | ||
Derivatives | 16,000 | 20,000 |
Risk participation-out agreements | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Risk participation-out agreements | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 16,000 | 20,000 |
Risk participation-out agreements | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Risk participation-in agreements | ||
Liabilities: | ||
Loan level derivatives | 13,000 | |
Risk participation-in agreements | Recurring basis | ||
Liabilities: | ||
Loan level derivatives | 13,000 | 0 |
Risk participation-in agreements | Recurring basis | Level 1 | ||
Liabilities: | ||
Loan level derivatives | 0 | |
Risk participation-in agreements | Recurring basis | Level 2 | ||
Liabilities: | ||
Loan level derivatives | 13,000 | |
Risk participation-in agreements | Recurring basis | Level 3 | ||
Liabilities: | ||
Loan level derivatives | 0 | |
Foreign exchange contracts | ||
Assets: | ||
Derivatives | 23,000 | |
Liabilities: | ||
Loan level derivatives | 23,000 | |
Foreign exchange contracts | Recurring basis | ||
Assets: | ||
Derivatives | 23,000 | 0 |
Liabilities: | ||
Loan level derivatives | 23,000 | |
Foreign exchange contracts | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Loan level derivatives | 0 | |
Foreign exchange contracts | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 23,000 | 0 |
Liabilities: | ||
Loan level derivatives | 23,000 | |
Foreign exchange contracts | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | $ 0 |
Liabilities: | ||
Loan level derivatives | $ 0 |
Fair Value of Financial Instr57
Fair Value of Financial Instruments (Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis)(Details) - Nonrecurring basis - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | $ 36,743 | $ 28,681 |
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 | 1,668 | 781 |
Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 35,075 | 27,900 |
Collateral-dependent impaired loans and leases | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 34,457 | 27,282 |
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 | 34,457 | 27,282 |
OREO | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 618 | 618 |
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 | 618 |
Repossessed assets | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 1,668 | 781 |
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 | 1,668 | 781 |
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 Instr58
Fair Value of Financial Instruments (Quantitative Information for Level 3 Assets Measured at Fair Value on a Recurring Basis)(Details) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Recurring basis | Collateral-dependent impaired loans and leases | Appraisal of collateral | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 34,457 | $ 27,282 |
Recurring basis | Other real estate owned | Appraisal of collateral | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 618 | $ 618 |
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 Instr59
Fair Value of Financial Instruments (Estimated Fair Values of Financial Instruments)(Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Investment securities held-to-maturity: | $ 99,534 | $ 85,271 |
Loans and leases, net | 5,395,646 | 5,345,198 |
Restricted equity securities | 68,065 | 64,511 |
Financial liabilities: | ||
Borrowed funds | 43,637 | 50,207 |
Level 1 | ||
Financial assets: | ||
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 | 1,152 | 13,078 |
Loans and leases, net | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities: | ||
Certificates of deposit | 1,087,550 | 1,042,653 |
Borrowed funds | 1,046,438 | 1,030,753 |
Level 3 | ||
Financial assets: | ||
Loans held-for-sale | 0 | 0 |
Loans and leases, net | 5,285,178 | 5,195,312 |
Restricted equity securities | 68,065 | 75,589 |
Financial liabilities: | ||
Certificates of deposit | 0 | 0 |
Borrowed funds | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Loans held-for-sale | 1,152 | 13,078 |
Loans and leases, net | 5,395,646 | 5,345,198 |
Restricted equity securities | 68,065 | 64,511 |
Financial liabilities: | ||
Certificates of deposit | 1,090,647 | 1,041,022 |
Borrowed funds | 1,056,785 | 1,044,086 |
Estimated Fair Value | ||
Financial assets: | ||
Loans held-for-sale | 1,152 | 13,078 |
Loans and leases, net | 5,285,178 | 5,195,312 |
Restricted equity securities | 68,065 | 75,589 |
Financial liabilities: | ||
Certificates of deposit | 1,087,550 | 1,042,653 |
Borrowed funds | 1,046,438 | 1,030,753 |
GSE debentures | ||
Financial assets: | ||
Investment securities held-to-maturity: | 29,011 | 14,101 |
GSE debentures | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
GSE debentures | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 29,011 | 14,101 |
GSE debentures | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
GSE debentures | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 29,608 | 14,735 |
GSE debentures | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 29,011 | 14,101 |
GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity: | 16,386 | 17,479 |
GSE MBSs | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
GSE MBSs | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 16,386 | 17,479 |
GSE MBSs | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
GSE MBSs | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 16,494 | 17,666 |
GSE MBSs | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 16,386 | 17,479 |
Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity: | 53,648 | 53,204 |
Municipal obligations | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
Municipal obligations | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 53,648 | 53,204 |
Municipal obligations | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
Municipal obligations | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 54,089 | 54,219 |
Municipal obligations | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 53,648 | 53,204 |
Foreign government obligations | ||
Financial assets: | ||
Investment securities held-to-maturity: | 489 | 487 |
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 | |
Foreign government obligations | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 489 | 487 |
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: | $ 489 | $ 487 |
Commitments and Contingencies60
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loan commitments | ||
Unadvanced portion of loans and leases | $ 544,889 | $ 580,416 |
Unused lines of credit: | ||
Home equity | 357,969 | 340,682 |
Other consumer | 12,721 | 13,157 |
Other commercial | 481 | 208 |
Unused letters of credit: | ||
Financial standby letters of credit | 11,735 | 11,720 |
Performance standby letters of credit | 466 | 516 |
Commercial and similar letters of credit | 842 | 785 |
Unfunded credit commitments liability | 1,400 | 1,500 |
Fair value of interest rate swap assets | 9,400 | 9,800 |
Fair value of interest rate swap liabilities | 9,400 | 9,700 |
Commercial real estate | ||
Loan commitments | ||
Commitments to originate loans and leases | 26,341 | 27,750 |
Commercial | ||
Loan commitments | ||
Commitments to originate loans and leases | 76,180 | 71,716 |
Residential mortgage | ||
Loan commitments | ||
Commitments to originate loans and leases | 28,814 | 28,179 |
Receive fixed, pay variable | ||
Unused letters of credit: | ||
Derivatives | 398,293 | 383,780 |
Pay fixed, receive variable | ||
Unused letters of credit: | ||
Derivatives | 398,293 | 383,780 |
Risk participation-out agreements | ||
Unused letters of credit: | ||
Derivatives | 16,827 | 16,961 |
Risk participation-in agreements | ||
Unused letters of credit: | ||
Derivatives | 3,825 | 0 |
Foreign exchange contracts | Buys foreign currency, sells U.S. currency | ||
Unused letters of credit: | ||
Derivatives | 9,023 | 4,050 |
Foreign exchange contracts | Sells foreign currency, buys U.S. currency | ||
Unused letters of credit: | ||
Derivatives | $ 9,023 | $ 4,050 |
Commitments and Contingencies61
Commitments and Contingencies (Lease Commitments)(Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Summary of future minimum rental payments under noncancellable operating leases year ending December 31 | ||
Remainder of 2017 | $ 4,076 | |
2,018 | 5,034 | |
2,019 | 4,165 | |
2,020 | 3,609 | |
2,021 | 3,100 | |
2,022 | 2,878 | |
Thereafter | 11,045 | |
Total | 33,907 | |
Total rental expense | $ 1,400 | $ 1,300 |
Minimum | ||
Operating Leased Assets [Line Items] | ||
Term of operating lease | 5 years | |
Maximum | ||
Operating Leased Assets [Line Items] | ||
Term of operating lease | 25 years |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | May 02, 2017 | Apr. 27, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Sale of stock, number of shares issued | 5,951,250 | |||
Public Stock Offering | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Sale of stock, number of shares issued | 5,175,000 | |||
Common stock, par value (in dollars per share) | $ 0.01 | |||
Sale of stock, price per share (in dollars per share) | $ 14.50 | $ 14.50 | ||
Sale of stock, consideration received | $ 82 | |||
Over-Allotment Option | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Sale of stock, number of shares issued | 776,250 | |||
Sale of stock, period of option to purchase | 30 days |