Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'BROOKLINE BANCORP INC | ' |
Entity Central Index Key | '0001049782 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 70,160,550 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $37,220 | $78,441 |
Short-term investments | 58,195 | 38,656 |
Total cash and cash equivalents | 95,415 | 117,097 |
Investment securities available-for-sale (amortized cost of $488,551 and $475,946, respectively) | 480,402 | 481,323 |
Investment securities held-to-maturity (fair value of $500 and $502, respectively) | 500 | 500 |
Total investment securities | 480,902 | 481,823 |
Loans held-for-sale | 200 | 3,233 |
Total loans and leases | 4,299,477 | 4,175,712 |
Allowance for loan and lease losses | -46,390 | -41,152 |
Net loans and leases | 4,253,087 | 4,134,560 |
Restricted equity securities | 66,627 | 68,661 |
Premises and equipment, net of accumulated depreciation and amortization of $42,870 and $38,985, respectively | 79,504 | 70,791 |
Deferred tax asset | 34,322 | 27,197 |
Goodwill, net | 137,890 | 137,890 |
Identified intangible assets, net of accumulated amortization of $21,767 and $18,272, respectively | 18,015 | 21,510 |
Other real estate owned and repossessed assets, net | 1,319 | 1,491 |
Other assets | 68,948 | 83,281 |
Total assets | 5,236,229 | 5,147,534 |
Non-interest-bearing deposits: | ' | ' |
Demand checking accounts | 667,181 | 623,274 |
Interest-bearing deposits: | ' | ' |
NOW accounts | 204,164 | 212,858 |
Savings accounts | 512,393 | 515,367 |
Money market accounts | 1,403,881 | 1,253,819 |
Certificate of deposit accounts | 950,359 | 1,010,941 |
Total interest-bearing deposits | 3,070,797 | 2,992,985 |
Total deposits | 3,737,978 | 3,616,259 |
Borrowed funds: | ' | ' |
Advances from the FHLBB | 784,740 | 790,865 |
Other borrowed funds | 44,062 | 63,104 |
Total borrowed funds | 828,802 | 853,969 |
Mortgagors' escrow accounts | 8,008 | 6,946 |
Accrued expenses and other liabilities | 42,820 | 54,551 |
Total liabilities | 4,617,608 | 4,531,725 |
Brookline Bancorp, Inc. stockholders' equity: | ' | ' |
Common stock, $0.01 par value; 200,000,000 shares authorized; 75,744,445 shares and 75,749,825 shares issued, respectively | 757 | 757 |
Additional paid-in capital | 616,968 | 618,426 |
Retained earnings, partially restricted | 63,210 | 53,358 |
Accumulated other comprehensive (loss) income | -4,900 | 3,483 |
Treasury stock, at cost; 5,154,327 shares and 5,373,733 shares, respectively | -59,576 | -62,107 |
Unallocated common stock held by ESOP; 302,229 shares and 333,918 shares, respectively | -1,648 | -1,820 |
Total Brookline Bancorp, Inc. stockholders' equity | 614,811 | 612,097 |
Noncontrolling interest in subsidiary | 3,810 | 3,712 |
Total equity | 618,621 | 615,809 |
Total liabilities and equity | 5,236,229 | 5,147,534 |
Commercial real estate loans | ' | ' |
ASSETS | ' | ' |
Total loans and leases | 2,118,460 | 2,005,963 |
Allowance for loan and lease losses | -22,459 | -20,018 |
Commercial loans and leases | ' | ' |
ASSETS | ' | ' |
Total loans and leases | 965,926 | 847,455 |
Allowance for loan and lease losses | -13,670 | -10,655 |
Indirect automobile loans | ' | ' |
ASSETS | ' | ' |
Total loans and leases | 440,949 | 542,344 |
Allowance for loan and lease losses | -4,316 | -5,304 |
Consumer loans | ' | ' |
ASSETS | ' | ' |
Total loans and leases | 774,142 | 779,950 |
Allowance for loan and lease losses | ($3,115) | ($2,545) |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets | ' | ' |
Investment securities available-for-sale, amortized cost (in dollars) | $488,551 | $475,946 |
Investment securities held to maturity, fair value (in dollars) | 500 | 502 |
Premises and equipment, accumulated depreciation and amortization (in dollars) | 42,870 | 38,985 |
Identified intangible assets, accumulated amortization (in dollars) | $21,767 | $18,272 |
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 | 75,749,825 |
Treasury stock, shares | 5,154,327 | 5,373,733 |
Unallocated common stock held by ESOP, shares | 302,229 | 333,918 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest and dividend income: | ' | ' | ' | ' |
Loans and leases | $48,462 | $53,271 | $148,525 | $153,049 |
Debt securities | 2,041 | 1,949 | 5,827 | 6,719 |
Short-term investments | 22 | 71 | 72 | 166 |
Marketable and restricted equity securities | 298 | 103 | 911 | 291 |
Total interest and dividend income | 50,823 | 55,394 | 155,335 | 160,225 |
Interest expense: | ' | ' | ' | ' |
Deposits | 4,637 | 5,375 | 14,214 | 16,355 |
Borrowed funds and subordinated debt | 2,774 | 3,608 | 8,677 | 11,065 |
Total interest expense | 7,411 | 8,983 | 22,891 | 27,420 |
Net interest income | 43,412 | 46,411 | 132,444 | 132,805 |
Provision for credit losses | 2,748 | 2,862 | 7,042 | 12,787 |
Net interest income after provision for credit losses | 40,664 | 43,549 | 125,402 | 120,018 |
Non-interest income: | ' | ' | ' | ' |
Fees, charges and other income | 4,011 | 3,858 | 11,412 | 11,759 |
Loss from investments in affordable housing projects | -558 | -73 | -1,494 | -455 |
Gain on sales of securities | ' | ' | ' | 797 |
Total non-interest income | 3,453 | 3,785 | 9,918 | 12,101 |
Non-interest expense: | ' | ' | ' | ' |
Compensation and employee benefits | 15,591 | 14,664 | 48,586 | 43,590 |
Occupancy | 3,312 | 2,673 | 9,260 | 7,852 |
Equipment and data processing | 4,061 | 4,136 | 12,423 | 11,548 |
Professional services | 1,329 | 1,932 | 4,343 | 10,939 |
FDIC insurance | 508 | 973 | 2,378 | 3,123 |
Advertising and marketing | 758 | 689 | 2,196 | 2,166 |
Amortization of identified intangible assets | 1,154 | 1,271 | 3,495 | 3,825 |
Other | 2,840 | 4,098 | 8,459 | 8,464 |
Total non-interest expense | 29,553 | 30,436 | 91,140 | 91,507 |
Income before provision for income taxes | 14,564 | 16,898 | 44,180 | 40,612 |
Provision for income taxes | 4,645 | 5,176 | 15,156 | 14,473 |
Net income before noncontrolling interest in subsidiary | 9,919 | 11,722 | 29,024 | 26,139 |
Less net income attributable to noncontrolling interest in subsidiary | 490 | 321 | 1,292 | 860 |
Net income attributable to Brookline Bancorp, Inc. | $9,429 | $11,401 | $27,732 | $25,279 |
Earnings per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.14 | $0.16 | $0.40 | $0.36 |
Diluted (in dollars per share) | $0.13 | $0.16 | $0.40 | $0.36 |
Weighted average common shares outstanding during the period: | ' | ' | ' | ' |
Basic (in shares) | 69,830,953 | 69,716,283 | 69,789,737 | 69,682,741 |
Diluted (in shares) | 69,913,765 | 69,754,473 | 69,860,722 | 69,718,072 |
Dividends declared per common share (in dollars per share) | $0.09 | $0.09 | $0.26 | $0.26 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Comprehensive Income | ' | ' | ' | ' |
Net income before noncontrolling interest in subsidiary | $9,919 | $11,722 | $29,024 | $26,139 |
Investment securities available-for-sale: | ' | ' | ' | ' |
Unrealized securities holding (losses) gains excluding non-credit gain on impairment of securities | -735 | 2,592 | -13,526 | 3,394 |
Non-credit gain on impairment of securities | ' | ' | ' | 34 |
Income tax benefit (expense) | 276 | -992 | 5,137 | -1,303 |
Net unrealized securities holding (losses) gains before reclassification adjustments | -459 | 1,600 | -8,389 | 2,125 |
Less reclassification adjustments for securities gains included in net income: | ' | ' | ' | ' |
Gain on sales of securities, net | ' | ' | ' | 797 |
Income tax expense | ' | ' | ' | -282 |
Net reclassification adjustments for securities gains included in net income | ' | ' | ' | 515 |
Net unrealized securities holding (losses) gains | -459 | 1,600 | -8,389 | 1,610 |
Postretirement benefits: | ' | ' | ' | ' |
Adjustment of accumulated obligation for postretirement benefits | ' | ' | 8 | -10 |
Income tax (expense) benefit | ' | ' | -2 | 6 |
Net adjustment of accumulated obligation for postretirement benefits | ' | ' | 6 | -4 |
Net other comprehensive (loss) income | -459 | 1,600 | -8,383 | 1,606 |
Comprehensive income | 9,460 | 13,322 | 20,641 | 27,745 |
Net income attributable to noncontrolling interest in subsidiary | 490 | 321 | 1,292 | 860 |
Comprehensive income attributable to Brookline Bancorp, Inc. | $8,970 | $13,001 | $19,349 | $26,885 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Total Brookline Bancorp, Inc. Stockholders' Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Unallocated Common Stock Held by ESOP | Noncontrolling Interest in Subsidiary |
In Thousands, unless otherwise specified | |||||||||
Balance at Dec. 31, 2011 | $507,002 | $503,602 | $644 | $525,171 | $39,993 | $1,963 | ($62,107) | ($2,062) | $3,400 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Brookline Bancorp, Inc. | 25,279 | 25,279 | ' | ' | 25,279 | ' | ' | ' | ' |
Net income attributable to noncontrolling interest in subsidiary | 860 | ' | ' | ' | ' | ' | ' | ' | 860 |
Issuance of shares of common stock (10,997,840 shares) | 92,822 | 92,822 | 110 | 92,712 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 1,606 | 1,606 | ' | ' | ' | 1,606 | ' | ' | ' |
Common stock dividends of $0.255 per share for the period ended September 30, 2013 and 2012 | -17,821 | -17,821 | ' | ' | -17,821 | ' | ' | ' | ' |
Compensation under recognition and retention plan | 288 | 293 | ' | 293 | ' | ' | ' | ' | -5 |
Common stock held by ESOP committed to be released (31,689 and 33,219 shares for the period ended September 30, 2013 and 2012, respectively) | 181 | 181 | ' | ' | ' | ' | ' | 181 | ' |
Balance at Sep. 30, 2012 | 610,217 | 605,962 | 754 | 618,176 | 47,451 | 3,569 | -62,107 | -1,881 | 4,255 |
Balance at Dec. 31, 2012 | 615,809 | 612,097 | 757 | 618,426 | 53,358 | 3,483 | -62,107 | -1,820 | 3,712 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Brookline Bancorp, Inc. | 27,732 | 27,732 | ' | ' | 27,732 | ' | ' | ' | ' |
Net income attributable to noncontrolling interest in subsidiary | 1,292 | ' | ' | ' | ' | ' | ' | ' | 1,292 |
Other comprehensive income (loss) | -8,383 | -8,383 | ' | ' | ' | -8,383 | ' | ' | ' |
Common stock dividends of $0.255 per share for the period ended September 30, 2013 and 2012 | -17,880 | -17,880 | ' | ' | -17,880 | ' | ' | ' | ' |
Dividend to owners of noncontrolling interest in subsidiary | -1,194 | ' | ' | ' | ' | ' | ' | ' | -1,194 |
Compensation under recognition and retention plan | 1,073 | 1,073 | ' | 1,073 | ' | ' | ' | ' | ' |
Restricted stock awards issued, net of awards surrendered | ' | ' | 3 | -2,531 | ' | ' | 2,531 | ' | ' |
Common stock held by ESOP committed to be released (31,689 and 33,219 shares for the period ended September 30, 2013 and 2012, respectively) | 172 | 172 | ' | ' | ' | ' | ' | 172 | ' |
Balance at Sep. 30, 2013 | $618,621 | $614,811 | $757 | $616,968 | $63,210 | ($4,900) | ($59,576) | ($1,648) | $3,810 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Consolidated Statements of Changes in Equity | ' | ' |
Issuance of shares of common stock, shares | ' | 10,997,840 |
Common stock dividends, per share (in dollars per share) | $0.26 | $0.26 |
Common stock held by ESOP committed to be released, shares | 31,689 | 33,219 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income attributable to Brookline Bancorp, Inc. | $27,732 | $25,279 |
Adjustments to reconcile net income to net cash provided from operating activities: | ' | ' |
Net income attributable to noncontrolling interest in subsidiary | 1,292 | 860 |
Provision for credit losses | 7,042 | 12,787 |
Origination of loans and leases to be sold | -25,118 | -65,252 |
Proceeds from loans and leases sold | 28,798 | 68,208 |
Deferred income tax expense | -1,985 | -2,984 |
Depreciation of premises and equipment | 4,587 | 2,696 |
Amortization of securities premiums and discounts, net | 2,564 | 3,549 |
Amortization of deferred loan and lease origination costs, net | 7,749 | 7,606 |
Amortization of identified intangible assets | 3,495 | 3,825 |
Accretion of acquisition fair value adjustments, net | -5,518 | -9,411 |
Gain on sales of investment securities | ' | -797 |
Gains on sales of loans held for sale | -647 | -434 |
Losses on sales of other real estate owned and repossessed assets | 35 | 41 |
Write-down of other real estate owned and repossessed assets | 188 | 60 |
Compensation under recognition and retention plans | 1,073 | 288 |
Loss on investments in affordable housing projects | 1,494 | 455 |
ESOP shares committed to be released | 172 | 181 |
Net change in: | ' | ' |
Cash surrender value of bank-owned life insurance | -824 | -886 |
Other assets | 13,663 | -4,213 |
Accrued expenses and other liabilities | -11,858 | -2,479 |
Net cash provided from operating activities | 53,934 | 39,379 |
Cash flows from investing activities: | ' | ' |
Proceeds from sales of investment securities available-for-sale | ' | 157,225 |
Proceeds from maturities, calls and principal repayments of investment securities available-for-sale | 108,940 | 158,144 |
Purchases of investment securities available-for-sale | -124,106 | -251,765 |
Proceeds from redemption of restricted equity securities | 2,108 | 2,003 |
Purchases of restricted equity securities | -74 | -15,505 |
Purchases of investment securities held-to-maturity | ' | -500 |
Net increase in loans and leases | -137,775 | -297,966 |
Acquisitions, net of cash and cash equivalents acquired | ' | -89,258 |
Monies in escrow - Bancorp Rhode Island, Inc. acquisition | ' | 112,983 |
Purchase of premises and equipment | -13,763 | -24,126 |
Sale of premises and equipment | 330 | ' |
Proceeds from sales of other real estate owned and repossessed assets | 7,948 | 145 |
Net cash used for investing activities | -156,392 | -248,620 |
Cash flows from financing activities: | ' | ' |
Increase in demand checking, NOW, savings and money market accounts | 182,301 | 233,824 |
Decrease in certificates of deposit | -60,929 | -50,529 |
Proceeds from FHLBB advances | 2,165,600 | 2,300,774 |
Repayment of FHLBB advances | -2,169,090 | -2,305,682 |
Repayment of subordinated debt | -3,000 | ' |
(Decrease) increase in other borrowed funds | -16,094 | 19,012 |
Increase in mortgagors' escrow accounts | 1,062 | 553 |
Payment of dividends on common stock | -17,880 | -17,821 |
Payment of dividends to owners of noncontrolling interest in subsidiary | -1,194 | -914 |
Net cash provided from financing activities | 80,776 | 179,217 |
Net decrease in cash and cash equivalents | -21,682 | -30,024 |
Cash and cash equivalents at beginning of period | 117,097 | 106,296 |
Cash and cash equivalents at end of period | 95,415 | 76,272 |
Cash paid during the period for: | ' | ' |
Interest on deposits, borrowed funds and subordinated debt | 26,345 | 32,018 |
Income taxes | 14,990 | 17,055 |
Non-cash investing activities: | ' | ' |
Transfer from loans to other real estate owned | 7,999 | ' |
Acquisition of Bancorp Rhode Island, Inc.: | ' | ' |
Assets acquired (excluding cash and cash equivalents) | ' | 1,571,817 |
Liabilities assumed | ' | $1,481,535 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation | ' |
Basis of Presentation | ' |
(1) 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 bank; and First Ipswich Bank (“First Ipswich” and formerly known as the First National Bank of Ipswich), a Massachusetts-chartered trust company (collectively referred to as the “Banks”). The Banks are all members of the Federal Reserve System. The Company is also the parent of Brookline Securities Corp. (“BSC”). The Company’s primary business is to provide commercial, business and retail banking services to its corporate, municipal and individual customers through its banks and non-bank subsidiaries. | |
Brookline Bank, which includes its wholly-owned subsidiaries BBS Investment Corp. and Longwood Securities Corp., and its 84.8%-owned subsidiary, Eastern Funding LLC (“Eastern Funding”), operates 23 full-service banking offices in Brookline, Massachusetts, and the greater Boston metropolitan area. BankRI, which includes its wholly-owned subsidiaries BRI Investment Corp., Macrolease Corporation (“Macrolease”), Acorn Insurance Agency and BRI Realty Corp., operates 18 full-service banking offices in Providence County, Kent County and Washington County, Rhode Island. First Ipswich, which includes its wholly-owned subsidiaries First Ipswich Securities II Corp., First Ipswich Insurance Agency and FNBI Realty, operates six full-service banking offices on the north shore of eastern Massachusetts and in the Boston metropolitan area. | |
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, origination of indirect automobile loans, 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, 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 member banks, Brookline Bank and First Ipswich are also subject to regulation under the laws of the Commonwealth of Massachusetts and the jurisdiction of the Massachusetts Division of Banks. 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 for all three Banks. As FDIC-insured depository institutions, all three Banks are also secondarily subject to supervision, examination and regulation by the FDIC. Additionally, as a Massachusetts-chartered savings bank, Brookline Bank is 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, 2012. | |
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, the review of goodwill and intangibles for impairment, income tax accounting and status of contingencies. | |
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_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | ' |
(2) Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This ASU clarifies the scope of offsetting disclosure requirements in ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. Under ASU 2013-01, the disclosure requirements would apply to derivative instruments accounted for in accordance with ASC 815, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending arrangements that are either offset on the balance sheet or subject to an enforceable master netting arrangement or similar agreement. Entities with other types of financial assets and financial liabilities subject to a master netting arrangement or similar agreement also are affected because these amendments make them no longer subject to the disclosure requirements in ASU No. 2011-11. Effective January 1, 2013, companies are required to disclose (a) gross amounts of recognized assets and liabilities; (b) gross amounts offset in the statement of financial position; (c) net amounts of assets and liabilities presented in the statement of financial position; (d) gross amount subject to enforceable master netting agreement not offset in the statements of financial position; and (e) net amounts after deducting (d) from (c). The disclosure should be presented in tabular format (unless another format is more appropriate) separately for assets and liabilities. The intent of the new disclosure is to enable users of financial statements to understand the effect of those arrangements on its financial position and to allow investors to better compare financial statements prepared under GAAP with financial statements prepared under International Financial Reporting Standards. As required, the Company added relevant disclosure in Note 8, “Derivatives and Hedging Activities.” | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. This ASU states that the amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. The amendments do, however, require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required to be reclassified in their entirety to net income under U.S. GAAP, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. In response to this ASU, the Company added a new footnote to disclose the amounts reclassified out of accumulated other comprehensive income and the effects on the line items of net income. See Note 7, “Comprehensive Income.” | |
In July 2013, the FASB issued ASU 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. This ASU amends ASC 815 to allow entities to use the Fed Funds Effective Swap Rate, in addition to U.S. Treasury rates and LIBOR, as a benchmark interest rate in accounting for fair value and cash flow hedges in the United States. This ASU also eliminates the provision from ASC 815-20-25-6 that prohibits the use of different benchmark rates for similar hedges except in rate and justifiable circumstances. This ASU is effective prospectively for qualifying new hedging relationship entered into on or after July 17, 2013, and for hedging relationship redesignated on or after that day. As of September 30, 2013, the Company did not have any fair value and cash flow hedges. The adoption of ASU No. 2013-10 did not have a material impact on the Company’s financial statements. | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU provides guidance on financial statement presentation of unrecognized tax benefits (“UTBs”) when a net operating loss (“NOL”) carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. Under this ASU, an entity must present a UTB, or a portion of a UTB, in the financial statements as a reduction to a deferred tax asset (“DTA”) for an NOL carryforward, a similar tax loss, or a tax credit carryforward except when: (a) an NOL carryforward, a similar tax loss, or a tax credit carryforward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position; (b) the entity does not intend to use the DTA for this purpose (provided that the tax law permits a choice). If either of these conditions exists, an entity should present a UTB in the financial statements as a liability and should not net the UTB with a DTA. New recurring disclosures are not required because the ASU does not affect the recognition or measurement of uncertain tax positions under ASC 740. This amendment does not affect the amounts public entities disclose in the tabular reconciliation of the total amounts of UTBs because the tabular reconciliation presents the gross amount of UTBs. This ASU is effective for fiscal years beginning after December 15, 2013, and interim periods within those years. The amendments should be applied to all UTBs that exist as of the effective date. Entities may choose to apply the amendments retrospectively to each prior reporting period presented. As of September 30, 2013, the Company did not have a UTB. Management will assess the applicability of this ASU after it becomes effective in the first quarter of 2014. |
Investment_Securities
Investment Securities | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||
(3) Investment Securities | ||||||||||||||||||||
The following tables set forth investment securities available-for-sale and held-to-maturity at the dates indicated: | ||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||
Gains | Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
GSEs | $ | 20,178 | $ | 64 | $ | — | $ | 20,242 | ||||||||||||
GSE CMOs | 255,658 | 95 | 7,422 | 248,331 | ||||||||||||||||
GSE MBSs | 178,510 | 2,115 | 3,475 | 177,150 | ||||||||||||||||
Private-label CMOs | 4,013 | 118 | 34 | 4,097 | ||||||||||||||||
SBA commercial loan asset-backed securities | 261 | — | 2 | 259 | ||||||||||||||||
Auction-rate municipal obligations | 1,900 | — | 126 | 1,774 | ||||||||||||||||
Municipal obligations | 1,065 | 24 | — | 1,089 | ||||||||||||||||
Corporate debt obligations | 23,103 | 413 | — | 23,516 | ||||||||||||||||
Trust preferred securities and pools | 2,607 | 296 | 275 | 2,628 | ||||||||||||||||
Total debt securities | 487,295 | 3,125 | 11,334 | 479,086 | ||||||||||||||||
Marketable equity securities | 1,256 | 62 | 2 | 1,316 | ||||||||||||||||
Total investment securities available-for-sale | $ | 488,551 | $ | 3,187 | $ | 11,336 | $ | 480,402 | ||||||||||||
Investment securities held-to-maturity | $ | 500 | $ | — | $ | — | $ | 500 | ||||||||||||
At December 31, 2012 | ||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||
Gains | Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
GSEs | $ | 69,504 | $ | 305 | $ | — | $ | 69,809 | ||||||||||||
GSE CMOs | 215,670 | 1,386 | 55 | 217,001 | ||||||||||||||||
GSE MBSs | 165,996 | 3,704 | 52 | 169,648 | ||||||||||||||||
Private-label CMOs | 6,719 | 147 | — | 6,866 | ||||||||||||||||
SBA commercial loan asset-backed securities | 383 | — | 2 | 381 | ||||||||||||||||
Auction-rate municipal obligations | 2,100 | — | 124 | 1,976 | ||||||||||||||||
Municipal obligations | 1,058 | 43 | — | 1,101 | ||||||||||||||||
Corporate debt obligations | 10,481 | 204 | — | 10,685 | ||||||||||||||||
Trust preferred securities and pools | 2,786 | 136 | 403 | 2,519 | ||||||||||||||||
Total debt securities | 474,697 | 5,925 | 636 | 479,986 | ||||||||||||||||
Marketable equity securities | 1,249 | 88 | — | 1,337 | ||||||||||||||||
Total investment securities available-for-sale | $ | 475,946 | $ | 6,013 | $ | 636 | $ | 481,323 | ||||||||||||
Investment securities held-to-maturity | $ | 500 | $ | 2 | $ | — | $ | 502 | ||||||||||||
At September 30, 2013, the fair value of all securities available-for-sale was $480.4 million and carried a total of $8.1 million of net unrealized losses at the end of the quarter, compared to $5.4 million of net unrealized gains at December 31, 2012. Of the $480.4 million in securities available-for-sale at September 30, 2013, $352.3 million, or 73.3%, of the portfolio, had gross unrealized losses of $11.3 million. This compares to $47.6 million, or 9.9% of the portfolio with gross unrealized losses of $0.6 million at December 31, 2012. The shift from an unrealized gain position to an unrealized loss position over the first nine months of 2013 was driven by rising interest rates. | ||||||||||||||||||||
Investment Securities as Collateral | ||||||||||||||||||||
At September 30, 2013 and December 31, 2012, respectively, $320.6 million and $309.7 million of investment securities available-for-sale were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; and Federal Home Loan Bank of Boston (“FHLBB”) borrowings. The Company did not have any outstanding FRB borrowings at September 30, 2013 or December 31, 2012. | ||||||||||||||||||||
Other-Than-Temporary Impairment (“OTTI”) | ||||||||||||||||||||
Investment securities at September 30, 2013 and December 31, 2012 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: | ||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||
Less than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||
(In Thousands) | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
GSE CMOs | $ | 190,433 | $ | 5,110 | $ | 51,296 | $ | 2,312 | $ | 241,729 | $ | 7,422 | ||||||||
GSE MBSs | 79,020 | 2,039 | 26,423 | 1,436 | 105,443 | 3,475 | ||||||||||||||
Private-label CMOs | 1,145 | 34 | — | — | 1,145 | 34 | ||||||||||||||
SBA commercial loan asset-backed securities | 39 | — | 199 | 2 | 238 | 2 | ||||||||||||||
Auction-rate municipal obligations | — | — | 1,774 | 126 | 1,774 | 126 | ||||||||||||||
Trust preferred securities: | ||||||||||||||||||||
Without OTTI loss | — | — | 1,998 | 275 | 1,998 | 275 | ||||||||||||||
Temporarily impaired debt securities | 270,637 | 7,183 | 81,690 | 4,151 | 352,327 | 11,334 | ||||||||||||||
Marketable equity securities | 509 | 2 | — | — | 509 | 2 | ||||||||||||||
Total temporarily impaired securities | $ | 271,146 | $ | 7,185 | $ | 81,690 | $ | 4,151 | $ | 352,836 | $ | 11,336 | ||||||||
At December 31, 2012 | ||||||||||||||||||||
Less than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||
(In Thousands) | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
GSE CMOs | $ | 23,910 | $ | 55 | $ | — | $ | — | $ | 23,910 | $ | 55 | ||||||||
GSE MBSs | 19,186 | 47 | 235 | 5 | 19,421 | 52 | ||||||||||||||
Private-label CMOs | 25 | — | — | — | 25 | — | ||||||||||||||
SBA commercial loan asset- backed securities | 310 | 2 | — | — | 310 | 2 | ||||||||||||||
Auction-rate municipal obligations | — | — | 1,976 | 124 | 1,976 | 124 | ||||||||||||||
Trust preferred securities and pools: | ||||||||||||||||||||
Without OTTI loss | — | — | 1,931 | 403 | 1,931 | 403 | ||||||||||||||
Temporarily impaired debt securities | 43,431 | 104 | 4,142 | 532 | 47,573 | 636 | ||||||||||||||
Marketable equity securities | — | — | — | — | — | — | ||||||||||||||
Total temporarily impaired securities | $ | 43,431 | $ | 104 | $ | 4,142 | $ | 532 | $ | 47,573 | $ | 636 | ||||||||
The Company performs regular analysis on the available-for-sale investment securities portfolio to determine whether a decline in fair value indicates that an investment 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 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 security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in earnings 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 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 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 earnings. | ||||||||||||||||||||
Debt Securities | ||||||||||||||||||||
The Company expects to recover its amortized cost basis on all debt securities in its available-for-sale and held-to-maturity portfolios. Furthermore, the Company does not intend to sell nor does it anticipate that it will be required to sell any of its securities that were in an unrealized loss position at September 30, 2013, prior to the recovery of their amortized cost basis. The Company’s ability and intent to hold these securities until recovery is supported by the Company’s strong capital and liquidity positions as well as its historically low portfolio turnover. | ||||||||||||||||||||
U.S. Government-Sponsored Enterprises | ||||||||||||||||||||
The Company invests in securities issued by of U.S. Government-sponsored enterprises (“GSEs”), including GSE debt securities, mortgage-backed securities (“MBSs”), and collateralized mortgage obligations (“CMOs”). GSE securities include obligations issued by the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Government National Mortgage Association (“GNMA”), the Federal Home Loan Banks and the Federal Farm Credit Bank. At September 30, 2013, none of those obligations is backed by the full faith and credit of the U.S. Government, except for GNMA MBSs and CMOs, and Small Business Administration (“SBA”) commercial loan asset-backed securities with an estimated fair value of $13.1 million, compared to $10.0 million at December 31, 2012. | ||||||||||||||||||||
At September 30, 2013, the Company held GSE debentures with a total fair value of $20.2 million and a net unrealized gain of less than $0.1 million. At December 31, 2012, the Company held GSE debentures with a total fair value of $69.8 million and a net unrealized gain of $0.3 million. At September 30, 2013, none of the twelve securities in the Company’s portfolio were in unrealized loss positions. All securities are performing and backed by the implicit or explicit guarantee of the U.S. Government. | ||||||||||||||||||||
At September 30, 2013, the Company held SBA securities with a total fair value of $0.3 million and a net unrealized loss of less than $0.1 million. At December 31, 2012, the Company held GSE debentures with a total fair value of $0.4 million and a net unrealized loss of less than $0.1 million. At September 30, 2013, seven of the nine securities in the Company’s portfolio were in unrealized loss positions, which represented 0.8% of the amortized cost of the securities. All securities are performing and backed by the implicit or explicit guarantee of the U.S. Government. | ||||||||||||||||||||
At September 30, 2013, the Company held GSE mortgage-related securities with a total fair value of $425.5 million and a net unrealized loss of $8.7 million. This compares to a total fair value of $386.6 million and a net unrealized gain of $5.0 million at December 31, 2012. During the nine months ended September 30, 2013, the Company purchased $111.4 million in GSE CMOs and GSE MBSs to reinvest cash from matured securities. This compares to a total of $252.3 million during the same period in 2012. At September 30, 2013, 80 of the 235 securities in the Company’s portfolio were in unrealized loss positions, which represented 3.0% of the amortized cost of the securities. All securities are performing and backed by the implicit or explicit guarantee of the U.S. Government. | ||||||||||||||||||||
Private-Label CMOs | ||||||||||||||||||||
At September 30, 2013, the Company held private-issuer CMO-related securities with a total fair value of $4.1 million and a net unrealized gain of less than $0.1 million. At December 31, 2012, the Company held private-issuer CMO-related securities with a total fair value of $6.9 million and a net unrealized gain of $0.1 million. At September 30, 2013, two of the eleven securities in the Company’s portfolio were in unrealized loss positions, which represented 2.9% of the amortized cost of the securities. All securities are performing and while one security was downgraded during the third quarter of 2013, the security is in an unrealized gain position as the underlying credit metrics have not deteriorated over the third quarter of 2013. | ||||||||||||||||||||
Auction-Rate Municipal Obligations and Municipal Obligations | ||||||||||||||||||||
The auction-rate obligations owned by the Company were rated “AAA” at the time of acquisition due, in part, to the guarantee of third-party insurers who would have to pay the obligations if the issuers failed to pay the obligations when they become due. During the financial crisis, certain third-party insurers experienced financial difficulties and were not able to meet their contractual obligations. As a result, auctions failed to attract a sufficient number of investors and created a liquidity problem for those investors who were relying on the obligations to be redeemed at auction. Since then, there has not been an active market for auction-rate municipal obligations. | ||||||||||||||||||||
Based on an evaluation of market factors, the estimated fair value of the auction-rate municipal obligations owned by the Company at September 30, 2013 was $1.8 million, with a corresponding net unrealized loss of $0.1 million. This compares to $2.0 million with a corresponding net unrealized loss of $0.1 million at December 31, 2012. At September 30, 2013, two of the two securities in the Company’s portfolio were in unrealized loss positions, which represented 6.6% of the amortized cost of the securities. Full collection of the obligations is expected because the financial condition of the issuers is sound, none of the issuers has defaulted on scheduled payments, the obligations are rated investment grade and the Company has the ability and intent to hold the obligations for a period of time to recover the unrealized losses. | ||||||||||||||||||||
The Company owns municipal obligations with an estimated fair value of $1.1 million which approximated amortized cost at September 30, 2013. This compares to a total fair value of $1.1 million which also approximated amortized cost at December 31, 2012. At September 30, 2013, none of the two securities in the Company’s portfolio were in unrealized loss positions. Full collection of the obligations is expected because the financial condition of the issuers is sound, none of the issuers has defaulted on scheduled payments, the obligations are rated investment grade and the Company has the ability and intent to hold the obligations for a period of time to recover the unrealized losses. | ||||||||||||||||||||
Corporate Obligations | ||||||||||||||||||||
From time to time, the Company will invest in high-quality corporate obligations to provide portfolio diversification and improve the overall yield on the portfolio. The Company owned ten corporate obligation securities with a total fair value of $23.5 million and total net unrealized gains of $0.4 million at September 30, 2013. This compares to eight corporate obligation securities with a total fair value of $10.7 million and total net unrealized gains of $0.2 million at December 31, 2012. All but one of the securities are investment grade. This non-investment-grade security is currently in an unrealized gain position. At September 30, 2013, none of the ten securities in the Company’s portfolio were in unrealized loss positions. Full collection of the obligations is expected because the financial condition of the issuers is sound, none of the issuers has defaulted on scheduled payments, except for one security 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 unrealized losses. During the nine months ended September 30, 2013, the Company purchased $12.7 million in corporate obligations. The Company did not purchase any corporate obligations in the same period in 2012. | ||||||||||||||||||||
Trust Preferred Securities and Trust Preferred Pools | ||||||||||||||||||||
Trust preferred securities represent subordinated debt issued by financial institutions. These securities are sometimes pooled and sold to investors through structured vehicles known as trust preferred pools (“PreTSLs”). When issued, PreTSLs are divided into tranches or segments that establish priority rights to cash flows from the underlying trust preferred securities. At September 30, 2013, the Company owned three trust preferred securities and two PreTSL pools with a total fair value of $2.6 million which approximate amortized costs. This compares to three trust preferred securities and two PreTSL pools with a total fair value of $2.5 million and a total net unrealized loss of $0.3 million at December 31, 2012. At September 30, 2013, three of the five securities in the Company’s portfolio were in unrealized loss positions, which represents 12.1% of the amortized cost of the securities. The Company monitors these pools closely for impairment due to a history of defaults experienced on the part of the banks underlying the trust preferred securities. | ||||||||||||||||||||
At September 30, 2013, one PreTSL received a $0.2 million principal and interest payment. This payment, which was reported in non-interest income, was applied to the amortized cost with the remainder applied to gains on other assets in accordance with the cost recovery method. The payment completely paid down the amortized cost of this security and future payments will be recognized as gains on other assets The other PreTSL was designated “PreTSL B.” The Company monitors this pool closely for impairment due to a history of defaults experienced on the part of the banks underlying the trust preferred security. The following tables summarize the pertinent information at September 30, 2013 that was considered in determining whether OTTI existed on this PreTSL. | ||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||
Class | Deferrals/ | Estimated Total | Estimated Excess | Lowest | Current | |||||||||||||||
Defaults/ | Remaining Projected | Subordination (3) | Credit Rating | Credit | ||||||||||||||||
Losses to | Defaults (2) | to Date (4) | Rating (5) | |||||||||||||||||
Date (1) | ||||||||||||||||||||
PreTSL B | A-1 | 25 | % | 16 | % | 42 | % | CCC | B | |||||||||||
(1) As a percentage of original collateral. | ||||||||||||||||||||
(2) As a percentage of performing collateral. | ||||||||||||||||||||
(3) Excess subordination represents the additional defaults/losses in excess of both current and projected defaults/losses that the security can absorb before the security is exposed to a loss in principal, after taking into account the best estimate of future deferrals/defaults/losses. | ||||||||||||||||||||
(4) Lower of S&P and Moody’s. | ||||||||||||||||||||
(5) The Company reviewed credit ratings provided by S&P and Moody’s in 2013 in its evaluation of issuers. | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Gross | Total Cumulative OTTI | |||||||||||||||||||
Current Par | Amortized | Unrealized | Fair Value | Credit- | Credit and | |||||||||||||||
Cost (1) | Gain/(Loss) | Related | Non-Credit | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
PreTSL B | $ | 818 | $ | 813 | $ | (25 | ) | $ | 788 | $ | — | $ | — | |||||||
(1) The amortized cost reflects previously recorded credit-related OTTI charges recognized in earnings for the applicable securities. | ||||||||||||||||||||
In performing the analysis for OTTI impairment on the PreTSLs, expected future cash flow scenarios for each pool were considered under varying levels of severity for assumptions including future delinquencies, recoveries and prepayments. The Company also considered its relative seniority within the pools and any excess subordination. The Company’s OTTI assessment for the three months ended September 30, 2013 was as follows: | ||||||||||||||||||||
PreTSL B has experienced $86.0 million in deferrals/defaults, or 25.2% of the security’s underlying collateral, to date. During the third quarter of 2013, there was no change in the deferral or default schedules and no further rating actions. Based on the security’s future expected cash flows and after factoring in projected defaults of 15.7% over its remaining life, the security’s current amortized cost (99.5% of current par), $108.0 million in excess subordination (42.2% of outstanding performing collateral) and the Company’s intent and ability to hold the security until recovery, Management believes that no OTTI is warranted at this time. | ||||||||||||||||||||
At September 30, 2013, there is no OTTI recognized in other comprehensive income on these securities. | ||||||||||||||||||||
Marketable Equity Securities | ||||||||||||||||||||
At September 30, 2013, the Company owned marketable equity securities with a fair value of $1.3 million, including net unrealized gains of less than $0.1 million. This compares to a fair value of $1.3 million and net unrealized gains of $0.1 million at December 31, 2012. At September 30, 2013 one out of the total four securities in the Company’s portfolio was in an unrealized loss position, which represents 0.4% of the amortized cost of the securities. | ||||||||||||||||||||
Portfolio Maturities | ||||||||||||||||||||
The maturities of the investments in debt securities are as follows at the dates indicated: | ||||||||||||||||||||
At September 30, 2013 | At December 31, 2012 | |||||||||||||||||||
Amortized | Estimated | Weighted | Amortized | Estimated | Weighted | |||||||||||||||
Cost | Fair Value | Average | Cost | Fair Value | Average | |||||||||||||||
Rate | Rate | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||||||
Within 1 year | $ | 20,288 | $ | 20,347 | 1.31 | % | $ | 59,396 | $ | 59,736 | 1.2 | % | ||||||||
After 1 year through 5 years | 36,108 | 37,055 | 2.78 | % | 25,249 | 25,579 | 1.61 | % | ||||||||||||
After 5 years through 10 years | 48,309 | 49,428 | 2.62 | % | 50,283 | 52,557 | 3.29 | % | ||||||||||||
Over 10 years | 382,590 | 372,256 | 1.93 | % | 339,769 | 342,114 | 1.93 | % | ||||||||||||
$ | 487,295 | $ | 479,086 | 2.04 | % | $ | 474,697 | $ | 479,986 | 1.97 | % | |||||||||
Investment securities held-to-maturity: | ||||||||||||||||||||
Within 1 year | $ | 500 | $ | 500 | 1.99 | % | $ | — | $ | — | — | % | ||||||||
After 1 year through 5 years | — | — | — | % | 500 | 502 | 1.99 | % | ||||||||||||
After 5 years through 10 years | — | — | — | % | — | — | — | % | ||||||||||||
Over 10 years | — | — | — | % | — | — | — | % | ||||||||||||
$ | 500 | $ | 500 | 1.99 | % | $ | 500 | $ | 502 | 1.99 | % | |||||||||
Actual maturities of GSE debt securities may differ from those presented above since certain obligations provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. At September 30, 2013, there were no remaining callable GSE securities in the investment portfolio. MBSs and CMOs are included above based on their contractual maturities; the remaining lives, however, are expected to be shorter due to anticipated prepayments. | ||||||||||||||||||||
Security Sales | ||||||||||||||||||||
There were no security sales during the nine-month period ended September 30, 2013. | ||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||
September 30, 2012 | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Sales of debt securities | $ | 157,225 | ||||||||||||||||||
Gross gains from sales | 964 | |||||||||||||||||||
Gross losses from sales | 167 | |||||||||||||||||||
Security transactions are recorded on the trade date. When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. |
Loans_and_Leases
Loans and Leases | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Loans and Leases | ' | ||||||||||||||||
Loans and Leases | ' | ||||||||||||||||
(4) Loans and Leases | |||||||||||||||||
The following tables present loan and lease balances and weighted average coupon rates for the originated and acquired loan and lease portfolios at the dates indicated: | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
Originated | Acquired | Total | |||||||||||||||
Balance | Weighted | Balance | Weighted | Balance | Weighted | ||||||||||||
Average | Average | Average | |||||||||||||||
Coupon | Coupon | Coupon | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Commercial real estate loans: | |||||||||||||||||
Commercial real estate | $ | 1,035,394 | 4.33 | % | $ | 365,375 | 4.46 | % | $ | 1,400,769 | 4.36 | % | |||||
Multi-family mortgage | 523,340 | 4.33 | % | 76,261 | 4.71 | % | 599,601 | 4.38 | % | ||||||||
Construction | 106,436 | 3.98 | % | 11,654 | 4.28 | % | 118,090 | 4.01 | % | ||||||||
Total commercial real estate loans | 1,665,170 | 4.31 | % | 453,290 | 4.5 | % | 2,118,460 | 4.35 | % | ||||||||
Commercial loans and leases: | |||||||||||||||||
Commercial | 290,951 | 3.62 | % | 118,425 | 4.62 | % | 409,376 | 3.91 | % | ||||||||
Equipment financing | 480,387 | 7.15 | % | 32,958 | 6.63 | % | 513,345 | 7.12 | % | ||||||||
Condominium association | 43,205 | 4.77 | % | — | — | % | 43,205 | 4.77 | % | ||||||||
Total commercial loans and leases | 814,543 | 5.76 | % | 151,383 | 5.06 | % | 965,926 | 5.65 | % | ||||||||
Indirect automobile loans | 440,949 | 5.05 | % | — | — | % | 440,949 | 5.05 | % | ||||||||
Consumer loans: | |||||||||||||||||
Residential mortgage | 385,680 | 3.67 | % | 126,155 | 4.04 | % | 511,835 | 3.76 | % | ||||||||
Home equity | 121,353 | 3.4 | % | 133,535 | 3.91 | % | 254,888 | 3.67 | % | ||||||||
Other consumer | 6,074 | 5.88 | % | 1,345 | 14.25 | % | 7,419 | 7.4 | % | ||||||||
Total consumer loans | 513,107 | 3.63 | % | 261,035 | 4.03 | % | 774,142 | 3.77 | % | ||||||||
Total loans and leases | $ | 3,433,769 | 4.65 | % | $ | 865,708 | 4.44 | % | $ | 4,299,477 | 4.6 | % | |||||
At December 31, 2012 | |||||||||||||||||
Originated | Acquired | Total | |||||||||||||||
Balance | Weighted | Balance | Weighted | Balance | Weighted | ||||||||||||
Average | Average | Average | |||||||||||||||
Coupon | Coupon | Coupon | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Commercial real estate loans: | |||||||||||||||||
Commercial real estate mortgage | $ | 871,552 | 4.62 | % | $ | 429,681 | 4.69 | % | $ | 1,301,233 | 4.64 | % | |||||
Multi-family mortgage | 506,017 | 4.5 | % | 100,516 | 4.99 | % | 606,533 | 4.58 | % | ||||||||
Construction | 80,913 | 4.2 | % | 17,284 | 4.73 | % | 98,197 | 4.29 | % | ||||||||
Total commercial real estate loans | 1,458,482 | 4.56 | % | 547,481 | 4.75 | % | 2,005,963 | 4.61 | % | ||||||||
Commercial loans and leases: | |||||||||||||||||
Commercial | 230,892 | 3.89 | % | 151,385 | 4.72 | % | 382,277 | 4.22 | % | ||||||||
Equipment financing | 366,297 | 7.69 | % | 54,694 | 6.91 | % | 420,991 | 7.59 | % | ||||||||
Condominium association | 44,187 | 5.02 | % | — | — | 44,187 | 5.02 | % | |||||||||
Total commercial loans and leases | 641,376 | 6.14 | % | 206,079 | 5.3 | % | 847,455 | 5.93 | % | ||||||||
Indirect automobile loans | 542,344 | 5.31 | % | — | — | 542,344 | 5.31 | % | |||||||||
Consumer loans: | |||||||||||||||||
Residential mortgage | 368,095 | 3.87 | % | 143,014 | 4.18 | % | 511,109 | 3.93 | % | ||||||||
Home equity | 99,683 | 3.45 | % | 161,879 | 4.07 | % | 261,562 | 3.83 | % | ||||||||
Other consumer | 6,122 | 5.35 | % | 1,157 | 12.97 | % | 7,279 | 6.56 | % | ||||||||
Total consumer loans | 473,900 | 3.78 | % | 306,050 | 4.15 | % | 779,950 | 3.92 | % | ||||||||
Total loans and leases | $ | 3,116,102 | 4.89 | % | $ | 1,059,610 | 4.67 | % | $ | 4,175,712 | 4.83 | % | |||||
The Company’s lending is primarily in the eastern half of Massachusetts, southern New Hampshire and Rhode Island, with the exception of equipment financing, 40.5% of which is in the greater New York/New Jersey metropolitan area and 59.5% of which is in other areas in the United States of America. | |||||||||||||||||
Residential mortgage loans held-for-sale were $0.2 million and $3.2 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||
Accretable Yield for the Acquired Loan Portfolio | |||||||||||||||||
The following tables summarize activity in the accretable yield for the acquired loan portfolio for the periods indicated: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Balance at beginning of period | $ | 52,182 | $ | 68,656 | $ | 57,812 | $ | (1,369 | ) | ||||||||
Acquisitions | — | — | — | 81,503 | |||||||||||||
Reclassification from nonaccretable difference for loans with improved cash flows | 1,537 | 1,200 | 6,913 | 1,200 | |||||||||||||
Accretion | (5,029 | ) | (7,632 | ) | (16,035 | ) | (19,110 | ) | |||||||||
Balance at end of period | $ | 48,690 | $ | 62,224 | $ | 48,690 | $ | 62,224 | |||||||||
Subsequent to acquisition, management quarterly reforecasts the expected cash flows for acquired ASC 310-30 loans, taking into account prepayment speeds, probability of default and loss given defaults. Management then compares this reforecast to the original estimates to evaluate the need for a loan loss provision and/or prospective yield adjustments. During the nine months ended September 30, 2013 and 2012, accretable yield adjustments totaling $6.9 million and $1.2 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. | |||||||||||||||||
The aggregate remaining nonaccretable difference (representing both principal and interest) applicable to acquired loans totaled $8.2 million and $14.6 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||
Related Party Loans | |||||||||||||||||
The Banks’ authority to extend credit to their respective directors and executive officers, as well as to entities controlled by such persons, is currently governed by the requirements of the Sarbanes-Oxley Act of 2002 and Regulation O of the FRB. Among other things, these provisions require that extensions of credit to insiders (1) be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features; and (2) not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate, which limits are based, in part, on the amount of the Banks’ capital. In addition, the extensions of credit to insiders must be approved by each Bank’s Board of Directors. | |||||||||||||||||
The following table summarizes the change in the total amounts of loans and advances, to directors, executive officers and their affiliates for the periods indicated. All loans were performing at September 30, 2013. | |||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Balance at beginning of period | $ | 4,083 | $ | 16,428 | |||||||||||||
Acquired loans | — | 2,848 | |||||||||||||||
New loans granted during the period | 498 | 140 | |||||||||||||||
Advances on lines of credit | 6,163 | 540 | |||||||||||||||
Repayments | (887 | ) | (14,300 | ) | |||||||||||||
Loans reclassified as insider loans | 10,753 | — | |||||||||||||||
Balance at end of period | $ | 20,610 | $ | 5,656 | |||||||||||||
Unfunded commitments on extensions of credit to insiders totaled $2.6 million and $6.9 million at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||
Recourse Obligations | |||||||||||||||||
As a result of the acquisition of BankRI, the Company has a recourse obligation under a lease sale agreement for up to 8.0% of the original sold balance of approximately $9.8 million relating to the lease portfolio of BankRI’s subsidiary Macrolease. Historically, delinquency rates for this lease portfolio have been significantly less than 8.0%; the rate at September 30, 2013 was 1.19%. At September 30, 2013, a liability for the recourse obligation was included in the Company’s unaudited consolidated financial statements. | |||||||||||||||||
Loans and Leases Pledged as Collateral | |||||||||||||||||
At September 30, 2013 and December 31, 2012, respectively, $1.3 billion and $1.5 billion of loans and leases were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; and FHLBB borrowings. The Company did not have any outstanding FRB borrowings at September 30, 2013 or December 31, 2012. |
Allowance_for_Loan_and_Lease_L
Allowance for Loan and Lease Losses | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | ' | |||||||||||||||||||||||||
Allowance for Loan and Lease Losses | ' | |||||||||||||||||||||||||
(5) Allowance for Loan and Lease Losses | ||||||||||||||||||||||||||
The following tables present the changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment for the periods indicated: | ||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||
Commercial | Commercial | Indirect | Consumer | Unallocated | Total | |||||||||||||||||||||
Real Estate | Automobile | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Balance at June 30, 2013 | $ | 22,019 | $ | 11,791 | $ | 4,695 | $ | 2,999 | $ | 2,777 | $ | 44,281 | ||||||||||||||
Charge-offs | (7 | ) | (219 | ) | (510 | ) | (167 | ) | — | (903 | ) | |||||||||||||||
Recoveries | — | 62 | 116 | 104 | — | 282 | ||||||||||||||||||||
Provision for loan and lease losses | 447 | 2,036 | 15 | 179 | 53 | 2,730 | ||||||||||||||||||||
Balance at September 30, 2013 | $ | 22,459 | $ | 13,670 | $ | 4,316 | $ | 3,115 | $ | 2,830 | $ | 46,390 | ||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||
Commercial | Commercial | Indirect | Consumer | Unallocated | Total | |||||||||||||||||||||
Real Estate | Automobile | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Balance at June 30, 2012 | $ | 17,938 | $ | 8,962 | $ | 5,680 | $ | 2,113 | $ | 2,738 | $ | 37,431 | ||||||||||||||
Charge-offs | — | (1,276 | ) | (423 | ) | (108 | ) | — | (1,807 | ) | ||||||||||||||||
Recoveries | 38 | 97 | 122 | 11 | — | 268 | ||||||||||||||||||||
Provision (credit) for loan and lease losses | 1,187 | 1,453 | 235 | 429 | (283 | ) | 3,021 | |||||||||||||||||||
Balance at September 30, 2012 | $ | 19,163 | $ | 9,236 | $ | 5,614 | $ | 2,445 | $ | 2,455 | $ | 38,913 | ||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||
Commercial | Commercial | Indirect | Consumer | Unallocated | Total | |||||||||||||||||||||
Real Estate | Automobile | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 20,018 | $ | 10,655 | $ | 5,304 | $ | 2,545 | $ | 2,630 | $ | 41,152 | ||||||||||||||
Charge-offs | (88 | ) | (943 | ) | (1,190 | ) | (373 | ) | — | (2,594 | ) | |||||||||||||||
Recoveries | 4 | 326 | 395 | 190 | — | 915 | ||||||||||||||||||||
Provision (credit) for loan and lease losses | 2,525 | 3,632 | (193 | ) | 753 | 200 | 6,917 | |||||||||||||||||||
Balance at September 30, 2013 | $ | 22,459 | $ | 13,670 | $ | 4,316 | $ | 3,115 | $ | 2,830 | $ | 46,390 | ||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||
Commercial | Commercial | Indirect | Consumer | Unallocated | Total | |||||||||||||||||||||
Real Estate | Automobile | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 15,477 | $ | 5,997 | $ | 5,604 | $ | 1,577 | $ | 3,048 | $ | 31,703 | ||||||||||||||
Charge-offs | — | (5,033 | ) | (1,206 | ) | (326 | ) | — | (6,565 | ) | ||||||||||||||||
Recoveries | 118 | 299 | 388 | 24 | — | 829 | ||||||||||||||||||||
Provision (credit) for loan and lease losses | 3,568 | 7,973 | 828 | 1,170 | (593 | ) | 12,946 | |||||||||||||||||||
Balance at September 30, 2012 | $ | 19,163 | $ | 9,236 | $ | 5,614 | $ | 2,445 | $ | 2,455 | $ | 38,913 | ||||||||||||||
The liability for unfunded credit commitments, which is included in other liabilities, was $0.9 million and $0.8 million at September 30, 2013 and December 31, 2012, respectively. During the nine-month period ended September 30, 2013, the liability for unfunded credit commitments increased by $0.1 million to reflect changes in the estimate of loss exposure associated with credit commitments. No credit commitments were charged off against the liability account in nine-month period ended September 30, 2013. | ||||||||||||||||||||||||||
The liability for unfunded credit commitments, which is included in other liabilities, was $0.7 million and $0.8 million at September 30, 2012 and December 31, 2011, respectively. During the nine-month period ended September 30, 2012, the liability for unfunded credit commitments decreased by $0.1 million to reflect changes in the estimate of loss exposure associated with credit commitments. No credit commitments were charged off against the liability account in the nine-month period ended September 30, 2012. | ||||||||||||||||||||||||||
Provision for Credit Losses | ||||||||||||||||||||||||||
The provisions for credit losses are set forth below for the periods indicated: | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Provisions for loan and lease losses: | ||||||||||||||||||||||||||
Commercial real estate | $ | 447 | $ | 1,187 | $ | 2,525 | $ | 3,568 | ||||||||||||||||||
Commercial | 2,036 | 1,453 | 3,632 | 7,973 | ||||||||||||||||||||||
Indirect automobile | 15 | 235 | (193 | ) | 828 | |||||||||||||||||||||
Consumer | 179 | 429 | 753 | 1,170 | ||||||||||||||||||||||
Unallocated | 53 | (283 | ) | 200 | (593 | ) | ||||||||||||||||||||
Total provision for loan and lease losses | 2,730 | 3,021 | 6,917 | 12,946 | ||||||||||||||||||||||
Unfunded credit commitments | 18 | (159 | ) | 125 | (159 | ) | ||||||||||||||||||||
Total provision for credit losses | $ | 2,748 | $ | 2,862 | $ | 7,042 | $ | 12,787 | ||||||||||||||||||
Procedure for Placing Loans and Leases on Nonaccrual | ||||||||||||||||||||||||||
Accrual of interest on loans generally is discontinued when contractual payment of principal or interest becomes past due 90 days or, if in management’s judgment, reasonable doubt exists as to the full timely collection of interest. Exceptions may be made if the loan has matured and is in the process of renewal or is well-secured and in the process of collection. When a loan is placed on nonaccrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current interest income. Interest payments on nonaccrual loans are applied to principal. If collection of the principal is reasonably assured, interest payments are recognized as income on the cash basis. Loans are returned to accrual status when principal and interest payments are current, full collectability of principal and interest is reasonably assured and a consistent record of six consecutive months of performance has been achieved. | ||||||||||||||||||||||||||
Allowance for Loan and Lease Losses Methodology | ||||||||||||||||||||||||||
Management has established a methodology to determine the adequacy of the allowance for loan and lease losses that assesses the risks and losses inherent in the loan and lease portfolio. 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 pools: (1) commercial real estate loans, (2) commercial loans and leases, (3) indirect automobile loans and (4) consumer loans. Portfolio segments are further disaggregated into classes based on the associated risks within the segments. Commercial real estate loans are divided into three classes: commercial real estate mortgage loans, multi-family mortgage loans and construction loans. Commercial loans and leases are divided into three classes: commercial loans, equipment financing, and loans to condominium associations. The indirect automobile loan segment is not divided into classes. Consumer loans are divided into three classes: residential mortgage loans, home equity loans and other consumer loans. 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. | ||||||||||||||||||||||||||
General Allowance | ||||||||||||||||||||||||||
The general allowance for loan and lease losses was $42.0 million at September 30, 2013, compared to $36.9 million at December 31, 2012. The general portion of the allowance for loan and lease losses increased by $5.1 million during the nine months ended September 30, 2013, in part as a result of growth in the commercial real estate and equipment financing portfolios partially offset by the decrease in the indirect auto portfolios. | ||||||||||||||||||||||||||
Specific Allowance | ||||||||||||||||||||||||||
The specific allowance for loan and lease losses was $1.6 million at September 30, 2013, compared to $1.7 million at December 31, 2012. The specific allowance decreased by $0.1 million during the nine months ended September 30, 2013, largely as a result of a large commercial real estate loan payoff, offset by an increase in specific reserves on the equipment financing portfolio. | ||||||||||||||||||||||||||
Unallocated Allowance | ||||||||||||||||||||||||||
The unallocated allowance for loan and lease losses was $2.8 million at September 30, 2013, compared to $2.6 million at December 31, 2012. The unallocated portion of the allowance for loan and lease losses increased by $0.2 million during the nine months ended September 30, 2013, largely as a result of a change in the mix of the loan portfolio and organic loan growth. | ||||||||||||||||||||||||||
Credit Quality Assessment | ||||||||||||||||||||||||||
At the time of loan origination, a rating is assigned based on the financial strength of the borrower and the value of assets pledged as collateral. The Company continually monitors the asset quality of the loan portfolio using all available information. The officer responsible for handling each loan is required to initiate changes to risk ratings when changes in facts and circumstances occur that warrant an upgrade or downgrade in a loan rating. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as delinquent, impaired, nonperforming and/or put on nonaccrual status. Additionally, in the course of resolving such loans, the Company may choose to restructure the contractual terms of certain loans to match the borrower’s ability to repay the loan based on their current financial condition. If a restructured loan meets certain criteria, it may be categorized as a troubled debt restructuring. | ||||||||||||||||||||||||||
The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For the commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes, the Company utilizes an eight-grade loan rating system, which assigns a risk rating to each borrower based on a number of quantitative and qualitative factors associated with a loan transaction. Factors considered include industry and market conditions; position within the industry; earnings trends; operating cash flow; asset/liability values; debt capacity; guarantor strength; management and controls; financial reporting; collateral; and other considerations. In addition, the Company’s independent loan review group evaluates the credit quality and related risk ratings of the commercial real estate and commercial loan portfolios. The results of these reviews are reported to the Board of Directors. For the indirect automobile portfolio, the Company primarily relies on payment status for monitoring credit risk while for residential mortgage and home equity portfolios loan-to-value ratios are used as the primary credit quality indicator. | ||||||||||||||||||||||||||
The ratings categories used for assessing credit risk in the commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes are defined as follows: | ||||||||||||||||||||||||||
1-4 Rating — Pass | ||||||||||||||||||||||||||
Loan rating grades “1” through “4” are classified as “Pass,” which indicates borrowers are performing in accordance with the terms of the loan and are less likely to result in loss due to the capacity of the borrower to pay and the adequacy of the value of assets pledged as collateral. | ||||||||||||||||||||||||||
5 Rating — Other Asset Especially Mentioned (“OAEM”) | ||||||||||||||||||||||||||
Borrowers exhibit potential credit weaknesses or downward trends deserving management’s attention. If not checked or corrected, these trends 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 uncollectable and of such little value that continuation as active assets of the Company is not warranted. | ||||||||||||||||||||||||||
Assets rated as “OAEM,” “substandard” or “doubtful” based on criteria established under banking regulations are collectively referred to as “criticized” assets. | ||||||||||||||||||||||||||
Credit Quality Information | ||||||||||||||||||||||||||
The following tables present the recorded investment in total loans in each class (unpaid balance of loans and leases outstanding excluding deferred loan origination costs) at September 30, 2013 by credit quality indicator. | ||||||||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||
Commercial | Multi- | Construction | Commercial | Equipment | Condominium | Other | ||||||||||||||||||||
Real Estate | Family | Financing | Association | Consumer | ||||||||||||||||||||||
Mortgage | Mortgage | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Loan rating: | ||||||||||||||||||||||||||
Pass | $ | 1,026,840 | $ | 522,435 | $ | 106,436 | $ | 288,183 | $ | 474,254 | $ | 43,202 | $ | 6,074 | ||||||||||||
OAEM | 7,587 | 374 | — | 937 | 1,292 | — | — | |||||||||||||||||||
Substandard | 967 | 531 | — | 113 | 4,808 | 3 | — | |||||||||||||||||||
Doubtful | — | — | — | 1,718 | 33 | — | — | |||||||||||||||||||
Total originated | $ | 1,035,394 | $ | 523,340 | $ | 106,436 | $ | 290,951 | $ | 480,387 | $ | 43,205 | $ | 6,074 | ||||||||||||
Acquired: | ||||||||||||||||||||||||||
Loan rating: | ||||||||||||||||||||||||||
Pass | $ | 350,212 | $ | 72,649 | $ | 10,950 | $ | 106,996 | $ | 32,751 | $ | — | $ | 1,334 | ||||||||||||
OAEM | 4,892 | 1,132 | 704 | 3,606 | 88 | — | — | |||||||||||||||||||
Substandard | 10,032 | 2,480 | — | 7,596 | 119 | — | 11 | |||||||||||||||||||
Doubtful | 239 | — | — | 227 | — | — | — | |||||||||||||||||||
Total acquired | $ | 365,375 | $ | 76,261 | $ | 11,654 | $ | 118,425 | $ | 32,958 | $ | — | $ | 1,345 | ||||||||||||
Total loans by class | $ | 1,400,769 | $ | 599,601 | $ | 118,090 | $ | 409,376 | $ | 513,345 | $ | 43,205 | $ | 7,419 | ||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||
(In Thousands) | (in %) | |||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Credit score: | ||||||||||||||||||||||||||
Over 700 | $ | 365,873 | 83 | % | ||||||||||||||||||||||
661-700 | 59,192 | 13.4 | % | |||||||||||||||||||||||
660 and below | 14,132 | 3.2 | % | |||||||||||||||||||||||
Data not available | 1,752 | 0.4 | % | |||||||||||||||||||||||
$ | 440,949 | 100 | % | |||||||||||||||||||||||
Residential Mortgage | Home Equity | |||||||||||||||||||||||||
(In Thousands) | (In %) | (In Thousands) | (In %) | |||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Loan-to-value ratio: | ||||||||||||||||||||||||||
Less than 50% | $ | 94,027 | 18.4 | % | $ | 75,635 | 29.6 | % | ||||||||||||||||||
50% - 69% | 143,971 | 28.1 | % | 25,435 | 10 | % | ||||||||||||||||||||
70% - 79% | 122,355 | 23.9 | % | 15,211 | 6 | % | ||||||||||||||||||||
80% and over | 22,453 | 4.4 | % | 4,309 | 1.7 | % | ||||||||||||||||||||
Data not available | 2,874 | 0.6 | % | 763 | 0.3 | % | ||||||||||||||||||||
Total originated | $ | 385,680 | 75.4 | % | $ | 121,353 | 47.6 | % | ||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
Loan-to-value ratio: | ||||||||||||||||||||||||||
Less than 50% | $ | 24,316 | 4.7 | % | $ | 88,251 | 34.6 | % | ||||||||||||||||||
50% - 69% | 44,650 | 8.7 | % | 27,001 | 10.6 | % | ||||||||||||||||||||
70% - 79% | 34,210 | 6.7 | % | 16,179 | 6.3 | % | ||||||||||||||||||||
80% and over | 21,284 | 4.2 | % | 1,425 | 0.6 | % | ||||||||||||||||||||
Data not available | 1,695 | 0.3 | % | 679 | 0.3 | % | ||||||||||||||||||||
Total acquired | $ | 126,155 | 24.6 | % | $ | 133,535 | 52.4 | % | ||||||||||||||||||
Total loans | $ | 511,835 | 100 | % | $ | 254,888 | 100 | % | ||||||||||||||||||
The following tables present the recorded investment in loans in each class (unpaid balance of loans and leases outstanding excluding deferred loan origination costs) at December 31, 2012 by credit quality indicator. | ||||||||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||
Commercial | Multi- | Construction | Commercial | Equipment | Condominium | Other | ||||||||||||||||||||
Real Estate | Family | Financing | Association | Consumer | ||||||||||||||||||||||
Mortgage | Mortgage | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Loan rating: | ||||||||||||||||||||||||||
Pass | $ | 863,901 | $ | 504,883 | $ | 80,913 | $ | 227,201 | $ | 359,064 | $ | 44,179 | $ | 6,093 | ||||||||||||
OAEM | 5,686 | 146 | — | 1,196 | 2,979 | — | — | |||||||||||||||||||
Substandard | 1,965 | 988 | — | 502 | 4,213 | 8 | 29 | |||||||||||||||||||
Doubtful | — | — | — | 1,993 | 41 | — | — | |||||||||||||||||||
Total originated | $ | 871,552 | $ | 506,017 | $ | 80,913 | $ | 230,892 | $ | 366,297 | $ | 44,187 | $ | 6,122 | ||||||||||||
Acquired: | ||||||||||||||||||||||||||
Loan rating: | ||||||||||||||||||||||||||
Pass | $ | 409,725 | $ | 93,058 | $ | 17,186 | $ | 140,589 | $ | 54,175 | $ | — | $ | 1,157 | ||||||||||||
OAEM | 2,740 | 2,439 | — | 1,344 | 286 | — | — | |||||||||||||||||||
Substandard | 17,216 | 5,019 | 98 | 8,635 | 233 | — | — | |||||||||||||||||||
Doubtful | — | — | — | 817 | — | — | — | |||||||||||||||||||
Total acquired | $ | 429,681 | $ | 100,516 | $ | 17,284 | $ | 151,385 | $ | 54,694 | $ | — | $ | 1,157 | ||||||||||||
Total loans by class | $ | 1,301,233 | $ | 606,533 | $ | 98,197 | $ | 382,277 | $ | 420,991 | $ | 44,187 | $ | 7,279 | ||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||
(In Thousands) | (in %) | |||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Credit score: | ||||||||||||||||||||||||||
Over 700 | $ | 454,056 | 83.7 | % | ||||||||||||||||||||||
661-700 | 69,319 | 12.8 | % | |||||||||||||||||||||||
660 and below | 16,934 | 3.1 | % | |||||||||||||||||||||||
Data not available | 2,035 | 0.4 | % | |||||||||||||||||||||||
$ | 542,344 | 100 | % | |||||||||||||||||||||||
Residential Mortgage | Home Equity | |||||||||||||||||||||||||
(In Thousands) | (in %) | (In Thousands) | (in %) | |||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Loan-to-value ratio: | ||||||||||||||||||||||||||
Less than 50% | $ | 86,659 | 17 | % | $ | 50,398 | 19.3 | % | ||||||||||||||||||
50% - 69% | 142,172 | 27.8 | % | 25,284 | 9.7 | % | ||||||||||||||||||||
70% - 79% | 111,234 | 21.8 | % | 16,523 | 6.3 | % | ||||||||||||||||||||
80% and over | 27,858 | 5.4 | % | 6,042 | 2.3 | % | ||||||||||||||||||||
Data not available | 172 | — | % | 1,436 | 0.5 | % | ||||||||||||||||||||
Total originated | $ | 368,095 | 72 | % | $ | 99,683 | 38.1 | % | ||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
Loan-to-value ratio: | ||||||||||||||||||||||||||
Less than 50% | $ | 23,398 | 4.6 | % | $ | 28,401 | 10.9 | % | ||||||||||||||||||
50% - 69% | 42,214 | 8.2 | % | 39,385 | 15.1 | % | ||||||||||||||||||||
70% - 79% | 42,748 | 8.4 | % | 33,044 | 12.6 | % | ||||||||||||||||||||
80% and over | 31,614 | 6.2 | % | 34,267 | 13.1 | % | ||||||||||||||||||||
Data not available | 3,040 | 0.6 | % | 26,782 | 10.2 | % | ||||||||||||||||||||
Total acquired | $ | 143,014 | 28 | % | $ | 161,879 | 61.9 | % | ||||||||||||||||||
Total loans | $ | 511,109 | 100 | % | $ | 261,562 | 100 | % | ||||||||||||||||||
Age Analysis of Past Due Loans and Leases | ||||||||||||||||||||||||||
The following tables present an age analysis of the recorded investment in total loans and leases (unpaid balance of loans and leases outstanding excluding deferred loan origination costs) at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||
Past Due | Loans and | |||||||||||||||||||||||||
Leases Past | ||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | Due Greater | Nonaccrual | |||||||||||||||||||
Days | Days | Than 90 | and Leases | Than 90 Days | Loans and | |||||||||||||||||||||
Days | and Accruing | Leases | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||||
Commercial real estate mortgage | $ | 999 | $ | 924 | $ | 43 | $ | 1,966 | $ | 1,033,428 | $ | 1,035,394 | $ | — | $ | 527 | ||||||||||
Multi-family mortgage | — | — | — | — | 523,340 | 523,340 | — | 531 | ||||||||||||||||||
Construction | — | — | — | — | 106,436 | 106,436 | — | — | ||||||||||||||||||
Total commercial real estate loans | 999 | 924 | 43 | 1,966 | 1,663,204 | 1,665,170 | — | 1,058 | ||||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||||||||
Commercial | 390 | 13 | 1,725 | 2,128 | 288,823 | 290,951 | — | 1,737 | ||||||||||||||||||
Equipment financing | 2,441 | 1,302 | 2,115 | 5,858 | 474,529 | 480,387 | 668 | 4,066 | ||||||||||||||||||
Condominium association | — | — | — | — | 43,205 | 43,205 | — | 3 | ||||||||||||||||||
Total commercial loans and leases | 2,831 | 1,315 | 3,840 | 7,986 | 806,557 | 814,543 | 668 | 5,806 | ||||||||||||||||||
Indirect automobile | 5,219 | 756 | 195 | 6,170 | 434,779 | 440,949 | — | 195 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||
Residential mortgage | 142 | — | 533 | 675 | 385,005 | 385,680 | — | 1,654 | ||||||||||||||||||
Home equity | — | — | — | — | 121,353 | 121,353 | — | 74 | ||||||||||||||||||
Other consumer | 9 | 8 | — | 17 | 6,057 | 6,074 | — | 3 | ||||||||||||||||||
Total consumer loans | 151 | 8 | 533 | 692 | 512,415 | 513,107 | — | 1,731 | ||||||||||||||||||
Total originated loans and leases | $ | 9,200 | $ | 3,003 | $ | 4,611 | $ | 16,814 | $ | 3,416,955 | $ | 3,433,769 | $ | 668 | $ | 8,790 | ||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||
Past Due | Loans and | |||||||||||||||||||||||||
Leases Past | ||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | Due Greater | Nonaccrual | |||||||||||||||||||
Days | Days | Than 90 | and Leases | Than 90 Days | Loans and | |||||||||||||||||||||
Days | and Accruing | Leases | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||||
Commercial real estate mortgage | $ | 1,526 | $ | 240 | $ | 4,829 | $ | 6,595 | $ | 358,780 | $ | 365,375 | $ | 4,220 | $ | 610 | ||||||||||
Multi-family mortgage | — | — | 1,561 | 1,561 | 74,700 | 76,261 | 1,561 | 133 | ||||||||||||||||||
Construction | 390 | — | — | 390 | 11,264 | 11,654 | — | — | ||||||||||||||||||
Total commercial real estate loans | 1,916 | 240 | 6,390 | 8,546 | 444,744 | 453,290 | 5,781 | 743 | ||||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||||||||
Commercial | 1,073 | 604 | 2,676 | 4,353 | 114,072 | 118,425 | 1,907 | 3,010 | ||||||||||||||||||
Equipment financing | 141 | 29 | 86 | 256 | 32,702 | 32,958 | 71 | 50 | ||||||||||||||||||
Total commercial loans and leases | 1,214 | 633 | 2,762 | 4,609 | 146,774 | 151,383 | 1,978 | 3,060 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||
Residential mortgage | 140 | 231 | 5,875 | 6,246 | 119,909 | 126,155 | 4,959 | 1,084 | ||||||||||||||||||
Home equity | 616 | 811 | 901 | 2,328 | 131,207 | 133,535 | 162 | 1,727 | ||||||||||||||||||
Other consumer | 2 | 2 | 4 | 8 | 1,337 | 1,345 | — | 15 | ||||||||||||||||||
Total consumer loans | 758 | 1,044 | 6,780 | 8,582 | 252,453 | 261,035 | 5,121 | 2,826 | ||||||||||||||||||
Total acquired loans and leases | $ | 3,888 | $ | 1,917 | $ | 15,932 | $ | 21,737 | $ | 843,971 | $ | 865,708 | $ | 12,880 | $ | 6,629 | ||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||
Past Due | Loans and | |||||||||||||||||||||||||
Leases Past | ||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | Due Greater | Nonaccrual | |||||||||||||||||||
Days | Days | Than 90 | and Leases | Than 90 Days | Loans and | |||||||||||||||||||||
Days | and Accruing | Leases | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||||
Commercial real estate mortgage | $ | 1,530 | $ | — | $ | 435 | $ | 1,965 | $ | 869,587 | $ | 871,552 | $ | 434 | $ | 1,539 | ||||||||||
Multi-family mortgage | 2,410 | 60 | 988 | 3,458 | 502,559 | 506,017 | — | 1,932 | ||||||||||||||||||
Construction | 2,354 | 816 | — | 3,170 | 77,743 | 80,913 | — | — | ||||||||||||||||||
Total commercial real estate loans | 6,294 | 876 | 1,423 | 8,593 | 1,449,889 | 1,458,482 | 434 | 3,471 | ||||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||||||||
Commercial | 26 | 75 | 26 | 127 | 230,765 | 230,892 | 26 | 1,993 | ||||||||||||||||||
Equipment financing | 2,595 | 1,439 | 1,618 | 5,652 | 360,645 | 366,297 | — | 3,817 | ||||||||||||||||||
Condominium association | — | — | — | — | 44,187 | 44,187 | — | 8 | ||||||||||||||||||
Total commercial loans and leases | 2,621 | 1,514 | 1,644 | 5,779 | 635,597 | 641,376 | 26 | 5,818 | ||||||||||||||||||
Indirect automobile | 5,592 | 923 | 99 | 6,614 | 535,730 | 542,344 | 1 | 99 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||
Residential mortgage | — | — | 1,059 | 1,059 | 367,036 | 368,095 | 27 | 2,008 | ||||||||||||||||||
Home equity | — | — | 33 | 33 | 99,650 | 99,683 | — | 58 | ||||||||||||||||||
Other consumer | — | 2 | 5 | 7 | 6,115 | 6,122 | 5 | 29 | ||||||||||||||||||
Total consumer loans | — | 2 | 1,097 | 1,099 | 472,801 | 473,900 | 32 | 2,095 | ||||||||||||||||||
Total originated loans and leases | $ | 14,507 | $ | 3,315 | $ | 4,263 | $ | 22,085 | $ | 3,094,017 | $ | 3,116,102 | $ | 493 | $ | 11,483 | ||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||
Past Due | Loans and | |||||||||||||||||||||||||
Leases Past | ||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | Due Greater | Nonaccrual | |||||||||||||||||||
Days | Days | Than 90 | and Leases | Than 90 Days | Loans and | |||||||||||||||||||||
Days | and Accruing | Leases | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||||
Commercial real estate mortgage | $ | 2,911 | $ | — | $ | 7,289 | $ | 10,200 | $ | 419,481 | $ | 429,681 | $ | 6,616 | $ | 2,475 | ||||||||||
Multi-family mortgage | 2,738 | 395 | 2,178 | 5,311 | 95,205 | 100,516 | 1,857 | 2,301 | ||||||||||||||||||
Construction | — | — | — | — | 17,284 | 17,284 | — | — | ||||||||||||||||||
Total commercial real estate loans | 5,649 | 395 | 9,467 | 15,511 | 531,970 | 547,481 | 8,473 | 4,776 | ||||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||||||||
Commercial | 866 | 177 | 4,353 | 5,396 | 145,989 | 151,385 | 3,503 | 3,461 | ||||||||||||||||||
Equipment financing | 133 | 21 | 194 | 348 | 54,346 | 54,694 | 197 | 56 | ||||||||||||||||||
Total commercial loans and leases | 999 | 198 | 4,547 | 5,744 | 200,335 | 206,079 | 3,700 | 3,517 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||
Residential mortgage | 247 | 121 | 5,266 | 5,634 | 137,380 | 143,014 | 3,650 | 1,796 | ||||||||||||||||||
Home equity | 1,582 | 507 | 607 | 2,696 | 159,183 | 161,879 | 321 | 658 | ||||||||||||||||||
Other consumer | 7 | — | — | 7 | 1,150 | 1,157 | — | 16 | ||||||||||||||||||
Total consumer loans | 1,836 | 628 | 5,873 | 8,337 | 297,713 | 306,050 | 3,971 | 2,470 | ||||||||||||||||||
Total acquired loans and leases | $ | 8,484 | $ | 1,221 | $ | 19,887 | $ | 29,592 | $ | 1,030,018 | $ | 1,059,610 | $ | 16,144 | $ | 10,763 | ||||||||||
Commercial Real Estate Loans — At September 30, 2013, loans outstanding in the three classes within this category expressed as a percentage of total loans and leases outstanding were as follows: commercial real estate mortgage loans — 32.6%; multi-family mortgage loans — 13.9%; 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 from the past five years. Management has accumulated information on actual loan charge-offs and recoveries by class covering, depending on loan/lease category, up to 28 years of loss history. The Company has a long history of low frequency of loss in this loan class. As a result, determination of loss factors is based on considerable judgment by management, including evaluation of the risk characteristics related to current internal and external factors. Notable risk characteristics related to the commercial real estate mortgage and multi-family mortgage portfolios are the concentration in those classes of outstanding loans within the greater Boston and Providence metropolitan areas and the effect the local economies could have on the collectability of those loans. While unemployment in the greater Boston metropolitan area is not as high as in other parts of the United States, it is nonetheless elevated in relation to historic trends. Unemployment in Rhode Island remains high relative to other parts of the United States. Should unemployment in the greater Boston and/or Providence metropolitan areas remain elevated, the resulting negative consequences could affect occupancy rates in the properties financed by the Company and cause certain borrowers to be unable to service their debt obligations. | ||||||||||||||||||||||||||
Other factors taken into consideration in establishing the allowance for loan and lease losses for this class were the rate of growth of originated loans, the decrease in originated loans delinquent over 30 days from $8.6 million at December 31, 2012 to $2.0 million at September 30, 2013 and the increase in originated criticized loans from $8.8 million at December 31, 2012 to $9.5 million at September 30, 2013. The Company also takes into consideration the impact that the economy, and in particular the housing market, has on the rents and values associated with its apartment and multi-family mortgage loans. The increase in renters versus homeowners has increased multi-family rents. This trend, coupled with historically low capitalization rates, has increased apartment and multi-family property valuations, which, in turn, has increased the number of multi-family properties under development. These increases in multi-family rents and valuations could drop if the demand for rentable housing declines or interest rates rise. For further discussion of criticized loans, see “Credit Quality Assessment” section above. | ||||||||||||||||||||||||||
While the Company’s construction loan portfolio is small, there are higher risks associated with such loans. The source of repayment for the majority of the construction loans is derived from the sale of the finished product. These risk factors are considered when estimating allowances for loan losses for this asset class. A project that is viable at the outset can experience losses when there is a drop in the demand for newly constructed product, primarily housing units. Typically, the level of loss in relation to the amount loaned is high when construction projects run into difficulty. | ||||||||||||||||||||||||||
Commercial Loans and Leases — At September 30, 2013, loans and leases outstanding in the three classes within this portfolio expressed as a percent of total loans and leases outstanding were as follows: commercial loans and leases — 9.5%; equipment financing loans — 11.9%; and loans to condominium associations — 1.0%. | ||||||||||||||||||||||||||
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. The factors applied are based on historic loan and lease loss experience and on an assessment of internal and external factors. Management has accumulated information on actual loan and lease charge-offs and recoveries by class covering 19 years for commercial loans and leases, six years for equipment financing loans and leases, and twelve years for loans to condominium associations. Commercial loan and lease losses generally have been infrequent and modest while no losses have been experienced from loans to condominium associations since the Company started originating such loans. The risk characteristics described in “Commercial Real Estate Loans” above regarding concentration of outstanding loans within the greater Boston and Providence metropolitan areas and the status of the local economies are also applicable to the commercial and condominium association loan classes. Until the economy improves sufficiently, some commercial loan borrowers may have difficulty generating sufficient profitability and liquidity to service their debt obligations. | ||||||||||||||||||||||||||
The Company’s equipment financing loans and leases are concentrated in the financing of coin-operated laundry, dry cleaning, fitness and convenience store equipment, and, most recently, tow trucks. A significant share (40.5%) of the Company’s equipment financing business is conducted in the states of New York and New Jersey, with the balance in other locations throughout the United States. The loans and leases are considered to be of higher risk because the borrowers are typically small-business owners who operate with limited financial resources and are more likely to experience difficulties in meeting their debt obligations when the economy is weak or unforeseen adverse events arise. | ||||||||||||||||||||||||||
The factors taken into consideration in establishing the allowance for loan and lease losses for all commercial loan and lease categories included the rate of growth of originated loans and leases outstanding, the entrée into tow-truck lending, the increase in originated loans and leases delinquent over 30 days from $5.8 million at December 31, 2012 to $8.0 million at September 30, 2013, and the decrease in total criticized originated loans and leases from $10.9 million at December 31, 2012 to $8.9 million at September 30, 2013. | ||||||||||||||||||||||||||
Regarding loans to condominium associations, loan proceeds are generally used for capital improvements and loan payments are generally derived from ongoing association dues or special assessments. While the loans are unsecured, associations are permitted statutory liens on condominium units when owners do not pay their dues or special assessments. Proceeds from the subsequent sale of an owner unit can sometimes be a source for payment of delinquent dues and assessments. These factors have been considered in determining the amount of allowance for loan and lease losses established for this loan class. | ||||||||||||||||||||||||||
Indirect Automobile Loans — At September 30, 2013, indirect automobile loans represented 10.3% of the Company’s total loan and lease portfolio. Determination of the allowance for loan and lease losses for this portfolio is based primarily on borrowers’ credit scores (generally considered to be a good indicator of capacity to pay a loan, with the risk of loan loss increasing as credit scores decrease), and on an assessment of trends in loan underwriting, loan loss experience, and the economy and industry conditions. Data are gathered on loan originations by year broken down into the following ranges of borrower credit scores: over 700, between 661 and 700, and 660 and below. The Company’s loan policy specifies underwriting guidelines based in part on the score of the borrower and includes ceilings on the percent of loans originated that can be to borrowers with credit scores of 660 and below. The breakdown of the amounts shown in “Credit Quality Information” above is based on borrower credit scores at the time of loan origination. In the present economy, it is possible that the credit scores of certain borrowers may have deteriorated since the time the loan was originated. Additionally, migrations of loan charge-offs and recoveries are analyzed by year of origination. Based on that data and taking into consideration other factors such as loan delinquencies and economic conditions, projections are made as to the amount of expected losses inherent in the portfolio. The percentage of loans made to borrowers with credit scores of 660 and below was 3.2% and 3.1% at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||||
Consumer Loans — At September 30, 2013, loans outstanding within the three classes within this portfolio expressed as a percent of total loans and leases outstanding were as follows: residential mortgage loans — 11.9%; home equity loans — 5.9%; and other consumer loans — 0.2%. | ||||||||||||||||||||||||||
Significant risk characteristics related to the residential mortgage and home equity loan portfolios are the geographic concentration of the properties financed within selected communities in the greater Boston and Providence metropolitan areas and the economic conditions in those areas as previously commented upon in the “Commercial Real Estate Loans” subsection above. The loan-to-value ratio is 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. The loan-to-value ratios for residential mortgage loans are based on loan balances outstanding at September 30, 2013 and December 31, 2012 expressed as a percent of appraised real estate values at the time of loan origination. The loan-to-value ratios for home equity loans outstanding at September 30, 2013 and December 31, 2012 are based on the maximum amount of credit available to a borrower plus the balance of other loans secured by the same real estate serving as collateral for the home equity loan at the time the line of credit was established expressed as a percent of the appraised value of the real estate at the time the line of credit was established. 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. For non-impaired loans, loss factors are applied to loans outstanding for each class. The factors applied are based primarily on historic loan loss experience, the value of underlying collateral, underwriting standards, and trends in loan-to-value ratios, credit scores of borrowers, sales activity, selling prices, geographic concentrations and employment conditions. | ||||||||||||||||||||||||||
The risk of loss on a home equity loan is higher since the property securing the loan has often been previously pledged as collateral for a first mortgage loan. The Company gathers and analyzes delinquency data, to the extent that data are available on these first liens, for purposes of assessing the collectability of the second liens held for the Company even if these home equity loans are not delinquent. These data are further analyzed for performance differences between amortizing and non-amortizing home equity loans, the percentage borrowed to total loan commitment, and by the amount of payments made by the borrowers. The exposure to loss is not considered to be high due to the combination of current property values, the low level of losses experienced in the past few years and the low level of loan delinquencies at September 30, 2013. If the local economy weakens, however, a rise in losses in those loan classes could occur. Historically, losses in these classes have been low. | ||||||||||||||||||||||||||
Impaired Loans and Leases | ||||||||||||||||||||||||||
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 and for the periods indicated. Also presented are the average recorded investments in the impaired loans and leases and the related amount of interest recognized during the period that the impaired loans were impaired. | ||||||||||||||||||||||||||
At September 30, 2013 | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2013 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | Average | Interest | ||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Recorded | Income | ||||||||||||||||||||
Balance | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 2,267 | $ | 2,267 | $ | — | $ | 2,285 | $ | 19 | $ | 2,200 | $ | 69 | ||||||||||||
Commercial | 5,464 | 5,428 | — | 5,661 | 48 | 4,031 | 109 | |||||||||||||||||||
Consumer | 977 | 974 | — | 986 | 4 | 1,108 | 26 | |||||||||||||||||||
8,708 | 8,669 | — | 8,932 | 71 | 7,339 | 204 | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 1,146 | 1,146 | 184 | 1,131 | 13 | 1,516 | 26 | |||||||||||||||||||
Commercial | 995 | 986 | 801 | 1,070 | 3 | 1,810 | 14 | |||||||||||||||||||
Consumer | 3,328 | 3,318 | 321 | 3,461 | 22 | 3,317 | 82 | |||||||||||||||||||
5,469 | 5,450 | 1,306 | 5,662 | 38 | 6,643 | 122 | ||||||||||||||||||||
Total | $ | 14,177 | $ | 14,119 | $ | 1,306 | $ | 14,594 | $ | 109 | $ | 13,982 | $ | 326 | ||||||||||||
At September 30, 2013 | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2013 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | Average | Interest | ||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Recorded | Income | ||||||||||||||||||||
Balance | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 8,332 | $ | 8,332 | $ | — | $ | 9,305 | $ | 36 | $ | 9,783 | $ | 178 | ||||||||||||
Commercial | 5,594 | 5,594 | — | 5,790 | 38 | 4,800 | 93 | |||||||||||||||||||
Consumer | 1,356 | 1,356 | — | 1,335 | 4 | 1,379 | 17 | |||||||||||||||||||
15,282 | 15,282 | — | 16,430 | 78 | 15,962 | 288 | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 4,170 | 3,803 | 129 | 3,975 | 42 | 2,776 | 42 | |||||||||||||||||||
Commercial | 1,238 | 882 | 160 | 1,043 | — | 385 | — | |||||||||||||||||||
Consumer | — | — | — | — | — | — | — | |||||||||||||||||||
5,408 | 4,685 | 289 | 5,018 | 42 | 3,161 | 42 | ||||||||||||||||||||
Total | $ | 20,690 | $ | 19,967 | $ | 289 | $ | 21,448 | $ | 120 | $ | 19,123 | $ | 330 | ||||||||||||
At December 31, 2012 | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2012 | September 30, 2012 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | Average | Interest | ||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Recorded | Income | ||||||||||||||||||||
Balance | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 2,051 | $ | 2,051 | $ | — | $ | 1,700 | $ | 53 | $ | 2,975 | $ | 201 | ||||||||||||
Commercial | 3,032 | 3,059 | — | 2,666 | 45 | 3,122 | 135 | |||||||||||||||||||
Consumer | 1,191 | 1,187 | — | 1,875 | 35 | 2,596 | 87 | |||||||||||||||||||
6,274 | 6,297 | — | 6,241 | 133 | 8,693 | 423 | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 2,517 | 2,516 | 241 | 2,366 | 20 | 1,024 | 59 | |||||||||||||||||||
Commercial | 3,422 | 3,559 | 703 | 5,364 | 85 | 3,022 | 193 | |||||||||||||||||||
Consumer | 3,648 | 3,636 | 596 | 3,757 | 22 | 2,788 | 83 | |||||||||||||||||||
9,587 | 9,711 | 1,540 | 11,487 | 127 | 6,834 | 335 | ||||||||||||||||||||
Total | $ | 15,861 | $ | 16,008 | $ | 1,540 | $ | 17,728 | $ | 260 | $ | 15,527 | $ | 758 | ||||||||||||
At December 31, 2012 | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2012 | September 30, 2012 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | Average | Interest | ||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Recorded | Income | ||||||||||||||||||||
Balance | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 17,918 | $ | 19,129 | $ | — | $ | 6,880 | $ | — | $ | 4,726 | $ | — | ||||||||||||
Commercial | 7,329 | 7,782 | — | 2,169 | — | 2,021 | 2 | |||||||||||||||||||
Consumer | 3,266 | 3,379 | — | 1,641 | — | 1,072 | 1 | |||||||||||||||||||
28,513 | 30,290 | — | 10,690 | — | 7,819 | 3 | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 673 | 684 | 75 | 1,343 | — | 909 | — | |||||||||||||||||||
Commercial | 113 | 121 | 75 | 58 | — | 19 | — | |||||||||||||||||||
Consumer | — | — | — | — | — | — | — | |||||||||||||||||||
786 | 805 | 150 | 1,401 | — | 928 | — | ||||||||||||||||||||
Total | $ | 29,299 | $ | 31,095 | $ | 150 | $ | 12,091 | $ | — | $ | 8,747 | $ | 3 | ||||||||||||
The following tables present information regarding impaired and non-impaired loans and leases at the dates indicated: | ||||||||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||
Loans and Leases | Loans and Leases | Acquired Loans | Total | |||||||||||||||||||||||
Individually Evaluated for | Collectively Evaluated for | (ASC 310-20 | ||||||||||||||||||||||||
Impairment | Impairment | and ASC 310-30) | ||||||||||||||||||||||||
Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Commercial real estate | $ | 3,413 | $ | 184 | $ | 1,661,757 | $ | 21,904 | $ | 453,290 | $ | 371 | $ | 2,118,460 | $ | 22,459 | ||||||||||
Commercial | 6,459 | 801 | 808,084 | 12,521 | 151,383 | 348 | 965,926 | 13,670 | ||||||||||||||||||
Indirect automobile | — | — | 440,949 | 4,316 | — | — | 440,949 | 4,316 | ||||||||||||||||||
Consumer | 4,305 | 321 | 508,802 | 2,235 | 261,035 | 559 | 774,142 | 3,115 | ||||||||||||||||||
Unallocated | — | — | — | 2,830 | — | — | — | 2,830 | ||||||||||||||||||
Total | $ | 14,177 | $ | 1,306 | $ | 3,419,592 | $ | 43,806 | $ | 865,708 | $ | 1,278 | $ | 4,299,477 | $ | 46,390 | ||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||
Loans and Leases | Loans and Leases | Acquired Loans | Total | |||||||||||||||||||||||
Individually Evaluated for | Collectively Evaluated for | (ASC 310-20 | ||||||||||||||||||||||||
Impairment | Impairment | and ASC 310-30) | ||||||||||||||||||||||||
Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Commercial real estate | $ | 4,568 | $ | 241 | $ | 1,453,913 | $ | 19,702 | $ | 547,482 | $ | 75 | $ | 2,005,963 | $ | 20,018 | ||||||||||
Commercial | 6,454 | 703 | 634,922 | 9,877 | 206,079 | 75 | 847,455 | 10,655 | ||||||||||||||||||
Indirect automobile | — | — | 542,344 | 5,304 | — | — | 542,344 | 5,304 | ||||||||||||||||||
Consumer | 4,839 | 596 | 469,061 | 1,949 | 306,050 | — | 779,950 | 2,545 | ||||||||||||||||||
Unallocated | — | — | — | 2,630 | — | — | — | 2,630 | ||||||||||||||||||
Total | $ | 15,861 | $ | 1,540 | $ | 3,100,240 | $ | 39,462 | $ | 1,059,611 | $ | 150 | $ | 4,175,712 | $ | 41,152 | ||||||||||
Troubled Debt Restructured Loans and Leases | ||||||||||||||||||||||||||
The recorded investment in troubled debt restructurings and the associated specific allowances for loan and lease losses, in the originated and acquired loan and lease portfolios, are as follows for the periods indicated. | ||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||
Number | At | At End of | Allowance for | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | |||||||||||||||||||
Leases | Lease Losses | Leases | Leases | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Commercial real estate mortgage | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||
Commercial | — | — | — | — | — | — | 1 | 1,731 | ||||||||||||||||||
Equipment financing | 1 | 558 | 558 | 12 | — | — | 1 | 537 | ||||||||||||||||||
Residential mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | 1 | $ | 558 | $ | 558 | $ | 12 | $ | — | $ | — | 2 | $ | 2,268 | ||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||
Number | At | At End of | Allowance for | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | |||||||||||||||||||
Leases | Lease Losses | Leases | Leases | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 737 | $ | 737 | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||
Commercial | 2 | 553 | 520 | — | — | — | 1 | 962 | ||||||||||||||||||
Equipment financing | — | — | — | — | — | — | — | — | ||||||||||||||||||
Residential mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | 3 | $ | 1,290 | $ | 1,257 | $ | — | $ | — | $ | — | 1 | $ | 962 | ||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||
Number | At | At End of | Allowance for | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | |||||||||||||||||||
Leases | Lease Losses | Leases | Leases | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Commercial real estate mortgage | — | $ | — | $ | — | $ | — | $ | — | $ | — | 2 | $ | 1,288 | ||||||||||||
Commercial | — | — | — | — | — | — | 1 | 44 | ||||||||||||||||||
Equipment financing | — | — | — | — | — | — | 3 | 656 | ||||||||||||||||||
Residential mortgage | 1 | 900 | 900 | — | — | — | 1 | 169 | ||||||||||||||||||
Total | 1 | $ | 900 | $ | 900 | $ | — | $ | — | $ | — | 7 | $ | 2,157 | ||||||||||||
For the three months ended September 30, 2012, there were no troubled debt restructurings in the Company’s acquired portfolio. | ||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||
Number | At | At End of | Allowance for | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | |||||||||||||||||||
Leases | Lease Losses | Leases | Leases | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 1,039 | $ | — | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||
Commercial | — | — | — | — | — | — | 1 | 1,731 | ||||||||||||||||||
Equipment financing | 9 | 1,683 | 1,687 | 54 | 372 | — | 1 | 537 | ||||||||||||||||||
Residential mortgage | 1 | 415 | 372 | — | — | — | — | — | ||||||||||||||||||
Total | 11 | $ | 3,137 | $ | 2,059 | $ | 54 | $ | 372 | $ | — | 2 | $ | 2,268 | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||
Number | At | At End of | Allowance for | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | |||||||||||||||||||
Leases | Lease Losses | Leases | Leases | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 737 | $ | 737 | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||
Commercial | 3 | 977 | 941 | — | 421 | — | 1 | 962 | ||||||||||||||||||
Equipment financing | — | — | — | — | — | — | — | — | ||||||||||||||||||
Residential mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | 4 | $ | 1,714 | $ | 1,678 | $ | — | $ | 421 | $ | — | 1 | $ | 962 | ||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||
Number | At | At End of | Allowance for | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | |||||||||||||||||||
Leases | Lease Losses | Leases | Leases | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 355 | $ | 348 | $ | 33 | $ | 33 | $ | — | 2 | $ | 1,288 | ||||||||||||
Commercial | 1 | 97 | 94 | 2 | 2 | — | 1 | 44 | ||||||||||||||||||
Equipment financing | 5 | 1,181 | 1,113 | 57 | 57 | — | 6 | 1,240 | ||||||||||||||||||
Residential mortgage | 5 | 2,202 | 2,202 | 174 | 174 | — | 3 | 763 | ||||||||||||||||||
Total | 12 | $ | 3,835 | $ | 3,757 | $ | 266 | $ | 266 | $ | — | 12 | $ | 3,335 | ||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||
Number | At | At End of | Allowance for | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | |||||||||||||||||||
Leases | Lease Losses | Leases | Leases | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 3,262 | $ | 3,262 | $ | 16 | $ | 3,262 | $ | — | — | $ | — | ||||||||||||
Commercial | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equipment financing | — | — | — | — | — | — | — | — | ||||||||||||||||||
Residential mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | 1 | $ | 3,262 | $ | 3,262 | $ | 16 | $ | 3,262 | $ | — | — | $ | — | ||||||||||||
The following table sets forth the Company’s balances of troubled debt restructurings that were modified at the dates indicated, by type of modification. | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Loans with one modification: | ||||||||||||||||||||||||||
Extended maturity | $ | 1,257 | $ | — | $ | 1,257 | $ | 343 | ||||||||||||||||||
Adjusted principal | — | — | 372 | 4,564 | ||||||||||||||||||||||
Adjusted interest rate | 558 | 900 | 1,351 | 1,248 | ||||||||||||||||||||||
Combination maturity, principal, interest rate | — | — | 757 | 864 | ||||||||||||||||||||||
Total loans with one modification | $ | 1,815 | $ | 900 | $ | 3,737 | $ | 7,019 | ||||||||||||||||||
Loans with more than one modification: | ||||||||||||||||||||||||||
Extended maturity | $ | — | $ | — | $ | — | $ | 25 | ||||||||||||||||||
Adjusted principal | — | — | — | 3,897 | ||||||||||||||||||||||
Total loans with more than one modification | $ | — | $ | — | $ | — | $ | 3,922 | ||||||||||||||||||
The financial impact of the modification of performing or nonperforming loans and leases for the three months and nine months ended September 30, 2013 was $0.2 million and $0.5 million, respectively. There was no financial impact of the modification of performing and nonperforming loans and leases for the three months and nine months ended September 30, 2012. | ||||||||||||||||||||||||||
As of September 30, 2013 and 2012, there were no commitments to lend funds to debtors owing receivables whose terms had been modified in troubled debt restructurings. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Goodwill and Other Intangible Assets | ' | |||||||
Goodwill and Other Intangible Assets | ' | |||||||
(6) Goodwill and Other Intangible Assets | ||||||||
The following table sets forth the composition of goodwill and other intangible assets at the dates indicated: | ||||||||
At September 30, 2013 | At December 31, 2012 | |||||||
(In Thousands) | ||||||||
Goodwill | ||||||||
$ | 137,890 | $ | 137,890 | |||||
Other intangible assets: | ||||||||
Core deposits | 16,774 | 19,773 | ||||||
Trade name | 1,149 | 1,333 | ||||||
Trust relationship | 92 | 404 | ||||||
Total other intangible assets | 18,015 | 21,510 | ||||||
Total goodwill and other intangible assets | $ | 155,905 | $ | 159,400 | ||||
The estimated aggregate future amortization expense for intangible assets remaining at September 30, 2013 is as follows: | ||||||||
Remainder of 2013 | $ | 1,499 | ||||||
Year ending: | ||||||||
2014 | 3,339 | |||||||
2015 | 3,062 | |||||||
2016 | 2,626 | |||||||
2017 | 2,004 | |||||||
Thereafter | 5,485 | |||||||
Total | $ | 18,015 | ||||||
Comprehensive_Income
Comprehensive Income | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Comprehensive Income | ' | ||||||||||
Comprehensive Income | ' | ||||||||||
(7) Comprehensive Income | |||||||||||
Comprehensive income represents the sum of net income (loss) and other comprehensive income (loss). For the three months and nine months ended September 30, 2013 and September 30, 2012, the Company’s other comprehensive income include the following two components: (i) unrealized holding gains (losses) on investment securities available-for-sale; and (ii) adjustment of accumulated obligation for postretirement benefits. | |||||||||||
Changes in accumulated other comprehensive (loss) income by component, net of tax, were as follows for the periods indicated: | |||||||||||
Three Months Ended September 30, 2013 | |||||||||||
Investment | Postretirement | Accumulated Other | |||||||||
Securities | Benefits | Comprehensive | |||||||||
Available-for-Sale | Income | ||||||||||
(In Thousands) | |||||||||||
Balance at June 30, 2013 | $ | (4,572 | ) | $ | 131 | $ | (4,441 | ) | |||
Other comprehensive loss | (459 | ) | — | (459 | ) | ||||||
Balance at September 30, 2013 | $ | (5,031 | ) | $ | 131 | $ | (4,900 | ) | |||
Three Months Ended September 30, 2012 | |||||||||||
Investment | Postretirement | Accumulated Other | |||||||||
Securities | Benefits | Comprehensive | |||||||||
Available-for-Sale | Income | ||||||||||
(In Thousands) | |||||||||||
Balance at June 30, 2012 | $ | 1,844 | $ | 125 | $ | 1,969 | |||||
Other comprehensive income | 1,600 | — | 1,600 | ||||||||
Balance at September 30, 2012 | $ | 3,444 | $ | 125 | $ | 3,569 | |||||
Nine Months Ended September 30, 2013 | |||||||||||
Investment | Postretirement | Accumulated Other | |||||||||
Securities | Benefits | Comprehensive | |||||||||
Available-for-Sale | Income | ||||||||||
(In Thousands) | |||||||||||
Balance at December 31, 2012 | $ | 3,358 | $ | 125 | $ | 3,483 | |||||
Other comprehensive (loss) income | (8,389 | ) | 6 | (8,383 | ) | ||||||
Balance at September 30, 2013 | $ | (5,031 | ) | $ | 131 | $ | (4,900 | ) | |||
Nine Months Ended September 30, 2012 | |||||||||||
Investment | Postretirement | Accumulated Other | |||||||||
Securities | Benefits | Comprehensive | |||||||||
Available-for-Sale | Income | ||||||||||
(In Thousands) | |||||||||||
Balance at December 31, 2011 | $ | 1,834 | $ | 129 | $ | 1,963 | |||||
Other comprehensive income (loss) | 1,610 | (4 | ) | 1,606 | |||||||
Balance at September 30, 2012 | $ | 3,444 | $ | 125 | $ | 3,569 | |||||
The Company did not reclassify any amounts out of accumulated other comprehensive income (loss) for the three months or nine months ended September 30, 2013. | |||||||||||
The following is a summary of the amounts reclassified from accumulated other comprehensive income (loss) for the three months or nine months ended September 30, 2012. | |||||||||||
Three Months Ended | Nine Months Ended | Income Statement Line | |||||||||
September 30, | September 30, | ||||||||||
2012 | 2012 | Affected by Reclassification | |||||||||
(In Thousands) | |||||||||||
Other Comprehensive Income (Loss) Component | |||||||||||
Unrealized gains (losses) on investment securities available-for-sale: | |||||||||||
$ | — | $ | 797 | Gain on sales of securities | |||||||
— | (282 | ) | Provision for income taxes | ||||||||
Total reclassifications for the period | $ | — | $ | 515 | Net income |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Derivatives and Hedging Activities | ' | ||||||||||||||||||||
Derivatives and Hedging Activities | ' | ||||||||||||||||||||
(8) Derivatives and Hedging Activities | |||||||||||||||||||||
The Company may use interest-rate contracts (swaps, caps and floors) as part of interest-rate risk management strategy. Interest-rate swap, cap and floor agreements are entered into as hedges against future interest-rate fluctuations on specifically identified assets or liabilities. The Company did not have derivative fair value hedges or derivative cash flow hedges at September 30, 2013 or December 31, 2012. | |||||||||||||||||||||
Derivatives not designated as hedges are not speculative but rather, result from a service the Company provides to certain customers for a fee. The Company executes interest-rate swaps with commercial banking customers to aid them in managing their interest-rate risk. The interest-rate swap contracts allow the commercial banking customers to convert floating-rate loan payments to fixed-rate loan payments. The Company concurrently enters into offsetting swaps with a third-party financial institution, effectively minimizing its net risk exposure resulting from such transactions. The third-party financial institution exchanges the customer’s fixed-rate loan payments for floating-rate loan payments. As the interest-rate swaps associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. At September 30, 2013, the Company had eight interest-rate swaps with an aggregate notional amount of $22.6 million related to this program, compared to ten interest-rate swaps with an aggregate notional amount of $33.2 million at December 31, 2012. | |||||||||||||||||||||
The table below presents the fair value and classification of the Company’s derivative financial instruments on the unaudited consolidated balance sheets at September 30, 2013, and the effect of the Company’s derivative financial instruments on the unaudited consolidated income statements for the three months and nine months ended September 30, 2013. Asset derivatives and liability derivatives are included in other assets and accrued expenses and other liabilities on the unaudited consolidated balance sheets, respectively. Gains recognized on derivatives are included in fees, charges and other income on the unaudited consolidated income statements. | |||||||||||||||||||||
At September 30, 2013 | Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||||||
Asset | Liability | Gain (Loss) | Gain (Loss) | ||||||||||||||||||
Derivatives | Derivatives | Recognized | Recognized | ||||||||||||||||||
in Income | in Income | ||||||||||||||||||||
on Derivatives (1) | on Derivatives (1) | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Total derivatives (interest-rate products) not designated as hedging instruments | $ | 930 | $ | 970 | $ | 1 | $ | (24 | ) | ||||||||||||
(1) The amount of gain (loss) recognized in income on derivatives represents changes related to the fair value of the interest rate products. | |||||||||||||||||||||
By using derivative financial instruments, the Company exposes itself to credit risk. Credit risk is the risk of failure by the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative is negative, the Company owes the counterparty and, therefore, it does not possess credit risk. The credit risk in derivative instruments is mitigated by entering into transactions with highly-rated counterparties that management believes to be creditworthy and by limiting the amount of exposure to each counterparty. The estimated net credit risk exposure for derivative financial instruments was less than $0.1 million at both September 30, 2013 and December 31, 2012. | |||||||||||||||||||||
Certain of the derivative agreements contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount. The Company has posted collateral of $0.5 million and $0.5 million in the normal course of business at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||
The tables below presents the offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet at the dates indicated. | |||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Gross Amounts Not Offset in the | ||||||||||||||||||
Amounts of | Offset in the | Assets Presented in | Statement of Financial Position | ||||||||||||||||||
Recognized | Statement of | the Statement of | Financial | Cash Collateral | Net Amount | ||||||||||||||||
Assets /Liabilities | Financial Position | Financial Position | Instruments | (Received)/ Posted | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Asset Derivatives | $ | 930 | $ | — | $ | 930 | $ | — | $ | — | $ | 930 | |||||||||
Liability Derivatives | $ | 970 | $ | — | $ | 970 | $ | — | $ | 448 | $ | 1,418 | |||||||||
At December 31, 2012 | |||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Gross Amounts Not Offset in the | ||||||||||||||||||
Amounts of | Offset in the | Assets Presented in | Statement of Financial Position | ||||||||||||||||||
Recognized | Statement of | the Statement of | Financial | Cash Collateral | Net Amount | ||||||||||||||||
Assets /Liabilities | Financial Position | Financial Position | Instruments | (Received) / Posted | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Asset Derivatives | $ | 1,317 | $ | — | $ | 1,317 | $ | — | $ | — | $ | 1,317 | |||||||||
Liability Derivatives | $ | 1,380 | $ | — | $ | 1,380 | $ | — | $ | 548 | $ | 1,928 | |||||||||
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings per Share | ' | |||||||||||||
Earnings per Share | ' | |||||||||||||
(9) Earnings per Share | ||||||||||||||
The following table sets forth a reconciliation of basic and diluted earnings per share (“EPS”) for the periods indicated: | ||||||||||||||
Three Months Ended | ||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||
Basic | Fully | Basic | Fully | |||||||||||
Diluted | Diluted | |||||||||||||
(In Thousands Except Share Data) | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 9,429 | $ | 9,429 | $ | 11,401 | $ | 11,401 | ||||||
Denominator: | ||||||||||||||
Weighted average shares outstanding | 69,830,953 | 69,830,953 | 69,716,283 | 69,716,283 | ||||||||||
Effect of dilutive securities | — | 82,812 | — | 38,190 | ||||||||||
Adjusted weighted average shares outstanding | 69,830,953 | 69,913,765 | 69,716,283 | 69,754,473 | ||||||||||
EPS | $ | 0.14 | $ | 0.13 | $ | 0.16 | $ | 0.16 | ||||||
Nine Months Ended | ||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||
Basic | Fully | Basic | Fully | |||||||||||
Diluted | Diluted | |||||||||||||
(In Thousands Except Share Data) | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 27,732 | $ | 27,732 | $ | 25,279 | $ | 25,279 | ||||||
Denominator: | ||||||||||||||
Weighted average shares outstanding | 69,789,737 | 69,789,737 | 69,682,741 | 69,682,741 | ||||||||||
Effect of dilutive securities | — | 70,985 | — | 35,331 | ||||||||||
Adjusted weighted average shares outstanding | 69,789,737 | 69,860,722 | 69,682,741 | 69,718,072 | ||||||||||
EPS | $ | 0.4 | $ | 0.4 | $ | 0.36 | $ | 0.36 |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
(10) 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 2013. | |||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | |||||||||||||||||
The following tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated: | |||||||||||||||||
Carrying Value at September 30, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In Thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Securities available-for-sale: | |||||||||||||||||
GSEs | $ | — | $ | 20,242 | $ | — | $ | 20,242 | |||||||||
GSE CMOs | — | 248,331 | — | 248,331 | |||||||||||||
GSE MBSs | — | 177,150 | — | 177,150 | |||||||||||||
Private-label CMOs | — | 4,097 | — | 4,097 | |||||||||||||
SBA commercial loan asset-backed securities | — | 259 | — | 259 | |||||||||||||
Auction-rate municipal obligations | — | — | 1,774 | 1,774 | |||||||||||||
Municipal obligations | — | 1,089 | — | 1,089 | |||||||||||||
Corporate debt obligations | — | 23,516 | — | 23,516 | |||||||||||||
Trust preferred securities and pools | — | 1,547 | 1,081 | 2,628 | |||||||||||||
Marketable equity securities | 1,316 | — | — | 1,316 | |||||||||||||
Total securities available-for-sale | $ | 1,316 | $ | 476,231 | $ | 2,855 | $ | 480,402 | |||||||||
Interest-rate swaps | $ | — | $ | 930 | $ | — | $ | 930 | |||||||||
Liabilities: | |||||||||||||||||
Interest-rate swaps | $ | — | $ | 970 | $ | — | $ | 970 | |||||||||
Carrying Value at December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In Thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Securities available-for-sale: | |||||||||||||||||
GSEs | $ | — | $ | 69,809 | $ | — | $ | 69,809 | |||||||||
GSE CMOs | — | 217,001 | — | 217,001 | |||||||||||||
GSE MBSs | — | 169,648 | — | 169,648 | |||||||||||||
Private-label CMOs | — | 6,866 | — | 6,866 | |||||||||||||
SBA commercial loan asset-backed securities | — | 381 | — | 381 | |||||||||||||
Auction-rate municipal obligations | — | — | 1,976 | 1,976 | |||||||||||||
Municipal obligations | — | 1,101 | — | 1,101 | |||||||||||||
Corporate debt obligations | — | 10,685 | — | 10,685 | |||||||||||||
Trust preferred securities and pools | — | 1,578 | 941 | 2,519 | |||||||||||||
Marketable equity securities | 1,337 | — | — | 1,337 | |||||||||||||
Total securities available-for-sale | $ | 1,337 | $ | 477,069 | $ | 2,917 | $ | 481,323 | |||||||||
Interest-rate swaps | $ | — | $ | 1,317 | $ | — | $ | 1,317 | |||||||||
Liabilities: | |||||||||||||||||
Interest-rate swaps | $ | — | $ | 1,380 | $ | — | $ | 1,380 | |||||||||
Investment Securities Available-for-Sale | |||||||||||||||||
The fair value of investment securities is based principally on market prices and dealer quotes received from third-party, nationally-recognized pricing services for identical investment securities such as U.S. Treasury and agency securities that 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 certain U.S. and government agency debt securities, municipal and corporate debt securities, GSE residential MBSs and CMOs, and trust preferred securities, all of which are included in Level 2. Certain fair values are estimated using pricing models (such as pooled trust preferred securities and auction-rate municipal securities) and are included in Level 3. | |||||||||||||||||
Additionally, management reviews changes in fair value from period to period and performs testing to ensure that prices received from the third parties are consistent with management’s expectation of the market. Changes in the prices obtained from the pricing service are analyzed from month to month, taking into consideration changes in market conditions including changes in mortgage spreads, changes in U.S. Treasury security yields and changes in generic pricing of 15-year and 30-year securities. Additional analysis may include a review of prices provided by other independent parties, a yield analysis, a review of average life changes using Bloomberg analytics and a review of historical pricing for a particular security. | |||||||||||||||||
Interest-Rate Swaps | |||||||||||||||||
The fair values for the interest-rate swap assets and liabilities represent a Level 2 valuation and are based on settlement values adjusted for credit risks associated with the counterparties and the Company and observable market interest rate curves. Credit risk adjustments consider factors such as the likelihood of default by the Company and its counterparties, its net exposures and remaining contractual life. To date, the Company has not realized any losses due to a counterparty’s inability to pay any net uncollateralized position. The change in value of interest-rate swap assets and liabilities attributable to credit risk was not significant during the reported periods. See also Note 8, “Derivatives and Hedging Activities.” | |||||||||||||||||
The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring basis at September 30, 2013. | |||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted | |||||||||||||
Average | |||||||||||||||||
Discount Rates | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Auction-rate municipals | $ | 1,774 | Discounted cash flow | Discount rate | 0-5% | 4.9 | % | ||||||||||
Trust preferred pools | $ | 1,081 | Discounted cash flow | Cumulative default | 0-100% | 10.5 | % | ||||||||||
Cure given deferral/ default | 0-15% | ||||||||||||||||
Discount rate | 5-30% | ||||||||||||||||
The significant unobservable inputs used in the fair value measurement include cumulative defaults and cure given deferrals or defaults. Significant increases (decreases) in deferrals or defaults, in isolation would result in a significantly lower (higher) fair value measurement. Alternatively, significant increases (decreases) in cure rates, in isolation would result in a significantly higher (lower) fair value measurement. | |||||||||||||||||
The reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Investment securities available-for-sale, beginning of period | $ | 2,835 | $ | 3,318 | $ | 2,917 | $ | 3,208 | |||||||||
Acquired, BankRI | — | — | — | 184 | |||||||||||||
Principal paydowns and other | (10 | ) | (205 | ) | (341 | ) | (495 | ) | |||||||||
Total unrealized gains included in other comprehensive income | 30 | 93 | 279 | 309 | |||||||||||||
Investment securities available-for-sale, end of period | $ | 2,855 | $ | 3,206 | $ | 2,855 | $ | 3,206 | |||||||||
There were no transfers between levels for assets and liabilities recorded at fair value on a recurring basis during the three months and nine months ended September 30, 2013 or September 30, 2012. | |||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis | |||||||||||||||||
The table below summarizes assets and liabilities measured at fair value on a non-recurring basis at the dates indicated: | |||||||||||||||||
Carrying Value at September 30, 2013 | |||||||||||||||||
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 | $ | — | $ | — | $ | 5,726 | $ | 5,726 | |||||||||
Other real estate owned | — | — | 726 | 726 | |||||||||||||
Repossessed vehicles and equipment | — | 593 | — | 593 | |||||||||||||
$ | — | $ | 593 | $ | 6,452 | $ | 7,045 | ||||||||||
Carrying Value at December 31, 2012 | |||||||||||||||||
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 | $ | — | $ | 36,749 | $ | — | $ | 36,749 | |||||||||
Other real estate owned | — | 903 | — | 903 | |||||||||||||
Repossessed vehicles and equipment | — | 588 | — | 588 | |||||||||||||
$ | — | $ | 38,240 | $ | — | $ | 38,240 | ||||||||||
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 other real estate owned 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 vehicles and repossessed equipment are carried at estimated fair value less costs to sell based on auction pricing (Level 2). | |||||||||||||||||
Summary of Estimated Fair Values of Financial Instruments | |||||||||||||||||
The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company’s financial instruments at the dates indicated. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, FHLBB and FRB stock and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings and accrued interest payable. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | |||||||||||||
Value | Fair Value | Inputs | Inputs | Inputs | |||||||||||||
(In Thousands) | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Securities held-to-maturity | $ | 500 | $ | 500 | $ | — | $ | — | $ | 500 | |||||||
Loans and leases, net | 4,253,087 | 4,266,257 | — | — | 4,266,257 | ||||||||||||
Loans held-for-sale | 200 | 200 | — | 200 | — | ||||||||||||
Financial liabilities: | |||||||||||||||||
Certificates of deposit | 950,359 | 954,741 | — | 954,741 | — | ||||||||||||
Borrowed funds | 828,802 | 836,169 | — | 836,169 | — | ||||||||||||
At December 31, 2012 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Securities held-to-maturity | $ | 500 | $ | 502 | $ | — | $ | — | $ | 502 | |||||||
Loans and leases, net | 4,134,560 | 4,193,678 | — | — | 4,193,678 | ||||||||||||
Loans held-for-sale | 3,233 | 3,233 | — | — | 3,233 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Certificates of deposit | 1,010,941 | 1,019,916 | — | 1,019,916 | — | ||||||||||||
Borrowed funds | 853,969 | 872,046 | — | 872,046 | — | ||||||||||||
Investment Securities Held-to-Maturity | |||||||||||||||||
The fair values of investment securities held-to-maturity are estimated using pricing models or are based on comparisons to market prices of similar securities and are considered to be Level 3. | |||||||||||||||||
Loans and Leases | |||||||||||||||||
The fair values of performing loans and leases were estimated by segregating the portfolio into its primary loan and lease categories—commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association, indirect automobile, residential mortgage, home equity and other consumer. These categories were further disaggregated based on significant financial characteristics such as type of interest rate (fixed / variable) and payment status (current / past-due). The Company discounts the contractual cash flows for each loan category using interest rates currently being offered for loans with similar terms to borrowers of similar quality and incorporates estimates of future loan prepayments. This method of estimating fair value does not incorporate the exit price concept of fair value. | |||||||||||||||||
Loans Held for Sale | |||||||||||||||||
Residential mortgage loans held for sale are recorded at the lower of cost or fair value and are therefore measured at fair value on a non-recurring basis. When available, observable inputs, including pricing on recent closed market transactions for loans with similar characteristics, are used as secondary market data, and such loans are classified as Level 2 measurements. When not available, loans are classified as Level 3 measurements. | |||||||||||||||||
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. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes | ' |
Income Taxes | ' |
(11) Income Taxes | |
The Company recorded income tax expense of $4.6 million for the three months ended September 30, 2013, compared to $5.2 million for the three months ended September 30, 2012, representing total effective tax rates of 31.9% and 30.6%, respectively. The increase in the effective federal and state tax rate for the three months ended September 30, 2013 as compared to the three months ended September 30, 2012 is primarily due to a $0.5 million reduction in the $0.6 million rehabilitation tax credits in 2012 related to the construction of the Company’s new Corporate office. | |
On a year-to-date basis, the Company recorded income tax expense of $15.2 million for the first nine months of 2013, compared to $14.5 million for the first nine months of 2012, representing total effective tax rates of 34.3% and 35.6%, respectively. The decrease in the effective federal and state tax rate for the nine months ended September 30, 2013 as compared to the nine months ended September 30, 2012 is primarily due to the non-deductibility of $1.4 million of the $5.4 million in professional fees incurred in 2012 related to the BankRI acquisition, a $0.3 million increase in tax credits from investments in affordable housing partnerships from $0.6 million for the nine months ended September 2012 to $0.9 million for the nine months ended September 30, 2013, and a $0.3 million tax benefit recognized in 2013 for adjustments to the 2012 tax return. These decreases in the effective tax rate were partially offset by the $0.8 million reduction in rehabilitation tax credits recognized in 2013 as compared to 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Commitments and Contingencies. | ' | |||||||
Commitments and Contingencies | ' | |||||||
(12) Commitments and Contingencies | ||||||||
Off-Balance-Sheet Financial Instruments | ||||||||
The Company is party to off-balance-sheet financial instruments in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby and commercial letters of credit, and interest-rate swaps. According to GAAP, these financial instruments are not recorded in the financial statements until they are funded or related fees are incurred or received. | ||||||||
The contract amounts reflect the extent of the involvement the Company has in particular classes of these instruments. Such commitments involve, to varying degrees, elements of credit risk and interest-rate risk in excess of the amount recognized in the consolidated balance sheet. The Company’s exposure to credit loss in the event of non-performance by the counterparty is represented by the contractual amount of the instruments. The Company uses the same policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. | ||||||||
Financial instruments with off-balance-sheet risk at the dates indicated follow: | ||||||||
At September 30, 2013 | At December 31, 2012 | |||||||
(In Thousands) | ||||||||
Financial instruments whose contract amounts represent credit risk: | ||||||||
Commitments to originate loans and leases: | ||||||||
Commercial real estate | $ | 55,517 | $ | 85,726 | ||||
Commercial | 66,249 | 67,857 | ||||||
Residential mortgage | 8,161 | 8,726 | ||||||
Unadvanced portion of loans and leases | 539,861 | 421,143 | ||||||
Unused lines of credit: | ||||||||
Home equity | 197,740 | 165,936 | ||||||
Other consumer | 3,568 | 4,017 | ||||||
Other commercial | 1,015 | 965 | ||||||
Unused letters of credit: | ||||||||
Financial standby letters of credit | 18,621 | 19,887 | ||||||
Performance standby letters of credit | 2,916 | 2,916 | ||||||
Commercial and similar letters of credit | 228 | 112 | ||||||
Back-to-back interest-rate swaps | 22,619 | 33,221 | ||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee by the customer. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if any, is based on management’s credit evaluation of the borrower. | ||||||||
Standby and commercial letters of credit are conditional commitments issued by the Company to guarantee performance of a customer to a third party. These standby and commercial letters of credit are primarily issued to support the financing needs of the Company’s commercial customers. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. | ||||||||
Lease Commitments | ||||||||
The Company leases certain office space under various 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 2013 | $ | 1,138 | ||||||
Year ending: | ||||||||
2014 | 3,977 | |||||||
2015 | 3,614 | |||||||
2016 | 3,391 | |||||||
2017 | 2,973 | |||||||
Thereafter | 8,153 | |||||||
Total | $ | 23,246 | ||||||
The leases contain escalator clauses for real estate taxes and other expenditures. Total rental expense was $4.0 million during the nine months ended September 30, 2013, compared to $3.6 million during the nine months ended September 30, 2012. | ||||||||
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 by the outcome of such proceedings. | ||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies | ' |
Basis of Financial Statement Presentation | ' |
Basis of Financial Statement Presentation | |
The unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2012. | |
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, the review of goodwill and intangibles for impairment, income tax accounting and status of contingencies. | |
The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. | |
Reclassification | ' |
Reclassification | |
Certain previously reported amounts have been reclassified to conform to the current year’s presentation. |
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||
Schedule of securities available-for-sale securities | ' | |||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||
Gains | Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
GSEs | $ | 20,178 | $ | 64 | $ | — | $ | 20,242 | ||||||||||||
GSE CMOs | 255,658 | 95 | 7,422 | 248,331 | ||||||||||||||||
GSE MBSs | 178,510 | 2,115 | 3,475 | 177,150 | ||||||||||||||||
Private-label CMOs | 4,013 | 118 | 34 | 4,097 | ||||||||||||||||
SBA commercial loan asset-backed securities | 261 | — | 2 | 259 | ||||||||||||||||
Auction-rate municipal obligations | 1,900 | — | 126 | 1,774 | ||||||||||||||||
Municipal obligations | 1,065 | 24 | — | 1,089 | ||||||||||||||||
Corporate debt obligations | 23,103 | 413 | — | 23,516 | ||||||||||||||||
Trust preferred securities and pools | 2,607 | 296 | 275 | 2,628 | ||||||||||||||||
Total debt securities | 487,295 | 3,125 | 11,334 | 479,086 | ||||||||||||||||
Marketable equity securities | 1,256 | 62 | 2 | 1,316 | ||||||||||||||||
Total investment securities available-for-sale | $ | 488,551 | $ | 3,187 | $ | 11,336 | $ | 480,402 | ||||||||||||
Investment securities held-to-maturity | $ | 500 | $ | — | $ | — | $ | 500 | ||||||||||||
At December 31, 2012 | ||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||
Gains | Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
GSEs | $ | 69,504 | $ | 305 | $ | — | $ | 69,809 | ||||||||||||
GSE CMOs | 215,670 | 1,386 | 55 | 217,001 | ||||||||||||||||
GSE MBSs | 165,996 | 3,704 | 52 | 169,648 | ||||||||||||||||
Private-label CMOs | 6,719 | 147 | — | 6,866 | ||||||||||||||||
SBA commercial loan asset-backed securities | 383 | — | 2 | 381 | ||||||||||||||||
Auction-rate municipal obligations | 2,100 | — | 124 | 1,976 | ||||||||||||||||
Municipal obligations | 1,058 | 43 | — | 1,101 | ||||||||||||||||
Corporate debt obligations | 10,481 | 204 | — | 10,685 | ||||||||||||||||
Trust preferred securities and pools | 2,786 | 136 | 403 | 2,519 | ||||||||||||||||
Total debt securities | 474,697 | 5,925 | 636 | 479,986 | ||||||||||||||||
Marketable equity securities | 1,249 | 88 | — | 1,337 | ||||||||||||||||
Total investment securities available-for-sale | $ | 475,946 | $ | 6,013 | $ | 636 | $ | 481,323 | ||||||||||||
Investment securities held-to-maturity | $ | 500 | $ | 2 | $ | — | $ | 502 | ||||||||||||
Investment securities in a continuous unrealized loss position | ' | |||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||
Less than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||
(In Thousands) | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
GSE CMOs | $ | 190,433 | $ | 5,110 | $ | 51,296 | $ | 2,312 | $ | 241,729 | $ | 7,422 | ||||||||
GSE MBSs | 79,020 | 2,039 | 26,423 | 1,436 | 105,443 | 3,475 | ||||||||||||||
Private-label CMOs | 1,145 | 34 | — | — | 1,145 | 34 | ||||||||||||||
SBA commercial loan asset-backed securities | 39 | — | 199 | 2 | 238 | 2 | ||||||||||||||
Auction-rate municipal obligations | — | — | 1,774 | 126 | 1,774 | 126 | ||||||||||||||
Trust preferred securities: | ||||||||||||||||||||
Without OTTI loss | — | — | 1,998 | 275 | 1,998 | 275 | ||||||||||||||
Temporarily impaired debt securities | 270,637 | 7,183 | 81,690 | 4,151 | 352,327 | 11,334 | ||||||||||||||
Marketable equity securities | 509 | 2 | — | — | 509 | 2 | ||||||||||||||
Total temporarily impaired securities | $ | 271,146 | $ | 7,185 | $ | 81,690 | $ | 4,151 | $ | 352,836 | $ | 11,336 | ||||||||
At December 31, 2012 | ||||||||||||||||||||
Less than Twelve Months | Twelve Months or Longer | Total | ||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||
(In Thousands) | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
GSE CMOs | $ | 23,910 | $ | 55 | $ | — | $ | — | $ | 23,910 | $ | 55 | ||||||||
GSE MBSs | 19,186 | 47 | 235 | 5 | 19,421 | 52 | ||||||||||||||
Private-label CMOs | 25 | — | — | — | 25 | — | ||||||||||||||
SBA commercial loan asset- backed securities | 310 | 2 | — | — | 310 | 2 | ||||||||||||||
Auction-rate municipal obligations | — | — | 1,976 | 124 | 1,976 | 124 | ||||||||||||||
Trust preferred securities and pools: | ||||||||||||||||||||
Without OTTI loss | — | — | 1,931 | 403 | 1,931 | 403 | ||||||||||||||
Temporarily impaired debt securities | 43,431 | 104 | 4,142 | 532 | 47,573 | 636 | ||||||||||||||
Marketable equity securities | — | — | — | — | — | — | ||||||||||||||
Total temporarily impaired securities | $ | 43,431 | $ | 104 | $ | 4,142 | $ | 532 | $ | 47,573 | $ | 636 | ||||||||
Summarize pertinent information considered in determining whether OTTI existed on PreTSLs | ' | |||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||
Class | Deferrals/ | Estimated Total | Estimated Excess | Lowest | Current | |||||||||||||||
Defaults/ | Remaining Projected | Subordination (3) | Credit Rating | Credit | ||||||||||||||||
Losses to | Defaults (2) | to Date (4) | Rating (5) | |||||||||||||||||
Date (1) | ||||||||||||||||||||
PreTSL B | A-1 | 25 | % | 16 | % | 42 | % | CCC | B | |||||||||||
(1) As a percentage of original collateral. | ||||||||||||||||||||
(2) As a percentage of performing collateral. | ||||||||||||||||||||
(3) Excess subordination represents the additional defaults/losses in excess of both current and projected defaults/losses that the security can absorb before the security is exposed to a loss in principal, after taking into account the best estimate of future deferrals/defaults/losses. | ||||||||||||||||||||
(4) Lower of S&P and Moody’s. | ||||||||||||||||||||
(5) The Company reviewed credit ratings provided by S&P and Moody’s in 2013 in its evaluation of issuers. | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
Gross | Total Cumulative OTTI | |||||||||||||||||||
Current Par | Amortized | Unrealized | Fair Value | Credit- | Credit and | |||||||||||||||
Cost (1) | Gain/(Loss) | Related | Non-Credit | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
PreTSL B | $ | 818 | $ | 813 | $ | (25 | ) | $ | 788 | $ | — | $ | — | |||||||
(1) The amortized cost reflects previously recorded credit-related OTTI charges recognized in earnings for the applicable securities. | ||||||||||||||||||||
Schedule of maturities of the investments in debt securities | ' | |||||||||||||||||||
At September 30, 2013 | At December 31, 2012 | |||||||||||||||||||
Amortized | Estimated | Weighted | Amortized | Estimated | Weighted | |||||||||||||||
Cost | Fair Value | Average | Cost | Fair Value | Average | |||||||||||||||
Rate | Rate | |||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||||||
Within 1 year | $ | 20,288 | $ | 20,347 | 1.31 | % | $ | 59,396 | $ | 59,736 | 1.2 | % | ||||||||
After 1 year through 5 years | 36,108 | 37,055 | 2.78 | % | 25,249 | 25,579 | 1.61 | % | ||||||||||||
After 5 years through 10 years | 48,309 | 49,428 | 2.62 | % | 50,283 | 52,557 | 3.29 | % | ||||||||||||
Over 10 years | 382,590 | 372,256 | 1.93 | % | 339,769 | 342,114 | 1.93 | % | ||||||||||||
$ | 487,295 | $ | 479,086 | 2.04 | % | $ | 474,697 | $ | 479,986 | 1.97 | % | |||||||||
Investment securities held-to-maturity: | ||||||||||||||||||||
Within 1 year | $ | 500 | $ | 500 | 1.99 | % | $ | — | $ | — | — | % | ||||||||
After 1 year through 5 years | — | — | — | % | 500 | 502 | 1.99 | % | ||||||||||||
After 5 years through 10 years | — | — | — | % | — | — | — | % | ||||||||||||
Over 10 years | — | — | — | % | — | — | — | % | ||||||||||||
$ | 500 | $ | 500 | 1.99 | % | $ | 500 | $ | 502 | 1.99 | % | |||||||||
Schedule of sales of investment securities | ' | |||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||
September 30, 2012 | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Sales of debt securities | $ | 157,225 | ||||||||||||||||||
Gross gains from sales | 964 | |||||||||||||||||||
Gross losses from sales | 167 | |||||||||||||||||||
Loans_and_Leases_Tables
Loans and Leases (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Loans and Leases | ' | ||||||||||||||||
Summary of loan and lease balances and weighted average coupon rates for the originated and acquired portfolios | ' | ||||||||||||||||
At September 30, 2013 | |||||||||||||||||
Originated | Acquired | Total | |||||||||||||||
Balance | Weighted | Balance | Weighted | Balance | Weighted | ||||||||||||
Average | Average | Average | |||||||||||||||
Coupon | Coupon | Coupon | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Commercial real estate loans: | |||||||||||||||||
Commercial real estate | $ | 1,035,394 | 4.33 | % | $ | 365,375 | 4.46 | % | $ | 1,400,769 | 4.36 | % | |||||
Multi-family mortgage | 523,340 | 4.33 | % | 76,261 | 4.71 | % | 599,601 | 4.38 | % | ||||||||
Construction | 106,436 | 3.98 | % | 11,654 | 4.28 | % | 118,090 | 4.01 | % | ||||||||
Total commercial real estate loans | 1,665,170 | 4.31 | % | 453,290 | 4.5 | % | 2,118,460 | 4.35 | % | ||||||||
Commercial loans and leases: | |||||||||||||||||
Commercial | 290,951 | 3.62 | % | 118,425 | 4.62 | % | 409,376 | 3.91 | % | ||||||||
Equipment financing | 480,387 | 7.15 | % | 32,958 | 6.63 | % | 513,345 | 7.12 | % | ||||||||
Condominium association | 43,205 | 4.77 | % | — | — | % | 43,205 | 4.77 | % | ||||||||
Total commercial loans and leases | 814,543 | 5.76 | % | 151,383 | 5.06 | % | 965,926 | 5.65 | % | ||||||||
Indirect automobile loans | 440,949 | 5.05 | % | — | — | % | 440,949 | 5.05 | % | ||||||||
Consumer loans: | |||||||||||||||||
Residential mortgage | 385,680 | 3.67 | % | 126,155 | 4.04 | % | 511,835 | 3.76 | % | ||||||||
Home equity | 121,353 | 3.4 | % | 133,535 | 3.91 | % | 254,888 | 3.67 | % | ||||||||
Other consumer | 6,074 | 5.88 | % | 1,345 | 14.25 | % | 7,419 | 7.4 | % | ||||||||
Total consumer loans | 513,107 | 3.63 | % | 261,035 | 4.03 | % | 774,142 | 3.77 | % | ||||||||
Total loans and leases | $ | 3,433,769 | 4.65 | % | $ | 865,708 | 4.44 | % | $ | 4,299,477 | 4.6 | % | |||||
At December 31, 2012 | |||||||||||||||||
Originated | Acquired | Total | |||||||||||||||
Balance | Weighted | Balance | Weighted | Balance | Weighted | ||||||||||||
Average | Average | Average | |||||||||||||||
Coupon | Coupon | Coupon | |||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Commercial real estate loans: | |||||||||||||||||
Commercial real estate mortgage | $ | 871,552 | 4.62 | % | $ | 429,681 | 4.69 | % | $ | 1,301,233 | 4.64 | % | |||||
Multi-family mortgage | 506,017 | 4.5 | % | 100,516 | 4.99 | % | 606,533 | 4.58 | % | ||||||||
Construction | 80,913 | 4.2 | % | 17,284 | 4.73 | % | 98,197 | 4.29 | % | ||||||||
Total commercial real estate loans | 1,458,482 | 4.56 | % | 547,481 | 4.75 | % | 2,005,963 | 4.61 | % | ||||||||
Commercial loans and leases: | |||||||||||||||||
Commercial | 230,892 | 3.89 | % | 151,385 | 4.72 | % | 382,277 | 4.22 | % | ||||||||
Equipment financing | 366,297 | 7.69 | % | 54,694 | 6.91 | % | 420,991 | 7.59 | % | ||||||||
Condominium association | 44,187 | 5.02 | % | — | — | 44,187 | 5.02 | % | |||||||||
Total commercial loans and leases | 641,376 | 6.14 | % | 206,079 | 5.3 | % | 847,455 | 5.93 | % | ||||||||
Indirect automobile loans | 542,344 | 5.31 | % | — | — | 542,344 | 5.31 | % | |||||||||
Consumer loans: | |||||||||||||||||
Residential mortgage | 368,095 | 3.87 | % | 143,014 | 4.18 | % | 511,109 | 3.93 | % | ||||||||
Home equity | 99,683 | 3.45 | % | 161,879 | 4.07 | % | 261,562 | 3.83 | % | ||||||||
Other consumer | 6,122 | 5.35 | % | 1,157 | 12.97 | % | 7,279 | 6.56 | % | ||||||||
Total consumer loans | 473,900 | 3.78 | % | 306,050 | 4.15 | % | 779,950 | 3.92 | % | ||||||||
Total loans and leases | $ | 3,116,102 | 4.89 | % | $ | 1,059,610 | 4.67 | % | $ | 4,175,712 | 4.83 | % | |||||
Schedule of activity in the accretable yield for acquired loan portfolio | ' | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Balance at beginning of period | $ | 52,182 | $ | 68,656 | $ | 57,812 | $ | (1,369 | ) | ||||||||
Acquisitions | — | — | — | 81,503 | |||||||||||||
Reclassification from nonaccretable difference for loans with improved cash flows | 1,537 | 1,200 | 6,913 | 1,200 | |||||||||||||
Accretion | (5,029 | ) | (7,632 | ) | (16,035 | ) | (19,110 | ) | |||||||||
Balance at end of period | $ | 48,690 | $ | 62,224 | $ | 48,690 | $ | 62,224 | |||||||||
Summary of the change in the total amounts of loans and advances, all of which were performing, to directors, executive officers and their affiliates | ' | ||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(In Thousands) | |||||||||||||||||
Balance at beginning of period | $ | 4,083 | $ | 16,428 | |||||||||||||
Acquired loans | — | 2,848 | |||||||||||||||
New loans granted during the period | 498 | 140 | |||||||||||||||
Advances on lines of credit | 6,163 | 540 | |||||||||||||||
Repayments | (887 | ) | (14,300 | ) | |||||||||||||
Loans reclassified as insider loans | 10,753 | — | |||||||||||||||
Balance at end of period | $ | 20,610 | $ | 5,656 |
Allowance_for_Loan_and_Lease_L1
Allowance for Loan and Lease Losses (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | ' | |||||||||||||||||||||||||
Schedule of changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment | ' | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||
Commercial | Commercial | Indirect | Consumer | Unallocated | Total | |||||||||||||||||||||
Real Estate | Automobile | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Balance at June 30, 2013 | $ | 22,019 | $ | 11,791 | $ | 4,695 | $ | 2,999 | $ | 2,777 | $ | 44,281 | ||||||||||||||
Charge-offs | (7 | ) | (219 | ) | (510 | ) | (167 | ) | — | (903 | ) | |||||||||||||||
Recoveries | — | 62 | 116 | 104 | — | 282 | ||||||||||||||||||||
Provision for loan and lease losses | 447 | 2,036 | 15 | 179 | 53 | 2,730 | ||||||||||||||||||||
Balance at September 30, 2013 | $ | 22,459 | $ | 13,670 | $ | 4,316 | $ | 3,115 | $ | 2,830 | $ | 46,390 | ||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||
Commercial | Commercial | Indirect | Consumer | Unallocated | Total | |||||||||||||||||||||
Real Estate | Automobile | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Balance at June 30, 2012 | $ | 17,938 | $ | 8,962 | $ | 5,680 | $ | 2,113 | $ | 2,738 | $ | 37,431 | ||||||||||||||
Charge-offs | — | (1,276 | ) | (423 | ) | (108 | ) | — | (1,807 | ) | ||||||||||||||||
Recoveries | 38 | 97 | 122 | 11 | — | 268 | ||||||||||||||||||||
Provision (credit) for loan and lease losses | 1,187 | 1,453 | 235 | 429 | (283 | ) | 3,021 | |||||||||||||||||||
Balance at September 30, 2012 | $ | 19,163 | $ | 9,236 | $ | 5,614 | $ | 2,445 | $ | 2,455 | $ | 38,913 | ||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||
Commercial | Commercial | Indirect | Consumer | Unallocated | Total | |||||||||||||||||||||
Real Estate | Automobile | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 20,018 | $ | 10,655 | $ | 5,304 | $ | 2,545 | $ | 2,630 | $ | 41,152 | ||||||||||||||
Charge-offs | (88 | ) | (943 | ) | (1,190 | ) | (373 | ) | — | (2,594 | ) | |||||||||||||||
Recoveries | 4 | 326 | 395 | 190 | — | 915 | ||||||||||||||||||||
Provision (credit) for loan and lease losses | 2,525 | 3,632 | (193 | ) | 753 | 200 | 6,917 | |||||||||||||||||||
Balance at September 30, 2013 | $ | 22,459 | $ | 13,670 | $ | 4,316 | $ | 3,115 | $ | 2,830 | $ | 46,390 | ||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||
Commercial | Commercial | Indirect | Consumer | Unallocated | Total | |||||||||||||||||||||
Real Estate | Automobile | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 15,477 | $ | 5,997 | $ | 5,604 | $ | 1,577 | $ | 3,048 | $ | 31,703 | ||||||||||||||
Charge-offs | — | (5,033 | ) | (1,206 | ) | (326 | ) | — | (6,565 | ) | ||||||||||||||||
Recoveries | 118 | 299 | 388 | 24 | — | 829 | ||||||||||||||||||||
Provision (credit) for loan and lease losses | 3,568 | 7,973 | 828 | 1,170 | (593 | ) | 12,946 | |||||||||||||||||||
Balance at September 30, 2012 | $ | 19,163 | $ | 9,236 | $ | 5,614 | $ | 2,445 | $ | 2,455 | $ | 38,913 | ||||||||||||||
Schedule of provisions for credit losses | ' | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Provisions for loan and lease losses: | ||||||||||||||||||||||||||
Commercial real estate | $ | 447 | $ | 1,187 | $ | 2,525 | $ | 3,568 | ||||||||||||||||||
Commercial | 2,036 | 1,453 | 3,632 | 7,973 | ||||||||||||||||||||||
Indirect automobile | 15 | 235 | (193 | ) | 828 | |||||||||||||||||||||
Consumer | 179 | 429 | 753 | 1,170 | ||||||||||||||||||||||
Unallocated | 53 | (283 | ) | 200 | (593 | ) | ||||||||||||||||||||
Total provision for loan and lease losses | 2,730 | 3,021 | 6,917 | 12,946 | ||||||||||||||||||||||
Unfunded credit commitments | 18 | (159 | ) | 125 | (159 | ) | ||||||||||||||||||||
Total provision for credit losses | $ | 2,748 | $ | 2,862 | $ | 7,042 | $ | 12,787 | ||||||||||||||||||
Summary of the recorded investments in loans in each class (unpaid balance of loans and leases outstanding excluding deferred loan origination costs) by credit quality indicator | ' | |||||||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||
Commercial | Multi- | Construction | Commercial | Equipment | Condominium | Other | ||||||||||||||||||||
Real Estate | Family | Financing | Association | Consumer | ||||||||||||||||||||||
Mortgage | Mortgage | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Loan rating: | ||||||||||||||||||||||||||
Pass | $ | 1,026,840 | $ | 522,435 | $ | 106,436 | $ | 288,183 | $ | 474,254 | $ | 43,202 | $ | 6,074 | ||||||||||||
OAEM | 7,587 | 374 | — | 937 | 1,292 | — | — | |||||||||||||||||||
Substandard | 967 | 531 | — | 113 | 4,808 | 3 | — | |||||||||||||||||||
Doubtful | — | — | — | 1,718 | 33 | — | — | |||||||||||||||||||
Total originated | $ | 1,035,394 | $ | 523,340 | $ | 106,436 | $ | 290,951 | $ | 480,387 | $ | 43,205 | $ | 6,074 | ||||||||||||
Acquired: | ||||||||||||||||||||||||||
Loan rating: | ||||||||||||||||||||||||||
Pass | $ | 350,212 | $ | 72,649 | $ | 10,950 | $ | 106,996 | $ | 32,751 | $ | — | $ | 1,334 | ||||||||||||
OAEM | 4,892 | 1,132 | 704 | 3,606 | 88 | — | — | |||||||||||||||||||
Substandard | 10,032 | 2,480 | — | 7,596 | 119 | — | 11 | |||||||||||||||||||
Doubtful | 239 | — | — | 227 | — | — | — | |||||||||||||||||||
Total acquired | $ | 365,375 | $ | 76,261 | $ | 11,654 | $ | 118,425 | $ | 32,958 | $ | — | $ | 1,345 | ||||||||||||
Total loans by class | $ | 1,400,769 | $ | 599,601 | $ | 118,090 | $ | 409,376 | $ | 513,345 | $ | 43,205 | $ | 7,419 | ||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||
(In Thousands) | (in %) | |||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Credit score: | ||||||||||||||||||||||||||
Over 700 | $ | 365,873 | 83 | % | ||||||||||||||||||||||
661-700 | 59,192 | 13.4 | % | |||||||||||||||||||||||
660 and below | 14,132 | 3.2 | % | |||||||||||||||||||||||
Data not available | 1,752 | 0.4 | % | |||||||||||||||||||||||
$ | 440,949 | 100 | % | |||||||||||||||||||||||
Residential Mortgage | Home Equity | |||||||||||||||||||||||||
(In Thousands) | (In %) | (In Thousands) | (In %) | |||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Loan-to-value ratio: | ||||||||||||||||||||||||||
Less than 50% | $ | 94,027 | 18.4 | % | $ | 75,635 | 29.6 | % | ||||||||||||||||||
50% - 69% | 143,971 | 28.1 | % | 25,435 | 10 | % | ||||||||||||||||||||
70% - 79% | 122,355 | 23.9 | % | 15,211 | 6 | % | ||||||||||||||||||||
80% and over | 22,453 | 4.4 | % | 4,309 | 1.7 | % | ||||||||||||||||||||
Data not available | 2,874 | 0.6 | % | 763 | 0.3 | % | ||||||||||||||||||||
Total originated | $ | 385,680 | 75.4 | % | $ | 121,353 | 47.6 | % | ||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
Loan-to-value ratio: | ||||||||||||||||||||||||||
Less than 50% | $ | 24,316 | 4.7 | % | $ | 88,251 | 34.6 | % | ||||||||||||||||||
50% - 69% | 44,650 | 8.7 | % | 27,001 | 10.6 | % | ||||||||||||||||||||
70% - 79% | 34,210 | 6.7 | % | 16,179 | 6.3 | % | ||||||||||||||||||||
80% and over | 21,284 | 4.2 | % | 1,425 | 0.6 | % | ||||||||||||||||||||
Data not available | 1,695 | 0.3 | % | 679 | 0.3 | % | ||||||||||||||||||||
Total acquired | $ | 126,155 | 24.6 | % | $ | 133,535 | 52.4 | % | ||||||||||||||||||
Total loans | $ | 511,835 | 100 | % | $ | 254,888 | 100 | % | ||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||
Commercial | Multi- | Construction | Commercial | Equipment | Condominium | Other | ||||||||||||||||||||
Real Estate | Family | Financing | Association | Consumer | ||||||||||||||||||||||
Mortgage | Mortgage | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Loan rating: | ||||||||||||||||||||||||||
Pass | $ | 863,901 | $ | 504,883 | $ | 80,913 | $ | 227,201 | $ | 359,064 | $ | 44,179 | $ | 6,093 | ||||||||||||
OAEM | 5,686 | 146 | — | 1,196 | 2,979 | — | — | |||||||||||||||||||
Substandard | 1,965 | 988 | — | 502 | 4,213 | 8 | 29 | |||||||||||||||||||
Doubtful | — | — | — | 1,993 | 41 | — | — | |||||||||||||||||||
Total originated | $ | 871,552 | $ | 506,017 | $ | 80,913 | $ | 230,892 | $ | 366,297 | $ | 44,187 | $ | 6,122 | ||||||||||||
Acquired: | ||||||||||||||||||||||||||
Loan rating: | ||||||||||||||||||||||||||
Pass | $ | 409,725 | $ | 93,058 | $ | 17,186 | $ | 140,589 | $ | 54,175 | $ | — | $ | 1,157 | ||||||||||||
OAEM | 2,740 | 2,439 | — | 1,344 | 286 | — | — | |||||||||||||||||||
Substandard | 17,216 | 5,019 | 98 | 8,635 | 233 | — | — | |||||||||||||||||||
Doubtful | — | — | — | 817 | — | — | — | |||||||||||||||||||
Total acquired | $ | 429,681 | $ | 100,516 | $ | 17,284 | $ | 151,385 | $ | 54,694 | $ | — | $ | 1,157 | ||||||||||||
Total loans by class | $ | 1,301,233 | $ | 606,533 | $ | 98,197 | $ | 382,277 | $ | 420,991 | $ | 44,187 | $ | 7,279 | ||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||
(In Thousands) | (in %) | |||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Credit score: | ||||||||||||||||||||||||||
Over 700 | $ | 454,056 | 83.7 | % | ||||||||||||||||||||||
661-700 | 69,319 | 12.8 | % | |||||||||||||||||||||||
660 and below | 16,934 | 3.1 | % | |||||||||||||||||||||||
Data not available | 2,035 | 0.4 | % | |||||||||||||||||||||||
$ | 542,344 | 100 | % | |||||||||||||||||||||||
Residential Mortgage | Home Equity | |||||||||||||||||||||||||
(In Thousands) | (in %) | (In Thousands) | (in %) | |||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Loan-to-value ratio: | ||||||||||||||||||||||||||
Less than 50% | $ | 86,659 | 17 | % | $ | 50,398 | 19.3 | % | ||||||||||||||||||
50% - 69% | 142,172 | 27.8 | % | 25,284 | 9.7 | % | ||||||||||||||||||||
70% - 79% | 111,234 | 21.8 | % | 16,523 | 6.3 | % | ||||||||||||||||||||
80% and over | 27,858 | 5.4 | % | 6,042 | 2.3 | % | ||||||||||||||||||||
Data not available | 172 | — | % | 1,436 | 0.5 | % | ||||||||||||||||||||
Total originated | $ | 368,095 | 72 | % | $ | 99,683 | 38.1 | % | ||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
Loan-to-value ratio: | ||||||||||||||||||||||||||
Less than 50% | $ | 23,398 | 4.6 | % | $ | 28,401 | 10.9 | % | ||||||||||||||||||
50% - 69% | 42,214 | 8.2 | % | 39,385 | 15.1 | % | ||||||||||||||||||||
70% - 79% | 42,748 | 8.4 | % | 33,044 | 12.6 | % | ||||||||||||||||||||
80% and over | 31,614 | 6.2 | % | 34,267 | 13.1 | % | ||||||||||||||||||||
Data not available | 3,040 | 0.6 | % | 26,782 | 10.2 | % | ||||||||||||||||||||
Total acquired | $ | 143,014 | 28 | % | $ | 161,879 | 61.9 | % | ||||||||||||||||||
Total loans | $ | 511,109 | 100 | % | $ | 261,562 | 100 | % | ||||||||||||||||||
Schedule of information regarding the aging of past due loans, by loans and leases class | ' | |||||||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||
Past Due | Loans and | |||||||||||||||||||||||||
Leases Past | ||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | Due Greater | Nonaccrual | |||||||||||||||||||
Days | Days | Than 90 | and Leases | Than 90 Days | Loans and | |||||||||||||||||||||
Days | and Accruing | Leases | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||||
Commercial real estate mortgage | $ | 999 | $ | 924 | $ | 43 | $ | 1,966 | $ | 1,033,428 | $ | 1,035,394 | $ | — | $ | 527 | ||||||||||
Multi-family mortgage | — | — | — | — | 523,340 | 523,340 | — | 531 | ||||||||||||||||||
Construction | — | — | — | — | 106,436 | 106,436 | — | — | ||||||||||||||||||
Total commercial real estate loans | 999 | 924 | 43 | 1,966 | 1,663,204 | 1,665,170 | — | 1,058 | ||||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||||||||
Commercial | 390 | 13 | 1,725 | 2,128 | 288,823 | 290,951 | — | 1,737 | ||||||||||||||||||
Equipment financing | 2,441 | 1,302 | 2,115 | 5,858 | 474,529 | 480,387 | 668 | 4,066 | ||||||||||||||||||
Condominium association | — | — | — | — | 43,205 | 43,205 | — | 3 | ||||||||||||||||||
Total commercial loans and leases | 2,831 | 1,315 | 3,840 | 7,986 | 806,557 | 814,543 | 668 | 5,806 | ||||||||||||||||||
Indirect automobile | 5,219 | 756 | 195 | 6,170 | 434,779 | 440,949 | — | 195 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||
Residential mortgage | 142 | — | 533 | 675 | 385,005 | 385,680 | — | 1,654 | ||||||||||||||||||
Home equity | — | — | — | — | 121,353 | 121,353 | — | 74 | ||||||||||||||||||
Other consumer | 9 | 8 | — | 17 | 6,057 | 6,074 | — | 3 | ||||||||||||||||||
Total consumer loans | 151 | 8 | 533 | 692 | 512,415 | 513,107 | — | 1,731 | ||||||||||||||||||
Total originated loans and leases | $ | 9,200 | $ | 3,003 | $ | 4,611 | $ | 16,814 | $ | 3,416,955 | $ | 3,433,769 | $ | 668 | $ | 8,790 | ||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||
Past Due | Loans and | |||||||||||||||||||||||||
Leases Past | ||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | Due Greater | Nonaccrual | |||||||||||||||||||
Days | Days | Than 90 | and Leases | Than 90 Days | Loans and | |||||||||||||||||||||
Days | and Accruing | Leases | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||||
Commercial real estate mortgage | $ | 1,526 | $ | 240 | $ | 4,829 | $ | 6,595 | $ | 358,780 | $ | 365,375 | $ | 4,220 | $ | 610 | ||||||||||
Multi-family mortgage | — | — | 1,561 | 1,561 | 74,700 | 76,261 | 1,561 | 133 | ||||||||||||||||||
Construction | 390 | — | — | 390 | 11,264 | 11,654 | — | — | ||||||||||||||||||
Total commercial real estate loans | 1,916 | 240 | 6,390 | 8,546 | 444,744 | 453,290 | 5,781 | 743 | ||||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||||||||
Commercial | 1,073 | 604 | 2,676 | 4,353 | 114,072 | 118,425 | 1,907 | 3,010 | ||||||||||||||||||
Equipment financing | 141 | 29 | 86 | 256 | 32,702 | 32,958 | 71 | 50 | ||||||||||||||||||
Total commercial loans and leases | 1,214 | 633 | 2,762 | 4,609 | 146,774 | 151,383 | 1,978 | 3,060 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||
Residential mortgage | 140 | 231 | 5,875 | 6,246 | 119,909 | 126,155 | 4,959 | 1,084 | ||||||||||||||||||
Home equity | 616 | 811 | 901 | 2,328 | 131,207 | 133,535 | 162 | 1,727 | ||||||||||||||||||
Other consumer | 2 | 2 | 4 | 8 | 1,337 | 1,345 | — | 15 | ||||||||||||||||||
Total consumer loans | 758 | 1,044 | 6,780 | 8,582 | 252,453 | 261,035 | 5,121 | 2,826 | ||||||||||||||||||
Total acquired loans and leases | $ | 3,888 | $ | 1,917 | $ | 15,932 | $ | 21,737 | $ | 843,971 | $ | 865,708 | $ | 12,880 | $ | 6,629 | ||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||
Past Due | Loans and | |||||||||||||||||||||||||
Leases Past | ||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | Due Greater | Nonaccrual | |||||||||||||||||||
Days | Days | Than 90 | and Leases | Than 90 Days | Loans and | |||||||||||||||||||||
Days | and Accruing | Leases | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||||
Commercial real estate mortgage | $ | 1,530 | $ | — | $ | 435 | $ | 1,965 | $ | 869,587 | $ | 871,552 | $ | 434 | $ | 1,539 | ||||||||||
Multi-family mortgage | 2,410 | 60 | 988 | 3,458 | 502,559 | 506,017 | — | 1,932 | ||||||||||||||||||
Construction | 2,354 | 816 | — | 3,170 | 77,743 | 80,913 | — | — | ||||||||||||||||||
Total commercial real estate loans | 6,294 | 876 | 1,423 | 8,593 | 1,449,889 | 1,458,482 | 434 | 3,471 | ||||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||||||||
Commercial | 26 | 75 | 26 | 127 | 230,765 | 230,892 | 26 | 1,993 | ||||||||||||||||||
Equipment financing | 2,595 | 1,439 | 1,618 | 5,652 | 360,645 | 366,297 | — | 3,817 | ||||||||||||||||||
Condominium association | — | — | — | — | 44,187 | 44,187 | — | 8 | ||||||||||||||||||
Total commercial loans and leases | 2,621 | 1,514 | 1,644 | 5,779 | 635,597 | 641,376 | 26 | 5,818 | ||||||||||||||||||
Indirect automobile | 5,592 | 923 | 99 | 6,614 | 535,730 | 542,344 | 1 | 99 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||
Residential mortgage | — | — | 1,059 | 1,059 | 367,036 | 368,095 | 27 | 2,008 | ||||||||||||||||||
Home equity | — | — | 33 | 33 | 99,650 | 99,683 | — | 58 | ||||||||||||||||||
Other consumer | — | 2 | 5 | 7 | 6,115 | 6,122 | 5 | 29 | ||||||||||||||||||
Total consumer loans | — | 2 | 1,097 | 1,099 | 472,801 | 473,900 | 32 | 2,095 | ||||||||||||||||||
Total originated loans and leases | $ | 14,507 | $ | 3,315 | $ | 4,263 | $ | 22,085 | $ | 3,094,017 | $ | 3,116,102 | $ | 493 | $ | 11,483 | ||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||
Past Due | Loans and | |||||||||||||||||||||||||
Leases Past | ||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | Due Greater | Nonaccrual | |||||||||||||||||||
Days | Days | Than 90 | and Leases | Than 90 Days | Loans and | |||||||||||||||||||||
Days | and Accruing | Leases | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||||
Commercial real estate mortgage | $ | 2,911 | $ | — | $ | 7,289 | $ | 10,200 | $ | 419,481 | $ | 429,681 | $ | 6,616 | $ | 2,475 | ||||||||||
Multi-family mortgage | 2,738 | 395 | 2,178 | 5,311 | 95,205 | 100,516 | 1,857 | 2,301 | ||||||||||||||||||
Construction | — | — | — | — | 17,284 | 17,284 | — | — | ||||||||||||||||||
Total commercial real estate loans | 5,649 | 395 | 9,467 | 15,511 | 531,970 | 547,481 | 8,473 | 4,776 | ||||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||||||||
Commercial | 866 | 177 | 4,353 | 5,396 | 145,989 | 151,385 | 3,503 | 3,461 | ||||||||||||||||||
Equipment financing | 133 | 21 | 194 | 348 | 54,346 | 54,694 | 197 | 56 | ||||||||||||||||||
Total commercial loans and leases | 999 | 198 | 4,547 | 5,744 | 200,335 | 206,079 | 3,700 | 3,517 | ||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||
Residential mortgage | 247 | 121 | 5,266 | 5,634 | 137,380 | 143,014 | 3,650 | 1,796 | ||||||||||||||||||
Home equity | 1,582 | 507 | 607 | 2,696 | 159,183 | 161,879 | 321 | 658 | ||||||||||||||||||
Other consumer | 7 | — | — | 7 | 1,150 | 1,157 | — | 16 | ||||||||||||||||||
Total consumer loans | 1,836 | 628 | 5,873 | 8,337 | 297,713 | 306,050 | 3,971 | 2,470 | ||||||||||||||||||
Total acquired loans and leases | $ | 8,484 | $ | 1,221 | $ | 19,887 | $ | 29,592 | $ | 1,030,018 | $ | 1,059,610 | $ | 16,144 | $ | 10,763 | ||||||||||
Schedule of impaired loans and leases, by loans and leases class | ' | |||||||||||||||||||||||||
At September 30, 2013 | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2013 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | Average | Interest | ||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Recorded | Income | ||||||||||||||||||||
Balance | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 2,267 | $ | 2,267 | $ | — | $ | 2,285 | $ | 19 | $ | 2,200 | $ | 69 | ||||||||||||
Commercial | 5,464 | 5,428 | — | 5,661 | 48 | 4,031 | 109 | |||||||||||||||||||
Consumer | 977 | 974 | — | 986 | 4 | 1,108 | 26 | |||||||||||||||||||
8,708 | 8,669 | — | 8,932 | 71 | 7,339 | 204 | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 1,146 | 1,146 | 184 | 1,131 | 13 | 1,516 | 26 | |||||||||||||||||||
Commercial | 995 | 986 | 801 | 1,070 | 3 | 1,810 | 14 | |||||||||||||||||||
Consumer | 3,328 | 3,318 | 321 | 3,461 | 22 | 3,317 | 82 | |||||||||||||||||||
5,469 | 5,450 | 1,306 | 5,662 | 38 | 6,643 | 122 | ||||||||||||||||||||
Total | $ | 14,177 | $ | 14,119 | $ | 1,306 | $ | 14,594 | $ | 109 | $ | 13,982 | $ | 326 | ||||||||||||
At September 30, 2013 | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2013 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | Average | Interest | ||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Recorded | Income | ||||||||||||||||||||
Balance | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 8,332 | $ | 8,332 | $ | — | $ | 9,305 | $ | 36 | $ | 9,783 | $ | 178 | ||||||||||||
Commercial | 5,594 | 5,594 | — | 5,790 | 38 | 4,800 | 93 | |||||||||||||||||||
Consumer | 1,356 | 1,356 | — | 1,335 | 4 | 1,379 | 17 | |||||||||||||||||||
15,282 | 15,282 | — | 16,430 | 78 | 15,962 | 288 | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 4,170 | 3,803 | 129 | 3,975 | 42 | 2,776 | 42 | |||||||||||||||||||
Commercial | 1,238 | 882 | 160 | 1,043 | — | 385 | — | |||||||||||||||||||
Consumer | — | — | — | — | — | — | — | |||||||||||||||||||
5,408 | 4,685 | 289 | 5,018 | 42 | 3,161 | 42 | ||||||||||||||||||||
Total | $ | 20,690 | $ | 19,967 | $ | 289 | $ | 21,448 | $ | 120 | $ | 19,123 | $ | 330 | ||||||||||||
At December 31, 2012 | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2012 | September 30, 2012 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | Average | Interest | ||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Recorded | Income | ||||||||||||||||||||
Balance | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 2,051 | $ | 2,051 | $ | — | $ | 1,700 | $ | 53 | $ | 2,975 | $ | 201 | ||||||||||||
Commercial | 3,032 | 3,059 | — | 2,666 | 45 | 3,122 | 135 | |||||||||||||||||||
Consumer | 1,191 | 1,187 | — | 1,875 | 35 | 2,596 | 87 | |||||||||||||||||||
6,274 | 6,297 | — | 6,241 | 133 | 8,693 | 423 | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 2,517 | 2,516 | 241 | 2,366 | 20 | 1,024 | 59 | |||||||||||||||||||
Commercial | 3,422 | 3,559 | 703 | 5,364 | 85 | 3,022 | 193 | |||||||||||||||||||
Consumer | 3,648 | 3,636 | 596 | 3,757 | 22 | 2,788 | 83 | |||||||||||||||||||
9,587 | 9,711 | 1,540 | 11,487 | 127 | 6,834 | 335 | ||||||||||||||||||||
Total | $ | 15,861 | $ | 16,008 | $ | 1,540 | $ | 17,728 | $ | 260 | $ | 15,527 | $ | 758 | ||||||||||||
At December 31, 2012 | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 30, 2012 | September 30, 2012 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | Average | Interest | ||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | Recorded | Income | ||||||||||||||||||||
Balance | Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | $ | 17,918 | $ | 19,129 | $ | — | $ | 6,880 | $ | — | $ | 4,726 | $ | — | ||||||||||||
Commercial | 7,329 | 7,782 | — | 2,169 | — | 2,021 | 2 | |||||||||||||||||||
Consumer | 3,266 | 3,379 | — | 1,641 | — | 1,072 | 1 | |||||||||||||||||||
28,513 | 30,290 | — | 10,690 | — | 7,819 | 3 | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
Commercial real estate | 673 | 684 | 75 | 1,343 | — | 909 | — | |||||||||||||||||||
Commercial | 113 | 121 | 75 | 58 | — | 19 | — | |||||||||||||||||||
Consumer | — | — | — | — | — | — | — | |||||||||||||||||||
786 | 805 | 150 | 1,401 | — | 928 | — | ||||||||||||||||||||
Total | $ | 29,299 | $ | 31,095 | $ | 150 | $ | 12,091 | $ | — | $ | 8,747 | $ | 3 | ||||||||||||
Schedule of the impaired and non-impaired loans and leases, by loan and leases class | ' | |||||||||||||||||||||||||
At September 30, 2013 | ||||||||||||||||||||||||||
Loans and Leases | Loans and Leases | Acquired Loans | Total | |||||||||||||||||||||||
Individually Evaluated for | Collectively Evaluated for | (ASC 310-20 | ||||||||||||||||||||||||
Impairment | Impairment | and ASC 310-30) | ||||||||||||||||||||||||
Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Commercial real estate | $ | 3,413 | $ | 184 | $ | 1,661,757 | $ | 21,904 | $ | 453,290 | $ | 371 | $ | 2,118,460 | $ | 22,459 | ||||||||||
Commercial | 6,459 | 801 | 808,084 | 12,521 | 151,383 | 348 | 965,926 | 13,670 | ||||||||||||||||||
Indirect automobile | — | — | 440,949 | 4,316 | — | — | 440,949 | 4,316 | ||||||||||||||||||
Consumer | 4,305 | 321 | 508,802 | 2,235 | 261,035 | 559 | 774,142 | 3,115 | ||||||||||||||||||
Unallocated | — | — | — | 2,830 | — | — | — | 2,830 | ||||||||||||||||||
Total | $ | 14,177 | $ | 1,306 | $ | 3,419,592 | $ | 43,806 | $ | 865,708 | $ | 1,278 | $ | 4,299,477 | $ | 46,390 | ||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||
Loans and Leases | Loans and Leases | Acquired Loans | Total | |||||||||||||||||||||||
Individually Evaluated for | Collectively Evaluated for | (ASC 310-20 | ||||||||||||||||||||||||
Impairment | Impairment | and ASC 310-30) | ||||||||||||||||||||||||
Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Commercial real estate | $ | 4,568 | $ | 241 | $ | 1,453,913 | $ | 19,702 | $ | 547,482 | $ | 75 | $ | 2,005,963 | $ | 20,018 | ||||||||||
Commercial | 6,454 | 703 | 634,922 | 9,877 | 206,079 | 75 | 847,455 | 10,655 | ||||||||||||||||||
Indirect automobile | — | — | 542,344 | 5,304 | — | — | 542,344 | 5,304 | ||||||||||||||||||
Consumer | 4,839 | 596 | 469,061 | 1,949 | 306,050 | — | 779,950 | 2,545 | ||||||||||||||||||
Unallocated | — | — | — | 2,630 | — | — | — | 2,630 | ||||||||||||||||||
Total | $ | 15,861 | $ | 1,540 | $ | 3,100,240 | $ | 39,462 | $ | 1,059,611 | $ | 150 | $ | 4,175,712 | $ | 41,152 | ||||||||||
Summary of investment in troubled debt restructurings, and the associated specific allowances for loan and lease losses | ' | |||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||
Number | At | At End of | Allowance for | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | |||||||||||||||||||
Leases | Lease Losses | Leases | Leases | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Commercial real estate mortgage | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||
Commercial | — | — | — | — | — | — | 1 | 1,731 | ||||||||||||||||||
Equipment financing | 1 | 558 | 558 | 12 | — | — | 1 | 537 | ||||||||||||||||||
Residential mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | 1 | $ | 558 | $ | 558 | $ | 12 | $ | — | $ | — | 2 | $ | 2,268 | ||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||
Number | At | At End of | Allowance for | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | |||||||||||||||||||
Leases | Lease Losses | Leases | Leases | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 737 | $ | 737 | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||
Commercial | 2 | 553 | 520 | — | — | — | 1 | 962 | ||||||||||||||||||
Equipment financing | — | — | — | — | — | — | — | — | ||||||||||||||||||
Residential mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | 3 | $ | 1,290 | $ | 1,257 | $ | — | $ | — | $ | — | 1 | $ | 962 | ||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||
Number | At | At End of | Allowance for | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | |||||||||||||||||||
Leases | Lease Losses | Leases | Leases | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Commercial real estate mortgage | — | $ | — | $ | — | $ | — | $ | — | $ | — | 2 | $ | 1,288 | ||||||||||||
Commercial | — | — | — | — | — | — | 1 | 44 | ||||||||||||||||||
Equipment financing | — | — | — | — | — | — | 3 | 656 | ||||||||||||||||||
Residential mortgage | 1 | 900 | 900 | — | — | — | 1 | 169 | ||||||||||||||||||
Total | 1 | $ | 900 | $ | 900 | $ | — | $ | — | $ | — | 7 | $ | 2,157 | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||
Number | At | At End of | Allowance for | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | |||||||||||||||||||
Leases | Lease Losses | Leases | Leases | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 1,039 | $ | — | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||
Commercial | — | — | — | — | — | — | 1 | 1,731 | ||||||||||||||||||
Equipment financing | 9 | 1,683 | 1,687 | 54 | 372 | — | 1 | 537 | ||||||||||||||||||
Residential mortgage | 1 | 415 | 372 | — | — | — | — | — | ||||||||||||||||||
Total | 11 | $ | 3,137 | $ | 2,059 | $ | 54 | $ | 372 | $ | — | 2 | $ | 2,268 | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||
Number | At | At End of | Allowance for | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | |||||||||||||||||||
Leases | Lease Losses | Leases | Leases | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 737 | $ | 737 | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||
Commercial | 3 | 977 | 941 | — | 421 | — | 1 | 962 | ||||||||||||||||||
Equipment financing | — | — | — | — | — | — | — | — | ||||||||||||||||||
Residential mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | 4 | $ | 1,714 | $ | 1,678 | $ | — | $ | 421 | $ | — | 1 | $ | 962 | ||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||
Number | At | At End of | Allowance for | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | |||||||||||||||||||
Leases | Lease Losses | Leases | Leases | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 355 | $ | 348 | $ | 33 | $ | 33 | $ | — | 2 | $ | 1,288 | ||||||||||||
Commercial | 1 | 97 | 94 | 2 | 2 | — | 1 | 44 | ||||||||||||||||||
Equipment financing | 5 | 1,181 | 1,113 | 57 | 57 | — | 6 | 1,240 | ||||||||||||||||||
Residential mortgage | 5 | 2,202 | 2,202 | 174 | 174 | — | 3 | 763 | ||||||||||||||||||
Total | 12 | $ | 3,835 | $ | 3,757 | $ | 266 | $ | 266 | $ | — | 12 | $ | 3,335 | ||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||
Number | At | At End of | Allowance for | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||
of Loans/ | Modification | Period | Loan and | Loans and | Commitment | Loans/ | Investment | |||||||||||||||||||
Leases | Lease Losses | Leases | Leases | |||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 3,262 | $ | 3,262 | $ | 16 | $ | 3,262 | $ | — | — | $ | — | ||||||||||||
Commercial | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equipment financing | — | — | — | — | — | — | — | — | ||||||||||||||||||
Residential mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total | 1 | $ | 3,262 | $ | 3,262 | $ | 16 | $ | 3,262 | $ | — | — | $ | — | ||||||||||||
Schedule of troubled debt restructurings by type of modification | ' | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||
Loans with one modification: | ||||||||||||||||||||||||||
Extended maturity | $ | 1,257 | $ | — | $ | 1,257 | $ | 343 | ||||||||||||||||||
Adjusted principal | — | — | 372 | 4,564 | ||||||||||||||||||||||
Adjusted interest rate | 558 | 900 | 1,351 | 1,248 | ||||||||||||||||||||||
Combination maturity, principal, interest rate | — | — | 757 | 864 | ||||||||||||||||||||||
Total loans with one modification | $ | 1,815 | $ | 900 | $ | 3,737 | $ | 7,019 | ||||||||||||||||||
Loans with more than one modification: | ||||||||||||||||||||||||||
Extended maturity | $ | — | $ | — | $ | — | $ | 25 | ||||||||||||||||||
Adjusted principal | — | — | — | 3,897 | ||||||||||||||||||||||
Total loans with more than one modification | $ | — | $ | — | $ | — | $ | 3,922 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Goodwill and Other Intangible Assets | ' | |||||||
Schedule of composition of goodwill and other intangible assets | ' | |||||||
At September 30, 2013 | At December 31, 2012 | |||||||
(In Thousands) | ||||||||
Goodwill | ||||||||
$ | 137,890 | $ | 137,890 | |||||
Other intangible assets: | ||||||||
Core deposits | 16,774 | 19,773 | ||||||
Trade name | 1,149 | 1,333 | ||||||
Trust relationship | 92 | 404 | ||||||
Total other intangible assets | 18,015 | 21,510 | ||||||
Total goodwill and other intangible assets | $ | 155,905 | $ | 159,400 | ||||
Schedule of estimated aggregate future amortization expense for intangible assets | ' | |||||||
Remainder of 2013 | $ | 1,499 | ||||||
Year ending: | ||||||||
2014 | 3,339 | |||||||
2015 | 3,062 | |||||||
2016 | 2,626 | |||||||
2017 | 2,004 | |||||||
Thereafter | 5,485 | |||||||
Total | $ | 18,015 | ||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Comprehensive Income | ' | ||||||||||
Schedule of changes in accumulated other comprehensive (loss) income by component, net of tax | ' | ||||||||||
Three Months Ended September 30, 2013 | |||||||||||
Investment | Postretirement | Accumulated Other | |||||||||
Securities | Benefits | Comprehensive | |||||||||
Available-for-Sale | Income | ||||||||||
(In Thousands) | |||||||||||
Balance at June 30, 2013 | $ | (4,572 | ) | $ | 131 | $ | (4,441 | ) | |||
Other comprehensive loss | (459 | ) | — | (459 | ) | ||||||
Balance at September 30, 2013 | $ | (5,031 | ) | $ | 131 | $ | (4,900 | ) | |||
Three Months Ended September 30, 2012 | |||||||||||
Investment | Postretirement | Accumulated Other | |||||||||
Securities | Benefits | Comprehensive | |||||||||
Available-for-Sale | Income | ||||||||||
(In Thousands) | |||||||||||
Balance at June 30, 2012 | $ | 1,844 | $ | 125 | $ | 1,969 | |||||
Other comprehensive income | 1,600 | — | 1,600 | ||||||||
Balance at September 30, 2012 | $ | 3,444 | $ | 125 | $ | 3,569 | |||||
Nine Months Ended September 30, 2013 | |||||||||||
Investment | Postretirement | Accumulated Other | |||||||||
Securities | Benefits | Comprehensive | |||||||||
Available-for-Sale | Income | ||||||||||
(In Thousands) | |||||||||||
Balance at December 31, 2012 | $ | 3,358 | $ | 125 | $ | 3,483 | |||||
Other comprehensive (loss) income | (8,389 | ) | 6 | (8,383 | ) | ||||||
Balance at September 30, 2013 | $ | (5,031 | ) | $ | 131 | $ | (4,900 | ) | |||
Nine Months Ended September 30, 2012 | |||||||||||
Investment | Postretirement | Accumulated Other | |||||||||
Securities | Benefits | Comprehensive | |||||||||
Available-for-Sale | Income | ||||||||||
(In Thousands) | |||||||||||
Balance at December 31, 2011 | $ | 1,834 | $ | 129 | $ | 1,963 | |||||
Other comprehensive income (loss) | 1,610 | (4 | ) | 1,606 | |||||||
Balance at September 30, 2012 | $ | 3,444 | $ | 125 | $ | 3,569 | |||||
Summary of the amounts reclassified from accumulated other comprehensive income (loss) | ' | ||||||||||
Three Months Ended | Nine Months Ended | Income Statement Line | |||||||||
September 30, | September 30, | ||||||||||
2012 | 2012 | Affected by Reclassification | |||||||||
(In Thousands) | |||||||||||
Other Comprehensive Income (Loss) Component | |||||||||||
Unrealized gains (losses) on investment securities available-for-sale: | |||||||||||
$ | — | $ | 797 | Gain on sales of securities | |||||||
— | (282 | ) | Provision for income taxes | ||||||||
Total reclassifications for the period | $ | — | $ | 515 | Net income |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Derivatives and Hedging Activities | ' | ||||||||||||||||||||
Schedule of fair value and classification of the Company's derivative financial instruments on the unaudited consolidated balance sheets and the effect of the Company's derivative financial instruments on the unaudited consolidated income statements | ' | ||||||||||||||||||||
At September 30, 2013 | Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||||||
Asset | Liability | Gain (Loss) | Gain (Loss) | ||||||||||||||||||
Derivatives | Derivatives | Recognized | Recognized | ||||||||||||||||||
in Income | in Income | ||||||||||||||||||||
on Derivatives (1) | on Derivatives (1) | ||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Total derivatives (interest-rate products) not designated as hedging instruments | $ | 930 | $ | 970 | $ | 1 | $ | (24 | ) | ||||||||||||
(1) The amount of gain (loss) recognized in income on derivatives represents changes related to the fair value of the interest rate products. | |||||||||||||||||||||
Schedule of offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet | ' | ||||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Gross Amounts Not Offset in the | ||||||||||||||||||
Amounts of | Offset in the | Assets Presented in | Statement of Financial Position | ||||||||||||||||||
Recognized | Statement of | the Statement of | Financial | Cash Collateral | Net Amount | ||||||||||||||||
Assets /Liabilities | Financial Position | Financial Position | Instruments | (Received)/ Posted | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Asset Derivatives | $ | 930 | $ | — | $ | 930 | $ | — | $ | — | $ | 930 | |||||||||
Liability Derivatives | $ | 970 | $ | — | $ | 970 | $ | — | $ | 448 | $ | 1,418 | |||||||||
At December 31, 2012 | |||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Gross Amounts Not Offset in the | ||||||||||||||||||
Amounts of | Offset in the | Assets Presented in | Statement of Financial Position | ||||||||||||||||||
Recognized | Statement of | the Statement of | Financial | Cash Collateral | Net Amount | ||||||||||||||||
Assets /Liabilities | Financial Position | Financial Position | Instruments | (Received) / Posted | |||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Asset Derivatives | $ | 1,317 | $ | — | $ | 1,317 | $ | — | $ | — | $ | 1,317 | |||||||||
Liability Derivatives | $ | 1,380 | $ | — | $ | 1,380 | $ | — | $ | 548 | $ | 1,928 | |||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings per Share | ' | |||||||||||||
Schedule of reconciliation of basic and diluted earnings per share (EPS) | ' | |||||||||||||
Three Months Ended | ||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||
Basic | Fully | Basic | Fully | |||||||||||
Diluted | Diluted | |||||||||||||
(In Thousands Except Share Data) | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 9,429 | $ | 9,429 | $ | 11,401 | $ | 11,401 | ||||||
Denominator: | ||||||||||||||
Weighted average shares outstanding | 69,830,953 | 69,830,953 | 69,716,283 | 69,716,283 | ||||||||||
Effect of dilutive securities | — | 82,812 | — | 38,190 | ||||||||||
Adjusted weighted average shares outstanding | 69,830,953 | 69,913,765 | 69,716,283 | 69,754,473 | ||||||||||
EPS | $ | 0.14 | $ | 0.13 | $ | 0.16 | $ | 0.16 | ||||||
Nine Months Ended | ||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||
Basic | Fully | Basic | Fully | |||||||||||
Diluted | Diluted | |||||||||||||
(In Thousands Except Share Data) | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 27,732 | $ | 27,732 | $ | 25,279 | $ | 25,279 | ||||||
Denominator: | ||||||||||||||
Weighted average shares outstanding | 69,789,737 | 69,789,737 | 69,682,741 | 69,682,741 | ||||||||||
Effect of dilutive securities | — | 70,985 | — | 35,331 | ||||||||||
Adjusted weighted average shares outstanding | 69,789,737 | 69,860,722 | 69,682,741 | 69,718,072 | ||||||||||
EPS | $ | 0.4 | $ | 0.4 | $ | 0.36 | $ | 0.36 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair value of assets | ' | ||||||||||||||||
Schedule of the carrying value of assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||||||
Carrying Value at September 30, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In Thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Securities available-for-sale: | |||||||||||||||||
GSEs | $ | — | $ | 20,242 | $ | — | $ | 20,242 | |||||||||
GSE CMOs | — | 248,331 | — | 248,331 | |||||||||||||
GSE MBSs | — | 177,150 | — | 177,150 | |||||||||||||
Private-label CMOs | — | 4,097 | — | 4,097 | |||||||||||||
SBA commercial loan asset-backed securities | — | 259 | — | 259 | |||||||||||||
Auction-rate municipal obligations | — | — | 1,774 | 1,774 | |||||||||||||
Municipal obligations | — | 1,089 | — | 1,089 | |||||||||||||
Corporate debt obligations | — | 23,516 | — | 23,516 | |||||||||||||
Trust preferred securities and pools | — | 1,547 | 1,081 | 2,628 | |||||||||||||
Marketable equity securities | 1,316 | — | — | 1,316 | |||||||||||||
Total securities available-for-sale | $ | 1,316 | $ | 476,231 | $ | 2,855 | $ | 480,402 | |||||||||
Interest-rate swaps | $ | — | $ | 930 | $ | — | $ | 930 | |||||||||
Liabilities: | |||||||||||||||||
Interest-rate swaps | $ | — | $ | 970 | $ | — | $ | 970 | |||||||||
Carrying Value at December 31, 2012 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In Thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Securities available-for-sale: | |||||||||||||||||
GSEs | $ | — | $ | 69,809 | $ | — | $ | 69,809 | |||||||||
GSE CMOs | — | 217,001 | — | 217,001 | |||||||||||||
GSE MBSs | — | 169,648 | — | 169,648 | |||||||||||||
Private-label CMOs | — | 6,866 | — | 6,866 | |||||||||||||
SBA commercial loan asset-backed securities | — | 381 | — | 381 | |||||||||||||
Auction-rate municipal obligations | — | — | 1,976 | 1,976 | |||||||||||||
Municipal obligations | — | 1,101 | — | 1,101 | |||||||||||||
Corporate debt obligations | — | 10,685 | — | 10,685 | |||||||||||||
Trust preferred securities and pools | — | 1,578 | 941 | 2,519 | |||||||||||||
Marketable equity securities | 1,337 | — | — | 1,337 | |||||||||||||
Total securities available-for-sale | $ | 1,337 | $ | 477,069 | $ | 2,917 | $ | 481,323 | |||||||||
Interest-rate swaps | $ | — | $ | 1,317 | $ | — | $ | 1,317 | |||||||||
Liabilities: | |||||||||||||||||
Interest-rate swaps | $ | — | $ | 1,380 | $ | — | $ | 1,380 | |||||||||
Schedule of quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring basis | ' | ||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted | |||||||||||||
Average | |||||||||||||||||
Discount Rates | |||||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Auction-rate municipals | $ | 1,774 | Discounted cash flow | Discount rate | 0-5% | 4.9 | % | ||||||||||
Trust preferred pools | $ | 1,081 | Discounted cash flow | Cumulative default | 0-100% | 10.5 | % | ||||||||||
Cure given deferral/ default | 0-15% | ||||||||||||||||
Discount rate | 5-30% | ||||||||||||||||
Schedule of reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ' | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In Thousands) | |||||||||||||||||
Investment securities available-for-sale, beginning of period | $ | 2,835 | $ | 3,318 | $ | 2,917 | $ | 3,208 | |||||||||
Acquired, BankRI | — | — | — | 184 | |||||||||||||
Principal paydowns and other | (10 | ) | (205 | ) | (341 | ) | (495 | ) | |||||||||
Total unrealized gains included in other comprehensive income | 30 | 93 | 279 | 309 | |||||||||||||
Investment securities available-for-sale, end of period | $ | 2,855 | $ | 3,206 | $ | 2,855 | $ | 3,206 | |||||||||
Summary of assets and liabilities measured at fair value on a non-recurring basis | ' | ||||||||||||||||
Carrying Value at September 30, 2013 | |||||||||||||||||
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 | $ | — | $ | — | $ | 5,726 | $ | 5,726 | |||||||||
Other real estate owned | — | — | 726 | 726 | |||||||||||||
Repossessed vehicles and equipment | — | 593 | — | 593 | |||||||||||||
$ | — | $ | 593 | $ | 6,452 | $ | 7,045 | ||||||||||
Carrying Value at December 31, 2012 | |||||||||||||||||
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 | $ | — | $ | 36,749 | $ | — | $ | 36,749 | |||||||||
Other real estate owned | — | 903 | — | 903 | |||||||||||||
Repossessed vehicles and equipment | — | 588 | — | 588 | |||||||||||||
$ | — | $ | 38,240 | $ | — | $ | 38,240 | ||||||||||
Excludes Financial Instruments For Which The Carrying Amount Approximates Fair Value | ' | ||||||||||||||||
Fair value of assets | ' | ||||||||||||||||
Summary of assets and liabilities measured at fair value on a non-recurring basis | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Carrying | Estimated | Level 1 | Level 2 | Level 3 | |||||||||||||
Value | Fair Value | Inputs | Inputs | Inputs | |||||||||||||
(In Thousands) | |||||||||||||||||
At September 30, 2013 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Securities held-to-maturity | $ | 500 | $ | 500 | $ | — | $ | — | $ | 500 | |||||||
Loans and leases, net | 4,253,087 | 4,266,257 | — | — | 4,266,257 | ||||||||||||
Loans held-for-sale | 200 | 200 | — | 200 | — | ||||||||||||
Financial liabilities: | |||||||||||||||||
Certificates of deposit | 950,359 | 954,741 | — | 954,741 | — | ||||||||||||
Borrowed funds | 828,802 | 836,169 | — | 836,169 | — | ||||||||||||
At December 31, 2012 | |||||||||||||||||
Financial assets: | |||||||||||||||||
Securities held-to-maturity | $ | 500 | $ | 502 | $ | — | $ | — | $ | 502 | |||||||
Loans and leases, net | 4,134,560 | 4,193,678 | — | — | 4,193,678 | ||||||||||||
Loans held-for-sale | 3,233 | 3,233 | — | — | 3,233 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Certificates of deposit | 1,010,941 | 1,019,916 | — | 1,019,916 | — | ||||||||||||
Borrowed funds | 853,969 | 872,046 | — | 872,046 | — |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Commitments and Contingencies. | ' | |||||||
Schedule of financial instruments with off-balance sheet risk | ' | |||||||
At September 30, 2013 | At December 31, 2012 | |||||||
(In Thousands) | ||||||||
Financial instruments whose contract amounts represent credit risk: | ||||||||
Commitments to originate loans and leases: | ||||||||
Commercial real estate | $ | 55,517 | $ | 85,726 | ||||
Commercial | 66,249 | 67,857 | ||||||
Residential mortgage | 8,161 | 8,726 | ||||||
Unadvanced portion of loans and leases | 539,861 | 421,143 | ||||||
Unused lines of credit: | ||||||||
Home equity | 197,740 | 165,936 | ||||||
Other consumer | 3,568 | 4,017 | ||||||
Other commercial | 1,015 | 965 | ||||||
Unused letters of credit: | ||||||||
Financial standby letters of credit | 18,621 | 19,887 | ||||||
Performance standby letters of credit | 2,916 | 2,916 | ||||||
Commercial and similar letters of credit | 228 | 112 | ||||||
Back-to-back interest-rate swaps | 22,619 | 33,221 | ||||||
Schedule of future minimum rental payments under noncancellable operating leases | ' | |||||||
Minimum Rental Payments | ||||||||
(In Thousands) | ||||||||
Remainder of 2013 | $ | 1,138 | ||||||
Year ending: | ||||||||
2014 | 3,977 | |||||||
2015 | 3,614 | |||||||
2016 | 3,391 | |||||||
2017 | 2,973 | |||||||
Thereafter | 8,153 | |||||||
Total | $ | 23,246 | ||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
item | |
Basis of Presentation | ' |
Number of full-service banking offices | 23 |
FDIC insurance limit per depositor | $250,000 |
Number of banks on whose deposits insurance coverage was offered | 3 |
Percentage of insurance offered | 100.00% |
Eastern Funding LLC | ' |
Basis of Presentation | ' |
Percentage of ownership in subsidiary | 84.80% |
BankRI | ' |
Basis of Presentation | ' |
Number of full-service banking offices | 18 |
First Ipswich Bancorp: | ' |
Basis of Presentation | ' |
Number of full-service banking offices | 6 |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Investment securities available-for-sale | ' | ' | ' |
Amortized Cost | $488,551,000 | $488,551,000 | $475,946,000 |
Gross Unrealized Gains | 3,187,000 | 3,187,000 | 6,013,000 |
Gross Unrealized Losses | 11,336,000 | 11,336,000 | 636,000 |
Estimated Fair Value | 480,402,000 | 480,402,000 | 481,323,000 |
Gross Unrealized Gains | ' | ' | 2,000 |
Estimated Fair Value | 500,000 | 500,000 | 502,000 |
Net unrealized gain (loss) | -8,100,000 | ' | 5,400,000 |
Fair value of available-for-sale security for 73.3% of the portfolio | 352,300,000 | 352,300,000 | ' |
Percentage of first portfolio for available-for-sale securities | 73.30% | 73.30% | ' |
Gross unrealized gain (loss) for 73.3% of available-for-sale security portfolio | ' | 11,300,000 | ' |
Fair value of available-for-sale security for 9.9% of the portfolio | ' | ' | 47,600,000 |
Percentage of second portfolio for available-for-sale securities | ' | ' | 9.90% |
Gross unrealized gain (loss) for 9.9% of available-for-sale security portfolio | ' | ' | 600,000 |
Investment securities held-to-maturity | ' | ' | ' |
Amortized Cost | 500,000 | 500,000 | 500,000 |
Available for sale securities pledged as collateral | 320,600,000 | 320,600,000 | 309,700,000 |
Debt securities | ' | ' | ' |
Investment securities available-for-sale | ' | ' | ' |
Amortized Cost | 487,295,000 | 487,295,000 | 474,697,000 |
Gross Unrealized Gains | 3,125,000 | 3,125,000 | 5,925,000 |
Gross Unrealized Losses | 11,334,000 | 11,334,000 | 636,000 |
Estimated Fair Value | 479,086,000 | 479,086,000 | 479,986,000 |
GSEs | ' | ' | ' |
Investment securities available-for-sale | ' | ' | ' |
Amortized Cost | 20,178,000 | 20,178,000 | 69,504,000 |
Gross Unrealized Gains | 64,000 | 64,000 | 305,000 |
Estimated Fair Value | 20,242,000 | 20,242,000 | 69,809,000 |
GSE CMOs | ' | ' | ' |
Investment securities available-for-sale | ' | ' | ' |
Amortized Cost | 255,658,000 | 255,658,000 | 215,670,000 |
Gross Unrealized Gains | 95,000 | 95,000 | 1,386,000 |
Gross Unrealized Losses | 7,422,000 | 7,422,000 | 55,000 |
Estimated Fair Value | 248,331,000 | 248,331,000 | 217,001,000 |
GSE MBSs | ' | ' | ' |
Investment securities available-for-sale | ' | ' | ' |
Amortized Cost | 178,510,000 | 178,510,000 | 165,996,000 |
Gross Unrealized Gains | 2,115,000 | 2,115,000 | 3,704,000 |
Gross Unrealized Losses | 3,475,000 | 3,475,000 | 52,000 |
Estimated Fair Value | 177,150,000 | 177,150,000 | 169,648,000 |
Private-label CMOs | ' | ' | ' |
Investment securities available-for-sale | ' | ' | ' |
Amortized Cost | 4,013,000 | 4,013,000 | 6,719,000 |
Gross Unrealized Gains | 118,000 | 118,000 | 147,000 |
Gross Unrealized Losses | 34,000 | 34,000 | ' |
Estimated Fair Value | 4,097,000 | 4,097,000 | 6,866,000 |
SBA commercial loan asset-backed securities | ' | ' | ' |
Investment securities available-for-sale | ' | ' | ' |
Amortized Cost | 261,000 | 261,000 | 383,000 |
Gross Unrealized Losses | 2,000 | 2,000 | 2,000 |
Estimated Fair Value | 259,000 | 259,000 | 381,000 |
Auction-rate municipal obligations | ' | ' | ' |
Investment securities available-for-sale | ' | ' | ' |
Amortized Cost | 1,900,000 | 1,900,000 | 2,100,000 |
Gross Unrealized Losses | 126,000 | 126,000 | 124,000 |
Estimated Fair Value | 1,774,000 | 1,774,000 | 1,976,000 |
Municipal obligations | ' | ' | ' |
Investment securities available-for-sale | ' | ' | ' |
Amortized Cost | 1,065,000 | 1,065,000 | 1,058,000 |
Gross Unrealized Gains | 24,000 | 24,000 | 43,000 |
Estimated Fair Value | 1,089,000 | 1,089,000 | 1,101,000 |
Corporate debt obligations | ' | ' | ' |
Investment securities available-for-sale | ' | ' | ' |
Amortized Cost | 23,103,000 | 23,103,000 | 10,481,000 |
Gross Unrealized Gains | 413,000 | 413,000 | 204,000 |
Estimated Fair Value | 23,516,000 | 23,516,000 | 10,685,000 |
Trust preferred securities and pools | ' | ' | ' |
Investment securities available-for-sale | ' | ' | ' |
Amortized Cost | 2,607,000 | 2,607,000 | 2,786,000 |
Gross Unrealized Gains | 296,000 | 296,000 | 136,000 |
Gross Unrealized Losses | 275,000 | 275,000 | 403,000 |
Estimated Fair Value | 2,628,000 | 2,628,000 | 2,519,000 |
Marketable equity securities | ' | ' | ' |
Investment securities available-for-sale | ' | ' | ' |
Amortized Cost | 1,256,000 | 1,256,000 | 1,249,000 |
Gross Unrealized Gains | 62,000 | 62,000 | 88,000 |
Gross Unrealized Losses | 2,000 | 2,000 | ' |
Estimated Fair Value | $1,316,000 | $1,316,000 | $1,337,000 |
Investment_Securities_Details_
Investment Securities (Details 2) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
GSE CMOs | GSE CMOs | GSE MBSs | GSE MBSs | Private-label CMOs | Private-label CMOs | Private-label CMOs | SBA commercial loan asset-backed securities | SBA commercial loan asset-backed securities | Auction-rate municipal obligations | Auction-rate municipal obligations | Trust preferred securities and pools | Trust preferred securities and pools | Trust preferred securities, Without OTTI loss | Trust preferred securities, Without OTTI loss | PreTSL B | PreTSL B | U.S. Government-Sponsored Enterprises excluding GNMA MBSs and CMOs, and SBA commercial loan asset-backed securities | U.S. Government-Sponsored Enterprises excluding GNMA MBSs and CMOs, and SBA commercial loan asset-backed securities | GSE debt securities | GSE debt securities | GSE debt securities | GSE mortgage-related securities | GSE mortgage-related securities | GSE mortgage-related securities | Municipal obligations | Municipal obligations | Corporate debt obligations | Corporate debt obligations | Debt securities | Debt securities | Marketable equity securities | Marketable equity securities | Marketable equity securities | SBA securities | SBA securities | SBA securities | SBA securities | ||||
item | Maximum | item | item | item | item | Maximum | item | item | item | item | item | Maximum | item | Maximum | Maximum | ||||||||||||||||||||||||||
Less than Twelve Months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Fair Value | $271,146,000 | ' | $43,431,000 | $190,433,000 | $23,910,000 | $79,020,000 | $19,186,000 | $1,145,000 | $25,000 | ' | $39,000 | $310,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $270,637,000 | $43,431,000 | $509,000 | ' | ' | ' | ' | ' | ' |
Unrealized Losses | 7,185,000 | ' | 104,000 | 5,110,000 | 55,000 | 2,039,000 | 47,000 | 34,000 | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,183,000 | 104,000 | 2,000 | ' | ' | ' | ' | ' | ' |
Twelve Months or Longer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Fair Value | 81,690,000 | ' | 4,142,000 | 51,296,000 | ' | 26,423,000 | 235,000 | ' | ' | ' | 199,000 | ' | 1,774,000 | 1,976,000 | ' | ' | 1,998,000 | 1,931,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,690,000 | 4,142,000 | ' | ' | ' | ' | ' | ' | ' |
Unrealized Losses | 4,151,000 | ' | 532,000 | 2,312,000 | ' | 1,436,000 | 5,000 | ' | ' | ' | 2,000 | ' | 126,000 | 124,000 | ' | ' | 275,000 | 403,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,151,000 | 532,000 | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Fair Value | 352,836,000 | ' | 47,573,000 | 241,729,000 | 23,910,000 | 105,443,000 | 19,421,000 | 1,145,000 | 25,000 | ' | 238,000 | 310,000 | 1,774,000 | 1,976,000 | 2,600,000 | 2,500,000 | 1,998,000 | 1,931,000 | ' | ' | ' | ' | ' | ' | ' | 425,500,000 | ' | 386,600,000 | ' | ' | 23,500,000 | 10,700,000 | 352,327,000 | 47,573,000 | 509,000 | ' | ' | ' | ' | ' | ' |
Unrealized Losses | 11,336,000 | ' | 636,000 | 7,422,000 | 55,000 | 3,475,000 | 52,000 | 34,000 | ' | ' | 2,000 | 2,000 | 126,000 | 124,000 | ' | ' | 275,000 | 403,000 | ' | ' | ' | ' | ' | ' | ' | -8,700,000 | ' | 5,000,000 | ' | ' | ' | ' | 11,334,000 | 636,000 | 2,000 | ' | ' | ' | ' | ' | ' |
Additional disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value | 480,402,000 | ' | 481,323,000 | ' | ' | ' | ' | 4,100,000 | 6,900,000 | ' | ' | ' | 1,800,000 | 2,000,000 | ' | ' | ' | ' | 788,000 | 788,000 | 13,500,000 | 10,000,000 | 20,200,000 | 69,800,000 | ' | ' | ' | ' | 1,100,000 | 1,100,000 | ' | ' | ' | ' | 1,300,000 | 1,300,000 | ' | 300,000 | 400,000 | ' | ' |
Net unrealized gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | ' | ' | -100,000 | -100,000 | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | 300,000 | 100,000 | ' | ' | ' | ' | ' | 400,000 | 200,000 | ' | ' | ' | 100,000 | 100,000 | ' | ' | 100,000 | 100,000 |
Number of securities under unrealized loss position | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | 3 | 3 | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 80 | ' | ' | 0 | ' | 0 | ' | ' | ' | 1 | ' | ' | 7 | ' | ' | ' |
Trust preferred pools number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of securities | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | 2 | ' | 5 | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | 235 | ' | ' | 2 | ' | 10 | 8 | ' | ' | 4 | ' | ' | 9 | ' | ' | ' |
Securities under unrealized loss position as a percentage of amortized cost of total securities | ' | ' | ' | ' | ' | ' | ' | 2.90% | ' | ' | ' | ' | 6.60% | ' | 12.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | 0.40% | ' | ' | 0.80% | ' | ' | ' |
Number of securities downgraded | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of issuers defaulting on scheduled payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of securities for which obligations are rated non-investment grade | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of securities that received principal and interest payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal and interest received, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities purchased to reinvest cash from matured securities | 124,106,000 | 251,765,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111,400,000 | 252,300,000 | ' | ' | ' | 12,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferrals/Defaults/Losses to Date (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Total Remaining Projected Defaults (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Excess Subordination (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current Par | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 818,000 | 818,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost | 488,551,000 | ' | 475,946,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 813,000 | 813,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Unrealized Gains | 3,187,000 | ' | 6,013,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Unrealized Gain/(Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25,000 | -25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferrals/defaults of security's underlying collateral to date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,000,000 | 86,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in deferral or default schedules | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated total remaining projected defaults of current par (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated excess subordination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,000,000 | 108,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OTTI recognized in other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment loss on securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment_Securities_Details_1
Investment Securities (Details 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment securities available-for-sale, Amortized Cost | ' | ' |
Within 1 year | $20,288 | ' |
After 1 year through 5 years | 36,108 | ' |
After 5 years through 10 years | 48,309 | ' |
Over 10 years | 382,590 | ' |
Total | 487,295 | 474,697 |
Investment securities available-for-sale, Estimated Fair Value | ' | ' |
Within 1 year | 20,347 | ' |
After 1 year through 5 years | 37,055 | ' |
After 5 years through 10 years | 49,428 | ' |
Over 10 years | 372,256 | ' |
Total | 479,086 | 479,986 |
Investment securities available-for-sale, Weighted Average Rate | ' | ' |
Within 1 year (as a percent) | 1.31% | ' |
After 1 year through 5 years (as a percent) | 2.78% | ' |
After 5 years through 10 years (as a percent) | 2.62% | ' |
Over 10 years (as a percent) | 1.93% | ' |
Total (as a percent) | 2.04% | 1.97% |
Investment securities held-to-maturity, Amortized Cost | ' | ' |
Within 1 year | 500 | ' |
Total | 500 | 500 |
Investment securities held-to-maturity, Estimated Fair Value | ' | ' |
Within 1 year | 500 | ' |
Total | 500 | 502 |
Investment securities held-to-maturity, Weighted Average Rate | ' | ' |
Within 1 year (as a percent) | 1.99% | ' |
Total (as a percent) | 1.99% | 1.99% |
Investment securities available-for-sale, Amortized Cost | ' | ' |
Within 1 year | ' | 59,396 |
After 1 year through 5 years | ' | 25,249 |
After 5 years through 10 years | ' | 50,283 |
Over 10 years | ' | 339,769 |
Total | 487,295 | 474,697 |
Investment securities available-for-sale, Estimated Fair Value | ' | ' |
Within 1 year | ' | 59,736 |
After 1 year through 5 years | ' | 25,579 |
After 5 years through 10 years | ' | 52,557 |
Over 10 years | ' | 342,114 |
Total | 479,086 | 479,986 |
Investment securities available-for-sale, Weighted Average Rate | ' | ' |
Within 1 year (as a percent) | ' | 1.20% |
After 1 year through 5 years (as a percent) | ' | 1.61% |
After 5 years through 10 years (as a percent) | ' | 3.29% |
Over 10 years (as a percent) | ' | 1.93% |
Total (as a percent) | 2.04% | 1.97% |
Investment securities held-to-maturity, Amortized Cost | ' | ' |
After 1 year through 5 years | ' | 500 |
Total | 500 | 500 |
Investment securities held-to-maturity, Estimated Fair Value | ' | ' |
After 1 year through 5 years | ' | 502 |
Total | 500 | 502 |
Investment securities held-to-maturity, Weighted Average Rate | ' | ' |
After 1 year through 5 years (as a percent) | ' | 1.99% |
Total (as a percent) | 1.99% | 1.99% |
Remaining callable GSE securities in investment portfolio | $0 | ' |
Investment_Securities_Details_2
Investment Securities (Details 4) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Investment securities | ' |
Sales of debt securities | $157,225 |
Debt securities | ' |
Investment securities | ' |
Sales of debt securities | 157,225 |
Gross gains from sales | 964 |
Gross losses from sales | $167 |
Loans_and_Leases_Details
Loans and Leases (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Directors, executive officers and their affiliates | Directors, executive officers and their affiliates | Directors, executive officers and their affiliates | Commercial real estate loans | Commercial real estate loans | Commercial real estate | Commercial real estate | Multi-family mortgage | Multi-family mortgage | Construction loans | Construction loans | Commercial loans and leases | Commercial loans and leases | Commercial | Commercial | Equipment financing | Equipment financing | Condominium association | Condominium association | Indirect automobile loans | Indirect automobile loans | Consumer loans | Consumer loans | Residential mortgage | Residential mortgage | Home equity | Home equity | Other consumer | Other consumer | Acquired | Acquired | Acquired | Acquired | Acquired | |||
Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Originated loans | $3,433,769,000 | $3,116,102,000 | ' | ' | ' | $1,665,170,000 | $1,458,482,000 | $1,035,394,000 | $871,552,000 | $523,340,000 | $506,017,000 | $106,436,000 | $80,913,000 | $814,543,000 | $641,376,000 | $290,951,000 | $230,892,000 | $480,387,000 | $366,297,000 | $43,205,000 | $44,187,000 | $440,949,000 | $542,344,000 | $513,107,000 | $473,900,000 | $385,680,000 | $368,095,000 | $121,353,000 | $99,683,000 | $6,074,000 | $6,122,000 | ' | ' | ' | ' | ' |
Originated, Weighted Average Coupon (as a percent) | 4.65% | 4.89% | ' | ' | ' | 4.31% | 4.56% | 4.33% | 4.62% | 4.33% | 4.50% | 3.98% | 4.20% | 5.76% | 6.14% | 3.62% | 3.89% | 7.15% | 7.69% | 4.77% | 5.02% | 5.05% | 5.31% | 3.63% | 3.78% | 3.67% | 3.87% | 3.40% | 3.45% | 5.88% | 5.35% | ' | ' | ' | ' | ' |
Acquired loans | 865,708,000 | 1,059,610,000 | ' | ' | ' | 453,290,000 | 547,481,000 | 365,375,000 | 429,681,000 | 76,261,000 | 100,516,000 | 11,654,000 | 17,284,000 | 151,383,000 | 206,079,000 | 118,425,000 | 151,385,000 | 32,958,000 | 54,694,000 | ' | ' | ' | ' | 261,035,000 | 306,050,000 | 126,155,000 | 143,014,000 | 133,535,000 | 161,879,000 | 1,345,000 | 1,157,000 | ' | ' | ' | ' | ' |
Acquired, Weighted Average Coupon (as a percent) | 4.44% | 4.67% | ' | ' | ' | 4.50% | 4.75% | 4.46% | 4.69% | 4.71% | 4.99% | 4.28% | 4.73% | 5.06% | 5.30% | 4.62% | 4.72% | 6.63% | 6.91% | ' | ' | ' | ' | 4.03% | 4.15% | 4.04% | 4.18% | 3.91% | 4.07% | 14.25% | 12.97% | ' | ' | ' | ' | ' |
Total Loans and Leases | 4,299,477,000 | 4,175,712,000 | ' | ' | ' | 2,118,460,000 | 2,005,963,000 | 1,400,769,000 | 1,301,233,000 | 599,601,000 | 606,533,000 | 118,090,000 | 98,197,000 | 965,926,000 | 847,455,000 | 409,376,000 | 382,277,000 | 513,345,000 | 420,991,000 | 43,205,000 | 44,187,000 | 440,949,000 | 542,344,000 | 774,142,000 | 779,950,000 | 511,835,000 | 511,109,000 | 254,888,000 | 261,562,000 | 7,419,000 | 7,279,000 | ' | ' | ' | ' | ' |
Weighted Average Coupon (as a percent) | 4.60% | 4.83% | ' | ' | ' | 4.35% | 4.61% | 4.36% | 4.64% | 4.38% | 4.58% | 4.01% | 4.29% | 5.65% | 5.93% | 3.91% | 4.22% | 7.12% | 7.59% | 4.77% | 5.02% | 5.05% | 5.31% | 3.77% | 3.92% | 3.76% | 3.93% | 3.67% | 3.83% | 7.40% | 6.56% | ' | ' | ' | ' | ' |
Percentage of loans to aggregate outstanding amount in the greater New York/New Jersey metropolitan area | 40.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of loans to aggregate outstanding amount in Other areas of the United States | 59.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans held for sale included in other assets | 200,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summarized activity in accretable yield for the acquired loan portfolio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,182,000 | 68,656,000 | 57,812,000 | -1,369,000 | ' |
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,503,000 | ' |
Reclassification from nonaccretable difference for loans with improved cash flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,537,000 | 1,200,000 | 6,913,000 | 1,200,000 | ' |
Accretion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,029,000 | -7,632,000 | -16,035,000 | -19,110,000 | ' |
Balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,690,000 | 62,224,000 | 48,690,000 | 62,224,000 | ' |
Accretable yield adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | 1,200,000 | ' |
Aggregate remaining nonaccretable difference (representing both principal and interest) applicable to acquired loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,200,000 | ' | 8,200,000 | ' | 14,600,000 |
Change in the total amounts of loans and advances, all of which were performing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the year | ' | ' | 4,083,000 | 16,428,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired loans | ' | ' | ' | 2,848,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New loans granted during the year | ' | ' | 498,000 | 140,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advances on lines of credit | ' | ' | 6,163,000 | 540,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments | ' | ' | -887,000 | -14,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans reclassified as insider loans | ' | ' | 10,753,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the end of the year | ' | ' | 20,610,000 | 5,656,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfunded commitments on extensions of credit | ' | ' | 2,600,000 | ' | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recourse Obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of recourse obligation | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original sold balance | 9,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Historical maximum delinquency rate (as a percent) | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Delinquency rate for the lease portfolio (as a percent) | 1.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and leases pledged as collateral | $1,300,000,000 | $1,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance_for_Loan_and_Lease_L2
Allowance for Loan and Lease Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | $44,281,000 | $37,431,000 | $41,152,000 | $31,703,000 | ' | ' |
Charge-offs | -903,000 | -1,807,000 | -2,594,000 | -6,565,000 | ' | ' |
Recoveries | 282,000 | 268,000 | 915,000 | 829,000 | ' | ' |
Provision (credit) for loan and lease losses | 2,730,000 | 3,021,000 | 6,917,000 | 12,946,000 | ' | ' |
Balance at the end of the period | 46,390,000 | 38,913,000 | 46,390,000 | 38,913,000 | ' | ' |
Unfunded credit commitments liability included in other liabilities | 900,000 | 700,000 | 900,000 | 700,000 | 800,000 | 800,000 |
Increase (decrease) in liability for unfunded credit commitment | ' | ' | 100,000 | -100,000 | ' | ' |
Unfunded credit commitments liability charged off | ' | ' | 0 | 0 | ' | ' |
Provision for credit losses | ' | ' | ' | ' | ' | ' |
Total provision for loan and lease losses | 2,730,000 | 3,021,000 | 6,917,000 | 12,946,000 | ' | ' |
Unfunded credit commitments | 18,000 | -159,000 | 125,000 | -159,000 | ' | ' |
Total provision for credit losses | 2,748,000 | 2,862,000 | 7,042,000 | 12,787,000 | ' | ' |
Performance period required for placing loans to accrual status | ' | ' | '6 months | ' | ' | ' |
General allowance for loan and lease losses | 42,000,000 | ' | 42,000,000 | ' | 36,900,000 | ' |
Increase in general portion of the allowance for loan and lease losses | ' | ' | 5,100,000 | ' | ' | ' |
Specific allowance for loan and lease losses | 1,600,000 | ' | 1,600,000 | ' | 1,700,000 | ' |
Decrease in specific portion of the allowance for loan and lease losses | ' | ' | 100,000 | ' | ' | ' |
Unallocated allowance for loan and lease losses | 2,800,000 | ' | 2,800,000 | ' | 2,600,000 | ' |
Increase in unallocated portion of the allowance for loan and lease losses | ' | ' | 200,000 | ' | ' | ' |
Commercial Real Estate | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 22,019,000 | 17,938,000 | 20,018,000 | 15,477,000 | ' | ' |
Charge-offs | -7,000 | ' | -88,000 | ' | ' | ' |
Recoveries | ' | 38,000 | 4,000 | 118,000 | ' | ' |
Provision (credit) for loan and lease losses | 447,000 | 1,187,000 | 2,525,000 | 3,568,000 | ' | ' |
Balance at the end of the period | 22,459,000 | 19,163,000 | 22,459,000 | 19,163,000 | ' | ' |
Provision for credit losses | ' | ' | ' | ' | ' | ' |
Total provision for loan and lease losses | 447,000 | 1,187,000 | 2,525,000 | 3,568,000 | ' | ' |
Number of loan classes within specific portfolio | 3 | ' | 3 | ' | ' | ' |
Commercial | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 11,791,000 | 8,962,000 | 10,655,000 | 5,997,000 | ' | ' |
Charge-offs | -219,000 | -1,276,000 | -943,000 | -5,033,000 | ' | ' |
Recoveries | 62,000 | 97,000 | 326,000 | 299,000 | ' | ' |
Provision (credit) for loan and lease losses | 2,036,000 | 1,453,000 | 3,632,000 | 7,973,000 | ' | ' |
Balance at the end of the period | 13,670,000 | 9,236,000 | 13,670,000 | 9,236,000 | ' | ' |
Provision for credit losses | ' | ' | ' | ' | ' | ' |
Total provision for loan and lease losses | 2,036,000 | 1,453,000 | 3,632,000 | 7,973,000 | ' | ' |
Number of loan classes within specific portfolio | 3 | ' | 3 | ' | ' | ' |
Indirect Automobile | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 4,695,000 | 5,680,000 | 5,304,000 | 5,604,000 | ' | ' |
Charge-offs | -510,000 | -423,000 | -1,190,000 | -1,206,000 | ' | ' |
Recoveries | 116,000 | 122,000 | 395,000 | 388,000 | ' | ' |
Provision (credit) for loan and lease losses | 15,000 | 235,000 | -193,000 | 828,000 | ' | ' |
Balance at the end of the period | 4,316,000 | 5,614,000 | 4,316,000 | 5,614,000 | ' | ' |
Provision for credit losses | ' | ' | ' | ' | ' | ' |
Total provision for loan and lease losses | 15,000 | 235,000 | -193,000 | 828,000 | ' | ' |
Consumer | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 2,999,000 | 2,113,000 | 2,545,000 | 1,577,000 | ' | ' |
Charge-offs | -167,000 | -108,000 | -373,000 | -326,000 | ' | ' |
Recoveries | 104,000 | 11,000 | 190,000 | 24,000 | ' | ' |
Provision (credit) for loan and lease losses | 179,000 | 429,000 | 753,000 | 1,170,000 | ' | ' |
Balance at the end of the period | 3,115,000 | 2,445,000 | 3,115,000 | 2,445,000 | ' | ' |
Provision for credit losses | ' | ' | ' | ' | ' | ' |
Total provision for loan and lease losses | 179,000 | 429,000 | 753,000 | 1,170,000 | ' | ' |
Number of loan classes within specific portfolio | 3 | ' | 3 | ' | ' | ' |
Unallocated | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 2,777,000 | 2,738,000 | 2,630,000 | 3,048,000 | ' | ' |
Provision (credit) for loan and lease losses | 53,000 | -283,000 | 200,000 | -593,000 | ' | ' |
Balance at the end of the period | 2,830,000 | 2,455,000 | 2,830,000 | 2,455,000 | ' | ' |
Provision for credit losses | ' | ' | ' | ' | ' | ' |
Total provision for loan and lease losses | $53,000 | ($283,000) | $200,000 | ($593,000) | ' | ' |
Allowance_for_Loan_and_Lease_L3
Allowance for Loan and Lease Losses (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Credit Quality Information | ' | ' |
Recorded investment | $4,299,477 | $4,175,712 |
Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 3,433,769 | 3,116,102 |
Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 865,708 | 1,059,610 |
Commercial Real Estate Mortgage | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,400,769 | 1,301,233 |
Commercial Real Estate Mortgage | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,035,394 | 871,552 |
Commercial Real Estate Mortgage | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 365,375 | 429,681 |
Commercial Real Estate Mortgage | Pass | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,026,840 | 863,901 |
Commercial Real Estate Mortgage | Pass | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 350,212 | 409,725 |
Commercial Real Estate Mortgage | OAEM | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 7,587 | 5,686 |
Commercial Real Estate Mortgage | OAEM | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 4,892 | 2,740 |
Commercial Real Estate Mortgage | Substandard | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 967 | 1,965 |
Commercial Real Estate Mortgage | Substandard | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 10,032 | 17,216 |
Commercial Real Estate Mortgage | Doubtful | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 239 | ' |
Multi-Family Mortgage | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 599,601 | 606,533 |
Multi-Family Mortgage | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 523,340 | 506,017 |
Multi-Family Mortgage | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 76,261 | 100,516 |
Multi-Family Mortgage | Pass | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 522,435 | 504,883 |
Multi-Family Mortgage | Pass | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 72,649 | 93,058 |
Multi-Family Mortgage | OAEM | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 374 | 146 |
Multi-Family Mortgage | OAEM | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,132 | 2,439 |
Multi-Family Mortgage | Substandard | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 531 | 988 |
Multi-Family Mortgage | Substandard | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 2,480 | 5,019 |
Construction | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 118,090 | 98,197 |
Construction | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 106,436 | 80,913 |
Construction | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 11,654 | 17,284 |
Construction | Pass | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 106,436 | 80,913 |
Construction | Pass | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 10,950 | 17,186 |
Construction | OAEM | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 704 | ' |
Construction | Substandard | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | ' | 98 |
Commercial | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 409,376 | 382,277 |
Commercial | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 290,951 | 230,892 |
Commercial | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 118,425 | 151,385 |
Commercial | Pass | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 288,183 | 227,201 |
Commercial | Pass | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 106,996 | 140,589 |
Commercial | OAEM | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 937 | 1,196 |
Commercial | OAEM | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 3,606 | 1,344 |
Commercial | Substandard | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 113 | 502 |
Commercial | Substandard | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 7,596 | 8,635 |
Commercial | Doubtful | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,718 | 1,993 |
Commercial | Doubtful | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 227 | 817 |
Equipment Financing | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 513,345 | 420,991 |
Equipment Financing | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 480,387 | 366,297 |
Equipment Financing | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 32,958 | 54,694 |
Equipment Financing | Pass | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 474,254 | 359,064 |
Equipment Financing | Pass | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 32,751 | 54,175 |
Equipment Financing | OAEM | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,292 | 2,979 |
Equipment Financing | OAEM | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 88 | 286 |
Equipment Financing | Substandard | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 4,808 | 4,213 |
Equipment Financing | Substandard | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 119 | 233 |
Equipment Financing | Doubtful | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 33 | 41 |
Condominium Association | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 43,205 | 44,187 |
Condominium Association | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 43,205 | 44,187 |
Condominium Association | Pass | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 43,202 | 44,179 |
Condominium Association | Substandard | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 3 | 8 |
Other Consumer | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 7,419 | 7,279 |
Other Consumer | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 6,074 | 6,122 |
Other Consumer | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,345 | 1,157 |
Other Consumer | Pass | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 6,074 | 6,093 |
Other Consumer | Pass | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,334 | 1,157 |
Other Consumer | Substandard | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | ' | 29 |
Other Consumer | Substandard | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 11 | ' |
Indirect Automobile | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 440,949 | 542,344 |
Indirect Automobile | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 440,949 | 542,344 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Indirect Automobile | Credit score, Over 700 | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 365,873 | 454,056 |
Percentage of loans to aggregate outstanding amount | 83.00% | 83.70% |
Indirect Automobile | Credit score, 661-700 | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 59,192 | 69,319 |
Percentage of loans to aggregate outstanding amount | 13.40% | 12.80% |
Indirect Automobile | Credit score, 660 and below | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 14,132 | 16,934 |
Percentage of loans to aggregate outstanding amount | 3.20% | 3.10% |
Indirect Automobile | Data not available | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,752 | 2,035 |
Percentage of loans to aggregate outstanding amount | 0.40% | 0.40% |
Residential Mortgage | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 511,835 | 511,109 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Residential Mortgage | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 385,680 | 368,095 |
Percentage of loans to aggregate outstanding amount | 75.40% | 72.00% |
Residential Mortgage | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 126,155 | 143,014 |
Percentage of loans to aggregate outstanding amount | 24.60% | 28.00% |
Residential Mortgage | Loan-to-value ratio, less than 50% | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 94,027 | 86,659 |
Percentage of loans to aggregate outstanding amount | 18.40% | 17.00% |
Residential Mortgage | Loan-to-value ratio, less than 50% | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 24,316 | 23,398 |
Percentage of loans to aggregate outstanding amount | 4.70% | 4.60% |
Residential Mortgage | Loan-to-value ratio, 50% - 69% | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 143,971 | 142,172 |
Percentage of loans to aggregate outstanding amount | 28.10% | 27.80% |
Residential Mortgage | Loan-to-value ratio, 50% - 69% | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 44,650 | 42,214 |
Percentage of loans to aggregate outstanding amount | 8.70% | 8.20% |
Residential Mortgage | Loan-to-value ratio, 70% - 79% | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 122,355 | 111,234 |
Percentage of loans to aggregate outstanding amount | 23.90% | 21.80% |
Residential Mortgage | Loan-to-value ratio, 70% - 79% | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 34,210 | 42,748 |
Percentage of loans to aggregate outstanding amount | 6.70% | 8.40% |
Residential Mortgage | Loan-to-value ratio, 80% and over | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 22,453 | 27,858 |
Percentage of loans to aggregate outstanding amount | 4.40% | 5.40% |
Residential Mortgage | Loan-to-value ratio, 80% and over | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 21,284 | 31,614 |
Percentage of loans to aggregate outstanding amount | 4.20% | 6.20% |
Residential Mortgage | Data not available | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 2,874 | 172 |
Percentage of loans to aggregate outstanding amount | 0.60% | ' |
Residential Mortgage | Data not available | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,695 | 3,040 |
Percentage of loans to aggregate outstanding amount | 0.30% | 0.60% |
Home Equity | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 254,888 | 261,562 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Home Equity | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 121,353 | 99,683 |
Percentage of loans to aggregate outstanding amount | 47.60% | 38.10% |
Home Equity | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 133,535 | 161,879 |
Percentage of loans to aggregate outstanding amount | 52.40% | 61.90% |
Home Equity | Loan-to-value ratio, less than 50% | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 75,635 | 50,398 |
Percentage of loans to aggregate outstanding amount | 29.60% | 19.30% |
Home Equity | Loan-to-value ratio, less than 50% | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 88,251 | 28,401 |
Percentage of loans to aggregate outstanding amount | 34.60% | 10.90% |
Home Equity | Loan-to-value ratio, 50% - 69% | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 25,435 | 25,284 |
Percentage of loans to aggregate outstanding amount | 10.00% | 9.70% |
Home Equity | Loan-to-value ratio, 50% - 69% | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 27,001 | 39,385 |
Percentage of loans to aggregate outstanding amount | 10.60% | 15.10% |
Home Equity | Loan-to-value ratio, 70% - 79% | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 15,211 | 16,523 |
Percentage of loans to aggregate outstanding amount | 6.00% | 6.30% |
Home Equity | Loan-to-value ratio, 70% - 79% | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 16,179 | 33,044 |
Percentage of loans to aggregate outstanding amount | 6.30% | 12.60% |
Home Equity | Loan-to-value ratio, 80% and over | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 4,309 | 6,042 |
Percentage of loans to aggregate outstanding amount | 1.70% | 2.30% |
Home Equity | Loan-to-value ratio, 80% and over | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,425 | 34,267 |
Percentage of loans to aggregate outstanding amount | 0.60% | 13.10% |
Home Equity | Data not available | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 763 | 1,436 |
Percentage of loans to aggregate outstanding amount | 0.30% | 0.50% |
Home Equity | Data not available | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | $679 | $26,782 |
Percentage of loans to aggregate outstanding amount | 0.30% | 10.20% |
Allowance_for_Loan_and_Lease_L4
Allowance for Loan and Lease Losses (Details 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Age analysis of past due loans | ' | ' |
Total Loans and Leases | $4,299,477 | $4,175,712 |
Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 9,200 | 14,507 |
Past due 61-90 days | 3,003 | 3,315 |
Past due Greater than 90 days | 4,611 | 4,263 |
Past due Total | 16,814 | 22,085 |
Current | 3,416,955 | 3,094,017 |
Total Loans and Leases | 3,433,769 | 3,116,102 |
Loans and leases past due greater than 90 days and accruing | 668 | 493 |
Nonaccrual loans and leases | 8,790 | 11,483 |
Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 3,888 | 8,484 |
Past due 61-90 days | 1,917 | 1,221 |
Past due Greater than 90 days | 15,932 | 19,887 |
Past due Total | 21,737 | 29,592 |
Current | 843,971 | 1,030,018 |
Total Loans and Leases | 865,708 | 1,059,610 |
Loans and leases past due greater than 90 days and accruing | 12,880 | 16,144 |
Nonaccrual loans and leases | 6,629 | 10,763 |
Commercial real estate loans | ' | ' |
Age analysis of past due loans | ' | ' |
Total Loans and Leases | 2,118,460 | 2,005,963 |
Commercial real estate loans | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 999 | 6,294 |
Past due 61-90 days | 924 | 876 |
Past due Greater than 90 days | 43 | 1,423 |
Past due Total | 1,966 | 8,593 |
Current | 1,663,204 | 1,449,889 |
Total Loans and Leases | 1,665,170 | 1,458,482 |
Loans and leases past due greater than 90 days and accruing | ' | 434 |
Nonaccrual loans and leases | 1,058 | 3,471 |
Commercial real estate loans | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 1,916 | 5,649 |
Past due 61-90 days | 240 | 395 |
Past due Greater than 90 days | 6,390 | 9,467 |
Past due Total | 8,546 | 15,511 |
Current | 444,744 | 531,970 |
Total Loans and Leases | 453,290 | 547,481 |
Loans and leases past due greater than 90 days and accruing | 5,781 | 8,473 |
Nonaccrual loans and leases | 743 | 4,776 |
Commercial real estate mortgage | ' | ' |
Age analysis of past due loans | ' | ' |
Total Loans and Leases | 1,400,769 | 1,301,233 |
Commercial real estate mortgage | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 999 | 1,530 |
Past due 61-90 days | 924 | ' |
Past due Greater than 90 days | 43 | 435 |
Past due Total | 1,966 | 1,965 |
Current | 1,033,428 | 869,587 |
Total Loans and Leases | 1,035,394 | 871,552 |
Loans and leases past due greater than 90 days and accruing | ' | 434 |
Nonaccrual loans and leases | 527 | 1,539 |
Commercial real estate mortgage | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 1,526 | 2,911 |
Past due 61-90 days | 240 | ' |
Past due Greater than 90 days | 4,829 | 7,289 |
Past due Total | 6,595 | 10,200 |
Current | 358,780 | 419,481 |
Total Loans and Leases | 365,375 | 429,681 |
Loans and leases past due greater than 90 days and accruing | 4,220 | 6,616 |
Nonaccrual loans and leases | 610 | 2,475 |
Multi-family mortgage | ' | ' |
Age analysis of past due loans | ' | ' |
Total Loans and Leases | 599,601 | 606,533 |
Multi-family mortgage | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | ' | 2,410 |
Past due 61-90 days | ' | 60 |
Past due Greater than 90 days | ' | 988 |
Past due Total | ' | 3,458 |
Current | 523,340 | 502,559 |
Total Loans and Leases | 523,340 | 506,017 |
Nonaccrual loans and leases | 531 | 1,932 |
Multi-family mortgage | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | ' | 2,738 |
Past due 61-90 days | ' | 395 |
Past due Greater than 90 days | 1,561 | 2,178 |
Past due Total | 1,561 | 5,311 |
Current | 74,700 | 95,205 |
Total Loans and Leases | 76,261 | 100,516 |
Loans and leases past due greater than 90 days and accruing | 1,561 | 1,857 |
Nonaccrual loans and leases | 133 | 2,301 |
Construction | ' | ' |
Age analysis of past due loans | ' | ' |
Total Loans and Leases | 118,090 | 98,197 |
Construction | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | ' | 2,354 |
Past due 61-90 days | ' | 816 |
Past due Total | ' | 3,170 |
Current | 106,436 | 77,743 |
Total Loans and Leases | 106,436 | 80,913 |
Construction | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 390 | ' |
Past due Total | 390 | ' |
Current | 11,264 | 17,284 |
Total Loans and Leases | 11,654 | 17,284 |
Commercial loans and leases | ' | ' |
Age analysis of past due loans | ' | ' |
Total Loans and Leases | 965,926 | 847,455 |
Commercial loans and leases | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 2,831 | 2,621 |
Past due 61-90 days | 1,315 | 1,514 |
Past due Greater than 90 days | 3,840 | 1,644 |
Past due Total | 7,986 | 5,779 |
Current | 806,557 | 635,597 |
Total Loans and Leases | 814,543 | 641,376 |
Loans and leases past due greater than 90 days and accruing | 668 | 26 |
Nonaccrual loans and leases | 5,806 | 5,818 |
Commercial loans and leases | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 1,214 | 999 |
Past due 61-90 days | 633 | 198 |
Past due Greater than 90 days | 2,762 | 4,547 |
Past due Total | 4,609 | 5,744 |
Current | 146,774 | 200,335 |
Total Loans and Leases | 151,383 | 206,079 |
Loans and leases past due greater than 90 days and accruing | 1,978 | 3,700 |
Nonaccrual loans and leases | 3,060 | 3,517 |
Commercial | ' | ' |
Age analysis of past due loans | ' | ' |
Total Loans and Leases | 409,376 | 382,277 |
Commercial | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 390 | 26 |
Past due 61-90 days | 13 | 75 |
Past due Greater than 90 days | 1,725 | 26 |
Past due Total | 2,128 | 127 |
Current | 288,823 | 230,765 |
Total Loans and Leases | 290,951 | 230,892 |
Loans and leases past due greater than 90 days and accruing | ' | 26 |
Nonaccrual loans and leases | 1,737 | 1,993 |
Commercial | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 1,073 | 866 |
Past due 61-90 days | 604 | 177 |
Past due Greater than 90 days | 2,676 | 4,353 |
Past due Total | 4,353 | 5,396 |
Current | 114,072 | 145,989 |
Total Loans and Leases | 118,425 | 151,385 |
Loans and leases past due greater than 90 days and accruing | 1,907 | 3,503 |
Nonaccrual loans and leases | 3,010 | 3,461 |
Equipment financing | ' | ' |
Age analysis of past due loans | ' | ' |
Total Loans and Leases | 513,345 | 420,991 |
Equipment financing | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 2,441 | 2,595 |
Past due 61-90 days | 1,302 | 1,439 |
Past due Greater than 90 days | 2,115 | 1,618 |
Past due Total | 5,858 | 5,652 |
Current | 474,529 | 360,645 |
Total Loans and Leases | 480,387 | 366,297 |
Loans and leases past due greater than 90 days and accruing | 668 | ' |
Nonaccrual loans and leases | 4,066 | 3,817 |
Equipment financing | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 141 | 133 |
Past due 61-90 days | 29 | 21 |
Past due Greater than 90 days | 86 | 194 |
Past due Total | 256 | 348 |
Current | 32,702 | 54,346 |
Total Loans and Leases | 32,958 | 54,694 |
Loans and leases past due greater than 90 days and accruing | 71 | 197 |
Nonaccrual loans and leases | 50 | 56 |
Condominium association | ' | ' |
Age analysis of past due loans | ' | ' |
Total Loans and Leases | 43,205 | 44,187 |
Condominium association | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Current | 43,205 | 44,187 |
Total Loans and Leases | 43,205 | 44,187 |
Nonaccrual loans and leases | 3 | 8 |
Indirect automobile | ' | ' |
Age analysis of past due loans | ' | ' |
Total Loans and Leases | 440,949 | 542,344 |
Indirect automobile | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 5,219 | 5,592 |
Past due 61-90 days | 756 | 923 |
Past due Greater than 90 days | 195 | 99 |
Past due Total | 6,170 | 6,614 |
Current | 434,779 | 535,730 |
Total Loans and Leases | 440,949 | 542,344 |
Loans and leases past due greater than 90 days and accruing | ' | 1 |
Nonaccrual loans and leases | 195 | 99 |
Consumer loans | ' | ' |
Age analysis of past due loans | ' | ' |
Total Loans and Leases | 774,142 | 779,950 |
Consumer loans | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 151 | ' |
Past due 61-90 days | 8 | 2 |
Past due Greater than 90 days | 533 | 1,097 |
Past due Total | 692 | 1,099 |
Current | 512,415 | 472,801 |
Total Loans and Leases | 513,107 | 473,900 |
Loans and leases past due greater than 90 days and accruing | ' | 32 |
Nonaccrual loans and leases | 1,731 | 2,095 |
Consumer loans | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 758 | 1,836 |
Past due 61-90 days | 1,044 | 628 |
Past due Greater than 90 days | 6,780 | 5,873 |
Past due Total | 8,582 | 8,337 |
Current | 252,453 | 297,713 |
Total Loans and Leases | 261,035 | 306,050 |
Loans and leases past due greater than 90 days and accruing | 5,121 | 3,971 |
Nonaccrual loans and leases | 2,826 | 2,470 |
Residential mortgage | ' | ' |
Age analysis of past due loans | ' | ' |
Total Loans and Leases | 511,835 | 511,109 |
Residential mortgage | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 142 | ' |
Past due Greater than 90 days | 533 | 1,059 |
Past due Total | 675 | 1,059 |
Current | 385,005 | 367,036 |
Total Loans and Leases | 385,680 | 368,095 |
Loans and leases past due greater than 90 days and accruing | ' | 27 |
Nonaccrual loans and leases | 1,654 | 2,008 |
Residential mortgage | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 140 | 247 |
Past due 61-90 days | 231 | 121 |
Past due Greater than 90 days | 5,875 | 5,266 |
Past due Total | 6,246 | 5,634 |
Current | 119,909 | 137,380 |
Total Loans and Leases | 126,155 | 143,014 |
Loans and leases past due greater than 90 days and accruing | 4,959 | 3,650 |
Nonaccrual loans and leases | 1,084 | 1,796 |
Home equity | ' | ' |
Age analysis of past due loans | ' | ' |
Total Loans and Leases | 254,888 | 261,562 |
Home equity | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due Greater than 90 days | ' | 33 |
Past due Total | ' | 33 |
Current | 121,353 | 99,650 |
Total Loans and Leases | 121,353 | 99,683 |
Nonaccrual loans and leases | 74 | 58 |
Home equity | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 616 | 1,582 |
Past due 61-90 days | 811 | 507 |
Past due Greater than 90 days | 901 | 607 |
Past due Total | 2,328 | 2,696 |
Current | 131,207 | 159,183 |
Total Loans and Leases | 133,535 | 161,879 |
Loans and leases past due greater than 90 days and accruing | 162 | 321 |
Nonaccrual loans and leases | 1,727 | 658 |
Other consumer | ' | ' |
Age analysis of past due loans | ' | ' |
Total Loans and Leases | 7,419 | 7,279 |
Other consumer | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 9 | ' |
Past due 61-90 days | 8 | 2 |
Past due Greater than 90 days | ' | 5 |
Past due Total | 17 | 7 |
Current | 6,057 | 6,115 |
Total Loans and Leases | 6,074 | 6,122 |
Loans and leases past due greater than 90 days and accruing | ' | 5 |
Nonaccrual loans and leases | 3 | 29 |
Other consumer | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 2 | 7 |
Past due 61-90 days | 2 | ' |
Past due Greater than 90 days | 4 | ' |
Past due Total | 8 | 7 |
Current | 1,337 | 1,150 |
Total Loans and Leases | 1,345 | 1,157 |
Nonaccrual loans and leases | $15 | $16 |
Allowance_for_Loan_and_Lease_L5
Allowance for Loan and Lease Losses (Details 4) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
score | ||
Commercial real estate loans | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Number of loan classes within specific portfolio | 3 | ' |
Period of accumulated information on actual loan charge-offs and recoveries | '28 years | ' |
Loans and leases delinquent after 30 days | 2 | 8.6 |
Total criticized loans and leases | 9.5 | 8.8 |
Commercial real estate | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 32.60% | ' |
Multi-family | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 13.90% | ' |
Construction loans | ' | ' |
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 | ' |
Period of accumulated information on actual loan charge-offs and recoveries | '19 years | ' |
Percentage of equipment financing business in the states of New York and New Jersey | 40.50% | ' |
Loans and leases delinquent after 30 days | 8 | 5.8 |
Total criticized loans and leases | 8.9 | 10.9 |
Commercial | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 9.50% | ' |
Equipment financing | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 11.90% | ' |
Period of accumulated information on actual loan charge-offs and recoveries | '6 years | ' |
Condominium association | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 1.00% | ' |
Period of accumulated information on actual loan charge-offs and recoveries | '12 years | ' |
Indirect automobile | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 10.30% | ' |
Minimum credit score for high data range | 700 | ' |
Maximum credit score for middle data range | 700 | ' |
Minimum credit score for middle data range | 661 | ' |
Maximum credit score for low data range | 660 | ' |
Percentage of loans made to borrowers with credit scores below 660 | 3.20% | 3.10% |
Consumer loans | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Number of loan classes within specific portfolio | 3 | ' |
Loans not made, loan to value ratio, minimum (as a percent) | 80.00% | ' |
Residential | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 11.90% | ' |
Home equity | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 5.90% | ' |
Other consumer | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 0.20% | ' |
Allowance_for_Loan_and_Lease_L6
Allowance for Loan and Lease Losses (Details 5) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Loans and Leases Individually Evaluated for Impairment, Portfolio | $14,177 | ' | $14,177 | ' | $15,861 |
Loans and Leases Individually Evaluated for Impairment, Allowance | 1,306 | ' | 1,306 | ' | 1,540 |
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 3,419,592 | ' | 3,419,592 | ' | 3,100,240 |
Loans and Leases Collectively Evaluated for Impairment, Allowance | 43,806 | ' | 43,806 | ' | 39,462 |
ASC 310-20 and ASC 310-30 Acquired Loans and Leases, Portfolio | 865,708 | ' | 865,708 | ' | 1,059,611 |
ASC 310-20 and ASC 310-30 Acquired Loans and Leases, Allowance | 1,278 | ' | 1,278 | ' | 150 |
Total Loans and Leases | 4,299,477 | ' | 4,299,477 | ' | 4,175,712 |
Total, Allowance | 46,390 | ' | 46,390 | ' | 41,152 |
Originated | ' | ' | ' | ' | ' |
Impaired Loans and Leases | ' | ' | ' | ' | ' |
For impaired loans with no related allowance recorded | 8,708 | ' | 8,708 | ' | 6,274 |
For impaired loans with related allowance recorded | 5,469 | ' | 5,469 | ' | 9,587 |
For impaired loans | 14,177 | ' | 14,177 | ' | 15,861 |
Unpaid principal balance with no related allowance recorded | 8,669 | ' | 8,669 | ' | 6,297 |
Unpaid principal balance with related allowance recorded | 5,450 | ' | 5,450 | ' | 9,711 |
Unpaid principal balance | 14,119 | ' | 14,119 | ' | 16,008 |
Related allowance | 1,306 | ' | 1,306 | ' | 1,540 |
Average recorded investment with no related allowance recorded | 8,932 | 6,241 | 7,339 | 8,693 | ' |
Average recorded investment with related allowance recorded | 5,662 | 11,487 | 6,643 | 6,834 | ' |
Average recorded investment | 14,594 | 17,728 | 13,982 | 15,527 | ' |
Interest income recognized with no related allowance recorded | 71 | 133 | 204 | 423 | ' |
Interest income recognized with related allowance recorded | 38 | 127 | 122 | 335 | ' |
Interest income recognized, Total | 109 | 260 | 326 | 758 | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 3,433,769 | ' | 3,433,769 | ' | 3,116,102 |
Acquired | ' | ' | ' | ' | ' |
Impaired Loans and Leases | ' | ' | ' | ' | ' |
For impaired loans with no related allowance recorded | 15,282 | ' | 15,282 | ' | 28,513 |
For impaired loans with related allowance recorded | 5,408 | ' | 5,408 | ' | 786 |
For impaired loans | 20,690 | ' | 20,690 | ' | 29,299 |
Unpaid principal balance with no related allowance recorded | 15,282 | ' | 15,282 | ' | 30,290 |
Unpaid principal balance with related allowance recorded | 4,685 | ' | 4,685 | ' | 805 |
Unpaid principal balance | 19,967 | ' | 19,967 | ' | 31,095 |
Related allowance | 289 | ' | 289 | ' | 150 |
Average recorded investment with no related allowance recorded | 16,430 | 10,690 | 15,962 | 7,819 | ' |
Average recorded investment with related allowance recorded | 5,018 | 1,401 | 3,161 | 928 | ' |
Average recorded investment | 21,448 | 12,091 | 19,123 | 8,747 | ' |
Interest income recognized with no related allowance recorded | 78 | ' | 288 | 3 | ' |
Interest income recognized with related allowance recorded | 42 | ' | 42 | ' | ' |
Interest income recognized, Total | 120 | ' | 330 | 3 | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 865,708 | ' | 865,708 | ' | 1,059,610 |
Commercial real estate | ' | ' | ' | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 1,400,769 | ' | 1,400,769 | ' | 1,301,233 |
Commercial real estate | Originated | ' | ' | ' | ' | ' |
Impaired Loans and Leases | ' | ' | ' | ' | ' |
For impaired loans with no related allowance recorded | 2,267 | ' | 2,267 | ' | 2,051 |
For impaired loans with related allowance recorded | 1,146 | ' | 1,146 | ' | 2,517 |
Unpaid principal balance with no related allowance recorded | 2,267 | ' | 2,267 | ' | 2,051 |
Unpaid principal balance with related allowance recorded | 1,146 | ' | 1,146 | ' | 2,516 |
Related allowance | 184 | ' | 184 | ' | 241 |
Average recorded investment with no related allowance recorded | 2,285 | 1,700 | 2,200 | 2,975 | ' |
Average recorded investment with related allowance recorded | 1,131 | 2,366 | 1,516 | 1,024 | ' |
Interest income recognized with no related allowance recorded | 19 | 53 | 69 | 201 | ' |
Interest income recognized with related allowance recorded | 13 | 20 | 26 | 59 | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 1,035,394 | ' | 1,035,394 | ' | 871,552 |
Commercial real estate | Acquired | ' | ' | ' | ' | ' |
Impaired Loans and Leases | ' | ' | ' | ' | ' |
For impaired loans with no related allowance recorded | 8,332 | ' | 8,332 | ' | 17,918 |
For impaired loans with related allowance recorded | 4,170 | ' | 4,170 | ' | 673 |
Unpaid principal balance with no related allowance recorded | 8,332 | ' | 8,332 | ' | 19,129 |
Unpaid principal balance with related allowance recorded | 3,803 | ' | 3,803 | ' | 684 |
Related allowance | 129 | ' | 129 | ' | 75 |
Average recorded investment with no related allowance recorded | 9,305 | 6,880 | 9,783 | 4,726 | ' |
Average recorded investment with related allowance recorded | 3,975 | 1,343 | 2,776 | 909 | ' |
Interest income recognized with no related allowance recorded | 36 | ' | 178 | ' | ' |
Interest income recognized with related allowance recorded | 42 | ' | 42 | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 365,375 | ' | 365,375 | ' | 429,681 |
Commercial real estate loans | ' | ' | ' | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Loans and Leases Individually Evaluated for Impairment, Portfolio | 3,413 | ' | 3,413 | ' | 4,568 |
Loans and Leases Individually Evaluated for Impairment, Allowance | 184 | ' | 184 | ' | 241 |
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 1,661,757 | ' | 1,661,757 | ' | 1,453,913 |
Loans and Leases Collectively Evaluated for Impairment, Allowance | 21,904 | ' | 21,904 | ' | 19,702 |
ASC 310-20 and ASC 310-30 Acquired Loans and Leases, Portfolio | 453,290 | ' | 453,290 | ' | 547,482 |
ASC 310-20 and ASC 310-30 Acquired Loans and Leases, Allowance | 371 | ' | 371 | ' | 75 |
Total Loans and Leases | 2,118,460 | ' | 2,118,460 | ' | 2,005,963 |
Total, Allowance | 22,459 | ' | 22,459 | ' | 20,018 |
Commercial real estate loans | Originated | ' | ' | ' | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 1,665,170 | ' | 1,665,170 | ' | 1,458,482 |
Commercial real estate loans | Acquired | ' | ' | ' | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 453,290 | ' | 453,290 | ' | 547,481 |
Commercial | ' | ' | ' | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Loans and Leases Individually Evaluated for Impairment, Portfolio | 6,459 | ' | 6,459 | ' | 6,454 |
Loans and Leases Individually Evaluated for Impairment, Allowance | 801 | ' | 801 | ' | 703 |
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 808,084 | ' | 808,084 | ' | 634,922 |
Loans and Leases Collectively Evaluated for Impairment, Allowance | 12,521 | ' | 12,521 | ' | 9,877 |
ASC 310-20 and ASC 310-30 Acquired Loans and Leases, Portfolio | 151,383 | ' | 151,383 | ' | 206,079 |
ASC 310-20 and ASC 310-30 Acquired Loans and Leases, Allowance | 348 | ' | 348 | ' | 75 |
Total Loans and Leases | 965,926 | ' | 965,926 | ' | 847,455 |
Total, Allowance | 13,670 | ' | 13,670 | ' | 10,655 |
Commercial | Originated | ' | ' | ' | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 814,543 | ' | 814,543 | ' | 641,376 |
Commercial | Acquired | ' | ' | ' | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 151,383 | ' | 151,383 | ' | 206,079 |
Commercial | ' | ' | ' | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 409,376 | ' | 409,376 | ' | 382,277 |
Commercial | Originated | ' | ' | ' | ' | ' |
Impaired Loans and Leases | ' | ' | ' | ' | ' |
For impaired loans with no related allowance recorded | 5,464 | ' | 5,464 | ' | 3,032 |
For impaired loans with related allowance recorded | 995 | ' | 995 | ' | 3,422 |
Unpaid principal balance with no related allowance recorded | 5,428 | ' | 5,428 | ' | 3,059 |
Unpaid principal balance with related allowance recorded | 986 | ' | 986 | ' | 3,559 |
Related allowance | 801 | ' | 801 | ' | 703 |
Average recorded investment with no related allowance recorded | 5,661 | 2,666 | 4,031 | 3,122 | ' |
Average recorded investment with related allowance recorded | 1,070 | 5,364 | 1,810 | 3,022 | ' |
Interest income recognized with no related allowance recorded | 48 | 45 | 109 | 135 | ' |
Interest income recognized with related allowance recorded | 3 | 85 | 14 | 193 | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 290,951 | ' | 290,951 | ' | 230,892 |
Commercial | Acquired | ' | ' | ' | ' | ' |
Impaired Loans and Leases | ' | ' | ' | ' | ' |
For impaired loans with no related allowance recorded | 5,594 | ' | 5,594 | ' | 7,329 |
For impaired loans with related allowance recorded | 1,238 | ' | 1,238 | ' | 113 |
Unpaid principal balance with no related allowance recorded | 5,594 | ' | 5,594 | ' | 7,782 |
Unpaid principal balance with related allowance recorded | 882 | ' | 882 | ' | 121 |
Related allowance | 160 | ' | 160 | ' | 75 |
Average recorded investment with no related allowance recorded | 5,790 | 2,169 | 4,800 | 2,021 | ' |
Average recorded investment with related allowance recorded | 1,043 | 58 | 385 | 19 | ' |
Interest income recognized with no related allowance recorded | 38 | ' | 93 | ' | ' |
Interest income recognized with related allowance recorded | ' | ' | ' | 2 | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 118,425 | ' | 118,425 | ' | 151,385 |
Indirect automobile | ' | ' | ' | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 440,949 | ' | 440,949 | ' | 542,344 |
Loans and Leases Collectively Evaluated for Impairment, Allowance | 4,316 | ' | 4,316 | ' | 5,304 |
Total Loans and Leases | 440,949 | ' | 440,949 | ' | 542,344 |
Total, Allowance | 4,316 | ' | 4,316 | ' | 5,304 |
Indirect automobile | Originated | ' | ' | ' | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 440,949 | ' | 440,949 | ' | 542,344 |
Consumer loans | ' | ' | ' | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Loans and Leases Individually Evaluated for Impairment, Portfolio | 4,305 | ' | 4,305 | ' | 4,839 |
Loans and Leases Individually Evaluated for Impairment, Allowance | 321 | ' | 321 | ' | 596 |
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 508,802 | ' | 508,802 | ' | 469,061 |
Loans and Leases Collectively Evaluated for Impairment, Allowance | 2,235 | ' | 2,235 | ' | 1,949 |
ASC 310-20 and ASC 310-30 Acquired Loans and Leases, Portfolio | 261,035 | ' | 261,035 | ' | 306,050 |
ASC 310-20 and ASC 310-30 Acquired Loans and Leases, Allowance | 559 | ' | 559 | ' | ' |
Total Loans and Leases | 774,142 | ' | 774,142 | ' | 779,950 |
Total, Allowance | 3,115 | ' | 3,115 | ' | 2,545 |
Consumer loans | Originated | ' | ' | ' | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 513,107 | ' | 513,107 | ' | 473,900 |
Consumer loans | Acquired | ' | ' | ' | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Total Loans and Leases | 261,035 | ' | 261,035 | ' | 306,050 |
Unallocated | ' | ' | ' | ' | ' |
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ' | ' |
Loans and Leases Collectively Evaluated for Impairment, Allowance | 2,830 | ' | 2,830 | ' | 2,630 |
Total, Allowance | 2,830 | ' | 2,830 | ' | 2,630 |
Consumer | Originated | ' | ' | ' | ' | ' |
Impaired Loans and Leases | ' | ' | ' | ' | ' |
For impaired loans with no related allowance recorded | 977 | ' | 977 | ' | 1,191 |
For impaired loans with related allowance recorded | 3,328 | ' | 3,328 | ' | 3,648 |
Unpaid principal balance with no related allowance recorded | 974 | ' | 974 | ' | 1,187 |
Unpaid principal balance with related allowance recorded | 3,318 | ' | 3,318 | ' | 3,636 |
Related allowance | 321 | ' | 321 | ' | 596 |
Average recorded investment with no related allowance recorded | 986 | 1,875 | 1,108 | 2,596 | ' |
Average recorded investment with related allowance recorded | 3,461 | 3,757 | 3,317 | 2,788 | ' |
Interest income recognized with no related allowance recorded | 4 | 35 | 26 | 87 | ' |
Interest income recognized with related allowance recorded | 22 | 22 | 82 | 83 | ' |
Consumer | Acquired | ' | ' | ' | ' | ' |
Impaired Loans and Leases | ' | ' | ' | ' | ' |
For impaired loans with no related allowance recorded | 1,356 | ' | 1,356 | ' | 3,266 |
Unpaid principal balance with no related allowance recorded | 1,356 | ' | 1,356 | ' | 3,379 |
Average recorded investment with no related allowance recorded | 1,335 | 1,641 | 1,379 | 1,072 | ' |
Interest income recognized with no related allowance recorded | $4 | ' | $17 | $1 | ' |
Allowance_for_Loan_and_Lease_L7
Allowance for Loan and Lease Losses (Details 6) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Total loans with one modification | $1,815,000 | $900,000 | $3,737,000 | $7,019,000 |
Total loans with more than one modification | ' | ' | ' | 3,922,000 |
Financial impact of modification of performing or nonperforming loans and leases | 200,000 | 0 | 500,000 | 0 |
Commitments to lend funds to debtors owing receivables whose terms had been modified in troubled debt restructurings | ' | ' | 0 | 0 |
Originated | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | 1 | 1 | 11 | 12 |
Recorded Investment, At modification | 558,000 | 900,000 | 3,137,000 | 3,835,000 |
Recorded Investment, At end of period | 558,000 | 900,000 | 2,059,000 | 3,757,000 |
Specific Allowance for Loan and Lease Losses | 12,000 | ' | 54,000 | 266,000 |
Nonaccrual Loans and Leases/Recorded Investment | ' | ' | 372,000 | 266,000 |
Acquired | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | 3 | ' | 4 | 1 |
Recorded Investment, At modification | 1,290,000 | ' | 1,714,000 | 3,262,000 |
Recorded Investment, At end of period | 1,257,000 | ' | 1,678,000 | 3,262,000 |
Specific Allowance for Loan and Lease Losses | ' | ' | ' | 16,000 |
Nonaccrual Loans and Leases/Recorded Investment | ' | ' | 421,000 | 3,262,000 |
Extended maturity | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Total loans with one modification | 1,257,000 | ' | 1,257,000 | 343,000 |
Total loans with more than one modification | ' | ' | ' | 25,000 |
Adjusted principal | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Total loans with one modification | ' | ' | 372,000 | 4,564,000 |
Total loans with more than one modification | ' | ' | ' | 3,897,000 |
Adjusted interest rate | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Total loans with one modification | 558,000 | 900,000 | 1,351,000 | 1,248,000 |
Combination maturity, principal, interest rate | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Total loans with one modification | ' | ' | 757,000 | 864,000 |
Defaulted | Originated | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | 2 | 7 | 2 | 12 |
Nonaccrual Loans and Leases/Recorded Investment | 2,268,000 | 2,157,000 | 2,268,000 | 3,335,000 |
Defaulted | Acquired | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | 1 | ' | 1 | ' |
Nonaccrual Loans and Leases/Recorded Investment | 962,000 | ' | 962,000 | ' |
Commercial real estate mortgage | Originated | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | ' | ' | 1 | 1 |
Recorded Investment, At modification | ' | ' | 1,039,000 | 355,000 |
Recorded Investment, At end of period | ' | ' | ' | 348,000 |
Specific Allowance for Loan and Lease Losses | ' | ' | ' | 33,000 |
Nonaccrual Loans and Leases/Recorded Investment | ' | ' | ' | 33,000 |
Commercial real estate mortgage | Acquired | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | 1 | ' | 1 | 1 |
Recorded Investment, At modification | 737,000 | ' | 737,000 | 3,262,000 |
Recorded Investment, At end of period | 737,000 | ' | 737,000 | 3,262,000 |
Specific Allowance for Loan and Lease Losses | ' | ' | ' | 16,000 |
Nonaccrual Loans and Leases/Recorded Investment | ' | ' | ' | 3,262,000 |
Commercial real estate mortgage | Defaulted | Originated | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | ' | 2 | ' | 2 |
Nonaccrual Loans and Leases/Recorded Investment | ' | 1,288,000 | ' | 1,288,000 |
Commercial | Originated | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | ' | ' | ' | 1 |
Recorded Investment, At modification | ' | ' | ' | 97,000 |
Recorded Investment, At end of period | ' | ' | ' | 94,000 |
Specific Allowance for Loan and Lease Losses | ' | ' | ' | 2,000 |
Nonaccrual Loans and Leases/Recorded Investment | ' | ' | ' | 2,000 |
Commercial | Acquired | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | 2 | ' | 3 | ' |
Recorded Investment, At modification | 553,000 | ' | 977,000 | ' |
Recorded Investment, At end of period | 520,000 | ' | 941,000 | ' |
Nonaccrual Loans and Leases/Recorded Investment | ' | ' | 421,000 | ' |
Commercial | Defaulted | Originated | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | 1 | 1 | 1 | 1 |
Nonaccrual Loans and Leases/Recorded Investment | 1,731,000 | 44,000 | 1,731,000 | 44,000 |
Commercial | Defaulted | Acquired | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | 1 | ' | 1 | ' |
Nonaccrual Loans and Leases/Recorded Investment | 962,000 | ' | 962,000 | ' |
Equipment financing | Originated | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | 1 | ' | 9 | 5 |
Recorded Investment, At modification | 558,000 | ' | 1,683,000 | 1,181,000 |
Recorded Investment, At end of period | 558,000 | ' | 1,687,000 | 1,113,000 |
Specific Allowance for Loan and Lease Losses | 12,000 | ' | 54,000 | 57,000 |
Nonaccrual Loans and Leases/Recorded Investment | ' | ' | 372,000 | 57,000 |
Equipment financing | Defaulted | Originated | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | 1 | 3 | 1 | 6 |
Nonaccrual Loans and Leases/Recorded Investment | 537,000 | 656,000 | 537,000 | 1,240,000 |
Residential mortgage | Originated | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | ' | 1 | 1 | 5 |
Recorded Investment, At modification | ' | 900,000 | 415,000 | 2,202,000 |
Recorded Investment, At end of period | ' | 900,000 | 372,000 | 2,202,000 |
Specific Allowance for Loan and Lease Losses | ' | ' | ' | 174,000 |
Nonaccrual Loans and Leases/Recorded Investment | ' | ' | ' | 174,000 |
Residential mortgage | Defaulted | Originated | ' | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' | ' |
Number of loans | ' | 1 | ' | 3 |
Nonaccrual Loans and Leases/Recorded Investment | ' | $169,000 | ' | $763,000 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill and Other Intangible Assets | ' | ' |
Goodwill | $137,890 | $137,890 |
Total Other intangible assets | 18,015 | 21,510 |
Total goodwill and intangible assets | 155,905 | 159,400 |
Scheduled amortization expense attributable to other acquisition-related intangible assets | ' | ' |
Remainder of 2013 | 1,499 | ' |
2014 | 3,339 | ' |
2015 | 3,062 | ' |
2016 | 2,626 | ' |
2017 | 2,004 | ' |
Thereafter | 5,485 | ' |
Total | 18,015 | 21,510 |
Core deposits | ' | ' |
Goodwill and Other Intangible Assets | ' | ' |
Total Other intangible assets | 16,774 | 19,773 |
Scheduled amortization expense attributable to other acquisition-related intangible assets | ' | ' |
Total | 16,774 | 19,773 |
Trade name | ' | ' |
Goodwill and Other Intangible Assets | ' | ' |
Total Other intangible assets | 1,149 | 1,333 |
Scheduled amortization expense attributable to other acquisition-related intangible assets | ' | ' |
Total | 1,149 | 1,333 |
Trust relationship | ' | ' |
Goodwill and Other Intangible Assets | ' | ' |
Total Other intangible assets | 92 | 404 |
Scheduled amortization expense attributable to other acquisition-related intangible assets | ' | ' |
Total | $92 | $404 |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 |
Investment Securities Available- for- Sale | Investment Securities Available- for- Sale | Investment Securities Available- for- Sale | Investment Securities Available- for- Sale | Postretirement Benefits | Postretirement Benefits | Postretirement Benefits | Postretirement Benefits | |||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ($4,441) | $1,969 | $3,483 | $1,963 | ($4,572) | $1,844 | $3,358 | $1,834 | $125 | $129 | $131 | $125 |
Other comprehensive (loss) income | -459 | 1,600 | -8,383 | 1,606 | -459 | 1,600 | -8,389 | 1,610 | 6 | -4 | ' | ' |
Balance at the end of the period | ($4,900) | $3,569 | ($4,900) | $3,569 | ($5,031) | $3,444 | ($5,031) | $3,444 | $131 | $125 | $131 | $125 |
Comprehensive_Income_Details_2
Comprehensive Income (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Impacts of amounts reclassified out of accumulated other comprehensive income on various income statement line items | ' | ' | ' | ' |
Gain on sales of securities | ' | ' | ' | $797 |
Provision for income taxes | -4,645 | -5,176 | -15,156 | -14,473 |
Net income before noncontrolling interest in subsidiary | 9,919 | 11,722 | 29,024 | 26,139 |
Unrealized gains (losses) on investment securities available-for-sale | Amounts Reclassified from Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Impacts of amounts reclassified out of accumulated other comprehensive income on various income statement line items | ' | ' | ' | ' |
Gain on sales of securities | ' | ' | ' | 797 |
Provision for income taxes | ' | ' | ' | -282 |
Net income before noncontrolling interest in subsidiary | ' | ' | ' | $515 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Minimum | Minimum | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | |||
Interest-rate products | Interest-rate products | Interest-rate swaps | Interest-rate swaps | |||||
item | item | |||||||
Derivatives and Hedging Activities | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest-rate swaps | ' | ' | ' | ' | ' | ' | 8 | 10 |
Notional amount of interest-rate swaps | ' | ' | ' | ' | ' | ' | $22,600,000 | $33,200,000 |
Asset Derivatives | ' | ' | ' | ' | ' | ' | ' | ' |
Total derivatives (interest-rate products) not designated as hedging instruments | 930,000 | 1,317,000 | ' | ' | 930,000 | 930,000 | ' | ' |
Liability Derivatives | ' | ' | ' | ' | ' | ' | ' | ' |
Total derivatives (interest -rate products) not designed as hedging instruments | 970,000 | 1,380,000 | ' | ' | 970,000 | 970,000 | ' | ' |
Gain (Loss) Recognized in Income on Derivatives | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) Recognized in Income on Derivatives | ' | ' | ' | ' | 1,000 | -24,000 | ' | ' |
Estimated net credit risk exposure | ' | ' | 100,000 | 100,000 | ' | ' | ' | ' |
Collateral posted | $500,000 | $500,000 | ' | ' | ' | ' | ' | ' |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives | ' | ' |
Gross Amounts of Recognized Assets | $930 | $1,317 |
Net Amounts Of Assets Presented in the Statement of Financial Position | 930 | 1,317 |
Gross Amounts Not Offset in the Statement of Financial Position | ' | ' |
Net Amount | 930 | 1,317 |
Derivatives | ' | ' |
Gross Amounts of Recognized Liabilities | 970 | 1,380 |
Net Amounts Of Liabilities Presented in the Statement of Financial Position | 970 | 1,380 |
Gross Amounts Not Offset in the Statement of Financial Position | ' | ' |
Cash Collateral Received | 448 | 548 |
Net Amount | $1,418 | $1,928 |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic EPS Computation, Numerator: | ' | ' | ' | ' |
Net income | $9,429 | $11,401 | $27,732 | $25,279 |
Basic EPS Computation, Denominator: | ' | ' | ' | ' |
Weighted average shares outstanding | 69,830,953 | 69,716,283 | 69,789,737 | 69,682,741 |
Basic EPS (in dollars per share) | $0.14 | $0.16 | $0.40 | $0.36 |
Diluted EPS Computation, Numerator: | ' | ' | ' | ' |
Net income | $9,429 | $11,401 | $27,732 | $25,279 |
Diluted EPS Computation, Denominator: | ' | ' | ' | ' |
Weighted average shares outstanding | 69,830,953 | 69,716,283 | 69,789,737 | 69,682,741 |
Effect of dilutive securities (in shares) | 82,812 | 38,190 | 70,985 | 35,331 |
Adjusted weighted average shares outstanding | 69,913,765 | 69,754,473 | 69,860,722 | 69,718,072 |
Diluted EPS (in dollars per share) | $0.13 | $0.16 | $0.40 | $0.36 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair value of assets | ' | ' |
Total securities available-for-sale | $480,402 | $481,323 |
Interest-rate swaps | 930 | 1,317 |
Interest-rate swaps | 970 | 1,380 |
Changes in generic pricing of securities period one, considered for analyzing changes in prices obtained from pricing service | '15 years | ' |
Changes in generic pricing of securities period two, considered for analyzing changes in prices obtained from pricing service | '30 years | ' |
SBA commercial loan asset-backed securities | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 300 | 400 |
Auction-rate municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 1,800 | 2,000 |
Marketable equity securities | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 1,300 | 1,300 |
Level 1 | Securities available for sale | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 1,316 | 1,337 |
Level 1 | Marketable equity securities | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 1,316 | 1,337 |
Level 2 | ' | ' |
Fair value of assets | ' | ' |
Interest-rate swaps | 930 | 1,317 |
Interest-rate swaps | 970 | 1,380 |
Level 2 | Securities available for sale | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 476,231 | 477,069 |
Level 2 | GSEs | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 20,242 | 69,809 |
Level 2 | GSE CMOs | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 248,331 | 217,001 |
Level 2 | GSE MBSs | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 177,150 | 169,648 |
Level 2 | Private-label CMO | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 4,097 | 6,866 |
Level 2 | SBA commercial loan asset-backed securities | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 259 | 381 |
Level 2 | Municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 1,089 | 1,101 |
Level 2 | Corporate debt obligations | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 23,516 | 10,685 |
Level 2 | Trust preferred securities and pools | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 1,547 | 1,578 |
Level 3 | Securities available for sale | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 2,855 | 2,917 |
Level 3 | Auction-rate municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 1,774 | 1,976 |
Level 3 | Trust preferred securities and pools | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 1,081 | 941 |
Estimated Fair Value | ' | ' |
Fair value of assets | ' | ' |
Interest-rate swaps | 930 | 1,317 |
Interest-rate swaps | 970 | 1,380 |
Estimated Fair Value | Securities available for sale | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 480,402 | 481,323 |
Estimated Fair Value | GSEs | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 20,242 | 69,809 |
Estimated Fair Value | GSE CMOs | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 248,331 | 217,001 |
Estimated Fair Value | GSE MBSs | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 177,150 | 169,648 |
Estimated Fair Value | Private-label CMO | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 4,097 | 6,866 |
Estimated Fair Value | SBA commercial loan asset-backed securities | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 259 | 381 |
Estimated Fair Value | Auction-rate municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 1,774 | 1,976 |
Estimated Fair Value | Municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 1,089 | 1,101 |
Estimated Fair Value | Corporate debt obligations | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 23,516 | 10,685 |
Estimated Fair Value | Trust preferred securities and pools | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | 2,628 | 2,519 |
Estimated Fair Value | Marketable equity securities | ' | ' |
Fair value of assets | ' | ' |
Total securities available-for-sale | $1,316 | $1,337 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Auction-rate municipals | ' |
Quantitative information for Level 3 Fair Value Measurements Assets | ' |
Fair value Assets | 1,774 |
Trust preferred securities and pools | ' |
Quantitative information for Level 3 Fair Value Measurements Assets | ' |
Fair value Assets | 1,081 |
Recurring basis | Auction-rate municipals | Discounted cash flow | Minimum | ' |
Quantitative information for Level 3 Fair Value Measurements Assets | ' |
Discount rates (as a percent) | 0.00% |
Recurring basis | Auction-rate municipals | Discounted cash flow | Maximum | ' |
Quantitative information for Level 3 Fair Value Measurements Assets | ' |
Discount rates (as a percent) | 5.00% |
Recurring basis | Auction-rate municipals | Discounted cash flow | Weighted Average Yields | ' |
Quantitative information for Level 3 Fair Value Measurements Assets | ' |
Discount rates (as a percent) | 4.90% |
Recurring basis | Trust preferred securities and pools | Discounted cash flow | Minimum | ' |
Quantitative information for Level 3 Fair Value Measurements Assets | ' |
Discount rates (as a percent) | 5.00% |
Cumulative default rate (as a percent) | 0.00% |
Cure given deferral/default (as a percent) | 0.00% |
Recurring basis | Trust preferred securities and pools | Discounted cash flow | Maximum | ' |
Quantitative information for Level 3 Fair Value Measurements Assets | ' |
Discount rates (as a percent) | 30.00% |
Cumulative default rate (as a percent) | 100.00% |
Cure given deferral/default (as a percent) | 15.00% |
Recurring basis | Trust preferred securities and pools | Discounted cash flow | Weighted Average Yields | ' |
Quantitative information for Level 3 Fair Value Measurements Assets | ' |
Cumulative default rate (as a percent) | 10.50% |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Details 3) (Securities available for sale, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Securities available for sale | ' | ' | ' | ' |
Reconciliation of assets measured at fair value on a recurring basis | ' | ' | ' | ' |
Investment securities available-for-sale, beginning of period | $2,835 | $3,318 | $2,917 | $3,208 |
Acquired, BankRI | ' | ' | ' | 184 |
Principal paydowns and other | -10 | -205 | -341 | -495 |
Total unrealized gains included in other comprehensive income | 30 | 93 | 279 | 309 |
Investment securities available-for-sale, end of period | $2,855 | $3,206 | $2,855 | $3,206 |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Details 4) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Carrying Value | Carrying Value | Estimated Fair Value | Estimated Fair Value | Level 2 | Level 2 | Level 3 | Level 3 | Recurring basis | Recurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | Nonrecurring basis | ||
Estimated Fair Value | Estimated Fair Value | Level 2 | Level 2 | Level 3 | Collateral-dependent impaired loans and leases | Collateral-dependent impaired loans and leases | Collateral-dependent impaired loans and leases | Collateral-dependent impaired loans and leases | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Repossessed vehicles and equipment | Repossessed vehicles and equipment | Repossessed vehicles and equipment | Repossessed vehicles and equipment | |||||||||||||
Estimated Fair Value | Estimated Fair Value | Level 2 | Level 3 | Estimated Fair Value | Estimated Fair Value | Level 2 | Level 3 | Estimated Fair Value | Estimated Fair Value | Level 2 | Level 2 | ||||||||||||||||||
Summary of carrying values and estimated fair values | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of liabilities from level 1 to level 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of liabilities from level 2 to level 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of liabilities into level 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of liabilities out of level 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets reported at fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,045 | 38,240 | 593 | 38,240 | 6,452 | 5,726 | 36,749 | 36,749 | 5,726 | 726 | 903 | 903 | 726 | 593 | 588 | 593 | 588 |
Transfer of assets from level 1 to level 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of assets from level 2 to level 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of assets into level 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer of assets out of level 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities held-to-maturity | 500 | 502 | 500 | 500 | 500 | 502 | ' | ' | 500 | 502 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and leases, net | 4,253,087 | 4,134,560 | 4,253,087 | 4,134,560 | 4,266,257 | 4,193,678 | ' | ' | 4,266,257 | 4,193,678 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans held-for-sale | ' | ' | 200 | 3,233 | 200 | 3,233 | 200 | ' | ' | 3,233 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Certificate of deposit | ' | ' | 950,359 | 1,010,941 | 954,741 | 1,019,916 | 954,741 | 1,019,916 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowed funds | $44,062 | $63,104 | $828,802 | $853,969 | $836,169 | $872,046 | $836,169 | $872,046 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Taxes | ' | ' | ' | ' | ' |
Income tax expense | $4,645,000 | $5,176,000 | $15,156,000 | $14,473,000 | ' |
Effective income tax rate ( as a percent) | 31.90% | 30.60% | 34.30% | 35.60% | ' |
Reduction in rehabilitation tax credits | ' | ' | ' | ' | 500,000 |
Rehabilitation tax credit related to construction of new office | ' | ' | -800,000 | ' | 600,000 |
Nondeductible expense related to acquisition related costs | ' | ' | ' | ' | 1,400,000 |
Acquisition related expense | ' | ' | ' | ' | 5,400,000 |
Increase in tax credits from investments in affordable housing partnerships | ' | ' | 300,000 | ' | ' |
Tax credits from investments in affordable housing partnerships | ' | ' | 9,000,000 | 6,000,000 | ' |
Adjustment for prior tax return | ' | ' | $300,000 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Loan commitments | ' | ' | ' |
Unadvanced portion of loans and leases | $539,861,000 | ' | $421,143,000 |
Unused lines of credit: | ' | ' | ' |
Home equity | 197,740,000 | ' | 165,936,000 |
Other consumer | 3,568,000 | ' | 4,017,000 |
Other commercial | 1,015,000 | ' | 965,000 |
Unused letters of credit: | ' | ' | ' |
Financial standby letters of credit | 18,621,000 | ' | 19,887,000 |
Performance standby letters of credit | 2,916,000 | ' | 2,916,000 |
Commercial and similar letters of credit | 228,000 | ' | 112,000 |
Back-to-back interest-rate swaps | 22,619,000 | ' | 33,221,000 |
Summary of future minimum rental payments under noncancellable operating leases year ending December 31 | ' | ' | ' |
Remainder of 2013 | 1,138,000 | ' | ' |
2014 | 3,977,000 | ' | ' |
2015 | 3,614,000 | ' | ' |
2016 | 3,391,000 | ' | ' |
2017 | 2,973,000 | ' | ' |
Thereafter | 8,153,000 | ' | ' |
Total | 23,246,000 | ' | ' |
Total rental expense | 4,000,000 | 3,600,000 | ' |
Commercial real estate mortgage loans | ' | ' | ' |
Loan commitments | ' | ' | ' |
Commitments to originate loans and leases | 55,517,000 | ' | 85,726,000 |
Commercial | ' | ' | ' |
Loan commitments | ' | ' | ' |
Commitments to originate loans and leases | 66,249,000 | ' | 67,857,000 |
Residential mortgage | ' | ' | ' |
Loan commitments | ' | ' | ' |
Commitments to originate loans and leases | $8,161,000 | ' | $8,726,000 |