Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 28, 2014 |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'BROOKLINE BANCORP INC | ' |
Entity Central Index Key | '0001049782 | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Public Float | ' | $632.80 |
Entity Common Stock, Shares Outstanding | ' | 70,572,460 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $37,148 | $78,441 |
Short-term investments | 55,357 | 38,656 |
Total cash and cash equivalents | 92,505 | 117,097 |
Investment securities available-for-sale | 492,428 | 481,323 |
Investment securities held-to-maturity (fair value of $500 and $502, respectively) | 500 | 500 |
Total investment securities | 492,928 | 481,823 |
Loans held-for-sale | 13,372 | 3,233 |
Total loans and leases | 4,362,465 | 4,175,712 |
Allowance for loan and lease losses | -48,473 | -41,152 |
Net loans and leases | 4,313,992 | 4,134,560 |
Restricted equity securities | 66,559 | 68,661 |
Premises and equipment, net of accumulated depreciation and amortization of $44,420 and $38,985, respectively | 80,505 | 70,791 |
Deferred tax asset | 31,710 | 27,197 |
Goodwill | 137,890 | 137,890 |
Identified intangible assets, net of accumulated amortization of $22,895 and $18,272, respectively | 16,887 | 21,510 |
Other real estate owned and repossessed assets, net | 1,578 | 1,491 |
Other assets | 77,180 | 83,281 |
Total assets | 5,325,106 | 5,147,534 |
Non-interest-bearing deposits: | ' | ' |
Demand checking accounts | 707,023 | 623,274 |
Interest-bearing deposits: | ' | ' |
NOW accounts | 210,602 | 212,858 |
Savings accounts | 494,734 | 515,367 |
Money market accounts | 1,487,979 | 1,253,819 |
Certificate of deposit accounts | 934,668 | 1,010,941 |
Total interest-bearing deposits | 3,127,983 | 2,992,985 |
Total deposits | 3,835,006 | 3,616,259 |
Borrowed funds: | ' | ' |
Advances from the FHLBB | 768,773 | 790,865 |
Other borrowed funds | 43,782 | 63,104 |
Total borrowed funds | 812,555 | 853,969 |
Mortgagors' escrow accounts | 7,889 | 6,946 |
Accrued expenses and other liabilities | 51,485 | 54,551 |
Total liabilities | 4,706,935 | 4,531,725 |
Commitments and contingencies (Note 13) | ' | ' |
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 | 617,538 | 618,426 |
Retained earnings, partially restricted | 64,903 | 53,358 |
Accumulated other comprehensive (loss) income | -7,915 | 3,483 |
Treasury stock, at cost; 5,171,985 shares and 5,373,733 shares, respectively | -59,826 | -62,107 |
Unallocated common stock held by ESOP; 291,666 shares and 333,918 shares, respectively | -1,590 | -1,820 |
Total Brookline Bancorp, Inc. stockholders' equity | 613,867 | 612,097 |
Noncontrolling interest in subsidiary | 4,304 | 3,712 |
Total stockholders' equity | 618,171 | 615,809 |
Total liabilities and stockholders' equity | 5,325,106 | 5,147,534 |
Commercial real estate loans | ' | ' |
ASSETS | ' | ' |
Total loans and leases | 2,203,623 | 2,005,963 |
Allowance for loan and lease losses | -23,022 | -20,018 |
Commercial loans | ' | ' |
ASSETS | ' | ' |
Total loans and leases | 965,610 | 847,455 |
Allowance for loan and lease losses | -15,220 | -10,655 |
Indirect automobile | ' | ' |
ASSETS | ' | ' |
Total loans and leases | 400,531 | 542,344 |
Allowance for loan and lease losses | -3,924 | -5,304 |
Consumer loans | ' | ' |
ASSETS | ' | ' |
Total loans and leases | 792,701 | 779,950 |
Allowance for loan and lease losses | ($3,375) | ($2,545) |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Investment securities held to maturity, fair value (in dollars) | $500 | $502 |
Premises and equipment, accumulated depreciation and amortization (in dollars) | 44,420 | 38,985 |
Identified intangible assets, accumulated amortization (in dollars) | $22,895 | $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 | 5,171,985 | 5,373,733 |
Unallocated common stock held by ESOP, shares | 291,666 | 333,918 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest and dividend income: | ' | ' | ' |
Loans and leases | $197,098 | $203,711 | $133,938 |
Debt securities | 7,963 | 8,551 | 6,297 |
Marketable and restricted equity securities | 1,212 | 730 | 195 |
Short-term investments | 111 | 208 | 105 |
Total interest and dividend income | 206,384 | 213,200 | 140,535 |
Interest expense: | ' | ' | ' |
Deposits | 18,773 | 21,432 | 19,757 |
Borrowed funds | 11,393 | 14,400 | 10,579 |
Total interest expense | 30,166 | 35,832 | 30,336 |
Net interest income | 176,218 | 177,368 | 110,199 |
Provision for credit losses | 10,929 | 15,888 | 3,631 |
Provision for credit losses | 165,289 | 161,480 | 106,568 |
Non-interest income: | ' | ' | ' |
Fees, charges and other income | 15,240 | 16,475 | 5,653 |
Loss from investments in affordable housing projects | -1,812 | -694 | -671 |
Gain on sales of securities | 397 | 926 | 80 |
Gain on sales of loans and leases | 0 | 1,898 | 0 |
Total non-interest income | 13,825 | 18,605 | 5,062 |
Non-interest expense: | ' | ' | ' |
Compensation and employee benefits | 65,261 | 58,830 | 30,789 |
Occupancy | 12,616 | 10,611 | 6,138 |
Equipment and data processing | 16,899 | 14,540 | 9,144 |
Professional services | 5,695 | 12,475 | 5,375 |
FDIC insurance | 3,102 | 4,212 | 1,746 |
Advertising and marketing | 3,003 | 2,984 | 1,376 |
Amortization of identified intangible assets | 4,623 | 5,622 | 1,570 |
Other | 11,261 | 11,101 | 6,787 |
Total non-interest expense | 122,460 | 120,375 | 62,925 |
Income before provision for income taxes | 56,654 | 59,710 | 48,705 |
Provision for income taxes | 19,481 | 21,341 | 19,886 |
Net income before noncontrolling interest in subsidiary | 37,173 | 38,369 | 28,819 |
Less net income attributable to noncontrolling interest in subsidiary | 1,787 | 1,227 | 1,219 |
Net income attributable to Brookline Bancorp, Inc. | $35,386 | $37,142 | $27,600 |
Earnings per common share: | ' | ' | ' |
Basic (in dollars per share) | $0.51 | $0.53 | $0.47 |
Diluted (in dollars per share) | $0.51 | $0.53 | $0.47 |
Weighted average common shares outstanding during the year: | ' | ' | ' |
Basic (in shares) | 69,808,164 | 69,702,417 | 58,633,627 |
Diluted (in shares) | 69,883,924 | 69,746,256 | 58,636,431 |
Dividends declared per common share | $0.34 | $0.34 | $0.34 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income before noncontrolling interest in subsidiary | $37,173 | $38,369 | $28,819 |
Other comprehensive income (loss), net of taxes: | ' | ' | ' |
Unrealized securities holding (losses) gains excluding non-credit gain on impairment of securities | -18,710 | 3,396 | -488 |
Non-credit gain on impairment of securities | 0 | 34 | 11 |
Income tax benefit (expense) | 7,275 | -1,308 | 177 |
Net unrealized securities holding (losses) gains before reclassification adjustments | -11,435 | 2,122 | -300 |
Less reclassification adjustments for securities gains included in net income: | ' | ' | ' |
Gain on sales of securities, net | 397 | 926 | 80 |
Income tax expense | -142 | -328 | -29 |
Net reclassification adjustments for securities gains included in net income | 255 | 598 | 51 |
Net unrealized securities holding (losses) gains | -11,690 | 1,524 | -351 |
Postretirement benefits: | ' | ' | ' |
Adjustment of accumulated obligation for postretirement benefits | 468 | -10 | -57 |
Income tax (expense) benefit | -176 | 6 | 23 |
Net adjustment of accumulated obligation for postretirement benefits | 292 | -4 | -34 |
Net other comprehensive (loss) income | -11,398 | 1,520 | -385 |
Comprehensive income | 25,775 | 39,889 | 28,434 |
Net income attributable to noncontrolling interest in subsidiary | 1,787 | 1,227 | 1,219 |
Comprehensive income attributable to Brookline Bancorp, Inc. | $23,988 | $38,662 | $27,215 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Total Brookline Bancorp, Inc. Stockholders' Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Unallocated Common Stock Held by ESOP | Noncontrolling Interest in Subsidiary |
In Thousands, unless otherwise specified | |||||||||
Balance at Dec. 31, 2010 | $497,948 | $495,443 | $644 | $524,515 | $32,357 | $2,348 | ($62,107) | ($2,314) | $2,505 |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Brookline Bancorp, Inc. | 27,600 | 27,600 | ' | ' | 27,600 | ' | ' | ' | ' |
Net income attributable to noncontrolling interest in subsidiary | 1,219 | ' | ' | ' | ' | ' | ' | ' | 1,219 |
Dividend distribution to owners of noncontrolling interest in subsidiary | -585 | ' | ' | ' | ' | ' | ' | ' | -585 |
Issuance of units of ownership to minority owner of subsidiary | 102 | ' | ' | ' | ' | ' | ' | ' | 102 |
Minority owners' interest in deferred tax asset related to subsidiary | 159 | ' | ' | ' | ' | ' | ' | ' | 159 |
Other comprehensive income (loss) | -385 | -385 | ' | ' | ' | -385 | ' | ' | ' |
Common stock dividends of $0.34 per share | -19,964 | -19,964 | ' | ' | -19,964 | ' | ' | ' | ' |
Expense of stock options granted | 47 | 47 | ' | 47 | ' | ' | ' | ' | ' |
Income tax benefit from vesting of recognition and retention plan shares and dividend distributions on allocated ESOP shares | 79 | 79 | ' | 79 | ' | ' | ' | ' | ' |
Compensation under recognition and retention plan | 364 | 364 | ' | 364 | ' | ' | ' | ' | ' |
Common stock held by ESOP committed to be released (42,252, 44,292 and 46,207 shares) for the year ended 2013, 2012 and 2011, respectively | 418 | 418 | ' | 166 | ' | ' | ' | 252 | ' |
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. | 37,142 | 37,142 | ' | ' | 37,142 | ' | ' | ' | ' |
Net income attributable to noncontrolling interest in subsidiary | 1,227 | ' | ' | ' | ' | ' | ' | ' | 1,227 |
Dividend distribution to owners of noncontrolling interest in subsidiary | -915 | ' | ' | ' | ' | ' | ' | ' | -915 |
Issuance of shares of common stock (10,997,840 shares) | 92,822 | 92,822 | 113 | 92,709 | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | 1,520 | 1,520 | ' | ' | ' | 1,520 | ' | ' | ' |
Common stock dividends of $0.34 per share | -23,777 | -23,777 | ' | ' | -23,777 | ' | ' | ' | ' |
Compensation under recognition and retention plan | 546 | 546 | ' | 546 | ' | ' | ' | ' | ' |
Common stock held by ESOP committed to be released (42,252, 44,292 and 46,207 shares) for the year ended 2013, 2012 and 2011, respectively | 242 | 242 | ' | 0 | ' | ' | ' | 242 | ' |
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. | 35,386 | 35,386 | ' | ' | 35,386 | ' | ' | ' | ' |
Net income attributable to noncontrolling interest in subsidiary | 1,787 | ' | ' | ' | ' | ' | ' | ' | 1,787 |
Dividend distribution to owners of noncontrolling interest in subsidiary | -1,195 | ' | ' | ' | ' | ' | ' | ' | -1,195 |
Other comprehensive income (loss) | -11,398 | -11,398 | ' | ' | ' | -11,398 | ' | ' | ' |
Common stock dividends of $0.34 per share | -23,841 | -23,841 | ' | ' | -23,841 | ' | ' | ' | ' |
Compensation under recognition and retention plan | 1,393 | 1,393 | ' | 1,393 | ' | ' | ' | ' | ' |
Common stock held by ESOP committed to be released (42,252, 44,292 and 46,207 shares) for the year ended 2013, 2012 and 2011, respectively | 230 | 230 | ' | -2,281 | ' | ' | 2,281 | 230 | ' |
Balance at Dec. 31, 2013 | $618,171 | $613,867 | $757 | $617,538 | $64,903 | ($7,915) | ($59,826) | ($1,590) | $4,304 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Issuance of shares of common stock, shares | ' | 10,997,840 | ' |
Common stock dividends, per share (in dollars per share) | $0.34 | $0.34 | $0.34 |
Common stock held by ESOP committed to be released, shares | 42,252 | 44,292 | 46,207 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income attributable to Brookline Bancorp, Inc. | $35,386 | $37,142 | $27,600 |
Adjustments to reconcile net income to net cash provided from operating activities: | ' | ' | ' |
Net income attributable to noncontrolling interest in subsidiary | 1,787 | 1,227 | 1,219 |
Provision for credit losses | 10,929 | 15,888 | 3,631 |
Origination of loans and leases to be sold | -52,485 | -101,286 | -46,555 |
Proceeds from loans and leases sold | 56,389 | 104,029 | 41,687 |
Proceeds from sales of other real estate owned and other repossessed assets | 11,857 | 1,572 | 1,711 |
Deferred income tax expense | 2,444 | 663 | 784 |
Depreciation of premises and equipment | 6,291 | 3,733 | 2,061 |
Amortization of securities premiums and discounts, net | 3,200 | 4,486 | 2,344 |
Amortization of deferred loan and lease origination costs, net | 7,749 | 10,121 | 9,775 |
Amortization of identified intangible assets | 4,623 | 5,622 | 1,570 |
(Accretion) amortization of acquisition fair value adjustments, net | -6,193 | -12,121 | 658 |
Gain on sale of loans and leases held for sale | -671 | -718 | -392 |
Gain on sale of loans and leases | 0 | -1,898 | 0 |
Gain on sale of securities | -397 | -926 | -80 |
Gain on sale of other real estate owned and repossessed assets | -2 | -194 | 0 |
Write-down of other real estate owned and repossessed assets | 263 | 73 | 869 |
Compensation under recognition and retention plans | 1,393 | 546 | 364 |
Expense of restricted stock plans, net of income tax | 584 | 625 | 126 |
Loss from investments in affordable housing projects | 1,812 | 694 | 671 |
ESOP shares committed to be released | 230 | 242 | 418 |
Net change in: | ' | ' | ' |
Cash surrender value of bank-owned life insurance | -1,093 | -1,165 | 0 |
Other assets | 5,398 | -11,621 | -4,097 |
Accrued expenses and other liabilities | -3,434 | 2,577 | 1,869 |
Net cash provided from operating activities | 86,060 | 59,311 | 46,233 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sales of securities available-for-sale | 1,210 | 166,201 | 124 |
Proceeds from maturities, calls, and principal repayments of securities available-for-sale | 137,275 | 207,512 | 145,374 |
Purchases of securities available-for-sale | -171,231 | -326,104 | -45,361 |
Proceeds from principal repayments of securities held-to-maturity | 2,107 | 0 | 0 |
Purchase of restricted-equity and other securities | -5 | -15,505 | 0 |
Proceeds from sales of loans and leases | 0 | 21,904 | 0 |
Net increase in loans and leases | -220,021 | -352,893 | -273,394 |
Acquisitions, net of cash and cash equivalents acquired | 0 | -89,258 | 5,792 |
Monies in escrow - Bancorp Rhode Island, Inc. acquisition | 0 | 112,983 | -112,983 |
Purchase of premises and equipment | -16,443 | -23,664 | -19,910 |
Sale of premises and equipment | 260 | 0 | 0 |
Proceeds from redemption of restricted securities (FHLBB stock) | 0 | 2,003 | 0 |
Net cash used in investing activities | -266,848 | -296,821 | -300,358 |
Cash flows from financing activities: | ' | ' | ' |
Increase in demand checking, NOW, savings and money market accounts | 295,020 | 312,644 | 273,693 |
Decrease in certificates of deposit | -76,620 | -80,879 | -44,734 |
Proceeds from FHLBB advances | 2,363,200 | 3,007,883 | 3,973,549 |
Repayment of FHLBB advances | -2,381,917 | -2,992,101 | -3,865,689 |
Proceeds from payment of federal funds purchased | 0 | 0 | -13,000 |
Repayment of subordinated debt | -3,000 | 0 | -13,000 |
(Decrease) increase in other borrowed funds | -16,394 | 25,023 | 4,018 |
Increase in mortgagors' escrow accounts | 943 | 433 | 123 |
Payment of dividends on common stock | -23,841 | -23,777 | -19,964 |
Payment of dividends to owners of noncontrolling interest in subsidiary | -1,195 | -915 | -585 |
Purchase of additional ownership interest in subsidiary | 0 | 0 | 102 |
Net cash provided from financing activities | 156,196 | 248,311 | 294,513 |
Net (decrease) increase in cash and cash equivalents | -24,592 | 10,801 | 40,388 |
Cash and cash equivalents at beginning of year | 117,097 | 106,296 | 65,908 |
Cash and cash equivalents at end of year | 92,505 | 117,097 | 106,296 |
Cash paid during the year for: | ' | ' | ' |
Interest on deposits, borrowed funds and subordinated debt | 34,303 | 40,682 | 32,029 |
Income taxes | 19,137 | 20,570 | 20,607 |
Non-cash investing activities: | ' | ' | ' |
Transfer from loans to loan held-for-sale | 13,372 | 0 | 0 |
Transfer from loans to other real estate owned | 12,205 | 386 | 2,536 |
Bancorp Rhode Island, Inc.: | ' | ' | ' |
Acquisition | ' | ' | ' |
Fair value of assets acquired, net of cash and cash equivalents acquired | 0 | 1,571,817 | 0 |
Fair value of liabilities assumed | 0 | 1,481,535 | 0 |
First Ipswich Bancorp: | ' | ' | ' |
Acquisition | ' | ' | ' |
Fair value of assets acquired, net of cash and cash equivalents acquired | 0 | 0 | 246,186 |
Fair value of liabilities assumed | $0 | $0 | $251,978 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Overview | |
Brookline Bancorp, Inc. (the "Company") is a bank holding company (within the meaning of the Bank Holding Company Act of 1956, as amended) and the parent of Brookline Bank, a Massachusetts-chartered savings bank; Bank Rhode Island ("BankRI"), a Rhode Island-chartered 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 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 6 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 business, 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 subject to competition from other financial and non-financial institutions and 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. | |
Basis of Financial Statement Presentation | |
The Company's consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") as set forth by the Financial Accounting Standards Board ("FASB") in its Accounting Standards Codification and through the rules and interpretive releases of the Securities and Exchange Commission ("SEC") under the authority of federal securities laws. | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. | |
In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant change in the near-term include the determination of the allowance for loan and lease losses, the determination of fair market values of assets and liabilities, including acquired loans, the review of goodwill and intangibles for impairment and the review of deferred tax assets for valuation allowance. | |
The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. | |
Reclassification | |
Certain previously reported amounts have been reclassified to conform to the current year's presentation. These reclassifications did not change stockholders' equity or net income reported. | |
Cash and Cash Equivalents | |
For purposes of reporting asset balances and cash flows, cash and cash equivalents includes cash on hand and due from banks (including cash items in process of clearing), interest-bearing deposits with banks, federal funds sold, money market mutual funds and other short-term investments with original maturities of three months or less. | |
Investment Securities | |
Investment securities, other than those reported as short-term investments, are classified at the time of purchase as "available for sale," "held to maturity," or "trading." Classification is periodically re-evaluated for consistency with the Company's goals and objectives. Equity investments in the Federal Home Loan Bank of Boston ("FHLBB") and the Federal Reserve Bank of Boston are discussed in more detail in Note 5, "Restricted Equity Securities." | |
Investment Securities Available-for-Sale and Held-to-Maturity | |
Securities for which the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at amortized cost. Those securities held for indefinite periods of time but not necessarily to maturity are classified as available-for-sale. Securities held for indefinite periods of time include securities that management intends to use as part of its asset/liability, liquidity, and/or capital management strategies and may be sold in response to changes in interest rates, maturities, asset/liability mix, liquidity needs, regulatory capital needs or other business factors. Securities available-for-sale are carried at estimated fair value, primarily obtained from a third-party pricing service, with unrealized gains and losses reported on an after-tax basis in stockholders' equity as accumulated other comprehensive income or loss. As of December 31, 2013 and 2012, the Company did not make any adjustments to the prices provided by the third-party pricing service. | |
Security transactions are recorded on the trade date. Realized gains and losses are determined using the specific identification method and are recorded in non-interest income. Interest and dividends on securities are recorded using the accrual method. Premiums and discounts on securities are amortized or accreted into interest income using the level-yield method over the remaining period to contractual maturity, adjusted for the effect of actual prepayments in the case of mortgage-backed securities ("MBSs") and collateralized mortgage obligations ("CMOs"). These estimates of prepayment assumptions are made based upon the actual performance of the underlying security, current interest rates, the general market consensus regarding changes in mortgage interest rates, the contractual repayment terms of the underlying loans, the priority rights of the investors to the cash flows from the mortgage securities and other economic conditions. When differences arise between anticipated prepayments and actual prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. Unamortized premium or discount is adjusted to the amount that would have existed had the new effective yield been applied since purchase, with a corresponding charge or credit to interest income. | |
Management evaluates securities for other-than-temporary impairment ("OTTI") on a periodic basis. Factors considered in determining whether an impairment is other-than-temporary include: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value. The Company records an other-than-temporary loss in an amount equal to the entire difference between the fair value and amortized cost if (1) the Company intends to sell an impaired security, (2) it is more likely than not that the Company will be required to sell the security before its amortized costs or (3) for debt securities, the present value of expected future cash flows is not sufficient to recover the entire amortized cost basis. If a security is determined to be other-than-temporarily impaired but the Company does not intend to sell the security, only the credit portion of the estimated loss is recognized in earnings, with the other portion of the loss recognized in other comprehensive income. | |
Restricted Securities | |
The Company owns investments in the stock of the FHLBB, the Federal Reserve Bank of Boston and a small amount of other restricted securities. No ready market exists for these stocks, and they have no quoted market values. The Banks, as members of the FHLBB, are required to maintain investments in the capital stock of the FHLBB equal to their membership base investments plus an activity-based investment determined according to the Banks' level of outstanding FHLBB advances. Federal Reserve Bank of Boston stock was purchased at par and is redeemable at par. The Company reviews for impairment of these securities based on the ultimate recoverability of the cost basis in the stock. At December 31, 2013, no impairment has been recognized. | |
Loans | |
Originated Loans | |
Loans the Company originates for the portfolio, and for which it has the intent and ability to hold to maturity, are reported at amortized cost, inclusive of deferred loan origination fees and expenses, less unadvanced funds due borrowers on loans and the allowance for loan and lease losses. | |
Interest income on loans and leases originated for the portfolio is accrued on unpaid principal balances as earned. Loan origination fees and direct loan origination costs are deferred, and the net fee or cost is recognized in interest income using the interest method. Deferred loan origination costs include payments to dealers originating indirect automobile loans. The difference between the rate charged by a dealer to originate an indirect automobile loan and the "buy rate," or the rate earned by the Company, is referred to as the "spread." The computed dollar value of the spread paid to a dealer is amortized as a charge to income over the life of the loan on a level-yield basis. Deferred amounts are recognized for fixed-rate loans over the contractual life of the loans and for adjustable-rate loans over the period of time required to adjust the contractual interest rate to a yield approximating a market rate at the origination date. If a loan is prepaid, the unamortized portion of the loan origination costs, including those indirect-automobile-related costs not subject to rebate from the dealer, is charged to income. | |
Loans Held-for-Sale | |
Management identifies and designates certain newly originated loans for sale to specific financial institutions, subject to the underwriting criteria of those financial institutions. These loans are held for sale and are carried at the lower of cost or market as determined in the aggregate. Deferred loan fees and costs are included in the determination of the gain or loss on sale. | |
Acquired Loans | |
Acquired loans that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Corporation will be unable to collect all contractually required payments receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the recorded fair value of the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately are not to be received). | |
Nonperforming Loans | |
Nonaccrual Loans | |
Accrual of interest on loans generally is discontinued when contractual payment of principal or interest becomes past due 90 days or, if in management's judgment, reasonable doubt exists as to the full timely collection of interest. Exceptions may be made if the loan has matured and is in the process of renewal or is well-secured and in the process of collection. When a loan is placed on nonaccrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current interest income. Interest payments on nonaccrual loans are applied to principal. 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 at least six consecutive months of performance has been achieved. | |
Impaired Loans | |
A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. Smaller-balance, homogeneous loans that are evaluated collectively for impairment, such as indirect automobile, residential, home equity and other consumer loans are specifically excluded from the impaired loan portfolio except where the loan is classified as a troubled debt restructuring. The Company has defined the population of impaired loans to include nonaccrual loans and troubled debt restructured loans. | |
The value of an impaired loan is measured based upon the present value of expected future cash flows discounted at the loan's effective interest rate, or the fair value of the collateral if the loan is collateral-dependent and its payment is expected solely based on the underlying collateral. For impaired loans deemed collateral dependent, where impairment is measured using the fair value of the collateral, the Company will either obtain a new appraisal or use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. | |
Interest collected on impaired loans is either applied against principal or reported as income according to management's judgment as to the collectability of principal. If management does not consider a loan ultimately collectible within an acceptable time frame, payments are applied as principal to reduce the loan balance. If full collection of the remaining recorded investment should subsequently occur, interest receipts are recorded as interest income on a cash basis. | |
Troubled Debt Restructured Loans | |
In cases where a borrower experiences financial difficulties and the Company makes certain concessionary modifications to contractual terms, the loan is classified as a troubled debt restructured loan. In determining whether a debtor is experiencing financial difficulties, the Company considers, among other factors, if the debtor is in payment default or is likely to be in payment default in the foreseeable future without the modification, the debtor declared or is in the process of declaring bankruptcy, there is substantial doubt that the debtor will continue as a going concern, the debtor's entity-specific projected cash flows will not be sufficient to service its debt, or the debtor cannot obtain funds from sources other than the existing creditors at market terms for debt with similar risk characteristics. | |
Modifications may include interest-rate reductions, short-term (defined as one year or less) changes in payment structure to interest-only payments, short-term extensions of the loan's original contractual term or, less frequently, principal forgiveness, interest capitalization, forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of collateral. Typically, troubled debt restructurings are placed on nonaccrual status and reported as nonperforming loans. Generally, a nonaccrual loan that is restructured remains on nonaccrual for a period of six months to demonstrate the borrower can meet the restructured terms; however, performance prior to the restructuring, or significant events that coincide with the restructuring, are considered in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of restructuring or after a shorter performance period. If the borrower's ability to meet the revised payment schedule is not reasonably assured, the loan remains classified as a nonaccrual loan. | |
Loans restructured at an interest rate equal to or greater than that of a new loan with comparable risk at the time of the loan agreement is modified may be excluded from restructured loan disclosures in years subsequent to the restructuring if they are in compliance with the modified terms. | |
Allowance for Loan and Lease Losses | |
Additions to the allowance for loan and lease losses are made by charges to the provision for credit losses. Losses on loans and leases are charged off against the allowance when all or a portion of a loan or lease is considered uncollectible. Subsequent recoveries on loans previously charged off, if any, are credited to the allowance when realized | |
The allowance for loan and lease losses consists of general, specific and unallocated reserves and reflects management's estimate of probable loan and lease losses inherent in the loan portfolio at the balance sheet date. Management uses a consistent and systematic process and methodology to evaluate the adequacy of the allowance for loan and lease losses on a quarterly basis. The allowance is calculated by loan category, including commercial real estate loans, commercial loans and leases, indirect automobile loans and consumer loans; with each of these categories further segregated into classes. A formula-based credit evaluation approach is applied to each group, coupled with an analysis of certain loans for impairment. | |
The process to determine the allowance for loan and lease losses requires management to exercise considerable judgment regarding the risk characteristics of the loan portfolio categories and the effect of relevant internal and external factors. The reasonableness of prior judgments is evaluated on a quarterly basis by comparison of estimated loan and lease losses to loan and lease losses actually incurred. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan and lease losses. Such agencies may require the Company to change the allowance based on their judgments of information available to them at the time of their examination. | |
General Allowance | |
The general allowance related to loans collectively evaluated for impairment is determined using a formula-based approach utilizing the risk ratings of individual credits and loss factors derived from historic portfolio loss rates. Other relevant qualitative factors include, but are not limited to, historic levels and trends in loan charge-offs and recoveries; past-due loans; risk-rated loans; classified loans and impaired loans; the pace of loan growth; underwriting policies and adherence to such policies; changes in credit concentration; the experience of lending personnel and management; trends in the economy and employment; business conditions; industry conditions; and political, legislative and regulatory changes. The general allowance related to the acquired loans collectively evaluated for impairment are determined based upon the degree, if any, of deterioration in the pooled loans subsequent to acquisition. The qualitative factors used in the determination are the same as those used for originated loans. | |
Specific Allowance | |
Specific valuation allowances are established for impaired originated loans with book values greater than the discounted present value of expected future cash flows or, in the case of collateral-dependent impaired loans, for any excess of a loan's book balance and the fair value of its underlying collateral. Specific valuation allowances are established for acquired loans with deterioration in the discounted present value of expected further cash flows since acquisitions or, in the case of collateral dependent impaired loans, for any increase in the excess of a loan's book balance greater than the fair value of its underlying collateral. A specific valuation allowance for losses on troubled debt restructured loans is determined by comparing the net carrying amount of the troubled debt restructured loan with the restructured loan's cash flows discounted at the original effective rate. Impaired loans are reviewed quarterly with adjustments made to the calculated reserve as deemed necessary. | |
Unallocated Allowance | |
Determination of the unallocated portion of the allowance is a subjective process. Management believes the unallocated allowance is an important component of the total allowance because it addresses the probable inherent risk of loss that exists in that part of the Company's loan portfolio with repayment terms that extend over many years. It also helps to minimize the risk related to the margin of imprecision inherent in the estimation of the allocated components of the allowance. The Company has not allocated the unallocated portion of the allowance to the various loan categories and classes because such an allocation would imply a degree of precision that does not exist. | |
Liability for Unfunded Commitments | |
In the ordinary course of business, the Company enters into commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for loan losses. | |
Premises and Equipment | |
Premises and equipment are carried at cost less accumulated depreciation and amortization, except for land which is carried at cost. Premises and equipment are depreciated using the straight-line method over the estimated useful life of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the improvements. | |
Costs related to internal-use software development projects that provide significant new functionality are capitalized. Internal-use software is software acquired or modified solely to meet the Company's needs and for which there is no plan to market the software externally. Direct and indirect costs associated with the application development stage of internal use software are capitalized until such time that the software is substantially complete and ready for its intended use. Capitalized costs are amortized on a straight-line basis over the remaining estimated life of the software. Computer software and development costs incurred in the preliminary project stage, as well as training and maintenance costs, are expensed as incurred. | |
Bank-Owned Life Insurance | |
The Company acquired bank-owned life insurance ("BOLI") plans as part of its acquisitions of First Ipswich and BankRI. BOLI represents life insurance on the lives of certain current and former employees who have provided positive consent allowing their employer to be the beneficiary of such policies. BankRI and First Ipswich are the beneficiaries of their respective policies. BankRI and First Ipswich utilize BOLI as tax-efficient financing for their benefit obligations to their employees, including their retirement obligations and Supplemental Executive Retirement Plans ("SERPs"). | |
Since BankRI and First Ipswich are the primary beneficiaries of their respective insurance policies, increases in the cash value of the policies, as well as insurance proceeds received, are recorded in non-interest income and are not subject to income taxes. BOLI is recorded at the cash value of the policies, less any applicable cash surrender charges, and is reflected as an asset in the accompanying consolidated balance sheets. The Company reviews the financial strength of the insurance carriers prior to the purchase of BOLI to ensure minimum credit ratings of at least investment grade. The financial strength of the carriers is reviewed at least annually and BOLI with any individual carrier is limited to 10% of capital. | |
Goodwill and Other Identified Intangible Assets | |
Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill is not subject to amortization. Identified intangible assets are assets resulting from acquisitions that are being amortized over their estimated useful lives. The recoverability of goodwill and identified intangible assets is evaluated for impairment at least annually. As part of this evaluation, the Company makes a qualitative assessment of whether it is more likely than not that the fair value of an acquired asset is greater than its carrying amount. Pursuant to FASB Accounting Standards Update ("ASU") 2011-8, adopted in January 2012, if the Company concludes that it is more likely than not that the fair value of an acquired asset is greater than its carrying amount, no further testing is necessary. If, however, the Company concludes that it is more likely than not that the fair value of an acquired asset is less than its carrying value, the Company performs a two-step quantitative impairment test to determine whether the asset is impaired. If impairment is deemed to have occurred, the amount of impairment is charged to expense when identified. | |
Other Real Estate Owned and Repossessed Assets | |
OREO consists of property acquired through foreclosure, real estate acquired through acceptance of a deed in lieu of foreclosure and loans determined to be substantively repossessed. Real estate loans that are substantively repossessed include only those loans for which the Company has taken possession of the collateral. OREO and repossessed assets which consist of vehicles and equipment, if any, are recorded initially at estimated fair value less costs to sell, resulting in a new cost basis. The amount by which the recorded investment in the loan exceeds the fair value (net of estimated cost to sell) of the foreclosed or repossessed asset is charged to the allowance for loan and lease losses. Such evaluations are based on an analysis of individual properties/assets as well as a general assessment of current real estate market conditions. Subsequent declines in the fair value of the foreclosed or repossessed asset below the new cost basis are recorded through the use of a valuation allowance. Subsequent increases in the fair value are recorded as reductions in the allowance, but not below zero. Rental revenue received on foreclosed or repossessed assets is included in other non-interest income, whereas operating expenses and changes in the valuation allowance relating to foreclosed and repossessed assets are included in other non-interest expense. Certain costs used to improve such properties are capitalized. Gains and losses from the sale of OREO and repossessed vehicles and equipment are reflected in non-interest expense when realized. Together with nonperforming loans, OREO and repossessed assets comprise nonperforming assets. | |
Derivatives | |
The Company enters into interest rate swap agreements as part of the Company's interest-rate risk management strategy for certain assets and liabilities and not for speculative purposes. Based on the Company's intended use for the interest rate swap at inception, the Company designates the derivative as either an economic hedge of an asset or liability or a hedging instrument subject to the hedge accounting provisions of FASB ASC Topic 815, "Derivatives and Hedging." | |
Interest rate swaps designated as economic hedges are recorded at fair value within other assets or liabilities. Changes in the fair value of these derivatives are recorded directly through earnings at each reporting period. | |
Transfer of Financial Assets | |
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1)the assets have been isolated from the Company, (2)the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3)the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
Securities Sold under Agreements to Repurchase | |
The Company enters into sales of securities under agreements to repurchase with the Banks' commercial customers. These agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the consolidated balance sheets. Securities pledged as collateral under agreements to repurchase are reflected as assets in the accompanying consolidated balance sheets. | |
Employee Benefits | |
Costs related to the Company's 401(k) plans are recognized over the vesting period or charged against current operations in the year made depending on the plan. Costs related to the Company's nonqualified deferred compensation plan, SERPs and postretirement benefits are recognized over the vesting period or the related service periods of the participating employees. Changes in the funded status of postretirement benefits are recognized through comprehensive income in the year in which changes occur. | |
Compensation expense for the Employee Stock Ownership Plan ("ESOP") is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair market value of the shares during the year. The Company recognizes compensation expense ratably over the year based upon the Company's estimate of the number of shares expected to be allocated by the ESOP. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in capital. | |
The fair value of restricted common stock awards and stock option grants is determined as of the grant date and is recorded as compensation expense over the period in which the shares of common stock and stock options vest. Forfeitures are estimated in determining compensation expense. | |
Fair Value Measurements | |
ASC 820-10, "Fair Value Measurements and Disclosures," defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability is not adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities. It is not a forced transaction. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, able to transact and willing to transact. | |
A fair-value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs are included in ASC 820. The fair value hierarchy is as follows: | |
Level 1: Inputs are unadjusted quoted prices in active markets for assets and liabilities identical to those reported at fair value. | |
Level 2: Inputs other than quoted prices included within Level 1. Level 2 inputs are observable either directly or indirectly. These inputs might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. | |
Level 3: Inputs are unobservable inputs for an asset or liability that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. These inputs are used to determine fair value only when observable inputs are not available. | |
Earnings per Common Share | |
Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding for the applicable period, exclusive of unearned ESOP shares and unvested restricted stock. Diluted EPS is calculated after adjusting the denominator of the basic EPS calculation for the effect of all potential dilutive common shares outstanding during the period. The dilutive effects of options and unvested restricted stock awards are computed using the "treasury stock" method, the results of which are not materially different from those calculated using the “two-class” method. | |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. | |
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
Tax positions that are more likely than not to be sustained upon a tax examination are recognized in the Company's financial statements to the extent that the benefit is greater than 50% likely of being recognized. Interest resulting from underpayment of income taxes is classified as income tax expense in the first period the interest would begin accruing according to the provision of the relevant tax law. Penalties resulting from underpayment of income taxes are classified as income tax expense in the period for which the Company claims or expects to claim an uncertain tax position or in the period in which the Company's judgment changes regarding an uncertain tax position. | |
Tax credits generated from the refurbishment of the corporate headquarters and investments in affordable housing projects are reflected in earnings when realized for federal income tax purposes. | |
Treasury Stock | |
Shares repurchased under the Company's share repurchase programs were purchased in open-market transactions and are held as treasury stock. Treasury stock also consists of common stock withheld to satisfy federal, state and local income tax withholding requirements for vested employee restricted stock awards. All treasury stock is held at cost. | |
Segment Reporting | |
An operating segment is defined as a component of a business for which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and evaluate performance. The Company is a bank holding company with subsidiaries engaged in the business of banking and activities closely related to banking. The Company's banking business provided substantially all of its total revenues and pre-tax income in 2013, 2012 and 2011. Therefore, the Company has determined there to be a single segment. | |
Recent Accounting Pronouncements | |
In February 2013, 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 16, “Derivatives and Hedging Activities.” | |
In February 2013, 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 15, “Comprehensive Income.” | |
In July 2013, 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 rare 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 December 31, 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, 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; or (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 December 31, 2013, the Company did not have a UTB. The Company will assess the applicability of this ASU after it become effective and as such has not determined the impact, if any, of this ASU. | |
In January 2014, the FASB issued ASU 2014-01, Accounting for Investments in Qualified Low-Income Housing Tax Credit (“LIHTC”) program. This ASU provides guidance on accounting for investments by a reporting entity in flow-through limited liability entities. Currently, investments in low-income housing are accounted for either by the effective yield, equity or cost method. This ASU allows for reporting entities to make a policy election on how to account for their investments. This ASU is applied retrospectively effective prospectively for all annual periods presented beginning after December 15, 2014; early adoption is permitted. The Company has not chosen to early adopt ASU No. 2014-01 and will assess the applicability of this ASU after it become effective and as such has not determined the impact, if any, of this ASU. | |
In January 2014, the FASB issued ASU 2014-04, Receivables—Troubled Debt Restructurings by Creditors. This ASU provides clarification on when an in substance repossession or foreclosure occurs resulting in the creditor derecognizing the loan and recognizing the collateral. Currently, there is no definition of in substance a repossession or foreclosure and physical possession in the accounting literature. This ASU is applied retrospectively or effective prospectively for all annual periods presented beginning after December 15, 2014; early adoption is permitted. The Company has not chosen to early adopt ASU No. 2014-04 and will assess the applicability of this ASU after it become effective and as such has not determined the impact, if any, of this ASU. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Acquisitions | |
Bancorp Rhode Island, Inc. | |
On January 1, 2012 (the "BankRI Acquisition Date"), the Company acquired all the assets and liabilities of Bancorp Rhode Island, Inc., the bank holding company for BankRI. As part of the acquisition, Bancorp Rhode Island, Inc. was merged into the Company and no longer exists as a separate entity. BankRI, a commercial bank with 18 branches serving businesses and individuals in Rhode Island and nearby Massachusetts, continues to operate as a separate bank subsidiary of the Company. | |
Total consideration paid in the acquisition was $205.8 million, which consisted of approximately 11 million shares of stock with a par value of approximately $0.1 million and a fair value of $92.8 million and $113.0 million in cash. Stock consideration was paid at the rate of 4.686 shares of Brookline Bancorp common stock per share of Bancorp Rhode Island, Inc. common stock. The assets acquired and the liabilities assumed in the acquisition were recorded by the Company at their estimated fair values as of the BankRI Acquisition Date. | |
First Ipswich Bancorp | |
On February 28, 2011 (the "First Ipswich Acquisition Date"), the Company acquired First Ipswich Bancorp, the bank holding company for First Ipswich. As part of the acquisition, First Ipswich Bancorp was effectively merged into the Company and no longer exists as a separate entity. First Ipswich, a commercial bank with six branches serving individuals and businesses on the north shore of eastern Massachusetts and in the Boston metropolitan area, continues to operate as a separate bank subsidiary of the Company. | |
Total consideration paid in the First Ipswich acquisition consisted of $19.7 million in cash. The assets acquired and the liabilities assumed in the acquisition were recorded by the Company at their estimated fair values as of the First Ipswich Acquisition Date and the fair value of the assets acquired and liabilities assumed in the First Ipswich acquisition totaled $271.6 million and $252.0 million, respectively. No expenses related to the acquisition of First Ipswich were recorded in the years ended December 31, 2013 and December 31, 2012. Expenses relating to the acquisition of First Ipswich totaling $0.2 million were recorded in professional services expense in the year ended December 31, 2011. |
Cash_and_ShortTerm_Investments
Cash and Short-Term Investments | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Cash, Cash Equivalents, and Short-term Investments [Abstract] | ' | |||||||
Cash and Short-Term Investments | ' | |||||||
Cash and Short-Term Investments | ||||||||
Banks are required to maintain average reserve balances in a non-interest-bearing account with the Federal Reserve Bank based upon a percentage of certain of the Banks' deposits. As of December 31, 2013 and 2012, the average amount required to be held was $5.3 million and $3.7 million, respectively. Aggregate reserve balances included in cash and cash equivalents were $54.2 million and $41.7 million, respectively, at December 31, 2013 and 2012. | ||||||||
Short-term investments are summarized as follows: | ||||||||
At December 31, | ||||||||
2013 | 2012 | |||||||
(In Thousands) | ||||||||
Money market funds | $ | 10 | $ | 20 | ||||
Federal funds sold | 55,347 | 38,636 | ||||||
$ | 55,357 | $ | 38,656 | |||||
Short-term investments are stated at cost which approximates market value. Money market funds are invested in mutual funds whose assets are comprised primarily of U.S. Treasury obligations, commercial paper and certificates of deposit with maturities of 90 days or less. |
Investment_Securities
Investment Securities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||
The following tables set forth investment securities available-for-sale and held-to-maturity at the dates indicated: | ||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
GSEs | $ | 12,138 | $ | 42 | $ | — | $ | 12,180 | ||||||||||||||||
GSE CMOs | 254,331 | 86 | 10,773 | 243,644 | ||||||||||||||||||||
GSE MBSs | 202,478 | 1,852 | 4,929 | 199,401 | ||||||||||||||||||||
Private-label CMOs | 3,258 | 115 | 18 | 3,355 | ||||||||||||||||||||
SBA commercial loan asset-backed securities | 245 | — | 2 | 243 | ||||||||||||||||||||
Auction-rate municipal obligations | 1,900 | — | 125 | 1,775 | ||||||||||||||||||||
Municipal obligations | 1,068 | 18 | — | 1,086 | ||||||||||||||||||||
Corporate debt obligations | 27,751 | 506 | 33 | 28,224 | ||||||||||||||||||||
Trust preferred securities | 1,461 | — | 251 | 1,210 | ||||||||||||||||||||
Total debt securities | 504,630 | 2,619 | 16,131 | 491,118 | ||||||||||||||||||||
Marketable equity securities | 1,259 | 61 | 10 | 1,310 | ||||||||||||||||||||
Total investment securities available-for-sale | $ | 505,889 | $ | 2,680 | $ | 16,141 | $ | 492,428 | ||||||||||||||||
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 December 31, 2013, the fair value of all securities available-for-sale was $492.4 million and carried a total of $13.5 million of net unrealized losses, compared to a fair value of $481.3 million and a net unrealized gain of $5.4 million at December 31, 2012. Of the $492.4 million in securities available-for-sale at December 31, 2013, $383.3 million, or 77.8%, of the portfolio, had gross unrealized losses of $16.1 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 in 2013 was primarily driven by rising interest rates. | ||||||||||||||||||||||||
Investment Securities as Collateral | ||||||||||||||||||||||||
At December 31, 2013 and 2012, respectively, $402.5 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 FHLBB and FRB discount window borrowings. The Banks did not have any outstanding FRB borrowings at December 31, 2013 and 2012. | ||||||||||||||||||||||||
Other-Than-Temporary Impairment ("OTTI") | ||||||||||||||||||||||||
Investment securities at December 31, 2013 and 2012 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: | ||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||
Less than | Twelve Months | Total | ||||||||||||||||||||||
Twelve Months | or Longer | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
GSE CMOs | $ | 221,317 | $ | 9,861 | $ | 16,257 | $ | 912 | $ | 237,574 | $ | 10,773 | ||||||||||||
GSE MBSs | 121,836 | 3,746 | 13,516 | 1,183 | 135,352 | 4,929 | ||||||||||||||||||
Private-label CMOs | 639 | 18 | — | — | 639 | 18 | ||||||||||||||||||
SBA commercial loan asset- backed securities | 32 | — | 192 | 2 | 224 | 2 | ||||||||||||||||||
Auction-rate municipal obligations | — | — | 1,775 | 125 | 1,775 | 125 | ||||||||||||||||||
Corporate debt obligations | 5,988 | 33 | — | — | 5,988 | 33 | ||||||||||||||||||
Trust preferred securities | — | — | 1,210 | 251 | 1,210 | 251 | ||||||||||||||||||
Temporarily impaired debt securities | 349,812 | 13,658 | 32,950 | 2,473 | 382,762 | 16,131 | ||||||||||||||||||
Marketable equity securities | 501 | 10 | — | — | 501 | 10 | ||||||||||||||||||
Total temporarily impaired securities | $ | 350,313 | $ | 13,668 | $ | 32,950 | $ | 2,473 | $ | 383,263 | $ | 16,141 | ||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||
Less than | Twelve Months | Total | ||||||||||||||||||||||
Twelve Months | or Longer | |||||||||||||||||||||||
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 | — | — | 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 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 in an unrealized loss position as of December 31, 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 Government-sponsored enterprises ("GSEs"), including GSE debt securities, mortgage-backed securities ("MBSs"), and collateralized mortgage obligations ("CMOs"). GSE securities include obligations issued by the Federal National Mortgage Association ("FNMA"), the Federal Home Loan Mortgage Corporation ("FHLMC"), the Government National Mortgage Association ("GNMA"), the Federal Home Loan Banks and the Federal Farm Credit Bank. At December 31, 2013, only GNMA MBSs and CMOs, and Small Business Administration ("SBA") commercial loan asset-backed securities with an estimated fair value of $18.9 million were backed explicitly by the full faith and credit of the U.S. Government, compared to $10.0 million at December 31, 2012. | ||||||||||||||||||||||||
At December 31, 2013, the Company held GSE debentures with a total fair value of $12.2 million and a net unrealized gain of $42.0 thousand. 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 December 31, 2013, none of the five securities in this portfolio were in unrealized loss positions. At December 31, 2012, none of the twenty-eight securities in this portfolio were in unrealized loss positions. All securities are performing and backed by the implicit(FHLB/FNMA/FHLMC) or explicit(GNMA/SBA) guarantee of the U.S Government. | ||||||||||||||||||||||||
At December 31, 2013, the Company held SBA securities with a total fair value of $0.2 million and a net unrealized loss of $2.0 thousand. At December 31, 2012, the Company held SBA securities with a total fair value of $0.4 million and a net unrealized loss of less than $2.0 thousand. At December 31, 2013, seven of the nine securities in this portfolio were in unrealized loss positions. At December 31, 2012, eight of the eleven securities in this portfolio were in unrealized loss positions. All securities are performing and backed by the explicit (SBA) guarantee of the U.S Government. | ||||||||||||||||||||||||
As of December 31, 2013, the Company held GSE mortgage-related securities with a total fair value of $443.0 million and a net unrealized loss of $13.8 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. At December 31, 2013, 86 of the 232 securities in this portfolio were in unrealized loss positions. At December 31, 2012, 32 of the 224 securities in this portfolio were in unrealized loss positions. All securities are performing and backed by the implicit(FHLB/FNMA/FHLMC) or explicit(GNMA) guarantee of the U.S Government. During the years ended December 31, 2013 and 2012, the Company purchased a total of $149.5 million and $326.1 million, respectively, in GSE CMOs and GSE MBSs to reinvest cash from matured securities. | ||||||||||||||||||||||||
Private-Label CMOs | ||||||||||||||||||||||||
At December 31, 2013, the Company held private-issuer CMO-related securities with a total fair value of $3.4 million and a net unrealized gain of $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 December 31, 2013, two of the eleven securities in this portfolio were in unrealized loss positions. At December 31, 2012, one of the eleven securities in this portfolio were in unrealized loss positions. All securities are performing and while one security was downgraded in 2013, the security is in an unrealized gain position and the underlying credit metrics have not deteriorated in 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 December 31, 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 December 31, 2013, all of the remaining securities in this portfolio were in unrealized loss positions. At December 31, 2012, all three of the securities in this portfolio were in unrealized loss positions. Full collection of the obligations is expected because the financial condition of the issuers is sound, none of the issuers has defaulted on scheduled payments, the obligations are rated investment grade and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. | ||||||||||||||||||||||||
The Company owns municipal obligations with an estimated fair value of $1.1 million which approximates amortized cost at December 31, 2013. This compares to a total fair value of $1.1 million which also approximates amortized cost at December 31, 2012. At both December 31, 2013 and 2012, none of the two securities in this portfolio were in unrealized loss positions. Full collection of the obligations is expected because the financial condition of the issuers is sound, none of the issuers has defaulted on scheduled payments, the obligations are rated investment grade and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. | ||||||||||||||||||||||||
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 eleven corporate obligation securities with a total fair value of $28.2 million and total net unrealized gains of $0.5 million as of December 31, 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. At both December 31, 2013 and 2012, all but one of the securities are investment grade and this security is currently in an unrealized gain position. At December 31, 2013, two of the eleven securities in this portfolio are in unrealized loss positions. At December 31, 2012, none of the eight securities in this portfolio were in unrealized loss positions. Full collection of the obligations is expected because the financial condition of the issuers is sound, none of the issuers has defaulted on scheduled payments, the obligations are rated investment grade and the Company has the ability and intent to hold the obligations for a period of time to recover the unrealized losses. During the year ended December 31, 2013, the Company purchased $21.7 million in corporate obligations. The Company did not purchase any corporate obligations in the same period in 2012. | ||||||||||||||||||||||||
Trust Preferred Securities and PreTSLs | ||||||||||||||||||||||||
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 December 31, 2013, the Company owned two trust preferred securities and no PreTSL pools with a total fair value of $1.2 million and a total net unrealized loss of $0.3 million. 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 December 31, 2013, all of the securities in this portfolio were in unrealized loss positions, which represents 17.2% of the amortized cost of the securities. At December 31, 2012, three of the five securities in the Company’s portfolio were in unrealized loss positions, which represents 14.5% of the amortized cost of the securities. | ||||||||||||||||||||||||
During the year ended December 31, 2013, the Company sold two PreTSL pooled securities for a net gain of $0.4 million. At the time of sale, the proposed "Volcker Rule" of the Dodd-Frank Wall Street Reform and Consumer Protection Act, restricted banks from owning PreTSL pooled securities. The Company had the ability and intent to hold both securities to maturity prior to the new proposed regulations based on the amortized cost of the securities held at that time versus market indications. The Company identified that these securities were subject to the "Volcker Rule” and decided to sell the securities while a market existed. After regulatory review in January 2014, the "Volcker Rule" was revised and banks of less than $10 billion in size were grandfathered to hold these securities in their portfolios. | ||||||||||||||||||||||||
Marketable Equity Securities | ||||||||||||||||||||||||
At both December 31, 2013 and 2012, the Company owned marketable equity securities with a fair value of $1.3 million, including net unrealized gains of $0.1 million. At December 31, 2013, one of the four securities in this portfolio was in an unrealized loss position, which represents 0.8% of the amortized cost of the securities. At December 31, 2012, none of the four securities in this portfolio were in an unrealized loss position. | ||||||||||||||||||||||||
Securities Held-to-Maturity | ||||||||||||||||||||||||
The Company purchased $0.5 million of State of Israel bonds in 2011 with a carrying value of $0.5 million and a fair value of $0.5 million. This security matures in March, 2014 and carries an interest rate payable of LIBOR plus 0.125%. | ||||||||||||||||||||||||
Portfolio Maturities | ||||||||||||||||||||||||
The maturities of the investments in debt securities available-for-sale at the dates indicated are as follows: | ||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||
2013 | 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 | $ | 13,012 | $ | 13,062 | 0.82 | % | $ | 59,396 | $ | 59,736 | 1.2 | % | ||||||||||||
After 1 year through 5 years | 40,204 | 41,187 | 2.9 | % | 25,249 | 25,579 | 1.61 | % | ||||||||||||||||
After 5 years through 10 years | 66,447 | 67,075 | 2.23 | % | 50,283 | 52,557 | 3.29 | % | ||||||||||||||||
Over 10 years | 384,967 | 369,794 | 1.9 | % | 339,769 | 342,114 | 1.93 | % | ||||||||||||||||
$ | 504,630 | $ | 491,118 | 2 | % | $ | 474,697 | $ | 479,986 | 1.97 | % | |||||||||||||
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 December 31, 2013, there were no remaining callable GSE securities in the investment portfolio. At December 31, 2013, issuers of other debt securities with an estimated fair value of approximately $3.7 million had the right to call or prepay the obligations, the scheduled maturities of which were $0.7 million less than one year, and $3.0 million after ten years. At December 31, 2012, issuers of all debt securities with an estimated fair value of approximately $8.9 million had the right to call or prepay the obligations, the scheduled maturities of which were $4.8 million after one year through five years, $0.2 million after five years through ten years, and $3.9 million after ten years. MBSs and CMOs are included above based on their contractual maturities; the remaining lives, however, are expected to be shorter due to anticipated payments. | ||||||||||||||||||||||||
Security Sales | ||||||||||||||||||||||||
Sales of investment securities are summarized as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Sales of debt securities | $ | 1,210 | $ | 166,201 | $ | — | ||||||||||||||||||
Sales of marketable equity securities | — | — | 124 | |||||||||||||||||||||
Gross gains from sales | 626 | 1,093 | 80 | |||||||||||||||||||||
Gross losses from sales | 229 | 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. |
Restricted_Equity_Securities
Restricted Equity Securities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Restricted Investments Note [Abstract] | ' | |||||||
Restricted Equity Securities | ' | |||||||
Restricted Equity Securities | ||||||||
Investments in the restricted equity securities of various entities are as follows: | ||||||||
At December 31, | ||||||||
2013 | 2012 | |||||||
(In Thousands) | ||||||||
FHLBB stock | $ | 50,081 | $ | 52,188 | ||||
Federal Reserve Bank of Boston stock | 16,003 | 15,998 | ||||||
Other restricted equity securities | 475 | 475 | ||||||
$ | 66,559 | $ | 68,661 | |||||
At December 31, 2013 and 2012, FHLBB stock is recorded at its carrying value, which is equal to cost and which management believes approximates its fair value. The FHLBB was classified as "adequately capitalized" by its regulator at December 31, 2013, effected the repurchase of $300 million of capital stock during 2013 and paid a stable modest dividend of 38bps during 2013. At December 31, 2013, the Company's investment in FHLBB stock exceeded its required investment which provides for additional borrowing capacity. | ||||||||
The FHLBB has announced its intent to declare modest dividends throughout 2014, but cautioned that should adverse events occur, such as a negative trend in credit losses on the FHLBB's private-label MBSs or its mortgage portfolio, a meaningful decline in income or regulatory disapproval, dividends could again be suspended. | ||||||||
The Company increased its investment in the stock of the Federal Reserve Bank of Boston in 2012, consistent with the conversion of Brookline Bank and BankRI to state-chartered banks supervised by the Federal Reserve Bank of Boston. At December 31, 2013 and 2012, Federal Reserve Bank of Boston stock is recorded at its carrying value, which is equal to cost and which management believes approximates its fair value. |
Loans_and_Leases
Loans and Leases | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | ||||||||||||||||||||
Loans and Leases | ' | ||||||||||||||||||||
Loans and Leases | |||||||||||||||||||||
The following tables present loan and lease balances and weighted average coupon rates for the originated and acquired loan and lease portfolios at the dates indicated: | |||||||||||||||||||||
At December 31, 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 | $ | 1,111,750 | 4.34 | % | $ | 350,235 | 4.42 | % | $ | 1,461,985 | 4.36 | % | |||||||||
Multi-family mortgage | 554,555 | 4.19 | % | 73,378 | 4.63 | % | 627,933 | 4.24 | % | ||||||||||||
Construction | 102,927 | 3.81 | % | 10,778 | 4.37 | % | 113,705 | 3.87 | % | ||||||||||||
Total commercial real estate loans | 1,769,232 | 4.26 | % | 434,391 | 4.46 | % | 2,203,623 | 4.3 | % | ||||||||||||
Commercial loans and leases: | |||||||||||||||||||||
Commercial | 297,684 | 3.68 | % | 110,108 | 4.54 | % | 407,792 | 3.91 | % | ||||||||||||
Equipment financing | 485,330 | 7.14 | % | 27,694 | 6.6 | % | 513,024 | 7.11 | % | ||||||||||||
Condominium association | 44,794 | 4.74 | % | — | — | 44,794 | 4.74 | % | |||||||||||||
Total commercial loans and leases | 827,808 | 5.77 | % | 137,802 | 4.95 | % | 965,610 | 5.65 | % | ||||||||||||
Indirect automobile loans | 400,531 | 4.98 | % | — | — | 400,531 | 4.98 | % | |||||||||||||
Consumer loans: | |||||||||||||||||||||
Residential mortgage | 411,554 | 3.65 | % | 116,631 | 3.93 | % | 528,185 | 3.71 | % | ||||||||||||
Home equity | 132,396 | 3.39 | % | 125,065 | 3.88 | % | 257,461 | 3.63 | % | ||||||||||||
Other consumer | 5,532 | 5.98 | % | 1,523 | 14.89 | % | 7,055 | 7.9 | % | ||||||||||||
Total consumer loans | 549,482 | 3.61 | % | 243,219 | 3.98 | % | 792,701 | 3.72 | % | ||||||||||||
Total loans and leases | $ | 3,547,053 | 4.59 | % | $ | 815,412 | 4.38 | % | $ | 4,362,465 | 4.55 | % | |||||||||
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 | $ | 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 eastern Massachusetts, southern New Hampshire and Rhode Island, with the exception of equipment financing, 38.2% of which is in the greater New York/New Jersey metropolitan area and 61.8% of which is in other areas in the United States of America. | |||||||||||||||||||||
For the year ended December 31, 2012, the Company sold $19.6 million of loans and leases, which resulted in a $1.9 million gain on sale recorded in non-interest income. | |||||||||||||||||||||
Accretable Yield for the Acquired Loan Portfolio | |||||||||||||||||||||
The following table summarizes activity in the accretable yield for the acquired loan portfolio for the periods indicated: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Balance at beginning of year | $ | 57,812 | $ | (1,369 | ) | $ | — | ||||||||||||||
Acquisitions | — | 81,503 | (2,504 | ) | |||||||||||||||||
Reclassification from nonaccretable difference for loans with improved cash flows | 8,477 | 1,550 | — | ||||||||||||||||||
Accretion | (20,500 | ) | (23,872 | ) | 1,135 | ||||||||||||||||
Balance at end of year | $ | 45,789 | $ | 57,812 | $ | (1,369 | ) | ||||||||||||||
Subsequent to acquisition, on a quarterly basis, Management reforecasts the expected cash flows for acquired ASC 310-30 loans, taking into account prepayment speeds, probability of default and loss given defaults. Management then compares this reforecast to the original estimates to evaluate the need for a loan loss provision and/or prospective yield adjustments. During the years ended December 31, 2013 and 2012, accretable yield adjustments totaling $8.5 million and $1.6 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. No provision for loans losses were recorded in 2012; however, a provision of $0.9 million was recorded during the year ended December 31, 2013 as a result of our reforecasts primarily due to decreases in expected cash flows. | |||||||||||||||||||||
The aggregate remaining nonaccretable difference (representing both principal and interest) applicable to acquired loans totaled $4.5 million and $13.0 million at December 31, 2013 and 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 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 December 31, 2013. | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Balance at beginning of year | $ | 4,083 | $ | 16,428 | $ | 16,399 | |||||||||||||||
Acquired loans | — | 2,848 | 222 | ||||||||||||||||||
New loans granted during the year | 365 | 314 | 288 | ||||||||||||||||||
Advances on lines of credit | 1,370 | 109 | — | ||||||||||||||||||
Repayments | (1,035 | ) | (15,281 | ) | (481 | ) | |||||||||||||||
Loan no longer classified as an insider loan | — | (335 | ) | — | |||||||||||||||||
Loans reclassified as insider loans | 11,327 | — | — | ||||||||||||||||||
Balance at end of year | $ | 16,110 | $ | 4,083 | $ | 16,428 | |||||||||||||||
Unfunded commitments on extensions of credit to insiders totaled $11.7 million and $6.9 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
Loans and Leases Pledged as Collateral | |||||||||||||||||||||
At December 31, 2013 and 2012, there were $1.2 billion and $1.5 billion, respectively, of loans and leases pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; and FHLBB and FRB discount window borrowings. |
Allowance_for_Loan_and_Lease_L
Allowance for Loan and Lease Losses | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable, Allowance [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | ' | |||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses | ||||||||||||||||||||||||||||||||||||
The following tables present the changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment for the periods indicated: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 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 | ) | (2,077 | ) | (1,714 | ) | (909 | ) | — | (4,788 | ) | |||||||||||||||||||||||||
Recoveries | 13 | 657 | 501 | 263 | — | 1,434 | ||||||||||||||||||||||||||||||
Provision (credit) for loan and lease losses | 3,079 | 5,985 | (167 | ) | 1,476 | 302 | 10,675 | |||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 23,022 | $ | 15,220 | $ | 3,924 | $ | 3,375 | $ | 2,932 | $ | 48,473 | ||||||||||||||||||||||||
Year Ended December 31, 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 | — | (5,347 | ) | (2,153 | ) | (592 | ) | — | (8,092 | ) | ||||||||||||||||||||||||||
Recoveries | 118 | 417 | 969 | 26 | — | 1,530 | ||||||||||||||||||||||||||||||
Provision (credit) for loan and lease losses | 4,423 | 9,588 | 884 | 1,534 | (418 | ) | 16,011 | |||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 20,018 | $ | 10,655 | $ | 5,304 | $ | 2,545 | $ | 2,630 | $ | 41,152 | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Indirect | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||
Real Estate | Automobile | |||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 12,398 | $ | 5,293 | $ | 6,952 | $ | 1,638 | $ | 3,414 | $ | 29,695 | ||||||||||||||||||||||||
Charge-offs | (30 | ) | (773 | ) | (2,076 | ) | (12 | ) | — | (2,891 | ) | |||||||||||||||||||||||||
Recoveries | — | 330 | 605 | 8 | — | 943 | ||||||||||||||||||||||||||||||
Provision (credit) for loan and lease losses | 3,109 | 1,147 | 123 | (57 | ) | (366 | ) | 3,956 | ||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 15,477 | $ | 5,997 | $ | 5,604 | $ | 1,577 | $ | 3,048 | $ | 31,703 | ||||||||||||||||||||||||
The liability for unfunded credit commitments, which is included in other liabilities, was $1.0 million, $0.7 million and$0.8 million at December 31, 2013, 2012 and 2011, respectively. The changes in the liability for unfunded credit commitments reflect changes in the estimate of loss exposure associated with certain unfunded credit commitments. No credit commitments were charged off against the liability account in the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||
Provision for Credit Losses | ||||||||||||||||||||||||||||||||||||
The provisions for credit losses are set forth below for the periods indicated: | ||||||||||||||||||||||||||||||||||||
Originated | Acquired | Total | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Provision for loan and lease losses: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,563 | $ | 4,348 | $ | 3,109 | $ | 516 | $ | 75 | $ | — | $ | 3,079 | $ | 4,423 | $ | 3,109 | ||||||||||||||||||
Commercial | 4,917 | 9,513 | 1,147 | 1,068 | 75 | — | 5,985 | 9,588 | 1,147 | |||||||||||||||||||||||||||
Indirect automobile | (167 | ) | 884 | 123 | — | — | — | (167 | ) | 884 | 123 | |||||||||||||||||||||||||
Consumer | 286 | 1,534 | (57 | ) | 1,190 | — | — | 1,476 | 1,534 | (57 | ) | |||||||||||||||||||||||||
Unallocated | 302 | (418 | ) | (366 | ) | — | — | — | 302 | (418 | ) | (366 | ) | |||||||||||||||||||||||
Total provision for loan and lease losses | 7,901 | 15,861 | 3,956 | 2,774 | 150 | — | 10,675 | 16,011 | 3,956 | |||||||||||||||||||||||||||
Unfunded credit commitments | 254 | (123 | ) | (325 | ) | — | — | — | 254 | (123 | ) | (325 | ) | |||||||||||||||||||||||
Total provision for credit losses | $ | 8,155 | $ | 15,738 | $ | 3,631 | $ | 2,774 | $ | 150 | $ | — | $ | 10,929 | $ | 15,888 | $ | 3,631 | ||||||||||||||||||
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. (Refer to Note 1, "Basis of Presentation," in the consolidated financial statements for more information on the Company's allowance of loan and lease losses methodology.) | ||||||||||||||||||||||||||||||||||||
General Allowance | ||||||||||||||||||||||||||||||||||||
The general allowance for loan and lease losses was $44.1 million at December 31, 2013, compared to $36.8 million at December 31, 2012. The general portion of the allowance for loan and lease losses increased by $7.3 million during the year ended December 31, 2013, 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 $1.5 million at December 31, 2013, compared to $1.7 million at December 31, 2012. The specific allowance decreased by $0.2 million during the year ended December 31, 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 $2.9 million at December 31, 2013, compared to $2.6 million at December 31, 2012. The unallocated portion of the allowance for loan and lease losses increased by $0.3 million during the year ended December 31, 2013, largely as a result of a change in the mix of the loan portfolio and 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 Audit Committee of 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 uncollectible and of such little value that continuation as active assets of the Company is not warranted. | ||||||||||||||||||||||||||||||||||||
Assets rated as "OAEM," "substandard" or "doubtful" based on criteria established under banking regulations are collectively referred to as "criticized" assets. | ||||||||||||||||||||||||||||||||||||
Credit Quality Information | ||||||||||||||||||||||||||||||||||||
The following tables present the recorded investment in total loans in each class (unpaid balance of loans and leases outstanding excluding deferred loan origination costs) at December 31, 2013 by credit quality indicator. | ||||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial | Multi- | Construction | Commercial | Equipment | Condominium | Other | ||||||||||||||||||||||||||||||
Real Estate | Family | Financing | Association | Consumer | ||||||||||||||||||||||||||||||||
Mortgage | Mortgage | |||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
Loan rating: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 1,099,108 | $ | 554,183 | $ | 102,927 | $ | 295,057 | $ | 479,811 | $ | 44,793 | $ | 5,528 | ||||||||||||||||||||||
OAEM | 11,555 | 372 | — | 49 | 625 | — | — | |||||||||||||||||||||||||||||
Substandard | 1,087 | — | — | 1,078 | 4,817 | 1 | 4 | |||||||||||||||||||||||||||||
Doubtful | — | — | — | 1,500 | 77 | — | — | |||||||||||||||||||||||||||||
Total originated | 1,111,750 | 554,555 | 102,927 | 297,684 | 485,330 | 44,794 | 5,532 | |||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
Loan rating: | ||||||||||||||||||||||||||||||||||||
Pass | 332,145 | 69,310 | 10,090 | 96,779 | 27,535 | — | 1,509 | |||||||||||||||||||||||||||||
OAEM | 7,556 | 463 | 688 | 4,617 | 61 | — | — | |||||||||||||||||||||||||||||
Substandard | 8,645 | 3,605 | — | 8,518 | 98 | — | 14 | |||||||||||||||||||||||||||||
Doubtful | 1,889 | — | — | 194 | — | — | — | |||||||||||||||||||||||||||||
Total acquired | 350,235 | 73,378 | 10,778 | 110,108 | 27,694 | — | 1,523 | |||||||||||||||||||||||||||||
Total loans by class | $ | 1,461,985 | $ | 627,933 | $ | 113,705 | $ | 407,792 | $ | 513,024 | $ | 44,794 | $ | 7,055 | ||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||
Dollars In Thousands | Percent | |||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
Credit score: | ||||||||||||||||||||||||||||||||||||
Over 700 | $ | 332,140 | 82.9 | % | ||||||||||||||||||||||||||||||||
661-700 | 54,038 | 13.5 | % | |||||||||||||||||||||||||||||||||
660 and below | 12,793 | 3.2 | % | |||||||||||||||||||||||||||||||||
Data not available | 1,560 | 0.4 | % | |||||||||||||||||||||||||||||||||
$ | 400,531 | 100 | % | |||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Residential Mortgage | Home Equity | |||||||||||||||||||||||||||||||||||
Dollars In Thousands | Percent | Dollars In Thousands | Percent | |||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
Loan-to-value ratio: | ||||||||||||||||||||||||||||||||||||
Less than 50% | $ | 94,500 | 17.9 | % | $ | 75,372 | 29.3 | % | ||||||||||||||||||||||||||||
50% - 69% | 149,969 | 28.4 | % | 31,504 | 12.2 | % | ||||||||||||||||||||||||||||||
70% - 79% | 139,960 | 26.5 | % | 21,161 | 8.2 | % | ||||||||||||||||||||||||||||||
80% and over | 22,772 | 4.3 | % | 3,240 | 1.3 | % | ||||||||||||||||||||||||||||||
Data not available | 4,353 | 0.8 | % | 1,119 | 0.4 | % | ||||||||||||||||||||||||||||||
Total originated | 411,554 | 77.9 | % | 132,396 | 51.4 | % | ||||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
Loan-to-value ratio: | ||||||||||||||||||||||||||||||||||||
Less than 50% | $ | 23,101 | 4.4 | % | $ | 84,272 | 32.7 | % | ||||||||||||||||||||||||||||
50%—69% | 39,298 | 7.4 | % | 25,964 | 10.1 | % | ||||||||||||||||||||||||||||||
70%—79% | 31,932 | 6 | % | 13,390 | 5.2 | % | ||||||||||||||||||||||||||||||
80% and over | 19,870 | 3.8 | % | 1,208 | 0.5 | % | ||||||||||||||||||||||||||||||
Data not available | 2,430 | 0.5 | % | 231 | 0.1 | % | ||||||||||||||||||||||||||||||
Total acquired | 116,631 | 22.1 | % | 125,065 | 48.6 | % | ||||||||||||||||||||||||||||||
Total loans | $ | 528,185 | 100 | % | $ | 257,461 | 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 | ||||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||
Dollars In Thousands | Percent | |||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Residential Mortgage | Home Equity | |||||||||||||||||||||||||||||||||||
Dollars In Thousands | Percent | Dollars In Thousands | Percent | |||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||
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 December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Past Due | Loans and | |||||||||||||||||||||||||||||||||||
Leases Past | ||||||||||||||||||||||||||||||||||||
Due Greater | ||||||||||||||||||||||||||||||||||||
Than 90 Days | ||||||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | and Accruing | Nonaccrual | |||||||||||||||||||||||||||||
Days | Days | Than | and Leases | Loans and | ||||||||||||||||||||||||||||||||
90 Days | Leases | |||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage | $ | 4,896 | $ | 1,393 | $ | 169 | $ | 6,458 | $ | 1,105,292 | $ | 1,111,750 | $ | — | $ | 169 | ||||||||||||||||||||
Multi-family mortgage | 14,400 | — | — | 14,400 | 540,155 | 554,555 | — | — | ||||||||||||||||||||||||||||
Construction | — | — | — | — | 102,927 | 102,927 | — | — | ||||||||||||||||||||||||||||
Total commercial real estate loans | 19,296 | 1,393 | 169 | 20,858 | 1,748,374 | 1,769,232 | — | 169 | ||||||||||||||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||||||||||||||||||
Commercial | 2,288 | 75 | 842 | 3,205 | 294,479 | 297,684 | — | 1,551 | ||||||||||||||||||||||||||||
Equipment financing | 867 | 1,558 | 2,031 | 4,456 | 480,874 | 485,330 | — | 4,086 | ||||||||||||||||||||||||||||
Condominium association | — | — | — | — | 44,794 | 44,794 | — | 1 | ||||||||||||||||||||||||||||
Total commercial loans and leases | 3,155 | 1,633 | 2,873 | 7,661 | 820,147 | 827,808 | — | 5,638 | ||||||||||||||||||||||||||||
Indirect automobile | 5,407 | 857 | 229 | 6,493 | 394,038 | 400,531 | 10 | 259 | ||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||
Residential mortgage | 201 | — | 415 | 616 | 410,938 | 411,554 | — | 1,713 | ||||||||||||||||||||||||||||
Home equity | 218 | — | — | 218 | 132,178 | 132,396 | — | 462 | ||||||||||||||||||||||||||||
Other consumer | 11 | 1 | 4 | 16 | 5,516 | 5,532 | — | 4 | ||||||||||||||||||||||||||||
Total consumer loans | 430 | 1 | 419 | 850 | 548,632 | 549,482 | — | 2,179 | ||||||||||||||||||||||||||||
Total originated loans and leases | $ | 28,288 | $ | 3,884 | $ | 3,690 | $ | 35,862 | $ | 3,511,191 | $ | 3,547,053 | $ | 10 | $ | 8,245 | ||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Past Due | Loans and | |||||||||||||||||||||||||||||||||||
Leases Past | ||||||||||||||||||||||||||||||||||||
Due Greater | ||||||||||||||||||||||||||||||||||||
Than 90 Days | ||||||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | and Accruing | Nonaccrual | |||||||||||||||||||||||||||||
Days | Days | Than | and Leases | Loans and | ||||||||||||||||||||||||||||||||
90 Days | Leases | |||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage | $ | 1,221 | $ | 87 | $ | 4,887 | $ | 6,195 | $ | 344,040 | $ | 350,235 | $ | 3,958 | $ | 929 | ||||||||||||||||||||
Multi-family mortgage | 327 | — | 1,052 | 1,379 | 71,999 | 73,378 | 1,052 | — | ||||||||||||||||||||||||||||
Construction | — | 409 | — | 409 | 10,369 | 10,778 | — | — | ||||||||||||||||||||||||||||
Total commercial real estate loans | 1,548 | 496 | 5,939 | 7,983 | 426,408 | 434,391 | 5,010 | 929 | ||||||||||||||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||||||||||||||||||
Commercial | 2,707 | 121 | 1,931 | 4,759 | 105,349 | 110,108 | 1,235 | 4,597 | ||||||||||||||||||||||||||||
Equipment financing | 46 | 41 | 73 | 160 | 27,534 | 27,694 | 73 | 29 | ||||||||||||||||||||||||||||
Total commercial loans and leases | 2,753 | 162 | 2,004 | 4,919 | 132,883 | 137,802 | 1,308 | 4,626 | ||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||
Residential mortgage | 271 | 777 | 5,329 | 6,377 | 110,254 | 116,631 | 4,468 | 1,162 | ||||||||||||||||||||||||||||
Home equity | 1,259 | 552 | 895 | 2,706 | 122,359 | 125,065 | 117 | 1,525 | ||||||||||||||||||||||||||||
Other consumer | 6 | 11 | 4 | 21 | 1,502 | 1,523 | — | 14 | ||||||||||||||||||||||||||||
Total consumer loans | 1,536 | 1,340 | 6,228 | 9,104 | 234,115 | 243,219 | 4,585 | 2,701 | ||||||||||||||||||||||||||||
Total acquired loans and leases | $ | 5,837 | $ | 1,998 | $ | 14,171 | $ | 22,006 | $ | 793,406 | $ | 815,412 | $ | 10,903 | $ | 8,256 | ||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Past Due | Loans and | |||||||||||||||||||||||||||||||||||
Leases Past | ||||||||||||||||||||||||||||||||||||
Due Greater | ||||||||||||||||||||||||||||||||||||
Than 90 Days | ||||||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | and Accruing | Nonaccrual | |||||||||||||||||||||||||||||
Days | Days | Than | and Leases | Loans and | ||||||||||||||||||||||||||||||||
90 Days | 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 | ||||||||||||||||||||||||||||||||||||
Due Greater | ||||||||||||||||||||||||||||||||||||
Than 90 Days | ||||||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | and Accruing | Nonaccrual | |||||||||||||||||||||||||||||
Days | Days | Than | and Leases | Loans and | ||||||||||||||||||||||||||||||||
90 Days | 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 December 31, 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 33.5%; multi-family mortgage loans 14.4%; and construction loans 2.6%. | ||||||||||||||||||||||||||||||||||||
Loans in this portfolio that are on nonaccrual status and/or risk-rated "substandard" or worse are evaluated on an individual loan basis for impairment. For non-impaired commercial real estate loans, loss factors are applied to outstanding loans by risk rating for each of the three classes in the portfolio. The factors applied are based primarily on historic loan loss experience and an assessment of internal and external factors and other relevant information. | ||||||||||||||||||||||||||||||||||||
Commercial Loans and Leases—At December 31, 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 9.3%; equipment financing loans 11.8%; 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. | ||||||||||||||||||||||||||||||||||||
Indirect Automobile Loans—At December 31, 2013, indirect automobile loans represented 9.2% 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. 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 December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
Consumer Loans—At December 31, 2013, loans outstanding within the three classes within this portfolio expressed as a percent of total loans and leases outstanding (including deferred loan origination costs) were as follows: residential mortgage loans 12.1%, 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. 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. Consumer loans that become 90 days or more past due, or are placed on nonaccrual regardless of past due status, are reviewed on an individual basis for impairment by assessing the net realizable value of underlying collateral and the economic condition of the borrower. | ||||||||||||||||||||||||||||||||||||
Impaired Loans and Leases | ||||||||||||||||||||||||||||||||||||
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 December 31, 2013 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment (1) | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,009 | $ | 2,009 | $ | — | $ | 2,184 | $ | 92 | ||||||||||||||||||||||||||
Commercial | 4,410 | 4,399 | — | 4,257 | 144 | |||||||||||||||||||||||||||||||
Consumer | 989 | 987 | — | 1,077 | 30 | |||||||||||||||||||||||||||||||
7,408 | 7,395 | — | 7,518 | 266 | ||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,466 | 1,466 | 184 | 1,464 | 43 | |||||||||||||||||||||||||||||||
Commercial | 2,393 | 2,383 | 675 | 1,781 | 29 | |||||||||||||||||||||||||||||||
Consumer | 2,448 | 2,440 | 323 | 3,210 | 97 | |||||||||||||||||||||||||||||||
6,307 | 6,289 | 1,182 | 6,455 | 169 | ||||||||||||||||||||||||||||||||
Total | $ | 13,715 | $ | 13,684 | $ | 1,182 | $ | 13,973 | $ | 435 | ||||||||||||||||||||||||||
(1) Includes nonaccrual loans of $5.8 million | ||||||||||||||||||||||||||||||||||||
At December 31, 2013 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment (1) | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 9,176 | $ | 10,082 | $ | — | $ | 9,639 | $ | 251 | ||||||||||||||||||||||||||
Commercial | 6,988 | 7,248 | — | 5,205 | 129 | |||||||||||||||||||||||||||||||
Consumer | 1,033 | 1,037 | — | 1,333 | 20 | |||||||||||||||||||||||||||||||
17,197 | 18,367 | — | 16,177 | 400 | ||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,274 | 1,291 | 122 | 2,765 | 42 | |||||||||||||||||||||||||||||||
Commercial | 1,020 | 1,067 | 169 | 577 | 5 | |||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||||||
2,294 | 2,358 | 291 | 3,342 | 47 | ||||||||||||||||||||||||||||||||
Total | $ | 19,491 | $ | 20,725 | $ | 291 | $ | 19,519 | $ | 447 | ||||||||||||||||||||||||||
(1) Includes nonaccrual loans of $10.9 million | ||||||||||||||||||||||||||||||||||||
At December 31, 2012 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment (1) | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,051 | $ | 2,051 | $ | — | $ | 2,547 | $ | 243 | ||||||||||||||||||||||||||
Commercial | 3,032 | 3,059 | — | 3,159 | 181 | |||||||||||||||||||||||||||||||
Consumer | 1,191 | 1,187 | — | 2,123 | 130 | |||||||||||||||||||||||||||||||
6,274 | 6,297 | — | 7,829 | 554 | ||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 2,517 | 2,516 | 241 | 1,142 | 79 | |||||||||||||||||||||||||||||||
Commercial | 3,422 | 3,559 | 703 | 3,393 | 305 | |||||||||||||||||||||||||||||||
Consumer | 3,648 | 3,636 | 596 | 2,918 | 100 | |||||||||||||||||||||||||||||||
9,587 | 9,711 | 1,540 | 7,453 | 484 | ||||||||||||||||||||||||||||||||
Total | $ | 15,861 | $ | 16,008 | $ | 1,540 | $ | 15,282 | $ | 1,038 | ||||||||||||||||||||||||||
(1) Includes nonaccrual loans of $8.8 million | ||||||||||||||||||||||||||||||||||||
At December 31, 2012 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment (1) | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 17,918 | 19,129 | — | 9,071 | — | |||||||||||||||||||||||||||||||
Commercial | 7,329 | 7,782 | — | 3,801 | — | |||||||||||||||||||||||||||||||
Consumer | 3,266 | 3,379 | — | 2,319 | — | |||||||||||||||||||||||||||||||
28,513 | 30,290 | — | 15,191 | — | ||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 673 | 684 | 75 | 366 | — | |||||||||||||||||||||||||||||||
Commercial | 113 | 121 | 75 | 109 | — | |||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||||||
786 | 805 | 150 | 475 | — | ||||||||||||||||||||||||||||||||
Total | $ | 29,299 | $ | 31,095 | $ | 150 | $ | 15,666 | $ | — | ||||||||||||||||||||||||||
(1) Includes nonaccrual loans of $21.5 million | ||||||||||||||||||||||||||||||||||||
At December 31, 2011 | Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,902 | $ | 3,140 | $ | — | $ | 2,834 | $ | 119 | ||||||||||||||||||||||||||
Commercial | 3,341 | 4,063 | — | 2,938 | 94 | |||||||||||||||||||||||||||||||
Indirect automobile | 111 | 111 | — | 100 | — | |||||||||||||||||||||||||||||||
Consumer | 3,126 | 3,126 | — | 3,753 | 159 | |||||||||||||||||||||||||||||||
9,480 | 10,440 | — | 9,625 | 372 | ||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial | 604 | 619 | 190 | 774 | 58 | |||||||||||||||||||||||||||||||
Consumer | 339 | 339 | 35 | 343 | 7 | |||||||||||||||||||||||||||||||
943 | 958 | 225 | 1,117 | 65 | ||||||||||||||||||||||||||||||||
Total | $ | 10,423 | $ | 11,398 | $ | 225 | $ | 10,742 | $ | 437 | ||||||||||||||||||||||||||
There were no changes in the allowance for loan and lease losses associated with acquired loans in 2011. | ||||||||||||||||||||||||||||||||||||
The following tables present information regarding impaired and non-impaired loans and leases at the dates indicated: | ||||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases | Acquired Loans | Total | |||||||||||||||||||||||||||||||||
Individually | Collectively Evaluated | (ASC 310-30) | ||||||||||||||||||||||||||||||||||
Evaluated for | for Impairment | |||||||||||||||||||||||||||||||||||
Impairment | ||||||||||||||||||||||||||||||||||||
Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | |||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,269 | $ | 184 | $ | 1,910,645 | $ | 22,282 | $ | 286,709 | $ | 556 | $ | 2,203,623 | $ | 23,022 | ||||||||||||||||||||
Commercial | 11,512 | 675 | 914,739 | 14,293 | 39,359 | 252 | 965,610 | 15,220 | ||||||||||||||||||||||||||||
Indirect automobile | — | — | 400,531 | 3,924 | — | — | 400,531 | 3,924 | ||||||||||||||||||||||||||||
Consumer | 4,309 | 323 | 708,640 | 2,618 | 79,752 | 434 | 792,701 | 3,375 | ||||||||||||||||||||||||||||
Unallocated | — | — | — | 2,932 | — | — | — | 2,932 | ||||||||||||||||||||||||||||
Total | $ | 22,090 | $ | 1,182 | $ | 3,934,555 | $ | 46,049 | $ | 405,820 | $ | 1,242 | $ | 4,362,465 | $ | 48,473 | ||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases | Acquired Loans | Total | |||||||||||||||||||||||||||||||||
Individually | Collectively Evaluated | (ASC 310-30) | ||||||||||||||||||||||||||||||||||
Evaluated for | for Impairment | |||||||||||||||||||||||||||||||||||
Impairment | ||||||||||||||||||||||||||||||||||||
Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | |||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 5,576 | $ | 316 | $ | 1,652,231 | $ | 19,702 | $ | 348,156 | $ | — | $ | 2,005,963 | $ | 20,018 | ||||||||||||||||||||
Commercial | 8,046 | 778 | 774,366 | 9,877 | 65,043 | — | 847,455 | 10,655 | ||||||||||||||||||||||||||||
Indirect automobile | — | — | 542,344 | 5,304 | — | — | 542,344 | 5,304 | ||||||||||||||||||||||||||||
Consumer | 5,237 | 596 | 672,051 | 1,949 | 102,662 | — | 779,950 | 2,545 | ||||||||||||||||||||||||||||
Unallocated | — | — | — | 2,630 | — | — | — | 2,630 | ||||||||||||||||||||||||||||
Total | $ | 18,859 | $ | 1,690 | $ | 3,640,992 | $ | 39,462 | $ | 515,861 | $ | — | $ | 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: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||||||||||||
Allowance for | ||||||||||||||||||||||||||||||||||||
Loan and | ||||||||||||||||||||||||||||||||||||
Number of | At | At End of | Lease Losses | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||||||||||||
Loans/ | Modification | Period | Loans and | Commitment | Loans/ | Investment | ||||||||||||||||||||||||||||||
Leases | Leases | Leases | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 1,039 | $ | — | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||||||||||||
Commercial | 2 | 926 | 918 | — | — | — | — | — | ||||||||||||||||||||||||||||
Equipment financing | 5 | 1,557 | 1,415 | 77 | 861 | — | 2 | 371 | ||||||||||||||||||||||||||||
Residential mortgage | 1 | 415 | 353 | — | 353 | — | — | — | ||||||||||||||||||||||||||||
Total | 9 | $ | 3,937 | $ | 2,686 | $ | 77 | $ | 1,214 | $ | — | 2 | $ | 371 | ||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||||||||||||
Allowance for | ||||||||||||||||||||||||||||||||||||
Loan and | ||||||||||||||||||||||||||||||||||||
Number of | At | At End of | Lease Losses | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||||||||||||
Loans/ | Modification | Period | Loans and | Commitment | Loans/ | Investment | ||||||||||||||||||||||||||||||
Leases | Leases | Leases | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 737 | $ | 727 | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||||||||||||
Commercial | 6 | 3,209 | 3,135 | — | 1,335 | — | 1 | 1,335 | ||||||||||||||||||||||||||||
Equipment financing | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Residential mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | 7 | $ | 3,946 | $ | 3,862 | $ | — | $ | 1,335 | $ | — | 1 | $ | 1,335 | ||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||||||||||||
Allowance for | ||||||||||||||||||||||||||||||||||||
Loan and | ||||||||||||||||||||||||||||||||||||
Number of | At | At End of | Lease Losses | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||||||||||||
Loans/ | Modification | Period | Loans and | Commitment | Loans/ | Investment | ||||||||||||||||||||||||||||||
Leases | Leases | Leases | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage | 2 | $ | 867 | $ | 854 | $ | 33 | $ | 513 | $ | — | 2 | $ | 1,288 | ||||||||||||||||||||||
Commercial | 3 | 3,942 | 2,086 | 316 | 1,993 | — | 1 | 44 | ||||||||||||||||||||||||||||
Equipment financing | 8 | 2,138 | 2,038 | 110 | 793 | — | 6 | 1,240 | ||||||||||||||||||||||||||||
Residential mortgage | 6 | 2,422 | 1,724 | 315 | 294 | — | 3 | 763 | ||||||||||||||||||||||||||||
Total | 19 | $ | 9,369 | $ | 6,702 | $ | 774 | $ | 3,593 | $ | — | 12 | $ | 3,335 | ||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||||||||||||
Allowance for | ||||||||||||||||||||||||||||||||||||
Loan and | ||||||||||||||||||||||||||||||||||||
Number of | At | At End of | Lease Losses | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||||||||||||
Loans/ | Modification | Period | Loans and | Commitment | Loans/ | Investment | ||||||||||||||||||||||||||||||
Leases | Leases | Leases | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 3,145 | $ | 3,208 | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||||||||||||
Commercial | 2 | 1,229 | 1,163 | — | 478 | — | — | — | ||||||||||||||||||||||||||||
Equipment financing | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Residential mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | 3 | $ | 4,374 | $ | 4,371 | $ | — | $ | 478 | $ | — | — | $ | — | ||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||||||||||||
Allowance for | ||||||||||||||||||||||||||||||||||||
Loan and | ||||||||||||||||||||||||||||||||||||
Number of | At | At End of | Lease Losses | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||||||||||||
Loans/ | Modification | Period | Loans and | Commitment | Loans/ | Investment | ||||||||||||||||||||||||||||||
Leases | Leases | Leases | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage | 2 | $ | 1,171 | $ | 1,170 | $ | 28 | $ | — | $ | — | — | $ | — | ||||||||||||||||||||||
Multi-family mortgage | 1 | 29 | 29 | — | 29 | — | 1 | 29 | ||||||||||||||||||||||||||||
Commercial | 1 | 66 | 66 | — | — | — | — | — | ||||||||||||||||||||||||||||
Equipment financing | 16 | 1,819 | 1,710 | 173 | 524 | — | 3 | 365 | ||||||||||||||||||||||||||||
Residential mortgage | 10 | 1,942 | 1,937 | 190 | 243 | — | 2 | 491 | ||||||||||||||||||||||||||||
Total | 30 | $ | 5,027 | $ | 4,912 | $ | 391 | $ | 796 | $ | — | 6 | $ | 885 | ||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||||||||||||
Allowance for | ||||||||||||||||||||||||||||||||||||
Loan and | ||||||||||||||||||||||||||||||||||||
Number of | At | At End of | Lease Losses | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||||||||||||
Loans/ | Modification | Period | Loans and | Commitment | Loans/ | Investment | ||||||||||||||||||||||||||||||
Leases | Leases | Leases | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 1,725 | $ | 1,609 | $ | — | $ | 1,608 | $ | — | — | $ | — | ||||||||||||||||||||||
Multi-family mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Commercial | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Equipment financing | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Residential mortgage | 1 | 677 | 652 | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | 2 | $ | 2,402 | $ | 2,261 | $ | — | $ | 1,608 | $ | — | — | $ | — | ||||||||||||||||||||||
The financial impact of the modification of performing and nonperforming loans and leases for the year ending December 31, 2013 was $0.8 million. There was no financial impact of the modification of performing and nonperforming loans and leases for the year ending December 31, 2012 or 2011. | ||||||||||||||||||||||||||||||||||||
The following table sets forth the Company's end-of-period balances for troubled debt restructurings that were modified during the periods indicated, by type of modification. | ||||||||||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Loans modified once: | ||||||||||||||||||||||||||||||||||||
Extended maturity | $ | 3,841 | $ | 1,478 | $ | 1,136 | ||||||||||||||||||||||||||||||
Adjusted principal | 908 | 2,185 | 1,456 | |||||||||||||||||||||||||||||||||
Adjusted interest rate | 755 | 1,715 | — | |||||||||||||||||||||||||||||||||
Combination maturity, principal, interest rate | 554 | 1,838 | 1,928 | |||||||||||||||||||||||||||||||||
Total loans modified once | $ | 6,058 | $ | 7,216 | $ | 4,520 | ||||||||||||||||||||||||||||||
Loans modified more than once: | ||||||||||||||||||||||||||||||||||||
Extended maturity | $ | 490 | $ | — | $ | 78 | ||||||||||||||||||||||||||||||
Adjusted principal | — | 3,857 | 1,471 | |||||||||||||||||||||||||||||||||
Adjusted interest rate | — | — | 353 | |||||||||||||||||||||||||||||||||
Combination maturity, principal, interest rate | — | — | 751 | |||||||||||||||||||||||||||||||||
Total loans modified more than once | $ | 490 | $ | 3,857 | $ | 2,653 | ||||||||||||||||||||||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Premises and Equipment | ' | |||||||||
Premises and Equipment | ||||||||||
Premises and equipment consist of the following: | ||||||||||
At December 31, | Estimated | |||||||||
2013 | 2012 | Useful Life | ||||||||
(In Thousands) | (In Years) | |||||||||
Land | $ | 7,481 | $ | 7,553 | NA | |||||
Office building and improvements | 75,271 | 67,672 | 10 to 40 | |||||||
Furniture, fixtures and equipment | 25,633 | 22,537 | 3 to 10 | |||||||
Software | 5,018 | 5,063 | 3 to 7 | |||||||
Core processing system | 11,522 | 6,951 | 7.5 | |||||||
Total | 124,925 | 109,776 | ||||||||
Accumulated depreciation and amortization | 44,420 | 38,985 | ||||||||
Total premises and equipment | $ | 80,505 | $ | 70,791 | ||||||
Depreciation and amortization expense is calculated using the straight-line method and is included in occupancy and equipment and data processing expense in the Consolidated Statements of Income. For the years ended December 31, 2013, 2012 and 2011, depreciation and amortization expense related to premises and equipment totaled $6.5 million, $4.0 million and $2.1 million, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
The changes in the carrying value of goodwill for the periods indicated were as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Balance at beginning of year | $ | 137,890 | $ | 45,799 | $ | 43,241 | ||||||||||||||||||
Additions | — | 93,145 | 2,558 | |||||||||||||||||||||
Adjustments to original goodwill | — | (1,054 | ) | — | ||||||||||||||||||||
Balance at end of year | $ | 137,890 | $ | 137,890 | $ | 45,799 | ||||||||||||||||||
The following is a summary of the Company's other intangible assets: | ||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Carrying | Gross | Accumulated | Carrying | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Other intangible assets: | ||||||||||||||||||||||||
Core deposits | $ | 36,172 | $ | 20,395 | $ | 15,777 | $ | 36,172 | $ | 16,399 | $ | 19,773 | ||||||||||||
Trade name | 1,600 | 511 | 1,089 | 1,600 | 267 | 1,333 | ||||||||||||||||||
Trust relationship | 1,568 | 1,547 | 21 | 1,568 | 1,164 | 404 | ||||||||||||||||||
Other intangible | 442 | 442 | — | 442 | 442 | — | ||||||||||||||||||
Total other intangible assets | $ | 39,782 | $ | 22,895 | $ | 16,887 | $ | 39,782 | $ | 18,272 | $ | 21,510 | ||||||||||||
As of December 31, 2013, the Company has concluded that the BankRI name will continue to be utilized in its marketing strategies; therefore, the trade name with carrying value of $1.1 million has an indefinite life and ceased to amortize. | ||||||||||||||||||||||||
The weighted-average amortization period for core deposit intangible and trust relationships is 11.0 and 1.0 years, respectively. There were no impairment losses relating to other acquisition-related intangible assets recorded during the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
The estimated aggregate future amortization expense for other intangible assets for each of the next five years and thereafter is as follows: | ||||||||||||||||||||||||
Year ended December 31: | Amount | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
2014 | $ | 3,124 | ||||||||||||||||||||||
2015 | 2,868 | |||||||||||||||||||||||
2016 | 2,457 | |||||||||||||||||||||||
2017 | 1,858 | |||||||||||||||||||||||
2018 | 1,836 | |||||||||||||||||||||||
Thereafter | 3,655 | |||||||||||||||||||||||
Total | $ | 15,798 | ||||||||||||||||||||||
Other_Assets
Other Assets | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||||||
Other Assets | ' | |||||||||||
Other Assets | ||||||||||||
BOLI | ||||||||||||
BOLI is recorded at the cash surrender value of the policies, less any applicable cash surrender charges, and is recorded in other assets. At December 31, 2013 and 2012, BankRI owned nine policies with a net cash surrender value of $34.7 million and $33.7 million, respectively. At both December 31, 2013 and 2012, First Ipswich owned two policies with a net cash surrender value of $0.7 million. | ||||||||||||
Affordable Housing Investments | ||||||||||||
The Company began investing in affordable housing projects that benefit low- and moderate-income individuals in 2011 and currently has investments in seven projects. During 2013, the Company invested in two new affordable housing projects for a total of $3.3 million. The Company is a limited partner in these projects given that its investments do not exceed 50% of the outstanding equity interest in any single project and project management is controlled by the general partner or project sponsor. Further information regarding the Company's investments in affordable housing projects follows: | ||||||||||||
As of and for the | ||||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Investments in affordable housing projects included in other assets | $ | 10,301 | $ | 9,167 | $ | 6,712 | ||||||
Unfunded commitments related to affordable housing projects included in other liabilities | 2,904 | 4,291 | 2,864 | |||||||||
Loss from investments in affordable housing projects | 1,812 | 694 | 671 | |||||||||
Reduction in tax expense due to affordable housing tax credits | 1,058 | 806 | 464 | |||||||||
Deposits
Deposits | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Deposits [Abstract] | ' | |||||||||||||
Deposits | ' | |||||||||||||
Deposits | ||||||||||||||
A summary of deposits follows: | ||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||
Amount | Weighted | Amount | Weighted | |||||||||||
Average | Average | |||||||||||||
Rate | Rate | |||||||||||||
(Dollars in Thousands) | ||||||||||||||
Demand checking accounts | $ | 707,023 | — | $ | 623,274 | — | ||||||||
NOW accounts | 210,602 | 0.07 | % | 212,858 | 0.09 | % | ||||||||
Savings accounts | 494,734 | 0.25 | % | 515,367 | 0.39 | % | ||||||||
Money market accounts | 1,487,979 | 0.54 | % | 1,253,819 | 0.63 | % | ||||||||
Total core deposit accounts | 2,900,338 | 0.32 | % | 2,605,318 | 0.39 | % | ||||||||
Certificate of deposit accounts maturing: | ||||||||||||||
Within six months | 381,986 | 0.72 | % | 392,138 | 0.91 | % | ||||||||
After six months but within 1 year | 312,005 | 0.82 | % | 359,510 | 0.95 | % | ||||||||
After 1 year but within 2 years | 141,518 | 1.09 | % | 159,747 | 1.09 | % | ||||||||
After 2 years but within 3 years | 45,965 | 1.91 | % | 34,392 | 2.05 | % | ||||||||
After 3 years but within 4 years | 26,046 | 1.65 | % | 37,813 | 2.08 | % | ||||||||
After 4 years but within 5 years | 26,810 | 1.33 | % | 27,341 | 1.65 | % | ||||||||
5+ Years | 338 | 1.15 | % | — | — | % | ||||||||
Total certificate of deposit accounts | 934,668 | 0.91 | % | 1,010,941 | 1.06 | % | ||||||||
Total deposits | $ | 3,835,006 | 0.47 | % | $ | 3,616,259 | 0.58 | % | ||||||
Certificate of deposit accounts issued in amounts of $100,000 or more totaled $424.7 million and $437.9 million at December 31, 2013 and 2012, respectively. | ||||||||||||||
Interest expense on deposit balances is summarized as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In Thousands) | ||||||||||||||
Interest-bearing deposits: | ||||||||||||||
NOW accounts | $ | 173 | $ | 209 | $ | 216 | ||||||||
Savings accounts | 1,288 | 1,726 | 942 | |||||||||||
Money market accounts | 8,220 | 8,773 | 7,626 | |||||||||||
Certificate of deposit accounts | 9,092 | 10,724 | 10,973 | |||||||||||
Total interest-bearing deposits | $ | 18,773 | $ | 21,432 | $ | 19,757 | ||||||||
Collateral Pledged to Deposits | ||||||||||||||
At December 31, 2013 and 2012, $62.4 million and $86.5 million, respectively, of collateral was pledged for municipal deposits; treasury; tax and loan deposits. |
Borrowed_Funds
Borrowed Funds | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||
Borrowed Funds | ' | |||||||||||||||||||||
Borrowed Funds | ||||||||||||||||||||||
Borrowed funds are comprised of the following: | ||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Advances from the FHLBB | $ | 768,773 | $ | 790,865 | ||||||||||||||||||
Repurchase agreements | 34,619 | 51,013 | ||||||||||||||||||||
Subordinated debentures | 9,163 | 12,091 | ||||||||||||||||||||
Total borrowed funds | $ | 812,555 | $ | 853,969 | ||||||||||||||||||
Interest expense on borrowed funds for the periods indicated is as follows: | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Advances from the FHLBB | $ | 10,886 | $ | 13,685 | $ | 10,454 | ||||||||||||||||
Repurchase agreements | 68 | 137 | 125 | |||||||||||||||||||
Subordinated debentures | 439 | 578 | — | |||||||||||||||||||
Total interest expense on borrowed funds | $ | 11,393 | $ | 14,400 | $ | 10,579 | ||||||||||||||||
Investment Securities and Loans Pledged as Collateral | ||||||||||||||||||||||
At December 31, 2013 and 2012, $1.6 billion and $1.8 billion, respectively, of investment securities available-for-sale and loans and leases, were pledged as collateral for repurchase agreements; municipal deposits; treasury; tax and loan deposits; swap agreements; current and future FHLBB borrowings; and future Federal Reserve "discount window" borrowings. | ||||||||||||||||||||||
FHLBB Advances and Federal Reserve Borrowings | ||||||||||||||||||||||
FHLBB advances mature as follows: | ||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Amount | Callable | Weighted | Amount | Callable | Weighted | |||||||||||||||||
Amount | Average | Amount | Average | |||||||||||||||||||
Rate | Rate | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
Within 1 year | $ | 186,035 | $ | — | 0.71 | % | $ | 363,485 | $ | 17,000 | 1.32 | % | ||||||||||
Over 1 year to 2 years | 283,000 | — | 0.79 | % | 46,178 | — | 2.14 | % | ||||||||||||||
Over 2 years to 3 years | 92,971 | 32,094 | 2.45 | % | 108,000 | — | 1 | % | ||||||||||||||
Over 3 years to 4 years | 147,198 | 118,698 | 3.86 | % | 64,330 | 30,000 | 3.24 | % | ||||||||||||||
Over 4 years to 5 years | 36,625 | 10,071 | 2.51 | % | 149,032 | 112,000 | 3.86 | % | ||||||||||||||
Over 5 years | 22,944 | — | 3.7 | % | 59,840 | 10,000 | 3 | % | ||||||||||||||
$ | 768,773 | $ | 160,863 | 1.71 | % | $ | 790,865 | $ | 169,000 | 2.06 | % | |||||||||||
Actual maturities of the advances may differ from those presented above since the FHLBB has the right to call certain advances prior to the scheduled maturity. | ||||||||||||||||||||||
The advances are secured by blanket pledge agreements which require the Banks to maintain as collateral certain qualifying assets, principally the Banks' FHLBB stock, mortgage loans and securities in an aggregate amount equal to outstanding advances. Based on the $1.6 billion in qualifying collateral available for these borrowings, at December 31, 2013 the total available borrowing capacity for advances from the FHLBB and FRB was $1.0 billion. | ||||||||||||||||||||||
Repurchase Agreements | ||||||||||||||||||||||
Information concerning repurchase agreements is as follows for the periods indicated below: | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||
Outstanding at end of year | $ | 34,619 | $ | 51,013 | ||||||||||||||||||
Average outstanding for the year | 38,784 | 46,623 | ||||||||||||||||||||
Maximum outstanding at any month-end | 48,544 | 51,013 | ||||||||||||||||||||
Weighted average rate at end of year | 0.17 | % | 0.15 | % | ||||||||||||||||||
Weighted average rate paid for the year | 0.17 | % | 0.13 | % | ||||||||||||||||||
Securities sold under agreements to repurchase are funds borrowed from customers on an overnight basis that are secured by GSEs in the same amount. The obligations to repurchase the identical securities that were sold are reflected as liabilities and the securities remain in the asset accounts. | ||||||||||||||||||||||
Subordinated Debentures | ||||||||||||||||||||||
In the acquisition of Bancorp Rhode Island, Inc., the Company assumed three subordinated debentures issued by a subsidiary of Bancorp Rhode Island, Inc. One subordinated debenture in the amount of $3.0 million was called in the first quarter of 2013 million due to its high fixed rate. The two remaining subordinated debentures are summarized below: | ||||||||||||||||||||||
At December 31, 2013: | ||||||||||||||||||||||
Issue Date | Rate | Fair | Maturity Date | Next Call Date | Carrying | |||||||||||||||||
Market Rate | Amount | |||||||||||||||||||||
at BankRI | ||||||||||||||||||||||
Acquisition | ||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
June 26, 2003 | Variable; 3-month | 6.45 | % | June 26, 2033 | March 26, 2014 | $ | 4,666 | |||||||||||||||
LIBOR + 3.10% | ||||||||||||||||||||||
March 17, 2004 | Variable; 3-month | 6.45 | % | March 17, 2034 | March 17, 2014 | $ | 4,497 | |||||||||||||||
LIBOR + 2.79% | ||||||||||||||||||||||
At December 31, 2012: | ||||||||||||||||||||||
Issue Date | Rate | Fair | Maturity Date | Next Call Date | Carrying | |||||||||||||||||
Market Rate | Amount | |||||||||||||||||||||
at BankRI | ||||||||||||||||||||||
Acquisition | ||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
22-Feb-01 | Fixed; 10.2% | 3 | % | 22-Feb-31 | 22-Feb-13 | $ | 3,000 | |||||||||||||||
June 26, 2003 | Variable; 3-month | 6.45 | % | June 26, 2033 | March 26, 2013 | $ | 4,641 | |||||||||||||||
LIBOR + 3.10% | ||||||||||||||||||||||
March 17, 2004 | Variable; 3-month | 6.45 | % | March 17, 2034 | March 17, 2013 | $ | 4,450 | |||||||||||||||
LIBOR + 2.79% |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies | ' | |||||||
Commitments and Contingencies | ||||||||
Off-Balance Sheet Financial Instruments | ||||||||
The Company is party to off-balance sheet financial instruments in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby and commercial letters of credits, and 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 sheets. 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 December 31, | ||||||||
2013 | 2012 | |||||||
(In Thousands) | ||||||||
Financial instruments whose contract amounts represent credit risk: | ||||||||
Commitments to originate loans and leases: | ||||||||
Commercial real estate | $ | 48,973 | $ | 158,768 | ||||
Commercial | 143,252 | 116,235 | ||||||
Residential mortgage | 8,027 | 8,926 | ||||||
Unadvanced portion of loans and leases | 592,782 | 299,523 | ||||||
Unused lines of credit: | ||||||||
Home equity | 205,665 | 165,936 | ||||||
Other consumer | 1,035 | 4,017 | ||||||
Other commercial | — | 965 | ||||||
Unused letters of credit: | ||||||||
Financial standby letters of credit | 20,410 | 19,887 | ||||||
Performance standby letters of credit | 2,989 | 2,916 | ||||||
Commercial and similar letters of credit | 440 | 112 | ||||||
Back-to-back interest rate swaps | 22,418 | 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 credits are conditional commitments issued by the Company to guarantee performance of a customer to a third party. These standby and commercial letters of credit are primarily issued to support the financing needs of the Company's commercial customers. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. | ||||||||
The liability for unfunded credit commitments, which is included in other liabilities, was $1.0 million at December 31, 2013 and $0.7 million at December 31, 2012. | ||||||||
From time to time the Company enters into back-to-back interest rate swaps with commercial customers and third-party financial institutions. These swaps allow the Company to offer long-term fixed-rate commercial loans while mitigating the interest-rate risk of holding those loans. In a back-to-back interest rate swap transaction, the Company lends to a commercial customer on a floating-rate basis and then enters into an interest rate swap with that customer. Concurrently, the Company enters into offsetting swaps with a third-party financial institution, effectively minimizing its net interest-rate risk exposure resulting from such transactions. | ||||||||
The fair value of interest rate swap assets and liabilities is $0.8 million and $0.9 million, respectively, at December 31, 2013. The fair value of interest rate swap assets and liabilities is $1.3 million and $1.4 million, respectively, at December 31, 2012. | ||||||||
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: | ||||||||
Year ended December 31, | Minimum Rental Payments | |||||||
(In Thousands) | ||||||||
2014 | $ | 4,936 | ||||||
2015 | 4,740 | |||||||
2016 | 4,500 | |||||||
2017 | 4,030 | |||||||
2018 | 3,392 | |||||||
Thereafter | 12,431 | |||||||
Total | $ | 34,029 | ||||||
The leases contain escalation clauses for real estate taxes and other expenditures, which are not included above. Total rental expense was $5.2 million in 2013, $4.5 million in 2012 and$2.7 million in 2011. | ||||||||
A portion of the Company's new headquarters was rented to third-party tenants in 2013 with rental income of $0.3 million reported in non-interest income. | ||||||||
Legal Proceedings | ||||||||
In the normal course of business, there are various outstanding legal proceedings. In the opinion of management, after consulting with legal counsel, the consolidated financial position and results of operations of the Company are not expected to be affected materially by the outcome of such proceedings. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||||
Earnings per Share | ' | |||||||||||||||||||||||
Earnings per Share | ||||||||||||||||||||||||
The following table is a reconciliation of basic EPS and diluted EPS: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Basic | Fully | Basic | Fully | Basic | Fully | |||||||||||||||||||
Diluted | Diluted | Diluted | ||||||||||||||||||||||
(Dollars in Thousands, Except Per Share Amounts) | ||||||||||||||||||||||||
Net income | $ | 35,386 | $ | 35,386 | $ | 37,142 | $ | 37,142 | $ | 27,600 | $ | 27,600 | ||||||||||||
Weighted average shares outstanding | 69,808,164 | 69,808,164 | 69,702,417 | 69,702,417 | 58,633,627 | 58,633,627 | ||||||||||||||||||
Effect of dilutive securities | — | 75,760 | — | 43,839 | — | 2,804 | ||||||||||||||||||
Adjusted weighted average shares outstanding | 69,808,164 | 69,883,924 | 69,702,417 | 69,746,256 | 58,633,627 | 58,636,431 | ||||||||||||||||||
Earnings per share | $ | 0.51 | $ | 0.51 | $ | 0.53 | $ | 0.53 | $ | 0.47 | $ | 0.47 | ||||||||||||
On January 3, 2012, the Company issued approximately 11 million shares of common stock as partial consideration to acquire Bancorp Rhode Island, Inc. (Refer to Note 2, "Acquisitions,") |
Comprehensive_Income
Comprehensive Income | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||
Comprehensive Income | ' | |||||||||||||
Comprehensive Income | ||||||||||||||
Comprehensive income represents the sum of net income (loss) and other comprehensive income (loss). For the years ended December 31, 2013, 2012 and 2011, 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: | ||||||||||||||
Year Ended December 31, 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 | (11,690 | ) | 292 | (11,398 | ) | |||||||||
Balance at December 31, 2013 | $ | (8,332 | ) | $ | 417 | $ | (7,915 | ) | ||||||
Year Ended December 31, 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) | 1,524 | (4 | ) | 1,520 | ||||||||||
Balance at December 31, 2012 | $ | 3,358 | $ | 125 | $ | 3,483 | ||||||||
Year Ended December 31, 2011 | ||||||||||||||
Investment | Postretirement | Accumulated Other | ||||||||||||
Securities | Benefits | Comprehensive | ||||||||||||
Available-for-Sale | Income | |||||||||||||
(In Thousands) | ||||||||||||||
Balance at December 31, 2010 | $ | 2,185 | $ | 163 | $ | 2,348 | ||||||||
Other comprehensive loss | (351 | ) | (34 | ) | (385 | ) | ||||||||
Balance at December 31, 2011 | $ | 1,834 | $ | 129 | $ | 1,963 | ||||||||
The following is a summary of the amounts reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2013, 2012, and 2011. | ||||||||||||||
Year Ended December 31, | Income Statement Line Affected by Reclassification | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In Thousands) | ||||||||||||||
Other Comprehensive Income (Loss) Component | ||||||||||||||
Unrealized gains on investment securities available-for-sale: | ||||||||||||||
$ | 397 | $ | 926 | $ | 80 | Gain on sales of securities,net | ||||||||
(142 | ) | (328 | ) | (29 | ) | Provision for income taxes | ||||||||
Total reclassifications for the period | $ | 255 | $ | 598 | $ | 51 | Net income | |||||||
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Derivatives and Hedging Activities | ' | |||||||||||||||||||||||
Derivatives and Hedging Activities | ||||||||||||||||||||||||
The Company may use interest-rate contracts (swaps, caps and floors) as part of interest-rate risk management strategy. Interest-rate swap, cap and floor agreements are entered into as hedges against future interest-rate fluctuations on specifically identified assets or liabilities. The Company did not have derivative fair value hedges or derivative cash flow hedges at December 31, 2013 and 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. The Company had 8 interest-rate swaps with an aggregate notional amount of $22.4 million and 10 interest-rate swaps with an aggregate notional amount of $33.2 million related to this program at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The table below presents the fair value and classification of the Company's derivative financial instruments on the consolidated balance sheets as of December 31, 2013 and 2012, and the effect of the Company's derivative financial instruments on the consolidated income statements for the year ended December 31, 2013 and 2012: | ||||||||||||||||||||||||
At December 31, 2013 | Year Ended | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Asset | Liability | Loss Recognized in | ||||||||||||||||||||||
Derivatives | Derivatives | Income on Derivatives(1) | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Total derivatives (interest-rate products) not designated as hedging instruments | $ | 825 | $ | 856 | $ | 32 | ||||||||||||||||||
At December 31, 2012 | Year Ended | |||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Asset | Liability | Loss Recognized in | ||||||||||||||||||||||
Derivatives | Derivatives | Income on Derivatives(1) | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Total derivatives (interest-rate products) not designated as hedging instruments | $ | 1,317 | $ | 1,380 | $ | 24 | ||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | The amount of loss recognized in income 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 Company had limited exposure relating to interest rate swaps with institutional counterparties at December 31, 2012 or 2011, as all such swaps were in a net liability position and subject to master netting agreements. | ||||||||||||||||||||||||
The estimated net credit risk exposure for derivative financial instruments was $31.2 thousand and $0.1 million at December 31, 2013, and 2012, respectively. | ||||||||||||||||||||||||
Certain of the derivative agreements contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount. The Company posted collateral in the normal course of business totaling $2.8 million and $0.5 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the consolidated balance sheet at the dates indicated. | ||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Gross Amounts Not Offset in the | Net Amount | ||||||||||||||||||||
Amounts of | Offset in the | Assets Presented in | Statement of Financial Position | |||||||||||||||||||||
Recognized | Statement of Financial Position | the Statement of Financial Position | ||||||||||||||||||||||
Assets /Liabilities | Financial Instruments | Cash Collateral (Received)/ Posted | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Asset Derivatives | $ | 825 | $ | — | $ | 825 | $ | — | $ | — | $ | 825 | ||||||||||||
Liability Derivatives | $ | 856 | $ | — | $ | 856 | $ | — | $ | 2,811 | $ | 3,667 | ||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Gross Amounts Not Offset in the | Net Amount | ||||||||||||||||||||
Amounts of | Offset in the | Assets Presented in | Statement of Financial Position | |||||||||||||||||||||
Recognized | Statement of Financial Position | the Statement of Financial Position | ||||||||||||||||||||||
Assets /Liabilities | Financial Instruments | Cash Collateral (Received) / Posted | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Asset Derivatives | $ | 1,317 | $ | — | $ | 1,317 | $ | — | $ | — | $ | 1,317 | ||||||||||||
Liability Derivatives | $ | 1,380 | $ | — | $ | 1,380 | $ | — | $ | 548 | $ | 1,928 | ||||||||||||
The Company has agreements with certain of its derivative counterparties that contain credit-risk-related contingent provisions. These provisions provide the counterparty with the right to terminate its derivative positions and require the Company to settle its obligations under the agreements if the Company defaults on certain of its indebtedness or if the Company fails to maintain its status as a well-capitalized institution. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Income tax expense is comprised of the following amounts: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Current provision: | ||||||||||||
Federal | $ | 12,799 | $ | 15,558 | $ | 14,115 | ||||||
State | 4,238 | 5,120 | 4,987 | |||||||||
Total current provision | 17,037 | 20,678 | 19,102 | |||||||||
Deferred provision (benefit): | ||||||||||||
Federal | 2,572 | 389 | 811 | |||||||||
State | (128 | ) | 274 | (27 | ) | |||||||
Total deferred provision | 2,444 | 663 | 784 | |||||||||
Total provision for income taxes | $ | 19,481 | $ | 21,341 | $ | 19,886 | ||||||
Total provision for income taxes differed from the amounts computed by applying the statutory U.S. federal income tax rate (35.0%) to income before tax expense as a result of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Expected income tax expense at statutory federal tax rate | $ | 19,830 | $ | 20,899 | $ | 17,047 | ||||||
State taxes, net of federal income tax benefit | 2,673 | 3,506 | 3,224 | |||||||||
Bank-owned life insurance | (383 | ) | (409 | ) | — | |||||||
Tax-exempt interest income | (310 | ) | (216 | ) | (157 | ) | ||||||
Non-deductible acquisition and other expenses | — | 617 | 613 | |||||||||
Income attributable to noncontrolling interest in subsidiary | (768 | ) | (560 | ) | (427 | ) | ||||||
Tax credit—premises and equipment | (453 | ) | (1,593 | ) | — | |||||||
Tax credits from investments in affordable housing projects | (1,058 | ) | (806 | ) | (464 | ) | ||||||
Other, net | (50 | ) | (97 | ) | 50 | |||||||
Total provision for income taxes | $ | 19,481 | $ | 21,341 | $ | 19,886 | ||||||
Effective income tax rate | 34.4 | % | 35.7 | % | 40.8 | % | ||||||
The Company's effective tax rate was 34.4% at December 31, 2013 compared to 35.7% at December 31, 2012. The decrease in the Company's effective tax rate in 2013 was primarily attributable to non deductible professional fees in 2012 related to the BankRI acquisition and lower state income tax expense. Additional state income tax expense was recognized in 2012 as the projected state tax savings from the acquisition of BankRI reduced the value of the deferred tax asset by $0.5 million, increasing the income tax expense in 2012. These reductions were partially offset by a $1.1 million reduction in the rehabilitation tax credits received for the refurbishment of the corporate headquarters at 131 Clarendon Street in Boston, Massachusetts as renovations were completed early in 2013. | ||||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at the dates indicated are as follows: | ||||||||||||
At December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In Thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Allowance for credit losses | $ | 19,754 | $ | 16,667 | ||||||||
Acquisition fair value adjustments | 7,430 | 10,013 | ||||||||||
Unrealized loss on securities available for sale | 5,119 | — | ||||||||||
Retirement and postretirement benefits | 4,159 | 4,822 | ||||||||||
Deferred compensation | 1,989 | 2,254 | ||||||||||
Net operating loss and contribution carryovers | 1,922 | 2,229 | ||||||||||
Non-accrual interest | 878 | 948 | ||||||||||
Restricted stock and stock option plans | 726 | 803 | ||||||||||
Write-downs of investment securities | 442 | 795 | ||||||||||
Depreciation | — | 235 | ||||||||||
Accrued expenses | 375 | 200 | ||||||||||
Alternative minimum tax credits | 31 | 31 | ||||||||||
Other | 33 | 198 | ||||||||||
Total gross deferred tax assets | 42,858 | 39,195 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Identified intangible assets and goodwill | 7,322 | 8,893 | ||||||||||
Depreciation | 2,619 | — | ||||||||||
Unrealized gain on securities available for sale | — | 2,015 | ||||||||||
Deferred loan origination costs, net | 734 | 736 | ||||||||||
Investments in affordable housing projects | 205 | 246 | ||||||||||
Unrecognized gain relating to postretirement obligation | 268 | 92 | ||||||||||
Other | — | 16 | ||||||||||
Total gross deferred tax liabilities | 11,148 | 11,998 | ||||||||||
Net deferred tax asset | $ | 31,710 | $ | 27,197 | ||||||||
At December 31, 2013, the Company had net operating loss carryforwards for federal income tax purposes of $5.5 million which are available to offset future federal taxable income, if any, through 2020. In addition, the Company has alternative minimum tax credit carryforwards of $31,000, which are available to reduce future federal income taxes, if any, over an indefinite period. According to Section 382 of the Internal Revenue Code, the net operating loss carryforwards and credit are subject to an annual limitation of $881,000. | ||||||||||||
The Company has determined that a valuation allowance is not required for any of its deferred tax assets because it believes that it is more likely than not that these assets will reverse against future taxable income. | ||||||||||||
For federal income tax purposes, the Company has a $1.8 million reserve for credit losses which remains subject to recapture. If any portion of the reserve is used for purposes other than to absorb the losses for which it was established, approximately 150% of the amount actually used (limited to the amount of the reserve) would be subject to taxation in the year in which used. As the Company intends to use the reserve only to absorb credit losses, no provision has been made for the $750,000 liability that would result if 100% of the reserve were recaptured. | ||||||||||||
The Company did not have any unrecognized tax benefits accrued as income tax receivables or as deferred tax items at December 31, 2013. | ||||||||||||
The Company is subject to federal and state examinations for tax years after December 31, 2009. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders' Equity | |
Preferred Stock | |
The Company is authorized to issue 50,000,000 shares of serial preferred stock, par value $0.01 per share, from time to time in one or more series subject to limitations of law. The Board of Directors is authorized to fix the designations, powers, preferences, limitations and rights of the shares of each such series. As of December 31, 2013, there were no shares of preferred stock issued. | |
Capital Distributions and Restrictions Thereon | |
The Company is a legal entity separate and distinct from each of the Banks and Brookline Securities Corp. The Company's primary source of revenue dividends paid to it by the Banks and Brookline Securities Corp. | |
The FRB has authority to prohibit the Company from paying dividends to the Company's shareholders if such payment is deemed to be an unsafe or unsound practice. The FRB has indicated generally that it may be an unsafe or unsound practice for bank holding companies to pay dividends unless the bank holding company's net income over the preceding year is sufficient to fund the dividends and the expected rate of earnings retention is consistent with the organization's capital needs, asset quality and overall financial condition. | |
The FRB also has the authority to use its enforcement powers to prohibit the Banks from paying dividends to their parent if, in its opinion, the payment of dividends would constitute an unsafe or unsound practice. Federal law also prohibits the payment of dividends by a bank that will result in the bank failing to meet its applicable capital requirements on a pro forma basis. Payment of dividends by a bank is also restricted pursuant to various state regulatory limitations, including the Massachusetts Division of Banks in the case of Brookline Bank and First Ipswich, and the Banking Division of the Rhode Island Department of Business Regulation in the case of BankRI. | |
Common Stock Repurchases | |
In 2013, 2012 and 2011, no shares of the Company's common stock were repurchased by the Company. As of December 31, 2013, the Company was not authorized to repurchase any additional shares of its common stock. | |
Restricted Retained Earnings | |
As part of the stock offering in 2002 and as required by regulation, Brookline Bank established a liquidation account for the benefit of eligible account holders and supplemental eligible account holders who maintain their deposit accounts at Brookline Bank after the stock offering. In the unlikely event of a complete liquidation of Brookline Bank (and only in that event), eligible depositors who continue to maintain deposit accounts at Brookline Bank shall be entitled to receive a distribution from the liquidation account. | |
Accordingly, retained earnings of the Company are deemed to be restricted up to the balance of the liquidation account. The liquidation account balance is reduced annually to the extent that eligible depositors have reduced their qualifying deposits as of each anniversary date. Subsequent increases in deposit account balances do not restore an account holder's interest in the liquidation account. | |
The liquidation account totaled $20.6 million (unaudited), $22.3 million (unaudited) and $24.4 million (unaudited) at December 31, 2013, 2012 and 2011, respectively. |
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | |||||||||||||||||||||||||||||||
Regulatory Capital Requirements | ' | |||||||||||||||||||||||||||||||
Regulatory Capital Requirements | ||||||||||||||||||||||||||||||||
The Company's primary source of cash is dividends from the Banks and Brookline Securities Corp. The Banks are subject to certain restrictions on the amount of dividends that they may declare without prior regulatory approval. In addition, the dividends declared cannot be in excess of the amount which would cause the Banks to fall below the minimum required for capital adequacy purposes. | ||||||||||||||||||||||||||||||||
The Company is a bank holding company within the meaning of the Bank Holding Company Act of 1956, as amended (the "BHCA") and as such, must comply with the capital requirements of the Federal Reserve Bank (the "FRB") at the consolidated level. As member banks of the FRB, Brookline Bank, BankRI and First Ipswich are also required to comply with the regulatory capital requirement of the FRB. | ||||||||||||||||||||||||||||||||
While the FRB is the primary regulator, the Banks are also subject to FDIC regulations and capital adequacy requirements since they are also FDIC-insured banks. The FDIC has promulgated corresponding regulations to implement the system of prompt corrective action established by Section 38 of the Federal Deposit Insurance Act, as amended (the "FDIA"). Under the regulations, a bank is "well-capitalized" if it has: (1) a total risk-based capital ratio of 10.0% or greater; (2) a Tier 1 risk-based capital ratio of 6.0% or greater; (3) a Tier 1 leverage ratio of 5.0% or greater; and (4) is not subject to any written agreement, order, capital directive or prompt corrective action directive to meet and maintain a specific capital level for any capital measure. | ||||||||||||||||||||||||||||||||
Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Banks must meet specific capital guidelines that involve quantitative measures of the Company's and the Banks' assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company's and the Banks' capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. | ||||||||||||||||||||||||||||||||
The following table reconciles stockholders' equity under GAAP with regulatory capital for the Company and its subsidiaries at the dates indicated. | ||||||||||||||||||||||||||||||||
The Company | Brookline Bank | BankRI | First Ipswich | |||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Stockholders' equity | $ | 613,867 | $ | 612,097 | $ | 301,291 | $ | 288,859 | $ | 236,579 | $ | 247,606 | $ | 34,641 | $ | 35,515 | ||||||||||||||||
Add: Minority interest | 4,304 | 3,712 | 4,304 | 3,712 | — | — | — | — | ||||||||||||||||||||||||
Add: Subordinated debenture | 9,163 | 12,091 | — | — | — | — | — | — | ||||||||||||||||||||||||
Less: Disallowed goodwill and intangible assets | 154,777 | 159,400 | 7,647 | 7,991 | 106,593 | 110,203 | 5,271 | 5,940 | ||||||||||||||||||||||||
Less: Unrealized loss on available-for-sale equity securities | — | — | — | — | — | — | 10 | — | ||||||||||||||||||||||||
Less: Net unrealized (losses) gains on available-for-sale securities | (7,915 | ) | 3,358 | (1,874 | ) | 1,874 | (4,918 | ) | 1,303 | (1,075 | ) | 366 | ||||||||||||||||||||
Tier 1 capital | 480,472 | 465,142 | 299,822 | 282,706 | 134,904 | 136,100 | 30,435 | 29,209 | ||||||||||||||||||||||||
Allowance for credit losses not to exceed 1.25% of risk-weighted assets | 49,510 | 41,935 | 35,905 | 35,923 | 10,936 | 5,053 | 1,854 | 959 | ||||||||||||||||||||||||
Unrealized gains on available-for-sale equity securities | — | — | — | — | 7 | 18 | — | — | ||||||||||||||||||||||||
Total risk-based capital | $ | 529,982 | $ | 507,077 | $ | 335,727 | $ | 318,629 | $ | 145,847 | $ | 141,171 | $ | 32,289 | $ | 30,168 | ||||||||||||||||
As of December 31, 2013, the Company, Brookline Bank, BankRI and First Ipswich met all applicable minimum capital requirements and were considered "well-capitalized" by their respective regulators. The Company's and the Banks' actual and required capital amounts and ratios are as follows: | ||||||||||||||||||||||||||||||||
Actual | Minimum Required for | Minimum Required | ||||||||||||||||||||||||||||||
Capital Adequacy | To Be Considered | |||||||||||||||||||||||||||||||
Purposes | "Well-Capitalized" | |||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
At December 31, 2013: | ||||||||||||||||||||||||||||||||
Brookline Bancorp, Inc. | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 480,472 | 9.4 | % | $ | 205,946 | 4 | % | N/A | N/A | ||||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 480,472 | 11 | % | 174,512 | 4 | % | N/A | N/A | ||||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 529,982 | 12.2 | % | 349,159 | 8 | % | N/A | N/A | ||||||||||||||||||||||
Brookline Bank | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 299,822 | 9.4 | % | $ | 127,992 | 4 | % | $ | 159,990 | 5 | % | ||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 299,822 | 10.4 | % | 114,874 | 4 | % | 172,311 | 6 | % | |||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 335,727 | 11.7 | % | 229,753 | 8 | % | 287,192 | 10 | % | |||||||||||||||||||||
BankRI | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 134,904 | 8.1 | % | $ | 66,784 | 4 | % | $ | 83,480 | 5 | % | ||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 134,904 | 10.6 | % | 52,904 | 4 | % | 79,355 | 6 | % | |||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 145,847 | 11.4 | % | 105,782 | 8 | % | 132,228 | 10 | % | |||||||||||||||||||||
First Ipswich | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 30,435 | 9.8 | % | $ | 12,461 | 4 | % | $ | 15,576 | 5 | % | ||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 30,435 | 13.6 | % | 8,971 | 4 | % | 13,457 | 6 | % | |||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 32,289 | 14.4 | % | 17,938 | 8 | % | 22,423 | 10 | % | |||||||||||||||||||||
At December 31, 2012: | ||||||||||||||||||||||||||||||||
Brookline Bancorp, Inc. | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 465,142 | 9.4 | % | $ | 197,094 | 4 | % | N/A | N/A | ||||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 465,142 | 10.9 | % | 171,481 | 4 | % | N/A | N/A | ||||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 507,077 | 11.8 | % | 342,909 | 8 | % | N/A | N/A | ||||||||||||||||||||||
Brookline Bank | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 282,706 | 9.3 | % | $ | 121,725 | 4 | % | $ | 152,156 | 5 | % | ||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 282,706 | 9.8 | % | 115,626 | 4 | % | 173,439 | 6 | % | |||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 318,629 | 11 | % | 231,310 | 8 | % | 289,137 | 10 | % | |||||||||||||||||||||
BankRI | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 136,100 | 8.5 | % | $ | 64,047 | 4 | % | $ | 80,059 | 5 | % | ||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 136,100 | 11.5 | % | 47,175 | 4 | % | 70,763 | 6 | % | |||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 141,171 | 12 | % | 94,350 | 8 | % | 117,937 | 10 | % | |||||||||||||||||||||
First Ipswich | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 29,209 | 9.7 | % | $ | 12,020 | 4 | % | $ | 15,025 | 5 | % | ||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 29,209 | 13.2 | % | 8,824 | 4 | % | 13,237 | 6 | % | |||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 30,168 | 13.7 | % | 17,642 | 8 | % | 22,053 | 10 | % | |||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | Tier 1 leverage capital ratio is calculated by dividing Tier 1 capital by average assets. | |||||||||||||||||||||||||||||||
-2 | Tier 1 risk-based capital ratio is calculated by dividing Tier 1 capital by risk-weighted assets. | |||||||||||||||||||||||||||||||
-3 | Total risk-based capital ratio is calculated by dividing total capital by risk-weighted assets. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ||||||||||||
Employee Benefit Plans | ' | ||||||||||||
Employee Benefit Plans | |||||||||||||
Postretirement Benefits | |||||||||||||
Postretirement benefits are provided for part of the annual expense of health insurance premiums for retired employees and their dependents. No contributions are made by the Company to invest in assets allocated for the purpose of funding this benefit obligation. | |||||||||||||
The following table presents the components of net periodic postretirement benefit cost and other amounts recognized in other comprehensive income: | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Net periodic benefit expense: | |||||||||||||
Service cost | $ | 61 | $ | 74 | $ | 74 | |||||||
Interest cost | 47 | 55 | 61 | ||||||||||
Prior service credit | (21 | ) | (21 | ) | (21 | ) | |||||||
Actuarial gain | (16 | ) | (3 | ) | (4 | ) | |||||||
Net periodic benefit expense | $ | 71 | $ | 105 | $ | 110 | |||||||
Changes in postretirement benefit obligation recognized in other comprehensive income: | |||||||||||||
Net actuarial loss (gain) | $ | 489 | $ | 11 | $ | (36 | ) | ||||||
Prior service credit | (21 | ) | (21 | ) | (21 | ) | |||||||
Total pre-tax changes in postretirement benefit obligation recognized in other comprehensive income | $ | 468 | $ | (10 | ) | $ | (57 | ) | |||||
The discount rate used to determine the actuarial present value of projected postretirement benefit obligations was 4.90% in 2013, 3.95% in 2012 and 5.25% in 2011. The estimated prior service credit that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2014 is $21,000. The liability for the postretirement benefits included in accrued expenses and other liabilities was $1.1 million at December 31, 2013 and $1.5 million at December 31, 2012. | |||||||||||||
The actual health care trend used to measure the accumulated postretirement benefit obligation in 2013 for plan participants below age 65 and for plan participants over age 65 was 2.7% and -14.5%, respectively. In 2012, the rate for plan participants below age 65 and for plan participants over age 65 was 3.0% and -14.7%, respectively. The rates to be used in 2014 through 2018 are expected to be in the range of 7.3% to 6.5% and to decline gradually thereafter to 5.3%. Assumed health care trend rates may have a significant effect on the amounts reported for the postretirement benefit plan. A 1% change in assumed health care cost trend rates would have the following effects: | |||||||||||||
1% Increase | 1% Decrease | ||||||||||||
(In Thousands) | |||||||||||||
Effect on total service and interest cost components of net periodic postretirement benefit costs | $ | 26 | $ | (20 | ) | ||||||||
Effect on the accumulated postretirement benefit obligation | 215 | (171 | ) | ||||||||||
401(k) Plans | |||||||||||||
The Company administers two 401(k) plans, both of which are qualified, tax-exempt profit-sharing plans with a salary deferral feature under Section 401(k) of the Internal Revenue Code. Each employee reaching the age of 21 and having completed 1,000 hours of service in a plan year is eligible to participate in a plan by making voluntary contributions, subject to certain limits based on federal tax laws. In one plan, the Company contributes an amount equal to 5% of the compensation of eligible employees, but does not match employee contributions to the plan. Participants are vested in employer contributions after three years of service. In the other plan, the Company makes a matching contribution of the amount contributed by eligible employees, up to 4% of the employee's yearly compensation. Contributions to both plans are subject to certain limits based on federal tax laws. Expenses associated with the plans were $2.0 million in 2013, $1.8 million in 2012 and $1.0 million in 2011. | |||||||||||||
Nonqualified Deferred Compensation Plan | |||||||||||||
The Company also maintains a Nonqualified Deferred Compensation Plan (the "Nonqualified Plan") under which certain participants may contribute the amounts they are precluded from contributing to the Company's 401(k) plans because of the qualified plan limitations, and additional compensation deferrals that may be advantageous for personal income tax or other planning reasons. Expenses associated with the Nonqualified Plan in 2013, 2012 and 2011 were $0.5 million, $0.5 million and $0 million, respectively. Accrued liabilities associated with the Nonqualified Plan in 2013, 2012 and 2011 were $0.4 million, $0.5 million and $0 million, respectively. | |||||||||||||
Supplemental Executive Retirement Agreements | |||||||||||||
The Company acquired two Supplemental Executive Retirement Plans ("the SERPs") as part of its acquisitions of BankRI and First Ipswich. The Company maintains the SERPs for certain senior executives under which participants are entitled to an annual retirement benefit. As of December 31, 2013, there are 13 participants in the SERPs. The Company funded a Rabbi Trust to provide a partial funding source for the Company's liabilities under the SERPs. The Company records annual amounts related to the SERPs based on an actuarial calculation. Actuarial gains and losses are reflected immediately in the statement of imcome. | |||||||||||||
Total expenses for benefits payable under the SERPs for the years ended December 31, 2013, and 2012 were $0.6 million, $0.4 million, respectively. Aggregate benefits payable included in accrued expenses and other liabilities at December 31, 2013 and 2012 were $10.1 million and $10.7 million, respectively. | |||||||||||||
The nominal discount rate used to determine the actuarial present value of projected benefits under the agreements was 5% and 4.25% in the year 2013 and 2012, respectively. | |||||||||||||
Employee Stock Ownership Plan | |||||||||||||
Brookline Bank established an Employee Stock Ownership Plan ("ESOP") on November 1, 1997. The Company's ESOP loan to Brookline Bank to purchase 546,986 shares of Company common stock is payable in quarterly installments over 30 years, bears interest at 8.50% per annum, matures December 31, 2021 and can be prepaid without penalty. Loans are repaid to the Company in the form of cash contributions from Brookline Bank, subject to federal tax law limits. The outstanding balance of the loan at December 31, 2013 and 2012, which was $2.3 million and $2.6 million, respectively, is eliminated in consolidation. | |||||||||||||
Shares of common stock used as collateral to secure the loan are released and available for allocation to eligible employees as the principal and interest on the loan is paid. Employees vest in their ESOP account at a rate of 20% annually commencing in the year of completion of three years of credited service or immediately if service is terminated due to death, retirement, disability or change in control. | |||||||||||||
Dividends on released shares are credited to the participants' ESOP accounts. Dividends on unallocated shares of common stock are generally applied towards payment of the loan. ESOP shares committed to be released are considered outstanding in determining earnings per share. | |||||||||||||
At December 31, 2013 and 2012, the ESOP held 291,666 and 333,918 unallocated shares, respectively at an aggregate cost of $1.5 million and $1.7 million, respectively. The market value of such shares at December 31, 2013 and 2012 was $2.8 million and $2.8 million, respectively. Compensation and employee benefits expense related to the ESOP was $0.4 million in 2013, $0.4 million in 2012 and $0.4 million in 2011 based on the commitment to release to eligible employees 42,252 shares in 2013, 44,292 shares in 2012 and 46,207 shares in 2011. | |||||||||||||
Recognition and Retention Plans | |||||||||||||
On April 20, 2011, the stockholders of the Company approved the 2011 Restricted Stock Award Plan (the "2011 RSA"). The purpose of the 2011 RSA is to promote the long-term financial success of the Company and its subsidiaries by providing a means to attract, retain and reward individuals who contribute to such success and to further align their interests with those of the Company's stockholders. The maximum number of shares of the Company's common stock that may be awarded is 500,000. | |||||||||||||
The Company awarded 138,500 and 166,941 shares of common stock under the 2011 RSA in 2013 and 2012, respectively. Of the awarded shares, 50% vest over three years with one-third of such shares vesting at each of the first, second and third anniversary dates of the awards. The remaining 50% of each award will vest three years after the award date based on the level of the Company's achievement of identified performance targets in comparison to the level of achievement of such identified performance targets by a defined peer group comprised of 22 financial institutions. The specific performance measure targets relate to return on assets, return on equity, asset quality and total return to stockholders (share price appreciation from date of award plus dividends paid as a percent of the Company's common stock share price on the date of award). If a participant leaves the Company prior to the third anniversary date of an award, any unvested shares will be forfeited. Dividends declared with respect to shares awarded will be held by the Company and paid to the participant only when the shares vest. | |||||||||||||
The Company also has an active recognition and retention plan, titled the 2003 Recognition and Retention Plan (the "2003 RRP"), with 1,250,000 authorized shares. A prior plan, the 1999 Recognition and Retention Plan (the "1999 RRP" and collectively with the 2003 RRP, the "RRPs"), with 546,986 authorized shares, was terminated on April 19, 2009. Under both of the RRPs, shares of the Company's common stock were reserved for issuance as restricted stock awards to officers, employees and non-employee directors of the Company. Shares issued upon vesting may be either authorized but unissued shares or reacquired shares held by the Company as treasury shares. Any shares not issued because vesting requirements are not met will again be available for issuance under the plans. All shares awarded under the 1999 RRP vested on or before April 19, 2009. As of that date, no shares remained available for award under that plan. As of December 31, 2013, 11,599 shares were available for award under the 2003 RRP. | |||||||||||||
Total expense for the RSA and RRP plans was $1.2 million in 2013, $0.8 million in 2012 and $0.4 million in 2011. The expense to be recognized for unvested shares at December 31, 2013 will be $1.5 million in 2014. Dividends paid on unvested RRP shares, which are recognized as compensation expense, were $30,000 in 2013, $11,000 in 2012 and $12,000 in 2011. | |||||||||||||
No dividend equivalent rights were paid to holders of unexercised vested options in 2013, 2012, or 2011. | |||||||||||||
Stock Option Plans | |||||||||||||
The Company has an active stock option plan, the "2003 Option Plan." A prior plan, the "1999 Option Plan," was terminated on April 19, 2009. Under both stock option plans, shares of the Company's common stock were reserved for issuance to directors, employees and non-employee directors of the Company. Shares issued upon the exercise of a stock option may be either authorized but unissued shares or reacquired shares held by the Company as treasury shares. Any shares subject to an award which expire or are terminated unexercised will again be available for issuance under the plans. | |||||||||||||
The exercise price of options awarded is the fair market value of the common stock of the Company on the date the award is made. Certain of the options include a reload feature whereby an optionee exercising an option by delivery of shares of common stock would automatically be granted an additional option at the fair market value of stock when such additional option is granted equal to the number of shares so delivered. If an individual to whom a stock option was granted ceases to maintain continuous service by reason of normal retirement, death or disability, or following a change in control, all options and rights granted and not fully exercisable become exercisable in full upon the happening of such an event and shall remain exercisable for a period ranging from three months to five years. | |||||||||||||
In 2011, 5,000 options were awarded under the 2003 Option Plan, all of which vested throughout 2012. | |||||||||||||
No options were granted in 2013 or 2012. At December 31, 2013, 2,265,155 options were available for award under the Company's 2003 Option Plan. | |||||||||||||
Total expense for the stock option plans amounted to $10,000 in 2012 and $47,000 in 2011. In accordance with the terms of the Plans, no dividend equivalent rights were paid to holders of unexercised vested options in 2013, 2012 or 2011. | |||||||||||||
Activity under the option plans was as follows: | |||||||||||||
Options | Weighted | Aggregate | Weighted | ||||||||||
Outstanding | Average | Intrinsic | Average | ||||||||||
Exercise Price | Value | Contractual | |||||||||||
Per Share | Term (In Years) | ||||||||||||
(Dollars in Thousands, Except Per Share Amounts) | |||||||||||||
Employee Stock Options: | |||||||||||||
Outstanding at December 31, 2010 | 1,128,345 | $ | 14.08 | ||||||||||
Granted | 5,000 | 8.29 | |||||||||||
Exercised | — | — | |||||||||||
Forfeited / Canceled | (42,500 | ) | 14.67 | ||||||||||
Outstanding at December 31, 2011 | 1,090,845 | 14.08 | |||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Forfeited / Canceled | (15,000 | ) | 14.95 | ||||||||||
Outstanding at December 31, 2012 | 1,075,845 | 14.95 | |||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Forfeited / Canceled | (841,000 | ) | 14.95 | ||||||||||
Outstanding at December 31, 2013 | 234,845 | $ | 10.43 | $ | — | 5.7 | |||||||
Exercisable at December 31, 2013 | 234,845 | $ | 10.43 | $ | — | 5.7 | |||||||
To calculate the weighted average data presented in this note and the compensation expense presented in the accompanying financial statements, the fair value of each stock option award was estimated on the date of grant using the Black-Scholes option pricing model with the following valuation assumptions: | |||||||||||||
Year Ended December 31, | |||||||||||||
2011 | |||||||||||||
Dividend yield | 4.3 | % | |||||||||||
Expected volatility | 34.38 | % | |||||||||||
Risk-free interest rate | 1.85 | % | |||||||||||
Expected life of options | 7 | ||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||
A description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring and non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. There were no changes in the valuation techniques used during 2013. | ||||||||||||||||||||
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | ||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||
Carrying Value as of December 31, 2013 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||
GSEs | $ | — | $ | 12,180 | $ | — | $ | 12,180 | ||||||||||||
Municipal obligations | — | 1,086 | — | 1,086 | ||||||||||||||||
Auction-rate municipal obligations | — | — | 1,775 | 1,775 | ||||||||||||||||
Corporate debt obligations | — | 28,224 | — | 28,224 | ||||||||||||||||
Trust preferred securities and pools | — | 1,210 | — | 1,210 | ||||||||||||||||
GSE CMOs | — | 243,644 | — | 243,644 | ||||||||||||||||
GSE MBSs | — | 199,401 | — | 199,401 | ||||||||||||||||
Private-label CMOs | — | 3,355 | — | 3,355 | ||||||||||||||||
SBA commercial loan asset-backed securities | — | 243 | — | 243 | ||||||||||||||||
Marketable equity securities | 1,310 | — | — | 1,310 | ||||||||||||||||
Total securities available-for-sale | $ | 1,310 | $ | 489,343 | $ | 1,775 | $ | 492,428 | ||||||||||||
Interest-rate swaps | $ | — | $ | 825 | $ | — | $ | 825 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Interest-rate swaps | $ | — | $ | 856 | $ | — | $ | 856 | ||||||||||||
Carrying Value as of December 31, 2012 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||||||
GSEs | $ | — | $ | 69,809 | $ | — | $ | 69,809 | ||||||||||||
Municipal obligations | — | 1,101 | — | 1,101 | ||||||||||||||||
Auction-rate municipal obligations | — | — | 1,976 | 1,976 | ||||||||||||||||
Corporate debt obligations | — | 10,685 | — | 10,685 | ||||||||||||||||
Trust preferred securities and pools | — | 1,578 | 941 | 2,519 | ||||||||||||||||
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 | ||||||||||||||||
Marketable equity securities | 1,337 | — | — | 1,337 | ||||||||||||||||
Total investment 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 | ||||||||||||
Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis | ||||||||||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2013 and 2012 are summarized below: | ||||||||||||||||||||
Carrying Value as of December 31, 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 | $ | — | $ | — | $ | 12,099 | $ | 12,099 | ||||||||||||
Other real estate owned | — | — | 577 | 577 | ||||||||||||||||
Repossessed assets | — | 1,001 | — | 1,001 | ||||||||||||||||
$ | — | $ | 1,001 | $ | 12,676 | $ | 13,677 | |||||||||||||
Carrying Value as of 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 assets | — | 588 | — | 588 | ||||||||||||||||
$ | — | $ | 38,240 | $ | — | $ | 38,240 | |||||||||||||
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, and GSE residential MBSs and CMOs, all of which are included in Level 2. Certain fair values are estimated using pricing models (such as trust preferred securities and auction-rate municipal securities) and are included in Level 3. | ||||||||||||||||||||
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. 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. Refer also to Note 16, "Derivatives and Hedging Activities." | ||||||||||||||||||||
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 equipment are carried at estimated fair value less costs to sell based on auction pricing (Level 2). | ||||||||||||||||||||
The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring basis at December 31, 2013. | ||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted | ||||||||||||||||
Average | ||||||||||||||||||||
Yields | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Auction-rate municipal obligations | $ | 1,775 | Discounted cash flow | Discount rate | 0-5% | 4 | % | |||||||||||||
Collateral-dependent impaired loans and leases | $ | 12,099 | Appraisal of collateral (1) | |||||||||||||||||
Other real estate owned | $ | 577 | Appraisal of collateral (1) | |||||||||||||||||
(1) For impaired loans deemed collateral dependent, where impairment is measured using the fair value of the collateral, the Bank will either obtain a new appraisal or use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. | ||||||||||||||||||||
The reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows for the periods indicated: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Investment securities available-for-sale, beginning of year | $ | 2,917 | $ | 3,208 | ||||||||||||||||
Acquired, BankRI | — | 184 | ||||||||||||||||||
Principal paydowns and other | (1,150 | ) | (836 | ) | ||||||||||||||||
Total unrealized gains included in other comprehensive income | 8 | 361 | ||||||||||||||||||
Investment securities available-for-sale, end of year | $ | 1,775 | $ | 2,917 | ||||||||||||||||
There were no transfers between levels for assets and liabilities recorded at fair value on a recurring basis during 2013 or 2012. | ||||||||||||||||||||
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 as of December 31, 2013 and 2012. 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) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Investment securities held-to-maturity | $ | 500 | $ | 500 | $ | — | $ | — | $ | 500 | ||||||||||
Loans held for sale | 13,372 | 13,372 | — | 13,372 | — | |||||||||||||||
Loans and leases, net | 4,313,992 | 4,552,556 | — | — | 4,552,556 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Certificates of deposit | 934,668 | 938,703 | — | 938,703 | — | |||||||||||||||
Borrowed funds | 812,555 | 815,910 | — | 815,910 | — | |||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Investment securities held-to-maturity | $ | 500 | $ | 502 | $ | — | $ | — | $ | 502 | ||||||||||
Loans held for sale | 3,233 | 3,233 | — | 3,233 | — | |||||||||||||||
Loans and leases, net | 4,134,560 | 4,193,678 | — | — | 4,193,678 | |||||||||||||||
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 value of securities held-to-maturity are estimated using pricing models or are based on comparisons to market prices of similar securities and considered to be Level 3. | ||||||||||||||||||||
Loans Held for Sale | ||||||||||||||||||||
Fair value is measured using quoted markets prices when available. These assets are typically categorized as Level 1. If quoted market prices are not available, comparable market values or discounted cash flow analysis may be utilized. These assets are typically categorized as Level 2. | ||||||||||||||||||||
Loans and Leases | ||||||||||||||||||||
The fair value of performing loans and leases was estimated by segregating the portfolio into its primary loan and lease categories—commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association, indirect automobile, residential mortgage, home equity and other consumer. These categories were further disaggregated based upon significant financial characteristics such as type of interest rate (fixed, variable) and payment status (current, past-due). The Company then discounted 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 estimates of future loan prepayments. This method of estimating fair value does not incorporate the exit price concept of fair value. | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
The fair values of deposit liabilities with no stated maturity (demand, NOW, savings and money market savings accounts) are equal to the carrying amounts payable on demand. The fair value of certificates of deposit represents contractual cash flows discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. The fair value estimates for deposits do not include the benefit that results from the low-cost funding provided by the Company's core deposit relationships (deposit-based intangibles). | ||||||||||||||||||||
Borrowed Funds | ||||||||||||||||||||
The fair value of federal funds purchased is equal to the amount borrowed. The fair value of FHLBB advances and repurchase agreements represents contractual repayments discounted using interest rates currently available for borrowings with similar characteristics and remaining maturities. The fair values reported for retail repurchase agreements are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on borrowings with similar characteristics and maturities. The fair values reported for subordinated deferrable interest debentures are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on instruments with similar terms and maturities. |
Condensed_Parent_Company_Finan
Condensed Parent Company Financial Statements | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed Parent Company Financial Statements | ' | |||||||||||
Condensed Parent Company Financial Statements | ||||||||||||
Condensed Parent Company Balance Sheets as of December 31, 2013 and 2012 and Statements of Income for the years ended December 31, 2013, 2012 and 2011 follow. The Statement of Stockholders' Equity is not presented below as the parent company's stockholders' equity is that of the consolidated company. | ||||||||||||
Balance Sheets | ||||||||||||
At December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In Thousands) | ||||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 12,438 | $ | 4,547 | ||||||||
Short-term investments | 33 | 33 | ||||||||||
Total cash and cash equivalents | 12,471 | 4,580 | ||||||||||
Restricted equity securities | 100 | 100 | ||||||||||
Loan to Brookline Bank ESOP | 2,252 | 2,502 | ||||||||||
Premises and equipment, net | 11,850 | 8,202 | ||||||||||
Deferred tax asset | — | 1,879 | ||||||||||
Investment in subsidiaries, at equity | 575,375 | 592,961 | ||||||||||
Goodwill | 35,267 | 35,267 | ||||||||||
Other assets | 6,185 | 1,893 | ||||||||||
Total assets | $ | 643,500 | $ | 647,384 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Demand checking accounts | $ | — | $ | 41 | ||||||||
Borrowed funds | 9,163 | 12,091 | ||||||||||
Deferred tax liability | 1,195 | — | ||||||||||
Accrued expenses and other liabilities | 19,275 | 23,155 | ||||||||||
Total liabilities | 29,633 | 35,287 | ||||||||||
Stockholders' equity: | ||||||||||||
Common stock | 757 | 757 | ||||||||||
Additional paid-in capital | 617,538 | 618,426 | ||||||||||
Retained earnings, partially restricted | 64,903 | 53,358 | ||||||||||
Accumulated other comprehensive (loss) income | (7,915 | ) | 3,483 | |||||||||
Treasury stock, at cost; 5,171,985 shares and 5,373,733 shares, respectively | (59,826 | ) | (62,107 | ) | ||||||||
Unallocated common stock held by ESOP; 291,666 shares and 333,918 shares, respectively | (1,590 | ) | (1,820 | ) | ||||||||
Total Brookline Bancorp, Inc. stockholders' equity | 613,867 | 612,097 | ||||||||||
Total liabilities and stockholders' equity | $ | 643,500 | $ | 647,384 | ||||||||
Statements of Income | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Interest and dividend income: | ||||||||||||
Dividend income from subsidiaries | $ | 30,000 | $ | 30,000 | $ | 167,003 | ||||||
Short-term investments | — | — | 1 | |||||||||
Loan to Brookline Bank ESOP | 205 | 227 | 249 | |||||||||
Total interest and dividend income | 30,205 | 30,227 | 167,253 | |||||||||
Interest expense: | ||||||||||||
Borrowed funds and subordinated debt | 442 | 589 | 91 | |||||||||
Net interest income | 29,763 | 29,638 | 167,162 | |||||||||
Non-interest expense: | ||||||||||||
Compensation and employee benefits | 2,305 | 11,302 | — | |||||||||
Occupancy | 16 | — | — | |||||||||
Equipment and data processing | 4,263 | 1,395 | — | |||||||||
Directors' fees | 590 | 580 | 225 | |||||||||
Franchise taxes | 223 | 175 | 180 | |||||||||
Professional services | 583 | 2,773 | 1,758 | |||||||||
Advertising and marketing | 6 | 11 | — | |||||||||
Other | 2,386 | 2,477 | 229 | |||||||||
Total non-interest expense | 10,372 | 18,713 | 2,392 | |||||||||
Income before income taxes | 19,391 | 10,925 | 164,770 | |||||||||
(Credit) provision for income taxes | (4,035 | ) | (7,050 | ) | 285 | |||||||
Income before distributions in excess of net income of subsidiaries | 23,426 | 17,975 | 164,485 | |||||||||
Distributions less than (in excess of) net income of subsidiaries | 11,960 | 19,167 | (136,885 | ) | ||||||||
Net income | $ | 35,386 | $ | 37,142 | $ | 27,600 | ||||||
Statements of Cash Flows | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income attributable to parent company | $ | 35,386 | $ | 37,142 | $ | 27,600 | ||||||
Adjustments to reconcile net income to net cash provided from operating activities: | ||||||||||||
Distributions in excess (less than) of net income of subsidiaries | (11,960 | ) | (19,167 | ) | 137,227 | |||||||
Other operating activities, net | 16,555 | (5,617 | ) | 1,202 | ||||||||
Net cash provided from operating activities | 39,981 | 12,358 | 166,029 | |||||||||
Cash flows from investing activities: | ||||||||||||
Acquisitions, net of cash and cash equivalents acquired | — | (89,258 | ) | (19,729 | ) | |||||||
Monies in escrow—Bancorp Rhode Island, Inc. acquisition | — | 112,983 | (112,983 | ) | ||||||||
Repayment of ESOP loan by Brookline Bank | 250 | 250 | 250 | |||||||||
Purchase of restricted equity securities | — | (100 | ) | — | ||||||||
Purchase of premises and equipment | (5,458 | ) | (8,557 | ) | — | |||||||
Net cash provided from (used in) investing activities | (5,208 | ) | 15,318 | (132,462 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
(Decrease) increase in demand deposit, NOW, savings and money market accounts | (41 | ) | 41 | — | ||||||||
Payment of dividends on common stock | (23,841 | ) | (23,777 | ) | (19,964 | ) | ||||||
Repayment of subordinated and other debt | (3,000 | ) | — | (13,985 | ) | |||||||
Income tax benefit from vesting of recognition and retention plan shares, exercise of non-incentive stock options, payment of dividend equivalent rights and dividend distribution on allocated ESOP shares | — | — | 79 | |||||||||
Net cash used in financing activities | (26,882 | ) | (23,736 | ) | (33,870 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 7,891 | 3,940 | (303 | ) | ||||||||
Cash and cash equivalents at beginning of year | 4,580 | 640 | 943 | |||||||||
Cash and cash equivalents at end of year | $ | 12,471 | $ | 4,580 | $ | 640 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash paid during the year for: | ||||||||||||
Interest on subordinated debt | $ | 480 | $ | 795 | $ | — | ||||||
Income taxes | 19,137 | 16,981 | — | |||||||||
Acquisition of Bancorp Rhode Island: | ||||||||||||
Fair value of assets acquired, net of cash and cash equivalents acquired | $ | — | $ | 1,571,817 | $ | — | ||||||
Fair value of liabilities assumed | — | 1,481,535 | — | |||||||||
Acquisition of First Ipswich Bancorp: | ||||||||||||
Fair value of assets acquired, net of cash and cash equivalents acquired | $ | — | $ | — | $ | 246,186 | ||||||
Fair value of liabilities assumed | — | — | 251,978 | |||||||||
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | |||||||||||||||
Quarterly Results of Operations (Unaudited) | ||||||||||||||||
2013 Quarters | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
(Dollars in Thousands Except Per Share Data) | ||||||||||||||||
Interest and dividend income | $ | 51,049 | $ | 50,823 | $ | 52,900 | $ | 51,612 | ||||||||
Interest expense | 7,275 | 7,411 | 7,537 | 7,943 | ||||||||||||
Net interest income | 43,774 | 43,412 | 45,363 | 43,669 | ||||||||||||
Provision for credit losses | 3,887 | 2,748 | 2,439 | 1,855 | ||||||||||||
Net interest income after provision for credit losses | 39,887 | 40,664 | 42,924 | 41,814 | ||||||||||||
Loss on investment in affordable housing projects | (318 | ) | (558 | ) | (624 | ) | (312 | ) | ||||||||
Gain on sales of securities, net | 397 | — | — | — | ||||||||||||
Other non-interest income | 3,828 | 4,011 | 3,762 | 3,639 | ||||||||||||
Amortization of identified intangible assets | (1,127 | ) | (1,154 | ) | (1,177 | ) | (1,165 | ) | ||||||||
Other non-interest expense | (30,193 | ) | (28,399 | ) | (29,638 | ) | (29,607 | ) | ||||||||
Income before income taxes | 12,474 | 14,564 | 15,247 | 14,369 | ||||||||||||
Provision for income taxes | 4,325 | 4,645 | 5,382 | 5,129 | ||||||||||||
Net income | 8,149 | 9,919 | 9,865 | 9,240 | ||||||||||||
Less net income attributable to noncontrolling interest in subsidiary | 495 | 490 | 375 | 427 | ||||||||||||
Net income attributable to Brookline Bancorp, Inc. | $ | 7,654 | $ | 9,429 | $ | 9,490 | $ | 8,813 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.11 | $ | 0.14 | $ | 0.14 | $ | 0.13 | ||||||||
Diluted | 0.11 | 0.13 | 0.14 | 0.13 | ||||||||||||
Average common shares outstanding: | ||||||||||||||||
Basic | 69,862,175 | 69,830,953 | 69,774,703 | 69,762,784 | ||||||||||||
Diluted | 69,951,683 | 69,913,765 | 69,833,541 | 69,830,630 | ||||||||||||
Common stock price: | ||||||||||||||||
High | $ | 9.58 | $ | 10.08 | $ | 9.14 | $ | 9.39 | ||||||||
Low | 8.72 | 8.81 | 8.23 | 8.66 | ||||||||||||
Dividends per share | $ | 0.085 | $ | 0.085 | $ | 0.085 | $ | 0.085 | ||||||||
2012 Quarters | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
(Dollars in Thousands Except Per Share Data) | ||||||||||||||||
Interest income | $ | 52,976 | $ | 55,394 | $ | 51,839 | $ | 52,991 | ||||||||
Interest expense | 8,412 | 8,983 | 9,080 | 9,357 | ||||||||||||
Net interest income | 44,564 | 46,411 | 42,759 | 43,634 | ||||||||||||
Provision for credit losses | 3,101 | 2,862 | 6,678 | 3,247 | ||||||||||||
Net interest income after provision for credit losses | 41,463 | 43,549 | 36,081 | 40,387 | ||||||||||||
Gain on sales of securities, net | 129 | — | 797 | — | ||||||||||||
Gain on sales of loans and leases | 1,898 | — | — | — | ||||||||||||
Loss from investments in affordable housing projects | (239 | ) | (73 | ) | (244 | ) | (138 | ) | ||||||||
Other non-interest income | 4,716 | 3,858 | 4,168 | 3,733 | ||||||||||||
Amortization of identified intangible assets | (1,797 | ) | (1,271 | ) | (1,271 | ) | (1,283 | ) | ||||||||
Other non-interest expense | (27,072 | ) | (29,165 | ) | (27,350 | ) | (31,166 | ) | ||||||||
Income before income taxes | 19,098 | 16,898 | 12,181 | 11,533 | ||||||||||||
Provision for income taxes | 6,868 | 5,176 | 4,398 | 4,899 | ||||||||||||
Net income | 12,230 | 11,722 | 7,783 | 6,634 | ||||||||||||
Less net income attributable to noncontrolling interest in subsidiary | 367 | 321 | 254 | 285 | ||||||||||||
Net income attributable to Brookline Bancorp, Inc. | $ | 11,863 | $ | 11,401 | $ | 7,529 | $ | 6,349 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.17 | $ | 0.16 | $ | 0.11 | $ | 0.09 | ||||||||
Diluted | 0.17 | 0.16 | 0.11 | 0.09 | ||||||||||||
Average common shares outstanding: | ||||||||||||||||
Basic | 69,742,225 | 69,716,283 | 69,677,656 | 69,664,619 | ||||||||||||
Diluted | 69,799,324 | 69,754,473 | 69,715,890 | 69,665,873 | ||||||||||||
Common stock price: | ||||||||||||||||
High | $ | 8.9 | $ | 9.25 | $ | 9.49 | $ | 9.78 | ||||||||
Low | 7.54 | 8.13 | 8.46 | 8.37 | ||||||||||||
Dividends per share | $ | 0.085 | $ | 0.085 | $ | 0.085 | $ | 0.085 | ||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies | ' |
Basis of Financial Statement Presentation | ' |
Basis of Financial Statement Presentation | |
The Company's consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") as set forth by the Financial Accounting Standards Board ("FASB") in its Accounting Standards Codification and through the rules and interpretive releases of the Securities and Exchange Commission ("SEC") under the authority of federal securities laws. | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. | |
In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant change in the near-term include the determination of the allowance for loan and lease losses, the determination of fair market values of assets and liabilities, including acquired loans, the review of goodwill and intangibles for impairment and the review of deferred tax assets for valuation allowance. | |
The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. | |
Reclassification | ' |
Reclassification | |
Certain previously reported amounts have been reclassified to conform to the current year's presentation. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
For purposes of reporting asset balances and cash flows, cash and cash equivalents includes cash on hand and due from banks (including cash items in process of clearing), interest-bearing deposits with banks, federal funds sold, money market mutual funds and other short-term investments with original maturities of three months or less. | |
Investment Securities | ' |
Investment Securities | |
Investment securities, other than those reported as short-term investments, are classified at the time of purchase as "available for sale," "held to maturity," or "trading." Classification is periodically re-evaluated for consistency with the Company's goals and objectives. Equity investments in the Federal Home Loan Bank of Boston ("FHLBB") and the Federal Reserve Bank of Boston are discussed in more detail in Note 5, "Restricted Equity Securities." | |
Investment Securities Available-for-Sale and Held-to-Maturity | |
Securities for which the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at amortized cost. Those securities held for indefinite periods of time but not necessarily to maturity are classified as available-for-sale. Securities held for indefinite periods of time include securities that management intends to use as part of its asset/liability, liquidity, and/or capital management strategies and may be sold in response to changes in interest rates, maturities, asset/liability mix, liquidity needs, regulatory capital needs or other business factors. Securities available-for-sale are carried at estimated fair value, primarily obtained from a third-party pricing service, with unrealized gains and losses reported on an after-tax basis in stockholders' equity as accumulated other comprehensive income or loss. As of December 31, 2013 and 2012, the Company did not make any adjustments to the prices provided by the third-party pricing service. | |
Security transactions are recorded on the trade date. Realized gains and losses are determined using the specific identification method and are recorded in non-interest income. Interest and dividends on securities are recorded using the accrual method. Premiums and discounts on securities are amortized or accreted into interest income using the level-yield method over the remaining period to contractual maturity, adjusted for the effect of actual prepayments in the case of mortgage-backed securities ("MBSs") and collateralized mortgage obligations ("CMOs"). These estimates of prepayment assumptions are made based upon the actual performance of the underlying security, current interest rates, the general market consensus regarding changes in mortgage interest rates, the contractual repayment terms of the underlying loans, the priority rights of the investors to the cash flows from the mortgage securities and other economic conditions. When differences arise between anticipated prepayments and actual prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. Unamortized premium or discount is adjusted to the amount that would have existed had the new effective yield been applied since purchase, with a corresponding charge or credit to interest income. | |
Management evaluates securities for other-than-temporary impairment ("OTTI") on a periodic basis. Factors considered in determining whether an impairment is other-than-temporary include: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer and (3) the intent and ability of the Company to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value. The Company records an other-than-temporary loss in an amount equal to the entire difference between the fair value and amortized cost if (1) the Company intends to sell an impaired security, (2) it is more likely than not that the Company will be required to sell the security before its amortized costs or (3) for debt securities, the present value of expected future cash flows is not sufficient to recover the entire amortized cost basis. If a security is determined to be other-than-temporarily impaired but the Company does not intend to sell the security, only the credit portion of the estimated loss is recognized in earnings, with the other portion of the loss recognized in other comprehensive income. | |
Restricted Securities | |
The Company owns investments in the stock of the FHLBB, the Federal Reserve Bank of Boston and a small amount of other restricted securities. No ready market exists for these stocks, and they have no quoted market values. The Banks, as members of the FHLBB, are required to maintain investments in the capital stock of the FHLBB equal to their membership base investments plus an activity-based investment determined according to the Banks' level of outstanding FHLBB advances. Federal Reserve Bank of Boston stock was purchased at par and is redeemable at par. | |
Loans | ' |
Loans | |
Originated Loans | |
Loans the Company originates for the portfolio, and for which it has the intent and ability to hold to maturity, are reported at amortized cost, inclusive of deferred loan origination fees and expenses, less unadvanced funds due borrowers on loans and the allowance for loan and lease losses. | |
Interest income on loans and leases originated for the portfolio is accrued on unpaid principal balances as earned. Loan origination fees and direct loan origination costs are deferred, and the net fee or cost is recognized in interest income using the interest method. Deferred loan origination costs include payments to dealers originating indirect automobile loans. The difference between the rate charged by a dealer to originate an indirect automobile loan and the "buy rate," or the rate earned by the Company, is referred to as the "spread." The computed dollar value of the spread paid to a dealer is amortized as a charge to income over the life of the loan on a level-yield basis. Deferred amounts are recognized for fixed-rate loans over the contractual life of the loans and for adjustable-rate loans over the period of time required to adjust the contractual interest rate to a yield approximating a market rate at the origination date. If a loan is prepaid, the unamortized portion of the loan origination costs, including those indirect-automobile-related costs not subject to rebate from the dealer, is charged to income. | |
Loans Held-for-Sale | |
Management identifies and designates certain newly originated loans for sale to specific financial institutions, subject to the underwriting criteria of those financial institutions. These loans are held for sale and are carried at the lower of cost or market as determined in the aggregate. Deferred loan fees and costs are included in the determination of the gain or loss on sale. | |
Acquired Loans | |
Acquired loans that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Corporation will be unable to collect all contractually required payments receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the recorded fair value of the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately are not to be received). | |
Non-Performing Loans | ' |
Nonperforming Loans | |
Nonaccrual Loans | |
Accrual of interest on loans generally is discontinued when contractual payment of principal or interest becomes past due 90 days or, if in management's judgment, reasonable doubt exists as to the full timely collection of interest. Exceptions may be made if the loan has matured and is in the process of renewal or is well-secured and in the process of collection. When a loan is placed on nonaccrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current interest income. Interest payments on nonaccrual loans are applied to principal. 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 at least six consecutive months of performance has been achieved. | |
Impaired Loans | |
A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. Smaller-balance, homogeneous loans that are evaluated collectively for impairment, such as indirect automobile, residential, home equity and other consumer loans are specifically excluded from the impaired loan portfolio except where the loan is classified as a troubled debt restructuring. The Company has defined the population of impaired loans to include nonaccrual loans and troubled debt restructured loans. | |
The value of an impaired loan is measured based upon the present value of expected future cash flows discounted at the loan's effective interest rate, or the fair value of the collateral if the loan is collateral-dependent and its payment is expected solely based on the underlying collateral. For impaired loans deemed collateral dependent, where impairment is measured using the fair value of the collateral, the Company will either obtain a new appraisal or use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. | |
Interest collected on impaired loans is either applied against principal or reported as income according to management's judgment as to the collectability of principal. If management does not consider a loan ultimately collectible within an acceptable time frame, payments are applied as principal to reduce the loan balance. If full collection of the remaining recorded investment should subsequently occur, interest receipts are recorded as interest income on a cash basis. | |
Troubled Debt Restructured Loans | |
In cases where a borrower experiences financial difficulties and the Company makes certain concessionary modifications to contractual terms, the loan is classified as a troubled debt restructured loan. In determining whether a debtor is experiencing financial difficulties, the Company considers, among other factors, if the debtor is in payment default or is likely to be in payment default in the foreseeable future without the modification, the debtor declared or is in the process of declaring bankruptcy, there is substantial doubt that the debtor will continue as a going concern, the debtor's entity-specific projected cash flows will not be sufficient to service its debt, or the debtor cannot obtain funds from sources other than the existing creditors at market terms for debt with similar risk characteristics. | |
Modifications may include interest-rate reductions, short-term (defined as one year or less) changes in payment structure to interest-only payments, short-term extensions of the loan's original contractual term or, less frequently, principal forgiveness, interest capitalization, forbearance and other actions intended to minimize the economic loss and to avoid foreclosure or repossession of collateral. Typically, troubled debt restructurings are placed on nonaccrual status and reported as nonperforming loans. Generally, a nonaccrual loan that is restructured remains on nonaccrual for a period of six months to demonstrate the borrower can meet the restructured terms; however, performance prior to the restructuring, or significant events that coincide with the restructuring, are considered in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of restructuring or after a shorter performance period. If the borrower's ability to meet the revised payment schedule is not reasonably assured, the loan remains classified as a nonaccrual loan. | |
Loans restructured at an interest rate equal to or greater than that of a new loan with comparable risk at the time of the loan agreement is modified may be excluded from restructured loan disclosures in years subsequent to the restructuring if they are in compliance with the modified terms. | |
Allowance for Loan and Lease Losses | ' |
Allowance for Loan and Lease Losses | |
Additions to the allowance for loan and lease losses are made by charges to the provision for credit losses. Losses on loans and leases are charged off against the allowance when all or a portion of a loan or lease is considered uncollectible. Subsequent recoveries on loans previously charged off, if any, are credited to the allowance when realized | |
The allowance for loan and lease losses consists of general, specific and unallocated reserves and reflects management's estimate of probable loan and lease losses inherent in the loan portfolio at the balance sheet date. Management uses a consistent and systematic process and methodology to evaluate the adequacy of the allowance for loan and lease losses on a quarterly basis. The allowance is calculated by loan category, including commercial real estate loans, commercial loans and leases, indirect automobile loans and consumer loans; with each of these categories further segregated into classes. A formula-based credit evaluation approach is applied to each group, coupled with an analysis of certain loans for impairment. | |
The process to determine the allowance for loan and lease losses requires management to exercise considerable judgment regarding the risk characteristics of the loan portfolio categories and the effect of relevant internal and external factors. The reasonableness of prior judgments is evaluated on a quarterly basis by comparison of estimated loan and lease losses to loan and lease losses actually incurred. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company's allowance for loan and lease losses. Such agencies may require the Company to change the allowance based on their judgments of information available to them at the time of their examination. | |
General Allowance | |
The general allowance related to loans collectively evaluated for impairment is determined using a formula-based approach utilizing the risk ratings of individual credits and loss factors derived from historic portfolio loss rates. Other relevant qualitative factors include, but are not limited to, historic levels and trends in loan charge-offs and recoveries; past-due loans; risk-rated loans; classified loans and impaired loans; the pace of loan growth; underwriting policies and adherence to such policies; changes in credit concentration; the experience of lending personnel and management; trends in the economy and employment; business conditions; industry conditions; and political, legislative and regulatory changes. The general allowance related to the acquired loans collectively evaluated for impairment are determined based upon the degree, if any, of deterioration in the pooled loans subsequent to acquisition. The qualitative factors used in the determination are the same as those used for originated loans. | |
Specific Allowance | |
Specific valuation allowances are established for impaired originated loans with book values greater than the discounted present value of expected future cash flows or, in the case of collateral-dependent impaired loans, for any excess of a loan's book balance and the fair value of its underlying collateral. Specific valuation allowances are established for acquired loans with deterioration in the discounted present value of expected further cash flows since acquisitions or, in the case of collateral dependent impaired loans, for any increase in the excess of a loan's book balance greater than the fair value of its underlying collateral. A specific valuation allowance for losses on troubled debt restructured loans is determined by comparing the net carrying amount of the troubled debt restructured loan with the restructured loan's cash flows discounted at the original effective rate. Impaired loans are reviewed quarterly with adjustments made to the calculated reserve as deemed necessary. | |
Unallocated Allowance | |
Determination of the unallocated portion of the allowance is a subjective process. Management believes the unallocated allowance is an important component of the total allowance because it addresses the probable inherent risk of loss that exists in that part of the Company's loan portfolio with repayment terms that extend over many years. It also helps to minimize the risk related to the margin of imprecision inherent in the estimation of the allocated components of the allowance. The Company has not allocated the unallocated portion of the allowance to the various loan categories and classes because such an allocation would imply a degree of precision that does not exist. | |
Liability for Unfunded Commitments | |
In the ordinary course of business, the Company enters into commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for loan losses. | |
Premises and Equipment | ' |
Premises and Equipment | |
Premises and equipment are carried at cost less accumulated depreciation and amortization, except for land which is carried at cost. Premises and equipment are depreciated using the straight-line method over the estimated useful life of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the improvements. | |
Costs related to internal-use software development projects that provide significant new functionality are capitalized. Internal-use software is software acquired or modified solely to meet the Company's needs and for which there is no plan to market the software externally. Direct and indirect costs associated with the application development stage of internal use software are capitalized until such time that the software is substantially complete and ready for its intended use. Capitalized costs are amortized on a straight-line basis over the remaining estimated life of the software. Computer software and development costs incurred in the preliminary project stage, as well as training and maintenance costs, are expensed as incurred. | |
Bank-Owned Life Insurance | ' |
Bank-Owned Life Insurance | |
The Company acquired bank-owned life insurance ("BOLI") plans as part of its acquisitions of First Ipswich and BankRI. BOLI represents life insurance on the lives of certain current and former employees who have provided positive consent allowing their employer to be the beneficiary of such policies. BankRI and First Ipswich are the beneficiaries of their respective policies. BankRI and First Ipswich utilize BOLI as tax-efficient financing for their benefit obligations to their employees, including their retirement obligations and Supplemental Executive Retirement Plans ("SERPs"). | |
Since BankRI and First Ipswich are the primary beneficiaries of their respective insurance policies, increases in the cash value of the policies, as well as insurance proceeds received, are recorded in non-interest income and are not subject to income taxes. BOLI is recorded at the cash value of the policies, less any applicable cash surrender charges, and is reflected as an asset in the accompanying consolidated balance sheets. The Company reviews the financial strength of the insurance carriers prior to the purchase of BOLI to ensure minimum credit ratings of at least investment grade. The financial strength of the carriers is reviewed at least annually and BOLI with any individual carrier is limited to 10% of capital | |
Goodwill and Other Acquisition-Related Intangible Assets | ' |
Goodwill and Other Identified Intangible Assets | |
Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill is not subject to amortization. Identified intangible assets are assets resulting from acquisitions that are being amortized over their estimated useful lives. The recoverability of goodwill and identified intangible assets is evaluated for impairment at least annually. As part of this evaluation, the Company makes a qualitative assessment of whether it is more likely than not that the fair value of an acquired asset is greater than its carrying amount. Pursuant to FASB Accounting Standards Update ("ASU") 2011-8, adopted in January 2012, if the Company concludes that it is more likely than not that the fair value of an acquired asset is greater than its carrying amount, no further testing is necessary. If, however, the Company concludes that it is more likely than not that the fair value of an acquired asset is less than its carrying value, the Company performs a two-step quantitative impairment test to determine whether the asset is impaired. If impairment is deemed to have occurred, the amount of impairment is charged to expense when identified. | |
Other Real Estate Owned and Repossessed Assets | ' |
Other Real Estate Owned and Repossessed Assets | |
OREO consists of property acquired through foreclosure, real estate acquired through acceptance of a deed in lieu of foreclosure and loans determined to be substantively repossessed. Real estate loans that are substantively repossessed include only those loans for which the Company has taken possession of the collateral. OREO and repossessed assets which consist of vehicles and equipment, if any, are recorded initially at estimated fair value less costs to sell, resulting in a new cost basis. The amount by which the recorded investment in the loan exceeds the fair value (net of estimated cost to sell) of the foreclosed or repossessed asset is charged to the allowance for loan and lease losses. Such evaluations are based on an analysis of individual properties/assets as well as a general assessment of current real estate market conditions. Subsequent declines in the fair value of the foreclosed or repossessed asset below the new cost basis are recorded through the use of a valuation allowance. Subsequent increases in the fair value are recorded as reductions in the allowance, but not below zero. Rental revenue received on foreclosed or repossessed assets is included in other non-interest income, whereas operating expenses and changes in the valuation allowance relating to foreclosed and repossessed assets are included in other non-interest expense. Certain costs used to improve such properties are capitalized. Gains and losses from the sale of OREO and repossessed vehicles and equipment are reflected in non-interest expense when realized. Together with nonperforming loans, OREO and repossessed assets comprise nonperforming assets. | |
Derivatives | ' |
Derivatives | |
The Company enters into interest rate swap agreements as part of the Company's interest-rate risk management strategy for certain assets and liabilities and not for speculative purposes. Based on the Company's intended use for the interest rate swap at inception, the Company designates the derivative as either an economic hedge of an asset or liability or a hedging instrument subject to the hedge accounting provisions of FASB ASC Topic 815, "Derivatives and Hedging." | |
Interest rate swaps designated as economic hedges are recorded at fair value within other assets or liabilities. Changes in the fair value of these derivatives are recorded directly through earnings at each reporting period. | |
Transfer of Financial Assets | ' |
Transfer of Financial Assets | |
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1)the assets have been isolated from the Company, (2)the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3)the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | |
Securities Sold Under Agreements to Repurchase | ' |
Securities Sold under Agreements to Repurchase | |
The Company enters into sales of securities under agreements to repurchase with the Banks' commercial customers. These agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the consolidated balance sheets. Securities pledged as collateral under agreements to repurchase are reflected as assets in the accompanying consolidated balance sheets. | |
Employee Benefits | ' |
Employee Benefits | |
Costs related to the Company's 401(k) plans are recognized over the vesting period or charged against current operations in the year made depending on the plan. Costs related to the Company's nonqualified deferred compensation plan, SERPs and postretirement benefits are recognized over the vesting period or the related service periods of the participating employees. Changes in the funded status of postretirement benefits are recognized through comprehensive income in the year in which changes occur. | |
Compensation expense for the Employee Stock Ownership Plan ("ESOP") is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair market value of the shares during the year. The Company recognizes compensation expense ratably over the year based upon the Company's estimate of the number of shares expected to be allocated by the ESOP. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in capital. | |
The fair value of restricted common stock awards and stock option grants is determined as of the grant date and is recorded as compensation expense over the period in which the shares of common stock and stock options vest. Forfeitures are estimated in determining compensation expense. | |
Fair Value Measurements | ' |
Fair Value Measurements | |
ASC 820-10, "Fair Value Measurements and Disclosures," defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability is not adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities. It is not a forced transaction. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, able to transact and willing to transact. | |
A fair-value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs are included in ASC 820. The fair value hierarchy is as follows: | |
Level 1: Inputs are unadjusted quoted prices in active markets for assets and liabilities identical to those reported at fair value. | |
Level 2: Inputs other than quoted prices included within Level 1. Level 2 inputs are observable either directly or indirectly. These inputs might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. | |
Level 3: Inputs are unobservable inputs for an asset or liability that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. These inputs are used to determine fair value only when observable inputs are not available. | |
Earnings per Common Share | ' |
Earnings per Common Share | |
Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding for the applicable period, exclusive of unearned ESOP shares and unvested restricted stock. Diluted EPS is calculated after adjusting the denominator of the basic EPS calculation for the effect of all potential dilutive common shares outstanding during the period. The dilutive effects of options and unvested restricted stock awards are computed using the "treasury stock" method, the results of which are not materially different from those calculated using the “two-class” method. | |
Income Taxes | ' |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. | |
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
Tax positions that are more likely than not to be sustained upon a tax examination are recognized in the Company's financial statements to the extent that the benefit is greater than 50% likely of being recognized. Interest resulting from underpayment of income taxes is classified as income tax expense in the first period the interest would begin accruing according to the provision of the relevant tax law. Penalties resulting from underpayment of income taxes are classified as income tax expense in the period for which the Company claims or expects to claim an uncertain tax position or in the period in which the Company's judgment changes regarding an uncertain tax position. | |
Treasury Stock | ' |
Treasury Stock | |
Shares repurchased under the Company's share repurchase programs were purchased in open-market transactions and are held as treasury stock. Treasury stock also consists of common stock withheld to satisfy federal, state and local income tax withholding requirements for vested employee restricted stock awards. All treasury stock is held at cost. | |
Segment Reporting | ' |
Segment Reporting | |
An operating segment is defined as a component of a business for which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and evaluate performance. The Company is a bank holding company with subsidiaries engaged in the business of banking and activities closely related to banking. The Company's banking business provided substantially all of its total revenues and pre-tax income in 2013, 2012 and 2011. Therefore, t | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, 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 16, “Derivatives and Hedging Activities.” | |
In February 2013, 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 15, “Comprehensive Income.” | |
In July 2013, 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 rare 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 December 31, 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, 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; or (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 December 31, 2013, the Company did not have a UTB. The Company will assess the applicability of this ASU after it become effective and as such has not determined the impact, if any, of this ASU. | |
In January 2014, the FASB issued ASU 2014-01, Accounting for Investments in Qualified Low-Income Housing Tax Credit (“LIHTC”) program. This ASU provides guidance on accounting for investments by a reporting entity in flow-through limited liability entities. Currently, investments in low-income housing are accounted for either by the effective yield, equity or cost method. This ASU allows for reporting entities to make a policy election on how to account for their investments. This ASU is applied retrospectively effective prospectively for all annual periods presented beginning after December 15, 2014; early adoption is permitted. The Company has not chosen to early adopt ASU No. 2014-01 and will assess the applicability of this ASU after it become effective and as such has not determined the impact, if any, of this ASU. | |
In January 2014, the FASB issued ASU 2014-04, Receivables—Troubled Debt Restructurings by Creditors. This ASU provides clarification on when an in substance repossession or foreclosure occurs resulting in the creditor derecognizing the loan and recognizing the collateral. Currently, there is no definition of in substance a repossession or foreclosure and physical possession in the accounting literature. This ASU is applied retrospectively or effective prospectively for all annual periods presented beginning after December 15, 2014; early adoption is permitted. The Company has not chosen to early adopt ASU No. 2014-04 and will assess the applicability of this ASU after it become effective and as such has not determined the impact, if any, of this ASU. |
Cash_and_ShortTerm_Investments1
Cash and Short-Term Investments (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Cash, Cash Equivalents, and Short-term Investments [Abstract] | ' | |||||||
Short-term investments | ' | |||||||
Short-term investments are summarized as follows: | ||||||||
At December 31, | ||||||||
2013 | 2012 | |||||||
(In Thousands) | ||||||||
Money market funds | $ | 10 | $ | 20 | ||||
Federal funds sold | 55,347 | 38,636 | ||||||
$ | 55,357 | $ | 38,656 | |||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Schedule of securities available-for-sale securities | ' | |||||||||||||||||||||||
The following tables set forth investment securities available-for-sale and held-to-maturity at the dates indicated: | ||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
GSEs | $ | 12,138 | $ | 42 | $ | — | $ | 12,180 | ||||||||||||||||
GSE CMOs | 254,331 | 86 | 10,773 | 243,644 | ||||||||||||||||||||
GSE MBSs | 202,478 | 1,852 | 4,929 | 199,401 | ||||||||||||||||||||
Private-label CMOs | 3,258 | 115 | 18 | 3,355 | ||||||||||||||||||||
SBA commercial loan asset-backed securities | 245 | — | 2 | 243 | ||||||||||||||||||||
Auction-rate municipal obligations | 1,900 | — | 125 | 1,775 | ||||||||||||||||||||
Municipal obligations | 1,068 | 18 | — | 1,086 | ||||||||||||||||||||
Corporate debt obligations | 27,751 | 506 | 33 | 28,224 | ||||||||||||||||||||
Trust preferred securities | 1,461 | — | 251 | 1,210 | ||||||||||||||||||||
Total debt securities | 504,630 | 2,619 | 16,131 | 491,118 | ||||||||||||||||||||
Marketable equity securities | 1,259 | 61 | 10 | 1,310 | ||||||||||||||||||||
Total investment securities available-for-sale | $ | 505,889 | $ | 2,680 | $ | 16,141 | $ | 492,428 | ||||||||||||||||
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 | ' | |||||||||||||||||||||||
Investment securities at December 31, 2013 and 2012 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: | ||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||
Less than | Twelve Months | Total | ||||||||||||||||||||||
Twelve Months | or Longer | |||||||||||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
GSE CMOs | $ | 221,317 | $ | 9,861 | $ | 16,257 | $ | 912 | $ | 237,574 | $ | 10,773 | ||||||||||||
GSE MBSs | 121,836 | 3,746 | 13,516 | 1,183 | 135,352 | 4,929 | ||||||||||||||||||
Private-label CMOs | 639 | 18 | — | — | 639 | 18 | ||||||||||||||||||
SBA commercial loan asset- backed securities | 32 | — | 192 | 2 | 224 | 2 | ||||||||||||||||||
Auction-rate municipal obligations | — | — | 1,775 | 125 | 1,775 | 125 | ||||||||||||||||||
Corporate debt obligations | 5,988 | 33 | — | — | 5,988 | 33 | ||||||||||||||||||
Trust preferred securities | — | — | 1,210 | 251 | 1,210 | 251 | ||||||||||||||||||
Temporarily impaired debt securities | 349,812 | 13,658 | 32,950 | 2,473 | 382,762 | 16,131 | ||||||||||||||||||
Marketable equity securities | 501 | 10 | — | — | 501 | 10 | ||||||||||||||||||
Total temporarily impaired securities | $ | 350,313 | $ | 13,668 | $ | 32,950 | $ | 2,473 | $ | 383,263 | $ | 16,141 | ||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||
Less than | Twelve Months | Total | ||||||||||||||||||||||
Twelve Months | or Longer | |||||||||||||||||||||||
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 | — | — | 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 | ||||||||||||
Schedule of maturities of the investments in debt securities | ' | |||||||||||||||||||||||
The maturities of the investments in debt securities available-for-sale at the dates indicated are as follows: | ||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||
2013 | 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 | $ | 13,012 | $ | 13,062 | 0.82 | % | $ | 59,396 | $ | 59,736 | 1.2 | % | ||||||||||||
After 1 year through 5 years | 40,204 | 41,187 | 2.9 | % | 25,249 | 25,579 | 1.61 | % | ||||||||||||||||
After 5 years through 10 years | 66,447 | 67,075 | 2.23 | % | 50,283 | 52,557 | 3.29 | % | ||||||||||||||||
Over 10 years | 384,967 | 369,794 | 1.9 | % | 339,769 | 342,114 | 1.93 | % | ||||||||||||||||
$ | 504,630 | $ | 491,118 | 2 | % | $ | 474,697 | $ | 479,986 | 1.97 | % | |||||||||||||
Schedule of sales of investment securities | ' | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Sales of debt securities | $ | 1,210 | $ | 166,201 | $ | — | ||||||||||||||||||
Sales of marketable equity securities | — | — | 124 | |||||||||||||||||||||
Gross gains from sales | 626 | 1,093 | 80 | |||||||||||||||||||||
Gross losses from sales | 229 | 167 | — | |||||||||||||||||||||
Restricted_Equity_Securities_T
Restricted Equity Securities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Restricted Investments Note [Abstract] | ' | |||||||
Components of investments in the restricted equity securities of various entities | ' | |||||||
Investments in the restricted equity securities of various entities are as follows: | ||||||||
At December 31, | ||||||||
2013 | 2012 | |||||||
(In Thousands) | ||||||||
FHLBB stock | $ | 50,081 | $ | 52,188 | ||||
Federal Reserve Bank of Boston stock | 16,003 | 15,998 | ||||||
Other restricted equity securities | 475 | 475 | ||||||
$ | 66,559 | $ | 68,661 | |||||
Loans_and_Leases_Tables
Loans and Leases (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Loans and Leases Receivable Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of loan and lease balances for the originated and acquired portfolios | ' | ||||||||||||||||||||
The following tables present loan and lease balances and weighted average coupon rates for the originated and acquired loan and lease portfolios at the dates indicated: | |||||||||||||||||||||
At December 31, 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 | $ | 1,111,750 | 4.34 | % | $ | 350,235 | 4.42 | % | $ | 1,461,985 | 4.36 | % | |||||||||
Multi-family mortgage | 554,555 | 4.19 | % | 73,378 | 4.63 | % | 627,933 | 4.24 | % | ||||||||||||
Construction | 102,927 | 3.81 | % | 10,778 | 4.37 | % | 113,705 | 3.87 | % | ||||||||||||
Total commercial real estate loans | 1,769,232 | 4.26 | % | 434,391 | 4.46 | % | 2,203,623 | 4.3 | % | ||||||||||||
Commercial loans and leases: | |||||||||||||||||||||
Commercial | 297,684 | 3.68 | % | 110,108 | 4.54 | % | 407,792 | 3.91 | % | ||||||||||||
Equipment financing | 485,330 | 7.14 | % | 27,694 | 6.6 | % | 513,024 | 7.11 | % | ||||||||||||
Condominium association | 44,794 | 4.74 | % | — | — | 44,794 | 4.74 | % | |||||||||||||
Total commercial loans and leases | 827,808 | 5.77 | % | 137,802 | 4.95 | % | 965,610 | 5.65 | % | ||||||||||||
Indirect automobile loans | 400,531 | 4.98 | % | — | — | 400,531 | 4.98 | % | |||||||||||||
Consumer loans: | |||||||||||||||||||||
Residential mortgage | 411,554 | 3.65 | % | 116,631 | 3.93 | % | 528,185 | 3.71 | % | ||||||||||||
Home equity | 132,396 | 3.39 | % | 125,065 | 3.88 | % | 257,461 | 3.63 | % | ||||||||||||
Other consumer | 5,532 | 5.98 | % | 1,523 | 14.89 | % | 7,055 | 7.9 | % | ||||||||||||
Total consumer loans | 549,482 | 3.61 | % | 243,219 | 3.98 | % | 792,701 | 3.72 | % | ||||||||||||
Total loans and leases | $ | 3,547,053 | 4.59 | % | $ | 815,412 | 4.38 | % | $ | 4,362,465 | 4.55 | % | |||||||||
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 | $ | 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 | ' | ||||||||||||||||||||
The following table summarizes activity in the accretable yield for the acquired loan portfolio for the periods indicated: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Balance at beginning of year | $ | 57,812 | $ | (1,369 | ) | $ | — | ||||||||||||||
Acquisitions | — | 81,503 | (2,504 | ) | |||||||||||||||||
Reclassification from nonaccretable difference for loans with improved cash flows | 8,477 | 1,550 | — | ||||||||||||||||||
Accretion | (20,500 | ) | (23,872 | ) | 1,135 | ||||||||||||||||
Balance at end of year | $ | 45,789 | $ | 57,812 | $ | (1,369 | ) | ||||||||||||||
Summary of the change in the total amounts of loans and advances, all of which were performing, to directors, executive officers and their affiliates | ' | ||||||||||||||||||||
The following table summarizes the change in the total amounts of loans and advances, to directors, executive officers and their affiliates for the periods indicated. All loans were performing at December 31, 2013. | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Balance at beginning of year | $ | 4,083 | $ | 16,428 | $ | 16,399 | |||||||||||||||
Acquired loans | — | 2,848 | 222 | ||||||||||||||||||
New loans granted during the year | 365 | 314 | 288 | ||||||||||||||||||
Advances on lines of credit | 1,370 | 109 | — | ||||||||||||||||||
Repayments | (1,035 | ) | (15,281 | ) | (481 | ) | |||||||||||||||
Loan no longer classified as an insider loan | — | (335 | ) | — | |||||||||||||||||
Loans reclassified as insider loans | 11,327 | — | — | ||||||||||||||||||
Balance at end of year | $ | 16,110 | $ | 4,083 | $ | 16,428 | |||||||||||||||
Allowance_for_Loan_and_Lease_L1
Allowance for Loan and Lease Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable, Allowance [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of changes in the allowance for loan and lease losses | ' | |||||||||||||||||||||||||||||||||||
The following tables present the changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment for the periods indicated: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 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 | ) | (2,077 | ) | (1,714 | ) | (909 | ) | — | (4,788 | ) | |||||||||||||||||||||||||
Recoveries | 13 | 657 | 501 | 263 | — | 1,434 | ||||||||||||||||||||||||||||||
Provision (credit) for loan and lease losses | 3,079 | 5,985 | (167 | ) | 1,476 | 302 | 10,675 | |||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 23,022 | $ | 15,220 | $ | 3,924 | $ | 3,375 | $ | 2,932 | $ | 48,473 | ||||||||||||||||||||||||
Year Ended December 31, 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 | — | (5,347 | ) | (2,153 | ) | (592 | ) | — | (8,092 | ) | ||||||||||||||||||||||||||
Recoveries | 118 | 417 | 969 | 26 | — | 1,530 | ||||||||||||||||||||||||||||||
Provision (credit) for loan and lease losses | 4,423 | 9,588 | 884 | 1,534 | (418 | ) | 16,011 | |||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 20,018 | $ | 10,655 | $ | 5,304 | $ | 2,545 | $ | 2,630 | $ | 41,152 | ||||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Indirect | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||
Real Estate | Automobile | |||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2010 | $ | 12,398 | $ | 5,293 | $ | 6,952 | $ | 1,638 | $ | 3,414 | $ | 29,695 | ||||||||||||||||||||||||
Charge-offs | (30 | ) | (773 | ) | (2,076 | ) | (12 | ) | — | (2,891 | ) | |||||||||||||||||||||||||
Recoveries | — | 330 | 605 | 8 | — | 943 | ||||||||||||||||||||||||||||||
Provision (credit) for loan and lease losses | 3,109 | 1,147 | 123 | (57 | ) | (366 | ) | 3,956 | ||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 15,477 | $ | 5,997 | $ | 5,604 | $ | 1,577 | $ | 3,048 | $ | 31,703 | ||||||||||||||||||||||||
Provisions for credit losses | ' | |||||||||||||||||||||||||||||||||||
The provisions for credit losses are set forth below for the periods indicated: | ||||||||||||||||||||||||||||||||||||
Originated | Acquired | Total | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Provision for loan and lease losses: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,563 | $ | 4,348 | $ | 3,109 | $ | 516 | $ | 75 | $ | — | $ | 3,079 | $ | 4,423 | $ | 3,109 | ||||||||||||||||||
Commercial | 4,917 | 9,513 | 1,147 | 1,068 | 75 | — | 5,985 | 9,588 | 1,147 | |||||||||||||||||||||||||||
Indirect automobile | (167 | ) | 884 | 123 | — | — | — | (167 | ) | 884 | 123 | |||||||||||||||||||||||||
Consumer | 286 | 1,534 | (57 | ) | 1,190 | — | — | 1,476 | 1,534 | (57 | ) | |||||||||||||||||||||||||
Unallocated | 302 | (418 | ) | (366 | ) | — | — | — | 302 | (418 | ) | (366 | ) | |||||||||||||||||||||||
Total provision for loan and lease losses | 7,901 | 15,861 | 3,956 | 2,774 | 150 | — | 10,675 | 16,011 | 3,956 | |||||||||||||||||||||||||||
Unfunded credit commitments | 254 | (123 | ) | (325 | ) | — | — | — | 254 | (123 | ) | (325 | ) | |||||||||||||||||||||||
Total provision for credit losses | $ | 8,155 | $ | 15,738 | $ | 3,631 | $ | 2,774 | $ | 150 | $ | — | $ | 10,929 | $ | 15,888 | $ | 3,631 | ||||||||||||||||||
Summary of the recorded investments by credit quality indicator, by loan class | ' | |||||||||||||||||||||||||||||||||||
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 December 31, 2013 by credit quality indicator. | ||||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial | Multi- | Construction | Commercial | Equipment | Condominium | Other | ||||||||||||||||||||||||||||||
Real Estate | Family | Financing | Association | Consumer | ||||||||||||||||||||||||||||||||
Mortgage | Mortgage | |||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
Loan rating: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 1,099,108 | $ | 554,183 | $ | 102,927 | $ | 295,057 | $ | 479,811 | $ | 44,793 | $ | 5,528 | ||||||||||||||||||||||
OAEM | 11,555 | 372 | — | 49 | 625 | — | — | |||||||||||||||||||||||||||||
Substandard | 1,087 | — | — | 1,078 | 4,817 | 1 | 4 | |||||||||||||||||||||||||||||
Doubtful | — | — | — | 1,500 | 77 | — | — | |||||||||||||||||||||||||||||
Total originated | 1,111,750 | 554,555 | 102,927 | 297,684 | 485,330 | 44,794 | 5,532 | |||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
Loan rating: | ||||||||||||||||||||||||||||||||||||
Pass | 332,145 | 69,310 | 10,090 | 96,779 | 27,535 | — | 1,509 | |||||||||||||||||||||||||||||
OAEM | 7,556 | 463 | 688 | 4,617 | 61 | — | — | |||||||||||||||||||||||||||||
Substandard | 8,645 | 3,605 | — | 8,518 | 98 | — | 14 | |||||||||||||||||||||||||||||
Doubtful | 1,889 | — | — | 194 | — | — | — | |||||||||||||||||||||||||||||
Total acquired | 350,235 | 73,378 | 10,778 | 110,108 | 27,694 | — | 1,523 | |||||||||||||||||||||||||||||
Total loans by class | $ | 1,461,985 | $ | 627,933 | $ | 113,705 | $ | 407,792 | $ | 513,024 | $ | 44,794 | $ | 7,055 | ||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||
Dollars In Thousands | Percent | |||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
Credit score: | ||||||||||||||||||||||||||||||||||||
Over 700 | $ | 332,140 | 82.9 | % | ||||||||||||||||||||||||||||||||
661-700 | 54,038 | 13.5 | % | |||||||||||||||||||||||||||||||||
660 and below | 12,793 | 3.2 | % | |||||||||||||||||||||||||||||||||
Data not available | 1,560 | 0.4 | % | |||||||||||||||||||||||||||||||||
$ | 400,531 | 100 | % | |||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Residential Mortgage | Home Equity | |||||||||||||||||||||||||||||||||||
Dollars In Thousands | Percent | Dollars In Thousands | Percent | |||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
Loan-to-value ratio: | ||||||||||||||||||||||||||||||||||||
Less than 50% | $ | 94,500 | 17.9 | % | $ | 75,372 | 29.3 | % | ||||||||||||||||||||||||||||
50% - 69% | 149,969 | 28.4 | % | 31,504 | 12.2 | % | ||||||||||||||||||||||||||||||
70% - 79% | 139,960 | 26.5 | % | 21,161 | 8.2 | % | ||||||||||||||||||||||||||||||
80% and over | 22,772 | 4.3 | % | 3,240 | 1.3 | % | ||||||||||||||||||||||||||||||
Data not available | 4,353 | 0.8 | % | 1,119 | 0.4 | % | ||||||||||||||||||||||||||||||
Total originated | 411,554 | 77.9 | % | 132,396 | 51.4 | % | ||||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
Loan-to-value ratio: | ||||||||||||||||||||||||||||||||||||
Less than 50% | $ | 23,101 | 4.4 | % | $ | 84,272 | 32.7 | % | ||||||||||||||||||||||||||||
50%—69% | 39,298 | 7.4 | % | 25,964 | 10.1 | % | ||||||||||||||||||||||||||||||
70%—79% | 31,932 | 6 | % | 13,390 | 5.2 | % | ||||||||||||||||||||||||||||||
80% and over | 19,870 | 3.8 | % | 1,208 | 0.5 | % | ||||||||||||||||||||||||||||||
Data not available | 2,430 | 0.5 | % | 231 | 0.1 | % | ||||||||||||||||||||||||||||||
Total acquired | 116,631 | 22.1 | % | 125,065 | 48.6 | % | ||||||||||||||||||||||||||||||
Total loans | $ | 528,185 | 100 | % | $ | 257,461 | 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 | ||||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Indirect Automobile | ||||||||||||||||||||||||||||||||||||
Dollars In Thousands | Percent | |||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Residential Mortgage | Home Equity | |||||||||||||||||||||||||||||||||||
Dollars In Thousands | Percent | Dollars In Thousands | Percent | |||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||
143,014 | 28 | % | 161,879 | 61.9 | % | |||||||||||||||||||||||||||||||
Total loans | $ | 511,109 | 100 | % | $ | 261,562 | 100 | % | ||||||||||||||||||||||||||||
Information regarding the aging of past due loans, by loan class | ' | |||||||||||||||||||||||||||||||||||
The following tables present an age analysis of the recorded investment in total loans and leases (unpaid balance of loans and leases outstanding excluding deferred loan origination costs) at December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Past Due | Loans and | |||||||||||||||||||||||||||||||||||
Leases Past | ||||||||||||||||||||||||||||||||||||
Due Greater | ||||||||||||||||||||||||||||||||||||
Than 90 Days | ||||||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | and Accruing | Nonaccrual | |||||||||||||||||||||||||||||
Days | Days | Than | and Leases | Loans and | ||||||||||||||||||||||||||||||||
90 Days | Leases | |||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage | $ | 4,896 | $ | 1,393 | $ | 169 | $ | 6,458 | $ | 1,105,292 | $ | 1,111,750 | $ | — | $ | 169 | ||||||||||||||||||||
Multi-family mortgage | 14,400 | — | — | 14,400 | 540,155 | 554,555 | — | — | ||||||||||||||||||||||||||||
Construction | — | — | — | — | 102,927 | 102,927 | — | — | ||||||||||||||||||||||||||||
Total commercial real estate loans | 19,296 | 1,393 | 169 | 20,858 | 1,748,374 | 1,769,232 | — | 169 | ||||||||||||||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||||||||||||||||||
Commercial | 2,288 | 75 | 842 | 3,205 | 294,479 | 297,684 | — | 1,551 | ||||||||||||||||||||||||||||
Equipment financing | 867 | 1,558 | 2,031 | 4,456 | 480,874 | 485,330 | — | 4,086 | ||||||||||||||||||||||||||||
Condominium association | — | — | — | — | 44,794 | 44,794 | — | 1 | ||||||||||||||||||||||||||||
Total commercial loans and leases | 3,155 | 1,633 | 2,873 | 7,661 | 820,147 | 827,808 | — | 5,638 | ||||||||||||||||||||||||||||
Indirect automobile | 5,407 | 857 | 229 | 6,493 | 394,038 | 400,531 | 10 | 259 | ||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||
Residential mortgage | 201 | — | 415 | 616 | 410,938 | 411,554 | — | 1,713 | ||||||||||||||||||||||||||||
Home equity | 218 | — | — | 218 | 132,178 | 132,396 | — | 462 | ||||||||||||||||||||||||||||
Other consumer | 11 | 1 | 4 | 16 | 5,516 | 5,532 | — | 4 | ||||||||||||||||||||||||||||
Total consumer loans | 430 | 1 | 419 | 850 | 548,632 | 549,482 | — | 2,179 | ||||||||||||||||||||||||||||
Total originated loans and leases | $ | 28,288 | $ | 3,884 | $ | 3,690 | $ | 35,862 | $ | 3,511,191 | $ | 3,547,053 | $ | 10 | $ | 8,245 | ||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Past Due | Loans and | |||||||||||||||||||||||||||||||||||
Leases Past | ||||||||||||||||||||||||||||||||||||
Due Greater | ||||||||||||||||||||||||||||||||||||
Than 90 Days | ||||||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | and Accruing | Nonaccrual | |||||||||||||||||||||||||||||
Days | Days | Than | and Leases | Loans and | ||||||||||||||||||||||||||||||||
90 Days | Leases | |||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
Commercial real estate loans: | ||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage | $ | 1,221 | $ | 87 | $ | 4,887 | $ | 6,195 | $ | 344,040 | $ | 350,235 | $ | 3,958 | $ | 929 | ||||||||||||||||||||
Multi-family mortgage | 327 | — | 1,052 | 1,379 | 71,999 | 73,378 | 1,052 | — | ||||||||||||||||||||||||||||
Construction | — | 409 | — | 409 | 10,369 | 10,778 | — | — | ||||||||||||||||||||||||||||
Total commercial real estate loans | 1,548 | 496 | 5,939 | 7,983 | 426,408 | 434,391 | 5,010 | 929 | ||||||||||||||||||||||||||||
Commercial loans and leases: | ||||||||||||||||||||||||||||||||||||
Commercial | 2,707 | 121 | 1,931 | 4,759 | 105,349 | 110,108 | 1,235 | 4,597 | ||||||||||||||||||||||||||||
Equipment financing | 46 | 41 | 73 | 160 | 27,534 | 27,694 | 73 | 29 | ||||||||||||||||||||||||||||
Total commercial loans and leases | 2,753 | 162 | 2,004 | 4,919 | 132,883 | 137,802 | 1,308 | 4,626 | ||||||||||||||||||||||||||||
Consumer loans: | ||||||||||||||||||||||||||||||||||||
Residential mortgage | 271 | 777 | 5,329 | 6,377 | 110,254 | 116,631 | 4,468 | 1,162 | ||||||||||||||||||||||||||||
Home equity | 1,259 | 552 | 895 | 2,706 | 122,359 | 125,065 | 117 | 1,525 | ||||||||||||||||||||||||||||
Other consumer | 6 | 11 | 4 | 21 | 1,502 | 1,523 | — | 14 | ||||||||||||||||||||||||||||
Total consumer loans | 1,536 | 1,340 | 6,228 | 9,104 | 234,115 | 243,219 | 4,585 | 2,701 | ||||||||||||||||||||||||||||
Total acquired loans and leases | $ | 5,837 | $ | 1,998 | $ | 14,171 | $ | 22,006 | $ | 793,406 | $ | 815,412 | $ | 10,903 | $ | 8,256 | ||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Past Due | Loans and | |||||||||||||||||||||||||||||||||||
Leases Past | ||||||||||||||||||||||||||||||||||||
Due Greater | ||||||||||||||||||||||||||||||||||||
Than 90 Days | ||||||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | and Accruing | Nonaccrual | |||||||||||||||||||||||||||||
Days | Days | Than | and Leases | Loans and | ||||||||||||||||||||||||||||||||
90 Days | 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 | ||||||||||||||||||||||||||||||||||||
Due Greater | ||||||||||||||||||||||||||||||||||||
Than 90 Days | ||||||||||||||||||||||||||||||||||||
31-60 | 61-90 | Greater | Total | Current | Total Loans | and Accruing | Nonaccrual | |||||||||||||||||||||||||||||
Days | Days | Than | and Leases | Loans and | ||||||||||||||||||||||||||||||||
90 Days | 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 | ||||||||||||||||||||
Impaired loans and leases, by loan and leases class | ' | |||||||||||||||||||||||||||||||||||
At December 31, 2012 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment (1) | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,051 | $ | 2,051 | $ | — | $ | 2,547 | $ | 243 | ||||||||||||||||||||||||||
Commercial | 3,032 | 3,059 | — | 3,159 | 181 | |||||||||||||||||||||||||||||||
Consumer | 1,191 | 1,187 | — | 2,123 | 130 | |||||||||||||||||||||||||||||||
6,274 | 6,297 | — | 7,829 | 554 | ||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 2,517 | 2,516 | 241 | 1,142 | 79 | |||||||||||||||||||||||||||||||
Commercial | 3,422 | 3,559 | 703 | 3,393 | 305 | |||||||||||||||||||||||||||||||
Consumer | 3,648 | 3,636 | 596 | 2,918 | 100 | |||||||||||||||||||||||||||||||
9,587 | 9,711 | 1,540 | 7,453 | 484 | ||||||||||||||||||||||||||||||||
Total | $ | 15,861 | $ | 16,008 | $ | 1,540 | $ | 15,282 | $ | 1,038 | ||||||||||||||||||||||||||
(1) Includes nonaccrual loans of $8.8 million | ||||||||||||||||||||||||||||||||||||
At December 31, 2012 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment (1) | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 17,918 | 19,129 | — | 9,071 | — | |||||||||||||||||||||||||||||||
Commercial | 7,329 | 7,782 | — | 3,801 | — | |||||||||||||||||||||||||||||||
Consumer | 3,266 | 3,379 | — | 2,319 | — | |||||||||||||||||||||||||||||||
28,513 | 30,290 | — | 15,191 | — | ||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 673 | 684 | 75 | 366 | — | |||||||||||||||||||||||||||||||
Commercial | 113 | 121 | 75 | 109 | — | |||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||||||
786 | 805 | 150 | 475 | — | ||||||||||||||||||||||||||||||||
Total | $ | 29,299 | $ | 31,095 | $ | 150 | $ | 15,666 | $ | — | ||||||||||||||||||||||||||
(1) Includes nonaccrual loans of $21.5 million | ||||||||||||||||||||||||||||||||||||
At December 31, 2011 | Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,902 | $ | 3,140 | $ | — | $ | 2,834 | $ | 119 | ||||||||||||||||||||||||||
Commercial | 3,341 | 4,063 | — | 2,938 | 94 | |||||||||||||||||||||||||||||||
Indirect automobile | 111 | 111 | — | 100 | — | |||||||||||||||||||||||||||||||
Consumer | 3,126 | 3,126 | — | 3,753 | 159 | |||||||||||||||||||||||||||||||
9,480 | 10,440 | — | 9,625 | 372 | ||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial | 604 | 619 | 190 | 774 | 58 | |||||||||||||||||||||||||||||||
Consumer | 339 | 339 | 35 | 343 | 7 | |||||||||||||||||||||||||||||||
943 | 958 | 225 | 1,117 | 65 | ||||||||||||||||||||||||||||||||
Total | $ | 10,423 | $ | 11,398 | $ | 225 | $ | 10,742 | $ | 437 | ||||||||||||||||||||||||||
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 December 31, 2013 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment (1) | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 2,009 | $ | 2,009 | $ | — | $ | 2,184 | $ | 92 | ||||||||||||||||||||||||||
Commercial | 4,410 | 4,399 | — | 4,257 | 144 | |||||||||||||||||||||||||||||||
Consumer | 989 | 987 | — | 1,077 | 30 | |||||||||||||||||||||||||||||||
7,408 | 7,395 | — | 7,518 | 266 | ||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,466 | 1,466 | 184 | 1,464 | 43 | |||||||||||||||||||||||||||||||
Commercial | 2,393 | 2,383 | 675 | 1,781 | 29 | |||||||||||||||||||||||||||||||
Consumer | 2,448 | 2,440 | 323 | 3,210 | 97 | |||||||||||||||||||||||||||||||
6,307 | 6,289 | 1,182 | 6,455 | 169 | ||||||||||||||||||||||||||||||||
Total | $ | 13,715 | $ | 13,684 | $ | 1,182 | $ | 13,973 | $ | 435 | ||||||||||||||||||||||||||
(1) Includes nonaccrual loans of $5.8 million | ||||||||||||||||||||||||||||||||||||
At December 31, 2013 | Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||||
Investment (1) | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||||||
Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 9,176 | $ | 10,082 | $ | — | $ | 9,639 | $ | 251 | ||||||||||||||||||||||||||
Commercial | 6,988 | 7,248 | — | 5,205 | 129 | |||||||||||||||||||||||||||||||
Consumer | 1,033 | 1,037 | — | 1,333 | 20 | |||||||||||||||||||||||||||||||
17,197 | 18,367 | — | 16,177 | 400 | ||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,274 | 1,291 | 122 | 2,765 | 42 | |||||||||||||||||||||||||||||||
Commercial | 1,020 | 1,067 | 169 | 577 | 5 | |||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | |||||||||||||||||||||||||||||||
2,294 | 2,358 | 291 | 3,342 | 47 | ||||||||||||||||||||||||||||||||
Total | $ | 19,491 | $ | 20,725 | $ | 291 | $ | 19,519 | $ | 447 | ||||||||||||||||||||||||||
(1) Includes nonaccrual loans of $10.9 million | ||||||||||||||||||||||||||||||||||||
Schedule of the impaired and non-impaired loans and leases, by loan and leases class | ' | |||||||||||||||||||||||||||||||||||
The following tables present information regarding impaired and non-impaired loans and leases at the dates indicated: | ||||||||||||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases | Acquired Loans | Total | |||||||||||||||||||||||||||||||||
Individually | Collectively Evaluated | (ASC 310-30) | ||||||||||||||||||||||||||||||||||
Evaluated for | for Impairment | |||||||||||||||||||||||||||||||||||
Impairment | ||||||||||||||||||||||||||||||||||||
Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | |||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 6,269 | $ | 184 | $ | 1,910,645 | $ | 22,282 | $ | 286,709 | $ | 556 | $ | 2,203,623 | $ | 23,022 | ||||||||||||||||||||
Commercial | 11,512 | 675 | 914,739 | 14,293 | 39,359 | 252 | 965,610 | 15,220 | ||||||||||||||||||||||||||||
Indirect automobile | — | — | 400,531 | 3,924 | — | — | 400,531 | 3,924 | ||||||||||||||||||||||||||||
Consumer | 4,309 | 323 | 708,640 | 2,618 | 79,752 | 434 | 792,701 | 3,375 | ||||||||||||||||||||||||||||
Unallocated | — | — | — | 2,932 | — | — | — | 2,932 | ||||||||||||||||||||||||||||
Total | $ | 22,090 | $ | 1,182 | $ | 3,934,555 | $ | 46,049 | $ | 405,820 | $ | 1,242 | $ | 4,362,465 | $ | 48,473 | ||||||||||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases | Acquired Loans | Total | |||||||||||||||||||||||||||||||||
Individually | Collectively Evaluated | (ASC 310-30) | ||||||||||||||||||||||||||||||||||
Evaluated for | for Impairment | |||||||||||||||||||||||||||||||||||
Impairment | ||||||||||||||||||||||||||||||||||||
Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | Portfolio | Allowance | |||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Commercial real estate | $ | 5,576 | $ | 316 | $ | 1,652,231 | $ | 19,702 | $ | 348,156 | $ | — | $ | 2,005,963 | $ | 20,018 | ||||||||||||||||||||
Commercial | 8,046 | 778 | 774,366 | 9,877 | 65,043 | — | 847,455 | 10,655 | ||||||||||||||||||||||||||||
Indirect automobile | — | — | 542,344 | 5,304 | — | — | 542,344 | 5,304 | ||||||||||||||||||||||||||||
Consumer | 5,237 | 596 | 672,051 | 1,949 | 102,662 | — | 779,950 | 2,545 | ||||||||||||||||||||||||||||
Unallocated | — | — | — | 2,630 | — | — | — | 2,630 | ||||||||||||||||||||||||||||
Total | $ | 18,859 | $ | 1,690 | $ | 3,640,992 | $ | 39,462 | $ | 515,861 | $ | — | $ | 4,175,712 | $ | 41,152 | ||||||||||||||||||||
Summery of loans restructured or defaulted | ' | |||||||||||||||||||||||||||||||||||
The recorded investment in troubled debt restructurings, and the associated specific allowances for loan and lease losses, in the originated and acquired loan and lease portfolios are as follows for the periods indicated: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||||||||||||
Allowance for | ||||||||||||||||||||||||||||||||||||
Loan and | ||||||||||||||||||||||||||||||||||||
Number of | At | At End of | Lease Losses | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||||||||||||
Loans/ | Modification | Period | Loans and | Commitment | Loans/ | Investment | ||||||||||||||||||||||||||||||
Leases | Leases | Leases | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 1,039 | $ | — | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||||||||||||
Commercial | 2 | 926 | 918 | — | — | — | — | — | ||||||||||||||||||||||||||||
Equipment financing | 5 | 1,557 | 1,415 | 77 | 861 | — | 2 | 371 | ||||||||||||||||||||||||||||
Residential mortgage | 1 | 415 | 353 | — | 353 | — | — | — | ||||||||||||||||||||||||||||
Total | 9 | $ | 3,937 | $ | 2,686 | $ | 77 | $ | 1,214 | $ | — | 2 | $ | 371 | ||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||||||||||||
Allowance for | ||||||||||||||||||||||||||||||||||||
Loan and | ||||||||||||||||||||||||||||||||||||
Number of | At | At End of | Lease Losses | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||||||||||||
Loans/ | Modification | Period | Loans and | Commitment | Loans/ | Investment | ||||||||||||||||||||||||||||||
Leases | Leases | Leases | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 737 | $ | 727 | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||||||||||||
Commercial | 6 | 3,209 | 3,135 | — | 1,335 | — | 1 | 1,335 | ||||||||||||||||||||||||||||
Equipment financing | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Residential mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | 7 | $ | 3,946 | $ | 3,862 | $ | — | $ | 1,335 | $ | — | 1 | $ | 1,335 | ||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||||||||||||
Allowance for | ||||||||||||||||||||||||||||||||||||
Loan and | ||||||||||||||||||||||||||||||||||||
Number of | At | At End of | Lease Losses | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||||||||||||
Loans/ | Modification | Period | Loans and | Commitment | Loans/ | Investment | ||||||||||||||||||||||||||||||
Leases | Leases | Leases | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Originated: | ||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage | 2 | $ | 867 | $ | 854 | $ | 33 | $ | 513 | $ | — | 2 | $ | 1,288 | ||||||||||||||||||||||
Commercial | 3 | 3,942 | 2,086 | 316 | 1,993 | — | 1 | 44 | ||||||||||||||||||||||||||||
Equipment financing | 8 | 2,138 | 2,038 | 110 | 793 | — | 6 | 1,240 | ||||||||||||||||||||||||||||
Residential mortgage | 6 | 2,422 | 1,724 | 315 | 294 | — | 3 | 763 | ||||||||||||||||||||||||||||
Total | 19 | $ | 9,369 | $ | 6,702 | $ | 774 | $ | 3,593 | $ | — | 12 | $ | 3,335 | ||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Specific | Defaulted | ||||||||||||||||||||||||||||||||||
Allowance for | ||||||||||||||||||||||||||||||||||||
Loan and | ||||||||||||||||||||||||||||||||||||
Number of | At | At End of | Lease Losses | Nonaccrual | Additional | Number of | Recorded | |||||||||||||||||||||||||||||
Loans/ | Modification | Period | Loans and | Commitment | Loans/ | Investment | ||||||||||||||||||||||||||||||
Leases | Leases | Leases | ||||||||||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||||||
Acquired: | ||||||||||||||||||||||||||||||||||||
Commercial real estate mortgage | 1 | $ | 3,145 | $ | 3,208 | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||||||||||||
Commercial | 2 | 1,229 | 1,163 | — | 478 | — | — | — | ||||||||||||||||||||||||||||
Equipment financing | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Residential mortgage | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total | 3 | $ | 4,374 | $ | 4,371 | $ | — | $ | 478 | $ | — | — | $ | — | ||||||||||||||||||||||
Schedule of troubled debt restructurings by type of modification | ' | |||||||||||||||||||||||||||||||||||
The following table sets forth the Company's end-of-period balances for troubled debt restructurings that were modified during the periods indicated, by type of modification. | ||||||||||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Loans modified once: | ||||||||||||||||||||||||||||||||||||
Extended maturity | $ | 3,841 | $ | 1,478 | $ | 1,136 | ||||||||||||||||||||||||||||||
Adjusted principal | 908 | 2,185 | 1,456 | |||||||||||||||||||||||||||||||||
Adjusted interest rate | 755 | 1,715 | — | |||||||||||||||||||||||||||||||||
Combination maturity, principal, interest rate | 554 | 1,838 | 1,928 | |||||||||||||||||||||||||||||||||
Total loans modified once | $ | 6,058 | $ | 7,216 | $ | 4,520 | ||||||||||||||||||||||||||||||
Loans modified more than once: | ||||||||||||||||||||||||||||||||||||
Extended maturity | $ | 490 | $ | — | $ | 78 | ||||||||||||||||||||||||||||||
Adjusted principal | — | 3,857 | 1,471 | |||||||||||||||||||||||||||||||||
Adjusted interest rate | — | — | 353 | |||||||||||||||||||||||||||||||||
Combination maturity, principal, interest rate | — | — | 751 | |||||||||||||||||||||||||||||||||
Total loans modified more than once | $ | 490 | $ | 3,857 | $ | 2,653 | ||||||||||||||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Schedule of premises and equipment | ' | |||||||||
Premises and equipment consist of the following: | ||||||||||
At December 31, | Estimated | |||||||||
2013 | 2012 | Useful Life | ||||||||
(In Thousands) | (In Years) | |||||||||
Land | $ | 7,481 | $ | 7,553 | NA | |||||
Office building and improvements | 75,271 | 67,672 | 10 to 40 | |||||||
Furniture, fixtures and equipment | 25,633 | 22,537 | 3 to 10 | |||||||
Software | 5,018 | 5,063 | 3 to 7 | |||||||
Core processing system | 11,522 | 6,951 | 7.5 | |||||||
Total | 124,925 | 109,776 | ||||||||
Accumulated depreciation and amortization | 44,420 | 38,985 | ||||||||
Total premises and equipment | $ | 80,505 | $ | 70,791 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of changes in the carrying value of goodwill | ' | |||||||||||||||||||||||
The changes in the carrying value of goodwill for the periods indicated were as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Balance at beginning of year | $ | 137,890 | $ | 45,799 | $ | 43,241 | ||||||||||||||||||
Additions | — | 93,145 | 2,558 | |||||||||||||||||||||
Adjustments to original goodwill | — | (1,054 | ) | — | ||||||||||||||||||||
Balance at end of year | $ | 137,890 | $ | 137,890 | $ | 45,799 | ||||||||||||||||||
Schedule of composition of goodwill and other intangible assets | ' | |||||||||||||||||||||||
The following is a summary of the Company's other intangible assets: | ||||||||||||||||||||||||
At December 31, 2013 | At December 31, 2012 | |||||||||||||||||||||||
Gross | Accumulated | Carrying | Gross | Accumulated | Carrying | |||||||||||||||||||
Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Other intangible assets: | ||||||||||||||||||||||||
Core deposits | $ | 36,172 | $ | 20,395 | $ | 15,777 | $ | 36,172 | $ | 16,399 | $ | 19,773 | ||||||||||||
Trade name | 1,600 | 511 | 1,089 | 1,600 | 267 | 1,333 | ||||||||||||||||||
Trust relationship | 1,568 | 1,547 | 21 | 1,568 | 1,164 | 404 | ||||||||||||||||||
Other intangible | 442 | 442 | — | 442 | 442 | — | ||||||||||||||||||
Total other intangible assets | $ | 39,782 | $ | 22,895 | $ | 16,887 | $ | 39,782 | $ | 18,272 | $ | 21,510 | ||||||||||||
Schedule of estimated aggregate future amortization expense for intangible assets | ' | |||||||||||||||||||||||
The estimated aggregate future amortization expense for other intangible assets for each of the next five years and thereafter is as follows: | ||||||||||||||||||||||||
Year ended December 31: | Amount | |||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
2014 | $ | 3,124 | ||||||||||||||||||||||
2015 | 2,868 | |||||||||||||||||||||||
2016 | 2,457 | |||||||||||||||||||||||
2017 | 1,858 | |||||||||||||||||||||||
2018 | 1,836 | |||||||||||||||||||||||
Thereafter | 3,655 | |||||||||||||||||||||||
Total | $ | 15,798 | ||||||||||||||||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||||||
Schedule of information regarding the Company's investments in affordable housing projects | ' | |||||||||||
Further information regarding the Company's investments in affordable housing projects follows: | ||||||||||||
As of and for the | ||||||||||||
Year Ended | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Investments in affordable housing projects included in other assets | $ | 10,301 | $ | 9,167 | $ | 6,712 | ||||||
Unfunded commitments related to affordable housing projects included in other liabilities | 2,904 | 4,291 | 2,864 | |||||||||
Loss from investments in affordable housing projects | 1,812 | 694 | 671 | |||||||||
Reduction in tax expense due to affordable housing tax credits | 1,058 | 806 | 464 | |||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Deposits [Abstract] | ' | |||||||||||||
Summary of deposits | ' | |||||||||||||
A summary of deposits follows: | ||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||
Amount | Weighted | Amount | Weighted | |||||||||||
Average | Average | |||||||||||||
Rate | Rate | |||||||||||||
(Dollars in Thousands) | ||||||||||||||
Demand checking accounts | $ | 707,023 | — | $ | 623,274 | — | ||||||||
NOW accounts | 210,602 | 0.07 | % | 212,858 | 0.09 | % | ||||||||
Savings accounts | 494,734 | 0.25 | % | 515,367 | 0.39 | % | ||||||||
Money market accounts | 1,487,979 | 0.54 | % | 1,253,819 | 0.63 | % | ||||||||
Total core deposit accounts | 2,900,338 | 0.32 | % | 2,605,318 | 0.39 | % | ||||||||
Certificate of deposit accounts maturing: | ||||||||||||||
Within six months | 381,986 | 0.72 | % | 392,138 | 0.91 | % | ||||||||
After six months but within 1 year | 312,005 | 0.82 | % | 359,510 | 0.95 | % | ||||||||
After 1 year but within 2 years | 141,518 | 1.09 | % | 159,747 | 1.09 | % | ||||||||
After 2 years but within 3 years | 45,965 | 1.91 | % | 34,392 | 2.05 | % | ||||||||
After 3 years but within 4 years | 26,046 | 1.65 | % | 37,813 | 2.08 | % | ||||||||
After 4 years but within 5 years | 26,810 | 1.33 | % | 27,341 | 1.65 | % | ||||||||
5+ Years | 338 | 1.15 | % | — | — | % | ||||||||
Total certificate of deposit accounts | 934,668 | 0.91 | % | 1,010,941 | 1.06 | % | ||||||||
Total deposits | $ | 3,835,006 | 0.47 | % | $ | 3,616,259 | 0.58 | % | ||||||
Schedule of interest expense on deposit balances | ' | |||||||||||||
Interest expense on deposit balances is summarized as follows: | ||||||||||||||
Year Ended December 31, | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In Thousands) | ||||||||||||||
Interest-bearing deposits: | ||||||||||||||
NOW accounts | $ | 173 | $ | 209 | $ | 216 | ||||||||
Savings accounts | 1,288 | 1,726 | 942 | |||||||||||
Money market accounts | 8,220 | 8,773 | 7,626 | |||||||||||
Certificate of deposit accounts | 9,092 | 10,724 | 10,973 | |||||||||||
Total interest-bearing deposits | $ | 18,773 | $ | 21,432 | $ | 19,757 | ||||||||
Borrowed_Funds_Tables
Borrowed Funds (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||
Schedule of borrowed funds | ' | |||||||||||||||||||||
Borrowed funds are comprised of the following: | ||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Advances from the FHLBB | $ | 768,773 | $ | 790,865 | ||||||||||||||||||
Repurchase agreements | 34,619 | 51,013 | ||||||||||||||||||||
Subordinated debentures | 9,163 | 12,091 | ||||||||||||||||||||
Total borrowed funds | $ | 812,555 | $ | 853,969 | ||||||||||||||||||
Schedule of interest expense on borrowed funds | ' | |||||||||||||||||||||
Interest expense on borrowed funds for the periods indicated is as follows: | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||
Advances from the FHLBB | $ | 10,886 | $ | 13,685 | $ | 10,454 | ||||||||||||||||
Repurchase agreements | 68 | 137 | 125 | |||||||||||||||||||
Subordinated debentures | 439 | 578 | — | |||||||||||||||||||
Total interest expense on borrowed funds | $ | 11,393 | $ | 14,400 | $ | 10,579 | ||||||||||||||||
Schedule of federal home loan bank advances | ' | |||||||||||||||||||||
FHLBB advances mature as follows: | ||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Amount | Callable | Weighted | Amount | Callable | Weighted | |||||||||||||||||
Amount | Average | Amount | Average | |||||||||||||||||||
Rate | Rate | |||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
Within 1 year | $ | 186,035 | $ | — | 0.71 | % | $ | 363,485 | $ | 17,000 | 1.32 | % | ||||||||||
Over 1 year to 2 years | 283,000 | — | 0.79 | % | 46,178 | — | 2.14 | % | ||||||||||||||
Over 2 years to 3 years | 92,971 | 32,094 | 2.45 | % | 108,000 | — | 1 | % | ||||||||||||||
Over 3 years to 4 years | 147,198 | 118,698 | 3.86 | % | 64,330 | 30,000 | 3.24 | % | ||||||||||||||
Over 4 years to 5 years | 36,625 | 10,071 | 2.51 | % | 149,032 | 112,000 | 3.86 | % | ||||||||||||||
Over 5 years | 22,944 | — | 3.7 | % | 59,840 | 10,000 | 3 | % | ||||||||||||||
$ | 768,773 | $ | 160,863 | 1.71 | % | $ | 790,865 | $ | 169,000 | 2.06 | % | |||||||||||
Schedule of information concerning repurchase agreements during the period | ' | |||||||||||||||||||||
Information concerning repurchase agreements is as follows for the periods indicated below: | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||
Outstanding at end of year | $ | 34,619 | $ | 51,013 | ||||||||||||||||||
Average outstanding for the year | 38,784 | 46,623 | ||||||||||||||||||||
Maximum outstanding at any month-end | 48,544 | 51,013 | ||||||||||||||||||||
Weighted average rate at end of year | 0.17 | % | 0.15 | % | ||||||||||||||||||
Weighted average rate paid for the year | 0.17 | % | 0.13 | % | ||||||||||||||||||
Summary of subordinated debentures | ' | |||||||||||||||||||||
In the acquisition of Bancorp Rhode Island, Inc., the Company assumed three subordinated debentures issued by a subsidiary of Bancorp Rhode Island, Inc. One subordinated debenture in the amount of $3.0 million was called in the first quarter of 2013 million due to its high fixed rate. The two remaining subordinated debentures are summarized below: | ||||||||||||||||||||||
At December 31, 2013: | ||||||||||||||||||||||
Issue Date | Rate | Fair | Maturity Date | Next Call Date | Carrying | |||||||||||||||||
Market Rate | Amount | |||||||||||||||||||||
at BankRI | ||||||||||||||||||||||
Acquisition | ||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
June 26, 2003 | Variable; 3-month | 6.45 | % | June 26, 2033 | March 26, 2014 | $ | 4,666 | |||||||||||||||
LIBOR + 3.10% | ||||||||||||||||||||||
March 17, 2004 | Variable; 3-month | 6.45 | % | March 17, 2034 | March 17, 2014 | $ | 4,497 | |||||||||||||||
LIBOR + 2.79% | ||||||||||||||||||||||
At December 31, 2012: | ||||||||||||||||||||||
Issue Date | Rate | Fair | Maturity Date | Next Call Date | Carrying | |||||||||||||||||
Market Rate | Amount | |||||||||||||||||||||
at BankRI | ||||||||||||||||||||||
Acquisition | ||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||
22-Feb-01 | Fixed; 10.2% | 3 | % | 22-Feb-31 | 22-Feb-13 | $ | 3,000 | |||||||||||||||
June 26, 2003 | Variable; 3-month | 6.45 | % | June 26, 2033 | March 26, 2013 | $ | 4,641 | |||||||||||||||
LIBOR + 3.10% | ||||||||||||||||||||||
March 17, 2004 | Variable; 3-month | 6.45 | % | March 17, 2034 | March 17, 2013 | $ | 4,450 | |||||||||||||||
LIBOR + 2.79% |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of financial instruments with off-balance sheet risk | ' | |||||||
Financial instruments with off-balance-sheet risk at the dates indicated follow: | ||||||||
At December 31, | ||||||||
2013 | 2012 | |||||||
(In Thousands) | ||||||||
Financial instruments whose contract amounts represent credit risk: | ||||||||
Commitments to originate loans and leases: | ||||||||
Commercial real estate | $ | 48,973 | $ | 158,768 | ||||
Commercial | 143,252 | 116,235 | ||||||
Residential mortgage | 8,027 | 8,926 | ||||||
Unadvanced portion of loans and leases | 592,782 | 299,523 | ||||||
Unused lines of credit: | ||||||||
Home equity | 205,665 | 165,936 | ||||||
Other consumer | 1,035 | 4,017 | ||||||
Other commercial | — | 965 | ||||||
Unused letters of credit: | ||||||||
Financial standby letters of credit | 20,410 | 19,887 | ||||||
Performance standby letters of credit | 2,989 | 2,916 | ||||||
Commercial and similar letters of credit | 440 | 112 | ||||||
Back-to-back interest rate swaps | 22,418 | 33,221 | ||||||
Schedule of future minimum rental payments under noncancellable operating leases | ' | |||||||
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: | ||||||||
Year ended December 31, | Minimum Rental Payments | |||||||
(In Thousands) | ||||||||
2014 | $ | 4,936 | ||||||
2015 | 4,740 | |||||||
2016 | 4,500 | |||||||
2017 | 4,030 | |||||||
2018 | 3,392 | |||||||
Thereafter | 12,431 | |||||||
Total | $ | 34,029 | ||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||||
Reconciliation of basic EPS and diluted EPS | ' | |||||||||||||||||||||||
The following table is a reconciliation of basic EPS and diluted EPS: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Basic | Fully | Basic | Fully | Basic | Fully | |||||||||||||||||||
Diluted | Diluted | Diluted | ||||||||||||||||||||||
(Dollars in Thousands, Except Per Share Amounts) | ||||||||||||||||||||||||
Net income | $ | 35,386 | $ | 35,386 | $ | 37,142 | $ | 37,142 | $ | 27,600 | $ | 27,600 | ||||||||||||
Weighted average shares outstanding | 69,808,164 | 69,808,164 | 69,702,417 | 69,702,417 | 58,633,627 | 58,633,627 | ||||||||||||||||||
Effect of dilutive securities | — | 75,760 | — | 43,839 | — | 2,804 | ||||||||||||||||||
Adjusted weighted average shares outstanding | 69,808,164 | 69,883,924 | 69,702,417 | 69,746,256 | 58,633,627 | 58,636,431 | ||||||||||||||||||
Earnings per share | $ | 0.51 | $ | 0.51 | $ | 0.53 | $ | 0.53 | $ | 0.47 | $ | 0.47 | ||||||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | |||||||||||||
Schedule of changes in accumulated other comprehensive (loss) income by component, net of tax | ' | |||||||||||||
Changes in accumulated other comprehensive (loss) income by component, net of tax, were as follows for the periods indicated: | ||||||||||||||
Year Ended December 31, 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 | (11,690 | ) | 292 | (11,398 | ) | |||||||||
Balance at December 31, 2013 | $ | (8,332 | ) | $ | 417 | $ | (7,915 | ) | ||||||
Year Ended December 31, 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) | 1,524 | (4 | ) | 1,520 | ||||||||||
Balance at December 31, 2012 | $ | 3,358 | $ | 125 | $ | 3,483 | ||||||||
Year Ended December 31, 2011 | ||||||||||||||
Investment | Postretirement | Accumulated Other | ||||||||||||
Securities | Benefits | Comprehensive | ||||||||||||
Available-for-Sale | Income | |||||||||||||
(In Thousands) | ||||||||||||||
Balance at December 31, 2010 | $ | 2,185 | $ | 163 | $ | 2,348 | ||||||||
Other comprehensive loss | (351 | ) | (34 | ) | (385 | ) | ||||||||
Balance at December 31, 2011 | $ | 1,834 | $ | 129 | $ | 1,963 | ||||||||
Summary of the amounts reclassified from accumulated other comprehensive income (loss) | ' | |||||||||||||
The following is a summary of the amounts reclassified from accumulated other comprehensive income (loss) for the years ended December 31, 2013, 2012, and 2011. | ||||||||||||||
Year Ended December 31, | Income Statement Line Affected by Reclassification | |||||||||||||
2013 | 2012 | 2011 | ||||||||||||
(In Thousands) | ||||||||||||||
Other Comprehensive Income (Loss) Component | ||||||||||||||
Unrealized gains on investment securities available-for-sale: | ||||||||||||||
$ | 397 | $ | 926 | $ | 80 | Gain on sales of securities,net | ||||||||
(142 | ) | (328 | ) | (29 | ) | Provision for income taxes | ||||||||
Total reclassifications for the period | $ | 255 | $ | 598 | $ | 51 | Net income | |||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of fair value and classification of derivative financial instruments on the consolidated balance sheets and the effect of the derivative financial instruments on the consolidated income statements | ' | |||||||||||||||||||||||
The table below presents the fair value and classification of the Company's derivative financial instruments on the consolidated balance sheets as of December 31, 2013 and 2012, and the effect of the Company's derivative financial instruments on the consolidated income statements for the year ended December 31, 2013 and 2012: | ||||||||||||||||||||||||
At December 31, 2013 | Year Ended | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Asset | Liability | Loss Recognized in | ||||||||||||||||||||||
Derivatives | Derivatives | Income on Derivatives(1) | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Total derivatives (interest-rate products) not designated as hedging instruments | $ | 825 | $ | 856 | $ | 32 | ||||||||||||||||||
At December 31, 2012 | Year Ended | |||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Asset | Liability | Loss Recognized in | ||||||||||||||||||||||
Derivatives | Derivatives | Income on Derivatives(1) | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Total derivatives (interest-rate products) not designated as hedging instruments | $ | 1,317 | $ | 1,380 | $ | 24 | ||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||
-1 | The amount of loss recognized in income represents changes related to the fair value of the interest rate products. | |||||||||||||||||||||||
Schedule of offsetting derivatives and amounts subject to master netting agreements not offset in the audited consolidated balance sheet | ' | |||||||||||||||||||||||
The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the consolidated balance sheet at the dates indicated. | ||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Gross Amounts Not Offset in the | Net Amount | ||||||||||||||||||||
Amounts of | Offset in the | Assets Presented in | Statement of Financial Position | |||||||||||||||||||||
Recognized | Statement of Financial Position | the Statement of Financial Position | ||||||||||||||||||||||
Assets /Liabilities | Financial Instruments | Cash Collateral (Received)/ Posted | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Asset Derivatives | $ | 825 | $ | — | $ | 825 | $ | — | $ | — | $ | 825 | ||||||||||||
Liability Derivatives | $ | 856 | $ | — | $ | 856 | $ | — | $ | 2,811 | $ | 3,667 | ||||||||||||
At December 31, 2012 | ||||||||||||||||||||||||
Gross | Gross Amounts | Net Amounts of | Gross Amounts Not Offset in the | Net Amount | ||||||||||||||||||||
Amounts of | Offset in the | Assets Presented in | Statement of Financial Position | |||||||||||||||||||||
Recognized | Statement of Financial Position | the Statement of Financial Position | ||||||||||||||||||||||
Assets /Liabilities | Financial Instruments | Cash Collateral (Received) / Posted | ||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Asset Derivatives | $ | 1,317 | $ | — | $ | 1,317 | $ | — | $ | — | $ | 1,317 | ||||||||||||
Liability Derivatives | $ | 1,380 | $ | — | $ | 1,380 | $ | — | $ | 548 | $ | 1,928 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of income tax expense | ' | |||||||||||
Income tax expense is comprised of the following amounts: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Current provision: | ||||||||||||
Federal | $ | 12,799 | $ | 15,558 | $ | 14,115 | ||||||
State | 4,238 | 5,120 | 4,987 | |||||||||
Total current provision | 17,037 | 20,678 | 19,102 | |||||||||
Deferred provision (benefit): | ||||||||||||
Federal | 2,572 | 389 | 811 | |||||||||
State | (128 | ) | 274 | (27 | ) | |||||||
Total deferred provision | 2,444 | 663 | 784 | |||||||||
Total provision for income taxes | $ | 19,481 | $ | 21,341 | $ | 19,886 | ||||||
Schedule of reconciliation of income tax expense | ' | |||||||||||
Total provision for income taxes differed from the amounts computed by applying the statutory U.S. federal income tax rate (35.0%) to income before tax expense as a result of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Expected income tax expense at statutory federal tax rate | $ | 19,830 | $ | 20,899 | $ | 17,047 | ||||||
State taxes, net of federal income tax benefit | 2,673 | 3,506 | 3,224 | |||||||||
Bank-owned life insurance | (383 | ) | (409 | ) | — | |||||||
Tax-exempt interest income | (310 | ) | (216 | ) | (157 | ) | ||||||
Non-deductible acquisition and other expenses | — | 617 | 613 | |||||||||
Income attributable to noncontrolling interest in subsidiary | (768 | ) | (560 | ) | (427 | ) | ||||||
Tax credit—premises and equipment | (453 | ) | (1,593 | ) | — | |||||||
Tax credits from investments in affordable housing projects | (1,058 | ) | (806 | ) | (464 | ) | ||||||
Other, net | (50 | ) | (97 | ) | 50 | |||||||
Total provision for income taxes | $ | 19,481 | $ | 21,341 | $ | 19,886 | ||||||
Effective income tax rate | 34.4 | % | 35.7 | % | 40.8 | % | ||||||
Schedule of the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities | ' | |||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at the dates indicated are as follows: | ||||||||||||
At December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In Thousands) | ||||||||||||
Deferred tax assets: | ||||||||||||
Allowance for credit losses | $ | 19,754 | $ | 16,667 | ||||||||
Acquisition fair value adjustments | 7,430 | 10,013 | ||||||||||
Unrealized loss on securities available for sale | 5,119 | — | ||||||||||
Retirement and postretirement benefits | 4,159 | 4,822 | ||||||||||
Deferred compensation | 1,989 | 2,254 | ||||||||||
Net operating loss and contribution carryovers | 1,922 | 2,229 | ||||||||||
Non-accrual interest | 878 | 948 | ||||||||||
Restricted stock and stock option plans | 726 | 803 | ||||||||||
Write-downs of investment securities | 442 | 795 | ||||||||||
Depreciation | — | 235 | ||||||||||
Accrued expenses | 375 | 200 | ||||||||||
Alternative minimum tax credits | 31 | 31 | ||||||||||
Other | 33 | 198 | ||||||||||
Total gross deferred tax assets | 42,858 | 39,195 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Identified intangible assets and goodwill | 7,322 | 8,893 | ||||||||||
Depreciation | 2,619 | — | ||||||||||
Unrealized gain on securities available for sale | — | 2,015 | ||||||||||
Deferred loan origination costs, net | 734 | 736 | ||||||||||
Investments in affordable housing projects | 205 | 246 | ||||||||||
Unrecognized gain relating to postretirement obligation | 268 | 92 | ||||||||||
Other | — | 16 | ||||||||||
Total gross deferred tax liabilities | 11,148 | 11,998 | ||||||||||
Net deferred tax asset | $ | 31,710 | $ | 27,197 | ||||||||
Regulatory_Capital_Requirement1
Regulatory Capital Requirements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of stockholders' equity reconciliation under U.S generally accepted accounting principles (GAAP) with regulatory capital | ' | |||||||||||||||||||||||||||||||
The following table reconciles stockholders' equity under GAAP with regulatory capital for the Company and its subsidiaries at the dates indicated. | ||||||||||||||||||||||||||||||||
The Company | Brookline Bank | BankRI | First Ipswich | |||||||||||||||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Stockholders' equity | $ | 613,867 | $ | 612,097 | $ | 301,291 | $ | 288,859 | $ | 236,579 | $ | 247,606 | $ | 34,641 | $ | 35,515 | ||||||||||||||||
Add: Minority interest | 4,304 | 3,712 | 4,304 | 3,712 | — | — | — | — | ||||||||||||||||||||||||
Add: Subordinated debenture | 9,163 | 12,091 | — | — | — | — | — | — | ||||||||||||||||||||||||
Less: Disallowed goodwill and intangible assets | 154,777 | 159,400 | 7,647 | 7,991 | 106,593 | 110,203 | 5,271 | 5,940 | ||||||||||||||||||||||||
Less: Unrealized loss on available-for-sale equity securities | — | — | — | — | — | — | 10 | — | ||||||||||||||||||||||||
Less: Net unrealized (losses) gains on available-for-sale securities | (7,915 | ) | 3,358 | (1,874 | ) | 1,874 | (4,918 | ) | 1,303 | (1,075 | ) | 366 | ||||||||||||||||||||
Tier 1 capital | 480,472 | 465,142 | 299,822 | 282,706 | 134,904 | 136,100 | 30,435 | 29,209 | ||||||||||||||||||||||||
Allowance for credit losses not to exceed 1.25% of risk-weighted assets | 49,510 | 41,935 | 35,905 | 35,923 | 10,936 | 5,053 | 1,854 | 959 | ||||||||||||||||||||||||
Unrealized gains on available-for-sale equity securities | — | — | — | — | 7 | 18 | — | — | ||||||||||||||||||||||||
Total risk-based capital | $ | 529,982 | $ | 507,077 | $ | 335,727 | $ | 318,629 | $ | 145,847 | $ | 141,171 | $ | 32,289 | $ | 30,168 | ||||||||||||||||
Schedule of the company's and the bank's actual and required capital amounts and ratios | ' | |||||||||||||||||||||||||||||||
The Company's and the Banks' actual and required capital amounts and ratios are as follows: | ||||||||||||||||||||||||||||||||
Actual | Minimum Required for | Minimum Required | ||||||||||||||||||||||||||||||
Capital Adequacy | To Be Considered | |||||||||||||||||||||||||||||||
Purposes | "Well-Capitalized" | |||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||||||||||||||
At December 31, 2013: | ||||||||||||||||||||||||||||||||
Brookline Bancorp, Inc. | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 480,472 | 9.4 | % | $ | 205,946 | 4 | % | N/A | N/A | ||||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 480,472 | 11 | % | 174,512 | 4 | % | N/A | N/A | ||||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 529,982 | 12.2 | % | 349,159 | 8 | % | N/A | N/A | ||||||||||||||||||||||
Brookline Bank | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 299,822 | 9.4 | % | $ | 127,992 | 4 | % | $ | 159,990 | 5 | % | ||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 299,822 | 10.4 | % | 114,874 | 4 | % | 172,311 | 6 | % | |||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 335,727 | 11.7 | % | 229,753 | 8 | % | 287,192 | 10 | % | |||||||||||||||||||||
BankRI | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 134,904 | 8.1 | % | $ | 66,784 | 4 | % | $ | 83,480 | 5 | % | ||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 134,904 | 10.6 | % | 52,904 | 4 | % | 79,355 | 6 | % | |||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 145,847 | 11.4 | % | 105,782 | 8 | % | 132,228 | 10 | % | |||||||||||||||||||||
First Ipswich | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 30,435 | 9.8 | % | $ | 12,461 | 4 | % | $ | 15,576 | 5 | % | ||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 30,435 | 13.6 | % | 8,971 | 4 | % | 13,457 | 6 | % | |||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 32,289 | 14.4 | % | 17,938 | 8 | % | 22,423 | 10 | % | |||||||||||||||||||||
At December 31, 2012: | ||||||||||||||||||||||||||||||||
Brookline Bancorp, Inc. | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 465,142 | 9.4 | % | $ | 197,094 | 4 | % | N/A | N/A | ||||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 465,142 | 10.9 | % | 171,481 | 4 | % | N/A | N/A | ||||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 507,077 | 11.8 | % | 342,909 | 8 | % | N/A | N/A | ||||||||||||||||||||||
Brookline Bank | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 282,706 | 9.3 | % | $ | 121,725 | 4 | % | $ | 152,156 | 5 | % | ||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 282,706 | 9.8 | % | 115,626 | 4 | % | 173,439 | 6 | % | |||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 318,629 | 11 | % | 231,310 | 8 | % | 289,137 | 10 | % | |||||||||||||||||||||
BankRI | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 136,100 | 8.5 | % | $ | 64,047 | 4 | % | $ | 80,059 | 5 | % | ||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 136,100 | 11.5 | % | 47,175 | 4 | % | 70,763 | 6 | % | |||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 141,171 | 12 | % | 94,350 | 8 | % | 117,937 | 10 | % | |||||||||||||||||||||
First Ipswich | ||||||||||||||||||||||||||||||||
Tier 1 leverage capital ratio | (1 | ) | $ | 29,209 | 9.7 | % | $ | 12,020 | 4 | % | $ | 15,025 | 5 | % | ||||||||||||||||||
Tier 1 risk-based capital ratio | (2 | ) | 29,209 | 13.2 | % | 8,824 | 4 | % | 13,237 | 6 | % | |||||||||||||||||||||
Total risk-based capital ratio | (3 | ) | 30,168 | 13.7 | % | 17,642 | 8 | % | 22,053 | 10 | % | |||||||||||||||||||||
_______________________________________________________________________________ | ||||||||||||||||||||||||||||||||
-1 | Tier 1 leverage capital ratio is calculated by dividing Tier 1 capital by average assets. | |||||||||||||||||||||||||||||||
-2 | Tier 1 risk-based capital ratio is calculated by dividing Tier 1 capital by risk-weighted assets. | |||||||||||||||||||||||||||||||
-3 | Total risk-based capital ratio is calculated by dividing total capital by risk-weighted assets. |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | ||||||||||||
Schedule of the components of net periodic postretirement benefit cost and other amounts recognized in other comprehensive income | ' | ||||||||||||
The following table presents the components of net periodic postretirement benefit cost and other amounts recognized in other comprehensive income: | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In Thousands) | |||||||||||||
Net periodic benefit expense: | |||||||||||||
Service cost | $ | 61 | $ | 74 | $ | 74 | |||||||
Interest cost | 47 | 55 | 61 | ||||||||||
Prior service credit | (21 | ) | (21 | ) | (21 | ) | |||||||
Actuarial gain | (16 | ) | (3 | ) | (4 | ) | |||||||
Net periodic benefit expense | $ | 71 | $ | 105 | $ | 110 | |||||||
Changes in postretirement benefit obligation recognized in other comprehensive income: | |||||||||||||
Net actuarial loss (gain) | $ | 489 | $ | 11 | $ | (36 | ) | ||||||
Prior service credit | (21 | ) | (21 | ) | (21 | ) | |||||||
Total pre-tax changes in postretirement benefit obligation recognized in other comprehensive income | $ | 468 | $ | (10 | ) | $ | (57 | ) | |||||
Schedule of effect of 1% change in assumed health care cost trend rates | ' | ||||||||||||
A 1% change in assumed health care cost trend rates would have the following effects: | |||||||||||||
1% Increase | 1% Decrease | ||||||||||||
(In Thousands) | |||||||||||||
Effect on total service and interest cost components of net periodic postretirement benefit costs | $ | 26 | $ | (20 | ) | ||||||||
Effect on the accumulated postretirement benefit obligation | 215 | (171 | ) | ||||||||||
Schedule of stock option activity | ' | ||||||||||||
Activity under the option plans was as follows: | |||||||||||||
Options | Weighted | Aggregate | Weighted | ||||||||||
Outstanding | Average | Intrinsic | Average | ||||||||||
Exercise Price | Value | Contractual | |||||||||||
Per Share | Term (In Years) | ||||||||||||
(Dollars in Thousands, Except Per Share Amounts) | |||||||||||||
Employee Stock Options: | |||||||||||||
Outstanding at December 31, 2010 | 1,128,345 | $ | 14.08 | ||||||||||
Granted | 5,000 | 8.29 | |||||||||||
Exercised | — | — | |||||||||||
Forfeited / Canceled | (42,500 | ) | 14.67 | ||||||||||
Outstanding at December 31, 2011 | 1,090,845 | 14.08 | |||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Forfeited / Canceled | (15,000 | ) | 14.95 | ||||||||||
Outstanding at December 31, 2012 | 1,075,845 | 14.95 | |||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Forfeited / Canceled | (841,000 | ) | 14.95 | ||||||||||
Outstanding at December 31, 2013 | 234,845 | $ | 10.43 | $ | — | 5.7 | |||||||
Exercisable at December 31, 2013 | 234,845 | $ | 10.43 | $ | — | 5.7 | |||||||
Schedule of valuation assumptions used to determine fair value of each stock option award | ' | ||||||||||||
To calculate the weighted average data presented in this note and the compensation expense presented in the accompanying financial statements, the fair value of each stock option award was estimated on the date of grant using the Black-Scholes option pricing model with the following valuation assumptions: | |||||||||||||
Year Ended December 31, | |||||||||||||
2011 | |||||||||||||
Dividend yield | 4.3 | % | |||||||||||
Expected volatility | 34.38 | % | |||||||||||
Risk-free interest rate | 1.85 | % | |||||||||||
Expected life of options | 7 | ||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair value of assets | ' | |||||||||||||||||||
Summary of the carrying values and estimated fair values | ' | |||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis at December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||
Carrying Value as of December 31, 2013 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||
GSEs | $ | — | $ | 12,180 | $ | — | $ | 12,180 | ||||||||||||
Municipal obligations | — | 1,086 | — | 1,086 | ||||||||||||||||
Auction-rate municipal obligations | — | — | 1,775 | 1,775 | ||||||||||||||||
Corporate debt obligations | — | 28,224 | — | 28,224 | ||||||||||||||||
Trust preferred securities and pools | — | 1,210 | — | 1,210 | ||||||||||||||||
GSE CMOs | — | 243,644 | — | 243,644 | ||||||||||||||||
GSE MBSs | — | 199,401 | — | 199,401 | ||||||||||||||||
Private-label CMOs | — | 3,355 | — | 3,355 | ||||||||||||||||
SBA commercial loan asset-backed securities | — | 243 | — | 243 | ||||||||||||||||
Marketable equity securities | 1,310 | — | — | 1,310 | ||||||||||||||||
Total securities available-for-sale | $ | 1,310 | $ | 489,343 | $ | 1,775 | $ | 492,428 | ||||||||||||
Interest-rate swaps | $ | — | $ | 825 | $ | — | $ | 825 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Interest-rate swaps | $ | — | $ | 856 | $ | — | $ | 856 | ||||||||||||
Carrying Value as of December 31, 2012 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||||||
GSEs | $ | — | $ | 69,809 | $ | — | $ | 69,809 | ||||||||||||
Municipal obligations | — | 1,101 | — | 1,101 | ||||||||||||||||
Auction-rate municipal obligations | — | — | 1,976 | 1,976 | ||||||||||||||||
Corporate debt obligations | — | 10,685 | — | 10,685 | ||||||||||||||||
Trust preferred securities and pools | — | 1,578 | 941 | 2,519 | ||||||||||||||||
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 | ||||||||||||||||
Marketable equity securities | 1,337 | — | — | 1,337 | ||||||||||||||||
Total investment 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 assets and liabilities measured at fair value on a non-recurring basis | ' | |||||||||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis at December 31, 2013 and 2012 are summarized below: | ||||||||||||||||||||
Carrying Value as of December 31, 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 | $ | — | $ | — | $ | 12,099 | $ | 12,099 | ||||||||||||
Other real estate owned | — | — | 577 | 577 | ||||||||||||||||
Repossessed assets | — | 1,001 | — | 1,001 | ||||||||||||||||
$ | — | $ | 1,001 | $ | 12,676 | $ | 13,677 | |||||||||||||
Carrying Value as of 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 assets | — | 588 | — | 588 | ||||||||||||||||
$ | — | $ | 38,240 | $ | — | $ | 38,240 | |||||||||||||
Schedule of quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring basis | ' | |||||||||||||||||||
The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring basis at December 31, 2013. | ||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | Weighted | ||||||||||||||||
Average | ||||||||||||||||||||
Yields | ||||||||||||||||||||
(Dollars in Thousands) | ||||||||||||||||||||
Auction-rate municipal obligations | $ | 1,775 | Discounted cash flow | Discount rate | 0-5% | 4 | % | |||||||||||||
Collateral-dependent impaired loans and leases | $ | 12,099 | Appraisal of collateral (1) | |||||||||||||||||
Other real estate owned | $ | 577 | Appraisal of collateral (1) | |||||||||||||||||
(1) For impaired loans deemed collateral dependent, where impairment is measured using the fair value of the collateral, the Bank will either obtain a new appraisal or use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. | ||||||||||||||||||||
Schedule of reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ' | |||||||||||||||||||
The reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows for the periods indicated: | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(In Thousands) | ||||||||||||||||||||
Investment securities available-for-sale, beginning of year | $ | 2,917 | $ | 3,208 | ||||||||||||||||
Acquired, BankRI | — | 184 | ||||||||||||||||||
Principal paydowns and other | (1,150 | ) | (836 | ) | ||||||||||||||||
Total unrealized gains included in other comprehensive income | 8 | 361 | ||||||||||||||||||
Investment securities available-for-sale, end of year | $ | 1,775 | $ | 2,917 | ||||||||||||||||
Excludes Financial Instruments For Which The Carrying Amount Approximates Fair Value | ' | |||||||||||||||||||
Fair value of assets | ' | |||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a non-recurring basis | ' | |||||||||||||||||||
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) | ||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Investment securities held-to-maturity | $ | 500 | $ | 500 | $ | — | $ | — | $ | 500 | ||||||||||
Loans held for sale | 13,372 | 13,372 | — | 13,372 | — | |||||||||||||||
Loans and leases, net | 4,313,992 | 4,552,556 | — | — | 4,552,556 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Certificates of deposit | 934,668 | 938,703 | — | 938,703 | — | |||||||||||||||
Borrowed funds | 812,555 | 815,910 | — | 815,910 | — | |||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Investment securities held-to-maturity | $ | 500 | $ | 502 | $ | — | $ | — | $ | 502 | ||||||||||
Loans held for sale | 3,233 | 3,233 | — | 3,233 | — | |||||||||||||||
Loans and leases, net | 4,134,560 | 4,193,678 | — | — | 4,193,678 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Certificates of deposit | 1,010,941 | 1,019,916 | — | 1,019,916 | — | |||||||||||||||
Borrowed funds | 853,969 | 872,046 | — | 872,046 | — | |||||||||||||||
Condensed_Parent_Company_Finan1
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed balance sheet | ' | |||||||||||
Balance Sheets | ||||||||||||
At December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In Thousands) | ||||||||||||
ASSETS | ||||||||||||
Cash and due from banks | $ | 12,438 | $ | 4,547 | ||||||||
Short-term investments | 33 | 33 | ||||||||||
Total cash and cash equivalents | 12,471 | 4,580 | ||||||||||
Restricted equity securities | 100 | 100 | ||||||||||
Loan to Brookline Bank ESOP | 2,252 | 2,502 | ||||||||||
Premises and equipment, net | 11,850 | 8,202 | ||||||||||
Deferred tax asset | — | 1,879 | ||||||||||
Investment in subsidiaries, at equity | 575,375 | 592,961 | ||||||||||
Goodwill | 35,267 | 35,267 | ||||||||||
Other assets | 6,185 | 1,893 | ||||||||||
Total assets | $ | 643,500 | $ | 647,384 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
Demand checking accounts | $ | — | $ | 41 | ||||||||
Borrowed funds | 9,163 | 12,091 | ||||||||||
Deferred tax liability | 1,195 | — | ||||||||||
Accrued expenses and other liabilities | 19,275 | 23,155 | ||||||||||
Total liabilities | 29,633 | 35,287 | ||||||||||
Stockholders' equity: | ||||||||||||
Common stock | 757 | 757 | ||||||||||
Additional paid-in capital | 617,538 | 618,426 | ||||||||||
Retained earnings, partially restricted | 64,903 | 53,358 | ||||||||||
Accumulated other comprehensive (loss) income | (7,915 | ) | 3,483 | |||||||||
Treasury stock, at cost; 5,171,985 shares and 5,373,733 shares, respectively | (59,826 | ) | (62,107 | ) | ||||||||
Unallocated common stock held by ESOP; 291,666 shares and 333,918 shares, respectively | (1,590 | ) | (1,820 | ) | ||||||||
Total Brookline Bancorp, Inc. stockholders' equity | 613,867 | 612,097 | ||||||||||
Total liabilities and stockholders' equity | $ | 643,500 | $ | 647,384 | ||||||||
Condensed statement of income | ' | |||||||||||
Statements of Income | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Interest and dividend income: | ||||||||||||
Dividend income from subsidiaries | $ | 30,000 | $ | 30,000 | $ | 167,003 | ||||||
Short-term investments | — | — | 1 | |||||||||
Loan to Brookline Bank ESOP | 205 | 227 | 249 | |||||||||
Total interest and dividend income | 30,205 | 30,227 | 167,253 | |||||||||
Interest expense: | ||||||||||||
Borrowed funds and subordinated debt | 442 | 589 | 91 | |||||||||
Net interest income | 29,763 | 29,638 | 167,162 | |||||||||
Non-interest expense: | ||||||||||||
Compensation and employee benefits | 2,305 | 11,302 | — | |||||||||
Occupancy | 16 | — | — | |||||||||
Equipment and data processing | 4,263 | 1,395 | — | |||||||||
Directors' fees | 590 | 580 | 225 | |||||||||
Franchise taxes | 223 | 175 | 180 | |||||||||
Professional services | 583 | 2,773 | 1,758 | |||||||||
Advertising and marketing | 6 | 11 | — | |||||||||
Other | 2,386 | 2,477 | 229 | |||||||||
Total non-interest expense | 10,372 | 18,713 | 2,392 | |||||||||
Income before income taxes | 19,391 | 10,925 | 164,770 | |||||||||
(Credit) provision for income taxes | (4,035 | ) | (7,050 | ) | 285 | |||||||
Income before distributions in excess of net income of subsidiaries | 23,426 | 17,975 | 164,485 | |||||||||
Distributions less than (in excess of) net income of subsidiaries | 11,960 | 19,167 | (136,885 | ) | ||||||||
Net income | $ | 35,386 | $ | 37,142 | $ | 27,600 | ||||||
Condensed statement of cash flows | ' | |||||||||||
Statements of Cash Flows | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In Thousands) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income attributable to parent company | $ | 35,386 | $ | 37,142 | $ | 27,600 | ||||||
Adjustments to reconcile net income to net cash provided from operating activities: | ||||||||||||
Distributions in excess (less than) of net income of subsidiaries | (11,960 | ) | (19,167 | ) | 137,227 | |||||||
Other operating activities, net | 16,555 | (5,617 | ) | 1,202 | ||||||||
Net cash provided from operating activities | 39,981 | 12,358 | 166,029 | |||||||||
Cash flows from investing activities: | ||||||||||||
Acquisitions, net of cash and cash equivalents acquired | — | (89,258 | ) | (19,729 | ) | |||||||
Monies in escrow—Bancorp Rhode Island, Inc. acquisition | — | 112,983 | (112,983 | ) | ||||||||
Repayment of ESOP loan by Brookline Bank | 250 | 250 | 250 | |||||||||
Purchase of restricted equity securities | — | (100 | ) | — | ||||||||
Purchase of premises and equipment | (5,458 | ) | (8,557 | ) | — | |||||||
Net cash provided from (used in) investing activities | (5,208 | ) | 15,318 | (132,462 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
(Decrease) increase in demand deposit, NOW, savings and money market accounts | (41 | ) | 41 | — | ||||||||
Payment of dividends on common stock | (23,841 | ) | (23,777 | ) | (19,964 | ) | ||||||
Repayment of subordinated and other debt | (3,000 | ) | — | (13,985 | ) | |||||||
Income tax benefit from vesting of recognition and retention plan shares, exercise of non-incentive stock options, payment of dividend equivalent rights and dividend distribution on allocated ESOP shares | — | — | 79 | |||||||||
Net cash used in financing activities | (26,882 | ) | (23,736 | ) | (33,870 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 7,891 | 3,940 | (303 | ) | ||||||||
Cash and cash equivalents at beginning of year | 4,580 | 640 | 943 | |||||||||
Cash and cash equivalents at end of year | $ | 12,471 | $ | 4,580 | $ | 640 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Cash paid during the year for: | ||||||||||||
Interest on subordinated debt | $ | 480 | $ | 795 | $ | — | ||||||
Income taxes | 19,137 | 16,981 | — | |||||||||
Acquisition of Bancorp Rhode Island: | ||||||||||||
Fair value of assets acquired, net of cash and cash equivalents acquired | $ | — | $ | 1,571,817 | $ | — | ||||||
Fair value of liabilities assumed | — | 1,481,535 | — | |||||||||
Acquisition of First Ipswich Bancorp: | ||||||||||||
Fair value of assets acquired, net of cash and cash equivalents acquired | $ | — | $ | — | $ | 246,186 | ||||||
Fair value of liabilities assumed | — | — | 251,978 | |||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of quarterly results of operations | ' | |||||||||||||||
2013 Quarters | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
(Dollars in Thousands Except Per Share Data) | ||||||||||||||||
Interest and dividend income | $ | 51,049 | $ | 50,823 | $ | 52,900 | $ | 51,612 | ||||||||
Interest expense | 7,275 | 7,411 | 7,537 | 7,943 | ||||||||||||
Net interest income | 43,774 | 43,412 | 45,363 | 43,669 | ||||||||||||
Provision for credit losses | 3,887 | 2,748 | 2,439 | 1,855 | ||||||||||||
Net interest income after provision for credit losses | 39,887 | 40,664 | 42,924 | 41,814 | ||||||||||||
Loss on investment in affordable housing projects | (318 | ) | (558 | ) | (624 | ) | (312 | ) | ||||||||
Gain on sales of securities, net | 397 | — | — | — | ||||||||||||
Other non-interest income | 3,828 | 4,011 | 3,762 | 3,639 | ||||||||||||
Amortization of identified intangible assets | (1,127 | ) | (1,154 | ) | (1,177 | ) | (1,165 | ) | ||||||||
Other non-interest expense | (30,193 | ) | (28,399 | ) | (29,638 | ) | (29,607 | ) | ||||||||
Income before income taxes | 12,474 | 14,564 | 15,247 | 14,369 | ||||||||||||
Provision for income taxes | 4,325 | 4,645 | 5,382 | 5,129 | ||||||||||||
Net income | 8,149 | 9,919 | 9,865 | 9,240 | ||||||||||||
Less net income attributable to noncontrolling interest in subsidiary | 495 | 490 | 375 | 427 | ||||||||||||
Net income attributable to Brookline Bancorp, Inc. | $ | 7,654 | $ | 9,429 | $ | 9,490 | $ | 8,813 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.11 | $ | 0.14 | $ | 0.14 | $ | 0.13 | ||||||||
Diluted | 0.11 | 0.13 | 0.14 | 0.13 | ||||||||||||
Average common shares outstanding: | ||||||||||||||||
Basic | 69,862,175 | 69,830,953 | 69,774,703 | 69,762,784 | ||||||||||||
Diluted | 69,951,683 | 69,913,765 | 69,833,541 | 69,830,630 | ||||||||||||
Common stock price: | ||||||||||||||||
High | $ | 9.58 | $ | 10.08 | $ | 9.14 | $ | 9.39 | ||||||||
Low | 8.72 | 8.81 | 8.23 | 8.66 | ||||||||||||
Dividends per share | $ | 0.085 | $ | 0.085 | $ | 0.085 | $ | 0.085 | ||||||||
2012 Quarters | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
(Dollars in Thousands Except Per Share Data) | ||||||||||||||||
Interest income | $ | 52,976 | $ | 55,394 | $ | 51,839 | $ | 52,991 | ||||||||
Interest expense | 8,412 | 8,983 | 9,080 | 9,357 | ||||||||||||
Net interest income | 44,564 | 46,411 | 42,759 | 43,634 | ||||||||||||
Provision for credit losses | 3,101 | 2,862 | 6,678 | 3,247 | ||||||||||||
Net interest income after provision for credit losses | 41,463 | 43,549 | 36,081 | 40,387 | ||||||||||||
Gain on sales of securities, net | 129 | — | 797 | — | ||||||||||||
Gain on sales of loans and leases | 1,898 | — | — | — | ||||||||||||
Loss from investments in affordable housing projects | (239 | ) | (73 | ) | (244 | ) | (138 | ) | ||||||||
Other non-interest income | 4,716 | 3,858 | 4,168 | 3,733 | ||||||||||||
Amortization of identified intangible assets | (1,797 | ) | (1,271 | ) | (1,271 | ) | (1,283 | ) | ||||||||
Other non-interest expense | (27,072 | ) | (29,165 | ) | (27,350 | ) | (31,166 | ) | ||||||||
Income before income taxes | 19,098 | 16,898 | 12,181 | 11,533 | ||||||||||||
Provision for income taxes | 6,868 | 5,176 | 4,398 | 4,899 | ||||||||||||
Net income | 12,230 | 11,722 | 7,783 | 6,634 | ||||||||||||
Less net income attributable to noncontrolling interest in subsidiary | 367 | 321 | 254 | 285 | ||||||||||||
Net income attributable to Brookline Bancorp, Inc. | $ | 11,863 | $ | 11,401 | $ | 7,529 | $ | 6,349 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.17 | $ | 0.16 | $ | 0.11 | $ | 0.09 | ||||||||
Diluted | 0.17 | 0.16 | 0.11 | 0.09 | ||||||||||||
Average common shares outstanding: | ||||||||||||||||
Basic | 69,742,225 | 69,716,283 | 69,677,656 | 69,664,619 | ||||||||||||
Diluted | 69,799,324 | 69,754,473 | 69,715,890 | 69,665,873 | ||||||||||||
Common stock price: | ||||||||||||||||
High | $ | 8.9 | $ | 9.25 | $ | 9.49 | $ | 9.78 | ||||||||
Low | 7.54 | 8.13 | 8.46 | 8.37 | ||||||||||||
Dividends per share | $ | 0.085 | $ | 0.085 | $ | 0.085 | $ | 0.085 | ||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
bank | |
office | |
Basis of Presentation | ' |
Number of full-service banking offices | 23 |
FDIC insurance limit per person | $250,000 |
Number of banks on whose deposits insurance coverage was offered | 3 |
Percentage of insurance offered | 100.00% |
Cash and cash equivalents, maximum original maturity period (in months) | '3 months |
Number of days past due, non-accrual status (in days) | '90 days |
Period after which a non-accrual loan is restructured (in months) | '6 months |
BOLI, as percentage of capital plus reserves, maximum (as a percent) | 10.00% |
Minimum percentage of likelihood of tax benefit being recognized for being recognized in the financial statements | 50.00% |
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 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 0 Months Ended | 0 Months Ended | |||||
Share data in Millions, unless otherwise specified | Jan. 02, 2012 | Jan. 03, 2012 | Dec. 31, 2013 | Feb. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Bancorp Rhode Island, Inc.: | Bancorp Rhode Island, Inc.: | Bancorp Rhode Island, Inc.: | First Ipswich Bancorp: | First Ipswich Bancorp: | First Ipswich Bancorp: | First Ipswich Bancorp: | |
branch | branch | ||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' |
Number of branches acquired | ' | ' | 18 | 6 | ' | ' | ' |
Total consideration paid | $205,800,000 | ' | ' | ' | ' | ' | ' |
Shares of common stock issued as partial consideration for acquisition | 11 | 11 | ' | ' | ' | ' | ' |
Par value | 100,000 | ' | ' | ' | ' | ' | ' |
Shares of common stock issued as partial consideration for acquisition | 92,800,000 | ' | ' | ' | ' | ' | ' |
Cash consideration paid in acquisition | 113,000,000 | ' | ' | 19,700,000 | ' | ' | ' |
Shares of common stock issued for each share of acquiree as consideration for acquisition | 4.686 | ' | ' | ' | ' | ' | ' |
Fair value of assets acquired in acquisition | ' | ' | ' | 271,600,000 | ' | ' | ' |
Fair value of liabilities assumed | ' | ' | ' | 252,000,000 | ' | ' | ' |
Expense related to transaction | ' | ' | ' | ' | $0 | $0 | $200,000 |
Cash_and_ShortTerm_Investments2
Cash and Short-Term Investments (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | ' | ' |
Average amount required to be held with Federal Reserve Bank | $5,300,000 | $3,700,000 |
Aggregate reserves | 54,200,000 | 41,700,000 |
Short-term investments | ' | ' |
Money market funds | 10,000 | 20,000 |
Federal funds sold | 55,347,000 | 38,636,000 |
Short-term investment, total | $55,357,000 | $38,656,000 |
Maximum maturity period consider to classify as mutual funds assets (in days) | '90 days | ' |
Investment_Securities_Details
Investment Securities (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Securities available for Sale: | ' | ' |
Amortized Cost | $505,889,000 | $475,946,000 |
Gross Unrealized Gains | 2,680,000 | 6,013,000 |
Gross Unrealized Losses | 16,141,000 | 636,000 |
Estimated Fair Value | 492,428,000 | 481,323,000 |
Investment securities held-to-maturity | ' | ' |
Amortized Cost | 500,000 | 500,000 |
Gross Unrealized Gains | 0 | 2,000 |
Estimated Fair Value | 500,000 | 502,000 |
Investment securities available-for-sale | 492,428,000 | 481,323,000 |
Net Unrealized Gain (Loss) | 13,500,000 | 5,400,000 |
Fair value of available-for-sale security for first portfolio | 383,300,000 | ' |
Percentage of first portfolio for available-for-sale securities | 77.80% | ' |
Net unrealized loss for first available-for-sale security portfolio | 16,100,000 | ' |
Fair value of available-for-sale security for second portfolio | ' | 47,600,000 |
Percentage of second portfolio for available-for-sale securities | ' | 9.90% |
Net unrealized loss for second available-for-sale security portfolio | ' | 600,000 |
Available for sale securities pledged as collateral | 402,500,000 | 309,700,000 |
Debt securities: | ' | ' |
Securities available for Sale: | ' | ' |
Amortized Cost | 504,630,000 | 474,697,000 |
Gross Unrealized Gains | 2,619,000 | 5,925,000 |
Gross Unrealized Losses | 16,131,000 | 636,000 |
Estimated Fair Value | 491,118,000 | 479,986,000 |
Investment securities held-to-maturity | ' | ' |
Investment securities available-for-sale | 491,118,000 | 479,986,000 |
GSEs | ' | ' |
Securities available for Sale: | ' | ' |
Amortized Cost | 12,138,000 | 69,504,000 |
Gross Unrealized Gains | 42,000 | 305,000 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 12,180,000 | 69,809,000 |
Investment securities held-to-maturity | ' | ' |
Investment securities available-for-sale | 12,180,000 | 69,809,000 |
GSE CMOs | ' | ' |
Securities available for Sale: | ' | ' |
Amortized Cost | 254,331,000 | 215,670,000 |
Gross Unrealized Gains | 86,000 | 1,386,000 |
Gross Unrealized Losses | 10,773,000 | 55,000 |
Estimated Fair Value | 243,644,000 | 217,001,000 |
Investment securities held-to-maturity | ' | ' |
Investment securities available-for-sale | 243,644,000 | 217,001,000 |
GSE MBSs | ' | ' |
Securities available for Sale: | ' | ' |
Amortized Cost | 202,478,000 | 165,996,000 |
Gross Unrealized Gains | 1,852,000 | 3,704,000 |
Gross Unrealized Losses | 4,929,000 | 52,000 |
Estimated Fair Value | 199,401,000 | 169,648,000 |
Investment securities held-to-maturity | ' | ' |
Investment securities available-for-sale | 199,401,000 | 169,648,000 |
Private-label collateralized mortgage obligations | ' | ' |
Securities available for Sale: | ' | ' |
Amortized Cost | 3,258,000 | 6,719,000 |
Gross Unrealized Gains | 115,000 | 147,000 |
Gross Unrealized Losses | 18,000 | 0 |
Estimated Fair Value | 3,355,000 | 6,866,000 |
Investment securities held-to-maturity | ' | ' |
Investment securities available-for-sale | 3,355,000 | 6,866,000 |
SBA commercial loan asset-backed securities | ' | ' |
Securities available for Sale: | ' | ' |
Amortized Cost | 245,000 | 383,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2,000 | 2,000 |
Estimated Fair Value | 243,000 | 381,000 |
Investment securities held-to-maturity | ' | ' |
Investment securities available-for-sale | 243,000 | 381,000 |
Auction-rate municipal obligations | ' | ' |
Securities available for Sale: | ' | ' |
Amortized Cost | 1,900,000 | 2,100,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 125,000 | 124,000 |
Estimated Fair Value | 1,775,000 | 1,976,000 |
Investment securities held-to-maturity | ' | ' |
Investment securities available-for-sale | 1,775,000 | 1,976,000 |
Municipal obligations | ' | ' |
Securities available for Sale: | ' | ' |
Amortized Cost | 1,068,000 | 1,058,000 |
Gross Unrealized Gains | 18,000 | 43,000 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 1,086,000 | 1,101,000 |
Investment securities held-to-maturity | ' | ' |
Investment securities available-for-sale | 1,086,000 | 1,101,000 |
Corporate debt obligations | ' | ' |
Securities available for Sale: | ' | ' |
Amortized Cost | 27,751,000 | 10,481,000 |
Gross Unrealized Gains | 506,000 | 204,000 |
Gross Unrealized Losses | 33,000 | 0 |
Estimated Fair Value | 28,224,000 | 10,685,000 |
Investment securities held-to-maturity | ' | ' |
Investment securities available-for-sale | 28,224,000 | 10,685,000 |
Pooled Trust Preferred Securities | ' | ' |
Securities available for Sale: | ' | ' |
Amortized Cost | 1,461,000 | 2,786,000 |
Gross Unrealized Gains | 0 | 136,000 |
Gross Unrealized Losses | 251,000 | 403,000 |
Estimated Fair Value | 1,210,000 | 2,519,000 |
Investment securities held-to-maturity | ' | ' |
Investment securities available-for-sale | 1,210,000 | 2,519,000 |
Marketable equity securities | ' | ' |
Securities available for Sale: | ' | ' |
Amortized Cost | 1,259,000 | 1,249,000 |
Gross Unrealized Gains | 61,000 | 88,000 |
Gross Unrealized Losses | 10,000 | 0 |
Estimated Fair Value | 1,310,000 | 1,337,000 |
Investment securities held-to-maturity | ' | ' |
Investment securities available-for-sale | $1,310,000 | $1,337,000 |
Investment_Securities_Details_
Investment Securities (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Less than 12 months | ' | ' |
Fair Value | $350,313 | $43,431 |
Unrealized Losses | 13,668 | 104 |
12 months or Longer | ' | ' |
Fair Value | 32,950 | 4,142 |
Unrealized Losses | 2,473 | 532 |
Total | ' | ' |
Fair Value | 383,263 | 47,573 |
Unrealized Losses | 16,141 | 636 |
Debt Securities | ' | ' |
Less than 12 months | ' | ' |
Fair Value | 349,812 | 43,431 |
Unrealized Losses | 13,658 | 104 |
12 months or Longer | ' | ' |
Fair Value | 32,950 | 4,142 |
Unrealized Losses | 2,473 | 532 |
Total | ' | ' |
Fair Value | 382,762 | 47,573 |
Unrealized Losses | 16,131 | 636 |
GSE CMOs | ' | ' |
Less than 12 months | ' | ' |
Fair Value | 221,317 | 23,910 |
Unrealized Losses | 9,861 | 55 |
12 months or Longer | ' | ' |
Fair Value | 16,257 | 0 |
Unrealized Losses | 912 | 0 |
Total | ' | ' |
Fair Value | 237,574 | 23,910 |
Unrealized Losses | 10,773 | 55 |
GSE MBS | ' | ' |
Less than 12 months | ' | ' |
Fair Value | 121,836 | 19,186 |
Unrealized Losses | 3,746 | 47 |
12 months or Longer | ' | ' |
Fair Value | 13,516 | 235 |
Unrealized Losses | 1,183 | 5 |
Total | ' | ' |
Fair Value | 135,352 | 19,421 |
Unrealized Losses | 4,929 | 52 |
Private-label collateralized mortgage obligations | ' | ' |
Less than 12 months | ' | ' |
Fair Value | 639 | 25 |
Unrealized Losses | 18 | 0 |
12 months or Longer | ' | ' |
Fair Value | 0 | 0 |
Unrealized Losses | 0 | 0 |
Total | ' | ' |
Fair Value | 639 | 25 |
Unrealized Losses | 18 | 0 |
SBA commercial loan asset-backed securities | ' | ' |
Less than 12 months | ' | ' |
Fair Value | 32 | 310 |
Unrealized Losses | 0 | 2 |
12 months or Longer | ' | ' |
Fair Value | 192 | 0 |
Unrealized Losses | 2 | 0 |
Total | ' | ' |
Fair Value | 224 | 310 |
Unrealized Losses | 2 | 2 |
Auction-rate municipal obligations | ' | ' |
Less than 12 months | ' | ' |
Fair Value | 0 | 0 |
Unrealized Losses | 0 | 0 |
12 months or Longer | ' | ' |
Fair Value | 1,775 | 1,976 |
Unrealized Losses | 125 | 124 |
Total | ' | ' |
Fair Value | 1,775 | 1,976 |
Unrealized Losses | 125 | 124 |
Corporate debt obligations | ' | ' |
Less than 12 months | ' | ' |
Fair Value | 5,988 | ' |
Unrealized Losses | 33 | ' |
12 months or Longer | ' | ' |
Fair Value | 0 | ' |
Unrealized Losses | 0 | ' |
Total | ' | ' |
Fair Value | 5,988 | ' |
Unrealized Losses | 33 | ' |
Trust preferred securities | ' | ' |
Less than 12 months | ' | ' |
Fair Value | 0 | 0 |
Unrealized Losses | 0 | 0 |
12 months or Longer | ' | ' |
Fair Value | 1,210 | 1,931 |
Unrealized Losses | 251 | 403 |
Total | ' | ' |
Fair Value | 1,210 | 1,931 |
Unrealized Losses | 251 | 403 |
Marketable equity securities | ' | ' |
Less than 12 months | ' | ' |
Fair Value | 501 | 0 |
Unrealized Losses | 10 | 0 |
12 months or Longer | ' | ' |
Fair Value | 0 | 0 |
Unrealized Losses | 0 | 0 |
Total | ' | ' |
Fair Value | 501 | 0 |
Unrealized Losses | $10 | $0 |
Investment_Securities_Details_1
Investment Securities (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investment Securities | ' | ' | ' |
Estimated Fair Value | $492,428,000 | $481,323,000 | ' |
Net Unrealized Gain (Loss) | 13,500,000 | 5,400,000 | ' |
Purchases of securities available-for-sale | 171,231,000 | 326,104,000 | 45,361,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 383,263,000 | 47,573,000 | ' |
Amortized Cost | 505,889,000 | 475,946,000 | ' |
Gross gains from sales | 626,000 | 1,093,000 | 80,000 |
Gross losses from sales | 229,000 | 167,000 | 0 |
US Government Sponsored Enterprises Debt Securities Excluding Specified Securities [Member] | ' | ' | ' |
Investment Securities | ' | ' | ' |
Estimated Fair Value | 18,900,000 | 10,000,000 | ' |
GSEs | ' | ' | ' |
Investment Securities | ' | ' | ' |
Estimated Fair Value | 12,180,000 | 69,809,000 | ' |
Net Unrealized Gain (Loss) | 42,000 | 300,000 | ' |
Number of securities in unrealized loss positions | 0 | 0 | ' |
Number of securities | 5 | 28 | ' |
SBA commercial loan asset-backed securities | ' | ' | ' |
Investment Securities | ' | ' | ' |
Estimated Fair Value | 243,000 | 381,000 | ' |
Net Unrealized Gain (Loss) | -2,000 | -2,000 | ' |
Number of securities in unrealized loss positions | 7 | 8 | ' |
Number of securities | 9 | 11 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 224,000 | 310,000 | ' |
GSE MBS | ' | ' | ' |
Investment Securities | ' | ' | ' |
Estimated Fair Value | 443,045,000 | 386,649,000 | ' |
Net Unrealized Gain (Loss) | 13,764,000 | 4,983,000 | ' |
Number of securities in unrealized loss positions | 86 | 32 | ' |
Number of securities | 232 | 224 | ' |
Purchases of securities available-for-sale | 149,500,000 | 326,100,000 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 135,352,000 | 19,421,000 | ' |
Private-label collateralized mortgage obligations | ' | ' | ' |
Investment Securities | ' | ' | ' |
Estimated Fair Value | 3,400,000 | 6,900,000 | ' |
Net Unrealized Gain (Loss) | 100,000 | 100,000 | ' |
Number of securities in unrealized loss positions | 2 | 1 | ' |
Number of securities | 11 | 11 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 639,000 | 25,000 | ' |
Auction-rate municipal obligations | ' | ' | ' |
Investment Securities | ' | ' | ' |
Estimated Fair Value | 1,775,000 | 1,976,000 | ' |
Net Unrealized Gain (Loss) | -100,000 | -100,000 | ' |
Number of securities in unrealized loss positions | 3 | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,775,000 | 1,976,000 | ' |
Municipal obligations | ' | ' | ' |
Investment Securities | ' | ' | ' |
Estimated Fair Value | 1,086,000 | 1,101,000 | ' |
Number of securities in unrealized loss positions | 0 | 0 | ' |
Number of securities | 2 | 2 | ' |
Corporate debt obligations | ' | ' | ' |
Investment Securities | ' | ' | ' |
Estimated Fair Value | 28,200,000 | 10,700,000 | ' |
Net Unrealized Gain (Loss) | 500,000 | 200,000 | ' |
Number of securities in unrealized loss positions | 2 | 0 | ' |
Number of securities | 11 | 8 | ' |
Purchases of securities available-for-sale | 21,700,000 | ' | ' |
Number of securities for which obligations are non-investment grade | 1 | 1 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,988,000 | ' | ' |
Trust preferred securities | ' | ' | ' |
Investment Securities | ' | ' | ' |
Estimated Fair Value | 1,200,000 | 2,500,000 | ' |
Net Unrealized Gain (Loss) | -300,000 | -300,000 | ' |
Number of securities in unrealized loss positions | ' | 3 | ' |
Number of securities | ' | 5 | ' |
Number of trust preferred securities | 2 | 3 | ' |
Number of trust preferred pools number | ' | 2 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,210,000 | 1,931,000 | ' |
Securities under unrealized loss position as a percentage of amortized cost of total securities | 17.20% | 14.50% | ' |
Number of securities sold | 2 | ' | ' |
Net gain on sale of securities | 400,000 | ' | ' |
Marketable equity securities | ' | ' | ' |
Investment Securities | ' | ' | ' |
Estimated Fair Value | 1,300,000 | ' | ' |
Net Unrealized Gain (Loss) | 100,000 | ' | ' |
Number of securities in unrealized loss positions | 1 | 0 | ' |
Number of securities | 4 | 4 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 501,000 | 0 | ' |
Securities under unrealized loss position as a percentage of amortized cost of total securities | 0.80% | ' | ' |
State of Israel Bonds [Member] | ' | ' | ' |
Investment Securities | ' | ' | ' |
Payments to acquire investments | ' | ' | 500,000 |
Carrying value of investment | ' | ' | 500,000 |
Fair value of investment | ' | ' | $500,000 |
LIBOR [Member] | State of Israel Bonds [Member] | ' | ' | ' |
Investment Securities | ' | ' | ' |
Spread on variable rate | ' | ' | 0.13% |
Investment_Securities_Details_2
Investment Securities (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Available for Sale, Amortized Cost | ' | ' |
Within 1 year | $13,012,000 | $59,396,000 |
After 1 year through 5 years | 40,204,000 | 25,249,000 |
After 5 years through 10 years | 66,447,000 | 50,283,000 |
Over 10 years | 384,967,000 | 339,769,000 |
Total | 504,630,000 | 474,697,000 |
Available for Sale, Estimated Fair Value | ' | ' |
Within 1 year | 13,062,000 | 59,736,000 |
After 1 year through 5 years | 41,187,000 | 25,579,000 |
After 5 years through 10 years | 67,075,000 | 52,557,000 |
Over 10 years | 369,794,000 | 342,114,000 |
Total | 491,118,000 | 479,986,000 |
Available for Sale, Weighted Average Rate | ' | ' |
Within 1 year (as a percent) | 0.82% | 1.20% |
After 1 year through 5 years (as a percent) | 2.90% | 1.61% |
After 5 years through 10 years (as a percent) | 2.23% | 3.29% |
Over 10 years (as a percent) | 1.90% | 1.93% |
Total (as a percent) | 2.00% | 1.97% |
Estimated fair value of debt securities have right to call or prepay the obligations | 3,700,000 | 8,900,000 |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of less than one year | 700,000 | ' |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of after one year through five years | ' | 4,800,000 |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities after five years through ten years | ' | 200,000 |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of which is after 10 years | $3,000,000 | $3,900,000 |
Investment_Securities_Details_3
Investment Securities (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Securities available for Sale: | ' | ' | ' |
Proceeds from sales | $1,210 | $166,201 | $124 |
Gross gains from sales | 626 | 1,093 | 80 |
Gross losses from sales | 229 | 167 | 0 |
Debt Securities | ' | ' | ' |
Securities available for Sale: | ' | ' | ' |
Proceeds from sales | 1,210 | 166,201 | 0 |
Marketable equity securities | ' | ' | ' |
Securities available for Sale: | ' | ' | ' |
Proceeds from sales | $0 | $0 | $124 |
Restricted_Equity_Securities_D
Restricted Equity Securities (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted equity securities | ' | ' |
Restricted equity securities | $66,559,000 | $68,661,000 |
FHLBB stock | ' | ' |
Restricted equity securities | ' | ' |
Restricted equity securities | 50,081,000 | 52,188,000 |
Dividend rate (as a percent) | 0.38% | ' |
Amount of capital stock proposed to be repurchased by FHLBB | 300,000,000 | ' |
Federal Reserve Bank of Boston stock | ' | ' |
Restricted equity securities | ' | ' |
Restricted equity securities | 16,003,000 | 15,998,000 |
Other restricted equity securities | ' | ' |
Restricted equity securities | ' | ' |
Restricted equity securities | $475,000 | $475,000 |
Loans_and_Leases_Details
Loans and Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Originated loans | $3,547,053,000 | $3,116,102,000 | ' |
Originated, Weighted Average Coupon (as a percent) | 4.59% | 4.89% | ' |
Acquired loans | 815,412,000 | 1,059,610,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 4.38% | 4.67% | ' |
Total loans and leases | 4,362,465,000 | 4,175,712,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 4.55% | 4.83% | ' |
Percentage of loans to aggregate outstanding amount in Other areas of the United States | 61.80% | ' | ' |
Proceeds from loans and leases sold | 56,389,000 | 104,029,000 | 41,687,000 |
Commercial real estate loans | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Originated loans | 1,769,232,000 | 1,458,482,000 | ' |
Originated, Weighted Average Coupon (as a percent) | 4.26% | 4.56% | ' |
Acquired loans | 434,391,000 | 547,481,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 4.46% | 4.75% | ' |
Total loans and leases | 2,203,623,000 | 2,005,963,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 4.30% | 4.61% | ' |
Commercial real estate | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Originated loans | 1,111,750,000 | 871,552,000 | ' |
Originated, Weighted Average Coupon (as a percent) | 4.34% | 4.62% | ' |
Acquired loans | 350,235,000 | 429,681,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 4.42% | 4.69% | ' |
Total loans and leases | 1,461,985,000 | 1,301,233,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 4.36% | 4.64% | ' |
Multi-family mortgage | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Originated loans | 554,555,000 | 506,017,000 | ' |
Originated, Weighted Average Coupon (as a percent) | 4.19% | 4.50% | ' |
Acquired loans | 73,378,000 | 100,516,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 4.63% | 4.99% | ' |
Total loans and leases | 627,933,000 | 606,533,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 4.24% | 4.58% | ' |
Construction | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Originated loans | 102,927,000 | 80,913,000 | ' |
Originated, Weighted Average Coupon (as a percent) | 3.81% | 4.20% | ' |
Acquired loans | 10,778,000 | 17,284,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 4.37% | 4.73% | ' |
Total loans and leases | 113,705,000 | 98,197,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 3.87% | 4.29% | ' |
Commercial loans | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Originated loans | 827,808,000 | 641,376,000 | ' |
Originated, Weighted Average Coupon (as a percent) | 5.77% | 6.14% | ' |
Acquired loans | 137,802,000 | 206,079,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 4.95% | 5.30% | ' |
Total loans and leases | 965,610,000 | 847,455,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 5.65% | 5.93% | ' |
Commercial | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Originated loans | 297,684,000 | 230,892,000 | ' |
Originated, Weighted Average Coupon (as a percent) | 3.68% | 3.89% | ' |
Acquired loans | 110,108,000 | 151,385,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 4.54% | 4.72% | ' |
Total loans and leases | 407,792,000 | 382,277,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 3.91% | 4.22% | ' |
Equipment financing | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Originated loans | 485,330,000 | 366,297,000 | ' |
Originated, Weighted Average Coupon (as a percent) | 7.14% | 7.69% | ' |
Acquired loans | 27,694,000 | 54,694,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 6.60% | 6.91% | ' |
Total loans and leases | 513,024,000 | 420,991,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 7.11% | 7.59% | ' |
Percentage of loans to aggregate outstanding amount in the greater New York/New Jersey Metropolitan area and northeastern states | 38.20% | ' | ' |
Proceeds from loans and leases sold | ' | 19,600,000 | ' |
Gain on sale of loans and leases sold | ' | 1,900,000 | ' |
Condominium association | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Originated loans | 44,794,000 | 44,187,000 | ' |
Originated, Weighted Average Coupon (as a percent) | 4.74% | 5.02% | ' |
Acquired loans | 0 | 0 | ' |
Acquired, Weighted Average Coupon (as a percent) | 0.00% | 0.00% | ' |
Total loans and leases | 44,794,000 | 44,187,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 4.74% | 5.02% | ' |
Indirect automobile | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Originated loans | 400,531,000 | 542,344,000 | ' |
Originated, Weighted Average Coupon (as a percent) | 4.98% | 5.31% | ' |
Acquired loans | 0 | 0 | ' |
Acquired, Weighted Average Coupon (as a percent) | 0.00% | 0.00% | ' |
Total loans and leases | 400,531,000 | 542,344,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 4.98% | 5.31% | ' |
Consumer loans | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Originated loans | 549,482,000 | 473,900,000 | ' |
Originated, Weighted Average Coupon (as a percent) | 3.61% | 3.78% | ' |
Acquired loans | 243,219,000 | 306,050,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 3.98% | 4.15% | ' |
Total loans and leases | 792,701,000 | 779,950,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 3.72% | 3.92% | ' |
Residential mortgage | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Originated loans | 411,554,000 | 368,095,000 | ' |
Originated, Weighted Average Coupon (as a percent) | 3.65% | 3.87% | ' |
Acquired loans | 116,631,000 | 143,014,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 3.93% | 4.18% | ' |
Total loans and leases | 528,185,000 | 511,109,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 3.71% | 3.93% | ' |
Home equity | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Originated loans | 132,396,000 | 99,683,000 | ' |
Originated, Weighted Average Coupon (as a percent) | 3.39% | 3.45% | ' |
Acquired loans | 125,065,000 | 161,879,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 3.88% | 4.07% | ' |
Total loans and leases | 257,461,000 | 261,562,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 3.63% | 3.83% | ' |
Other consumer | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Originated loans | 5,532,000 | 6,122,000 | ' |
Originated, Weighted Average Coupon (as a percent) | 5.98% | 5.35% | ' |
Acquired loans | 1,523,000 | 1,157,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 14.89% | 12.97% | ' |
Total loans and leases | $7,055,000 | $7,279,000 | ' |
Acquired, Weighted Average Coupon (as a percent) | 7.90% | 6.56% | ' |
Loans_and_Leases_Details_2
Loans and Leases (Details 2) (Acquired, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Acquired | ' | ' | ' |
Summarized activity in accretable yield for the acquired loan portfolio | ' | ' | ' |
Balance at the beginning of the period | $57,812,000 | ($1,369,000) | $0 |
Acquisitions | 0 | 81,503,000 | -2,504,000 |
Reclassification from nonaccretable difference for loans with improved cash flows | 8,477,000 | 1,550,000 | 0 |
Accretion | -20,500,000 | -23,872,000 | 1,135,000 |
Balance at the end of the period | 45,789,000 | 57,812,000 | -1,369,000 |
Provision for loans losses | 900,000 | 0 | ' |
Aggregate remaining nonaccretable difference (representing both principal and interest) applicable to acquired loans | $4,500,000 | $13,000,000 | ' |
Loans_and_Leases_Details_3
Loans and Leases (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Change in the total amounts of loans and advances, all of which were performing | ' | ' | ' |
Balance at the end of the year | ' | ' | $16,428,000 |
Directors, executive officers and their affiliates | ' | ' | ' |
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 | 16,399,000 |
Acquired loans | 0 | 2,848,000 | 222,000 |
New loans granted during the year | 365,000 | 314,000 | 288,000 |
Advances on lines of credit | 1,370,000 | 109,000 | 0 |
Repayments | -1,035,000 | -15,281,000 | -481,000 |
Loan no longer classified as an insider loan | 0 | -335,000 | 0 |
Loans reclassified as insider loans | 11,327,000 | 0 | 0 |
Balance at the end of the year | 16,110,000 | 4,083,000 | 16,428,000 |
Unfunded commitments on extensions of credit | $11,700,000 | $6,900,000 | ' |
Loans_and_Leases_Details_4
Loans and Leases (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Billions, unless otherwise specified | ||
Loans and Leases Receivable Disclosure [Abstract] | ' | ' |
Loans and leases pledged as collateral | $1.20 | $1.50 |
Allowance_for_Loan_and_Lease_L2
Allowance for Loan and Lease Losses (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | $41,152,000 | ' | ' | ' | $31,703,000 | $41,152,000 | $31,703,000 | $29,695,000 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -4,788,000 | -8,092,000 | -2,891,000 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 1,434,000 | 1,530,000 | 943,000 |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 10,675,000 | 16,011,000 | 3,956,000 |
Balance at the end of the period | 48,473,000 | ' | ' | ' | 41,152,000 | ' | ' | ' | 48,473,000 | 41,152,000 | 31,703,000 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 10,675,000 | 16,011,000 | 3,956,000 |
Unfunded credit commitments liability | ' | ' | ' | ' | ' | ' | ' | ' | 254,000 | -123,000 | -325,000 |
Total provision for credit losses | 3,887,000 | 2,748,000 | 2,439,000 | 1,855,000 | 3,101,000 | 2,862,000 | 6,678,000 | 3,247,000 | 10,929,000 | 15,888,000 | 3,631,000 |
Unfunded credit commitments liability included in other liabilities | 1,000,000 | ' | ' | ' | 700,000 | ' | ' | ' | 1,000,000 | 700,000 | 800,000 |
General allowance for loan and lease losses | 44,100,000 | ' | ' | ' | 36,800,000 | ' | ' | ' | 44,100,000 | 36,800,000 | ' |
Increase in general portion of the allowance for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 7,300,000 | ' | ' |
Specific allowance for loan and lease losses | 1,500,000 | ' | ' | ' | 1,700,000 | ' | ' | ' | 1,500,000 | 1,700,000 | ' |
Increase (decrease) in specific portion of the allowance for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | -200,000 | ' | ' |
Unallocated allowance for loan and lease losses | 2,900,000 | ' | ' | ' | 2,600,000 | ' | ' | ' | 2,900,000 | 2,600,000 | ' |
Increase in unallocated portion of the allowance for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' |
Originated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 7,901,000 | 15,861,000 | 3,956,000 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 7,901,000 | 15,861,000 | 3,956,000 |
Unfunded credit commitments liability | ' | ' | ' | ' | ' | ' | ' | ' | 254,000 | -123,000 | -325,000 |
Total provision for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | 8,155,000 | 15,738,000 | 3,631,000 |
Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 2,774,000 | 150,000 | 0 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 2,774,000 | 150,000 | 0 |
Unfunded credit commitments liability | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total provision for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | 2,774,000 | 150,000 | 0 |
Commercial Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 20,018,000 | ' | ' | ' | 15,477,000 | 20,018,000 | 15,477,000 | 12,398,000 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -88,000 | 0 | -30,000 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 13,000 | 118,000 | 0 |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 3,079,000 | 4,423,000 | 3,109,000 |
Balance at the end of the period | 23,022,000 | ' | ' | ' | 20,018,000 | ' | ' | ' | 23,022,000 | 20,018,000 | 15,477,000 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 3,079,000 | 4,423,000 | 3,109,000 |
Number of loan classes within specific portfolio | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Commercial Real Estate | Originated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 2,563,000 | 4,348,000 | 3,109,000 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 2,563,000 | 4,348,000 | 3,109,000 |
Commercial Real Estate | Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 516,000 | 75,000 | 0 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 516,000 | 75,000 | 0 |
Commercial | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 10,655,000 | ' | ' | ' | 5,997,000 | 10,655,000 | 5,997,000 | 5,293,000 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -2,077,000 | -5,347,000 | -773,000 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 657,000 | 417,000 | 330,000 |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 5,985,000 | 9,588,000 | 1,147,000 |
Balance at the end of the period | 15,220,000 | ' | ' | ' | 10,655,000 | ' | ' | ' | 15,220,000 | 10,655,000 | 5,997,000 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 5,985,000 | 9,588,000 | 1,147,000 |
Number of loan classes within specific portfolio | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Commercial | Originated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 4,917,000 | 9,513,000 | 1,147,000 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 4,917,000 | 9,513,000 | 1,147,000 |
Commercial | Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,068,000 | 75,000 | 0 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,068,000 | 75,000 | 0 |
Indirect automobile | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 5,304,000 | ' | ' | ' | 5,604,000 | 5,304,000 | 5,604,000 | 6,952,000 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -1,714,000 | -2,153,000 | -2,076,000 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 501,000 | 969,000 | 605,000 |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | -167,000 | 884,000 | 123,000 |
Balance at the end of the period | 3,924,000 | ' | ' | ' | 5,304,000 | ' | ' | ' | 3,924,000 | 5,304,000 | 5,604,000 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | -167,000 | 884,000 | 123,000 |
Indirect automobile | Originated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | -167,000 | 884,000 | 123,000 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | -167,000 | 884,000 | 123,000 |
Indirect automobile | Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Consumer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 2,545,000 | ' | ' | ' | 1,577,000 | 2,545,000 | 1,577,000 | 1,638,000 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -909,000 | -592,000 | -12,000 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 263,000 | 26,000 | 8,000 |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,476,000 | 1,534,000 | -57,000 |
Balance at the end of the period | 3,375,000 | ' | ' | ' | 2,545,000 | ' | ' | ' | 3,375,000 | 2,545,000 | 1,577,000 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,476,000 | 1,534,000 | -57,000 |
Number of loan classes within specific portfolio | 3 | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Consumer | Originated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 286,000 | 1,534,000 | -57,000 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 286,000 | 1,534,000 | -57,000 |
Consumer | Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,190,000 | 0 | 0 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,190,000 | 0 | 0 |
Unallocated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 2,630,000 | ' | ' | ' | 3,048,000 | 2,630,000 | 3,048,000 | 3,414,000 |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 302,000 | -418,000 | -366,000 |
Balance at the end of the period | 2,932,000 | ' | ' | ' | 2,630,000 | ' | ' | ' | 2,932,000 | 2,630,000 | 3,048,000 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 302,000 | -418,000 | -366,000 |
Unallocated | Originated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 302,000 | -418,000 | -366,000 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 302,000 | -418,000 | -366,000 |
Unallocated | Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision (credit) for loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Provisions for credit losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Allowance_for_Loan_and_Lease_L3
Allowance for Loan and Lease Losses (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Credit Quality Information | ' | ' |
Recorded investment | $4,362,465 | $4,175,712 |
Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 3,547,053 | 3,116,102 |
Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 815,412 | 1,059,610 |
Commercial real estate mortgage | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,461,985 | 1,301,233 |
Commercial real estate mortgage | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,111,750 | 871,552 |
Commercial real estate mortgage | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 350,235 | 429,681 |
Commercial real estate mortgage | Pass | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,099,108 | 863,901 |
Commercial real estate mortgage | Pass | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 332,145 | 409,725 |
Commercial real estate mortgage | OAEM | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 11,555 | 5,686 |
Commercial real estate mortgage | OAEM | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 7,556 | 2,740 |
Commercial real estate mortgage | Substandard | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,087 | 1,965 |
Commercial real estate mortgage | Substandard | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 8,645 | 17,216 |
Commercial real estate mortgage | Doubtful | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Commercial real estate mortgage | Doubtful | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,889 | 0 |
Multi-family mortgage | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 627,933 | 606,533 |
Multi-family mortgage | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 554,555 | 506,017 |
Multi-family mortgage | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 73,378 | 100,516 |
Multi-family mortgage | Pass | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 554,183 | 504,883 |
Multi-family mortgage | Pass | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 69,310 | 93,058 |
Multi-family mortgage | OAEM | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 372 | 146 |
Multi-family mortgage | OAEM | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 463 | 2,439 |
Multi-family mortgage | Substandard | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 988 |
Multi-family mortgage | Substandard | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 3,605 | 5,019 |
Multi-family mortgage | Doubtful | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Multi-family mortgage | Doubtful | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Construction | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 113,705 | 98,197 |
Construction | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 102,927 | 80,913 |
Construction | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 10,778 | 17,284 |
Construction | Pass | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 102,927 | 80,913 |
Construction | Pass | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 10,090 | 17,186 |
Construction | OAEM | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Construction | OAEM | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 688 | 0 |
Construction | Substandard | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Construction | Substandard | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 98 |
Construction | Doubtful | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Construction | Doubtful | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Commercial | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 407,792 | 382,277 |
Commercial | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 297,684 | 230,892 |
Commercial | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 110,108 | 151,385 |
Commercial | Pass | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 295,057 | 227,201 |
Commercial | Pass | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 96,779 | 140,589 |
Commercial | OAEM | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 49 | 1,196 |
Commercial | OAEM | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 4,617 | 1,344 |
Commercial | Substandard | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,078 | 502 |
Commercial | Substandard | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 8,518 | 8,635 |
Commercial | Doubtful | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,500 | 1,993 |
Commercial | Doubtful | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 194 | 817 |
Equipment financing | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 513,024 | 420,991 |
Equipment financing | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 485,330 | 366,297 |
Equipment financing | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 27,694 | 54,694 |
Equipment financing | Pass | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 479,811 | 359,064 |
Equipment financing | Pass | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 27,535 | 54,175 |
Equipment financing | OAEM | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 625 | 2,979 |
Equipment financing | OAEM | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 61 | 286 |
Equipment financing | Substandard | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 4,817 | 4,213 |
Equipment financing | Substandard | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 98 | 233 |
Equipment financing | Doubtful | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 77 | 41 |
Equipment financing | Doubtful | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Condominium association | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 44,794 | 44,187 |
Condominium association | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 44,794 | 44,187 |
Condominium association | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Condominium association | Pass | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 44,793 | 44,179 |
Condominium association | Pass | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Condominium association | OAEM | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Condominium association | OAEM | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Condominium association | Substandard | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1 | 8 |
Condominium association | Substandard | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Condominium association | Doubtful | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Condominium association | Doubtful | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Indirect automobile | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 400,531 | 542,344 |
Indirect automobile | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 400,531 | 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 | 332,140 | 454,056 |
Percentage of loans to aggregate outstanding amount | 82.90% | 83.70% |
Indirect automobile | Credit score, 661-700 | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 54,038 | 69,319 |
Percentage of loans to aggregate outstanding amount | 13.50% | 12.80% |
Indirect automobile | Credit score, 660 and below | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 12,793 | 16,934 |
Percentage of loans to aggregate outstanding amount | 3.20% | 3.10% |
Indirect automobile | Data not available | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,560 | 2,035 |
Percentage of loans to aggregate outstanding amount | 0.40% | 0.40% |
Residential mortgage | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 528,185 | 511,109 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Residential mortgage | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 411,554 | 368,095 |
Percentage of loans to aggregate outstanding amount | 77.90% | 72.00% |
Residential mortgage | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 116,631 | 143,014 |
Percentage of loans to aggregate outstanding amount | 22.10% | 28.00% |
Residential mortgage | Loan-to-value ratio, less than 50% | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 94,500 | 86,659 |
Percentage of loans to aggregate outstanding amount | 17.90% | 17.00% |
Residential mortgage | Loan-to-value ratio, less than 50% | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 23,101 | 23,398 |
Percentage of loans to aggregate outstanding amount | 4.40% | 4.60% |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 149,969 | 142,172 |
Percentage of loans to aggregate outstanding amount | 28.40% | 27.80% |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 39,298 | 42,214 |
Percentage of loans to aggregate outstanding amount | 7.40% | 8.20% |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 139,960 | 111,234 |
Percentage of loans to aggregate outstanding amount | 26.50% | 21.80% |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 31,932 | 42,748 |
Percentage of loans to aggregate outstanding amount | 6.00% | 8.40% |
Residential mortgage | Loan-to-value ratio, 80% and greater than | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 22,772 | 27,858 |
Percentage of loans to aggregate outstanding amount | 4.30% | 5.40% |
Residential mortgage | Loan-to-value ratio, 80% and greater than | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 19,870 | 31,614 |
Percentage of loans to aggregate outstanding amount | 3.80% | 6.20% |
Residential mortgage | Data not available | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 4,353 | 172 |
Percentage of loans to aggregate outstanding amount | 0.80% | 0.00% |
Residential mortgage | Data not available | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 2,430 | 3,040 |
Percentage of loans to aggregate outstanding amount | 0.50% | 0.60% |
Home equity | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 257,461 | 261,562 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Home equity | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 132,396 | 99,683 |
Percentage of loans to aggregate outstanding amount | 51.40% | 38.10% |
Home equity | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 125,065 | 161,879 |
Percentage of loans to aggregate outstanding amount | 48.60% | 61.90% |
Home equity | Loan-to-value ratio, less than 50% | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 75,372 | 50,398 |
Percentage of loans to aggregate outstanding amount | 29.30% | 19.30% |
Home equity | Loan-to-value ratio, less than 50% | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 84,272 | 28,401 |
Percentage of loans to aggregate outstanding amount | 32.70% | 10.90% |
Home equity | Loan-to-value ratio, 50% - 69% | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 31,504 | 25,284 |
Percentage of loans to aggregate outstanding amount | 12.20% | 9.70% |
Home equity | Loan-to-value ratio, 50% - 69% | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 25,964 | 39,385 |
Percentage of loans to aggregate outstanding amount | 10.10% | 15.10% |
Home equity | Loan-to-value ratio, 70% - 79% | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 21,161 | 16,523 |
Percentage of loans to aggregate outstanding amount | 8.20% | 6.30% |
Home equity | Loan-to-value ratio, 70% - 79% | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 13,390 | 33,044 |
Percentage of loans to aggregate outstanding amount | 5.20% | 12.60% |
Home equity | Loan-to-value ratio, 80% and greater than | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 3,240 | 6,042 |
Percentage of loans to aggregate outstanding amount | 1.30% | 2.30% |
Home equity | Loan-to-value ratio, 80% and greater than | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,208 | 34,267 |
Percentage of loans to aggregate outstanding amount | 0.50% | 13.10% |
Home equity | Data not available | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,119 | 1,436 |
Percentage of loans to aggregate outstanding amount | 0.40% | 0.50% |
Home equity | Data not available | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 231 | 26,782 |
Percentage of loans to aggregate outstanding amount | 0.10% | 10.20% |
Other consumer | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 7,055 | 7,279 |
Other consumer | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 5,532 | 6,122 |
Other consumer | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,523 | 1,157 |
Other consumer | Pass | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 5,528 | 6,093 |
Other consumer | Pass | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 1,509 | 1,157 |
Other consumer | OAEM | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Other consumer | OAEM | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Other consumer | Substandard | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 4 | 29 |
Other consumer | Substandard | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 14 | 0 |
Other consumer | Doubtful | Originated | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | 0 | 0 |
Other consumer | Doubtful | Acquired | ' | ' |
Credit Quality Information | ' | ' |
Recorded investment | $0 | $0 |
Allowance_for_Loan_and_Lease_L4
Allowance for Loan and Lease Losses (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Age analysis of past due loans | ' | ' |
Total loans and leases | $4,362,465 | $4,175,712 |
Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 28,288 | 14,507 |
Past due 61-90 days | 3,884 | 3,315 |
Past due Greater than 90 days | 3,690 | 4,263 |
Past due Total | 35,862 | 22,085 |
Current | 3,511,191 | 3,094,017 |
Total loans and leases | 3,547,053 | 3,116,102 |
Loans past due greater than 90 days and accruing | 10 | 493 |
Remaining balance of loans or leases on non-accrual | 8,245 | 11,483 |
Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 5,837 | 8,484 |
Past due 61-90 days | 1,998 | 1,221 |
Past due Greater than 90 days | 14,171 | 19,887 |
Past due Total | 22,006 | 29,592 |
Current | 793,406 | 1,030,018 |
Total loans and leases | 815,412 | 1,059,610 |
Loans past due greater than 90 days and accruing | 10,903 | 16,144 |
Remaining balance of loans or leases on non-accrual | 8,256 | 10,763 |
Commercial real estate loans | ' | ' |
Age analysis of past due loans | ' | ' |
Total loans and leases | 2,203,623 | 2,005,963 |
Commercial real estate loans | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 19,296 | 6,294 |
Past due 61-90 days | 1,393 | 876 |
Past due Greater than 90 days | 169 | 1,423 |
Past due Total | 20,858 | 8,593 |
Current | 1,748,374 | 1,449,889 |
Total loans and leases | 1,769,232 | 1,458,482 |
Loans past due greater than 90 days and accruing | 0 | 434 |
Remaining balance of loans or leases on non-accrual | 169 | 3,471 |
Commercial real estate loans | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 1,548 | 5,649 |
Past due 61-90 days | 496 | 395 |
Past due Greater than 90 days | 5,939 | 9,467 |
Past due Total | 7,983 | 15,511 |
Current | 426,408 | 531,970 |
Total loans and leases | 434,391 | 547,481 |
Loans past due greater than 90 days and accruing | 5,010 | 8,473 |
Remaining balance of loans or leases on non-accrual | 929 | 4,776 |
Commercial real estate mortgage | ' | ' |
Age analysis of past due loans | ' | ' |
Total loans and leases | 1,461,985 | 1,301,233 |
Commercial real estate mortgage | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 4,896 | 1,530 |
Past due 61-90 days | 1,393 | 0 |
Past due Greater than 90 days | 169 | 435 |
Past due Total | 6,458 | 1,965 |
Current | 1,105,292 | 869,587 |
Total loans and leases | 1,111,750 | 871,552 |
Loans past due greater than 90 days and accruing | 0 | 434 |
Remaining balance of loans or leases on non-accrual | 169 | 1,539 |
Commercial real estate mortgage | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 1,221 | 2,911 |
Past due 61-90 days | 87 | 0 |
Past due Greater than 90 days | 4,887 | 7,289 |
Past due Total | 6,195 | 10,200 |
Current | 344,040 | 419,481 |
Total loans and leases | 350,235 | 429,681 |
Loans past due greater than 90 days and accruing | 3,958 | 6,616 |
Remaining balance of loans or leases on non-accrual | 929 | 2,475 |
Multi-family mortgage | ' | ' |
Age analysis of past due loans | ' | ' |
Total loans and leases | 627,933 | 606,533 |
Multi-family mortgage | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 14,400 | 2,410 |
Past due 61-90 days | 0 | 60 |
Past due Greater than 90 days | 0 | 988 |
Past due Total | 14,400 | 3,458 |
Current | 540,155 | 502,559 |
Total loans and leases | 554,555 | 506,017 |
Loans past due greater than 90 days and accruing | 0 | 0 |
Remaining balance of loans or leases on non-accrual | 0 | 1,932 |
Multi-family mortgage | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 327 | 2,738 |
Past due 61-90 days | 0 | 395 |
Past due Greater than 90 days | 1,052 | 2,178 |
Past due Total | 1,379 | 5,311 |
Current | 71,999 | 95,205 |
Total loans and leases | 73,378 | 100,516 |
Loans past due greater than 90 days and accruing | 1,052 | 1,857 |
Remaining balance of loans or leases on non-accrual | 0 | 2,301 |
Construction | ' | ' |
Age analysis of past due loans | ' | ' |
Total loans and leases | 113,705 | 98,197 |
Construction | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 0 | 2,354 |
Past due 61-90 days | 0 | 816 |
Past due Greater than 90 days | 0 | 0 |
Past due Total | 0 | 3,170 |
Current | 102,927 | 77,743 |
Total loans and leases | 102,927 | 80,913 |
Loans past due greater than 90 days and accruing | 0 | 0 |
Remaining balance of loans or leases on non-accrual | 0 | 0 |
Construction | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 0 | 0 |
Past due 61-90 days | 409 | 0 |
Past due Greater than 90 days | 0 | 0 |
Past due Total | 409 | 0 |
Current | 10,369 | 17,284 |
Total loans and leases | 10,778 | 17,284 |
Loans past due greater than 90 days and accruing | 0 | 0 |
Remaining balance of loans or leases on non-accrual | 0 | 0 |
Commercial loans | ' | ' |
Age analysis of past due loans | ' | ' |
Total loans and leases | 965,610 | 847,455 |
Commercial loans | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 3,155 | 2,621 |
Past due 61-90 days | 1,633 | 1,514 |
Past due Greater than 90 days | 2,873 | 1,644 |
Past due Total | 7,661 | 5,779 |
Current | 820,147 | 635,597 |
Total loans and leases | 827,808 | 641,376 |
Loans past due greater than 90 days and accruing | 0 | 26 |
Remaining balance of loans or leases on non-accrual | 5,638 | 5,818 |
Commercial loans | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 2,753 | 999 |
Past due 61-90 days | 162 | 198 |
Past due Greater than 90 days | 2,004 | 4,547 |
Past due Total | 4,919 | 5,744 |
Current | 132,883 | 200,335 |
Total loans and leases | 137,802 | 206,079 |
Loans past due greater than 90 days and accruing | 1,308 | 3,700 |
Remaining balance of loans or leases on non-accrual | 4,626 | 3,517 |
Commercial | ' | ' |
Age analysis of past due loans | ' | ' |
Total loans and leases | 407,792 | 382,277 |
Commercial | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 2,288 | 26 |
Past due 61-90 days | 75 | 75 |
Past due Greater than 90 days | 842 | 26 |
Past due Total | 3,205 | 127 |
Current | 294,479 | 230,765 |
Total loans and leases | 297,684 | 230,892 |
Loans past due greater than 90 days and accruing | 0 | 26 |
Remaining balance of loans or leases on non-accrual | 1,551 | 1,993 |
Commercial | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 2,707 | 866 |
Past due 61-90 days | 121 | 177 |
Past due Greater than 90 days | 1,931 | 4,353 |
Past due Total | 4,759 | 5,396 |
Current | 105,349 | 145,989 |
Total loans and leases | 110,108 | 151,385 |
Loans past due greater than 90 days and accruing | 1,235 | 3,503 |
Remaining balance of loans or leases on non-accrual | 4,597 | 3,461 |
Equipment financing | ' | ' |
Age analysis of past due loans | ' | ' |
Total loans and leases | 513,024 | 420,991 |
Equipment financing | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 867 | 2,595 |
Past due 61-90 days | 1,558 | 1,439 |
Past due Greater than 90 days | 2,031 | 1,618 |
Past due Total | 4,456 | 5,652 |
Current | 480,874 | 360,645 |
Total loans and leases | 485,330 | 366,297 |
Loans past due greater than 90 days and accruing | 0 | 0 |
Remaining balance of loans or leases on non-accrual | 4,086 | 3,817 |
Equipment financing | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 46 | 133 |
Past due 61-90 days | 41 | 21 |
Past due Greater than 90 days | 73 | 194 |
Past due Total | 160 | 348 |
Current | 27,534 | 54,346 |
Total loans and leases | 27,694 | 54,694 |
Loans past due greater than 90 days and accruing | 73 | 197 |
Remaining balance of loans or leases on non-accrual | 29 | 56 |
Condominium association | ' | ' |
Age analysis of past due loans | ' | ' |
Total loans and leases | 44,794 | 44,187 |
Condominium association | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 0 | 0 |
Past due 61-90 days | 0 | 0 |
Past due Greater than 90 days | 0 | 0 |
Past due Total | 0 | 0 |
Current | 44,794 | 44,187 |
Total loans and leases | 44,794 | 44,187 |
Loans past due greater than 90 days and accruing | 0 | 0 |
Remaining balance of loans or leases on non-accrual | 1 | 8 |
Condominium association | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Total loans and leases | 0 | 0 |
Indirect automobile | ' | ' |
Age analysis of past due loans | ' | ' |
Total loans and leases | 400,531 | 542,344 |
Indirect automobile | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 5,407 | 5,592 |
Past due 61-90 days | 857 | 923 |
Past due Greater than 90 days | 229 | 99 |
Past due Total | 6,493 | 6,614 |
Current | 394,038 | 535,730 |
Total loans and leases | 400,531 | 542,344 |
Loans past due greater than 90 days and accruing | 10 | 1 |
Remaining balance of loans or leases on non-accrual | 259 | 99 |
Consumer loans | ' | ' |
Age analysis of past due loans | ' | ' |
Total loans and leases | 792,701 | 779,950 |
Consumer loans | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 430 | 0 |
Past due 61-90 days | 1 | 2 |
Past due Greater than 90 days | 419 | 1,097 |
Past due Total | 850 | 1,099 |
Current | 548,632 | 472,801 |
Total loans and leases | 549,482 | 473,900 |
Loans past due greater than 90 days and accruing | 0 | 32 |
Remaining balance of loans or leases on non-accrual | 2,179 | 2,095 |
Consumer loans | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 1,536 | 1,836 |
Past due 61-90 days | 1,340 | 628 |
Past due Greater than 90 days | 6,228 | 5,873 |
Past due Total | 9,104 | 8,337 |
Current | 234,115 | 297,713 |
Total loans and leases | 243,219 | 306,050 |
Loans past due greater than 90 days and accruing | 4,585 | 3,971 |
Remaining balance of loans or leases on non-accrual | 2,701 | 2,470 |
Residential mortgage | ' | ' |
Age analysis of past due loans | ' | ' |
Total loans and leases | 528,185 | 511,109 |
Residential mortgage | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 201 | 0 |
Past due 61-90 days | 0 | 0 |
Past due Greater than 90 days | 415 | 1,059 |
Past due Total | 616 | 1,059 |
Current | 410,938 | 367,036 |
Total loans and leases | 411,554 | 368,095 |
Loans past due greater than 90 days and accruing | 0 | 27 |
Remaining balance of loans or leases on non-accrual | 1,713 | 2,008 |
Residential mortgage | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 271 | 247 |
Past due 61-90 days | 777 | 121 |
Past due Greater than 90 days | 5,329 | 5,266 |
Past due Total | 6,377 | 5,634 |
Current | 110,254 | 137,380 |
Total loans and leases | 116,631 | 143,014 |
Loans past due greater than 90 days and accruing | 4,468 | 3,650 |
Remaining balance of loans or leases on non-accrual | 1,162 | 1,796 |
Home equity | ' | ' |
Age analysis of past due loans | ' | ' |
Total loans and leases | 257,461 | 261,562 |
Home equity | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 218 | 0 |
Past due 61-90 days | 0 | 0 |
Past due Greater than 90 days | 0 | 33 |
Past due Total | 218 | 33 |
Current | 132,178 | 99,650 |
Total loans and leases | 132,396 | 99,683 |
Loans past due greater than 90 days and accruing | 0 | 0 |
Remaining balance of loans or leases on non-accrual | 462 | 58 |
Home equity | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 1,259 | 1,582 |
Past due 61-90 days | 552 | 507 |
Past due Greater than 90 days | 895 | 607 |
Past due Total | 2,706 | 2,696 |
Current | 122,359 | 159,183 |
Total loans and leases | 125,065 | 161,879 |
Loans past due greater than 90 days and accruing | 117 | 321 |
Remaining balance of loans or leases on non-accrual | 1,525 | 658 |
Other consumer | ' | ' |
Age analysis of past due loans | ' | ' |
Total loans and leases | 7,055 | 7,279 |
Other consumer | Originated | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 11 | 0 |
Past due 61-90 days | 1 | 2 |
Past due Greater than 90 days | 4 | 5 |
Past due Total | 16 | 7 |
Current | 5,516 | 6,115 |
Total loans and leases | 5,532 | 6,122 |
Loans past due greater than 90 days and accruing | 0 | 5 |
Remaining balance of loans or leases on non-accrual | 4 | 29 |
Other consumer | Acquired | ' | ' |
Age analysis of past due loans | ' | ' |
Past due 31-60 days | 6 | 7 |
Past due 61-90 days | 11 | 0 |
Past due Greater than 90 days | 4 | 0 |
Past due Total | 21 | 7 |
Current | 1,502 | 1,150 |
Total loans and leases | 1,523 | 1,157 |
Loans past due greater than 90 days and accruing | 0 | 0 |
Remaining balance of loans or leases on non-accrual | $14 | $16 |
Allowance_for_Loan_and_Lease_L5
Allowance for Loan and Lease Losses (Details 4) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
score | ||
Allowance for loan losses and recorded investment in loans | ' | ' |
Number of days past due, non-accrual status (in days) | '90 days | ' |
Commercial real estate loans | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Number of loan classes within specific portfolio | 3 | ' |
Commercial real estate | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 33.50% | ' |
Multi-family | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 14.40% | ' |
Construction | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 2.60% | ' |
Commercial loans | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Number of loan classes within specific portfolio | 3 | ' |
Commercial | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 9.30% | ' |
Equipment financing | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 11.80% | ' |
Percentage of loans to aggregate outstanding amount in the greater New York/New Jersey Metropolitan area and northeastern states | 38.20% | ' |
Condominium association | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 1.00% | ' |
Indirect automobile | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 9.20% | ' |
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 | 3.10% | 3.20% |
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% | ' |
Consumer loans | Minimum | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Number of days past due, non-accrual status (in days) | '90 days | ' |
Residential | ' | ' |
Allowance for loan losses and recorded investment in loans | ' | ' |
Percentage of loans to aggregate outstanding amount | 12.10% | ' |
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 $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | $22,090,000 | $18,859,000 | ' | ||
Loans and Leases Individually Evaluated for Impairment, Allowance | 1,182,000 | 1,690,000 | ' | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 3,934,555,000 | 3,640,992,000 | ' | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 46,049,000 | 39,462,000 | ' | ||
ASC 310-30 Acquired Loans and Leases, Portfolio | 405,820,000 | 515,861,000 | ' | ||
ASC 310-30 Acquired Loans and Leases, Allowance | 1,242,000 | 0 | ' | ||
Total loans and leases | 4,362,465,000 | 4,175,712,000 | ' | ||
Total, Allowance | 48,473,000 | 41,152,000 | ' | ||
Originated | ' | ' | ' | ||
Impaired Loans and Leases | ' | ' | ' | ||
Recorded investment, loans with no related allowance recorded | 7,408,000 | [1] | 6,274,000 | [2] | 9,480,000 |
Recorded investment, loans with related allowance recorded | 6,307,000 | [1] | 9,587,000 | [2] | 943,000 |
Recorded investment | 13,715,000 | [1] | 15,861,000 | [2] | 10,423,000 |
Recorded investment, nonaccrual loans | 5,800,000 | 8,800,000 | ' | ||
Unpaid principal balance with no related allowance recorded | 7,395,000 | 6,297,000 | 10,440,000 | ||
Unpaid principal balance with related allowance recorded | 6,289,000 | 9,711,000 | 958,000 | ||
Unpaid principal balance | 13,684,000 | 16,008,000 | 11,398,000 | ||
Related allowance | 1,182,000 | 1,540,000 | 225,000 | ||
Average recorded investment with no related allowance recorded | 7,518,000 | 7,829,000 | 9,625,000 | ||
Average recorded investment with related allowance recorded | 6,455,000 | 7,453,000 | 1,117,000 | ||
Average recorded investment | 13,973,000 | 15,282,000 | 10,742,000 | ||
Interest income recognized with no related allowance recorded | 266,000 | 554,000 | 372,000 | ||
Interest income recognized with related allowance recorded | 169,000 | 484,000 | 65,000 | ||
Interest income recognized, Total | 435,000 | 1,038,000 | 437,000 | ||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Total loans and leases | 3,547,053,000 | 3,116,102,000 | ' | ||
Acquired | ' | ' | ' | ||
Impaired Loans and Leases | ' | ' | ' | ||
Recorded investment, loans with no related allowance recorded | 17,197,000 | [3] | 28,513,000 | [4] | ' |
Recorded investment, loans with related allowance recorded | 2,294,000 | [3] | 786,000 | [4] | ' |
Recorded investment | 19,491,000 | [3] | 29,299,000 | [4] | ' |
Recorded investment, nonaccrual loans | 10,900,000 | 21,500,000 | ' | ||
Unpaid principal balance with no related allowance recorded | 18,367,000 | 30,290,000 | ' | ||
Unpaid principal balance with related allowance recorded | 2,358,000 | 805,000 | ' | ||
Unpaid principal balance | 20,725,000 | 31,095,000 | ' | ||
Related allowance | 291,000 | 150,000 | ' | ||
Average recorded investment with no related allowance recorded | 16,177,000 | 15,191,000 | ' | ||
Average recorded investment with related allowance recorded | 3,342,000 | 475,000 | ' | ||
Average recorded investment | 19,519,000 | 15,666,000 | ' | ||
Interest income recognized with no related allowance recorded | 400,000 | 0 | ' | ||
Interest income recognized with related allowance recorded | 47,000 | 0 | ' | ||
Interest income recognized, Total | 447,000 | 0 | ' | ||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Total loans and leases | 815,412,000 | 1,059,610,000 | ' | ||
Commercial real estate loans | ' | ' | ' | ||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 6,269,000 | 5,576,000 | ' | ||
Loans and Leases Individually Evaluated for Impairment, Allowance | 184,000 | 316,000 | ' | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 1,910,645,000 | 1,652,231,000 | ' | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 22,282,000 | 19,702,000 | ' | ||
ASC 310-30 Acquired Loans and Leases, Portfolio | 286,709,000 | 348,156,000 | ' | ||
ASC 310-30 Acquired Loans and Leases, Allowance | 556,000 | 0 | ' | ||
Total loans and leases | 2,203,623,000 | 2,005,963,000 | ' | ||
Total, Allowance | 23,022,000 | 20,018,000 | ' | ||
Commercial real estate loans | Originated | ' | ' | ' | ||
Impaired Loans and Leases | ' | ' | ' | ||
Recorded investment, loans with no related allowance recorded | 2,009,000 | [1] | 2,051,000 | [2] | 2,902,000 |
Recorded investment, loans with related allowance recorded | 1,466,000 | [1] | 2,517,000 | [2] | ' |
Unpaid principal balance with no related allowance recorded | 2,009,000 | 2,051,000 | 3,140,000 | ||
Unpaid principal balance with related allowance recorded | 1,466,000 | 2,516,000 | ' | ||
Related allowance | 184,000 | 241,000 | ' | ||
Average recorded investment with no related allowance recorded | 2,184,000 | 2,547,000 | 2,834,000 | ||
Average recorded investment with related allowance recorded | 1,464,000 | 1,142,000 | ' | ||
Interest income recognized with no related allowance recorded | 92,000 | 243,000 | 119,000 | ||
Interest income recognized with related allowance recorded | 43,000 | 79,000 | ' | ||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Total loans and leases | 1,769,232,000 | 1,458,482,000 | ' | ||
Commercial real estate loans | Acquired | ' | ' | ' | ||
Impaired Loans and Leases | ' | ' | ' | ||
Recorded investment, loans with no related allowance recorded | 9,176,000 | [3] | 17,918,000 | [4] | ' |
Recorded investment, loans with related allowance recorded | 1,274,000 | [3] | 673,000 | [4] | ' |
Unpaid principal balance with no related allowance recorded | 10,082,000 | 19,129,000 | ' | ||
Unpaid principal balance with related allowance recorded | 1,291,000 | 684,000 | ' | ||
Related allowance | 122,000 | 75,000 | ' | ||
Average recorded investment with no related allowance recorded | 9,639,000 | 9,071,000 | ' | ||
Average recorded investment with related allowance recorded | 2,765,000 | 366,000 | ' | ||
Interest income recognized with no related allowance recorded | 251,000 | 0 | ' | ||
Interest income recognized with related allowance recorded | 42,000 | 0 | ' | ||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Total loans and leases | 434,391,000 | 547,481,000 | ' | ||
Commercial | ' | ' | ' | ||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 11,512,000 | 8,046,000 | ' | ||
Loans and Leases Individually Evaluated for Impairment, Allowance | 675,000 | 778,000 | ' | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 914,739,000 | 774,366,000 | ' | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 14,293,000 | 9,877,000 | ' | ||
ASC 310-30 Acquired Loans and Leases, Portfolio | 39,359,000 | 65,043,000 | ' | ||
ASC 310-30 Acquired Loans and Leases, Allowance | 252,000 | 0 | ' | ||
Total loans and leases | 965,610,000 | 847,455,000 | ' | ||
Total, Allowance | 15,220,000 | 10,655,000 | ' | ||
Commercial | Originated | ' | ' | ' | ||
Impaired Loans and Leases | ' | ' | ' | ||
Recorded investment, loans with no related allowance recorded | 4,410,000 | [1] | 3,032,000 | [2] | 3,341,000 |
Recorded investment, loans with related allowance recorded | 2,393,000 | [1] | 3,422,000 | [2] | 604,000 |
Unpaid principal balance with no related allowance recorded | 4,399,000 | 3,059,000 | 4,063,000 | ||
Unpaid principal balance with related allowance recorded | 2,383,000 | 3,559,000 | 619,000 | ||
Related allowance | 675,000 | 703,000 | 190,000 | ||
Average recorded investment with no related allowance recorded | 4,257,000 | 3,159,000 | 2,938,000 | ||
Average recorded investment with related allowance recorded | 1,781,000 | 3,393,000 | 774,000 | ||
Interest income recognized with no related allowance recorded | 144,000 | 181,000 | 94,000 | ||
Interest income recognized with related allowance recorded | 29,000 | 305,000 | 58,000 | ||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Total loans and leases | 827,808,000 | 641,376,000 | ' | ||
Commercial | Acquired | ' | ' | ' | ||
Impaired Loans and Leases | ' | ' | ' | ||
Recorded investment, loans with no related allowance recorded | 6,988,000 | [3] | 7,329,000 | [4] | ' |
Recorded investment, loans with related allowance recorded | 1,020,000 | [3] | 113,000 | [4] | ' |
Unpaid principal balance with no related allowance recorded | 7,248,000 | 7,782,000 | ' | ||
Unpaid principal balance with related allowance recorded | 1,067,000 | 121,000 | ' | ||
Related allowance | 169,000 | 75,000 | ' | ||
Average recorded investment with no related allowance recorded | 5,205,000 | 3,801,000 | ' | ||
Average recorded investment with related allowance recorded | 577,000 | 109,000 | ' | ||
Interest income recognized with no related allowance recorded | 129,000 | 0 | ' | ||
Interest income recognized with related allowance recorded | 5,000 | 0 | ' | ||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Total loans and leases | 137,802,000 | 206,079,000 | ' | ||
Indirect automobile | ' | ' | ' | ||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 0 | 0 | ' | ||
Loans and Leases Individually Evaluated for Impairment, Allowance | 0 | 0 | ' | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 400,531,000 | 542,344,000 | ' | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 3,924,000 | 5,304,000 | ' | ||
ASC 310-30 Acquired Loans and Leases, Portfolio | 0 | 0 | ' | ||
ASC 310-30 Acquired Loans and Leases, Allowance | 0 | 0 | ' | ||
Total loans and leases | 400,531,000 | 542,344,000 | ' | ||
Total, Allowance | 3,924,000 | 5,304,000 | ' | ||
Indirect automobile | Originated | ' | ' | ' | ||
Impaired Loans and Leases | ' | ' | ' | ||
Recorded investment, loans with no related allowance recorded | ' | ' | 111,000 | ||
Unpaid principal balance with no related allowance recorded | ' | ' | 111,000 | ||
Average recorded investment with no related allowance recorded | ' | ' | 100,000 | ||
Interest income recognized with no related allowance recorded | ' | ' | 0 | ||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Total loans and leases | 400,531,000 | 542,344,000 | ' | ||
Consumer loans | ' | ' | ' | ||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 4,309,000 | 5,237,000 | ' | ||
Loans and Leases Individually Evaluated for Impairment, Allowance | 323,000 | 596,000 | ' | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 708,640,000 | 672,051,000 | ' | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 2,618,000 | 1,949,000 | ' | ||
ASC 310-30 Acquired Loans and Leases, Portfolio | 79,752,000 | 102,662,000 | ' | ||
ASC 310-30 Acquired Loans and Leases, Allowance | 434,000 | 0 | ' | ||
Total loans and leases | 792,701,000 | 779,950,000 | ' | ||
Total, Allowance | 3,375,000 | 2,545,000 | ' | ||
Consumer loans | Originated | ' | ' | ' | ||
Impaired Loans and Leases | ' | ' | ' | ||
Recorded investment, loans with no related allowance recorded | 989,000 | [1] | 1,191,000 | [2] | 3,126,000 |
Recorded investment, loans with related allowance recorded | 2,448,000 | [1] | 3,648,000 | [2] | 339,000 |
Unpaid principal balance with no related allowance recorded | 987,000 | 1,187,000 | 3,126,000 | ||
Unpaid principal balance with related allowance recorded | 2,440,000 | 3,636,000 | 339,000 | ||
Related allowance | 323,000 | 596,000 | 35,000 | ||
Average recorded investment with no related allowance recorded | 1,077,000 | 2,123,000 | 3,753,000 | ||
Average recorded investment with related allowance recorded | 3,210,000 | 2,918,000 | 343,000 | ||
Interest income recognized with no related allowance recorded | 30,000 | 130,000 | 159,000 | ||
Interest income recognized with related allowance recorded | 97,000 | 100,000 | 7,000 | ||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Total loans and leases | 549,482,000 | 473,900,000 | ' | ||
Consumer loans | Acquired | ' | ' | ' | ||
Impaired Loans and Leases | ' | ' | ' | ||
Recorded investment, loans with no related allowance recorded | 1,033,000 | [3] | 3,266,000 | [4] | ' |
Recorded investment, loans with related allowance recorded | 0 | [3] | 0 | [4] | ' |
Unpaid principal balance with no related allowance recorded | 1,037,000 | 3,379,000 | ' | ||
Unpaid principal balance with related allowance recorded | 0 | 0 | ' | ||
Related allowance | 0 | 0 | ' | ||
Average recorded investment with no related allowance recorded | 1,333,000 | 2,319,000 | ' | ||
Average recorded investment with related allowance recorded | 0 | 0 | ' | ||
Interest income recognized with no related allowance recorded | 20,000 | 0 | ' | ||
Interest income recognized with related allowance recorded | 0 | 0 | ' | ||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Total loans and leases | 243,219,000 | 306,050,000 | ' | ||
Unallocated | ' | ' | ' | ||
Recorded investment in loans and leases by portfolio segment | ' | ' | ' | ||
Loans and Leases Individually Evaluated for Impairment, Portfolio | 0 | 0 | ' | ||
Loans and Leases Individually Evaluated for Impairment, Allowance | 0 | 0 | ' | ||
Loans and Leases Collectively Evaluated for Impairment, Portfolio | 0 | 0 | ' | ||
Loans and Leases Collectively Evaluated for Impairment, Allowance | 2,932,000 | 2,630,000 | ' | ||
ASC 310-30 Acquired Loans and Leases, Portfolio | 0 | 0 | ' | ||
ASC 310-30 Acquired Loans and Leases, Allowance | 0 | 0 | ' | ||
Total loans and leases | 0 | 0 | ' | ||
Total, Allowance | $2,932,000 | $2,630,000 | ' | ||
[1] | Includes nonaccrual loans of $5.8 million At DecemberB 31, 2013B Year Ended DecemberB 31, 2013B RecordedInvestment (1)B UnpaidPrincipalBalanceB RelatedAllowanceB AverageRecordedInvestmentB InterestIncomeRecognizedB (In Thousands)Acquired: With no related allowance recorded: Commercial real estate$9,176B $10,082B $bB $9,639B $251Commercial6,988B 7,248B bB 5,205B 129Consumer1,033B 1,037B bB 1,333B 20B 17,197B 18,367B bB 16,177B 400With an allowance recorded: Commercial real estate1,274B 1,291B 122B 2,765B 42Commercial1,020B 1,067B 169B 577B 5ConsumerbB bB bB bB bB 2,294B 2,358B 291B 3,342B 47Total$19,491B $20,725B $291B $19,519B $447 | ||||
[2] | Includes nonaccrual loans of $8.8 million | ||||
[3] | Includes nonaccrual loans of $10.9 million | ||||
[4] | Includes nonaccrual loans of $21.5 million |
Allowance_for_Loan_and_Lease_L7
Allowance for Loan and Lease Losses (Details 6) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Recorded Investment, At modification | $6,058,000 | $7,216,000 | $4,520,000 |
Financial impact of modification of performing and nonperforming loans | 800,000 | 0 | ' |
Loans with more than one modification | 490,000 | 3,857,000 | 2,653,000 |
Originated | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Nonaccrual loans and leases | 8,245,000 | 11,483,000 | ' |
Acquired | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Nonaccrual loans and leases | 8,256,000 | 10,763,000 | ' |
Extended maturity | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Recorded Investment, At modification | 3,841,000 | 1,478,000 | 1,136,000 |
Loans with more than one modification | 490,000 | 0 | 78,000 |
Adjusted principal | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Recorded Investment, At modification | 908,000 | 2,185,000 | 1,456,000 |
Loans with more than one modification | 0 | 3,857,000 | 1,471,000 |
Adjusted interest rate | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Recorded Investment, At modification | 755,000 | 1,715,000 | 0 |
Loans with more than one modification | 0 | 0 | 353,000 |
Combination maturity, principal, interest rate | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Recorded Investment, At modification | 554,000 | 1,838,000 | 1,928,000 |
Loans with more than one modification | 0 | 0 | 751,000 |
Commercial real estate | Originated | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 1 | 2 | 2 |
Recorded Investment, At modification | 1,039,000 | 867,000 | 1,171,000 |
Recorded Investment, At end of period | 0 | 854,000 | 1,170,000 |
Specific Allowance for Loan and Lease Losses | 0 | 33,000 | 28,000 |
Nonaccrual loans and leases | 0 | 513,000 | 0 |
Commercial real estate | Acquired | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 1 | 1 | 1 |
Recorded Investment, At modification | 737,000 | 3,145,000 | 1,725,000 |
Recorded Investment, At end of period | 727,000 | 3,208,000 | 1,609,000 |
Specific Allowance for Loan and Lease Losses | 0 | 0 | 0 |
Nonaccrual loans and leases | 0 | 0 | 1,608,000 |
Commercial real estate | Defaulted | Originated | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 0 | 2 | 0 |
Recorded Investment, At modification | 0 | 1,288,000 | 0 |
Commercial real estate | Defaulted | Acquired | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 0 | 0 | 0 |
Recorded Investment, At modification | 0 | 0 | 0 |
Multi-family mortgage | Originated | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | ' | ' | 1 |
Recorded Investment, At modification | ' | ' | 29,000 |
Recorded Investment, At end of period | ' | ' | 29,000 |
Specific Allowance for Loan and Lease Losses | ' | ' | 0 |
Nonaccrual loans and leases | ' | ' | 29,000 |
Multi-family mortgage | Acquired | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | ' | ' | 0 |
Recorded Investment, At modification | ' | ' | 0 |
Recorded Investment, At end of period | ' | ' | 0 |
Specific Allowance for Loan and Lease Losses | ' | ' | 0 |
Nonaccrual loans and leases | ' | ' | 0 |
Multi-family mortgage | Defaulted | Originated | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | ' | ' | 1 |
Recorded Investment, At modification | ' | ' | 29,000 |
Multi-family mortgage | Defaulted | Acquired | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | ' | ' | 0 |
Recorded Investment, At modification | ' | ' | 0 |
Commercial | Originated | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 2 | 3 | 1 |
Recorded Investment, At modification | 926,000 | 3,942,000 | 66,000 |
Recorded Investment, At end of period | 918,000 | 2,086,000 | 66,000 |
Specific Allowance for Loan and Lease Losses | 0 | 316,000 | 0 |
Nonaccrual loans and leases | 0 | 1,993,000 | 0 |
Commercial | Acquired | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 6 | 2 | 0 |
Recorded Investment, At modification | 3,209,000 | 1,229,000 | 0 |
Recorded Investment, At end of period | 3,135,000 | 1,163,000 | 0 |
Specific Allowance for Loan and Lease Losses | 0 | 0 | 0 |
Nonaccrual loans and leases | 1,335,000 | 478,000 | 0 |
Commercial | Defaulted | Originated | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 0 | 1 | 0 |
Recorded Investment, At modification | 0 | 44,000 | 0 |
Commercial | Defaulted | Acquired | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 1 | 0 | 0 |
Recorded Investment, At modification | 1,335,000 | 0 | 0 |
Equipment financing | Originated | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 5 | 8 | 16 |
Recorded Investment, At modification | 1,557,000 | 2,138,000 | 1,819,000 |
Recorded Investment, At end of period | 1,415,000 | 2,038,000 | 1,710,000 |
Specific Allowance for Loan and Lease Losses | 77,000 | 110,000 | 173,000 |
Nonaccrual loans and leases | 861,000 | 793,000 | 524,000 |
Equipment financing | Acquired | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 0 | 0 | 0 |
Recorded Investment, At modification | 0 | 0 | 0 |
Recorded Investment, At end of period | 0 | 0 | 0 |
Specific Allowance for Loan and Lease Losses | 0 | 0 | 0 |
Nonaccrual loans and leases | 0 | 0 | 0 |
Equipment financing | Defaulted | Originated | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 2 | 6 | 3 |
Recorded Investment, At modification | 371,000 | 1,240,000 | 365,000 |
Equipment financing | Defaulted | Acquired | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 0 | 0 | 0 |
Recorded Investment, At modification | 0 | 0 | 0 |
Residential mortgage | Originated | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 1 | 6 | 10 |
Recorded Investment, At modification | 415,000 | 2,422,000 | 1,942,000 |
Recorded Investment, At end of period | 353,000 | 1,724,000 | 1,937,000 |
Specific Allowance for Loan and Lease Losses | 0 | 315,000 | 190,000 |
Nonaccrual loans and leases | 353,000 | 294,000 | 243,000 |
Residential mortgage | Acquired | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 0 | 0 | 1 |
Recorded Investment, At modification | 0 | 0 | 677,000 |
Recorded Investment, At end of period | 0 | 0 | 652,000 |
Specific Allowance for Loan and Lease Losses | 0 | 0 | 0 |
Nonaccrual loans and leases | 0 | 0 | 0 |
Residential mortgage | Defaulted | Originated | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 0 | 3 | 2 |
Recorded Investment, At modification | 0 | 763,000 | 491,000 |
Residential mortgage | Defaulted | Acquired | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 0 | 0 | 0 |
Recorded Investment, At modification | 0 | 0 | 0 |
Total | Originated | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 9 | 19 | 30 |
Recorded Investment, At modification | 3,937,000 | 9,369,000 | 5,027,000 |
Recorded Investment, At end of period | 2,686,000 | 6,702,000 | 4,912,000 |
Specific Allowance for Loan and Lease Losses | 77,000 | 774,000 | 391,000 |
Nonaccrual loans and leases | 1,214,000 | 3,593,000 | 796,000 |
Total | Acquired | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 7 | 3 | 2 |
Recorded Investment, At modification | 3,946,000 | 4,374,000 | 2,402,000 |
Recorded Investment, At end of period | 3,862,000 | 4,371,000 | 2,261,000 |
Specific Allowance for Loan and Lease Losses | 0 | 0 | 0 |
Nonaccrual loans and leases | 1,335,000 | 478,000 | 1,608,000 |
Total | Defaulted | Originated | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 2 | 12 | 6 |
Recorded Investment, At modification | 371,000 | 3,335,000 | 885,000 |
Total | Defaulted | Acquired | ' | ' | ' |
Troubled Debt Restructured Loans and Leases | ' | ' | ' |
Number of loans | 1 | 0 | 0 |
Recorded Investment, At modification | $1,335,000 | $0 | $0 |
Premises_and_Equipment_Details
Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Premises and Equipment | ' | ' | ' |
Premises and Equipment, gross amount | $124,925,000 | $109,776,000 | ' |
Accumulated depreciation and amortization | 44,420,000 | 38,985,000 | ' |
Premises and Equipment, net amount | 80,505,000 | 70,791,000 | ' |
Depreciation and amortization expense | 6,500,000 | 4,000,000 | 2,100,000 |
Land | ' | ' | ' |
Premises and Equipment | ' | ' | ' |
Premises and Equipment, gross amount | 7,481,000 | 7,553,000 | ' |
Office building and improvements | ' | ' | ' |
Premises and Equipment | ' | ' | ' |
Premises and Equipment, gross amount | 75,271,000 | 67,672,000 | ' |
Furniture, fixtures and equipment | ' | ' | ' |
Premises and Equipment | ' | ' | ' |
Premises and Equipment, gross amount | 25,633,000 | 22,537,000 | ' |
Software | ' | ' | ' |
Premises and Equipment | ' | ' | ' |
Premises and Equipment, gross amount | 5,018,000 | 5,063,000 | ' |
Core processing system | ' | ' | ' |
Premises and Equipment | ' | ' | ' |
Premises and Equipment, gross amount | $11,522,000 | $6,951,000 | ' |
Estimated Useful Life (in years) | '7 years 6 months | ' | ' |
Minimum | Office building and improvements | ' | ' | ' |
Premises and Equipment | ' | ' | ' |
Estimated Useful Life (in years) | '10 years | ' | ' |
Minimum | Furniture, fixtures and equipment | ' | ' | ' |
Premises and Equipment | ' | ' | ' |
Estimated Useful Life (in years) | '3 years | ' | ' |
Minimum | Software | ' | ' | ' |
Premises and Equipment | ' | ' | ' |
Estimated Useful Life (in years) | '3 years | ' | ' |
Maximum | Office building and improvements | ' | ' | ' |
Premises and Equipment | ' | ' | ' |
Estimated Useful Life (in years) | '40 years | ' | ' |
Maximum | Furniture, fixtures and equipment | ' | ' | ' |
Premises and Equipment | ' | ' | ' |
Estimated Useful Life (in years) | '10 years | ' | ' |
Maximum | Software | ' | ' | ' |
Premises and Equipment | ' | ' | ' |
Estimated Useful Life (in years) | '7 years | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' | ' |
Balance at beginning of year | $137,890 | $45,799 | $43,241 |
Additions | 0 | 93,145 | 2,558 |
Adjustments to original goodwill | 0 | -1,054 | 0 |
Goodwill balance at end of period | $137,890 | $137,890 | $45,799 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other intangibe assets: | ' | ' |
Gross amount | $39,782 | $39,782 |
Accumulated amortization | 22,895 | 18,272 |
Carrying Amount | 16,887 | 21,510 |
Core deposit intangible | ' | ' |
Other intangibe assets: | ' | ' |
Gross amount | 36,172 | 36,172 |
Accumulated amortization | 20,395 | 16,399 |
Carrying Amount | 15,777 | 19,773 |
Weighted-average amortziation period | '11 years | ' |
Trade name | ' | ' |
Other intangibe assets: | ' | ' |
Gross amount | 1,600 | 1,600 |
Accumulated amortization | 511 | 267 |
Carrying Amount | 1,089 | 1,333 |
Trust Relationship [Member] | ' | ' |
Other intangibe assets: | ' | ' |
Gross amount | 1,568 | 1,568 |
Accumulated amortization | 1,547 | 1,164 |
Carrying Amount | 21 | 404 |
Weighted-average amortziation period | '1 year | ' |
Other Intangible Assets [Member] | ' | ' |
Other intangibe assets: | ' | ' |
Gross amount | 442 | 442 |
Accumulated amortization | 442 | 442 |
Carrying Amount | $0 | $0 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Impairment losses relating to other acquisition-related intangible assets | $0 | $0 | $0 |
Trade Names [Member] | ' | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' |
Indefinite-lived intangible assets | $1,100,000 | ' | ' |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets (Details 4) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $3,124 |
2015 | 2,868 |
2016 | 2,457 |
2017 | 1,858 |
2018 | 1,836 |
Thereafter | 3,655 |
Carrying amount | $15,798 |
Other_Assets_Details
Other Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
policy | policy | |
BankRI | ' | ' |
Other Assets | ' | ' |
Number of policies owned | 9 | 9 |
Net cash surrender value | $34.70 | $33.70 |
First Ipswich Bancorp: | ' | ' |
Other Assets | ' | ' |
Number of policies owned | 2 | 2 |
Net cash surrender value | $0.70 | $0.70 |
Other_Assets_Details_2
Other Assets (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
project | |||
Investment in housing programs | ' | ' | ' |
Maximum percentage of outstanding equity interest that can be invested by the entity in any single project | 50.00% | ' | ' |
Investments in affordable housing projects included in other assets | $77,180,000 | $83,281,000 | ' |
Unfunded commitments related to affordable housing projects included in other liabilities | 1,000,000 | 700,000 | 800,000 |
Affordable housing project | ' | ' | ' |
Investment in housing programs | ' | ' | ' |
Number of investments | 7 | ' | ' |
Number of investments acquired during period | 2 | ' | ' |
Payments to acquire investments | 3,300,000 | ' | ' |
Investments in affordable housing projects included in other assets | 10,301,000 | 9,167,000 | 6,712,000 |
Unfunded commitments related to affordable housing projects included in other liabilities | 2,904,000 | 4,291,000 | 2,864,000 |
Loss from investments in affordable housing projects | 1,812,000 | 694,000 | 671,000 |
Reduction in tax expense due to affordable housing tax credits | $1,058,000 | $806,000 | $464,000 |
Deposits_Details
Deposits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deposits [Abstract] | ' | ' | ' |
Demand checking accounts | $707,023,000 | $623,274,000 | ' |
NOW accounts | 210,602,000 | 212,858,000 | ' |
Savings accounts | 494,734,000 | 515,367,000 | ' |
Money market accounts | 1,487,979,000 | 1,253,819,000 | ' |
Total core deposit accounts | 2,900,338,000 | 2,605,318,000 | ' |
Certificate of deposit accounts maturing: | ' | ' | ' |
Within six months | 381,986,000 | 392,138,000 | ' |
After six months but within 1 year | 312,005,000 | 359,510,000 | ' |
After 1 year but within 2 years | 141,518,000 | 159,747,000 | ' |
After 2 years but within 3 years | 45,965,000 | 34,392,000 | ' |
After 3 years but within 4 years | 26,046,000 | 37,813,000 | ' |
After 4 years but within 5 years | 26,810,000 | 27,341,000 | ' |
After 5 Years | 338,000 | 0 | ' |
Total certificate of deposit accounts | 934,668,000 | 1,010,941,000 | ' |
Total deposits | 3,835,006,000 | 3,616,259,000 | ' |
Weighted Average Rate of deposit accounts | ' | ' | ' |
Demand checking accounts (as a percent) | 0.00% | 0.00% | ' |
NOW accounts (as a percent) | 0.07% | 0.09% | ' |
Savings accounts (as a percent) | 0.25% | 0.39% | ' |
Money market savings accounts (as a percent) | 0.54% | 0.63% | ' |
Total transaction deposit accounts (as a percent) | 0.32% | 0.39% | ' |
Weighted Average Rate of certificate of deposit accounts maturing: | ' | ' | ' |
Within six months (as a percent) | 0.72% | 0.91% | ' |
After six months but within 1 year (as a percent) | 0.82% | 0.95% | ' |
After 1 year but within 2 years (as a percent) | 1.09% | 1.09% | ' |
After 2 years but within 3 years (as a percent) | 1.91% | 2.05% | ' |
After 3 years but within 4 years (as a percent) | 1.65% | 2.08% | ' |
After 4 years but within 5 years (as a percent) | 1.33% | 1.65% | ' |
After 5 years (as a percent) | 1.15% | 0.00% | ' |
Total certificate of deposit accounts (as a percent) | 0.91% | 1.06% | ' |
Total of weighted average rate of deposits (as a percent) | 0.47% | 0.58% | ' |
Threshold for disclosure of time deposit issued amounts | 100,000 | 100,000 | ' |
Time Deposits, $100,000 or More | 424,700,000 | 437,900,000 | ' |
Interest-bearing deposits: | ' | ' | ' |
NOW accounts | 173,000 | 209,000 | 216,000 |
Savings accounts | 1,288,000 | 1,726,000 | 942,000 |
Money market savings accounts | 8,220,000 | 8,773,000 | 7,626,000 |
Certificate of deposit accounts | 9,092,000 | 10,724,000 | 10,973,000 |
Total interest-bearing deposit | 18,773,000 | 21,432,000 | 19,757,000 |
Deposits pledged as collateral | $62,400,000 | $86,500,000 | ' |
Borrowed_Funds_Details
Borrowed Funds (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Borrowed funds | ' | ' | ' |
Total borrowed funds | $812,555,000 | $853,969,000 | ' |
Total interest expense on borrowed funds | 11,393,000 | 14,400,000 | 10,579,000 |
Securities available-for-sale and loans pledged as collateral | 1,600,000,000 | 1,800,000,000 | ' |
FHLBB advances | ' | ' | ' |
Borrowed funds | ' | ' | ' |
Total borrowed funds | 768,773,000 | 790,865,000 | ' |
Total interest expense on borrowed funds | 10,886,000 | 13,685,000 | 10,454,000 |
Repurchase agreements | ' | ' | ' |
Borrowed funds | ' | ' | ' |
Total borrowed funds | 34,619,000 | 51,013,000 | ' |
Total interest expense on borrowed funds | 68,000 | 137,000 | 125,000 |
Subordinated debenture | ' | ' | ' |
Borrowed funds | ' | ' | ' |
Total borrowed funds | 9,163,000 | 12,091,000 | ' |
Total interest expense on borrowed funds | $439,000 | $578,000 | $0 |
Borrowed_Funds_Details_2
Borrowed Funds (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Amount | ' | ' |
Within 1 year | $186,035,000 | $363,485,000 |
Over 1 year to 2 years | 283,000,000 | 46,178,000 |
Over 2 years to 3 years | 92,971,000 | 108,000,000 |
Over 3 years to 4 years | 147,198,000 | 64,330,000 |
Over 4 years to 5 years | 36,625,000 | 149,032,000 |
Over 5 years | 22,944,000 | 59,840,000 |
Total | 768,773,000 | 790,865,000 |
Callable Amount | ' | ' |
Within 1 year | 0 | 17,000,000 |
Over 1 year to 2 years | 0 | 0 |
Over 2 years to 3 years | 32,094,000 | 0 |
Over 3 years to 4 years | 118,698,000 | 30,000,000 |
Over 4 years to 5 years | 10,071,000 | 112,000,000 |
Over 5 years | 0 | 10,000,000 |
Total | 160,863,000 | 169,000,000 |
Weighted average rate, advances from the FHLB | ' | ' |
Within 1 year (as a percent) | 0.71% | 1.32% |
Over 1 year to 2 years (as a percent) | 0.79% | 2.14% |
Over 2 years to 3 years (as a percent) | 2.45% | 1.00% |
Over 3 years to 4 years (as a percent) | 3.86% | 3.24% |
Over 4 years to 5 years (as a percent) | 2.51% | 3.86% |
Over 5 years (as a percent) | 3.70% | 3.00% |
Weighted average interest rate of total advances from the FHLB (as a percent) | 1.71% | 2.06% |
Qualifying collateral available for Federal Home Loan Bank borrowings | 1,600,000,000 | ' |
Total available borrowing capacity from Federal Home Loan Bank | 1,000,000,000 | ' |
Outstanding at end of year | 812,555,000 | 853,969,000 |
Repurchase agreements | ' | ' |
Weighted average rate, advances from the FHLB | ' | ' |
Outstanding at end of year | 34,619,000 | 51,013,000 |
Average outstanding for the year | 38,784,000 | 46,623,000 |
Maximum outstanding at any month-end | $48,544,000 | $51,013,000 |
Weighted average rate at end of year | 0.17% | 0.15% |
Weighted average rate paid for the year | 0.17% | 0.13% |
Borrowed_Funds_Details_3
Borrowed Funds (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
debenture | Subordinated debenture | Subordinated debenture | Subordinated debenture mature February 22, 2031 | Subordinated debenture mature February 22, 2031 | Subordinated debenture mature June 26, 2033 | Subordinated debenture mature June 26, 2033 | Subordinated debenture mature June 26, 2033 | Subordinated debenture mature June 26, 2033 | Subordinated debenture mature March 17, 2034 | Subordinated debenture mature March 17, 2034 | Subordinated debenture mature March 17, 2034 | Subordinated debenture mature March 17, 2034 | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | |||
BankRI | Bancorp Rhode Island, Inc. | BankRI | BankRI | Bancorp Rhode Island, Inc. | Bancorp Rhode Island, Inc. | BankRI | BankRI | Bancorp Rhode Island, Inc. | Bancorp Rhode Island, Inc. | Subordinated debenture mature June 26, 2033 | Subordinated debenture mature June 26, 2033 | Subordinated debenture mature March 17, 2034 | Subordinated debenture mature March 17, 2034 | ||||||
Bancorp Rhode Island, Inc. | Bancorp Rhode Island, Inc. | Bancorp Rhode Island, Inc. | Bancorp Rhode Island, Inc. | ||||||||||||||||
Borrowed funds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subordinated debentures | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated debenture called | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | 10.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate spread (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.10% | 3.10% | 2.79% | 2.79% |
Reference rate for variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'three-month LIBOR | 'three-month LIBOR | 'three-month LIBOR | 'three-month LIBOR |
Fair Market Rate at acquisition | ' | ' | ' | ' | ' | 3.00% | ' | 6.45% | 6.45% | ' | ' | 6.45% | 6.45% | ' | ' | ' | ' | ' | ' |
Total borrowed funds | ' | $812,555,000 | $853,969,000 | $9,163,000 | $12,091,000 | ' | $3,000,000 | ' | ' | $4,666,000 | $4,641,000 | ' | ' | $4,497,000 | $4,450,000 | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Loan commitments | ' | ' |
Unadvanced portion of loans | $592,782,000 | $299,523,000 |
Unused lines of credit: | ' | ' |
Home equity | 205,665,000 | 165,936,000 |
Other consumer | 1,035,000 | 4,017,000 |
Other commercial | 0 | 965,000 |
Unused letters of credit: | ' | ' |
Financial standby letters of credit | 20,410,000 | 19,887,000 |
Performance standby letters of credit | 2,989,000 | 2,916,000 |
Commercial and similar letters of credit | 440,000 | 112,000 |
Back-to-back interest rate swaps | 22,418,000 | 33,221,000 |
Unfunded credit commitments liability | 1,000,000 | 700,000 |
Fair value of interest rate swap assets | 800,000 | 1,300,000 |
Fair value of interest rate swap liabilities | 900,000 | 1,400,000 |
Commercial real estate mortgage loans | ' | ' |
Loan commitments | ' | ' |
Commitments to originate loans and leases | 48,973,000 | 158,768,000 |
Commercial | ' | ' |
Loan commitments | ' | ' |
Commitments to originate loans and leases | 143,252,000 | 116,235,000 |
Residential mortgage | ' | ' |
Loan commitments | ' | ' |
Commitments to originate loans and leases | $8,027,000 | $8,926,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of future minimum rental payments under noncancellable operating leases year ending December 31 | ' | ' | ' |
2014 | $4,936,000 | ' | ' |
2015 | 4,740,000 | ' | ' |
2016 | 4,500,000 | ' | ' |
2017 | 4,030,000 | ' | ' |
2018 | 3,392,000 | ' | ' |
Thereafter | 12,431,000 | ' | ' |
Total | 34,029,000 | ' | ' |
Total rental expense | 5,200,000 | 4,500,000 | 2,700,000 |
Rental income | $300,000 | ' | ' |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Basic EPS Computation, Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $7,654 | $9,429 | $9,490 | $8,813 | $11,863 | $11,401 | $7,529 | $6,349 | $35,386 | $37,142 | $27,600 |
Basic EPS Computation, Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding | 69,862,175 | 69,830,953 | 69,774,703 | 69,762,784 | 69,742,225 | 69,716,283 | 69,677,656 | 69,664,619 | 69,808,164 | 69,702,417 | 58,633,627 |
Basic EPS (in dollars per share) | $0.11 | $0.14 | $0.14 | $0.13 | $0.17 | $0.16 | $0.11 | $0.09 | $0.51 | $0.53 | $0.47 |
Diluted EPS Computation, Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $7,654 | $9,429 | $9,490 | $8,813 | $11,863 | $11,401 | $7,529 | $6,349 | $35,386 | $37,142 | $27,600 |
Diluted EPS Computation, Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding | 69,862,175 | 69,830,953 | 69,774,703 | 69,762,784 | 69,742,225 | 69,716,283 | 69,677,656 | 69,664,619 | 69,808,164 | 69,702,417 | 58,633,627 |
Effect of dilutive securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 75,760 | 43,839 | 2,804 |
Adjusted weighted average shares outstanding | 69,951,683 | 69,913,765 | 69,833,541 | 69,830,630 | 69,799,324 | 69,754,473 | 69,715,890 | 69,665,873 | 69,883,924 | 69,746,256 | 58,636,431 |
Diluted EPS (in dollars per share) | $0.11 | $0.13 | $0.14 | $0.13 | $0.17 | $0.16 | $0.11 | $0.09 | $0.51 | $0.53 | $0.47 |
Earnings_per_Share_Earnings_pe
Earnings per Share Earnings per Share (Details 2) (Details) (Bancorp Rhode Island, Inc.:) | 0 Months Ended | |
In Millions, unless otherwise specified | Jan. 02, 2012 | Jan. 03, 2012 |
Bancorp Rhode Island, Inc.: | ' | ' |
Acquisitions | ' | ' |
Shares of common stock issued as partial consideration for acquisition | 11 | 11 |
Comprehensive_Income_Details
Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in accumulated other comprehensive (loss) income by component, net of tax | ' | ' | ' |
Balance at the beginning of the period | $3,483 | $1,963 | $2,348 |
Other comprehensive (loss) income | -11,398 | 1,520 | -385 |
Balance at the end of the period | -7,915 | 3,483 | 1,963 |
Investment Securities Available-for-Sale | ' | ' | ' |
Changes in accumulated other comprehensive (loss) income by component, net of tax | ' | ' | ' |
Balance at the beginning of the period | 3,358 | 1,834 | 2,185 |
Other comprehensive (loss) income | -11,690 | 1,524 | -351 |
Balance at the end of the period | -8,332 | 3,358 | 1,834 |
Postretirement Benefits | ' | ' | ' |
Changes in accumulated other comprehensive (loss) income by component, net of tax | ' | ' | ' |
Balance at the beginning of the period | 125 | 129 | 163 |
Other comprehensive (loss) income | 292 | -4 | -34 |
Balance at the end of the period | $417 | $125 | $129 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivatives and Hedging Activities | ' | ' | ||
Number of interest-rate swaps | 8 | 10 | ||
Asset Derivatives | ' | ' | ||
Asset derivatives | $825,000 | $1,317,000 | ||
Liability Derivatives | ' | ' | ||
Liability derivatives | 856,000 | 1,380,000 | ||
Loss Recognized in Income on Derivatives | ' | ' | ||
Estimated net credit risk exposure | 31,200 | 100,000 | ||
Collateral posted | 2,800,000 | 500,000 | ||
Interest Rate Swap [Member] | ' | ' | ||
Derivatives and Hedging Activities | ' | ' | ||
Notional amount of interest-rate swaps | 22,400,000 | 33,200,000 | ||
Derivatives not designed as hedging instruments | Interest-rate products | ' | ' | ||
Asset Derivatives | ' | ' | ||
Asset derivatives | ' | 1,317,000 | ||
Liability Derivatives | ' | ' | ||
Liability derivatives | ' | 1,380,000 | ||
Loss Recognized in Income on Derivatives | ' | ' | ||
Loss Recognized in Income on Derivatives | $32,000 | [1] | $24,000 | [1] |
[1] | The amount of loss recognized in income represents changes related to the fair value of the interest rate products. |
Comprehensive_Income_Details_2
Comprehensive Income (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for income taxes | ($4,325) | ($4,645) | ($5,382) | ($5,129) | ($6,868) | ($5,176) | ($4,398) | ($4,899) | ($19,481) | ($21,341) | ($19,886) |
Net income attributable to Brookline Bancorp, Inc. | 7,654 | 9,429 | 9,490 | 8,813 | 11,863 | 11,401 | 7,529 | 6,349 | 35,386 | 37,142 | 27,600 |
Investment Securities Available-for-Sale | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sales of securities | ' | ' | ' | ' | ' | ' | ' | ' | 397 | 926 | 80 |
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -142 | -328 | -29 |
Net income attributable to Brookline Bancorp, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | $255 | $598 | $51 |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Asset derivatives | $825 | $1,317 |
Net amounts of assets presented in the statement of financial position | 825 | 1,317 |
Gross amounts not offset in the statement of financial position | ' | ' |
Net amount | 825 | 1,317 |
Liability derivatives | 856 | 1,380 |
Net amounts of liabilities presented in the statement of financial position | 856 | 1,380 |
Gross amounts not offset in the statement of financial position | ' | ' |
Cash collateral received | 2,811 | 548 |
Net amount | $3,667 | $1,928 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current provision: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $12,799 | $15,558 | $14,115 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 4,238 | 5,120 | 4,987 |
Total current provision | ' | ' | ' | ' | ' | ' | ' | ' | 17,037 | 20,678 | 19,102 |
Deferred provision (benefit): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 2,572 | 389 | 811 |
State | ' | ' | ' | ' | ' | ' | ' | ' | -128 | 274 | -27 |
Total deferred provision (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 2,444 | 663 | 784 |
Total provision for income taxes | $4,325 | $4,645 | $5,382 | $5,129 | $6,868 | $5,176 | $4,398 | $4,899 | $19,481 | $21,341 | $19,886 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory U.S federal income tax rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% |
Reconciliation of income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected income tax expense at statutory federal tax rate | ' | ' | ' | ' | ' | ' | ' | ' | $19,830,000 | $20,899,000 | $17,047,000 |
State taxes, net of federal income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 2,673,000 | 3,506,000 | 3,224,000 |
Bank-owned life insurance | ' | ' | ' | ' | ' | ' | ' | ' | -383,000 | -409,000 | 0 |
Tax-exempt interest income | ' | ' | ' | ' | ' | ' | ' | ' | -310,000 | -216,000 | -157,000 |
Non-deductible other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 617,000 | 613,000 |
Income attributable to noncontrolling interest in subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -768,000 | -560,000 | -427,000 |
Tax credit - premises and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -453,000 | -1,593,000 | 0 |
Tax credits from investments in affordable housing projects | ' | ' | ' | ' | ' | ' | ' | ' | -1,058,000 | -806,000 | -464,000 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | -50,000 | -97,000 | 50,000 |
Total provision for income taxes | 4,325,000 | 4,645,000 | 5,382,000 | 5,129,000 | 6,868,000 | 5,176,000 | 4,398,000 | 4,899,000 | 19,481,000 | 21,341,000 | 19,886,000 |
Effective income tax rate ( as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 34.40% | 35.70% | 40.80% |
Reduction in rehabilitation tax credits | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,100,000 | ' |
BankRI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation of income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in deferred tax asset, state taxes | ' | ' | ' | ' | $500,000 | ' | ' | ' | ' | $500,000 | ' |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred tax assets: | ' | ' |
Allowance for credit losses | $19,754,000 | $16,667,000 |
Acquisition fair value adjustments | 7,430,000 | 10,013,000 |
Unrealized loss on securities available for sale | 5,119,000 | 0 |
Retirement and postretirement benefits | 4,159,000 | 4,822,000 |
Deferred Compensation | 1,989,000 | 2,254,000 |
Net operating loss and contribution carryovers | 1,922,000 | 2,229,000 |
Non-accrual interest | 878,000 | 948,000 |
Restricted stock and stock option plans | 726,000 | 803,000 |
Write-downs of investment securities | 442,000 | 795,000 |
Depreciation | 0 | 235,000 |
Accrued expenses | 375,000 | 200,000 |
Alternative minimum tax credits | 31,000 | 31,000 |
Other | 33,000 | 198,000 |
Total gross deferred tax assets | 42,858,000 | 39,195,000 |
Deferred tax liabilities: | ' | ' |
Identified intangible assets and goodwill | 7,322,000 | 8,893,000 |
Depreciation | 2,619,000 | 0 |
Unrealized gain on securities available for sale | 0 | 2,015,000 |
Deferred loan origination costs, net | 734,000 | 736,000 |
Investment in affordable housing projects | 205,000 | 246,000 |
Unrecognized gain relating to postretirement obligation | 268,000 | 92,000 |
Other | 0 | 16,000 |
Total gross deferred tax liabilities | 11,148,000 | 11,998,000 |
Net deferred tax asset | 31,710,000 | 27,197,000 |
Net operating loss carryforwards for U.S. federal income tax purposes | 5,500,000 | ' |
Alternative minimum tax credit carryforwards for U.S. federal income tax purpose | 31,000 | ' |
Net operating loss carryforwards and credit subject to annual limitation | 881,000 | ' |
Reserve for loan losses | 1,800,000 | ' |
Percentage of the amount the used reserve for loan losses would be subject to taxation, if, the reserve is used for purposes other than to absorb the losses for which it was established | 150.00% | ' |
Amount of liability that would result if 100% of the reserve were recaptured on which no provision has been made | $750,000 | ' |
Reserve for loan losses recaptured (as a percent) | 100.00% | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Authorized serial preferred stock | 50,000,000 | ' | ' |
Serial preferred stock, par value (in dollars per share) | $0.01 | ' | ' |
Preferred stock issued | 0 | ' | ' |
Number of shares repurchased | 0 | 0 | 0 |
Liquidation account, total | $20.60 | $22.30 | $24.40 |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Stockholders' equity reconciliation | ' | ' | ||
Stockholders equity | $613,867 | $612,097 | ||
Add: Minority interest | 4,304 | 3,712 | ||
Add: Subordinated debenture | 9,163 | 12,091 | ||
Less: disallowed goodwill and intangible assets | 154,777 | 159,400 | ||
Less: Unrealized loss on available-for-sale equity securities | 0 | 0 | ||
Less: Net unrealized (losses) gains on available-for-sale securities | -7,915 | 3,358 | ||
Tier 1 capital | 480,472 | 465,142 | ||
Allowance for loan and lease losses not to exceed 1.25% of risk weighted assets | 49,510 | 41,935 | ||
Unrealized gains on available-for-sale equity securities | 0 | 0 | ||
Total | 529,982 | [1] | 507,077 | [1] |
Percentage of adjusted total assets required for calculation of allowance for loan losses | 1.25% | 1.25% | ||
Bank actual capital amount | ' | ' | ||
Tier 1 leverage capital | 480,472 | [2] | 465,142 | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 | 480,472 | [3] | 465,142 | [3] |
Total | 529,982 | [1] | 507,077 | [1] |
Bank actual capital ratio | ' | ' | ||
Tier 1 leverage capital ratio (as a percent) | 9.40% | [2] | 9.40% | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 (as a percent) | 11.00% | [3] | 10.90% | [3] |
Total (as a percent) | 12.20% | [1] | 11.80% | [1] |
Minimum capital adequacy amount | ' | ' | ||
Tier 1 leverage capital | 205,946 | [2] | 197,094 | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 | 174,512 | [3] | 171,481 | [3] |
Total | 349,159 | [1] | 342,909 | [1] |
Minimum capital adequacy ratio | ' | ' | ||
Tier 1 leverage capital ratio (as a percent) | 4.00% | [2] | 4.00% | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 (as a percent) | 4.00% | [3] | 4.00% | [3] |
Total (as a percent) | 8.00% | [1] | 8.00% | [1] |
Classified as well capitalized ratio | ' | ' | ||
Tier 1 leverage capital ratio (as a percent) | 5.00% | [2] | ' | |
Risk-based capital: | ' | ' | ||
Tier 1 (as a percent) | 6.00% | [3] | ' | |
Total (as a percent) | 10.00% | [1] | ' | |
Brookline Bank | ' | ' | ||
Stockholders' equity reconciliation | ' | ' | ||
Stockholders equity | 301,291 | 288,859 | ||
Add: Minority interest | 4,304 | 3,712 | ||
Add: Subordinated debenture | 0 | 0 | ||
Less: disallowed goodwill and intangible assets | 7,647 | 7,991 | ||
Less: Unrealized loss on available-for-sale equity securities | 0 | 0 | ||
Less: Net unrealized (losses) gains on available-for-sale securities | -1,874 | 1,874 | ||
Tier 1 capital | 299,822 | 282,706 | ||
Allowance for loan and lease losses not to exceed 1.25% of risk weighted assets | 35,905 | 35,923 | ||
Unrealized gains on available-for-sale equity securities | 0 | 0 | ||
Total | 335,727 | [1] | 318,629 | [1] |
Bank actual capital amount | ' | ' | ||
Tier 1 leverage capital | 299,822 | [2] | 282,706 | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 | 299,822 | [3] | 282,706 | [3] |
Total | 335,727 | [1] | 318,629 | [1] |
Bank actual capital ratio | ' | ' | ||
Tier 1 leverage capital ratio (as a percent) | 9.40% | [2] | 9.30% | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 (as a percent) | 10.40% | [3] | 9.80% | [3] |
Total (as a percent) | 11.70% | [1] | 11.00% | [1] |
Minimum capital adequacy amount | ' | ' | ||
Tier 1 leverage capital | 127,992 | [2] | 121,725 | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 | 114,874 | [3] | 115,626 | [3] |
Total | 229,753 | [1] | 231,310 | [1] |
Minimum capital adequacy ratio | ' | ' | ||
Tier 1 leverage capital ratio (as a percent) | 4.00% | [2] | 4.00% | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 (as a percent) | 4.00% | [3] | 4.00% | [3] |
Total (as a percent) | 8.00% | [1] | 8.00% | [1] |
Classified as well capitalized | ' | ' | ||
Tier 1 leverage capital | 159,990 | [2] | 152,156 | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 | 172,311 | [3] | 173,439 | [3] |
Total | 287,192 | [1] | 289,137 | [1] |
Classified as well capitalized ratio | ' | ' | ||
Tier 1 leverage capital ratio (as a percent) | 5.00% | [2] | 5.00% | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 (as a percent) | 6.00% | [3] | 6.00% | [3] |
Total (as a percent) | 10.00% | [1] | 10.00% | [1] |
BankRI | ' | ' | ||
Stockholders' equity reconciliation | ' | ' | ||
Stockholders equity | 236,579 | 247,606 | ||
Add: Minority interest | 0 | 0 | ||
Add: Subordinated debenture | 0 | 0 | ||
Less: disallowed goodwill and intangible assets | 106,593 | 110,203 | ||
Less: Unrealized loss on available-for-sale equity securities | 0 | 0 | ||
Less: Net unrealized (losses) gains on available-for-sale securities | -4,918 | 1,303 | ||
Tier 1 capital | 134,904 | 136,100 | ||
Allowance for loan and lease losses not to exceed 1.25% of risk weighted assets | 10,936 | 5,053 | ||
Unrealized gains on available-for-sale equity securities | 7 | 18 | ||
Total | 145,847 | [1] | 141,171 | [1] |
Bank actual capital amount | ' | ' | ||
Tier 1 leverage capital | 134,904 | [2] | 136,100 | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 | 134,904 | [3] | 136,100 | [3] |
Total | 145,847 | [1] | 141,171 | [1] |
Bank actual capital ratio | ' | ' | ||
Tier 1 leverage capital ratio (as a percent) | 8.10% | [2] | 8.50% | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 (as a percent) | 10.60% | [3] | 11.50% | [3] |
Total (as a percent) | 11.40% | [1] | 12.00% | [1] |
Minimum capital adequacy amount | ' | ' | ||
Tier 1 leverage capital | 66,784 | [2] | 64,047 | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 | 52,904 | [3] | 47,175 | [3] |
Total | 105,782 | [1] | 94,350 | [1] |
Minimum capital adequacy ratio | ' | ' | ||
Tier 1 leverage capital ratio (as a percent) | 4.00% | [2] | 4.00% | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 (as a percent) | 4.00% | [3] | 4.00% | [3] |
Total (as a percent) | 8.00% | [1] | 8.00% | [1] |
Classified as well capitalized | ' | ' | ||
Tier 1 leverage capital | 83,480 | [2] | 80,059 | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 | 79,355 | [3] | 70,763 | [3] |
Total | 132,228 | [1] | 117,937 | [1] |
Classified as well capitalized ratio | ' | ' | ||
Tier 1 leverage capital ratio (as a percent) | 5.00% | [2] | 5.00% | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 (as a percent) | 6.00% | [3] | 6.00% | [3] |
Total (as a percent) | 10.00% | [1] | 10.00% | [1] |
First Ipswich Bancorp: | ' | ' | ||
Stockholders' equity reconciliation | ' | ' | ||
Stockholders equity | 34,641 | 35,515 | ||
Add: Minority interest | 0 | 0 | ||
Add: Subordinated debenture | 0 | 0 | ||
Less: disallowed goodwill and intangible assets | 5,271 | 5,940 | ||
Less: Unrealized loss on available-for-sale equity securities | 10 | 0 | ||
Less: Net unrealized (losses) gains on available-for-sale securities | -1,075 | 366 | ||
Tier 1 capital | 30,435 | 29,209 | ||
Allowance for loan and lease losses not to exceed 1.25% of risk weighted assets | 1,854 | 959 | ||
Unrealized gains on available-for-sale equity securities | 0 | 0 | ||
Total | 32,289 | [1] | 30,168 | [1] |
Bank actual capital amount | ' | ' | ||
Tier 1 leverage capital | 30,435 | [2] | 29,209 | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 | 30,435 | [3] | 29,209 | [3] |
Total | 32,289 | [1] | 30,168 | [1] |
Bank actual capital ratio | ' | ' | ||
Tier 1 leverage capital ratio (as a percent) | 9.80% | [2] | 9.70% | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 (as a percent) | 13.60% | [3] | 13.20% | [3] |
Total (as a percent) | 14.40% | [1] | 13.70% | [1] |
Minimum capital adequacy amount | ' | ' | ||
Tier 1 leverage capital | 12,461 | [2] | 12,020 | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 | 8,971 | [3] | 8,824 | [3] |
Total | 17,938 | [1] | 17,642 | [1] |
Minimum capital adequacy ratio | ' | ' | ||
Tier 1 leverage capital ratio (as a percent) | 4.00% | [2] | 4.00% | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 (as a percent) | 4.00% | [3] | 4.00% | [3] |
Total (as a percent) | 8.00% | [1] | 8.00% | [1] |
Classified as well capitalized | ' | ' | ||
Tier 1 leverage capital | 15,576 | [2] | 15,025 | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 | 13,457 | [3] | 13,237 | [3] |
Total | $22,423 | [1] | $22,053 | [1] |
Classified as well capitalized ratio | ' | ' | ||
Tier 1 leverage capital ratio (as a percent) | 5.00% | [2] | 5.00% | [2] |
Risk-based capital: | ' | ' | ||
Tier 1 (as a percent) | 6.00% | [3] | 6.00% | [3] |
Total (as a percent) | 10.00% | [1] | 10.00% | [1] |
[1] | Total risk-based capital ratio is calculated by dividing total capital by risk-weighted assets. | |||
[2] | TierB 1 leverage capital ratio is calculated by dividing TierB 1 capital by average assets. | |||
[3] | TierB 1 risk-based capital ratio is calculated by dividing TierB 1 capital by risk-weighted assets. |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Y | |||
plan | |||
H | |||
Change in postretirement benefit obligation recognized in other comprehensive income: | ' | ' | ' |
Total pre-tax changes in postretirement benefit obligation recognized in other comprehensive income: | ($468,000) | $10,000 | $57,000 |
401(k) Plans | ' | ' | ' |
Number of 401(k) plans administered | 2 | ' | ' |
Minimum employee age required to participate in the plan (in years) | 21 | ' | ' |
Minimum number of working hours in a plan year required to participate in the plan | 1,000 | ' | ' |
Vesting period of participants in employer contribution (in years) | '3 years | ' | ' |
Expense for the company plan contributions | 2,000,000 | 1,800,000 | 1,000,000 |
401(k) plan 1 | ' | ' | ' |
401(k) Plans | ' | ' | ' |
Company contribution as percentage of compensation of eligible employees | 5.00% | ' | ' |
401(k) plan 2 | ' | ' | ' |
401(k) Plans | ' | ' | ' |
Company contribution as percentage of compensation of eligible employees | 4.00% | ' | ' |
Health Insurance Postretirement Benefit | ' | ' | ' |
Net periodic benefit expenses: | ' | ' | ' |
Service cost | 61,000 | 74,000 | 74,000 |
Interest cost | 47,000 | 55,000 | 61,000 |
Prior service credit | -21,000 | -21,000 | -21,000 |
Actuarial gain | -16,000 | -3,000 | -4,000 |
Net periodic benefit expense | 71,000 | 105,000 | 110,000 |
Change in postretirement benefit obligation recognized in other comprehensive income: | ' | ' | ' |
Net actuarial loss (gain) | 489,000 | 11,000 | -36,000 |
Prior service credit | -21,000 | -21,000 | -21,000 |
Total pre-tax changes in postretirement benefit obligation recognized in other comprehensive income: | 468,000 | -10,000 | -57,000 |
Discount rate used to determine the actuarial present value of projected postretirement benefit obligations (as a percent) | 4.90% | 3.95% | 5.25% |
Estimated prior service credit that will be amortized from accumulated other comprehensive income into net periodic benefit cost | 21,000 | ' | ' |
Liability for the postretirement benefits included in accrued expenses and other liabilities | 1,100,000 | 1,500,000 | ' |
Assumed health care trend rates used in 2014 through 2018, high end of range (as a percent) | 7.30% | ' | ' |
Assumed health care trend rates used in 2014 through 2018, low end of range (as a percent) | 6.50% | ' | ' |
Assumed health care trend rate after 2018 (as a percent) | 5.30% | ' | ' |
Effect of 1% change in assumed health care cost trend rates | ' | ' | ' |
Effect of 1% increase on total service and interest cost components of net periodic postretirement benefit costs | 26,000 | ' | ' |
Effect of 1% decrease on total service and interest cost components of net periodic postretirement benefit costs | -20,000 | ' | ' |
Effect of 1% increase on the accumulated postretirement benefit obligation | 215,000 | ' | ' |
Effect of 1% decrease on the accumulated postretirement benefit obligation | -171,000 | ' | ' |
Health Insurance Postretirement Benefit | Below age 65 | ' | ' | ' |
Change in postretirement benefit obligation recognized in other comprehensive income: | ' | ' | ' |
Actual health care trend that will be used to measure the accumulated postretirement benefit obligation (as a percent) | 2.70% | ' | ' |
Actual health care trend used to measure the accumulated postretirement benefit obligation (as a percent) | ' | 3.00% | ' |
Health Insurance Postretirement Benefit | Over age 65 | ' | ' | ' |
Change in postretirement benefit obligation recognized in other comprehensive income: | ' | ' | ' |
Actual health care trend that will be used to measure the accumulated postretirement benefit obligation (as a percent) | -14.50% | ' | ' |
Actual health care trend used to measure the accumulated postretirement benefit obligation (as a percent) | ' | -14.70% | ' |
Nonqualified Plan | ' | ' | ' |
401(k) Plans | ' | ' | ' |
Expenses associated with deferred compensation plan | 500,000 | 500,000 | 0 |
Accrued liabilities with deferred compensation plan | $400,000 | $500,000 | $0 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details 2) (Supplemental retirement plan, USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
participant | ||
Supplemental retirement plan | ' | ' |
Supplemental Executive Retirement Agreements | ' | ' |
Number of participants | 13 | ' |
Expenses for benefits payable recognized under agreement | $600,000 | $400,000 |
Aggregate benefits payable included in accrued expenses and other liabilities | $10,100,000 | $10,700,000 |
Discount rate used to determine the actuarial present value (as a percent) | 5.00% | 4.30% |
Employee_Benefit_Plans_Details2
Employee Benefit Plans (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-Based Payment Arrangements | ' | ' | ' |
Unallocated shares | 291,666 | 333,918 | ' |
Unallocated shares, aggregate cost | $1,590,000 | $1,820,000 | ' |
Compensation and employee benefits expense | 230,000 | 242,000 | 418,000 |
Employee Stock Ownership Plan | ' | ' | ' |
Share-Based Payment Arrangements | ' | ' | ' |
ESOP loan to purchase shares of entity's common stock | 546,986 | ' | ' |
Number of years during which quarterly installments are payable | '30 years | ' | ' |
Percentage of interest payable per annum on loan obtained by the ESOP | 8.50% | ' | ' |
Outstanding balance of loan | 2,300,000 | 2,600,000 | ' |
Employees vesting rate in ESOP account (as a percent) | 20.00% | ' | ' |
Credited service period (in years) | '3 years | ' | ' |
Unallocated shares | 291,666 | 333,918 | ' |
Unallocated shares, aggregate cost | 1,500,000 | 1,700,000 | ' |
Unallocated shares, market value | 2,800,000 | 2,800,000 | ' |
Compensation and employee benefits expense | $400,000 | $400,000 | $400,000 |
Number of shares committed to be released to eligible employees | 42,252 | 44,292 | 46,207 |
Employee_Benefit_Plans_Details3
Employee Benefit Plans (Details 4) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 20, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted stock under 2003 RRP plan | 2011 Restricted Stock Award Plan | 2011 Restricted Stock Award Plan | 2011 Restricted Stock Award Plan | Recognition and Retention Plans | Recognition and Retention Plans | Recognition and Retention Plans | 2003 Stock Option Plan | 2003 Stock Option Plan | 2003 RRP | 1999 RRP | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | ||
institution | |||||||||||||||
Share-based payment arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares awarded | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | 1,250,000 | 546,986 | ' | ' | ' |
Stock granted (in shares) | ' | ' | 138,500 | 166,941 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of granted award which will vest | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period over which award vested (in years) | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of the time vesting shares vesting at first anniversary (as a percent) | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of the time vesting shares vesting at second anniversary (as a percent) | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of the time vesting shares vesting at third anniversary (as a percent) | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining percentage of granted award which will vest | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of financial institutions in defined peer group | ' | ' | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for award | ' | 11,599 | ' | ' | ' | ' | ' | ' | 2,265,155 | ' | ' | ' | ' | ' | ' |
Total expense for shares awarded | ' | ' | ' | ' | ' | $1,200,000 | $800,000 | $400,000 | ' | ' | ' | ' | ' | $10,000 | $47,000 |
Compensation cost of non-vested shares | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid on unvested shares recognized as compensation expense | ' | ' | ' | ' | ' | 30,000 | 11,000 | 12,000 | ' | ' | ' | ' | ' | ' | ' |
Exercisable period upon happening of a specific event, low end of range (in months) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | ' |
Exercisable period upon happening of a specific event, high end of range (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Options granted or awarded (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' |
Stock option activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,075,845 | 1,090,845 | 1,128,345 |
Granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 5,000 |
Exercised (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Forfeited/Canceled (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -841,000 | -15,000 | -42,500 |
Outstanding at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234,845 | 1,075,845 | 1,090,845 |
Exercisable at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234,845 | ' | ' |
Stock Option Activity, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.95 | $14.08 | $14.08 |
Granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $8.29 |
Exercised (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 |
Forfeited/Canceled (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.95 | $14.95 | $14.67 |
Outstanding at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.43 | $14.95 | $14.08 |
Exercisable at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.43 | ' | ' |
Stock Option Activity, Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Exercisable at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' |
Stock Option Activity, Weighted Average Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding at the end of the period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 8 months 12 days | ' | ' |
Exercisable at the end of the period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 8 months 12 days | ' | ' |
Valuation assumptions used to determine fair value of stock option award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yield (as a percent) | 4.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility (as a percent) | 34.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-Free interest rate (as a percent) | 1.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life of options (in years) | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair value of assets | ' | ' |
Estimated Fair Value | $492,428 | $481,323 |
Interest-rate swaps, asset | 825 | 1,317 |
Interest-rate swaps, liability | 856 | 1,380 |
GSEs | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 12,180 | 69,809 |
Municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 1,086 | 1,101 |
Auction-rate municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 1,775 | 1,976 |
Corporate debt obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 28,200 | 10,700 |
Pooled Trust Preferred Securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 1,200 | 2,500 |
Private-label CMO | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 3,400 | 6,900 |
SBA commercial loan asset-backed securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 243 | 381 |
Marketable equity securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 1,300 | ' |
Recurring basis | Level 1 | ' | ' |
Fair value of assets | ' | ' |
Interest-rate swaps, asset | 0 | 0 |
Interest-rate swaps, liability | 0 | 0 |
Recurring basis | Level 1 | Investment securities available for sale | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 1,310 | 1,337 |
Recurring basis | Level 1 | GSEs | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | Municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | Auction-rate municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | Corporate debt obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | Pooled Trust Preferred Securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | GSE CMOs | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | GSE MBSs | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | Private-label CMO | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | SBA commercial loan asset-backed securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | Marketable equity securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 1,310 | 1,337 |
Recurring basis | Level 2 | ' | ' |
Fair value of assets | ' | ' |
Interest-rate swaps, asset | 825 | 1,317 |
Interest-rate swaps, liability | 856 | 1,380 |
Recurring basis | Level 2 | Investment securities available for sale | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 489,343 | 477,069 |
Recurring basis | Level 2 | GSEs | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 12,180 | 69,809 |
Recurring basis | Level 2 | Municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 1,086 | 1,101 |
Recurring basis | Level 2 | Auction-rate municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 2 | Corporate debt obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 28,224 | 10,685 |
Recurring basis | Level 2 | Pooled Trust Preferred Securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 1,210 | 1,578 |
Recurring basis | Level 2 | GSE CMOs | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 243,644 | 217,001 |
Recurring basis | Level 2 | GSE MBSs | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 199,401 | 169,648 |
Recurring basis | Level 2 | Private-label CMO | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 3,355 | 6,866 |
Recurring basis | Level 2 | SBA commercial loan asset-backed securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 243 | 381 |
Recurring basis | Level 2 | Marketable equity securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 3 | ' | ' |
Fair value of assets | ' | ' |
Interest-rate swaps, asset | 0 | 0 |
Interest-rate swaps, liability | 0 | 0 |
Recurring basis | Level 3 | Investment securities available for sale | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 1,775 | 2,917 |
Recurring basis | Level 3 | GSEs | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 3 | Municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 3 | Auction-rate municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 1,775 | 1,976 |
Recurring basis | Level 3 | Corporate debt obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 3 | Pooled Trust Preferred Securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 941 |
Recurring basis | Level 3 | GSE CMOs | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 3 | GSE MBSs | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 3 | Private-label CMO | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 3 | SBA commercial loan asset-backed securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 3 | Marketable equity securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 0 | 0 |
Recurring basis | Estimated Fair Value | ' | ' |
Fair value of assets | ' | ' |
Interest-rate swaps, asset | 825 | 1,317 |
Interest-rate swaps, liability | 856 | 1,380 |
Recurring basis | Estimated Fair Value | Investment securities available for sale | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 492,428 | 481,323 |
Recurring basis | Estimated Fair Value | GSEs | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 12,180 | 69,809 |
Recurring basis | Estimated Fair Value | Municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 1,086 | 1,101 |
Recurring basis | Estimated Fair Value | Auction-rate municipal obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 1,775 | 1,976 |
Recurring basis | Estimated Fair Value | Corporate debt obligations | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 28,224 | 10,685 |
Recurring basis | Estimated Fair Value | Pooled Trust Preferred Securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 1,210 | 2,519 |
Recurring basis | Estimated Fair Value | GSE CMOs | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 243,644 | 217,001 |
Recurring basis | Estimated Fair Value | GSE MBSs | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 199,401 | 169,648 |
Recurring basis | Estimated Fair Value | Private-label CMO | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 3,355 | 6,866 |
Recurring basis | Estimated Fair Value | SBA commercial loan asset-backed securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | 243 | 381 |
Recurring basis | Estimated Fair Value | Marketable equity securities | ' | ' |
Fair value of assets | ' | ' |
Estimated Fair Value | $1,310 | $1,337 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2) (Nonrecurring basis, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Level 1 | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | $0 | $0 |
Level 2 | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | 1,001 | 38,240 |
Level 3 | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | 12,676 | 0 |
Estimated Fair Value | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | 13,677 | 38,240 |
Collateral-dependent impaired loans and leases [Member] | Level 1 | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | 0 | 0 |
Collateral-dependent impaired loans and leases [Member] | Level 2 | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | 0 | 36,749 |
Collateral-dependent impaired loans and leases [Member] | Level 3 | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | 12,099 | 0 |
Collateral-dependent impaired loans and leases [Member] | Estimated Fair Value | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | 12,099 | 36,749 |
Other real estate owned | Level 1 | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | 0 | 0 |
Other real estate owned | Level 2 | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | 0 | 903 |
Other real estate owned | Level 3 | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | 577 | 0 |
Other real estate owned | Estimated Fair Value | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | 577 | 903 |
Repossessed assets | Level 1 | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | 0 | 0 |
Repossessed assets | Level 2 | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | 1,001 | 588 |
Repossessed assets | Level 3 | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | 0 | 0 |
Repossessed assets | Estimated Fair Value | ' | ' |
Fair value of assets | ' | ' |
Total assets reported at fair value | $1,001 | $588 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Details 3) (Level 3, Recurring basis, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | |
Auction-rate municipal obligations | Discounted cash flow [Member] | ' | |
Quantitative information for Level 3 Fair Value Measurements Assets | ' | |
Fair value Assets | 1,775 | |
Auction-rate municipal obligations | Discounted cash flow [Member] | Minimum | ' | |
Quantitative information for Level 3 Fair Value Measurements Assets | ' | |
Discount rates (as a percent) | 0.00% | |
Auction-rate municipal obligations | Discounted cash flow [Member] | Maximum | ' | |
Quantitative information for Level 3 Fair Value Measurements Assets | ' | |
Discount rates (as a percent) | 5.00% | |
Auction-rate municipal obligations | Discounted cash flow [Member] | Weighted Average | ' | |
Quantitative information for Level 3 Fair Value Measurements Assets | ' | |
Discount rates (as a percent) | 4.00% | |
Collateral-dependent impaired loans and leases [Member] | Appraisal of collateral [Member] | ' | |
Quantitative information for Level 3 Fair Value Measurements Assets | ' | |
Fair value Assets | 12,099 | [1] |
Other real estate owned [Member] | Appraisal of collateral [Member] | ' | |
Quantitative information for Level 3 Fair Value Measurements Assets | ' | |
Fair value Assets | 577 | [1] |
[1] | For impaired loans deemed collateral dependent, where impairment is measured using the fair value of the collateral, the Bank will either obtain a new appraisal or use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Details 4) (Investment securities available for sale, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investment securities available for sale | ' | ' |
Reconciliation of assets measured at fair value on a recurring basis | ' | ' |
Investment securities available for sale, beginning of period | $2,917 | $3,208 |
Acquired, BankRI | 0 | 184 |
Principal paydowns and other | -1,150 | -836 |
Total unrealized gains included in other comprehensive income | 8 | 361 |
Investment securities available for sale, end of period | $1,775 | $2,917 |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments (Details 5) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Investment securities held-to-maturity | $500 | $502 |
Loans and leases, net | 4,313,992 | 4,134,560 |
Financial liabilities: | ' | ' |
Certificate of deposit | 934,668 | 1,010,941 |
Borrowed funds | 43,782 | 63,104 |
Investment securities held-to-maturity (fair value of $500 and $502, respectively) | 500 | 500 |
Level 1 | ' | ' |
Financial assets: | ' | ' |
Investment securities held-to-maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans and leases, net | 0 | 0 |
Financial liabilities: | ' | ' |
Certificate of deposit | 0 | 0 |
Borrowed funds | 0 | 0 |
Level 2 | ' | ' |
Financial assets: | ' | ' |
Investment securities held-to-maturity | 0 | 0 |
Loans held for sale | 13,372 | 3,233 |
Loans and leases, net | 0 | 0 |
Financial liabilities: | ' | ' |
Certificate of deposit | 938,703 | 1,019,916 |
Borrowed funds | 815,910 | 872,046 |
Level 3 | ' | ' |
Financial assets: | ' | ' |
Investment securities held-to-maturity | 500 | 502 |
Loans held for sale | 0 | 0 |
Loans and leases, net | 4,552,556 | 4,193,678 |
Financial liabilities: | ' | ' |
Certificate of deposit | 0 | 0 |
Borrowed funds | 0 | 0 |
Carrying Value | ' | ' |
Financial assets: | ' | ' |
Investment securities held-to-maturity | 500 | 500 |
Loans held for sale | 13,372 | 3,233 |
Loans and leases, net | 4,313,992 | 4,134,560 |
Financial liabilities: | ' | ' |
Certificate of deposit | 934,668 | 1,010,941 |
Borrowed funds | 812,555 | 853,969 |
Estimated Fair Value | ' | ' |
Financial assets: | ' | ' |
Investment securities held-to-maturity | 500 | 502 |
Loans held for sale | 13,372 | 3,233 |
Loans and leases, net | 4,552,556 | 4,193,678 |
Financial liabilities: | ' | ' |
Certificate of deposit | 938,703 | 1,019,916 |
Borrowed funds | $815,910 | $872,046 |
Condensed_Parent_Company_Finan2
Condensed Parent Company Financial Statements (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and due from banks | $37,148 | ' | ' | ' | $78,441 | ' | ' | ' | $37,148 | $78,441 | ' | ' |
Short-term investments | 55,357 | ' | ' | ' | 38,656 | ' | ' | ' | 55,357 | 38,656 | ' | ' |
Total cash and cash equivalents | 92,505 | ' | ' | ' | 117,097 | ' | ' | ' | 92,505 | 117,097 | 106,296 | ' |
Restricted equity securities | 66,559 | ' | ' | ' | 68,661 | ' | ' | ' | 66,559 | 68,661 | ' | ' |
Premises and equipment, net | 80,505 | ' | ' | ' | 70,791 | ' | ' | ' | 80,505 | 70,791 | ' | ' |
Deferred tax asset | 31,710 | ' | ' | ' | 27,197 | ' | ' | ' | 31,710 | 27,197 | ' | ' |
Goodwill | 137,890 | ' | ' | ' | 137,890 | ' | ' | ' | 137,890 | 137,890 | 45,799 | 43,241 |
Other assets | 77,180 | ' | ' | ' | 83,281 | ' | ' | ' | 77,180 | 83,281 | ' | ' |
Total assets | 5,325,106 | ' | ' | ' | 5,147,534 | ' | ' | ' | 5,325,106 | 5,147,534 | ' | ' |
Liabilities and Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Demand checking accounts | 707,023 | ' | ' | ' | 623,274 | ' | ' | ' | 707,023 | 623,274 | ' | ' |
Borrowed funds | 812,555 | ' | ' | ' | 853,969 | ' | ' | ' | 812,555 | 853,969 | ' | ' |
Deferred tax liability | 11,148 | ' | ' | ' | 11,998 | ' | ' | ' | 11,148 | 11,998 | ' | ' |
Accrued expenses and other liabilities | 51,485 | ' | ' | ' | 54,551 | ' | ' | ' | 51,485 | 54,551 | ' | ' |
Total liabilities | 4,706,935 | ' | ' | ' | 4,531,725 | ' | ' | ' | 4,706,935 | 4,531,725 | ' | ' |
Stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | 757 | ' | ' | ' | 757 | ' | ' | ' | 757 | 757 | ' | ' |
Additional paid-in capital | 617,538 | ' | ' | ' | 618,426 | ' | ' | ' | 617,538 | 618,426 | ' | ' |
Retained earnings, partially restricted | 64,903 | ' | ' | ' | 53,358 | ' | ' | ' | 64,903 | 53,358 | ' | ' |
Accumulated other comprehensive (loss) income | -7,915 | ' | ' | ' | 3,483 | ' | ' | ' | -7,915 | 3,483 | 1,963 | 2,348 |
Treasury stock, at cost; 5,171,985 and 5,373,733 shares, respectively | -59,826 | ' | ' | ' | -62,107 | ' | ' | ' | -59,826 | -62,107 | ' | ' |
Treasury stock, shares | 5,171,985 | ' | ' | ' | 5,373,733 | ' | ' | ' | 5,171,985 | 5,373,733 | ' | ' |
Unallocated common stock held by ESOP; 291,666 shares and 333,918 shares, respectively | -1,590 | ' | ' | ' | -1,820 | ' | ' | ' | -1,590 | -1,820 | ' | ' |
Unallocated common stock held by ESOP, shares | 291,666 | ' | ' | ' | 333,918 | ' | ' | ' | 291,666 | 333,918 | ' | ' |
Total Brookline Bancorp, Inc. Stockholders' equity | 613,867 | ' | ' | ' | 612,097 | ' | ' | ' | 613,867 | 612,097 | ' | ' |
Total liabilities and stockholders' equity | 5,325,106 | ' | ' | ' | 5,147,534 | ' | ' | ' | 5,325,106 | 5,147,534 | ' | ' |
Interest and dividend income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term investments | ' | ' | ' | ' | ' | ' | ' | ' | 111 | 208 | 105 | ' |
Total interest and dividend income | 51,049 | 50,823 | 52,900 | 51,612 | 52,976 | 55,394 | 51,839 | 52,991 | 206,384 | 213,200 | 140,535 | ' |
Interest expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income | 43,774 | 43,412 | 45,363 | 43,669 | 44,564 | 46,411 | 42,759 | 43,634 | 176,218 | 177,368 | 110,199 | ' |
Non-interest expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 65,261 | 58,830 | 30,789 | ' |
Occupancy | ' | ' | ' | ' | ' | ' | ' | ' | 12,616 | 10,611 | 6,138 | ' |
Equipment and data processing | ' | ' | ' | ' | ' | ' | ' | ' | 16,899 | 14,540 | 9,144 | ' |
Professional services | ' | ' | ' | ' | ' | ' | ' | ' | 5,695 | 12,475 | 5,375 | ' |
Advertising and marketing | ' | ' | ' | ' | ' | ' | ' | ' | 3,003 | 2,984 | 1,376 | ' |
Other | 30,193 | 28,399 | 29,638 | 29,607 | 27,072 | 29,165 | 27,350 | 31,166 | 11,261 | 11,101 | 6,787 | ' |
Total non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 122,460 | 120,375 | 62,925 | ' |
(Credit) provision for income taxes | 4,325 | 4,645 | 5,382 | 5,129 | 6,868 | 5,176 | 4,398 | 4,899 | 19,481 | 21,341 | 19,886 | ' |
Net income attributable to Brookline Bancorp, Inc. | 7,654 | 9,429 | 9,490 | 8,813 | 11,863 | 11,401 | 7,529 | 6,349 | 35,386 | 37,142 | 27,600 | ' |
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Brookline Bancorp, Inc. | 7,654 | 9,429 | 9,490 | 8,813 | 11,863 | 11,401 | 7,529 | 6,349 | 35,386 | 37,142 | 27,600 | ' |
Adjustments to reconcile net income to net cash provided from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 86,060 | 59,311 | 46,233 | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions, net of cash and cash equivalents acquired | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -89,258 | 5,792 | ' |
Purchase of restricted equity securities | ' | ' | ' | ' | ' | ' | ' | ' | -5 | -15,505 | 0 | ' |
Purchase of premises and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -16,443 | -23,664 | -19,910 | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -266,848 | -296,821 | -300,358 | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in demand checking, NOW, savings and money market accounts | ' | ' | ' | ' | ' | ' | ' | ' | 295,020 | 312,644 | 273,693 | ' |
Payment of dividends on common stock | ' | ' | ' | ' | ' | ' | ' | ' | -23,841 | -23,777 | -19,964 | ' |
Net cash provided from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 156,196 | 248,311 | 294,513 | ' |
Cash and cash equivalents at beginning of year | ' | ' | ' | 117,097 | ' | ' | ' | 106,296 | 117,097 | 106,296 | 65,908 | ' |
Cash and cash equivalents at end of year | 92,505 | ' | ' | ' | 117,097 | ' | ' | ' | 92,505 | 117,097 | 106,296 | ' |
Cash paid during the year for: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on subordinated debt | ' | ' | ' | ' | ' | ' | ' | ' | 34,303 | 40,682 | 32,029 | ' |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 19,137 | 20,570 | 20,607 | ' |
Bancorp Rhode Island, Inc.: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of assets acquired, net of cash and cash equivalents acquired | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,571,817 | 0 | ' |
Fair value of liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,481,535 | 0 | ' |
First Ipswich Bancorp: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of assets acquired, net of cash and cash equivalents acquired | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 246,186 | ' |
Fair value of liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 251,978 | ' |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and due from banks | 12,438 | ' | ' | ' | 4,547 | ' | ' | ' | 12,438 | 4,547 | ' | ' |
Short-term investments | 33 | ' | ' | ' | 33 | ' | ' | ' | 33 | 33 | ' | ' |
Total cash and cash equivalents | 12,471 | ' | ' | ' | 4,580 | ' | ' | ' | 12,471 | 4,580 | 640 | ' |
Restricted equity securities | 100 | ' | ' | ' | 100 | ' | ' | ' | 100 | 100 | ' | ' |
Loan to Brookline Bank ESOP | 2,252 | ' | ' | ' | 2,502 | ' | ' | ' | 2,252 | 2,502 | ' | ' |
Premises and equipment, net | 11,850 | ' | ' | ' | 8,202 | ' | ' | ' | 11,850 | 8,202 | ' | ' |
Deferred tax asset | 0 | ' | ' | ' | 1,879 | ' | ' | ' | 0 | 1,879 | ' | ' |
Investment in subsidiaries, at equity | 575,375 | ' | ' | ' | 592,961 | ' | ' | ' | 575,375 | 592,961 | ' | ' |
Goodwill | 35,267 | ' | ' | ' | 35,267 | ' | ' | ' | 35,267 | 35,267 | ' | ' |
Other assets | 6,185 | ' | ' | ' | 1,893 | ' | ' | ' | 6,185 | 1,893 | ' | ' |
Total assets | 643,500 | ' | ' | ' | 647,384 | ' | ' | ' | 643,500 | 647,384 | ' | ' |
Liabilities and Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Demand checking accounts | 0 | ' | ' | ' | 41 | ' | ' | ' | 0 | 41 | ' | ' |
Borrowed funds | 9,163 | ' | ' | ' | 12,091 | ' | ' | ' | 9,163 | 12,091 | ' | ' |
Deferred tax liability | 1,195 | ' | ' | ' | 0 | ' | ' | ' | 1,195 | 0 | ' | ' |
Accrued expenses and other liabilities | 19,275 | ' | ' | ' | 23,155 | ' | ' | ' | 19,275 | 23,155 | ' | ' |
Total liabilities | 29,633 | ' | ' | ' | 35,287 | ' | ' | ' | 29,633 | 35,287 | ' | ' |
Stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock | 757 | ' | ' | ' | 757 | ' | ' | ' | 757 | 757 | ' | ' |
Additional paid-in capital | 617,538 | ' | ' | ' | 618,426 | ' | ' | ' | 617,538 | 618,426 | ' | ' |
Retained earnings, partially restricted | 64,903 | ' | ' | ' | 53,358 | ' | ' | ' | 64,903 | 53,358 | ' | ' |
Accumulated other comprehensive (loss) income | -7,915 | ' | ' | ' | 3,483 | ' | ' | ' | -7,915 | 3,483 | ' | ' |
Treasury stock, at cost; 5,171,985 and 5,373,733 shares, respectively | ' | ' | ' | ' | -62,107 | ' | ' | ' | ' | -62,107 | ' | ' |
Treasury stock, shares | 5,171,985 | ' | ' | ' | 5,373,733 | ' | ' | ' | 5,171,985 | 5,373,733 | ' | ' |
Unallocated common stock held by ESOP; 291,666 shares and 333,918 shares, respectively | -1,590 | ' | ' | ' | -1,820 | ' | ' | ' | -1,590 | -1,820 | ' | ' |
Unallocated common stock held by ESOP, shares | 291,666 | ' | ' | ' | 333,918 | ' | ' | ' | 291,666 | 333,918 | ' | ' |
Total Brookline Bancorp, Inc. Stockholders' equity | 613,867 | ' | ' | ' | 612,097 | ' | ' | ' | 613,867 | 612,097 | ' | ' |
Total liabilities and stockholders' equity | 643,500 | ' | ' | ' | 647,384 | ' | ' | ' | 643,500 | 647,384 | ' | ' |
Interest and dividend income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend income from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | 30,000 | 167,003 | ' |
Short-term investments | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 1 | ' |
Loan to Brookline Bank ESOP | ' | ' | ' | ' | ' | ' | ' | ' | 205 | 227 | 249 | ' |
Total interest and dividend income | ' | ' | ' | ' | ' | ' | ' | ' | 30,205 | 30,227 | 167,253 | ' |
Interest expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowed funds and subordinated debt | ' | ' | ' | ' | ' | ' | ' | ' | 442 | 589 | 91 | ' |
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | 29,763 | 29,638 | 167,162 | ' |
Non-interest expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 2,305 | 11,302 | 0 | ' |
Occupancy | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 0 | 0 | ' |
Equipment and data processing | ' | ' | ' | ' | ' | ' | ' | ' | 4,263 | 1,395 | 0 | ' |
Directors' fees | ' | ' | ' | ' | ' | ' | ' | ' | 590 | 580 | 225 | ' |
Franchise taxes | ' | ' | ' | ' | ' | ' | ' | ' | 223 | 175 | 180 | ' |
Professional services | ' | ' | ' | ' | ' | ' | ' | ' | 583 | 2,773 | 1,758 | ' |
Advertising and marketing | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 11 | 0 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 2,386 | 2,477 | 229 | ' |
Total non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 10,372 | 18,713 | 2,392 | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 19,391 | 10,925 | 164,770 | ' |
(Credit) provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -4,035 | -7,050 | 285 | ' |
Income before distributions in excess of net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 23,426 | 17,975 | 164,485 | ' |
Distributions less than (in excess of) net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 11,960 | 19,167 | -137,227 | ' |
Net income attributable to Brookline Bancorp, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 35,386 | 37,142 | 27,600 | ' |
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Brookline Bancorp, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 35,386 | 37,142 | 27,600 | ' |
Adjustments to reconcile net income to net cash provided from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributions (less than) in excess of net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -11,960 | -19,167 | 136,885 | ' |
Other operating activities, net | ' | ' | ' | ' | ' | ' | ' | ' | 16,555 | -5,617 | 1,202 | ' |
Net cash provided from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 39,981 | 12,358 | 166,029 | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions, net of cash and cash equivalents acquired | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -89,258 | -19,729 | ' |
Monies in escrow - Bancorp Rhode Island, Inc. acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 112,983 | -112,983 | ' |
Repayment of ESOP loan by Brookline Bank | ' | ' | ' | ' | ' | ' | ' | ' | 250 | 250 | 250 | ' |
Purchase of restricted equity securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -100 | 0 | ' |
Purchase of premises and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -5,458 | -8,557 | 0 | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -5,208 | 15,318 | -132,462 | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in demand checking, NOW, savings and money market accounts | ' | ' | ' | ' | ' | ' | ' | ' | -41 | 41 | 0 | ' |
Payment of dividends on common stock | ' | ' | ' | ' | ' | ' | ' | ' | -23,841 | -23,777 | -19,964 | ' |
Repayment of subordinated and other debt | ' | ' | ' | ' | ' | ' | ' | ' | -3,000 | 0 | -13,985 | ' |
Income tax benefit from vesting of recognition and retention plan shares and dividend distributions on allocated ESOP plans | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 79 | ' |
Net cash provided from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -26,882 | -23,736 | -33,870 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 7,891 | 3,940 | -303 | ' |
Cash and cash equivalents at beginning of year | ' | ' | ' | 4,580 | ' | ' | ' | 640 | 4,580 | 640 | 943 | ' |
Cash and cash equivalents at end of year | 12,471 | ' | ' | ' | 4,580 | ' | ' | ' | 12,471 | 4,580 | 640 | ' |
Cash paid during the year for: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on subordinated debt | ' | ' | ' | ' | ' | ' | ' | ' | 480 | 795 | 0 | ' |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 19,137 | 16,981 | 0 | ' |
Parent Company | Bancorp Rhode Island, Inc.: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of assets acquired, net of cash and cash equivalents acquired | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,571,817 | 0 | ' |
Fair value of liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,481,535 | 0 | ' |
Parent Company | First Ipswich Bancorp: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of assets acquired, net of cash and cash equivalents acquired | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 246,186 | ' |
Fair value of liabilities assumed | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $251,978 | ' |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and dividend income | $51,049 | $50,823 | $52,900 | $51,612 | $52,976 | $55,394 | $51,839 | $52,991 | $206,384 | $213,200 | $140,535 |
Interest expense | 7,275 | 7,411 | 7,537 | 7,943 | 8,412 | 8,983 | 9,080 | 9,357 | 30,166 | 35,832 | 30,336 |
Net interest income | 43,774 | 43,412 | 45,363 | 43,669 | 44,564 | 46,411 | 42,759 | 43,634 | 176,218 | 177,368 | 110,199 |
Provision for credit losses | 3,887 | 2,748 | 2,439 | 1,855 | 3,101 | 2,862 | 6,678 | 3,247 | 10,929 | 15,888 | 3,631 |
Provision for credit losses | 39,887 | 40,664 | 42,924 | 41,814 | 41,463 | 43,549 | 36,081 | 40,387 | 165,289 | 161,480 | 106,568 |
Loss on investment in affordable housing projects | -318 | -558 | -624 | -312 | -239 | -73 | -244 | -138 | -1,812 | -694 | -671 |
Gain on sales of securities, net | 397 | 0 | 0 | 0 | 129 | 0 | 797 | 0 | 397 | 926 | 80 |
Gain on sales of loans and leases | ' | ' | ' | ' | 1,898 | 0 | 0 | 0 | 0 | 1,898 | 0 |
Other non-interest income | 3,828 | 4,011 | 3,762 | 3,639 | 4,716 | 3,858 | 4,168 | 3,733 | ' | ' | ' |
Amortization of identified intangible assets | -1,127 | -1,154 | -1,177 | -1,165 | -1,797 | -1,271 | -1,271 | -1,283 | -4,623 | -5,622 | -1,570 |
Other non-interest expense | -30,193 | -28,399 | -29,638 | -29,607 | -27,072 | -29,165 | -27,350 | -31,166 | -11,261 | -11,101 | -6,787 |
Income before provision for income taxes | 12,474 | 14,564 | 15,247 | 14,369 | 19,098 | 16,898 | 12,181 | 11,533 | 56,654 | 59,710 | 48,705 |
Provision for income taxes | 4,325 | 4,645 | 5,382 | 5,129 | 6,868 | 5,176 | 4,398 | 4,899 | 19,481 | 21,341 | 19,886 |
Net income before noncontrolling interest in subsidiary | 8,149 | 9,919 | 9,865 | 9,240 | 12,230 | 11,722 | 7,783 | 6,634 | 37,173 | 38,369 | 28,819 |
Less net income attributable to noncontrolling interest in subsidiary | 495 | 490 | 375 | 427 | 367 | 321 | 254 | 285 | 1,787 | 1,227 | 1,219 |
Net income attributable to Brookline Bancorp, Inc. | $7,654 | $9,429 | $9,490 | $8,813 | $11,863 | $11,401 | $7,529 | $6,349 | $35,386 | $37,142 | $27,600 |
Earnings per common share attributable to Brookline Bancorp, Inc.: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.11 | $0.14 | $0.14 | $0.13 | $0.17 | $0.16 | $0.11 | $0.09 | $0.51 | $0.53 | $0.47 |
Diluted (in dollars per share) | $0.11 | $0.13 | $0.14 | $0.13 | $0.17 | $0.16 | $0.11 | $0.09 | $0.51 | $0.53 | $0.47 |
Average common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | 69,862,175 | 69,830,953 | 69,774,703 | 69,762,784 | 69,742,225 | 69,716,283 | 69,677,656 | 69,664,619 | 69,808,164 | 69,702,417 | 58,633,627 |
Diluted (in shares) | 69,951,683 | 69,913,765 | 69,833,541 | 69,830,630 | 69,799,324 | 69,754,473 | 69,715,890 | 69,665,873 | 69,883,924 | 69,746,256 | 58,636,431 |
Common stock price: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
High (in dollars per share) | $9.58 | $10.08 | $9.14 | $9.39 | $8.90 | $9.25 | $9.49 | $9.78 | ' | ' | ' |
Low (in dollars per share) | $8.72 | $8.81 | $8.23 | $8.66 | $7.54 | $8.13 | $8.46 | $8.37 | ' | ' | ' |
Dividends paid: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per share (in dollars per share) | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | ' | ' | ' |
Payout ratio | 77.88% | 65.38% | 60.71% | 65.38% | 50.21% | 52.24% | 79.08% | 93.76% | ' | ' | ' |