Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 31, 2014 | 7-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'STERLING BANCORP | ' |
Entity Central Index Key | '0001070154 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 83,594,862 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $164,645 | $113,090 |
Securities: | ' | ' |
Available for sale | 1,233,310 | 954,393 |
Held to maturity, at amortized cost (fair value of $527,121 and $250,896 at March 31, 2014 and September 30, 2013, respectively) | 527,265 | 253,999 |
Total securities | 1,760,575 | 1,208,392 |
Loans held for sale | 21,348 | 1,011 |
Gross loans | 4,244,354 | 2,412,898 |
Allowance for loan losses | -32,015 | -28,877 |
Total loans, net | 4,212,339 | 2,384,021 |
Federal Home Loan Bank (“FHLBâ€) and Federal Reserve Bank Stock, at cost | 53,346 | 24,312 |
Accrued interest receivable | 18,154 | 11,698 |
Premises and equipment, net | 49,041 | 36,520 |
Goodwill | 387,286 | 163,117 |
Core deposit and other intangible assets | 50,441 | 5,891 |
Bank owned life insurance | 117,572 | 60,914 |
Other real estate owned | 9,275 | 6,022 |
Other assets | 80,397 | 34,184 |
Total assets | 6,924,419 | 4,049,172 |
LIABILITIES | ' | ' |
Deposits | 5,211,724 | 2,962,294 |
FHLB and other borrowings | 489,801 | 442,602 |
FHLB borrowings | 19,991 | 20,351 |
Senior Notes | 98,215 | 98,033 |
Subordinated debentures | 26,509 | 0 |
Mortgage escrow funds | 8,711 | 12,646 |
Other liabilities | 133,002 | 30,380 |
Total liabilities | 5,987,953 | 3,566,306 |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock (par value $0.01 per share; 10,000,000 shares authorized; none issued or outstanding) | 0 | 0 |
Common stock (par value $0.01 per share; 190,000,000 shares authorized; 83,544,307 and 44,351,046 shares outstanding at March 31, 2014 and September 30, 2013, respectively) | 912 | 522 |
Additional paid-in capital | 859,019 | 403,816 |
Unallocated common stock held by employee stock ownership plan (“ESOPâ€) | 0 | -5,493 |
Treasury stock, at cost (7,701,717 and 7,837,010 shares at March 31, 2014 and September 30, 2013, respectively) | -87,336 | -88,538 |
Retained earnings | 178,156 | 187,889 |
Accumulated other comprehensive loss, net of taxes | -14,285 | -15,330 |
Total stockholders’ equity | 936,466 | 482,866 |
Total liabilities and stockholders’ equity | $6,924,419 | $4,049,172 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Securities held-to-maturity at fair value | $527,121 | $250,896 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares outstanding | 83,544,307 | 44,351,046 |
Treasury stock, shares | 7,701,717 | 7,837,010 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Interest and dividend income: | ' | ' | ' | ' |
Loans | $50,312 | $26,378 | $93,600 | $53,449 |
Taxable securities | 7,573 | 4,288 | 14,475 | 8,572 |
Non-taxable securities | 2,674 | 1,490 | 4,835 | 2,947 |
Other earning assets | 766 | 264 | 1,125 | 597 |
Total interest and dividend income | 61,325 | 32,420 | 114,035 | 65,565 |
Interest expense: | ' | ' | ' | ' |
Deposits | 2,394 | 1,624 | 4,135 | 3,721 |
Borrowings | 4,903 | 2,977 | 9,997 | 6,102 |
Total interest expense | 7,297 | 4,601 | 14,132 | 9,823 |
Net interest income | 54,028 | 27,819 | 99,903 | 55,742 |
Provision for loan losses | 4,800 | 2,600 | 7,800 | 5,550 |
Net interest income after provision for loan losses | 49,228 | 25,219 | 92,103 | 50,192 |
Non-interest income: | ' | ' | ' | ' |
Accounts receivable / factoring commissions and other related fees | 3,500 | 0 | 5,720 | 0 |
Mortgage bank income | 2,383 | 507 | 3,999 | 1,253 |
Deposit fees and service charges | 3,904 | 2,736 | 7,846 | 5,514 |
Net gain (loss) on sale of securities | 60 | 2,229 | -585 | 3,645 |
Bank owned life insurance | 729 | 491 | 1,469 | 1,000 |
Investment management fees | 542 | 422 | 1,083 | 1,127 |
Other | 1,297 | 467 | 2,032 | 1,972 |
Total non-interest income | 12,415 | 6,852 | 21,564 | 14,511 |
Non-interest expense: | ' | ' | ' | ' |
Compensation and employee benefits | 25,263 | 11,805 | 48,819 | 24,104 |
Stock-based compensation | 927 | 679 | 1,918 | 1,179 |
Merger-related expenses | 388 | 542 | 9,456 | 542 |
Occupancy and office operations | 7,254 | 3,954 | 13,587 | 7,764 |
Amortization of Intangible Assets | 2,511 | 388 | 4,386 | 649 |
Other real estate owned | 61 | 915 | 429 | 1,200 |
FDIC insurance and regulatory assessments | 1,567 | 753 | 2,731 | 1,471 |
Business Combination, Integration Related Costs | 678 | 0 | 22,422 | 0 |
Other | 8,074 | 4,303 | 15,951 | 8,976 |
Total non-interest expense | 46,723 | 23,339 | 119,699 | 45,885 |
Income before income tax expense | 14,920 | 8,732 | -6,032 | 18,818 |
Income tax expense | 4,588 | 2,203 | -2,361 | 5,269 |
Net income | $10,332 | $6,529 | ($3,671) | $13,549 |
Weighted average common shares: | ' | ' | ' | ' |
Weighted average common shares basic (shares) | 83,497,765 | 43,743,640 | 76,924,082 | 43,704,163 |
Weighted average common shares diluted (shares) | 83,794,107 | 43,848,486 | 76,924,082 | 43,790,915 |
Per common share | ' | ' | ' | ' |
Per common share basic (USD per share) | $0.12 | $0.15 | ($0.05) | $0.31 |
Per common share diluted (USD per share) | $0.12 | $0.15 | ($0.05) | $0.31 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $10,332 | $6,529 | ($3,671) | $13,549 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Unrealized holding gains (losses) on securities available for sale net of related income tax expense (benefit) of $4,452, ($1,885) and $7, ($3,039) | 6,023 | -2,753 | 10 | -4,446 |
Less: | ' | ' | ' | ' |
Reclassification adjustment for realized gains (losses) included in net income, net of related income tax expense (benefit) of $26, $905 and ($249), $1,480 | -34 | -1,324 | 336 | -2,165 |
Reclassification adjustment for other than temporary impaired losses included in net income, net of related income tax benefit of $0, $3 and $0, $13 | 0 | -4 | 0 | -19 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | 5,989 | -4,073 | 346 | -6,592 |
Acceleration of future amortization of accumulated other comprehensive (gain) loss on defined benefit pension plan and change in funded status of defined benefit plans, net of related income tax (expense) benefit of ($553), $224 and $517, $419 | 748 | -327 | -699 | -612 |
Other comprehensive income (loss) | 5,241 | -3,746 | 1,045 | -5,980 |
Total comprehensive income (loss) | $15,573 | $2,783 | ($2,626) | $7,569 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Unrealized holding gains (losses) on securities available for sale, related tax expense (benefit) | $4,452 | ($1,885) | $7 | ($3,039) |
Reclassification adjustment for net unrealized gains included in net income, related tax expense | 26 | 905 | -249 | 1,480 |
Reclassification adjustment for other than temporary impaired losses included in net income, related income tax expense | 0 | -3 | 0 | 13 |
Change in funded status of defined benefit plans, related tax expense | $553 | ($224) | ($517) | ($419) |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes In Stockholders' Equity (Unaudited) (USD $) | Total | Common stock | Additional paid-in capital | Employee Stock Option [Member] | Unallocated ESOP shares | Treasury stock | Retained earnings | Accumulated other comprehensive income |
In Thousands, except Share data, unless otherwise specified | ||||||||
Balance at October 1, 2013 at Sep. 30, 2013 | $482,866 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | -3,671 | ' | ' | ' | ' | ' | -3,671 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 1,045 | ' | ' | ' | ' | ' | ' | 1,045 |
Stock Issued During Period, Shares, Acquisitions | 39,057,968 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Acquisitions | ' | 390 | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | 457,759 | ' | 457,369 | ' | ' | ' | ' | ' |
Deferred Compensation Equity | ' | 0 | ' | ' | 0 | 0 | 0 | 0 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition | 45 | ' | 45 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Period Increase (Decrease) | 203,964 | ' | ' | ' | ' | ' | ' | ' |
Stock option transactions, net | -2,521 | 0 | -462 | ' | 0 | -2,268 | -209 | 0 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | -505,717 | ' | ' | ' | ' | ' | ' | ' |
ESOP shares allocated and ESOP termination | -790 | 0 | -1,280 | ' | -5,493 | -5,983 | 0 | 0 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 437,046 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | 964 | 0 | 3,953 | ' | 0 | 4,917 | 0 | 0 |
Dividends, Cash | 5,853 | 0 | 0 | ' | 0 | 0 | 5,853 | 0 |
Balance at Mar. 31, 2014 | $936,466 | $912 | $859,019 | $0 | ' | ($87,336) | $178,156 | ($14,285) |
Balance, shares at Mar. 31, 2014 | 83,544,307 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes In Stockholders' Equity (Parenthetical) (Unaudited) | 6 Months Ended |
Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ' |
ESOP shares allocated or committed to be released for allocation, shares | 505,717 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $3,671,000 | ($13,549,000) |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Provision for loan losses | 7,800,000 | 5,550,000 |
Loss on real estate owned | 176,000 | 34,000 |
Depreciation of premises and equipment | 3,419,000 | 2,342,000 |
Asset Impairment Charges | 9,302,000 | 0 |
Amortization of intangibles | 4,386,000 | 649,000 |
Net gain on loans held for sale | -3,999,000 | -1,253,000 |
Net gain on sale of securities | 585,000 | -3,645,000 |
Net gain on sale of premises and equipment | -93,000 | -5,000 |
Net amortization of premium on securities | 1,588,000 | 1,768,000 |
(Amortization) accretion on borrowings | 87,000 | -192,000 |
Accretion of early extinguishment fees on borrowings | 851,000 | 733,000 |
ESOP and RRP expense | 1,464,000 | 832,000 |
Stock option compensation expense | 454,000 | 347,000 |
Originations of loans held for sale | -247,971,000 | -48,642,000 |
Proceeds from sales of loans held for sale | 241,966,000 | 56,360,000 |
Increase in cash surrender value of bank owned life insurance | -1,284,000 | -899,000 |
Other adjustments (principally net changes in other assets and other liabilities) | 19,183,000 | -24,424,000 |
Net cash (used in) provided by operating activities | 34,243,000 | 3,104,000 |
Cash flows from investing activities: | ' | ' |
Purchases of available for sale securities | -219,145,000 | -209,010,000 |
Purchases of held to maturity securities | -100,841,000 | -81,838,000 |
Proceeds from maturities, calls and other principal payments on securities: | ' | ' |
Available for sale | 66,423,000 | 128,589,000 |
Held to maturity | 11,242,000 | 39,003,000 |
Proceeds from Sale of Available-for-sale Securities | 305,489,000 | 136,804,000 |
Proceeds from Sale of Held-to-maturity Securities | 0 | 1,234,000 |
Payments for Loan originations | 793,038,000 | 495,649,000 |
Payments for (Proceeds from) Loans and Leases | -662,828,000 | -402,295,000 |
Proceeds from sales of other real estate owned | 3,478,000 | 2,085,000 |
Sale (purchase) of FHLB stock, net | 4,519,000 | -1,002,000 |
Payments to Acquire Federal Reserve Bank Stock | -25,873,000 | 0 |
Purchases of premises and equipment | -1,648,000 | -1,471,000 |
Net cash used in investing activities | 191,232,000 | -78,960,000 |
Cash flows from financing activities: | ' | ' |
Net Change Interest and Noninterest-bearing Deposits, Domestic | 118,160,000 | -271,387,000 |
Net (decrease) increase in time deposits | -165,920,000 | -40,106,000 |
Net increase in short-term borrowings | -103,540,000 | 32,385,000 |
Repayments of Long-term Debt | 62,460,000 | 10,126,000 |
Proceeds from Issuance of Long-term Debt | 49,887,000 | 0 |
Net increase in mortgage escrow funds | -3,935,000 | 5,663,000 |
Proceeds from Stock Options Exercised | 2,357,000 | 148,000 |
Other stock-based compensation transactions | 45,000 | 13,000 |
Cash dividends paid | -8,514,000 | -5,320,000 |
Net cash used in financing activities | -173,920,000 | -288,730,000 |
Net decrease in cash and cash equivalents | 51,555,000 | -364,586,000 |
Cash and cash equivalents at beginning of period | 113,090,000 | 437,982,000 |
Cash and cash equivalents at end of period | 164,645,000 | 73,396,000 |
Supplemental information: | ' | ' |
Interest payments | 14,733,000 | 10,096,000 |
Income tax payments | 8,670,000 | 4,603,000 |
Real Estate Acquired in Settlement of Loans | 1,092,000 | 1,983,000 |
Settlements, Security Purchases, Subsequent Periods | 2,213,000 | 4,823,000 |
Securities held to maturity transferred to available for sale | 165,230,000 | 0 |
Securities available for sale transferred to held to maturity | 221,904,000 | 0 |
Non-cash assets acquired: | ' | ' |
Securities available for sale | 233,190,000 | 0 |
Noncash Or Part Noncash Acquisition held to maturity securities Acquired | 374,721,000 | 0 |
Noncash or part Noncash Acquisition Loan held for sale acquired | 30,341,000 | 0 |
Total loans, net | 1,698,108,000 | 0 |
Federal Reserve Bank stock | 7,680,000 | 0 |
Accrued interest receivable | 6,590,000 | 0 |
Goodwill | 224,169,000 | 0 |
Core deposit intangible | 20,089,000 | 0 |
Noncash or Part Noncash Acquisition, Trade Name Acquired | 20,500,000 | 0 |
Noncash or Part Noncash Acquisition, BOLI Acquired | 55,374,000 | 0 |
Premises and equipment, net | 23,594,000 | 0 |
Noncash or Part Noncash Acquisition, Other Real Estate Owned | 5,815,000 | 0 |
Other assets | 22,551,000 | 0 |
Total non-cash assets acquired | 2,722,722,000 | 0 |
Liabilities assumed: | ' | ' |
Deposits | 2,297,190,000 | 0 |
FHLB borrowings | 100,619,000 | 0 |
Noncash or Part Noncash Acquisition, other borrowings | 62,465,000 | 0 |
Noncash or Part Noncash Acquisition, Net Subordinated Debentures | 26,527,000 | 0 |
Other liabilities | 55,960,000 | 0 |
Total liabilities assumed | 2,542,761,000 | 0 |
Net non-cash assets acquired | 179,961,000 | 0 |
Cash Acquired from Acquisition | 277,798,000 | 0 |
Cash and cash equivalents acquired | $457,759,000 | $0 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | |
Mar. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
Legacy Sterling Bancorp Merger Transaction | ||
On October 31, 2013, Provident New York Bancorp completed its merger with Sterling Bancorp (“legacy Sterling”). In connection with the merger, Provident New York Bancorp completed the following corporate actions: | ||
• | Legacy Sterling merged with and into Provident New York Bancorp. Provident New York Bancorp was the accounting acquirer and the surviving entity; | |
• | Provident New York Bancorp changed its legal entity name to Sterling Bancorp and became a bank holding company and a financial holding company as defined by the Bank Holding Company Act of 1956, as amended; | |
• | Provident Bank converted to a national bank charter; | |
• | Sterling National Bank merged into Provident Bank; | |
• | Provident Bank changed its legal entity name to Sterling National Bank; and | |
• | Provident Municipal Bank merged into Sterling National Bank. | |
We refer to the transactions detailed above collectively as the “Merger”. | ||
Legacy Sterling results since November 1, 2013 are included in the results from operations in this Report on Form 10-Q; therefore, the results included in this Report on Form 10-Q for the six months ended March 31, 2014 include five months of operations of legacy Sterling and six months of operations of the Company. | ||
The consolidated financial statements include the accounts of Sterling Bancorp (“Sterling”, the “Company” or when necessary “legacy Provident”), PBNY Holdings, Inc. which has an investment in PB Madison Title Agency L.P., a company that provides title searches and title insurance for residential and commercial real estate, LandSave Development, LLC, an inactive subsidiary, Provident Risk Management (a captive insurance company), Sterling National Bank (the “Bank”) and the Bank’s wholly owned subsidiaries. These subsidiaries included at March 31, 2014 (i) Provident REIT, Inc., WSB Funding, Inc. and Sterling Real Estate Holding Company, Inc., which are real estate investment trusts that hold a portion of the Company’s real estate loans; (ii) Provest Services Corp. I, which has invested in a low-income housing partnership; (iii) Provest Services Corp. II, which has engaged a third-party provider to sell mutual funds and annuities to the Bank’s customers; and (iv) companies that hold other real estate owned by the Bank. Intercompany transactions and balances are eliminated in consolidation. | ||
The consolidated financial statements have been prepared by management and, in the opinion of management, include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the Company’s financial position and results of its operations as of the dates and for the periods presented. Although certain information and footnote disclosures have been condensed or omitted pursuant to the rules and regulations of the United States Securities and Exchange Commission applicable to quarterly reports on Form 10-Q, the Company believes that the disclosures are adequate to make the information presented clear. The results of operations for the six months ended March 31, 2014 are not necessarily indicative of results to be expected for other interim periods or the entire fiscal year ending September 30, 2014. The unaudited consolidated financial statements presented herein should be read in conjunction with the annual audited financial statements included in the Company’s Form10-K for the fiscal year ended September 30, 2013. | ||
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expense. Actual results could differ significantly from these estimates. A material estimate that is particularly susceptible to near-term change is the allowance for loan losses, which reflects the application of a critical accounting policy (see Note 4. Loans). |
Acquisition
Acquisition | 6 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Acquisition [Abstract] | ' | |||||||||||
Business Combination Disclosure [Text Block] | ' | |||||||||||
Acquisition | ||||||||||||
On October 31, 2013, the Company completed the Merger. Under the terms of the Merger agreement, legacy Sterling shareholders received 1.2625 shares of the Company’s common stock for each share of legacy Sterling common stock, which resulted in the issuance of 39,057,968 shares. Based on the closing stock price of $11.72 per share on October 31, 2013, the aggregate consideration paid to legacy Sterling shareholders was $457,759. Consistent with the Company’s strategy, the primary reason for the Merger was the expansion of the Company’s geographic footprint in the greater New York metropolitan region and beyond. | ||||||||||||
The assets acquired and liabilities assumed were accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of October 31, 2013 based on management’s best estimate using the information available as of the Merger date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $224,169, a core deposit intangible of $20,089 and a trade name intangible of $20,500. As of October 31, 2013, legacy Sterling had assets with a book value of approximately $2,759,628, loans including loans held for sale with a book value of approximately $1,735,142, and deposits with a book value of approximately $2,296,713. The table below summarizes the amounts recognized as of the Merger date for each major class of assets acquired and liabilities assumed, the estimated fair value adjustments and the amounts recorded in the Company’s financial statements at fair value at the Merger date: | ||||||||||||
Consideration paid through Sterling Bancorp common stock issued to legacy Sterling shareholders | $ | 457,759 | ||||||||||
Legacy Sterling carrying value | Fair value adjustments | As recorded at acquisition | ||||||||||
Cash and cash equivalents | $ | 277,798 | $ | — | $ | 277,798 | ||||||
Investment securities | 613,154 | (5,243 | ) | (a) | 607,911 | |||||||
Loans held for sale | 30,341 | — | 30,341 | |||||||||
Loans | 1,704,801 | (6,693 | ) | (b) | 1,698,108 | |||||||
Federal Reserve Bank stock | 7,680 | — | 7,680 | |||||||||
Bank owned life insurance | 55,374 | — | 55,374 | |||||||||
Premises and equipment | 21,293 | 2,301 | (c) | 23,594 | ||||||||
Accrued interest receivable | 6,590 | — | 6,590 | |||||||||
Core deposit and other intangibles | — | 20,089 | (d) | 20,089 | ||||||||
Trade name intangible | — | 20,500 | (e) | 20,500 | ||||||||
Other real estate owned | 1,720 | 4,095 | (f) | 5,815 | ||||||||
Other assets | 40,877 | (18,326 | ) | (g) | 22,551 | |||||||
Deposits | (2,296,713 | ) | (477 | ) | (h) | (2,297,190 | ) | |||||
FHLB borrowings | (100,346 | ) | (273 | ) | (i) | (100,619 | ) | |||||
Other borrowings | (62,465 | ) | — | (62,465 | ) | |||||||
Subordinated debentures | (25,774 | ) | (753 | ) | (j) | (26,527 | ) | |||||
Other liabilities | (60,462 | ) | 4,502 | (k) | (55,960 | ) | ||||||
Total identifiable net assets | $ | 213,868 | $ | 19,722 | $ | 233,590 | ||||||
Goodwill recorded in the Merger | 224,169 | |||||||||||
Goodwill at September 30, 2013 | 163,117 | |||||||||||
Goodwill at March 31, 2014 | $ | 387,286 | ||||||||||
Explanation of certain fair value related adjustments: | ||||||||||||
(a) | Represents the fair value adjustment on investment securities held to maturity. | |||||||||||
(b) | Represents the elimination of legacy Sterling’s allowance for loan losses and an adjustment of the amortized cost of loans to estimated fair value, which includes an interest rate mark and credit mark. | |||||||||||
(c) | Represents an adjustment to reflect the fair value of leasehold improvements. | |||||||||||
(d) | Represents intangible assets recorded to reflect the fair value of core deposits and below market rent on leased premises. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. The below market rent intangible asset will be amortized on a straight-line basis over the remaining term of the leases. | |||||||||||
(e) | Represents the estimated fair value of Sterling Bancorp’s trade name. This intangible asset will not be amortized and will be reviewed at least annually for impairment. | |||||||||||
(f) | Represents an adjustment to an acquired property which legacy Sterling utilized as a financial center and recorded as premises and equipment. As the Company intends to sell this asset, it was recorded in other real estate owned at estimated fair value determined using an independent appraisal. | |||||||||||
(g) | Consists primarily of adjustments in net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangibles recorded. | |||||||||||
(h) | Represents the fair value adjustment on deposits as the weighted average interest rate of deposits assumed exceeded the cost of similar funding available in the market at the time of the Merger. | |||||||||||
(i) | Represents the fair value adjustment on FHLB borrowings as the weighted average interest rate of FHLB borrowings assumed exceeded the cost of similar funding available in the market at the time of the Merger. | |||||||||||
(j) | Represents the fair value adjustment on subordinated debentures as the weighted average interest rate of the debentures assumed exceeded the cost of similar debt funding available in the market at the time of the Merger. | |||||||||||
(k) | Represents the fair value of other liabilities assumed at the Merger date. | |||||||||||
Except for collateral dependent loans with deteriorated credit quality, the fair values for loans acquired from legacy Sterling were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. For collateral dependent loans with deteriorated credit quality, fair value was estimated by analyzing the value of the underlying collateral, assuming the fair values of the loans were derived from the eventual sale of the collateral. These values were discounted using market derived rates of return, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral. There was no carryover of legacy Sterling’s allowance for loan losses associated with the loans that were acquired, as the loans were initially recorded at fair value on the date of the Merger. | ||||||||||||
The acquired loan portfolio subject to purchased credit impairment accounting guidance (ASC 310-30) as of October 31, 2013 was comprised of collateral dependent loans with deteriorated credit quality as follows: | ||||||||||||
ASC 310-30 loans | ||||||||||||
Contractual principal balance at acquisition | $ | 24,176 | ||||||||||
Principal not expected to be collected (non-accretable discount) | (10,927 | ) | ||||||||||
Expected cash flows at acquisition | 13,249 | |||||||||||
Interest component of expected cash flows (accretable discount) | — | |||||||||||
Fair value of acquired loans | $ | 13,249 | ||||||||||
The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing the accelerated method. Other intangibles consist of below market rents which are amortized over the remaining life of each lease using the straight-line method. | ||||||||||||
Goodwill is not amortized for book purposes; however, it is reviewed at least annually for impairment and is not deductible for tax purposes. | ||||||||||||
The fair value of premises and equipment and other real estate owned was estimated using appraisals of like kind properties and assets. Premises, equipment and leasehold improvements will be amortized or depreciated over their estimated useful lives ranging from one to five years for equipment or over the life of the lease for leasehold improvements. Other real estate owned is not amortized and is carried at estimated fair value determined by the appraised value less costs to sell. | ||||||||||||
The fair value of retail demand and interest bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. The fair value of borrowed funds was estimated by discounting the future cash flows using market rates for similar borrowings. | ||||||||||||
Direct acquisition and integration costs of the Merger were expensed as incurred and totaled $388 and $9,456 and $542 and $542 for the three and six months ended March 31, 2014 and 2013, respectively. These items were recorded as Merger-related expenses on the statement of operations. Other direct integration costs of the Merger for the three and six months ended March 31, 2014 included a charge for asset write-downs, employee retention and severance compensation which totaled $22,422. These items were recorded in non-interest expense in the statement of operations. | ||||||||||||
The following table presents selected unaudited pro forma financial information reflecting the Merger assuming it was completed as of October 1, 2012. The unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial results of the combined companies had the Merger actually been completed at the beginning of the periods presented, nor does it indicate future results for any other interim or full fiscal year period. Pro forma basic and diluted earnings per common share were calculated using the Company’s actual weighted average shares outstanding for the periods presented, plus the incremental shares issued, assuming the Merger occurred at the beginning of the periods presented. The unaudited pro forma information is based on the actual financial statements of the Company for the periods presented, and on the actual financial statements of legacy Sterling for the 2012 period presented and in 2013 until the date of the Merger, at which time legacy Sterling’s results of operations were included in the Company’s financial statements. | ||||||||||||
The unaudited pro forma information, for the six months ended March 31, 2014 and 2013, set forth below reflects adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to amortization of premiums and accretion of discounts. Direct Merger-related expenses and charges incurred in the three and six months ended March 31, 2014 to write-down assets and accrue for retention and severance compensation are assumed to have occurred prior to October 1, 2012. Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue enhancement opportunities or anticipated potential cost savings. | ||||||||||||
Pro forma for the | ||||||||||||
six months ended March 31, | ||||||||||||
2014 | 2013 | |||||||||||
Net interest income | $ | 100,571 | $ | 90,586 | ||||||||
Non-interest income | 28,590 | 34,232 | ||||||||||
Non-interest expense | 99,368 | 97,026 | ||||||||||
Net income | 20,110 | 19,970 | ||||||||||
Pro forma earnings per share: | ||||||||||||
Basic | $ | 0.24 | $ | 0.24 | ||||||||
Diluted | 0.24 | 0.24 | ||||||||||
Securities
Securities | 6 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Securities | ' | |||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||
A summary of the amortized cost and estimated fair value of our securities is presented below: | ||||||||||||||||||||||||||||||||
31-Mar-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair value | Amortized | Gross | Gross | Fair value | |||||||||||||||||||||||||
cost | unrealized | unrealized | cost | unrealized | unrealized | |||||||||||||||||||||||||||
gains | losses | gains | losses | |||||||||||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities (“MBS”): | ||||||||||||||||||||||||||||||||
Agency-backed | $ | 458,121 | $ | 1,925 | $ | (2,531 | ) | $ | 457,515 | $ | 284,837 | $ | 1,849 | $ | (4,157 | ) | $ | 282,529 | ||||||||||||||
CMO/Other MBS | 136,304 | 235 | (1,688 | ) | 134,851 | 169,336 | 356 | (3,038 | ) | 166,654 | ||||||||||||||||||||||
Total residential MBS | 594,425 | 2,160 | (4,219 | ) | 592,366 | 454,173 | 2,205 | (7,195 | ) | 449,183 | ||||||||||||||||||||||
Other securities: | ||||||||||||||||||||||||||||||||
Federal agencies | 217,942 | 3 | (8,244 | ) | 209,701 | 273,637 | — | (12,090 | ) | 261,547 | ||||||||||||||||||||||
Corporate | 225,628 | 180 | (3,610 | ) | 222,198 | 118,575 | 153 | (3,795 | ) | 114,933 | ||||||||||||||||||||||
State and municipal | 134,881 | 3,038 | (783 | ) | 137,136 | 127,324 | 3,447 | (2,041 | ) | 128,730 | ||||||||||||||||||||||
Trust preferred | 65,277 | 1,809 | — | 67,086 | — | — | — | — | ||||||||||||||||||||||||
Mutual funds | 4,874 | — | (51 | ) | 4,823 | — | — | — | — | |||||||||||||||||||||||
Total other securities | 648,602 | 5,030 | (12,688 | ) | 640,944 | 519,536 | 3,600 | (17,926 | ) | 505,210 | ||||||||||||||||||||||
Total available for sale | $ | 1,243,027 | $ | 7,190 | $ | (16,907 | ) | $ | 1,233,310 | $ | 973,709 | $ | 5,805 | $ | (25,121 | ) | $ | 954,393 | ||||||||||||||
31-Mar-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair value | Amortized | Gross | Gross | Fair value | |||||||||||||||||||||||||
cost | unrecognized | unrecognized | cost | unrecognized | unrecognized | |||||||||||||||||||||||||||
gains | losses | gains | losses | |||||||||||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||
Agency-backed | $ | 128,212 | $ | 691 | $ | (362 | ) | $ | 128,541 | $ | 130,371 | $ | 716 | $ | (108 | ) | $ | 130,979 | ||||||||||||||
CMO/Other MBS | 67,982 | 13 | (1,859 | ) | 66,136 | 25,776 | 33 | (315 | ) | 25,494 | ||||||||||||||||||||||
Total residential MBS | 196,194 | 704 | (2,221 | ) | 194,677 | 156,147 | 749 | (423 | ) | 156,473 | ||||||||||||||||||||||
Other securities: | ||||||||||||||||||||||||||||||||
Federal agencies | 135,998 | 740 | (1,375 | ) | 135,363 | 77,341 | — | (3,458 | ) | 73,883 | ||||||||||||||||||||||
State and municipal | 193,573 | 2,300 | (312 | ) | 195,561 | 19,011 | 556 | (546 | ) | 19,021 | ||||||||||||||||||||||
Other | 1,500 | 20 | — | 1,520 | 1,500 | 19 | — | 1,519 | ||||||||||||||||||||||||
Total other securities | 331,071 | 3,060 | (1,687 | ) | 332,444 | 97,852 | 575 | (4,004 | ) | 94,423 | ||||||||||||||||||||||
Total held to maturity | $ | 527,265 | $ | 3,764 | $ | (3,908 | ) | $ | 527,121 | $ | 253,999 | $ | 1,324 | $ | (4,427 | ) | $ | 250,896 | ||||||||||||||
In accordance with ASC Subtopic 320-10-25-6, in a significant business combination a company may transfer held to maturity securities to available for sale securities to maintain the company’s existing interest rate risk position or credit risk policy. Based on management’s review of the combined investment securities portfolio and implications for asset and liability management, investment securities totaling $165,230 were transferred from held to maturity to available for sale. Investment securities that were transferred included residential mortgage-backed securities, federal agency securities and state and municipal securities and was based mainly on the premium amortization and extension risk inherent in these securities. Concurrent with this repositioning, a total of $221,904 of investment securities were also transferred from available for sale to held to maturity. Substantially all of the securities transferred from available for sale to held to maturity have a maturity date in 2020 or beyond. At the date of transfer, these securities were in an unrealized loss position of $9,657, which will be accreted into interest income using the level yield method over the life of the securities, which is estimated to be approximately 5.75 years, and at March 31, 2014 the unrealized loss accreted to $9,528. The unrealized loss amount is included in accumulated other comprehensive (loss) on an after-tax basis. Management believes the transfers of investment securities highlighted above maintain the Company’s interest rate risk position and credit risk profile on a combined basis post-Merger. | ||||||||||||||||||||||||||||||||
The amortized cost and estimated fair values of securities at March 31, 2014 are presented below by contractual maturity. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage-backed securities are shown separately since they are not due at a single maturity date. | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
Available for sale | Held to maturity | |||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||
cost | value | cost | value | |||||||||||||||||||||||||||||
Remaining period to contractual maturity: | ||||||||||||||||||||||||||||||||
One year or less | $ | 27,970 | $ | 27,977 | $ | 8,790 | $ | 8,874 | ||||||||||||||||||||||||
One to five years | 180,125 | 179,888 | 5,110 | 5,356 | ||||||||||||||||||||||||||||
Five to ten years | 367,390 | 358,028 | 149,874 | 149,293 | ||||||||||||||||||||||||||||
Greater than ten years | 73,117 | 75,051 | 167,297 | 168,921 | ||||||||||||||||||||||||||||
Total other securities | 648,602 | 640,944 | 331,071 | 332,444 | ||||||||||||||||||||||||||||
Residential MBS | 594,425 | 592,366 | 196,194 | 194,677 | ||||||||||||||||||||||||||||
Total securities | $ | 1,243,027 | $ | 1,233,310 | $ | 527,265 | $ | 527,121 | ||||||||||||||||||||||||
Sales of securities for the three and six months ended March 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||
For the three months ended March 31, | For the six months ended March 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 55,778 | $ | 94,839 | $ | 305,489 | $ | 136,804 | ||||||||||||||||||||||||
Gross realized gains | 65 | 2,202 | 276 | 3,618 | ||||||||||||||||||||||||||||
Gross realized losses | (5 | ) | (10 | ) | (861 | ) | (10 | ) | ||||||||||||||||||||||||
Income tax (expense) benefit on realized gains (losses) | (18 | ) | (552 | ) | 229 | (1,010 | ) | |||||||||||||||||||||||||
Held to maturity securities: | ||||||||||||||||||||||||||||||||
Proceeds from sales | — | 1,234 | — | 1,234 | ||||||||||||||||||||||||||||
Gross realized gains | — | 37 | — | 37 | ||||||||||||||||||||||||||||
Income tax expense on realized gains | — | (9 | ) | — | (10 | ) | ||||||||||||||||||||||||||
The following table summarizes securities with unrealized losses, segregated by the length of time in a continuous unrealized loss position: | ||||||||||||||||||||||||||||||||
Continuous unrealized loss position | ||||||||||||||||||||||||||||||||
Less than 12 Months | 12 months or longer | Total | ||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||
Agency-backed | $ | 179,009 | $ | (691 | ) | $ | 67,082 | $ | (1,840 | ) | $ | 246,091 | $ | (2,531 | ) | |||||||||||||||||
CMO/Other MBS | 64,069 | (676 | ) | 27,175 | (1,012 | ) | 91,244 | (1,688 | ) | |||||||||||||||||||||||
Total residential MBS | 243,078 | (1,367 | ) | 94,257 | (2,852 | ) | 337,335 | (4,219 | ) | |||||||||||||||||||||||
Federal agencies | 51,116 | (2,048 | ) | 158,091 | (6,196 | ) | 209,207 | (8,244 | ) | |||||||||||||||||||||||
Corporate | 86,663 | (925 | ) | 90,763 | (2,685 | ) | 177,426 | (3,610 | ) | |||||||||||||||||||||||
State and municipal | 28,293 | (252 | ) | 16,308 | (531 | ) | 44,601 | (783 | ) | |||||||||||||||||||||||
Mutual fund | 4,827 | (51 | ) | — | — | 4,827 | (51 | ) | ||||||||||||||||||||||||
Total | $ | 413,977 | $ | (4,643 | ) | $ | 359,419 | $ | (12,264 | ) | $ | 773,396 | $ | (16,907 | ) | |||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||
Agency-backed | $ | 137,265 | $ | (4,157 | ) | $ | — | $ | — | $ | 137,265 | $ | (4,157 | ) | ||||||||||||||||||
CMO/Other MBS | 122,324 | (2,742 | ) | 7,820 | (296 | ) | 130,144 | (3,038 | ) | |||||||||||||||||||||||
Total residential MBS | 259,589 | (6,899 | ) | 7,820 | (296 | ) | 267,409 | (7,195 | ) | |||||||||||||||||||||||
Federal agencies | 261,547 | (12,090 | ) | — | — | 261,547 | (12,090 | ) | ||||||||||||||||||||||||
Corporate | 95,013 | (3,795 | ) | — | — | 95,013 | (3,795 | ) | ||||||||||||||||||||||||
State and municipal | 43,585 | (2,033 | ) | 112 | (8 | ) | 43,697 | (2,041 | ) | |||||||||||||||||||||||
Total | $ | 659,734 | $ | (24,817 | ) | $ | 7,932 | $ | (304 | ) | $ | 667,666 | $ | (25,121 | ) | |||||||||||||||||
Continuous unrealized loss position | ||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or longer | Total | ||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||
Agency-backed | $ | 61,535 | $ | (362 | ) | $ | — | $ | — | $ | 61,535 | $ | (362 | ) | ||||||||||||||||||
CMO/Other MBS | 61,924 | (1,859 | ) | — | — | 61,924 | (1,859 | ) | ||||||||||||||||||||||||
Total residential MBS | 123,459 | (2,221 | ) | — | — | 123,459 | (2,221 | ) | ||||||||||||||||||||||||
Federal agencies | 40,085 | (1,375 | ) | — | — | 40,085 | (1,375 | ) | ||||||||||||||||||||||||
State and municipal | 29,723 | (1,312 | ) | — | — | 29,723 | (312 | ) | ||||||||||||||||||||||||
Total | $ | 193,267 | $ | (3,908 | ) | $ | — | $ | — | $ | 193,267 | $ | (3,908 | ) | ||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||
Agency-backed | $ | 10,963 | $ | (86 | ) | $ | — | $ | — | $ | 10,963 | $ | (86 | ) | ||||||||||||||||||
CMO/Other MBS | 31,412 | (337 | ) | — | — | 31,412 | (337 | ) | ||||||||||||||||||||||||
Total residential MBS | 42,375 | (423 | ) | — | — | 42,375 | (423 | ) | ||||||||||||||||||||||||
Federal agencies | 73,883 | (3,458 | ) | — | — | 73,883 | (3,458 | ) | ||||||||||||||||||||||||
State and municipal | 9,530 | (546 | ) | — | — | 9,530 | (546 | ) | ||||||||||||||||||||||||
Total | $ | 125,788 | $ | (4,427 | ) | $ | — | $ | — | $ | 125,788 | $ | (4,427 | ) | ||||||||||||||||||
Substantially all of the unrealized losses at March 31, 2014 relate to investment grade debt securities and are attributable to changes in market interest rates subsequent to purchase. At March 31, 2014, a total of 224 available for sale securities were in a continuous unrealized loss position for less than 12 months and 150 securities were in an unrealized loss position for 12 months or longer. For securities with fixed maturities, there are no securities past due or securities for which the Company currently believes it is not probable that it will collect all amounts due according to the contractual terms of the investment. | ||||||||||||||||||||||||||||||||
Declines in the fair value of available for sale and held to maturity securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. In estimating other-than-temporary impairment losses (“OTTI”), management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the intent and ability of the Company to retain the investment for a period of time sufficient to allow for an anticipated recovery in cost. | ||||||||||||||||||||||||||||||||
Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes were as follows: | ||||||||||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||||||||||
Available for sale securities pledged for borrowings, at fair value | $ | 268,017 | $ | 199,642 | ||||||||||||||||||||||||||||
Available for sale securities pledged for municipal deposits, at fair value | 505,185 | 580,756 | ||||||||||||||||||||||||||||||
Held to maturity securities pledged for back-to-back swaps, at amortized cost | 5,037 | 4,645 | ||||||||||||||||||||||||||||||
Held to maturity securities pledged for borrowings, at amortized cost | 71,393 | 55,497 | ||||||||||||||||||||||||||||||
Held to maturity securities pledged for municipal deposits, at amortized cost | 322,666 | 167,926 | ||||||||||||||||||||||||||||||
Total securities pledged | $ | 1,172,298 | $ | 1,008,466 | ||||||||||||||||||||||||||||
Loans
Loans | 6 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Loans [Abstract] | ' | |||||||||||||||||||||||||||
Loans | ' | |||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||
The composition of the Company’s loan portfolio, excluding loans held for sale, was the following: | ||||||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||
Commercial & industrial | $ | 1,072,203 | $ | 439,787 | ||||||||||||||||||||||||
Payroll finance | 126,830 | — | ||||||||||||||||||||||||||
Warehouse lending | 150,280 | — | ||||||||||||||||||||||||||
Factored receivables | 145,979 | — | ||||||||||||||||||||||||||
Equipment financing | 332,082 | — | ||||||||||||||||||||||||||
Total commercial | 1,827,374 | 439,787 | ||||||||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial real estate | 1,315,220 | 969,490 | ||||||||||||||||||||||||||
Multi-family | 298,782 | 307,547 | ||||||||||||||||||||||||||
Acquisition, development & construction | 90,905 | 102,494 | ||||||||||||||||||||||||||
Total commercial mortgage | 1,704,907 | 1,379,531 | ||||||||||||||||||||||||||
Total commercial and commercial mortgage | 3,532,281 | 1,819,318 | ||||||||||||||||||||||||||
Residential mortgage | 512,875 | 400,009 | ||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 152,820 | 156,995 | ||||||||||||||||||||||||||
Other consumer loans | 46,378 | 36,576 | ||||||||||||||||||||||||||
Total consumer | 199,198 | 193,571 | ||||||||||||||||||||||||||
Total loans | 4,244,354 | 2,412,898 | ||||||||||||||||||||||||||
Allowance for loan losses | (32,015 | ) | (28,877 | ) | ||||||||||||||||||||||||
Total loans, net | $ | 4,212,339 | $ | 2,384,021 | ||||||||||||||||||||||||
Total loans include net deferred loan origination costs of $1,109 at March 31, 2014 and $1,201 at September 30, 2013. | ||||||||||||||||||||||||||||
Loans acquired from legacy Sterling were a total of $1,698,108 comprised of $1,683,454 of loans that were not considered impaired at the acquisition date and $14,654 of loans that were determined to be impaired at the time of acquisition. The impaired loans were accounted for in accordance with ASC Topic 310-30 Accounting for Certain Loans or Debt Securities Acquired in a Transfer (“ASC 310-30”). At March 31, 2014, the net recorded amount of loans accounted for under ASC 310-30 was $11,305. | ||||||||||||||||||||||||||||
Loans acquired in the Merger that were determined to be purchased credit impaired were all considered collateral dependent loans. Therefore, estimated fair value calculations and projected cash flows included only return of principal and no interest income. There was no accretable yield associated with these loans during the three and six months ended March 31, 2014. | ||||||||||||||||||||||||||||
At March 31, 2014, the Company pledged loans totaling $924,115 to the FHLB as collateral for certain borrowing arrangements. See Note 6. FHLB and Other Borrowings. | ||||||||||||||||||||||||||||
The following tables set forth the amounts and status of the Company’s loans and troubled debt restructurings (“TDRs”) at March 31, 2014 and September 30, 2013: | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||||||
days | days | days | accrual | |||||||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||||||
Commercial & industrial | $ | 1,068,821 | $ | 617 | $ | 355 | $ | 7 | $ | 2,403 | $ | 1,072,203 | ||||||||||||||||
Payroll finance | 84,950 | 31,324 | 7,351 | 3,205 | — | 126,830 | ||||||||||||||||||||||
Warehouse lending | 150,280 | — | — | — | — | 150,280 | ||||||||||||||||||||||
Factored receivables | 135,834 | 4,620 | 2,628 | 1,905 | 992 | 145,979 | ||||||||||||||||||||||
Equipment financing | 330,559 | 1,077 | 170 | — | 276 | 332,082 | ||||||||||||||||||||||
Commercial real estate | 1,289,316 | 1,389 | 7,737 | — | 16,778 | 1,315,220 | ||||||||||||||||||||||
Multi-family | 298,782 | — | — | — | — | 298,782 | ||||||||||||||||||||||
Acquisition, development & construction | 75,115 | 272 | 737 | — | 14,781 | 90,905 | ||||||||||||||||||||||
Residential mortgage | 494,438 | 2,175 | 1,063 | 273 | 14,926 | 512,875 | ||||||||||||||||||||||
Consumer | 192,256 | 1,289 | 928 | 4 | 4,721 | 199,198 | ||||||||||||||||||||||
Total loans | $ | 4,120,351 | $ | 42,763 | $ | 20,969 | $ | 5,394 | $ | 54,877 | $ | 4,244,354 | ||||||||||||||||
Total TDRs included above | $ | 14,502 | $ | 1,241 | $ | 2,232 | $ | — | $ | 12,116 | $ | 30,091 | ||||||||||||||||
Non-performing loans: | ||||||||||||||||||||||||||||
Loans 90+ days past due and still accruing | $ | 5,394 | ||||||||||||||||||||||||||
Non-accrual loans | 54,877 | |||||||||||||||||||||||||||
Total non-performing loans | $ | 60,271 | ||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||||||
days | days | days | accrual | |||||||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||||||
Commercial & industrial | $ | 438,818 | $ | 178 | $ | 2 | $ | 289 | $ | 500 | $ | 439,787 | ||||||||||||||||
Commercial real estate | 1,263,933 | 1,978 | 2,357 | 1,574 | 7,195 | 1,277,037 | ||||||||||||||||||||||
Acquisition, development & construction | 96,306 | 768 | — | — | 5,420 | 102,494 | ||||||||||||||||||||||
Residential mortgage | 390,072 | 354 | 267 | 1,832 | 7,484 | 400,009 | ||||||||||||||||||||||
Consumer | 190,393 | 566 | — | 404 | 2,208 | 193,571 | ||||||||||||||||||||||
Total loans | $ | 2,379,522 | $ | 3,844 | $ | 2,626 | $ | 4,099 | $ | 22,807 | $ | 2,412,898 | ||||||||||||||||
Total TDRs included above | $ | 23,754 | $ | — | $ | — | $ | 141 | $ | 2,199 | $ | 26,094 | ||||||||||||||||
Non-performing loans: | ||||||||||||||||||||||||||||
Loans 90+ days past due and still accruing | $ | 4,099 | ||||||||||||||||||||||||||
Non-accrual loans | 22,807 | |||||||||||||||||||||||||||
Total non-performing loans | $ | 26,906 | ||||||||||||||||||||||||||
Activity in the allowance for loan losses for the three and six months ended March 31, 2014 and 2013 is summarized below: | ||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||
Beginning | Charge-offs | Recoveries | Net | Provision | Ending balance | |||||||||||||||||||||||
balance | charge-offs | |||||||||||||||||||||||||||
Commercial & industrial | $ | 6,886 | $ | (1,164 | ) | $ | 74 | $ | (1,090 | ) | $ | 873 | $ | 6,669 | ||||||||||||||
Payroll finance | — | — | — | — | 610 | 610 | ||||||||||||||||||||||
Warehouse lending | — | — | — | — | 132 | 132 | ||||||||||||||||||||||
Factored receivables | — | (289 | ) | — | (289 | ) | 668 | 379 | ||||||||||||||||||||
Equipment financing | — | (167 | ) | — | (167 | ) | 1,473 | 1,306 | ||||||||||||||||||||
Commercial real estate | 9,992 | (280 | ) | 19 | (261 | ) | 1,135 | 10,866 | ||||||||||||||||||||
Acquisition, development & construction | 5,857 | (1,260 | ) | — | (1,260 | ) | (1,038 | ) | 3,559 | |||||||||||||||||||
Residential mortgage | 4,600 | (148 | ) | 1 | (147 | ) | 112 | 4,565 | ||||||||||||||||||||
Consumer | 3,277 | (204 | ) | 21 | (183 | ) | 835 | 3,929 | ||||||||||||||||||||
Total loans | $ | 30,612 | $ | (3,512 | ) | $ | 115 | $ | (3,397 | ) | $ | 4,800 | $ | 32,015 | ||||||||||||||
Annualized net charge-offs to average loans outstanding | 0.34 | % | ||||||||||||||||||||||||||
Loans acquired from Gotham Bank and legacy Sterling with a carrying amount of $1,378,608 were not included in the Company’s allowance for loan losses at March 31, 2014 as such loans include a fair value discount that considers expected lifetime credit losses. | ||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||
Beginning | Charge-offs | Recoveries | Net | Provision | Ending balance | |||||||||||||||||||||||
balance | charge-offs | |||||||||||||||||||||||||||
Commercial & industrial | $ | 5,533 | $ | (359 | ) | $ | 127 | $ | (232 | ) | $ | (930 | ) | $ | 4,371 | |||||||||||||
Commercial real estate | 7,616 | (1,199 | ) | 331 | (868 | ) | 2,401 | 9,149 | ||||||||||||||||||||
Acquisition, development & construction | 7,026 | (567 | ) | 164 | (403 | ) | (521 | ) | 6,102 | |||||||||||||||||||
Residential mortgage | 4,368 | (959 | ) | 9 | (950 | ) | 1,025 | 4,443 | ||||||||||||||||||||
Consumer | 3,571 | (748 | ) | 31 | (717 | ) | 625 | 3,479 | ||||||||||||||||||||
Total loans | $ | 28,114 | $ | (3,832 | ) | $ | 662 | $ | (3,170 | ) | $ | 2,600 | $ | 27,544 | ||||||||||||||
Annualized net charge-offs to average loans outstanding | 0.58 | % | ||||||||||||||||||||||||||
For the six months ended March 31, 2014 | ||||||||||||||||||||||||||||
Beginning | Charge-offs | Recoveries | Net | Provision | Ending balance | |||||||||||||||||||||||
balance | charge-offs | |||||||||||||||||||||||||||
Commercial & industrial | $ | 5,302 | $ | (1,692 | ) | $ | 575 | $ | (1,117 | ) | $ | 2,484 | $ | 6,669 | ||||||||||||||
Payroll finance | — | — | — | — | 610 | 610 | ||||||||||||||||||||||
Warehouse lending | — | — | — | — | 132 | 132 | ||||||||||||||||||||||
Factored receivables | — | (289 | ) | — | (289 | ) | 668 | 379 | ||||||||||||||||||||
Equipment financing | — | (167 | ) | — | (167 | ) | 1,473 | 1,306 | ||||||||||||||||||||
Commercial real estate | 9,967 | (951 | ) | 56 | (895 | ) | 1,794 | 10,866 | ||||||||||||||||||||
Acquisition, development & construction | 5,806 | (1,478 | ) | — | (1,478 | ) | (769 | ) | 3,559 | |||||||||||||||||||
Residential mortgage | 4,474 | (418 | ) | 8 | (410 | ) | 501 | 4,565 | ||||||||||||||||||||
Consumer | 3,328 | (351 | ) | 45 | (306 | ) | 907 | 3,929 | ||||||||||||||||||||
Total loans | $ | 28,877 | $ | (5,346 | ) | $ | 684 | $ | (4,662 | ) | $ | 7,800 | $ | 32,015 | ||||||||||||||
Annualized net charge-offs to average loans outstanding | 0.25 | % | ||||||||||||||||||||||||||
For the six months ended March 31, 2013 | ||||||||||||||||||||||||||||
Beginning | Charge-offs | Recoveries | Net | Provision | Ending balance | |||||||||||||||||||||||
balance | charge-offs | |||||||||||||||||||||||||||
Commercial & industrial | $ | 4,603 | $ | (518 | ) | $ | 247 | $ | (271 | ) | $ | 39 | $ | 4,371 | ||||||||||||||
Commercial real estate | 7,230 | (1,427 | ) | 412 | (1,015 | ) | 2,934 | 9,149 | ||||||||||||||||||||
Acquisition, development & construction | 8,526 | (2,161 | ) | 169 | (1,992 | ) | (432 | ) | 6,102 | |||||||||||||||||||
Residential mortgage | 4,359 | (1,909 | ) | 60 | (1,849 | ) | 1,933 | 4,443 | ||||||||||||||||||||
Consumer | 3,564 | (1,231 | ) | 70 | (1,161 | ) | 1,076 | 3,479 | ||||||||||||||||||||
Total loans | $ | 28,282 | $ | (7,246 | ) | $ | 958 | $ | (6,288 | ) | $ | 5,550 | $ | 27,544 | ||||||||||||||
Annualized net charge-offs to average loans outstanding | 0.58 | % | ||||||||||||||||||||||||||
Management considers a loan to be impaired when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. Determination of impairment is treated the same across all classes of loans on a loan-by-loan basis, except residential mortgage loans and home equity lines of credit with an outstanding balance of $500 or less which are evaluated for impairment on a homogeneous pool basis. When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole remaining source of repayment of the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs when foreclosure is probable, instead of discounted cash flows. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is generally recognized through a charge-off to the allowance for loan losses. | ||||||||||||||||||||||||||||
When the ultimate collectibility of the total principal of an impaired loan is in doubt and the loan is on non-accrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectibility of the total principal of an impaired loan is not in doubt and the loan is on non-accrual status, contractual interest is credited to interest income when received, under the cash basis method. | ||||||||||||||||||||||||||||
The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at March 31, 2014: | ||||||||||||||||||||||||||||
Loans evaluated by segment | Allowance evaluated by segment | |||||||||||||||||||||||||||
Individually | Collectively | Purchased credit impaired loans | Total | Individually | Collectively | Total allowance for loan losses | ||||||||||||||||||||||
evaluated for | evaluated for | loans | evaluated for | evaluated for | ||||||||||||||||||||||||
impairment | impairment | impairment | impairment | |||||||||||||||||||||||||
Commercial & industrial | $ | 1,841 | $ | 1,068,031 | $ | 2,331 | $ | 1,072,203 | $ | — | $ | 6,669 | $ | 6,669 | ||||||||||||||
Payroll finance | — | 126,830 | — | 126,830 | — | 610 | 610 | |||||||||||||||||||||
Warehouse lending | — | 150,280 | — | 150,280 | — | 132 | 132 | |||||||||||||||||||||
Factored receivables | 992 | 144,987 | — | 145,979 | — | 379 | 379 | |||||||||||||||||||||
Equipment financing | — | 332,082 | — | 332,082 | — | 1,306 | 1,306 | |||||||||||||||||||||
Commercial real estate | 12,732 | 1,594,397 | 6,873 | 1,614,002 | — | 10,866 | 10,866 | |||||||||||||||||||||
Acquisition, development & construction | 21,005 | 69,900 | — | 90,905 | — | 3,559 | 3,559 | |||||||||||||||||||||
Residential mortgage | 515 | 508,932 | 3,428 | 512,875 | — | 4,565 | 4,565 | |||||||||||||||||||||
Consumer | — | 199,198 | — | 199,198 | — | 3,929 | 3,929 | |||||||||||||||||||||
Total loans | $ | 37,085 | $ | 4,194,637 | $ | 12,632 | $ | 4,244,354 | $ | — | $ | 32,015 | $ | 32,015 | ||||||||||||||
There was no amount included in the allowance for loan losses associated with purchased credit impaired loans at March 31, 2014, as there was no further deterioration in the credit quality of these loans since the Merger date. | ||||||||||||||||||||||||||||
The following table sets forth the loans evaluated for impairment by segment and the allowance evaluated by segment at September 30, 2013: | ||||||||||||||||||||||||||||
Loans evaluated by segment | Allowance evaluated by segment | |||||||||||||||||||||||||||
Individually | Collectively | Total | Individually | Collectively | Total allowance for loan losses | |||||||||||||||||||||||
evaluated for | evaluated for | loans | evaluated for | evaluated for | ||||||||||||||||||||||||
impairment | impairment | impairment | impairment | |||||||||||||||||||||||||
Commercial & industrial | $ | 2,631 | $ | 437,156 | $ | 439,787 | $ | 249 | $ | 5,053 | $ | 5,302 | ||||||||||||||||
Commercial real estate & multi-family | 14,091 | 1,262,946 | 1,277,037 | 803 | 9,164 | 9,967 | ||||||||||||||||||||||
Acquisition, development & construction | 19,582 | 82,912 | 102,494 | 540 | 5,266 | 5,806 | ||||||||||||||||||||||
Residential mortgage | 515 | 399,494 | 400,009 | — | 4,474 | 4,474 | ||||||||||||||||||||||
Consumer | 2 | 193,569 | 193,571 | 1 | 3,327 | 3,328 | ||||||||||||||||||||||
Total loans | $ | 36,821 | $ | 2,376,077 | $ | 2,412,898 | $ | 1,593 | $ | 27,284 | $ | 28,877 | ||||||||||||||||
The following table presents loans individually evaluated for impairment by segment of loans at March 31, 2014 and September 30, 2013: | ||||||||||||||||||||||||||||
31-Mar-14 | 30-Sep-13 | |||||||||||||||||||||||||||
Unpaid | Recorded | Related allowance | Unpaid | Recorded | Related allowance | |||||||||||||||||||||||
principal | investment | principal | investment | |||||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial & industrial | $ | 1,841 | $ | 1,841 | $ | — | $ | 2,175 | $ | 2,131 | $ | — | ||||||||||||||||
Factored receivables | 992 | 992 | — | — | — | — | ||||||||||||||||||||||
Commercial real estate | 12,847 | 12,732 | — | 12,451 | 11,820 | — | ||||||||||||||||||||||
Acquisition, development & construction | 21,915 | 21,005 | — | 17,971 | 17,945 | — | ||||||||||||||||||||||
Residential mortgage | 515 | 515 | — | 515 | 515 | — | ||||||||||||||||||||||
Subtotal | 38,110 | 37,085 | — | 33,112 | 32,411 | — | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | 500 | 500 | 249 | ||||||||||||||||||||||
Commercial real estate | — | — | — | 3,150 | 2,271 | 803 | ||||||||||||||||||||||
Acquisition, development & construction | — | — | — | 2,753 | 1,637 | 540 | ||||||||||||||||||||||
Consumer | — | — | — | 2 | 2 | 1 | ||||||||||||||||||||||
Subtotal | — | — | — | 6,405 | 4,410 | 1,593 | ||||||||||||||||||||||
Total | $ | 38,110 | $ | 37,085 | $ | — | $ | 39,517 | $ | 36,821 | $ | 1,593 | ||||||||||||||||
During the quarter ended March 31, 2014, the Company modified its allowance for loan loss policy to generally require the charge-off of loan amounts identified as impaired. | ||||||||||||||||||||||||||||
The following table presents the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for the three and six months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | For the three months ended March 31, 2013 | |||||||||||||||||||||||||||
QTD | Interest | Cash-basis | QTD | Interest | Cash-basis | |||||||||||||||||||||||
average | income | interest | average | income | interest | |||||||||||||||||||||||
recorded | recognized | income | recorded | recognized | income | |||||||||||||||||||||||
investment | recognized | investment | recognized | |||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial & industrial | $ | 1,850 | $ | — | $ | — | $ | 1,873 | $ | 45 | $ | 21 | ||||||||||||||||
Factored receivables | 992 | — | — | — | — | — | ||||||||||||||||||||||
Commercial real estate | 12,512 | 40 | — | 9,248 | 99 | 53 | ||||||||||||||||||||||
Multi-family | 264 | — | — | — | — | — | ||||||||||||||||||||||
Acquisition, development & construction | 21,940 | 66 | — | 15,582 | 313 | 161 | ||||||||||||||||||||||
Residential mortgage | 515 | — | — | 7,978 | 100 | 52 | ||||||||||||||||||||||
Consumer | — | — | — | 2,127 | 7 | 3 | ||||||||||||||||||||||
Subtotal | 38,073 | 106 | — | 36,808 | 564 | 290 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | 368 | 3 | 3 | ||||||||||||||||||||||
Commercial real estate | — | — | — | 6,265 | 13 | 9 | ||||||||||||||||||||||
Residential mortgage | — | — | — | 3,857 | 14 | 6 | ||||||||||||||||||||||
Acquisition, development & construction | — | — | — | 649 | — | — | ||||||||||||||||||||||
Consumer | — | — | — | 700 | 4 | 2 | ||||||||||||||||||||||
Subtotal | — | — | — | 11,839 | 34 | 20 | ||||||||||||||||||||||
Total | $ | 38,073 | $ | 106 | $ | — | $ | 48,647 | $ | 598 | $ | 310 | ||||||||||||||||
For the six months ended March 31, 2014 | For the six months ended March 31, 2013 | |||||||||||||||||||||||||||
YTD average | Interest | Cash-basis | YTD average | Interest | Cash-basis | |||||||||||||||||||||||
recorded | income | interest | recorded | income | interest | |||||||||||||||||||||||
investment | recognized | income | investment | recognized | income | |||||||||||||||||||||||
recognized | recognized | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial & industrial | $ | 1,853 | $ | — | $ | — | $ | 2,067 | $ | 90 | $ | 42 | ||||||||||||||||
Factored receivables | 496 | — | — | — | — | — | ||||||||||||||||||||||
Commercial real estate | 12,204 | 94 | — | 9,241 | 199 | 105 | ||||||||||||||||||||||
Multi-family | 264 | — | — | — | — | — | ||||||||||||||||||||||
Acquisition, development & construction | 20,762 | 156 | — | 16,603 | 630 | 321 | ||||||||||||||||||||||
Residential mortgage | 257 | — | — | 8,165 | 201 | 104 | ||||||||||||||||||||||
Consumer | — | — | — | 2,198 | 14 | 6 | ||||||||||||||||||||||
Subtotal | 35,836 | 250 | — | 38,274 | 1,134 | 578 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | 365 | 6 | 6 | ||||||||||||||||||||||
Commercial real estate | — | — | — | 6,245 | 27 | 19 | ||||||||||||||||||||||
Residential mortgage | — | — | — | 656 | — | — | ||||||||||||||||||||||
Acquisition, development & construction | — | — | — | 3,885 | 27 | 12 | ||||||||||||||||||||||
Consumer | — | — | — | 709 | 8 | 4 | ||||||||||||||||||||||
Subtotal | — | — | — | 11,860 | 68 | 41 | ||||||||||||||||||||||
Total | $ | 35,836 | $ | 250 | $ | — | $ | 50,134 | $ | 1,202 | $ | 619 | ||||||||||||||||
Troubled Debt Restructuring: | ||||||||||||||||||||||||||||
The following tables set forth the amounts of the Company’s TDRs at March 31, 2014 and September 30, 2013: | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Current loans | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||||||
days | days | days | accrual | |||||||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||||||
Commercial & industrial | $ | 307 | $ | — | $ | — | $ | — | $ | 1,623 | $ | 1,930 | ||||||||||||||||
Commercial real estate | 2,613 | — | 2,232 | — | 448 | 5,293 | ||||||||||||||||||||||
Acquisition, development & construction | 6,090 | 272 | — | — | 6,956 | 13,318 | ||||||||||||||||||||||
Residential mortgage | 5,492 | 969 | — | — | 2,868 | 9,329 | ||||||||||||||||||||||
Consumer | — | — | — | — | 221 | 221 | ||||||||||||||||||||||
Total | $ | 14,502 | $ | 1,241 | $ | 2,232 | $ | — | $ | 12,116 | $ | 30,091 | ||||||||||||||||
Allowance for loan losses | $ | 52 | $ | — | $ | — | $ | — | $ | 14 | $ | 66 | ||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||
Current loans | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||||||
days | days | days | accrual | |||||||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||||||
Commercial & industrial | $ | 1,843 | $ | — | $ | — | $ | 141 | $ | — | $ | 1,984 | ||||||||||||||||
Commercial real estate | 5,305 | — | — | — | — | 5,305 | ||||||||||||||||||||||
Acquisition, development & construction | 14,190 | — | — | — | 151 | 14,341 | ||||||||||||||||||||||
Residential mortgage | 2,416 | — | — | — | 1,792 | 4,208 | ||||||||||||||||||||||
Consumer | — | — | — | — | 256 | 256 | ||||||||||||||||||||||
Total | $ | 23,754 | $ | — | $ | — | $ | 141 | $ | 2,199 | $ | 26,094 | ||||||||||||||||
Allowance for loan losses | $ | 438 | $ | — | $ | — | $ | — | $ | 439 | $ | 877 | ||||||||||||||||
The Company had outstanding commitments to lend additional amounts of $0 and $4,101 to customers with loans classified as TDRs as of March 31, 2014, and September 30, 2013, respectively. | ||||||||||||||||||||||||||||
The following table presents loans by segment modified as TDRs that occurred during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
March 31, 2014 | 31-Mar-13 | |||||||||||||||||||||||||||
Recorded investment | Recorded investment | |||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | |||||||||||||||||||||||
modification | modification | modification | modification | |||||||||||||||||||||||||
Commercial & industrial | — | $ | — | $ | — | 2 | $ | 169 | $ | 169 | ||||||||||||||||||
Acquisition, development & construction | 2 | 1,060 | 1,060 | 5 | 3,049 | 3,049 | ||||||||||||||||||||||
Total restructured loans | 2 | $ | 1,060 | $ | 1,060 | 7 | $ | 3,218 | $ | 3,218 | ||||||||||||||||||
The following table presents loans by segment modified as TDRs that occurred during the six months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
March 31, 2014 | 31-Mar-13 | |||||||||||||||||||||||||||
Recorded investment | Recorded investment | |||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | |||||||||||||||||||||||
modification | modification | modification | modification | |||||||||||||||||||||||||
Commercial & industrial | — | $ | — | $ | — | 3 | $ | 1,669 | $ | 1,669 | ||||||||||||||||||
Commercial real estate & multi-family | — | — | — | 1 | 450 | 450 | ||||||||||||||||||||||
Acquisition, development & construction | 2 | 1,060 | 1,060 | 7 | 5,772 | 5,772 | ||||||||||||||||||||||
Residential mortgage | — | — | — | 1 | 275 | 275 | ||||||||||||||||||||||
Total restructured loans | 2 | $ | 1,060 | $ | 1,060 | 12 | $ | 8,166 | $ | 8,166 | ||||||||||||||||||
The TDRs presented above did not increase the allowance for loan losses for the three months ended March 31, 2014 or 2013. There were $736 charge-offs as a result of the above TDRs for the quarter ended March 31, 2014 and $0 for the quarter ended March 31, 2013. | ||||||||||||||||||||||||||||
The TDRs presented above increased the allowance for loan losses by $0 and $218 for the six months ended March 31, 2014 and 2013, respectively. There were $736 and $0 of charge-offs as a result of the above TDRs for the six months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||||
As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to (i) the weighted-average risk grade of commercial loans, (ii) the level of classified commercial loans, (iii) the delinquency status of consumer loans (residential mortgage and home equity lines of credit (“HELOC”)), (iv) net charge-offs, (v) non-performing loans (see details above) and (vi) the general economic conditions in the greater New York metropolitan region. The Bank analyzes loans individually by classifying the loans as to credit risk, except residential mortgage loans and consumer loans which are evaluated on a homogeneous basis unless the loan balance is greater than $500. This analysis is performed on at least a quarterly basis on all criticized/classified loans. The Bank uses the following definitions of risk ratings: | ||||||||||||||||||||||||||||
1 and 2 - These grades include loans that are secured by cash, marketable securities or cash surrender value of life insurance policies. | ||||||||||||||||||||||||||||
3 - This grade includes loans to borrowers with strong earnings and cash flow and that have the ability to service debt. The borrower’s assets and liabilities are generally well matched and are above average quality. The borrower has ready access to multiple sources of funding including alternatives such as term loans, private equity placements or trade credit. | ||||||||||||||||||||||||||||
4 - This grade includes loans to borrowers with above average cash flow, adequate earnings and debt service coverage ratios. The borrower generates discretionary cash flow, assets and liabilities are reasonably matched, and the borrower has access to other sources of debt funding or additional trade credit at market rates. | ||||||||||||||||||||||||||||
5 - This grade includes loans to borrowers with adequate earnings and cash flow and reasonable debt service coverage ratios. Overall leverage is acceptable and there is average reliance upon trade debt. Management has a reasonable amount of experience and modest debt owners are willing to invest available, outside capital as necessary. | ||||||||||||||||||||||||||||
6 - This grade includes loans to borrowers where there is evidence of some strain, earnings are inconsistent and volatile, and the borrowers’ outlook is uncertain. Generally such borrowers have higher leverage than those with a better risk rating. These borrowers typically have limited access to alternative sources of bank debt and may be dependent upon funding for working capital support. | ||||||||||||||||||||||||||||
7 - Special Mention (OCC definition) - Other Assets Especially Mentioned (OAEM) are loans that are currently protected but are potentially weak. Loans with special mention ratings have potential weaknesses which may, if not reviewed or corrected, weaken the asset or inadequately protect the Bank’s credit position at some future date. Such assets constitute an undue and unwarranted credit risk but not to the point of justifying a classification of substandard. The credit risk may be relatively minor yet constitute an unwarranted risk in light of the circumstances surrounding a specific asset. | ||||||||||||||||||||||||||||
8 - Substandard (OCC definition) - These loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified as substandard. | ||||||||||||||||||||||||||||
9 - Doubtful (OCC definition) - These loans have all the weakness inherent in one classified as substandard with the added characteristics that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidating procedures, capital injection, perfecting liens or additional collateral and refinancing plans. | ||||||||||||||||||||||||||||
10 - Loss (OCC definition) - These loans are charged-off because they are determined to be uncollectible and unbankable assets. This classification does not reflect that the asset has no absolute recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be effected in the future. Losses should be taken in the period in which they are determined to be uncollectible. | ||||||||||||||||||||||||||||
Loans that are risk-rated 1 through 6 as defined above are considered to be pass-rated loans. As of March 31, 2014 and September 30, 2013, the risk category of gross loans by segment was as follows: | ||||||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||||||
Special | Substandard | Doubtful | Special | Substandard | Doubtful | |||||||||||||||||||||||
mention | mention | |||||||||||||||||||||||||||
Commercial & industrial | $ | 25,620 | $ | 7,731 | $ | 2 | $ | 3,545 | $ | 3,855 | $ | 365 | ||||||||||||||||
Factored receivables | 1,743 | 992 | — | — | — | — | ||||||||||||||||||||||
Equipment financing | — | 276 | — | — | — | — | ||||||||||||||||||||||
Commercial real estate | 8,813 | 33,627 | — | 7,279 | 24,561 | 227 | ||||||||||||||||||||||
Multi-family | — | 617 | — | — | — | — | ||||||||||||||||||||||
Acquisition, development & construction | 1,060 | 18,555 | — | 1,867 | 19,410 | — | ||||||||||||||||||||||
Residential mortgage | 1,805 | 15,732 | — | 824 | 9,786 | — | ||||||||||||||||||||||
Consumer | 923 | 5,141 | — | 15 | 2,891 | — | ||||||||||||||||||||||
Total | $ | 39,964 | $ | 82,671 | $ | 2 | $ | 13,530 | $ | 60,503 | $ | 592 | ||||||||||||||||
Deposits
Deposits | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Deposits [Abstract] | ' | |||||||
Deposits | ' | |||||||
Deposits | ||||||||
Deposit balances are summarized as follows: | ||||||||
March 31, | September 30, | |||||||
2014 | 2013 | |||||||
Non-interest bearing demand | $ | 1,687,775 | $ | 943,934 | ||||
Interest bearing demand | 744,701 | 434,398 | ||||||
Savings | 607,601 | 580,125 | ||||||
Money market | 1,637,838 | 735,709 | ||||||
Certificates of deposit | 533,809 | 268,128 | ||||||
Total deposits | $ | 5,211,724 | $ | 2,962,294 | ||||
Municipal deposits totaled $926,618 and $757,066 at March 31, 2014 and September 30, 2013, respectively. See Note 3. Securities, for the amount of securities that were pledged as collateral for municipal deposits and other purposes. | ||||||||
Summarized below are the Company’s brokered deposits included in the table above: | ||||||||
March 31, | September 30, | |||||||
2014 | 2013 | |||||||
Money market | $ | 59,131 | $ | 34,571 | ||||
Reciprocal CDARs(1) | 33,243 | 1,343 | ||||||
CDARs one way | 3,257 | 768 | ||||||
Total brokered deposits | $ | 95,631 | $ | 36,682 | ||||
(1) Certificate of deposit account registry service. |
Borrowings
Borrowings | 6 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Debt Instruments [Abstract] | ' | |||||||||||||
Borrowings | ' | |||||||||||||
FHLB and other borrowings | ||||||||||||||
The Company’s FHLB and other borrowings and weighted average interest rates are summarized below: | ||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||
Amount | Rate | Amount | Rate | |||||||||||
By type of borrowing: | ||||||||||||||
FHLB borrowings | $ | 489,801 | 2.34 | % | $ | 442,602 | 2.77 | % | ||||||
Repurchase agreements | 19,991 | 0.36 | 20,351 | 0.88 | ||||||||||
Senior Notes | 98,215 | 5.98 | 98,033 | 5.98 | ||||||||||
Total borrowings | $ | 608,007 | 2.86 | % | $ | 560,986 | 3.26 | % | ||||||
By remaining period to maturity: | ||||||||||||||
One year or less | $ | 109,328 | 1.01 | % | $ | 158,897 | 0.95 | % | ||||||
One to two years | 145,224 | 0.56 | 78,717 | 1.97 | ||||||||||
Two to three years | 132,614 | 3.43 | 191 | 5.32 | ||||||||||
Three to four years | 120,000 | 4.1 | 202,414 | 4.21 | ||||||||||
Four to five years | 98,215 | 5.98 | 118,033 | 5.57 | ||||||||||
Greater than five years | 2,626 | 4.92 | 2,734 | 4.92 | ||||||||||
Total borrowings | $ | 608,007 | 2.86 | % | $ | 560,986 | 3.26 | % | ||||||
As a member of the FHLB, the Bank may borrow in the form of term and overnight borrowings up to the amount of eligible mortgages and securities that have been pledged as collateral under a blanket security agreement. As of March 31, 2014 and September 30, 2013, the Bank had pledged mortgage loans totaling $924,115 and $784,422, respectively. The Bank had also pledged securities to secure borrowings, which are disclosed in Note 3. Securities. As of March 31, 2014, the Bank may increase its borrowing capacity by pledging securities and mortgage loans not required to be pledged for other purposes with a market value of $720,074. | ||||||||||||||
FHLB borrowings which are putable quarterly at the discretion of the FHLB were $200,000 as of March 31, 2014 and September 30, 2013. These borrowings have a weighted average remaining term to the contractual maturity dates of approximately 3.06 years and 3.56 years, respectively, and a weighted average interest rate of 4.23% at each of March 31, 2014 and September 30, 2013. | ||||||||||||||
The Bank had two $10,000 repurchase agreements at September 30, 2013 which were repaid in the quarter ended March 31, 2014. These repurchase agreements were acquired in connection with the Gotham transaction. | ||||||||||||||
The Company also assumed repurchase agreements in the Merger. At March 31, 2014, total repurchase agreements outstanding were $19,991, with a weighted average interest rate of 0.36% and a weighted average term to maturity of 20 days. The Bank has pledged investment securities as collateral for these borrowings (see Note 3. Securities). | ||||||||||||||
On July 2, 2013, the Company issued $100,000 principal amount of 5.50% fixed rate obligations (the “Senior Notes”) through a private placement at a discount of 1.75%. The cost of issuance was $303, and at March 31, 2014 and September 30, 2013 the unamortized discount was $1,785 and $1,967, respectively, which will be accreted to interest expense over the life of the Senior Notes, resulting in an all-in cost of 5.98%. Interest is due semi-annually in arrears on January 2 and July 2 of each year beginning January 2, 2014 until maturity on July 2, 2018. The Senior Notes were issued under an indenture (the “Indenture”) between the Company and U.S. Bank National Association, as trustee. | ||||||||||||||
The Senior Notes are unsecured obligations of the Company and rank equally with all other unsecured unsubordinated indebtedness, and will be effectively subordinated to any secured indebtedness to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to the existing and future indebtedness of the Company’s subsidiaries. | ||||||||||||||
The indenture includes provisions that, among other things, restrict the Company’s ability to dispose of or issue shares of voting stock of a principal subsidiary bank (as defined in the Indenture) or transfer the entirety of or a substantial amount of the Company’s assets or merge or consolidate with or into other entities, without satisfying certain conditions. | ||||||||||||||
The Senior Notes will not be registered under the Securities Act and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements. |
Subordinated_Debentures
Subordinated Debentures | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Subordinated Debentures [Abstract] | ' | ||||||||
Subordinated Borrowings Disclosure [Text Block] | ' | ||||||||
Subordinated Debentures | |||||||||
March 31, 2014 | September 30, 2013 | ||||||||
Subordinated debentures | $ | 25,774 | $ | — | |||||
Premium recorded to reflect fair value at acquisition date | 735 | — | |||||||
$ | 26,509 | $ | — | ||||||
In February 2002, legacy Sterling issued $25,000 of trust preferred capital securities. The capital securities which are due March 31, 2032 and bear interest at 8.375%, were issued by Sterling Bancorp Trust I, a wholly-owned, non-consolidated statutory business trust. The trust was formed with initial capitalization of common stock and for the exclusive purpose of issuing the capital securities. The trust used the proceeds from the issuance of the capital securities to acquire $25,774 junior subordinated debenture securities that pay interest at 8.375% issued by the Company. The Company is not considered the primary beneficiary of the trust (which is a VIE); therefore, the trust is not consolidated in the Company’s financial statements, but rather the subordinated debentures are recorded as a liability. The debt securities are due concurrently with the capital securities, which may be redeemed at a price equal to their principal amount plus interest accrued to the date of redemption at par. The Company may also reduce outstanding capital securities, through open market purchases. At March 31, 2014, the Company held $1,013 par value of the capital securities as available for sale investment securities. | |||||||||
The capital securities held by the Company are considered to be outstanding for the payment of dividends but are considered to be redeemed for the calculation of regulatory capital ratios. The $23,987 of capital securities not held by the Company is included in Tier 1 capital for regulatory capital purposes as allowed by the Federal Reserve Board. | |||||||||
The premium on the securities represents the adjustment to reflect the fair value of the securities at the date of the Merger. This premium will be amortized as a reduction of interest expense over the remaining term of the capital securities on a level yield basis. | |||||||||
On April 30, 2014, the Company announced that it will redeem the capital securities on June 1, 2014 at a redemption price equal to 100% of the liquidation amount of the securities plus accumulated and unpaid interest, with such redemption payment made on June 2, 2014. In connection with the redemption, the Company will eliminate the unamortized premium recorded to reflect the fair value of the subordinated debentures at the date of the Merger. The balance of the unamortized premium was $735 at March 31, 2014. This amount will be recognized as a gain on extinguishment of debt and recorded as other non-interest income in the quarter ending June 30, 2014. |
Guarantors_Obligations_Under_G
Guarantor's Obligations Under Guarantees | 6 Months Ended |
Mar. 31, 2014 | |
Guarantees [Abstract] | ' |
Guarantor's Obligations Under Guarantees | ' |
Guarantor’s Obligations Under Guarantees | |
Most letters of credit issued by or on behalf of the Company are standby letters of credit. Standby letters of credit are commitments issued by the Company on behalf of its customer/obligor in favor of a beneficiary that specify an amount the Company can be called upon to pay upon the beneficiary’s compliance with the terms of the letter of credit. These commitments are primarily issued in favor of local municipalities to support the obligor’s completion of real estate development projects. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. | |
As of March 31, 2014, the Company had $75,931 in outstanding letters of credit, of which approximately $21.0 million are cash-secured and approximately $14.0 million were secured by other collateral. The carrying values of these obligations are not considered material. |
Contingencies
Contingencies | 6 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Certain premises and equipment are leased under operating leases with terms expiring through 2033. The Company has the option to renew certain of these leases for additional terms. | |
Litigation | |
The Company and the Bank are involved in a number of judicial proceedings concerning matters arising from conducting their business activities. These proceedings include actions brought against the Company and the Bank with respect to corporate matters and transactions in which the Company and the Bank were involved. In addition, the Company and the Bank may be requested to provide information or otherwise cooperate with government authorities in the conduct of investigations of other persons or industry groups. | |
There can be no assurance as to the ultimate outcome of a legal proceeding; however, the Company and the Bank have generally denied, or believe we have meritorious defenses and will deny, liability in all significant litigation pending against us, including the matters described below, and we intend to defend vigorously each case, other than matters we describe as having settled. We accrue a liability for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts accrued for those claims. | |
As previously disclosed on April 9, 2013, the first of seven actions, captioned Altman v. Sterling Bancorp, et al., Index No. 651263/2013 (N.Y. Sup. Ct., N.Y. County, 2013), was filed in the New York State Supreme Court, New York County, on behalf of a putative class of shareholders against legacy Sterling, its directors, and the Company. On May 17, 2013, the seven actions were consolidated under the caption In re Sterling Shareholders Litigation, Index No. 651263/2013 (N.Y. Sup. Ct., N.Y. County, 2013). On June 21, 2013, the lead plaintiffs filed a consolidated and amended class action complaint alleging that legacy Sterling’s board of directors breached its fiduciary duties by agreeing to the Merger transaction described in Note 2 and by failing to disclose all material information to shareholders. The consolidated and amended complaint also alleged that the Company aided and abetted those alleged fiduciary breaches. The action sought, among other things, equitable relief and/or money damages. | |
Also as previously disclosed, on June 5, 2013, substantially similar litigation was filed in the United States District Court for the Southern District of New York, captioned Miller v. Sterling Bancorp, et al., No. 13‑3845 (S.D. N.Y. 2013), against legacy Sterling, its directors, and the Company on behalf of the same putative class of legacy Sterling shareholders. The complaint alleged the same breach of fiduciary duty and aiding and abetting claims against defendants, and also alleged defendants’ preliminary proxy statement was inaccurate or incomplete in violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended. | |
In terms of material developments on the status of proceedings, on September 12, 2013, the Company and the parties entered into a memorandum of understanding regarding the settlement of the lawsuits under which each of the actions will be dismissed with prejudice. Pursuant to the terms of the settlement, the Company agreed to make certain supplemental disclosures related to the Merger. The settlement is subject to, among other things, entry into final, definitive documentation and approval by the New York State Supreme Court. The Court has scheduled a hearing on June 25, 2014 to determine, among other things, whether to approve the proposed settlement. |
Earnings_Per_Common_Share
Earnings Per Common Share | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Common Share | ' | |||||||||||||||
Earnings Per Common Share | ||||||||||||||||
The number of shares used in the computation of basic earnings per share excluded unallocated Employee Stock Ownership Plan shares (the ESOP plan was terminated on February 4, 2014) and unvested shares of restricted stock that are not participating securities. | ||||||||||||||||
Common stock equivalent shares are incremental shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive stock options and unvested recognition and retention plan shares were exercised or became vested during the periods presented. | ||||||||||||||||
Basic earnings per common share are computed as follows: | ||||||||||||||||
For the three months ended March 31, | For the six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted average common shares outstanding (basic) | 83,497,765 | 43,743,640 | 76,924,082 | 43,704,163 | ||||||||||||
Net income (loss) | $ | 10,332 | $ | 6,529 | $ | (3,671 | ) | $ | 13,549 | |||||||
Basic earnings (loss) per common share | 0.12 | 0.15 | (0.05 | ) | 0.31 | |||||||||||
Diluted earnings per common share are computed as follows: | ||||||||||||||||
For the three months ended March 31, | For the six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted average common shares outstanding (basic) | 83,497,765 | 43,743,640 | 76,924,082 | 43,704,163 | ||||||||||||
Effect of common stock equivalents | 296,342 | 104,846 | — | 86,752 | ||||||||||||
Weighted average common shares outstanding (diluted) | 83,794,107 | 43,848,486 | 76,924,082 | 43,790,915 | ||||||||||||
Net income (loss) | $ | 10,332 | $ | 6,529 | $ | (3,671 | ) | $ | 13,549 | |||||||
Diluted earnings (loss) per common share | 0.12 | 0.15 | (0.05 | ) | 0.31 | |||||||||||
As of March 31, 2014 and 2013, 653,146 and 1,332,619 weighted average common shares that could be exercised under stock option plans were anti-dilutive for the three month periods, respectively. As of March 31, 2014 and 2013, 849,188 and 1,344,024 weighted average common shares that could be exercised under stock option plans were anti-dilutive for the six month periods, respectively. Anti-dilutive shares are not included in determining diluted earnings per share. |
Other_Noninterest_expense
Other Non-interest expense | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Other Non-Interest Expense [Abstract] | ' | |||||||||||||||
Other non-interest expense [Text Block] | ' | |||||||||||||||
Other Non-Interest Expense | ||||||||||||||||
Other non-interest expense items are presented in the following table. Components exceeding 1% of the aggregate of total net interest income and total non-interest income are presented separately. | ||||||||||||||||
For the three months ended March 31, | For the six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Other non-interest expense: | ||||||||||||||||
Advertising and promotion | $ | 422 | $ | 535 | 731 | 779 | ||||||||||
Professional fees | 1,500 | 912 | 3,319 | 2,128 | ||||||||||||
Data and check processing | 663 | 823 | 1,258 | 1,471 | ||||||||||||
Insurance - general | 637 | 213 | 1,217 | 468 | ||||||||||||
Other | 4,852 | 1,820 | 9,426 | 4,130 | ||||||||||||
Total other non-interest expense | $ | 8,074 | $ | 4,303 | $ | 15,951 | $ | 8,976 | ||||||||
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company has three active stock-based compensation plans as described below. Total compensation expense that was charged against income for these plans was $927 and $679, for the three months ended March 31, 2014 and 2013, respectively. There was no income tax benefit realized in these periods. | |||||||||||||||||
Total compensation expense that was charged against income for these plans was $1,918 and $1,179, for the six months ended March 31, 2014 and 2013, respectively. There was no income tax benefit realized in these periods. | |||||||||||||||||
Active Stock-Based Compensation Plans | |||||||||||||||||
The Company’s stockholders approved the 2014 Stock Incentive Plan (the “2014 Plan”) on February 20, 2014. The 2014 Plan permits the grant of stock options, stock appreciation rights, restricted stock (both time-based and performance-based), restricted stock units, performance units, deferred stock, and other stock-based awards for up to 3,400,000 shares of common stock as of March 31, 2014. | |||||||||||||||||
The Company’s 2012 Stock Incentive Plan (the “2012 Plan”), is a shareholder-approved plan that permits the grant of stock options, stock appreciation rights, restricted stock (both time-based and performance-based), restricted stock units, performance units, deferred stock and other stock-based awards for up to 1,557,622 shares of common stock as of March 31, 2014. | |||||||||||||||||
The Company’s 2004 Stock Incentive Plan (the “2004 Plan”), is a shareholder-approved plan that permits the grant of stock options to its employees for up to 230,281 shares of common stock as of March 31, 2014. | |||||||||||||||||
Under the terms of the plans above, stock option awards are granted with a fair value equal to the market price of the Company’s common stock at the date of grant; the awards generally vest in equal installments annually on the anniversary date and have total vesting periods ranging from 2 to 5 years and stock options have 10 year contractual terms. The Company has a policy of using shares held as treasury stock to satisfy its stock-based compensation stock issuances. Currently, the Company has a sufficient number of treasury shares to satisfy expected stock based compensation issuances. | |||||||||||||||||
The Company’s 2004 Restricted Stock Plan, which historically has been referred to as the Recognition and Retention Plan (“RRP”), provides for the issuance of shares to directors and officers. Compensation expense is recognized on a straight-line basis over the vesting period of the awards based on the fair value of the stock at issue date. RRP shares vest annually on the anniversary of the grant date over the vesting period. Total shares remaining that are authorized and available for future grant under the RRP are 77 at March 31, 2014. | |||||||||||||||||
Under the 2014 Plan any shares that are subject to stock options or stock appreciation rights are counted as one share deducted from the 2014 Plan for every one share delivered under those awards. Any shares granted under the 2014 Plan that are subject to awards other than stock options and stock appreciation rights are counted as 3.5shares deducted from the 2014 Plan for every one share delivered under those awards. Under the 2012 Plan each share of restricted stock (or non-vested stock awards,) is counted as 3.6 shares deducted from the 2012 Plan for every one share delivered under those awards. Under the 2012 Plan, shares awarded under other grants, including stock options, stock appreciation rights, performance units, deferred stock and other stock awards will count as one share deducted from the plan for every one share delivered under those awards. Under the 2004 Plan and the RRP each grant of stock or restricted stock counts as one share deducted from the applicable plan for every one share delivered under those awards. | |||||||||||||||||
In connection with the Merger, the Company granted 110,470 options at an exercise price of $14.25 per share pursuant to a Registration Statement on Form S-8 under which the Company assumed all outstanding fully vested legacy Sterling stock options. Substantially all of these options expire March 15, 2017. During the six months ended March 31, 2014, 9,468 of these awards were canceled or forfeited and such shares are again available for grant. The Company also granted 95,991 shares under the Sterling Bancorp 2013 Employment Inducement Award Plan to certain executive officers of legacy Sterling. In addition, the Company issued 255,973 shares of restricted stock from shares available under the Company’s 2012 Plan to certain executives of legacy Sterling. The weighted average grant date fair value was $11.72 per share and the restricted stock awards vest in equal annual installments on the anniversary date over a three-year period. | |||||||||||||||||
The fair value of each stock option award is estimated on the date of grant using a closed form option valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected volatility is based on the historical volatility of the Company’s common stock. The expected term of options granted is based on historical data and represents the period of time that options granted are expected to be outstanding, which takes into account that the options are not transferable. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the date of grant. | |||||||||||||||||
The fair value of options granted was determined using the following weighted average assumptions as of the grant date: | |||||||||||||||||
For the six months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Risk-free interest rate | 1.74 | % | 0.96 | % | |||||||||||||
Expected stock price volatility | 26.5 | % | 40.8 | % | |||||||||||||
Dividend yield (1) | 2.05 | % | 2.61 | % | |||||||||||||
Expected term in years | 5.75 | 5.75 | |||||||||||||||
(1) Represents the approximate annualized cash dividend rate paid with respect to a share of common stock at or near the grant date. | |||||||||||||||||
The following table summarizes the combined activity in the Company’s stock-based compensation plans for the six months ended March 31, 2014: | |||||||||||||||||
Non-vested stock awards/stock units outstanding | Stock options outstanding | ||||||||||||||||
Shares available for grant | Number of shares | Weighted average grant date fair value | Number of shares | Weighted average exercise price | |||||||||||||
Balance at September 30, 2013 | 2,066,184 | 209,697 | $ | 8.73 | 2,114,509 | $ | 10.71 | ||||||||||
2014 Stock Incentive Plan | 3,400,000 | — | — | — | — | ||||||||||||
Grants associated with the Merger(1) | (921,503 | ) | 351,964 | 11.72 | 104,152 | 14.25 | |||||||||||
Granted (1) | (595,435 | ) | 101,078 | 11.36 | 249,862 | 11.36 | |||||||||||
Stock awards vested | — | (46,590 | ) | 8.75 | — | — | |||||||||||
Exercised | — | — | — | (432,056 | ) | 11.79 | |||||||||||
Forfeited | 331,694 | (15,996 | ) | 8.86 | (274,109 | ) | 12.08 | ||||||||||
Canceled/expired | (5,000 | ) | — | — | — | — | |||||||||||
Balance at March 31, 2014 | 4,275,940 | 600,153 | $ | 10.89 | 1,762,358 | $ | 10.53 | ||||||||||
Exercisable at March 31, 2014 | 1,058,882 | $ | 11.24 | ||||||||||||||
(1) Reflects certain non-vested stock awards that count as 3.5 shares deducted from the plan for every one share delivered under these awards. | |||||||||||||||||
The weighted average fair value of options granted was $2.49 and $2.74 for the six months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||
As of March 31, 2014, there was $1,422 of total unrecognized compensation expense related to non-vested stock options granted under the Company’s stock-based compensation plans. The expense is expected to be recognized over a weighted average period of 1.83 years. | |||||||||||||||||
As of March 31, 2014, there was $5,192 of total unrecognized compensation expense related to non-vested restricted shares granted under the 2012 Plan, the RRP and the Registration Statement on Form S-8. The expense is expected to be recognized over a weighted average period of 2.27 years. | |||||||||||||||||
There were no stock-based award modifications for the six months ended March 31, 2014 and 2013. |
Pension_and_Other_Post_Retirem
Pension and Other Post Retirement Plans | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Compensation Related Costs [Abstract] | ' | |||||||||||||||
Pension and Other Post Retirement Plans | ' | |||||||||||||||
Pension and Other Post Retirement Plans | ||||||||||||||||
Net pension expense for the three months and six months ended March 31, 2014 was incurred for the Provident Bank Benefit Pension Plan (the “legacy Provident Plan”) and legacy Sterling/Sterling National Bank employees’ Retirement Plan (the “legacy Sterling Plan”). Net pension expense and and post-retirement expense, which is recorded in compensation and employee benefits expense in the consolidated statements of operations, is comprised of the following: | ||||||||||||||||
Pension plan | Other post | |||||||||||||||
retirement plans | ||||||||||||||||
For the three months ended March 31, | For the three months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 11 | ||||||||
Interest cost | 1,377 | 363 | 11 | 31 | ||||||||||||
Expected return on plan assets | (1,701 | ) | (615 | ) | 32 | — | ||||||||||
Amortization of net transition obligation | — | — | 6 | 6 | ||||||||||||
Amortization of prior service cost | — | — | 12 | 12 | ||||||||||||
Amortization of (gain) or loss | 48 | 515 | — | (6 | ) | |||||||||||
Charge for settlement of a portion of defined benefit plan | 1,352 | — | — | — | ||||||||||||
Total cost | $ | 1,076 | $ | 263 | $ | 61 | $ | 54 | ||||||||
Pension plan | Other post | |||||||||||||||
retirement plans | ||||||||||||||||
For the six months ended March 31, | For the six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 23 | ||||||||
Interest cost | 1,779 | 726 | 23 | 63 | ||||||||||||
Expected return on plan assets | (2,372 | ) | (1,231 | ) | 66 | — | ||||||||||
Amortization of net transition obligation | — | — | 12 | 12 | ||||||||||||
Amortization of prior service cost | — | — | 24 | 23 | ||||||||||||
Amortization of (gain) or loss | 145 | 1,031 | — | (13 | ) | |||||||||||
Charge for settlement of a portion of defined benefit plan | 4,095 | — | — | — | ||||||||||||
Total cost | $ | 3,647 | $ | 526 | $ | 125 | $ | 108 | ||||||||
In connection with the Merger, the Company assumed the following pension liabilities on October 31, 2013: | ||||||||||||||||
• | A liability for the legacy Sterling Supplemental Executive Retirement Plan (the “legacy Sterling SERP”) for designated participants. The balance of the liability assumed was $41,412 and was settled through a cash payment to the designated participants on November 8, 2013. | |||||||||||||||
• | A liability for the legacy Sterling Plan. The legacy Sterling Plan is a defined benefit plan that covers eligible employees of legacy Sterling and legacy Sterling National Bank and certain of its subsidiaries who were hired prior to January 3, 2006 and who attained age 21 prior to January 3, 2007. Effective October 31, 2013, the legacy Sterling Plan was amended and the accrued benefit of each eligible actively employed participant that had not yet commenced benefits was increased by approximately 4.4% and the accrual of future service benefits ceased. | |||||||||||||||
• | A liability for the legacy Sterling life insurance benefits provided to certain officers. The level of coverage provided is determined upon years of service with legacy Sterling and the Company and the employee’s date of retirement. The Company’s post-retirement benefit plan is unfunded and the liability at March 31, 2014 was $8,932. For the three and six months ended March 31, 2014, the Company recognized an expense of $134 and $204 related to legacy Sterling’s post-retirement benefit plan. | |||||||||||||||
As of March 31, 2014, the Company does not anticipate that additional contributions will be made during the remainder of fiscal year 2014 to the legacy Provident or legacy Sterling Plans. The Company is in the process of merging the plans. The legacy Provident pension plan liability was $31,705 at September 30, 2013. During the first six months ended March 31, 2014, the Company settled a portion of its pension plan liability through the acquisition of annuity contracts from a nationally recognized insurance company in the amount of $13,698, which together with the net amount of benefits paid and interest cost reduced the pension plan liability to $19,466 at March 31, 2014. The legacy Provident Plan’s over funded status decreased from $3,712 at September 30, 2013 to $3,096 at March 31, 2014. In connection with the settlement discussed above, the Company incurred accelerated amortization of its accumulated other comprehensive loss on the defined benefit plan in the amount of $2,743, which was realized through earnings as part of Non-interest expense - Compensation and benefits during the six months ended March 31, 2014. | ||||||||||||||||
On March 28, 2014 the Company settled a portion of the legacy Sterling Plan liability through the acquisition of annuity contracts from a nationally recognized insurance company in the amount of $28,835, which reduced the pension plan liability to $27,946 at March 31, 2014. At March 31, 2014, the legacy Sterling Qualified Plan had assets of approximately $44.7 million and the legacy Sterling Plan was over funded by approximately $16.7 million. The prepaid pension asset related to the legacy Sterling Plan is recorded in other assets on the Company’s balance sheet. For the three and six months ended March 31, 2014, the Company recognized an expense of $1,208 related to the legacy Sterling Plan, comprised of a termination charge of $1,352 and a pension benefit of ($144). | ||||||||||||||||
The Company has also established a non-qualified Supplemental Executive Retirement Plan (“SERP”) to provide certain executives with supplemental retirement benefits in addition to the benefits provided by the pension plan due to amounts limited by the Internal Revenue Code of 1986, as amended (“IRS Code”). The periodic pension expense for the SERP amounted to $61 for the three months ended March 31, 2014 and $54 for the three months ended March 31, 2013. The periodic pension expense for the SERP amounted to $125 for the six months ended March 31, 2014 and $101 for the six months ended March 31, 2013. The liability for the SERP was $1,141 and $1,203 at March 31, 2014 and September 30, 2013, respectively. For the three months ended March 31, 2014 and 2013 there was $95 and $9, respectively, in contributions to fund benefit payments related to the SERP. For the six months ended March 31, 2014 and 2013 there was $159 and $18, respectively, in contributions to fund benefit payments related to the SERP. | ||||||||||||||||
On October 30, 2013, the Company terminated its ESOP. In accordance with the provisions of the plan, all participants received contributions for calendar year 2013 and became 100% vested in their accounts. On February 4, 2014, the ESOP held 499,330 shares of the Company’s common stock. Of these shares, 488,403 were used to retire the ESOP trust outstanding loan obligation, which was $5,983 including accrued interest. In accordance with the provisions of the ESOP, the remaining 10,927 shares were allocated ratably to ESOP participants. The Company incurred ESOP expense of $286 including a $134 plan termination charge during the six months ended March 31, 2014. |
Derivatives
Derivatives | 6 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | ||||||||||||||
Derivatives | ' | ||||||||||||||
Derivatives | |||||||||||||||
The Company purchased two interest rate caps in fiscal 2010 to assist in offsetting a portion of interest rate exposure should short- term rate increases lead to rapid increases in general levels of market interest rates on deposits. These caps are linked to LIBOR and have strike prices of 3.5% and 4.0%. These caps are stand alone derivatives and therefore changes in fair value are reported in current period earnings; there was no fair value gain or loss recorded for the three months ended March 31, 2014 and 2013. Losses recognized in earnings for the six months ended March 31, 2014 and 2013 were $0 and $1, respectively. The fair value of the interest rate caps at March 31, 2014, is reflected in other assets with a corresponding credit (charge) to income recorded as a gain (loss) to non-interest income. | |||||||||||||||
The Company has entered into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each swap transaction, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. At the same time, the Company agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows the Company’s customer to effectively convert a variable rate loan to a fixed rate. Because the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact the Company’s results of operations. | |||||||||||||||
The Company pledged collateral to another financial institution in the form of investment securities with an amortized cost of $5,037 and a fair value of $4,700 as of March 31, 2014. The Company does not typically require its commercial customers to post cash or securities as collateral on its program of back-to-back swaps. However, certain language is written into the International Swaps and Derivatives Association agreement and loan documents where, in default situations, the Company is allowed to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. The Company may need to post additional collateral in the future in proportion to potential increases in unrealized loss positions. | |||||||||||||||
Summary information regarding these derivatives is presented below: | |||||||||||||||
Notional | Average | Weighted | Weighted average | Fair value | |||||||||||
amount | maturity (in years) | average | variable rate | ||||||||||||
fixed rate | |||||||||||||||
At March 31, 2014 | |||||||||||||||
Interest rate caps | $ | 50,000 | 0.68 | 3.75 | % | NA | $ | — | |||||||
Third-party interest rate swaps | 53,141 | 5.26 | 4.22 | 1 m Libor + 2.45 | 756 | ||||||||||
Customer interest rate swaps | (53,141 | ) | 5.26 | 4.22 | 1 m Libor + 2.45 | (756 | ) | ||||||||
At September 30, 2013 | |||||||||||||||
Interest rate caps | $ | 50,000 | 1.18 | 3.75 | % | NA | $ | — | |||||||
Third-party interest rate swaps | 54,180 | 5.76 | 4.22 | 1 m Libor + 2.45 | 997 | ||||||||||
Customer interest rate swaps | (54,180 | ) | 5.76 | 4.22 | 1 m Libor + 2.45 | (997 | ) | ||||||||
The Company enters into various commitments to sell real estate loans in the secondary market. Such commitments are considered to be derivative financial instruments; however, the fair value of these commitments is not material. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair value measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values. | ||||||||||||||||
Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. | ||||||||||||||||
Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities 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 risk etc.) or inputs that are derived principally from or corroborated by, market data by correlation or other means. | ||||||||||||||||
Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. | ||||||||||||||||
In general, fair value is based on quoted market prices, when available. If quoted market prices in active markets are not available, fair value is based on internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarterly valuation process. | ||||||||||||||||
Investment Securities Available for Sale | ||||||||||||||||
The majority of the Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. | ||||||||||||||||
The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment securities that have a complicated structure. The Company’s entire portfolio consists of traditional investments, nearly all of which are mortgage pass-through securities, state and municipal general obligation or revenue bonds, U.S. agency bullet and callable securities and corporate bonds. Pricing for such instruments is fairly generic and is easily obtained. From time to time, the Company validates, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. | ||||||||||||||||
The Company reports the fair value of private label collateralized mortgage obligations or “CMOs” with a rating from a national recognized bond rating agency of below investment grade using Level 3 inputs. As of March 31, 2014, these securities have an amortized cost and fair value of $3.2 million, representing 17 basis points of our total investment portfolio. At March 31, 2014 we do not anticipate further OTTI charges on these securities. These securities along with all of the Company’s other securities will be reviewed on at least a quarterly basis to assess whether impairment, if any, is OTTI. | ||||||||||||||||
Derivatives | ||||||||||||||||
The fair values of derivatives are based on valuation models using current market terms (including interest rates and fees), the remaining terms of the agreements and the credit worthiness of the counter party as of the measurement date (Level 2). The Company’s derivatives consist of two interest rate caps and twelve interest rate swaps. See Note 14. Derivatives. | ||||||||||||||||
Commitments to Sell Real Estate Loans | ||||||||||||||||
The Company enters into various commitments to sell real estate loans in the secondary market. Such commitments are considered to be derivative financial instruments and therefore are carried at estimated fair value on the consolidated balance sheets. The estimated fair values of these commitments were generally calculated by reference to quoted prices in secondary markets for commitments to sell to certain government sponsored agencies. The fair values of these commitments generally result in a Level 2 classification. The fair value of these commitments is not material. | ||||||||||||||||
A summary of assets and liabilities at March 31, 2014 measured at estimated fair value on a recurring basis is as follows: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Assets: | ||||||||||||||||
Investment securities available for sale: | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-backed | $ | 457,515 | $ | — | $ | 457,515 | $ | — | ||||||||
CMO/Other MBS | 131,621 | — | 131,621 | — | ||||||||||||
Private label CMOs | 3,230 | — | — | 3,230 | ||||||||||||
Total residential mortgage-backed securities | 592,366 | — | 589,136 | 3,230 | ||||||||||||
Other securities: | ||||||||||||||||
US Government | — | — | — | — | ||||||||||||
Federal agencies | 209,701 | — | 209,701 | — | ||||||||||||
Corporate bonds | 222,198 | — | 222,198 | — | ||||||||||||
State and municipal | 137,136 | — | 137,136 | — | ||||||||||||
Trust preferred | 67,086 | — | 67,086 | — | ||||||||||||
Mutual funds | 4,823 | — | 4,823 | — | ||||||||||||
Total other securities | 640,944 | — | 640,944 | — | ||||||||||||
Total investment securities available for sale | 1,233,310 | — | 1,230,080 | 3,230 | ||||||||||||
Interest rate caps and swaps | 756 | — | 756 | — | ||||||||||||
Total assets measured at estimated fair value on a recurring basis | $ | 1,234,066 | $ | — | $ | 1,230,836 | $ | 3,230 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | 756 | $ | — | $ | 756 | $ | — | ||||||||
Total liabilities measured at estimated fair value on a recurring basis | $ | 756 | $ | — | $ | 756 | $ | — | ||||||||
A summary of assets and liabilities at September 30, 2013 measured at estimated fair value on a recurring basis is as follows: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Assets: | ||||||||||||||||
Investment securities available for sale: | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-backed | $ | 282,529 | $ | — | $ | 282,529 | $ | — | ||||||||
CMO/Other MBS | 163,041 | — | 163,041 | — | ||||||||||||
Private label CMOs | 3,613 | — | — | 3,613 | ||||||||||||
Total residential mortgage-backed securities | 449,183 | — | 445,570 | 3,613 | ||||||||||||
Other securities: | ||||||||||||||||
Federal agencies | 261,547 | — | 261,547 | — | ||||||||||||
Corporate bonds | 114,933 | — | 114,933 | — | ||||||||||||
State and municipal | 128,730 | — | 128,730 | — | ||||||||||||
Total other securities | 505,210 | — | 505,210 | — | ||||||||||||
Total investment securities available for sale | 954,393 | — | 950,780 | 3,613 | ||||||||||||
Interest rate caps and swaps | 997 | — | 997 | — | ||||||||||||
Total assets measured at estimated fair value on a recurring basis | $ | 955,390 | $ | — | $ | 951,777 | $ | 3,613 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | 997 | $ | — | $ | 997 | $ | — | ||||||||
Total liabilities measured at estimated fair value on a recurring basis | $ | 997 | $ | — | $ | 997 | $ | — | ||||||||
There were no transfers between Level 1 and Level 2 inputs during the six months ended March 31, 2014 and 2013. | ||||||||||||||||
The following categories of financial assets are not measured at fair value on a recurring basis, but are subject to fair value adjustments in certain circumstances: | ||||||||||||||||
Loans Held for Sale and Impaired Loans | ||||||||||||||||
Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value as determined by outstanding commitments from investors. Fair value of loans held for sale is determined using quoted prices for similar assets (Level 2 inputs). | ||||||||||||||||
When mortgage loans held for sale are sold with servicing rights retained, the carrying value of mortgage loans sold is reduced by the amount allocated to the value of the servicing rights which is equal to its fair value. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. | ||||||||||||||||
The Company may record adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of these loans. These adjustments also include certain impairment amounts for collateral dependent loans calculated in accordance with FASB ASC Topic 310 – Receivables, when establishing the allowance for loan losses. Impairment amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated impairment amount applicable to that loan does not necessarily represent the fair value of the loan. Real estate collateral is valued using independent appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable by market participants. However, due to the substantial judgment applied and limited volume of activity as compared to other assets, fair value is based on Level 3 inputs. Estimates of fair value used for collateral supporting commercial loans generally are based on assumptions not observable in the market place and are also based on Level 3 inputs. Impaired loans are evaluated on at least a quarterly basis for additional impairment and their carrying values are adjusted as needed. Loans subject to non-recurring fair value measurements were $37,085 and $35,230 (which equals the carrying value less the allowance for loan losses allocated to these loans) at March 31, 2014 and September 30, 2013, respectively. Changes in fair value recognized in provisions on loans held by the Company were $(447) and $1,815 for the six months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||
When valuing impaired loans that are collateral dependent, the Company charges-off the difference between the recorded investment in the loan and the appraised value, which is generally less than 12 months old. A discount for estimated costs to dispose of the asset is used when evaluating the impaired loans. | ||||||||||||||||
A summary of impaired loans at March 31, 2014 measured at estimated fair value on a non-recurring basis is the following: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Commercial real estate | 897 | — | — | 897 | ||||||||||||
Acquisition, development & construction | 2,462 | — | — | 2,462 | ||||||||||||
Total impaired loans measured at fair value | $ | 3,359 | $ | — | $ | — | $ | 3,359 | ||||||||
A summary of impaired loans at September 30, 2013 measured at estimated fair value on a non-recurring basis is the following: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Commercial & industrial | $ | 500 | $ | — | $ | — | $ | 500 | ||||||||
Commercial real estate | 3,672 | — | — | 3,672 | ||||||||||||
Acquisition, development & construction | 1,839 | — | — | 1,839 | ||||||||||||
Consumer | 2 | — | — | 2 | ||||||||||||
Total impaired loans measured at fair value | $ | 6,013 | $ | — | $ | — | $ | 6,013 | ||||||||
Mortgage Servicing Rights | ||||||||||||||||
When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded in net gain on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. | ||||||||||||||||
The Company utilizes the amortization method to subsequently measure the carrying value of its servicing rights. In accordance with FASB ASC Topic 860 - Transfers and Servicing, the Company must record impairment charges on a non-recurring basis, when the carrying value exceeds the estimated fair value. To estimate the fair value of servicing rights, the Company utilizes a third-party, which on a quarterly basis, considers the market prices for similar assets and the present value of expected future cash flows associated with the servicing rights. Assumptions utilized include estimates of the cost of servicing, loan default rates, an appropriate discount rate and prepayment speeds. The determination of fair value of servicing rights relies upon Level 3 inputs. The fair value of mortgage servicing rights at March 31, 2014 and September 30, 2013 was $1,747 and $1,978, respectively. | ||||||||||||||||
Assets Taken in Foreclosure of Defaulted Loans | ||||||||||||||||
Assets taken in foreclosure of defaulted loans are initially recorded at fair value less costs to sell when acquired, which establishes a new cost basis. These assets are subsequently accounted for at the lower of cost or fair value less costs to sell and are primarily comprised of commercial and residential real estate property and upon initial recognition, are re-measured and reported at fair value through a charge-off to the allowance for loan losses based on the fair value of the foreclosed asset. The fair value is generally determined using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the market place. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between comparable sales and income data available. The fair value is derived using Level 3 inputs. Appraisals are reviewed by our credit department, our external loan review consultant and verified by officers in our credit administration area. Assets taken in foreclosure of defaulted loans subject to non-recurring fair value measurement were $9,274 and $6,022 at March 31, 2014 and September 30, 2013, respectively. There were write-downs of $0 and $158 related to changes in fair value recognized through income for other real estate owned held by the Company during the three months ending March 31, 2014 and 2013, respectively. | ||||||||||||||||
There were write-downs of $224 and $606 related to changes in fair value recognized through income for other real estate owned held by the Company during the six months ending March 31, 2014 and 2013, respectively. | ||||||||||||||||
Significant Unobservable Inputs to Level 3 Measurements | ||||||||||||||||
The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets at March 31, 2014: | ||||||||||||||||
Non-recurring fair value measurements | Fair value | Valuation technique | Unobservable input / assumptions | Range(1) (weighted average) | ||||||||||||
Impaired loans: | ||||||||||||||||
Commercial real estate and multi-family | $ | 897 | Appraisal | Adjustments for comparable properties | 15.0% - 36.0% (22.0%) | |||||||||||
Acquisition, development & construction | 2,462 | Appraisal | Adjustments for comparable properties | 10.0% - 30.0% (13.5%) | ||||||||||||
Assets taken in foreclosure: | ||||||||||||||||
Commercial real estate | 8,388 | Appraisal | Adjustments by management to reflect current conditions/selling costs | 20.0% - 37.0% (24.8%) | ||||||||||||
Residential mortgage | 887 | Appraisal | Adjustments by management to reflect current conditions/selling costs | 16.0% - 59.0% (21.6%) | ||||||||||||
Mortgage servicing rights | 1,747 | Third-party valuation | Discount rate | 9.3% - 12.8% | ||||||||||||
Third-party valuation | Prepayment speed | 100 - 968 (weighted average of 224) | ||||||||||||||
(1) Represents range of discount factors applied to the appraisal to determine fair value. The amounts used for mortgage servicing rights are discounts applied by a third-party valuation provider which the Company believes are appropriate. | ||||||||||||||||
Fair Values of Financial Instruments | ||||||||||||||||
FASB Codification Topic 825 - Financial Instruments, requires disclosure of fair value information for those financial instruments for which it is practicable to estimate fair value, whether or not such financial instruments are recognized in the consolidated statements of financial condition for interim and annual periods. Fair value is the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. | ||||||||||||||||
Quoted market prices are used to estimate fair values when those prices are available, although active markets do not exist for many types of financial instruments. Fair values for these instruments must be estimated by management using techniques such as discounted cash flow analysis and comparison to similar instruments. These estimates are highly subjective and require judgments regarding significant matters, such as the amount and timing of future cash flows and the selection of discount rates that appropriately reflect market and credit risks. Changes in these judgments often have a material effect on the fair value estimates. Since these estimates are made as of a specific point in time, they are susceptible to material near-term changes. Fair values disclosed in accordance with FASB Topic 825 do not reflect any premium or discount that could result from the sale of a large volume of a particular financial instrument, nor do they reflect possible tax ramifications or estimated transaction costs. | ||||||||||||||||
The following is a summary of the carrying amounts and estimated fair values of financial assets and liabilities (none of which were held for trading purposes) as of March 31, 2014: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Carrying | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
amount | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and due from banks | $ | 164,645 | $ | 164,645 | $ | — | $ | — | ||||||||
Securities available for sale | 1,233,310 | — | 1,230,080 | 3,230 | ||||||||||||
Securities held to maturity | 527,265 | — | 527,121 | — | ||||||||||||
Loans, net | 4,212,339 | — | — | 4,254,200 | ||||||||||||
Loans held for sale | 21,348 | — | 21,348 | — | ||||||||||||
Accrued interest receivable on securities | 8,810 | — | 8,810 | — | ||||||||||||
Accrued interest receivable on loans | 9,344 | — | — | 9,344 | ||||||||||||
FHLB stock and Federal Reserve Bank stock | 53,346 | — | — | — | ||||||||||||
Interest rate caps and swaps | 756 | — | 756 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Non-maturity deposits | $ | (4,677,915 | ) | $ | (4,677,915 | ) | $ | — | $ | — | ||||||
Certificates of deposit | (533,809 | ) | — | (533,733 | ) | — | ||||||||||
FHLB and other borrowings | (489,801 | ) | — | (511,976 | ) | — | ||||||||||
Other borrowings | (19,991 | ) | — | (19,992 | ) | — | ||||||||||
Senior Notes | (98,215 | ) | — | (100,947 | ) | — | ||||||||||
Subordinated debentures | (26,509 | ) | — | (26,149 | ) | — | ||||||||||
Mortgage escrow funds | (8,711 | ) | — | (8,710 | ) | — | ||||||||||
Accrued interest payable on deposits including escrow | (427 | ) | — | (427 | ) | — | ||||||||||
Accrued interest payable on borrowings | (2,736 | ) | — | (2,736 | ) | — | ||||||||||
Interest rate caps and swaps | (756 | ) | — | (756 | ) | — | ||||||||||
The following is a summary of the carrying amounts and estimated fair values of financial assets and liabilities (none of which were held for trading purposes) as of September 30, 2013: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Carrying | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
amount | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and due from banks | $ | 113,090 | $ | 113,090 | $ | — | $ | — | ||||||||
Securities available for sale | 954,393 | — | 950,780 | 3,613 | ||||||||||||
Securities held to maturity | 253,999 | — | 250,896 | — | ||||||||||||
Loans, net | 2,384,021 | — | — | 2,422,824 | ||||||||||||
Loans held for sale | 1,011 | — | 1,011 | — | ||||||||||||
Accrued interest receivable on securities | 4,892 | — | 4,892 | — | ||||||||||||
Accrued interest receivable on loans | 6,805 | — | — | 6,805 | ||||||||||||
FHLB stock | 24,312 | — | — | — | ||||||||||||
Interest rate caps and swaps | 997 | — | 997 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Non-maturity deposits | (2,694,166 | ) | (2,694,166 | ) | — | — | ||||||||||
Certificates of deposit | (268,128 | ) | — | (268,088 | ) | — | ||||||||||
FHLB and other borrowings | (462,953 | ) | — | (488,369 | ) | — | ||||||||||
Senior Notes | (98,033 | ) | — | (98,142 | ) | — | ||||||||||
Mortgage escrow funds | (12,646 | ) | — | (12,644 | ) | — | ||||||||||
Accrued interest payable on deposits including escrow | (1,480 | ) | — | (1,480 | ) | — | ||||||||||
Accrued interest payable on borrowings | (1,525 | ) | — | (1,525 | ) | — | ||||||||||
Interest rate caps and swaps | (997 | ) | — | (997 | ) | — | ||||||||||
The following paragraphs summarize the principal methods and assumptions used by the Company to estimate the fair value of the Company’s financial instruments: | ||||||||||||||||
Loans | ||||||||||||||||
The estimated fair value approximates carrying value for variable-rate loans that reprice frequently and with no significant change in credit risk. The fair value of fixed-rate loans and variable-rate loans which reprice on an infrequent basis is estimated by discounting future cash flows using the current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality. An overall valuation adjustment is made for specific credit risks as well as general portfolio credit risk. | ||||||||||||||||
FHLB of New York Stock and Federal Reserve Bank Stock | ||||||||||||||||
The redeemable carrying amount of these securities with limited marketability approximates their fair value. | ||||||||||||||||
Deposits and Mortgage Escrow Funds | ||||||||||||||||
In accordance with FASB Codification Topic 825, deposits with no stated maturity (such as savings, demand and money market deposits) are assigned fair values equal to the carrying amounts payable on demand. Certificates of deposit and mortgage escrow funds are segregated by account type and original term, and fair values are estimated by discounting the contractual cash flows. The discount rate for each account grouping is equivalent to the current market rates for deposits of similar type and maturity. | ||||||||||||||||
These fair values do not include the value of core deposit relationships that comprise a significant portion of the Company’s deposits. We believe that the Company’s core deposit relationships provide a relatively stable, low-cost funding source that has a substantial value separate from the deposit balances. | ||||||||||||||||
Borrowings and Senior notes | ||||||||||||||||
The estimated fair value approximates carrying value for short-term borrowings. The fair value of long-term fixed-rate borrowings is estimated using quoted market prices, if available, or by discounting future cash flows using current interest rates for similar financial instruments. | ||||||||||||||||
Subordinated debentures | ||||||||||||||||
The fair value of subordinated debentures is estimated by discounting future cash flows using current interest rates for similar financial instruments. | ||||||||||||||||
Other Financial Instruments | ||||||||||||||||
Other financial assets and liabilities listed in the table below have estimated fair values that approximate the respective carrying amounts because the instruments are payable on demand or have short-term maturities and present relatively low credit risk and interest rate risk. | ||||||||||||||||
The fair values of the Company’s off-balance-sheet financial instruments described in Note 8. Guarantor’s Obligations Under Guarantees were estimated based on current market terms (including interest rates and fees), considering the remaining terms of the agreements and the credit worthiness of the counterparties. At March 31, 2014 and September 30, 2013, the estimated fair value of these instruments approximated the related carrying amounts, which were not material. | ||||||||||||||||
Accrued interest receivable/payable | ||||||||||||||||
The carrying amounts of accrued interest approximate fair value and are classified as Level 2. |
Comprehensive_Income
Comprehensive Income | 6 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Comprehensive income [Abstract] | ' | |||||||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||
Activity in accumulated other comprehensive (loss) income (“AOCI”), net of tax, for the six month periods ended March 31, 2014 and 2013, was as follows: | ||||||||||||
Unrealized gains(losses) on securities | Unrealized gains (losses) for pension and other post-retirement obligations | Total | ||||||||||
Balance at September 30, 2012 | $ | 15,066 | $ | (8,167 | ) | $ | 6,899 | |||||
Other comprehensive income before reclassifications | (4,446 | ) | — | (4,446 | ) | |||||||
Amounts reclassified from AOCI | (2,146 | ) | 612 | (1,534 | ) | |||||||
Period change | (6,592 | ) | 612 | (5,980 | ) | |||||||
Balance at March 31, 2013 | $ | 8,474 | $ | (7,555 | ) | $ | 919 | |||||
Balance at September 30, 2013 | $ | (11,472 | ) | $ | (3,858 | ) | $ | (15,330 | ) | |||
Other comprehensive income before reclassifications | 10 | — | 10 | |||||||||
Amounts reclassified from AOCI | 336 | 699 | 1,035 | |||||||||
Period change | 346 | 699 | 1,045 | |||||||||
Balance at March 31, 2014 | $ | (11,126 | ) | $ | (3,159 | ) | $ | (14,285 | ) | |||
The following table presents the reclassification adjustments from AOCI included in net income and the impacted line items on the income statement for the six months ended March 31, 2014: | ||||||||||||
Components of AOCI | Amount reclassified from AOCI and impact on net income (1) | Affected income statement line item | ||||||||||
Unrealized (losses) on available for sale securities: | ||||||||||||
$ | (585 | ) | Non-interest income - net loss on sale of securities | |||||||||
249 | Tax benefit | |||||||||||
$ | (336 | ) | Net change after-tax | |||||||||
Amortization of defined benefit pension items: | ||||||||||||
Loss on settlement of portion of defined benefit plan | $ | (1,216 | ) | Non-interest expense - compensation and employee benefits (2) | ||||||||
517 | Tax benefit | |||||||||||
$ | (699 | ) | Net change after-tax | |||||||||
(1) Amounts in parentheses indicate a reduction from income. | ||||||||||||
(2) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note 13. - Pensions and Other Post Retirement Plans for additional details). |
Recent_Accounting_Standards
Recent Accounting Standards | 6 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recently Issued Accounting Standards Not Yet Adopted | |
Accounting Standards Update (“ASU”) 2014-04 - Receivables - Troubled Debt Restructurings by Creditors (Subtopic 310-40) - Reclassification of Residential Real Estate Collateralized Consumer Mortgage loans upon Foreclosure was issued. This standard provides clarification when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be removed from the balance sheet and other real estate owned recognized. These amendments clarify that when an in-substance foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan upon either: (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. This standard is effective for annual periods beginning after December 15, 2013 and is not expected to have a material impact on our balance sheet or results of operations. | |
ASU 2014-01 - Investments - Equity method and Joint Ventures (Topic 323): Accounting for Investments in qualified Affordable Housing Projects | |
was issued. This standard provides reporting guidance for entities that invest in qualified affordable housing projects through limited liability entities that are flow through entities for tax purposes. The amendments in this ASU eliminate the effective yield election and permit the Company to make an accounting policy election to account for its investment in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the statement of operations as a component of income tax (benefit) expense. The amendments in this ASU should be applied retrospectively to all periods presented. The Company adopted this ASU in the quarter ended March 31, 2014, which coincided with the Company’s initial recognition of low income housing tax credits. The adoption of this ASU resulted in a $400 income tax benefit and a $423 expense associated with the amortization of the Company’s investment for the three month and six month periods ended March 31, 2014. The standard is not expected to have a material impact on our balance sheet or results of operations. |
Acquisition_Tables
Acquisition (Tables) | 6 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Acquisition [Abstract] | ' | |||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||||||
Consideration paid through Sterling Bancorp common stock issued to legacy Sterling shareholders | $ | 457,759 | ||||||||||
Legacy Sterling carrying value | Fair value adjustments | As recorded at acquisition | ||||||||||
Cash and cash equivalents | $ | 277,798 | $ | — | $ | 277,798 | ||||||
Investment securities | 613,154 | (5,243 | ) | (a) | 607,911 | |||||||
Loans held for sale | 30,341 | — | 30,341 | |||||||||
Loans | 1,704,801 | (6,693 | ) | (b) | 1,698,108 | |||||||
Federal Reserve Bank stock | 7,680 | — | 7,680 | |||||||||
Bank owned life insurance | 55,374 | — | 55,374 | |||||||||
Premises and equipment | 21,293 | 2,301 | (c) | 23,594 | ||||||||
Accrued interest receivable | 6,590 | — | 6,590 | |||||||||
Core deposit and other intangibles | — | 20,089 | (d) | 20,089 | ||||||||
Trade name intangible | — | 20,500 | (e) | 20,500 | ||||||||
Other real estate owned | 1,720 | 4,095 | (f) | 5,815 | ||||||||
Other assets | 40,877 | (18,326 | ) | (g) | 22,551 | |||||||
Deposits | (2,296,713 | ) | (477 | ) | (h) | (2,297,190 | ) | |||||
FHLB borrowings | (100,346 | ) | (273 | ) | (i) | (100,619 | ) | |||||
Other borrowings | (62,465 | ) | — | (62,465 | ) | |||||||
Subordinated debentures | (25,774 | ) | (753 | ) | (j) | (26,527 | ) | |||||
Other liabilities | (60,462 | ) | 4,502 | (k) | (55,960 | ) | ||||||
Total identifiable net assets | $ | 213,868 | $ | 19,722 | $ | 233,590 | ||||||
Goodwill recorded in the Merger | 224,169 | |||||||||||
Goodwill at September 30, 2013 | 163,117 | |||||||||||
Goodwill at March 31, 2014 | $ | 387,286 | ||||||||||
Purchased Credit Impaired Loans | ' | |||||||||||
The acquired loan portfolio subject to purchased credit impairment accounting guidance (ASC 310-30) as of October 31, 2013 was comprised of collateral dependent loans with deteriorated credit quality as follows: | ||||||||||||
ASC 310-30 loans | ||||||||||||
Contractual principal balance at acquisition | $ | 24,176 | ||||||||||
Principal not expected to be collected (non-accretable discount) | (10,927 | ) | ||||||||||
Expected cash flows at acquisition | 13,249 | |||||||||||
Interest component of expected cash flows (accretable discount) | — | |||||||||||
Fair value of acquired loans | $ | 13,249 | ||||||||||
Business Acquisition, Pro Forma Information | ' | |||||||||||
Pro forma for the | ||||||||||||
six months ended March 31, | ||||||||||||
2014 | 2013 | |||||||||||
Net interest income | $ | 100,571 | $ | 90,586 | ||||||||
Non-interest income | 28,590 | 34,232 | ||||||||||
Non-interest expense | 99,368 | 97,026 | ||||||||||
Net income | 20,110 | 19,970 | ||||||||||
Pro forma earnings per share: | ||||||||||||
Basic | $ | 0.24 | $ | 0.24 | ||||||||
Diluted | 0.24 | 0.24 | ||||||||||
Securities_Tables
Securities (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | ' | |||||||||||||||||||||||||||||||
Summary of securities available for sale | ' | |||||||||||||||||||||||||||||||
A summary of the amortized cost and estimated fair value of our securities is presented below: | ||||||||||||||||||||||||||||||||
31-Mar-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair value | Amortized | Gross | Gross | Fair value | |||||||||||||||||||||||||
cost | unrealized | unrealized | cost | unrealized | unrealized | |||||||||||||||||||||||||||
gains | losses | gains | losses | |||||||||||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||||||||||
Residential mortgage-backed securities (“MBS”): | ||||||||||||||||||||||||||||||||
Agency-backed | $ | 458,121 | $ | 1,925 | $ | (2,531 | ) | $ | 457,515 | $ | 284,837 | $ | 1,849 | $ | (4,157 | ) | $ | 282,529 | ||||||||||||||
CMO/Other MBS | 136,304 | 235 | (1,688 | ) | 134,851 | 169,336 | 356 | (3,038 | ) | 166,654 | ||||||||||||||||||||||
Total residential MBS | 594,425 | 2,160 | (4,219 | ) | 592,366 | 454,173 | 2,205 | (7,195 | ) | 449,183 | ||||||||||||||||||||||
Other securities: | ||||||||||||||||||||||||||||||||
Federal agencies | 217,942 | 3 | (8,244 | ) | 209,701 | 273,637 | — | (12,090 | ) | 261,547 | ||||||||||||||||||||||
Corporate | 225,628 | 180 | (3,610 | ) | 222,198 | 118,575 | 153 | (3,795 | ) | 114,933 | ||||||||||||||||||||||
State and municipal | 134,881 | 3,038 | (783 | ) | 137,136 | 127,324 | 3,447 | (2,041 | ) | 128,730 | ||||||||||||||||||||||
Trust preferred | 65,277 | 1,809 | — | 67,086 | — | — | — | — | ||||||||||||||||||||||||
Mutual funds | 4,874 | — | (51 | ) | 4,823 | — | — | — | — | |||||||||||||||||||||||
Total other securities | 648,602 | 5,030 | (12,688 | ) | 640,944 | 519,536 | 3,600 | (17,926 | ) | 505,210 | ||||||||||||||||||||||
Total available for sale | $ | 1,243,027 | $ | 7,190 | $ | (16,907 | ) | $ | 1,233,310 | $ | 973,709 | $ | 5,805 | $ | (25,121 | ) | $ | 954,393 | ||||||||||||||
Held-to-maturity securities | ' | |||||||||||||||||||||||||||||||
31-Mar-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair value | Amortized | Gross | Gross | Fair value | |||||||||||||||||||||||||
cost | unrecognized | unrecognized | cost | unrecognized | unrecognized | |||||||||||||||||||||||||||
gains | losses | gains | losses | |||||||||||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||
Agency-backed | $ | 128,212 | $ | 691 | $ | (362 | ) | $ | 128,541 | $ | 130,371 | $ | 716 | $ | (108 | ) | $ | 130,979 | ||||||||||||||
CMO/Other MBS | 67,982 | 13 | (1,859 | ) | 66,136 | 25,776 | 33 | (315 | ) | 25,494 | ||||||||||||||||||||||
Total residential MBS | 196,194 | 704 | (2,221 | ) | 194,677 | 156,147 | 749 | (423 | ) | 156,473 | ||||||||||||||||||||||
Other securities: | ||||||||||||||||||||||||||||||||
Federal agencies | 135,998 | 740 | (1,375 | ) | 135,363 | 77,341 | — | (3,458 | ) | 73,883 | ||||||||||||||||||||||
State and municipal | 193,573 | 2,300 | (312 | ) | 195,561 | 19,011 | 556 | (546 | ) | 19,021 | ||||||||||||||||||||||
Other | 1,500 | 20 | — | 1,520 | 1,500 | 19 | — | 1,519 | ||||||||||||||||||||||||
Total other securities | 331,071 | 3,060 | (1,687 | ) | 332,444 | 97,852 | 575 | (4,004 | ) | 94,423 | ||||||||||||||||||||||
Total held to maturity | $ | 527,265 | $ | 3,764 | $ | (3,908 | ) | $ | 527,121 | $ | 253,999 | $ | 1,324 | $ | (4,427 | ) | $ | 250,896 | ||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The amortized cost and estimated fair values of securities at March 31, 2014 are presented below by contractual maturity. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage-backed securities are shown separately since they are not due at a single maturity date. | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
Available for sale | Held to maturity | |||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||
cost | value | cost | value | |||||||||||||||||||||||||||||
Remaining period to contractual maturity: | ||||||||||||||||||||||||||||||||
One year or less | $ | 27,970 | $ | 27,977 | $ | 8,790 | $ | 8,874 | ||||||||||||||||||||||||
One to five years | 180,125 | 179,888 | 5,110 | 5,356 | ||||||||||||||||||||||||||||
Five to ten years | 367,390 | 358,028 | 149,874 | 149,293 | ||||||||||||||||||||||||||||
Greater than ten years | 73,117 | 75,051 | 167,297 | 168,921 | ||||||||||||||||||||||||||||
Total other securities | 648,602 | 640,944 | 331,071 | 332,444 | ||||||||||||||||||||||||||||
Residential MBS | 594,425 | 592,366 | 196,194 | 194,677 | ||||||||||||||||||||||||||||
Total securities | $ | 1,243,027 | $ | 1,233,310 | $ | 527,265 | $ | 527,121 | ||||||||||||||||||||||||
Sale of Securities [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Sales of securities for the three and six months ended March 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||
For the three months ended March 31, | For the six months ended March 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||||||||
Proceeds from sales | $ | 55,778 | $ | 94,839 | $ | 305,489 | $ | 136,804 | ||||||||||||||||||||||||
Gross realized gains | 65 | 2,202 | 276 | 3,618 | ||||||||||||||||||||||||||||
Gross realized losses | (5 | ) | (10 | ) | (861 | ) | (10 | ) | ||||||||||||||||||||||||
Income tax (expense) benefit on realized gains (losses) | (18 | ) | (552 | ) | 229 | (1,010 | ) | |||||||||||||||||||||||||
Held to maturity securities: | ||||||||||||||||||||||||||||||||
Proceeds from sales | — | 1,234 | — | 1,234 | ||||||||||||||||||||||||||||
Gross realized gains | — | 37 | — | 37 | ||||||||||||||||||||||||||||
Income tax expense on realized gains | — | (9 | ) | — | (10 | ) | ||||||||||||||||||||||||||
Securities available for sale with unrealized losses | ' | |||||||||||||||||||||||||||||||
The following table summarizes securities with unrealized losses, segregated by the length of time in a continuous unrealized loss position: | ||||||||||||||||||||||||||||||||
Continuous unrealized loss position | ||||||||||||||||||||||||||||||||
Less than 12 Months | 12 months or longer | Total | ||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||||||||||||||
Available for Sale | ||||||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||
Agency-backed | $ | 179,009 | $ | (691 | ) | $ | 67,082 | $ | (1,840 | ) | $ | 246,091 | $ | (2,531 | ) | |||||||||||||||||
CMO/Other MBS | 64,069 | (676 | ) | 27,175 | (1,012 | ) | 91,244 | (1,688 | ) | |||||||||||||||||||||||
Total residential MBS | 243,078 | (1,367 | ) | 94,257 | (2,852 | ) | 337,335 | (4,219 | ) | |||||||||||||||||||||||
Federal agencies | 51,116 | (2,048 | ) | 158,091 | (6,196 | ) | 209,207 | (8,244 | ) | |||||||||||||||||||||||
Corporate | 86,663 | (925 | ) | 90,763 | (2,685 | ) | 177,426 | (3,610 | ) | |||||||||||||||||||||||
State and municipal | 28,293 | (252 | ) | 16,308 | (531 | ) | 44,601 | (783 | ) | |||||||||||||||||||||||
Mutual fund | 4,827 | (51 | ) | — | — | 4,827 | (51 | ) | ||||||||||||||||||||||||
Total | $ | 413,977 | $ | (4,643 | ) | $ | 359,419 | $ | (12,264 | ) | $ | 773,396 | $ | (16,907 | ) | |||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||
Agency-backed | $ | 137,265 | $ | (4,157 | ) | $ | — | $ | — | $ | 137,265 | $ | (4,157 | ) | ||||||||||||||||||
CMO/Other MBS | 122,324 | (2,742 | ) | 7,820 | (296 | ) | 130,144 | (3,038 | ) | |||||||||||||||||||||||
Total residential MBS | 259,589 | (6,899 | ) | 7,820 | (296 | ) | 267,409 | (7,195 | ) | |||||||||||||||||||||||
Federal agencies | 261,547 | (12,090 | ) | — | — | 261,547 | (12,090 | ) | ||||||||||||||||||||||||
Corporate | 95,013 | (3,795 | ) | — | — | 95,013 | (3,795 | ) | ||||||||||||||||||||||||
State and municipal | 43,585 | (2,033 | ) | 112 | (8 | ) | 43,697 | (2,041 | ) | |||||||||||||||||||||||
Total | $ | 659,734 | $ | (24,817 | ) | $ | 7,932 | $ | (304 | ) | $ | 667,666 | $ | (25,121 | ) | |||||||||||||||||
Securities held to maturity with unrealized losses | ' | |||||||||||||||||||||||||||||||
Continuous unrealized loss position | ||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or longer | Total | ||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
value | losses | value | losses | value | losses | |||||||||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||
Agency-backed | $ | 61,535 | $ | (362 | ) | $ | — | $ | — | $ | 61,535 | $ | (362 | ) | ||||||||||||||||||
CMO/Other MBS | 61,924 | (1,859 | ) | — | — | 61,924 | (1,859 | ) | ||||||||||||||||||||||||
Total residential MBS | 123,459 | (2,221 | ) | — | — | 123,459 | (2,221 | ) | ||||||||||||||||||||||||
Federal agencies | 40,085 | (1,375 | ) | — | — | 40,085 | (1,375 | ) | ||||||||||||||||||||||||
State and municipal | 29,723 | (1,312 | ) | — | — | 29,723 | (312 | ) | ||||||||||||||||||||||||
Total | $ | 193,267 | $ | (3,908 | ) | $ | — | $ | — | $ | 193,267 | $ | (3,908 | ) | ||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||
Residential MBS: | ||||||||||||||||||||||||||||||||
Agency-backed | $ | 10,963 | $ | (86 | ) | $ | — | $ | — | $ | 10,963 | $ | (86 | ) | ||||||||||||||||||
CMO/Other MBS | 31,412 | (337 | ) | — | — | 31,412 | (337 | ) | ||||||||||||||||||||||||
Total residential MBS | 42,375 | (423 | ) | — | — | 42,375 | (423 | ) | ||||||||||||||||||||||||
Federal agencies | 73,883 | (3,458 | ) | — | — | 73,883 | (3,458 | ) | ||||||||||||||||||||||||
State and municipal | 9,530 | (546 | ) | — | — | 9,530 | (546 | ) | ||||||||||||||||||||||||
Total | $ | 125,788 | $ | (4,427 | ) | $ | — | $ | — | $ | 125,788 | $ | (4,427 | ) | ||||||||||||||||||
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes were as follows: | ||||||||||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||||||||||
Available for sale securities pledged for borrowings, at fair value | $ | 268,017 | $ | 199,642 | ||||||||||||||||||||||||||||
Available for sale securities pledged for municipal deposits, at fair value | 505,185 | 580,756 | ||||||||||||||||||||||||||||||
Held to maturity securities pledged for back-to-back swaps, at amortized cost | 5,037 | 4,645 | ||||||||||||||||||||||||||||||
Held to maturity securities pledged for borrowings, at amortized cost | 71,393 | 55,497 | ||||||||||||||||||||||||||||||
Held to maturity securities pledged for municipal deposits, at amortized cost | 322,666 | 167,926 | ||||||||||||||||||||||||||||||
Total securities pledged | $ | 1,172,298 | $ | 1,008,466 | ||||||||||||||||||||||||||||
Loans_Tables
Loans (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Loans [Abstract] | ' | |||||||||||||||||||||||||||
Components of loan portfolio excluding loans held for sale | ' | |||||||||||||||||||||||||||
The composition of the Company’s loan portfolio, excluding loans held for sale, was the following: | ||||||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||
Commercial & industrial | $ | 1,072,203 | $ | 439,787 | ||||||||||||||||||||||||
Payroll finance | 126,830 | — | ||||||||||||||||||||||||||
Warehouse lending | 150,280 | — | ||||||||||||||||||||||||||
Factored receivables | 145,979 | — | ||||||||||||||||||||||||||
Equipment financing | 332,082 | — | ||||||||||||||||||||||||||
Total commercial | 1,827,374 | 439,787 | ||||||||||||||||||||||||||
Commercial mortgage: | ||||||||||||||||||||||||||||
Commercial real estate | 1,315,220 | 969,490 | ||||||||||||||||||||||||||
Multi-family | 298,782 | 307,547 | ||||||||||||||||||||||||||
Acquisition, development & construction | 90,905 | 102,494 | ||||||||||||||||||||||||||
Total commercial mortgage | 1,704,907 | 1,379,531 | ||||||||||||||||||||||||||
Total commercial and commercial mortgage | 3,532,281 | 1,819,318 | ||||||||||||||||||||||||||
Residential mortgage | 512,875 | 400,009 | ||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||
Home equity lines of credit | 152,820 | 156,995 | ||||||||||||||||||||||||||
Other consumer loans | 46,378 | 36,576 | ||||||||||||||||||||||||||
Total consumer | 199,198 | 193,571 | ||||||||||||||||||||||||||
Total loans | 4,244,354 | 2,412,898 | ||||||||||||||||||||||||||
Allowance for loan losses | (32,015 | ) | (28,877 | ) | ||||||||||||||||||||||||
Total loans, net | $ | 4,212,339 | $ | 2,384,021 | ||||||||||||||||||||||||
Troubled debt restructurings and other real estate owned | ' | |||||||||||||||||||||||||||
The following tables set forth the amounts and status of the Company’s loans and troubled debt restructurings (“TDRs”) at March 31, 2014 and September 30, 2013: | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||||||
days | days | days | accrual | |||||||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||||||
Commercial & industrial | $ | 1,068,821 | $ | 617 | $ | 355 | $ | 7 | $ | 2,403 | $ | 1,072,203 | ||||||||||||||||
Payroll finance | 84,950 | 31,324 | 7,351 | 3,205 | — | 126,830 | ||||||||||||||||||||||
Warehouse lending | 150,280 | — | — | — | — | 150,280 | ||||||||||||||||||||||
Factored receivables | 135,834 | 4,620 | 2,628 | 1,905 | 992 | 145,979 | ||||||||||||||||||||||
Equipment financing | 330,559 | 1,077 | 170 | — | 276 | 332,082 | ||||||||||||||||||||||
Commercial real estate | 1,289,316 | 1,389 | 7,737 | — | 16,778 | 1,315,220 | ||||||||||||||||||||||
Multi-family | 298,782 | — | — | — | — | 298,782 | ||||||||||||||||||||||
Acquisition, development & construction | 75,115 | 272 | 737 | — | 14,781 | 90,905 | ||||||||||||||||||||||
Residential mortgage | 494,438 | 2,175 | 1,063 | 273 | 14,926 | 512,875 | ||||||||||||||||||||||
Consumer | 192,256 | 1,289 | 928 | 4 | 4,721 | 199,198 | ||||||||||||||||||||||
Total loans | $ | 4,120,351 | $ | 42,763 | $ | 20,969 | $ | 5,394 | $ | 54,877 | $ | 4,244,354 | ||||||||||||||||
Total TDRs included above | $ | 14,502 | $ | 1,241 | $ | 2,232 | $ | — | $ | 12,116 | $ | 30,091 | ||||||||||||||||
Non-performing loans: | ||||||||||||||||||||||||||||
Loans 90+ days past due and still accruing | $ | 5,394 | ||||||||||||||||||||||||||
Non-accrual loans | 54,877 | |||||||||||||||||||||||||||
Total non-performing loans | $ | 60,271 | ||||||||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||||||||||
Current | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||||||
days | days | days | accrual | |||||||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||||||
Commercial & industrial | $ | 438,818 | $ | 178 | $ | 2 | $ | 289 | $ | 500 | $ | 439,787 | ||||||||||||||||
Commercial real estate | 1,263,933 | 1,978 | 2,357 | 1,574 | 7,195 | 1,277,037 | ||||||||||||||||||||||
Acquisition, development & construction | 96,306 | 768 | — | — | 5,420 | 102,494 | ||||||||||||||||||||||
Residential mortgage | 390,072 | 354 | 267 | 1,832 | 7,484 | 400,009 | ||||||||||||||||||||||
Consumer | 190,393 | 566 | — | 404 | 2,208 | 193,571 | ||||||||||||||||||||||
Total loans | $ | 2,379,522 | $ | 3,844 | $ | 2,626 | $ | 4,099 | $ | 22,807 | $ | 2,412,898 | ||||||||||||||||
Total TDRs included above | $ | 23,754 | $ | — | $ | — | $ | 141 | $ | 2,199 | $ | 26,094 | ||||||||||||||||
Non-performing loans: | ||||||||||||||||||||||||||||
Loans 90+ days past due and still accruing | $ | 4,099 | ||||||||||||||||||||||||||
Non-accrual loans | 22,807 | |||||||||||||||||||||||||||
Total non-performing loans | $ | 26,906 | ||||||||||||||||||||||||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | |||||||||||||||||||||||||||
Activity in the allowance for loan losses for the three and six months ended March 31, 2014 and 2013 is summarized below: | ||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | ||||||||||||||||||||||||||||
Beginning | Charge-offs | Recoveries | Net | Provision | Ending balance | |||||||||||||||||||||||
balance | charge-offs | |||||||||||||||||||||||||||
Commercial & industrial | $ | 6,886 | $ | (1,164 | ) | $ | 74 | $ | (1,090 | ) | $ | 873 | $ | 6,669 | ||||||||||||||
Payroll finance | — | — | — | — | 610 | 610 | ||||||||||||||||||||||
Warehouse lending | — | — | — | — | 132 | 132 | ||||||||||||||||||||||
Factored receivables | — | (289 | ) | — | (289 | ) | 668 | 379 | ||||||||||||||||||||
Equipment financing | — | (167 | ) | — | (167 | ) | 1,473 | 1,306 | ||||||||||||||||||||
Commercial real estate | 9,992 | (280 | ) | 19 | (261 | ) | 1,135 | 10,866 | ||||||||||||||||||||
Acquisition, development & construction | 5,857 | (1,260 | ) | — | (1,260 | ) | (1,038 | ) | 3,559 | |||||||||||||||||||
Residential mortgage | 4,600 | (148 | ) | 1 | (147 | ) | 112 | 4,565 | ||||||||||||||||||||
Consumer | 3,277 | (204 | ) | 21 | (183 | ) | 835 | 3,929 | ||||||||||||||||||||
Total loans | $ | 30,612 | $ | (3,512 | ) | $ | 115 | $ | (3,397 | ) | $ | 4,800 | $ | 32,015 | ||||||||||||||
Annualized net charge-offs to average loans outstanding | 0.34 | % | ||||||||||||||||||||||||||
Loans acquired from Gotham Bank and legacy Sterling with a carrying amount of $1,378,608 were not included in the Company’s allowance for loan losses at March 31, 2014 as such loans include a fair value discount that considers expected lifetime credit losses. | ||||||||||||||||||||||||||||
For the three months ended March 31, 2013 | ||||||||||||||||||||||||||||
Beginning | Charge-offs | Recoveries | Net | Provision | Ending balance | |||||||||||||||||||||||
balance | charge-offs | |||||||||||||||||||||||||||
Commercial & industrial | $ | 5,533 | $ | (359 | ) | $ | 127 | $ | (232 | ) | $ | (930 | ) | $ | 4,371 | |||||||||||||
Commercial real estate | 7,616 | (1,199 | ) | 331 | (868 | ) | 2,401 | 9,149 | ||||||||||||||||||||
Acquisition, development & construction | 7,026 | (567 | ) | 164 | (403 | ) | (521 | ) | 6,102 | |||||||||||||||||||
Residential mortgage | 4,368 | (959 | ) | 9 | (950 | ) | 1,025 | 4,443 | ||||||||||||||||||||
Consumer | 3,571 | (748 | ) | 31 | (717 | ) | 625 | 3,479 | ||||||||||||||||||||
Total loans | $ | 28,114 | $ | (3,832 | ) | $ | 662 | $ | (3,170 | ) | $ | 2,600 | $ | 27,544 | ||||||||||||||
Annualized net charge-offs to average loans outstanding | 0.58 | % | ||||||||||||||||||||||||||
For the six months ended March 31, 2014 | ||||||||||||||||||||||||||||
Beginning | Charge-offs | Recoveries | Net | Provision | Ending balance | |||||||||||||||||||||||
balance | charge-offs | |||||||||||||||||||||||||||
Commercial & industrial | $ | 5,302 | $ | (1,692 | ) | $ | 575 | $ | (1,117 | ) | $ | 2,484 | $ | 6,669 | ||||||||||||||
Payroll finance | — | — | — | — | 610 | 610 | ||||||||||||||||||||||
Warehouse lending | — | — | — | — | 132 | 132 | ||||||||||||||||||||||
Factored receivables | — | (289 | ) | — | (289 | ) | 668 | 379 | ||||||||||||||||||||
Equipment financing | — | (167 | ) | — | (167 | ) | 1,473 | 1,306 | ||||||||||||||||||||
Commercial real estate | 9,967 | (951 | ) | 56 | (895 | ) | 1,794 | 10,866 | ||||||||||||||||||||
Acquisition, development & construction | 5,806 | (1,478 | ) | — | (1,478 | ) | (769 | ) | 3,559 | |||||||||||||||||||
Residential mortgage | 4,474 | (418 | ) | 8 | (410 | ) | 501 | 4,565 | ||||||||||||||||||||
Consumer | 3,328 | (351 | ) | 45 | (306 | ) | 907 | 3,929 | ||||||||||||||||||||
Total loans | $ | 28,877 | $ | (5,346 | ) | $ | 684 | $ | (4,662 | ) | $ | 7,800 | $ | 32,015 | ||||||||||||||
Annualized net charge-offs to average loans outstanding | 0.25 | % | ||||||||||||||||||||||||||
For the six months ended March 31, 2013 | ||||||||||||||||||||||||||||
Beginning | Charge-offs | Recoveries | Net | Provision | Ending balance | |||||||||||||||||||||||
balance | charge-offs | |||||||||||||||||||||||||||
Commercial & industrial | $ | 4,603 | $ | (518 | ) | $ | 247 | $ | (271 | ) | $ | 39 | $ | 4,371 | ||||||||||||||
Commercial real estate | 7,230 | (1,427 | ) | 412 | (1,015 | ) | 2,934 | 9,149 | ||||||||||||||||||||
Acquisition, development & construction | 8,526 | (2,161 | ) | 169 | (1,992 | ) | (432 | ) | 6,102 | |||||||||||||||||||
Residential mortgage | 4,359 | (1,909 | ) | 60 | (1,849 | ) | 1,933 | 4,443 | ||||||||||||||||||||
Consumer | 3,564 | (1,231 | ) | 70 | (1,161 | ) | 1,076 | 3,479 | ||||||||||||||||||||
Total loans | $ | 28,282 | $ | (7,246 | ) | $ | 958 | $ | (6,288 | ) | $ | 5,550 | $ | 27,544 | ||||||||||||||
Annualized net charge-offs to average loans outstanding | 0.58 | % | ||||||||||||||||||||||||||
Management considers a loan to be impaired when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. Determination of impairment is treated the same across all classes of loans on a loan-by-loan basis, except residential mortgage loans and home equity lines of credit with an outstanding balance of $500 or less which are evaluated for impairment on a homogeneous pool basis. When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole remaining source of repayment of the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs when foreclosure is probable, instead of discounted cash flows. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is generally recognized through a charge-off to the allowance for loan losses. | ||||||||||||||||||||||||||||
When the ultimate collectibility of the total principal of an impaired loan is in doubt and the loan is on non-accrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectibility of the total principal of an impaired loan is not in doubt and the loan is on non-accrual status, contractual interest is credited to interest income when received, under the cash basis method. | ||||||||||||||||||||||||||||
Loans Evaluated For Impairment By Segment | ' | |||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by segment of loans at March 31, 2014 and September 30, 2013: | ||||||||||||||||||||||||||||
31-Mar-14 | 30-Sep-13 | |||||||||||||||||||||||||||
Unpaid | Recorded | Related allowance | Unpaid | Recorded | Related allowance | |||||||||||||||||||||||
principal | investment | principal | investment | |||||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial & industrial | $ | 1,841 | $ | 1,841 | $ | — | $ | 2,175 | $ | 2,131 | $ | — | ||||||||||||||||
Factored receivables | 992 | 992 | — | — | — | — | ||||||||||||||||||||||
Commercial real estate | 12,847 | 12,732 | — | 12,451 | 11,820 | — | ||||||||||||||||||||||
Acquisition, development & construction | 21,915 | 21,005 | — | 17,971 | 17,945 | — | ||||||||||||||||||||||
Residential mortgage | 515 | 515 | — | 515 | 515 | — | ||||||||||||||||||||||
Subtotal | 38,110 | 37,085 | — | 33,112 | 32,411 | — | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | 500 | 500 | 249 | ||||||||||||||||||||||
Commercial real estate | — | — | — | 3,150 | 2,271 | 803 | ||||||||||||||||||||||
Acquisition, development & construction | — | — | — | 2,753 | 1,637 | 540 | ||||||||||||||||||||||
Consumer | — | — | — | 2 | 2 | 1 | ||||||||||||||||||||||
Subtotal | — | — | — | 6,405 | 4,410 | 1,593 | ||||||||||||||||||||||
Total | $ | 38,110 | $ | 37,085 | $ | — | $ | 39,517 | $ | 36,821 | $ | 1,593 | ||||||||||||||||
During the quarter ended March 31, 2014, the Company modified its allowance for loan loss policy to generally require the charge-off of loan amounts identified as impaired. | ||||||||||||||||||||||||||||
The following table presents the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for the three and six months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
For the three months ended March 31, 2014 | For the three months ended March 31, 2013 | |||||||||||||||||||||||||||
QTD | Interest | Cash-basis | QTD | Interest | Cash-basis | |||||||||||||||||||||||
average | income | interest | average | income | interest | |||||||||||||||||||||||
recorded | recognized | income | recorded | recognized | income | |||||||||||||||||||||||
investment | recognized | investment | recognized | |||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial & industrial | $ | 1,850 | $ | — | $ | — | $ | 1,873 | $ | 45 | $ | 21 | ||||||||||||||||
Factored receivables | 992 | — | — | — | — | — | ||||||||||||||||||||||
Commercial real estate | 12,512 | 40 | — | 9,248 | 99 | 53 | ||||||||||||||||||||||
Multi-family | 264 | — | — | — | — | — | ||||||||||||||||||||||
Acquisition, development & construction | 21,940 | 66 | — | 15,582 | 313 | 161 | ||||||||||||||||||||||
Residential mortgage | 515 | — | — | 7,978 | 100 | 52 | ||||||||||||||||||||||
Consumer | — | — | — | 2,127 | 7 | 3 | ||||||||||||||||||||||
Subtotal | 38,073 | 106 | — | 36,808 | 564 | 290 | ||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial & industrial | — | — | — | 368 | 3 | 3 | ||||||||||||||||||||||
Commercial real estate | — | — | — | 6,265 | 13 | 9 | ||||||||||||||||||||||
Residential mortgage | — | — | — | 3,857 | 14 | 6 | ||||||||||||||||||||||
Acquisition, development & construction | — | — | — | 649 | — | — | ||||||||||||||||||||||
Consumer | — | — | — | 700 | 4 | 2 | ||||||||||||||||||||||
Subtotal | — | — | — | 11,839 | 34 | 20 | ||||||||||||||||||||||
Total | $ | 38,073 | $ | 106 | $ | — | $ | 48,647 | $ | 598 | $ | 310 | ||||||||||||||||
Loans and allowance evaluated for impairment by segment | ' | |||||||||||||||||||||||||||
The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at March 31, 2014: | ||||||||||||||||||||||||||||
Loans evaluated by segment | Allowance evaluated by segment | |||||||||||||||||||||||||||
Individually | Collectively | Purchased credit impaired loans | Total | Individually | Collectively | Total allowance for loan losses | ||||||||||||||||||||||
evaluated for | evaluated for | loans | evaluated for | evaluated for | ||||||||||||||||||||||||
impairment | impairment | impairment | impairment | |||||||||||||||||||||||||
Commercial & industrial | $ | 1,841 | $ | 1,068,031 | $ | 2,331 | $ | 1,072,203 | $ | — | $ | 6,669 | $ | 6,669 | ||||||||||||||
Payroll finance | — | 126,830 | — | 126,830 | — | 610 | 610 | |||||||||||||||||||||
Warehouse lending | — | 150,280 | — | 150,280 | — | 132 | 132 | |||||||||||||||||||||
Factored receivables | 992 | 144,987 | — | 145,979 | — | 379 | 379 | |||||||||||||||||||||
Equipment financing | — | 332,082 | — | 332,082 | — | 1,306 | 1,306 | |||||||||||||||||||||
Commercial real estate | 12,732 | 1,594,397 | 6,873 | 1,614,002 | — | 10,866 | 10,866 | |||||||||||||||||||||
Acquisition, development & construction | 21,005 | 69,900 | — | 90,905 | — | 3,559 | 3,559 | |||||||||||||||||||||
Residential mortgage | 515 | 508,932 | 3,428 | 512,875 | — | 4,565 | 4,565 | |||||||||||||||||||||
Consumer | — | 199,198 | — | 199,198 | — | 3,929 | 3,929 | |||||||||||||||||||||
Total loans | $ | 37,085 | $ | 4,194,637 | $ | 12,632 | $ | 4,244,354 | $ | — | $ | 32,015 | $ | 32,015 | ||||||||||||||
There was no amount included in the allowance for loan losses associated with purchased credit impaired loans at March 31, 2014, as there was no further deterioration in the credit quality of these loans since the Merger date. | ||||||||||||||||||||||||||||
The following table sets forth the loans evaluated for impairment by segment and the allowance evaluated by segment at September 30, 2013: | ||||||||||||||||||||||||||||
Loans evaluated by segment | Allowance evaluated by segment | |||||||||||||||||||||||||||
Individually | Collectively | Total | Individually | Collectively | Total allowance for loan losses | |||||||||||||||||||||||
evaluated for | evaluated for | loans | evaluated for | evaluated for | ||||||||||||||||||||||||
impairment | impairment | impairment | impairment | |||||||||||||||||||||||||
Commercial & industrial | $ | 2,631 | $ | 437,156 | $ | 439,787 | $ | 249 | $ | 5,053 | $ | 5,302 | ||||||||||||||||
Commercial real estate & multi-family | 14,091 | 1,262,946 | 1,277,037 | 803 | 9,164 | 9,967 | ||||||||||||||||||||||
Acquisition, development & construction | 19,582 | 82,912 | 102,494 | 540 | 5,266 | 5,806 | ||||||||||||||||||||||
Residential mortgage | 515 | 399,494 | 400,009 | — | 4,474 | 4,474 | ||||||||||||||||||||||
Consumer | 2 | 193,569 | 193,571 | 1 | 3,327 | 3,328 | ||||||||||||||||||||||
Total loans | $ | 36,821 | $ | 2,376,077 | $ | 2,412,898 | $ | 1,593 | $ | 27,284 | $ | 28,877 | ||||||||||||||||
Troubled debt restructurings | ' | |||||||||||||||||||||||||||
The following table presents loans by segment modified as TDRs that occurred during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
March 31, 2014 | 31-Mar-13 | |||||||||||||||||||||||||||
Recorded investment | Recorded investment | |||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | |||||||||||||||||||||||
modification | modification | modification | modification | |||||||||||||||||||||||||
Commercial & industrial | — | $ | — | $ | — | 2 | $ | 169 | $ | 169 | ||||||||||||||||||
Acquisition, development & construction | 2 | 1,060 | 1,060 | 5 | 3,049 | 3,049 | ||||||||||||||||||||||
Total restructured loans | 2 | $ | 1,060 | $ | 1,060 | 7 | $ | 3,218 | $ | 3,218 | ||||||||||||||||||
The following table presents loans by segment modified as TDRs that occurred during the six months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
March 31, 2014 | 31-Mar-13 | |||||||||||||||||||||||||||
Recorded investment | Recorded investment | |||||||||||||||||||||||||||
Number | Pre- | Post- | Number | Pre- | Post- | |||||||||||||||||||||||
modification | modification | modification | modification | |||||||||||||||||||||||||
Commercial & industrial | — | $ | — | $ | — | 3 | $ | 1,669 | $ | 1,669 | ||||||||||||||||||
Commercial real estate & multi-family | — | — | — | 1 | 450 | 450 | ||||||||||||||||||||||
Acquisition, development & construction | 2 | 1,060 | 1,060 | 7 | 5,772 | 5,772 | ||||||||||||||||||||||
Residential mortgage | — | — | — | 1 | 275 | 275 | ||||||||||||||||||||||
Total restructured loans | 2 | $ | 1,060 | $ | 1,060 | 12 | $ | 8,166 | $ | 8,166 | ||||||||||||||||||
The following tables set forth the amounts of the Company’s TDRs at March 31, 2014 and September 30, 2013: | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Current loans | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||||||
days | days | days | accrual | |||||||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||||||
Commercial & industrial | $ | 307 | $ | — | $ | — | $ | — | $ | 1,623 | $ | 1,930 | ||||||||||||||||
Commercial real estate | 2,613 | — | 2,232 | — | 448 | 5,293 | ||||||||||||||||||||||
Acquisition, development & construction | 6,090 | 272 | — | — | 6,956 | 13,318 | ||||||||||||||||||||||
Residential mortgage | 5,492 | 969 | — | — | 2,868 | 9,329 | ||||||||||||||||||||||
Consumer | — | — | — | — | 221 | 221 | ||||||||||||||||||||||
Total | $ | 14,502 | $ | 1,241 | $ | 2,232 | $ | — | $ | 12,116 | $ | 30,091 | ||||||||||||||||
Allowance for loan losses | $ | 52 | $ | — | $ | — | $ | — | $ | 14 | $ | 66 | ||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||
Current loans | 30-59 | 60-89 | 90+ | Non- | Total | |||||||||||||||||||||||
days | days | days | accrual | |||||||||||||||||||||||||
past due | past due | past due | ||||||||||||||||||||||||||
Commercial & industrial | $ | 1,843 | $ | — | $ | — | $ | 141 | $ | — | $ | 1,984 | ||||||||||||||||
Commercial real estate | 5,305 | — | — | — | — | 5,305 | ||||||||||||||||||||||
Acquisition, development & construction | 14,190 | — | — | — | 151 | 14,341 | ||||||||||||||||||||||
Residential mortgage | 2,416 | — | — | — | 1,792 | 4,208 | ||||||||||||||||||||||
Consumer | — | — | — | — | 256 | 256 | ||||||||||||||||||||||
Total | $ | 23,754 | $ | — | $ | — | $ | 141 | $ | 2,199 | $ | 26,094 | ||||||||||||||||
Allowance for loan losses | $ | 438 | $ | — | $ | — | $ | — | $ | 439 | $ | 877 | ||||||||||||||||
Risk category of loans by segment of gross loans | ' | |||||||||||||||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||||||||||||||||
Special | Substandard | Doubtful | Special | Substandard | Doubtful | |||||||||||||||||||||||
mention | mention | |||||||||||||||||||||||||||
Commercial & industrial | $ | 25,620 | $ | 7,731 | $ | 2 | $ | 3,545 | $ | 3,855 | $ | 365 | ||||||||||||||||
Factored receivables | 1,743 | 992 | — | — | — | — | ||||||||||||||||||||||
Equipment financing | — | 276 | — | — | — | — | ||||||||||||||||||||||
Commercial real estate | 8,813 | 33,627 | — | 7,279 | 24,561 | 227 | ||||||||||||||||||||||
Multi-family | — | 617 | — | — | — | — | ||||||||||||||||||||||
Acquisition, development & construction | 1,060 | 18,555 | — | 1,867 | 19,410 | — | ||||||||||||||||||||||
Residential mortgage | 1,805 | 15,732 | — | 824 | 9,786 | — | ||||||||||||||||||||||
Consumer | 923 | 5,141 | — | 15 | 2,891 | — | ||||||||||||||||||||||
Total | $ | 39,964 | $ | 82,671 | $ | 2 | $ | 13,530 | $ | 60,503 | $ | 592 | ||||||||||||||||
Deposits_Tables
Deposits (Tables) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Deposits [Abstract] | ' | |||||||
Summary of major classification of deposits | ' | |||||||
Deposit balances are summarized as follows: | ||||||||
March 31, | September 30, | |||||||
2014 | 2013 | |||||||
Non-interest bearing demand | $ | 1,687,775 | $ | 943,934 | ||||
Interest bearing demand | 744,701 | 434,398 | ||||||
Savings | 607,601 | 580,125 | ||||||
Money market | 1,637,838 | 735,709 | ||||||
Certificates of deposit | 533,809 | 268,128 | ||||||
Total deposits | $ | 5,211,724 | $ | 2,962,294 | ||||
List of Company's Brokered deposits | ' | |||||||
Summarized below are the Company’s brokered deposits included in the table above: | ||||||||
March 31, | September 30, | |||||||
2014 | 2013 | |||||||
Money market | $ | 59,131 | $ | 34,571 | ||||
Reciprocal CDARs(1) | 33,243 | 1,343 | ||||||
CDARs one way | 3,257 | 768 | ||||||
Total brokered deposits | $ | 95,631 | $ | 36,682 | ||||
(1) Certificate of deposit account registry service. |
Borrowings_Tables
Borrowings (Tables) | 6 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Debt Instruments [Abstract] | ' | |||||||||||||
Schedule of debt | ' | |||||||||||||
The Company’s FHLB and other borrowings and weighted average interest rates are summarized below: | ||||||||||||||
March 31, 2014 | September 30, 2013 | |||||||||||||
Amount | Rate | Amount | Rate | |||||||||||
By type of borrowing: | ||||||||||||||
FHLB borrowings | $ | 489,801 | 2.34 | % | $ | 442,602 | 2.77 | % | ||||||
Repurchase agreements | 19,991 | 0.36 | 20,351 | 0.88 | ||||||||||
Senior Notes | 98,215 | 5.98 | 98,033 | 5.98 | ||||||||||
Total borrowings | $ | 608,007 | 2.86 | % | $ | 560,986 | 3.26 | % | ||||||
By remaining period to maturity: | ||||||||||||||
One year or less | $ | 109,328 | 1.01 | % | $ | 158,897 | 0.95 | % | ||||||
One to two years | 145,224 | 0.56 | 78,717 | 1.97 | ||||||||||
Two to three years | 132,614 | 3.43 | 191 | 5.32 | ||||||||||
Three to four years | 120,000 | 4.1 | 202,414 | 4.21 | ||||||||||
Four to five years | 98,215 | 5.98 | 118,033 | 5.57 | ||||||||||
Greater than five years | 2,626 | 4.92 | 2,734 | 4.92 | ||||||||||
Total borrowings | $ | 608,007 | 2.86 | % | $ | 560,986 | 3.26 | % | ||||||
Subordinated_Debentures_Tables
Subordinated Debentures (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Subordinated Debentures [Abstract] | ' | ||||||||
Schedule of Subordinated Borrowing [Table Text Block] | ' | ||||||||
March 31, 2014 | September 30, 2013 | ||||||||
Subordinated debentures | $ | 25,774 | $ | — | |||||
Premium recorded to reflect fair value at acquisition date | 735 | — | |||||||
$ | 26,509 | $ | — | ||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation of basic and diluted earnings per share | ' | |||||||||||||||
Basic earnings per common share are computed as follows: | ||||||||||||||||
For the three months ended March 31, | For the six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted average common shares outstanding (basic) | 83,497,765 | 43,743,640 | 76,924,082 | 43,704,163 | ||||||||||||
Net income (loss) | $ | 10,332 | $ | 6,529 | $ | (3,671 | ) | $ | 13,549 | |||||||
Basic earnings (loss) per common share | 0.12 | 0.15 | (0.05 | ) | 0.31 | |||||||||||
Diluted earnings per common share are computed as follows: | ||||||||||||||||
For the three months ended March 31, | For the six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted average common shares outstanding (basic) | 83,497,765 | 43,743,640 | 76,924,082 | 43,704,163 | ||||||||||||
Effect of common stock equivalents | 296,342 | 104,846 | — | 86,752 | ||||||||||||
Weighted average common shares outstanding (diluted) | 83,794,107 | 43,848,486 | 76,924,082 | 43,790,915 | ||||||||||||
Net income (loss) | $ | 10,332 | $ | 6,529 | $ | (3,671 | ) | $ | 13,549 | |||||||
Diluted earnings (loss) per common share | 0.12 | 0.15 | (0.05 | ) | 0.31 | |||||||||||
Other_Noninterest_expense_Tabl
Other Non-interest expense (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Other Non-Interest Expense [Abstract] | ' | |||||||||||||||
Other non- interest expense [Table Text Block] | ' | |||||||||||||||
For the three months ended March 31, | For the six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Other non-interest expense: | ||||||||||||||||
Advertising and promotion | $ | 422 | $ | 535 | 731 | 779 | ||||||||||
Professional fees | 1,500 | 912 | 3,319 | 2,128 | ||||||||||||
Data and check processing | 663 | 823 | 1,258 | 1,471 | ||||||||||||
Insurance - general | 637 | 213 | 1,217 | 468 | ||||||||||||
Other | 4,852 | 1,820 | 9,426 | 4,130 | ||||||||||||
Total other non-interest expense | $ | 8,074 | $ | 4,303 | $ | 15,951 | $ | 8,976 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Fair value of options granted determined using weighted-average assumptions as grant date | ' | ||||||||||||||||
The fair value of options granted was determined using the following weighted average assumptions as of the grant date: | |||||||||||||||||
For the six months ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Risk-free interest rate | 1.74 | % | 0.96 | % | |||||||||||||
Expected stock price volatility | 26.5 | % | 40.8 | % | |||||||||||||
Dividend yield (1) | 2.05 | % | 2.61 | % | |||||||||||||
Expected term in years | 5.75 | 5.75 | |||||||||||||||
(1) Represents the approximate annualized cash dividend rate paid with respect to a share of common stock at or near the grant date. | |||||||||||||||||
Summary of Company's stock option activity | ' | ||||||||||||||||
The following table summarizes the combined activity in the Company’s stock-based compensation plans for the six months ended March 31, 2014: | |||||||||||||||||
Non-vested stock awards/stock units outstanding | Stock options outstanding | ||||||||||||||||
Shares available for grant | Number of shares | Weighted average grant date fair value | Number of shares | Weighted average exercise price | |||||||||||||
Balance at September 30, 2013 | 2,066,184 | 209,697 | $ | 8.73 | 2,114,509 | $ | 10.71 | ||||||||||
2014 Stock Incentive Plan | 3,400,000 | — | — | — | — | ||||||||||||
Grants associated with the Merger(1) | (921,503 | ) | 351,964 | 11.72 | 104,152 | 14.25 | |||||||||||
Granted (1) | (595,435 | ) | 101,078 | 11.36 | 249,862 | 11.36 | |||||||||||
Stock awards vested | — | (46,590 | ) | 8.75 | — | — | |||||||||||
Exercised | — | — | — | (432,056 | ) | 11.79 | |||||||||||
Forfeited | 331,694 | (15,996 | ) | 8.86 | (274,109 | ) | 12.08 | ||||||||||
Canceled/expired | (5,000 | ) | — | — | — | — | |||||||||||
Balance at March 31, 2014 | 4,275,940 | 600,153 | $ | 10.89 | 1,762,358 | $ | 10.53 | ||||||||||
Exercisable at March 31, 2014 | 1,058,882 | $ | 11.24 | ||||||||||||||
(1) Reflects certain non-vested stock awards that count as 3.5 shares deducted from the plan for every one share delivered under these awards. |
Pension_and_Other_Post_Retirem1
Pension and Other Post Retirement Plans (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Compensation Related Costs [Abstract] | ' | |||||||||||||||
Net post-retirement cost, recorded within salaries and employee benefits expense | ' | |||||||||||||||
Net pension expense for the three months and six months ended March 31, 2014 was incurred for the Provident Bank Benefit Pension Plan (the “legacy Provident Plan”) and legacy Sterling/Sterling National Bank employees’ Retirement Plan (the “legacy Sterling Plan”). Net pension expense and and post-retirement expense, which is recorded in compensation and employee benefits expense in the consolidated statements of operations, is comprised of the following: | ||||||||||||||||
Pension plan | Other post | |||||||||||||||
retirement plans | ||||||||||||||||
For the three months ended March 31, | For the three months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 11 | ||||||||
Interest cost | 1,377 | 363 | 11 | 31 | ||||||||||||
Expected return on plan assets | (1,701 | ) | (615 | ) | 32 | — | ||||||||||
Amortization of net transition obligation | — | — | 6 | 6 | ||||||||||||
Amortization of prior service cost | — | — | 12 | 12 | ||||||||||||
Amortization of (gain) or loss | 48 | 515 | — | (6 | ) | |||||||||||
Charge for settlement of a portion of defined benefit plan | 1,352 | — | — | — | ||||||||||||
Total cost | $ | 1,076 | $ | 263 | $ | 61 | $ | 54 | ||||||||
Pension plan | Other post | |||||||||||||||
retirement plans | ||||||||||||||||
For the six months ended March 31, | For the six months ended March 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 23 | ||||||||
Interest cost | 1,779 | 726 | 23 | 63 | ||||||||||||
Expected return on plan assets | (2,372 | ) | (1,231 | ) | 66 | — | ||||||||||
Amortization of net transition obligation | — | — | 12 | 12 | ||||||||||||
Amortization of prior service cost | — | — | 24 | 23 | ||||||||||||
Amortization of (gain) or loss | 145 | 1,031 | — | (13 | ) | |||||||||||
Charge for settlement of a portion of defined benefit plan | 4,095 | — | — | — | ||||||||||||
Total cost | $ | 3,647 | $ | 526 | $ | 125 | $ | 108 | ||||||||
Derivatives_Tables
Derivatives (Tables) | 6 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ' | ||||||||||||||
Summary of derivatives | ' | ||||||||||||||
Summary information regarding these derivatives is presented below: | |||||||||||||||
Notional | Average | Weighted | Weighted average | Fair value | |||||||||||
amount | maturity (in years) | average | variable rate | ||||||||||||
fixed rate | |||||||||||||||
At March 31, 2014 | |||||||||||||||
Interest rate caps | $ | 50,000 | 0.68 | 3.75 | % | NA | $ | — | |||||||
Third-party interest rate swaps | 53,141 | 5.26 | 4.22 | 1 m Libor + 2.45 | 756 | ||||||||||
Customer interest rate swaps | (53,141 | ) | 5.26 | 4.22 | 1 m Libor + 2.45 | (756 | ) | ||||||||
At September 30, 2013 | |||||||||||||||
Interest rate caps | $ | 50,000 | 1.18 | 3.75 | % | NA | $ | — | |||||||
Third-party interest rate swaps | 54,180 | 5.76 | 4.22 | 1 m Libor + 2.45 | 997 | ||||||||||
Customer interest rate swaps | (54,180 | ) | 5.76 | 4.22 | 1 m Libor + 2.45 | (997 | ) | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Estimated fair value on a recurring basis | ' | |||||||||||||||
A summary of assets and liabilities at September 30, 2013 measured at estimated fair value on a recurring basis is as follows: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Assets: | ||||||||||||||||
Investment securities available for sale: | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-backed | $ | 282,529 | $ | — | $ | 282,529 | $ | — | ||||||||
CMO/Other MBS | 163,041 | — | 163,041 | — | ||||||||||||
Private label CMOs | 3,613 | — | — | 3,613 | ||||||||||||
Total residential mortgage-backed securities | 449,183 | — | 445,570 | 3,613 | ||||||||||||
Other securities: | ||||||||||||||||
Federal agencies | 261,547 | — | 261,547 | — | ||||||||||||
Corporate bonds | 114,933 | — | 114,933 | — | ||||||||||||
State and municipal | 128,730 | — | 128,730 | — | ||||||||||||
Total other securities | 505,210 | — | 505,210 | — | ||||||||||||
Total investment securities available for sale | 954,393 | — | 950,780 | 3,613 | ||||||||||||
Interest rate caps and swaps | 997 | — | 997 | — | ||||||||||||
Total assets measured at estimated fair value on a recurring basis | $ | 955,390 | $ | — | $ | 951,777 | $ | 3,613 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | 997 | $ | — | $ | 997 | $ | — | ||||||||
Total liabilities measured at estimated fair value on a recurring basis | $ | 997 | $ | — | $ | 997 | $ | — | ||||||||
A summary of assets and liabilities at March 31, 2014 measured at estimated fair value on a recurring basis is as follows: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Assets: | ||||||||||||||||
Investment securities available for sale: | ||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||
Agency-backed | $ | 457,515 | $ | — | $ | 457,515 | $ | — | ||||||||
CMO/Other MBS | 131,621 | — | 131,621 | — | ||||||||||||
Private label CMOs | 3,230 | — | — | 3,230 | ||||||||||||
Total residential mortgage-backed securities | 592,366 | — | 589,136 | 3,230 | ||||||||||||
Other securities: | ||||||||||||||||
US Government | — | — | — | — | ||||||||||||
Federal agencies | 209,701 | — | 209,701 | — | ||||||||||||
Corporate bonds | 222,198 | — | 222,198 | — | ||||||||||||
State and municipal | 137,136 | — | 137,136 | — | ||||||||||||
Trust preferred | 67,086 | — | 67,086 | — | ||||||||||||
Mutual funds | 4,823 | — | 4,823 | — | ||||||||||||
Total other securities | 640,944 | — | 640,944 | — | ||||||||||||
Total investment securities available for sale | 1,233,310 | — | 1,230,080 | 3,230 | ||||||||||||
Interest rate caps and swaps | 756 | — | 756 | — | ||||||||||||
Total assets measured at estimated fair value on a recurring basis | $ | 1,234,066 | $ | — | $ | 1,230,836 | $ | 3,230 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swaps | $ | 756 | $ | — | $ | 756 | $ | — | ||||||||
Total liabilities measured at estimated fair value on a recurring basis | $ | 756 | $ | — | $ | 756 | $ | — | ||||||||
Impaired loans measured at estimated fair value on nonrecurring basis | ' | |||||||||||||||
March 31, 2014 measured at estimated fair value on a non-recurring basis is the following: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Commercial real estate | 897 | — | — | 897 | ||||||||||||
Acquisition, development & construction | 2,462 | — | — | 2,462 | ||||||||||||
Total impaired loans measured at fair value | $ | 3,359 | $ | — | $ | — | $ | 3,359 | ||||||||
A summary of impaired loans at September 30, 2013 measured at estimated fair value on a non-recurring basis is the following: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Fair value | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
Commercial & industrial | $ | 500 | $ | — | $ | — | $ | 500 | ||||||||
Commercial real estate | 3,672 | — | — | 3,672 | ||||||||||||
Acquisition, development & construction | 1,839 | — | — | 1,839 | ||||||||||||
Consumer | 2 | — | — | 2 | ||||||||||||
Total impaired loans measured at fair value | $ | 6,013 | $ | — | $ | — | $ | 6,013 | ||||||||
Quantitative information of Level 3 assets | ' | |||||||||||||||
March 31, 2014: | ||||||||||||||||
Non-recurring fair value measurements | Fair value | Valuation technique | Unobservable input / assumptions | Range(1) (weighted average) | ||||||||||||
Impaired loans: | ||||||||||||||||
Commercial real estate and multi-family | $ | 897 | Appraisal | Adjustments for comparable properties | 15.0% - 36.0% (22.0%) | |||||||||||
Acquisition, development & construction | 2,462 | Appraisal | Adjustments for comparable properties | 10.0% - 30.0% (13.5%) | ||||||||||||
Assets taken in foreclosure: | ||||||||||||||||
Commercial real estate | 8,388 | Appraisal | Adjustments by management to reflect current conditions/selling costs | 20.0% - 37.0% (24.8%) | ||||||||||||
Residential mortgage | 887 | Appraisal | Adjustments by management to reflect current conditions/selling costs | 16.0% - 59.0% (21.6%) | ||||||||||||
Mortgage servicing rights | 1,747 | Third-party valuation | Discount rate | 9.3% - 12.8% | ||||||||||||
Third-party valuation | Prepayment speed | 100 - 968 (weighted average of 224) | ||||||||||||||
Summary of carrying amounts and estimated fair values of financial assets and liabilities | ' | |||||||||||||||
The following is a summary of the carrying amounts and estimated fair values of financial assets and liabilities (none of which were held for trading purposes) as of March 31, 2014: | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Carrying | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
amount | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and due from banks | $ | 164,645 | $ | 164,645 | $ | — | $ | — | ||||||||
Securities available for sale | 1,233,310 | — | 1,230,080 | 3,230 | ||||||||||||
Securities held to maturity | 527,265 | — | 527,121 | — | ||||||||||||
Loans, net | 4,212,339 | — | — | 4,254,200 | ||||||||||||
Loans held for sale | 21,348 | — | 21,348 | — | ||||||||||||
Accrued interest receivable on securities | 8,810 | — | 8,810 | — | ||||||||||||
Accrued interest receivable on loans | 9,344 | — | — | 9,344 | ||||||||||||
FHLB stock and Federal Reserve Bank stock | 53,346 | — | — | — | ||||||||||||
Interest rate caps and swaps | 756 | — | 756 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Non-maturity deposits | $ | (4,677,915 | ) | $ | (4,677,915 | ) | $ | — | $ | — | ||||||
Certificates of deposit | (533,809 | ) | — | (533,733 | ) | — | ||||||||||
FHLB and other borrowings | (489,801 | ) | — | (511,976 | ) | — | ||||||||||
Other borrowings | (19,991 | ) | — | (19,992 | ) | — | ||||||||||
Senior Notes | (98,215 | ) | — | (100,947 | ) | — | ||||||||||
Subordinated debentures | (26,509 | ) | — | (26,149 | ) | — | ||||||||||
Mortgage escrow funds | (8,711 | ) | — | (8,710 | ) | — | ||||||||||
Accrued interest payable on deposits including escrow | (427 | ) | — | (427 | ) | — | ||||||||||
Accrued interest payable on borrowings | (2,736 | ) | — | (2,736 | ) | — | ||||||||||
Interest rate caps and swaps | (756 | ) | — | (756 | ) | — | ||||||||||
The following is a summary of the carrying amounts and estimated fair values of financial assets and liabilities (none of which were held for trading purposes) as of September 30, 2013: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Carrying | Level 1 inputs | Level 2 inputs | Level 3 inputs | |||||||||||||
amount | ||||||||||||||||
Financial assets: | ||||||||||||||||
Cash and due from banks | $ | 113,090 | $ | 113,090 | $ | — | $ | — | ||||||||
Securities available for sale | 954,393 | — | 950,780 | 3,613 | ||||||||||||
Securities held to maturity | 253,999 | — | 250,896 | — | ||||||||||||
Loans, net | 2,384,021 | — | — | 2,422,824 | ||||||||||||
Loans held for sale | 1,011 | — | 1,011 | — | ||||||||||||
Accrued interest receivable on securities | 4,892 | — | 4,892 | — | ||||||||||||
Accrued interest receivable on loans | 6,805 | — | — | 6,805 | ||||||||||||
FHLB stock | 24,312 | — | — | — | ||||||||||||
Interest rate caps and swaps | 997 | — | 997 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Non-maturity deposits | (2,694,166 | ) | (2,694,166 | ) | — | — | ||||||||||
Certificates of deposit | (268,128 | ) | — | (268,088 | ) | — | ||||||||||
FHLB and other borrowings | (462,953 | ) | — | (488,369 | ) | — | ||||||||||
Senior Notes | (98,033 | ) | — | (98,142 | ) | — | ||||||||||
Mortgage escrow funds | (12,646 | ) | — | (12,644 | ) | — | ||||||||||
Accrued interest payable on deposits including escrow | (1,480 | ) | — | (1,480 | ) | — | ||||||||||
Accrued interest payable on borrowings | (1,525 | ) | — | (1,525 | ) | — | ||||||||||
Interest rate caps and swaps | (997 | ) | — | (997 | ) | — | ||||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 6 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Comprehensive income [Abstract] | ' | |||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
Activity in accumulated other comprehensive (loss) income (“AOCI”), net of tax, for the six month periods ended March 31, 2014 and 2013, was as follows: | ||||||||||||
Unrealized gains(losses) on securities | Unrealized gains (losses) for pension and other post-retirement obligations | Total | ||||||||||
Balance at September 30, 2012 | $ | 15,066 | $ | (8,167 | ) | $ | 6,899 | |||||
Other comprehensive income before reclassifications | (4,446 | ) | — | (4,446 | ) | |||||||
Amounts reclassified from AOCI | (2,146 | ) | 612 | (1,534 | ) | |||||||
Period change | (6,592 | ) | 612 | (5,980 | ) | |||||||
Balance at March 31, 2013 | $ | 8,474 | $ | (7,555 | ) | $ | 919 | |||||
Balance at September 30, 2013 | $ | (11,472 | ) | $ | (3,858 | ) | $ | (15,330 | ) | |||
Other comprehensive income before reclassifications | 10 | — | 10 | |||||||||
Amounts reclassified from AOCI | 336 | 699 | 1,035 | |||||||||
Period change | 346 | 699 | 1,045 | |||||||||
Balance at March 31, 2014 | $ | (11,126 | ) | $ | (3,159 | ) | $ | (14,285 | ) | |||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
eclassification adjustments from AOCI included in net income and the impacted line items on the income statement for the six months ended March 31, 2014: | ||||||||||||
Components of AOCI | Amount reclassified from AOCI and impact on net income (1) | Affected income statement line item | ||||||||||
Unrealized (losses) on available for sale securities: | ||||||||||||
$ | (585 | ) | Non-interest income - net loss on sale of securities | |||||||||
249 | Tax benefit | |||||||||||
$ | (336 | ) | Net change after-tax | |||||||||
Amortization of defined benefit pension items: | ||||||||||||
Loss on settlement of portion of defined benefit plan | $ | (1,216 | ) | Non-interest expense - compensation and employee benefits (2) | ||||||||
517 | Tax benefit | |||||||||||
$ | (699 | ) | Net change after-tax | |||||||||
(1) Amounts in parentheses indicate a reduction from income. | ||||||||||||
(2) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost (see Note 13. - Pensions and Other Post Retirement Plans for additional details). |
Acquisition_Details
Acquisition (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | ||
Core deposits and other intangibles | Trade name intangible | Book Value [Member] | Book Value [Member] | Book Value [Member] | Fair Value Adjustment [Member] | Fair Value Adjustment [Member] | Fair Value Adjustment [Member] | ||||
Core deposits and other intangibles | Trade name intangible | Core deposits and other intangibles | Trade name intangible | ||||||||
Major Class of Assets Acquired and Liabilities Assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | $277,798 | ' | ' | $277,798 | ' | ' | $0 | ' | ' |
Investment securities | ' | ' | 607,911 | ' | ' | 613,154 | ' | ' | -5,243 | ' | ' |
Loans held for sale | ' | ' | 30,341 | ' | ' | 30,341 | ' | ' | 0 | ' | ' |
Loans | ' | ' | -1,698,108 | ' | ' | -1,704,801 | ' | ' | -6,693 | ' | ' |
Federal Reserve Bank stock | ' | ' | 7,680 | ' | ' | 7,680 | ' | ' | 0 | ' | ' |
Bank owned life insurance | ' | ' | 55,374 | ' | ' | 55,374 | ' | ' | 0 | ' | ' |
Premises and equipment | ' | ' | 23,594 | ' | ' | 21,293 | ' | ' | 2,301 | ' | ' |
Accrued interest receivable | ' | ' | 6,590 | ' | ' | 6,590 | ' | ' | 0 | ' | ' |
Intangibles | ' | ' | ' | 20,089 | 20,500 | ' | 0 | 0 | ' | 20,089 | 20,500 |
Other real estate owned | ' | ' | 5,815 | ' | ' | 1,720 | ' | ' | 4,095 | ' | ' |
Other assets | ' | ' | -22,551 | ' | ' | -40,877 | ' | ' | -18,326 | ' | ' |
Deposits | ' | ' | -2,297,190 | ' | ' | -2,296,713 | ' | ' | -477 | ' | ' |
FHLB borrowings | ' | ' | -100,619 | ' | ' | -100,346 | ' | ' | -273 | ' | ' |
Other borrowings | ' | ' | -62,465 | ' | ' | -62,465 | ' | ' | 0 | ' | ' |
Subordinated debentures | ' | ' | -26,527 | ' | ' | -25,774 | ' | ' | -753 | ' | ' |
Other liabilities | ' | ' | -55,960 | ' | ' | -60,462 | ' | ' | -4,502 | ' | ' |
Total identifiable net assets | ' | ' | 233,590 | ' | ' | 213,868 | ' | ' | 19,722 | ' | ' |
Goodwill | $387,286 | $163,117 | $224,169 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition_Detail_1
Acquisition (Detail 1) (Sterling Bancorp (Legacy) [Member], USD $) | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 31, 2013 |
Sterling Bancorp (Legacy) [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Contractual principal balance at acquisition | ' | ' | $24,176 |
Principal not expected to be collection (non-accretable discount) | ' | ' | -10,927 |
Expected cash flows at acquisition | ' | ' | 13,249 |
Interest component of expected cash flows (accretable discount) | ' | ' | 0 |
Fair value of acquired loans | ' | ' | 13,249 |
Pro Forma Information | ' | ' | ' |
Net interest income | 100,571 | 90,586 | ' |
Non-interest income | 28,590 | 34,232 | ' |
Non-interest expense | 99,368 | 97,026 | ' |
Net income | $20,110 | $19,970 | ' |
Earnings per share from continuing operations, basic | $0.24 | $0.24 | ' |
Earnings per share from continuing operations, diluted | $0.24 | $0.24 | ' |
Acquisition_Detail_Textural
Acquisition (Detail Textural) (USD $) | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 | Oct. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 10, 2012 | Oct. 31, 2013 | Oct. 31, 2013 | Mar. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Gotham Bank of New York [Member] | Fair Value Adjustment [Member] | Book Value [Member] | Core deposits and other intangibles | Core deposits and other intangibles | Core deposits and other intangibles | Core deposits and other intangibles | Assets Write-down, Retention, and Severance Costs [Member] | Minimum [Member] | Maximum [Member] | |||
Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Fair Value Adjustment [Member] | Book Value [Member] | Sterling Bancorp (Legacy) [Member] | Equipment [Member] | Equipment [Member] | |||||||||
Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | ||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | ' | ' | $2,297,190 | ' | ' | ' | ' | ' | $477 | $2,296,713 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,089 | 20,089 | 0 | ' | ' | ' |
Business Acquisition, Share Price | ' | ' | $11.72 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Number of Shares Received by Acquiree for Each share of Acquiree's Stock | ' | ' | 1.2625 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | 39,057,968 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | 457,759 | ' | 457,759 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 387,286 | 163,117 | 224,169 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | ' | 2,759,628 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Federal Home Loan Bank Stock | ' | ' | 1,735,142 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '5 years |
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | ' | ' | ' | 388 | 9,456 | 542 | 542 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,422 | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | $40,510 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Tangible Net Worth Used for Cash Payment | ' | ' | ' | ' | ' | ' | ' | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities_Details
Securities (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
Available for sale | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $1,243,027 | $973,709 |
Available-for-sale Securities, Gross Unrealized Gain | 7,190 | 5,805 |
Gross Unrealized Losses | -16,907 | -25,121 |
Fair value | 1,233,310 | 954,393 |
Mortgage-backed securities-residential [Member] | ' | ' |
Available for sale | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 594,425 | 454,173 |
Available-for-sale Securities, Gross Unrealized Gain | 2,160 | 2,205 |
Gross Unrealized Losses | -4,219 | -7,195 |
Fair value | 592,366 | 449,183 |
Investment securities [Member] | ' | ' |
Available for sale | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 648,602 | 519,536 |
Available-for-sale Securities, Gross Unrealized Gain | 5,030 | 3,600 |
Gross Unrealized Losses | -12,688 | -17,926 |
Fair value | 640,944 | 505,210 |
Agency-backed | Mortgage-backed securities-residential [Member] | ' | ' |
Available for sale | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 458,121 | 284,837 |
Available-for-sale Securities, Gross Unrealized Gain | 1,925 | 1,849 |
Gross Unrealized Losses | -2,531 | -4,157 |
Fair value | 457,515 | 282,529 |
CMO/Other MBS [Member] | Mortgage-backed securities-residential [Member] | ' | ' |
Available for sale | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 136,304 | 169,336 |
Available-for-sale Securities, Gross Unrealized Gain | 235 | 356 |
Gross Unrealized Losses | -1,688 | -3,038 |
Fair value | 134,851 | 166,654 |
Mutual funds | Investment securities [Member] | ' | ' |
Available for sale | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 4,874 | 0 |
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Losses | -51 | 0 |
Fair value | 4,823 | 0 |
US Government Corporations and Agencies Securities [Member] | Investment securities [Member] | ' | ' |
Available for sale | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 217,942 | 273,637 |
Available-for-sale Securities, Gross Unrealized Gain | 3 | 0 |
Gross Unrealized Losses | -8,244 | -12,090 |
Fair value | 209,701 | 261,547 |
Corporate Debt Securities [Member] | Investment securities [Member] | ' | ' |
Available for sale | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 225,628 | 118,575 |
Available-for-sale Securities, Gross Unrealized Gain | 180 | 153 |
Gross Unrealized Losses | -3,610 | -3,795 |
Fair value | 222,198 | 114,933 |
Obligations of states and political subdivisions [Member] | Investment securities [Member] | ' | ' |
Available for sale | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 134,881 | 127,324 |
Available-for-sale Securities, Gross Unrealized Gain | 3,038 | 3,447 |
Gross Unrealized Losses | -783 | -2,041 |
Fair value | 137,136 | 128,730 |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | Investment securities [Member] | ' | ' |
Available for sale | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 65,277 | 0 |
Available-for-sale Securities, Gross Unrealized Gain | 1,809 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair value | $67,086 | $0 |
Securities_Details_1
Securities (Details 1) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
Held-to-maturity securities | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | $527,265 | $253,999 |
Gross Unrealized Gains | 3,764 | 1,324 |
Gross Unrealized Losses | -3,908 | -4,427 |
Securities held-to-maturity at fair value | 527,121 | 250,896 |
Mortgage-backed securities-residential [Member] | ' | ' |
Held-to-maturity securities | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 196,194 | 156,147 |
Gross Unrealized Gains | 704 | 749 |
Gross Unrealized Losses | -2,221 | -423 |
Securities held-to-maturity at fair value | 194,677 | 156,473 |
Investment securities [Member] | ' | ' |
Held-to-maturity securities | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 331,071 | 97,852 |
Gross Unrealized Gains | 3,060 | 575 |
Gross Unrealized Losses | -1,687 | -4,004 |
Securities held-to-maturity at fair value | 332,444 | 94,423 |
Agency-backed | Mortgage-backed securities-residential [Member] | ' | ' |
Held-to-maturity securities | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 128,212 | 130,371 |
Gross Unrealized Gains | 691 | 716 |
Gross Unrealized Losses | -362 | -108 |
Securities held-to-maturity at fair value | 128,541 | 130,979 |
CMO/Other MBS [Member] | Mortgage-backed securities-residential [Member] | ' | ' |
Held-to-maturity securities | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 67,982 | 25,776 |
Gross Unrealized Gains | 13 | 33 |
Gross Unrealized Losses | -1,859 | -315 |
Securities held-to-maturity at fair value | 66,136 | 25,494 |
Federal agencies [Member] | Investment securities [Member] | ' | ' |
Held-to-maturity securities | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 135,998 | 77,341 |
Gross Unrealized Gains | 740 | 0 |
Gross Unrealized Losses | -1,375 | -3,458 |
Securities held-to-maturity at fair value | 135,363 | 73,883 |
Obligations of states and political subdivisions [Member] | Investment securities [Member] | ' | ' |
Held-to-maturity securities | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 193,573 | 19,011 |
Gross Unrealized Gains | 2,300 | 556 |
Gross Unrealized Losses | -312 | -546 |
Securities held-to-maturity at fair value | 195,561 | 19,021 |
Other [Member] | Investment securities [Member] | ' | ' |
Held-to-maturity securities | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 1,500 | 1,500 |
Gross Unrealized Gains | 20 | 19 |
Gross Unrealized Losses | 0 | 0 |
Securities held-to-maturity at fair value | $1,520 | $1,519 |
Securities_Details_2
Securities (Details 2) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Available for sale | ' | ' |
Amortized Cost, Less than one year | $27,970 | ' |
Amortized Cost, One to five years | 180,125 | ' |
Amortized Cost, Five to ten years | 367,390 | ' |
Amortized Cost, Greater than ten years | 73,117 | ' |
Available-for-sale Securities, Amortized Cost Basis | 1,243,027 | 973,709 |
Fair Value, Less than one year | 27,977 | ' |
Fair Value, One to five years | 179,888 | ' |
Fair Value, Five to ten years | 358,028 | ' |
Fair Value, Greater than ten years | 75,051 | ' |
Fair value | 1,233,310 | 954,393 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 527,265 | 253,999 |
Held to maturity | ' | ' |
Held-to-maturity Securities, Debt Maturities, within One Year, Net Carrying Amount | 8,790 | ' |
Held-to-maturity Securities, Debt Maturities, after One Through Five Years, Net Carrying Amount | 5,110 | ' |
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | 149,874 | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 167,297 | ' |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount | 527,265 | 253,999 |
Held-to-maturity Securities, Debt Maturities, Next Twelve Months, Fair Value | 8,874 | ' |
Held-to-maturity Securities, Debt Maturities, Year Two Through Five, Fair Value | 5,356 | ' |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 149,293 | ' |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 168,921 | ' |
Securities held-to-maturity at fair value | 527,121 | 250,896 |
Securities Investment [Member] | ' | ' |
Available for sale | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 648,602 | 519,536 |
Fair value | 640,944 | 505,210 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 331,071 | 97,852 |
Held to maturity | ' | ' |
Securities held-to-maturity at fair value | 332,444 | 94,423 |
Mortgage-backed securities-residential [Member] | ' | ' |
Available for sale | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 594,425 | 454,173 |
Fair value | 592,366 | 449,183 |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 196,194 | 156,147 |
Held to maturity | ' | ' |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount | 196,194 | ' |
Securities held-to-maturity at fair value | $194,677 | $156,473 |
Securities_Details_3
Securities (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Proceeds from Sale of Available-for-sale Securities | $55,778 | $94,839 | $305,489 | $136,804 |
Available-for-sale Securities, Gross Realized Gains | 65 | 2,202 | 276 | 3,618 |
Available-for-sale Securities, Gross Realized Losses | -5 | -10 | -861 | -10 |
Tax expense of securities gains | -18 | -552 | -229 | -1,010 |
Proceeds from Sale of Held-to-maturity Securities | 0 | 1,234 | 0 | 1,234 |
Held-to-maturity Securities, Sold Security, Realized Gain (Loss) | 0 | 37 | 0 | 37 |
Tax expense held to maturity security gains | $0 | ($9) | $0 | ($10) |
Securities_Details_4
Securities (Details 4) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
Securities available for sale with unrealized losses | ' | ' |
Fair Value, Less Than 12 Months | $413,977 | $659,734 |
Unrealized Losses, Less Than 12 Months | -4,643 | -24,817 |
Fair Value, 12 Months or Longer | 359,419 | 7,932 |
Unrealized Losses, 12 Months or Longer | -12,264 | -304 |
Fair Value, Total | 773,396 | 667,666 |
Unrealized Losses, Total | -16,907 | -25,121 |
Agency-backed | ' | ' |
Securities available for sale with unrealized losses | ' | ' |
Fair Value, Less Than 12 Months | 179,009 | 137,265 |
Unrealized Losses, Less Than 12 Months | -691 | -4,157 |
Fair Value, 12 Months or Longer | 67,082 | 0 |
Unrealized Losses, 12 Months or Longer | -1,840 | 0 |
Fair Value, Total | 246,091 | 137,265 |
Unrealized Losses, Total | -2,531 | -4,157 |
CMO/Other MBS [Member] | ' | ' |
Securities available for sale with unrealized losses | ' | ' |
Fair Value, Less Than 12 Months | 64,069 | 122,324 |
Unrealized Losses, Less Than 12 Months | -676 | -2,742 |
Fair Value, 12 Months or Longer | 27,175 | 7,820 |
Unrealized Losses, 12 Months or Longer | -1,012 | -296 |
Fair Value, Total | 91,244 | 130,144 |
Unrealized Losses, Total | -1,688 | -3,038 |
Mortgage-backed securities-residential [Member] | ' | ' |
Securities available for sale with unrealized losses | ' | ' |
Fair Value, Less Than 12 Months | 243,078 | 259,589 |
Unrealized Losses, Less Than 12 Months | -1,367 | -6,899 |
Fair Value, 12 Months or Longer | 94,257 | 7,820 |
Unrealized Losses, 12 Months or Longer | -2,852 | -296 |
Fair Value, Total | 337,335 | 267,409 |
Unrealized Losses, Total | -4,219 | -7,195 |
Mutual funds | ' | ' |
Securities available for sale with unrealized losses | ' | ' |
Fair Value, Less Than 12 Months | 4,827 | ' |
Unrealized Losses, Less Than 12 Months | -51 | ' |
Fair Value, 12 Months or Longer | 0 | ' |
Unrealized Losses, 12 Months or Longer | 0 | ' |
Fair Value, Total | 4,827 | ' |
Unrealized Losses, Total | -51 | ' |
Federal agencies [Member] | ' | ' |
Securities available for sale with unrealized losses | ' | ' |
Fair Value, Less Than 12 Months | 51,116 | 261,547 |
Unrealized Losses, Less Than 12 Months | -2,048 | -12,090 |
Fair Value, 12 Months or Longer | 158,091 | 0 |
Unrealized Losses, 12 Months or Longer | -6,196 | 0 |
Fair Value, Total | 209,207 | 261,547 |
Unrealized Losses, Total | -8,244 | -12,090 |
Obligations of states and political subdivisions [Member] | ' | ' |
Securities available for sale with unrealized losses | ' | ' |
Fair Value, Less Than 12 Months | 28,293 | 43,585 |
Unrealized Losses, Less Than 12 Months | -252 | -2,033 |
Fair Value, 12 Months or Longer | 16,308 | 112 |
Unrealized Losses, 12 Months or Longer | -531 | -8 |
Fair Value, Total | 44,601 | 43,697 |
Unrealized Losses, Total | -783 | -2,041 |
Corporate Debt Securities [Member] | ' | ' |
Securities available for sale with unrealized losses | ' | ' |
Fair Value, Less Than 12 Months | 86,663 | 95,013 |
Unrealized Losses, Less Than 12 Months | -925 | -3,795 |
Fair Value, 12 Months or Longer | 90,763 | 0 |
Unrealized Losses, 12 Months or Longer | -2,685 | 0 |
Fair Value, Total | 177,426 | 95,013 |
Unrealized Losses, Total | ($3,610) | ($3,795) |
Securities_Details_5
Securities (Details 5) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Fair Value, Less Than 12 Months | $193,267 | $125,788 |
Unrealized Losses, Less Than 12 Months | -3,908 | -4,427 |
Fair Value, 12 Months or Longer | 0 | 0 |
Unrealized Losses, 12 Months or Longer | 0 | 0 |
Fair Value, Total | 193,267 | 125,788 |
Agency-backed | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Fair Value, Less Than 12 Months | 61,535 | 10,963 |
Unrealized Losses, Less Than 12 Months | ' | -86 |
Fair Value, 12 Months or Longer | 0 | 0 |
Unrealized Losses, 12 Months or Longer | 0 | 0 |
Fair Value, Total | 61,535 | 10,963 |
Unrealized Losses, Total | -362 | -86 |
CMO/Other MBS [Member] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Fair Value, Less Than 12 Months | 61,924 | 31,412 |
Unrealized Losses, Less Than 12 Months | -1,859 | -337 |
Fair Value, 12 Months or Longer | 0 | 0 |
Unrealized Losses, 12 Months or Longer | 0 | 0 |
Fair Value, Total | 61,924 | 31,412 |
Unrealized Losses, Total | -1,859 | -337 |
Federal agencies [Member] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Fair Value, Less Than 12 Months | 40,085 | 73,883 |
Unrealized Losses, Less Than 12 Months | -1,375 | -3,458 |
Fair Value, 12 Months or Longer | 0 | 0 |
Unrealized Losses, 12 Months or Longer | 0 | 0 |
Fair Value, Total | 40,085 | 73,883 |
Unrealized Losses, Total | -1,375 | -3,458 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Fair Value, Less Than 12 Months | 29,723 | 9,530 |
Unrealized Losses, Less Than 12 Months | -1,312 | -546 |
Fair Value, 12 Months or Longer | 0 | 0 |
Unrealized Losses, 12 Months or Longer | 0 | 0 |
Fair Value, Total | 29,723 | 9,530 |
Unrealized Losses, Total | -312 | -546 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract] | ' | ' |
Fair Value, Less Than 12 Months | 123,459 | 42,375 |
Fair Value, 12 Months or Longer | 0 | 0 |
Unrealized Losses, 12 Months or Longer | 0 | 0 |
Fair Value, Total | 123,459 | 42,375 |
Unrealized Losses, Total | ($2,221) | ($423) |
Securities_Details_6
Securities (Details 6) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Total Pledged Securities | $1,172,298 | $1,008,466 |
Federal Home Loan Bank Borrowings [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 268,017 | 199,642 |
Held-to-maturity Securities Pledged as Collateral | 71,393 | 55,497 |
Municipal Deposits [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Available-for-sale Securities Pledged as Collateral | 505,185 | 580,756 |
Held-to-maturity Securities Pledged as Collateral | 322,666 | 167,926 |
Interest Rate Swap [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Held-to-maturity Securities Pledged as Collateral | $5,037 | $4,645 |
Securities_Details_Textual
Securities (Details Textual) (USD $) | 2 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 |
Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Number Of Securities | ' | 224 | ' |
Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Number Of Securities | ' | 150 | ' |
Investment securities transferred from held to maturity to available for sale | $165,230 | ' | ' |
Investment securities transfered from available for sale to held to maturity | 221,904 | ' | ' |
Number of fixed maturity securities past due | ' | 0 | ' |
Available-for-sale Securities, Amortized Cost Basis | ' | 1,243,027 | 973,709 |
Unrealized gain(loss) on investment securities transferred | $9,657 | $9,528 | ' |
Life of investment securities transferred | ' | '5 years 9 months | ' |
Loans_Details
Loans (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | ||||||
Loans [Abstract] | ' | ' | ' | ' | ' | ' |
Loans Receivable, Gross, Commercial and Industrial | $1,072,203 | ' | $439,787 | ' | ' | ' |
Payroll financing | 126,830 | ' | 0 | ' | ' | ' |
Warehouse lending | 150,280 | ' | 0 | ' | ' | ' |
Factored receivables | 145,979 | ' | 0 | ' | ' | ' |
Equipment financing | 332,082 | ' | 0 | ' | ' | ' |
Total commercial | 1,827,374 | ' | 439,787 | ' | ' | ' |
Commercial real estate | 1,315,220 | ' | 969,490 | ' | ' | ' |
Multi-family | 298,782 | ' | 307,547 | ' | ' | ' |
Acquisition, development & construction | 90,905 | ' | 102,494 | ' | ' | ' |
Total commercial mortgage | 1,704,907 | ' | 1,379,531 | ' | ' | ' |
Total commercial loans | 3,532,281 | ' | 1,819,318 | ' | ' | ' |
Residential mortgage | 512,875 | ' | 400,009 | ' | ' | ' |
Home equity lines of credit | 152,820 | ' | 156,995 | ' | ' | ' |
Other consumer loans | 46,378 | ' | 36,576 | ' | ' | ' |
Total consumer | 199,198 | ' | 193,571 | ' | ' | ' |
Total loans | 4,244,354 | ' | 2,412,898 | ' | ' | ' |
Allowance for loan losses | 32,015 | 30,612 | 28,877 | 27,544 | 28,114 | 28,282 |
Total loans, net | $4,212,339 | ' | $2,384,021 | ' | ' | ' |
Loans_Details_1
Loans (Details 1) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
Non-Performing loans: | ' | ' |
Current Loans | $4,120,351 | $2,379,522 |
Non-performing loans, 30-59 Days Past Due | 42,763 | 3,844 |
Non-performing loans, 60-89 Days Past Due | 20,969 | 2,626 |
Non-performing loans, 90+ Days Past Due | 5,394 | 4,099 |
Non accrual loans | 54,877 | 22,807 |
Loans Total | 4,244,354 | 2,412,898 |
Current Loans under Troubled debt restructuring | 14,502 | 23,754 |
30-59 Days past due | 1,241 | 0 |
60-89 Days past due | 2,232 | 0 |
90 Days past due | 0 | 141 |
Non- accrual | 12,116 | 2,199 |
Total | 30,091 | 26,094 |
Commercial And Industrial [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 1,068,821 | 438,818 |
Non-performing loans, 30-59 Days Past Due | 617 | 178 |
Non-performing loans, 60-89 Days Past Due | 355 | 2 |
Non-performing loans, 90+ Days Past Due | 7 | 289 |
Non accrual loans | 2,403 | 500 |
Loans Total | 1,072,203 | 439,787 |
Commercial Portfolio Segment [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Loans Total | 1,072,203 | ' |
Payroll financing [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 84,950 | ' |
Non-performing loans, 30-59 Days Past Due | 31,324 | ' |
Non-performing loans, 60-89 Days Past Due | 7,351 | ' |
Non-performing loans, 90+ Days Past Due | 3,205 | ' |
Non accrual loans | 0 | ' |
Loans Total | 126,830 | ' |
Warehouse financing [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 150,280 | ' |
Non-performing loans, 30-59 Days Past Due | 0 | ' |
Non-performing loans, 60-89 Days Past Due | 0 | ' |
Non-performing loans, 90+ Days Past Due | 0 | ' |
Non accrual loans | 0 | ' |
Loans Total | 150,280 | ' |
Factored Receivables [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 135,834 | ' |
Non-performing loans, 30-59 Days Past Due | 4,620 | ' |
Non-performing loans, 60-89 Days Past Due | 2,628 | ' |
Non-performing loans, 90+ Days Past Due | 1,905 | ' |
Non accrual loans | 992 | ' |
Loans Total | 145,979 | ' |
Equipment Financing Receivables [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 330,559 | ' |
Non-performing loans, 30-59 Days Past Due | 1,077 | ' |
Non-performing loans, 60-89 Days Past Due | 170 | ' |
Non-performing loans, 90+ Days Past Due | 0 | ' |
Non accrual loans | 276 | ' |
Loans Total | 332,082 | ' |
Commerical real estate [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 1,289,316 | 1,263,933 |
Non-performing loans, 30-59 Days Past Due | 1,389 | 1,978 |
Non-performing loans, 60-89 Days Past Due | 7,737 | 2,357 |
Non-performing loans, 90+ Days Past Due | 0 | 1,574 |
Non accrual loans | 16,778 | 7,195 |
Loans Total | 1,315,220 | 1,277,037 |
Multi-family financing [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 298,782 | ' |
Non-performing loans, 30-59 Days Past Due | 0 | ' |
Non-performing loans, 60-89 Days Past Due | 0 | ' |
Non-performing loans, 90+ Days Past Due | 0 | ' |
Non accrual loans | 0 | ' |
Loans Total | 298,782 | ' |
Acquisition, development & construction [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 75,115 | 96,306 |
Non-performing loans, 30-59 Days Past Due | 272 | 768 |
Non-performing loans, 60-89 Days Past Due | 737 | 0 |
Non-performing loans, 90+ Days Past Due | 0 | 0 |
Non accrual loans | 14,781 | 5,420 |
Loans Total | 90,905 | 102,494 |
Residential Portfolio Segment [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 494,438 | 390,072 |
Non-performing loans, 30-59 Days Past Due | 2,175 | 354 |
Non-performing loans, 60-89 Days Past Due | 1,063 | 267 |
Non-performing loans, 90+ Days Past Due | 273 | 1,832 |
Non accrual loans | 14,926 | 7,484 |
Loans Total | 512,875 | 400,009 |
Consumer Loan [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Current Loans | 192,256 | 190,393 |
Non-performing loans, 30-59 Days Past Due | 1,289 | 566 |
Non-performing loans, 60-89 Days Past Due | 928 | 0 |
Non-performing loans, 90+ Days Past Due | 4 | 404 |
Non accrual loans | 4,721 | 2,208 |
Loans Total | 199,198 | 193,571 |
Nonperforming Financing Receivable [Member] | ' | ' |
Non-Performing loans: | ' | ' |
Non accrual loans | 54,877 | 22,807 |
Non Performing Assets | ' | ' |
Loans 90 days past due and still accruing | 5,394 | 4,099 |
Total non-performing loans | $60,271 | $26,906 |
Loans_Details_2
Loans (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' | ' |
Beginning Allowance for loan losses | $30,612 | $28,114 | $28,877 | $28,282 |
Charge-offs | -3,512 | -3,832 | -5,346 | -7,246 |
Recoveries | -115 | -662 | -684 | -958 |
Net charge-offs | -3,397 | -3,170 | -4,662 | -6,288 |
Provision for losses | -4,800 | -2,600 | -7,800 | -5,550 |
Ending Allowance for Loan Losses | 32,015 | 27,544 | 32,015 | 27,544 |
Annualized net charge-offs to average gross loans | 0.34% | 0.58% | 0.25% | 0.58% |
Commercial And Industrial [Member] | ' | ' | ' | ' |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' | ' |
Beginning Allowance for loan losses | 6,886 | 5,533 | 5,302 | 4,603 |
Charge-offs | -1,164 | -359 | -1,692 | -518 |
Recoveries | -74 | -127 | -575 | -247 |
Net charge-offs | -1,090 | -232 | -1,117 | -271 |
Provision for losses | -873 | -930 | -2,484 | -39 |
Ending Allowance for Loan Losses | 6,669 | 4,371 | 6,669 | 4,371 |
Payroll financing [Member] | ' | ' | ' | ' |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' | ' |
Beginning Allowance for loan losses | 0 | ' | ' | ' |
Charge-offs | 0 | ' | 0 | ' |
Recoveries | 0 | ' | 0 | ' |
Net charge-offs | 0 | ' | 0 | ' |
Provision for losses | -610 | ' | -610 | ' |
Ending Allowance for Loan Losses | 610 | ' | 610 | ' |
Warehouse financing [Member] | ' | ' | ' | ' |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' | ' |
Beginning Allowance for loan losses | 0 | ' | ' | ' |
Charge-offs | 0 | ' | 0 | ' |
Recoveries | 0 | ' | 0 | ' |
Net charge-offs | 0 | ' | 0 | ' |
Provision for losses | -132 | ' | -132 | ' |
Ending Allowance for Loan Losses | 132 | ' | 132 | ' |
Factored Receivables [Member] | ' | ' | ' | ' |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' | ' |
Beginning Allowance for loan losses | 0 | ' | ' | ' |
Charge-offs | -289 | ' | -289 | ' |
Recoveries | 0 | ' | 0 | ' |
Net charge-offs | -289 | ' | -289 | ' |
Provision for losses | -668 | ' | -668 | ' |
Ending Allowance for Loan Losses | 379 | ' | 379 | ' |
Equipment Financing Receivables [Member] | ' | ' | ' | ' |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' | ' |
Beginning Allowance for loan losses | 0 | ' | ' | ' |
Charge-offs | -167 | ' | -167 | ' |
Recoveries | 0 | ' | 0 | ' |
Net charge-offs | -167 | ' | -167 | ' |
Provision for losses | -1,473 | ' | -1,473 | ' |
Ending Allowance for Loan Losses | 1,306 | ' | 1,306 | ' |
Commerical real estate [Member] | ' | ' | ' | ' |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' | ' |
Beginning Allowance for loan losses | 9,992 | 7,616 | 9,967 | 7,230 |
Charge-offs | -280 | -1,199 | -951 | -1,427 |
Recoveries | -19 | -331 | -56 | -412 |
Net charge-offs | -261 | -868 | -895 | -1,015 |
Provision for losses | -1,135 | -2,401 | -1,794 | -2,934 |
Ending Allowance for Loan Losses | 10,866 | 9,149 | 10,866 | 9,149 |
Acquisition, development & construction [Member] | ' | ' | ' | ' |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' | ' |
Beginning Allowance for loan losses | 5,857 | 7,026 | 5,806 | 8,526 |
Charge-offs | -1,260 | -567 | -1,478 | -2,161 |
Recoveries | 0 | -164 | 0 | -169 |
Net charge-offs | -1,260 | -403 | -1,478 | -1,992 |
Provision for losses | -1,038 | -521 | -769 | 432 |
Ending Allowance for Loan Losses | 3,559 | 6,102 | 3,559 | 6,102 |
Residential Portfolio Segment [Member] | ' | ' | ' | ' |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' | ' |
Beginning Allowance for loan losses | 4,600 | 4,368 | 4,474 | 4,359 |
Charge-offs | -148 | -959 | -418 | -1,909 |
Recoveries | -1 | -9 | -8 | -60 |
Net charge-offs | -147 | -950 | -410 | -1,849 |
Provision for losses | -112 | -1,025 | -501 | -1,933 |
Ending Allowance for Loan Losses | 4,565 | 4,443 | 4,565 | 4,443 |
Consumer Loan [Member] | ' | ' | ' | ' |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ' | ' | ' | ' |
Beginning Allowance for loan losses | 3,277 | 3,571 | 3,328 | 3,564 |
Charge-offs | -204 | -748 | -351 | -1,231 |
Recoveries | -21 | -31 | -45 | -70 |
Net charge-offs | -183 | -717 | -306 | -1,161 |
Provision for losses | -835 | -625 | -907 | -1,076 |
Ending Allowance for Loan Losses | $3,929 | $3,479 | $3,929 | $3,479 |
Loans_Details_3
Loans (Details 3) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | $37,085 | $36,821 |
Collectively evaluated for impairment | 4,194,637 | 2,376,077 |
Total loans | 4,244,354 | 2,412,898 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 1,593 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 32,015 | 27,284 |
Financing Receivable, Allowance for Credit Losses | 32,015 | 28,877 |
Commercial And Industrial [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | 1,841 | 2,631 |
Collectively evaluated for impairment | 1,068,031 | 437,156 |
Total loans | 1,072,203 | 439,787 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 249 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 6,669 | 5,053 |
Financing Receivable, Allowance for Credit Losses | 6,669 | 5,302 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | ' | 14,091 |
Collectively evaluated for impairment | ' | 1,262,946 |
Total loans | 1,315,220 | 1,277,037 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | ' | 803 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | ' | 9,164 |
Financing Receivable, Allowance for Credit Losses | ' | 9,967 |
Payroll financing [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | 0 | ' |
Collectively evaluated for impairment | 126,830 | ' |
Total loans | 126,830 | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 610 | ' |
Financing Receivable, Allowance for Credit Losses | 610 | ' |
Warehouse financing [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | 0 | ' |
Collectively evaluated for impairment | 150,280 | ' |
Total loans | 150,280 | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 132 | ' |
Financing Receivable, Allowance for Credit Losses | 132 | ' |
Factored receivable [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | 992 | ' |
Collectively evaluated for impairment | 144,987 | ' |
Total loans | 145,979 | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 379 | ' |
Financing Receivable, Allowance for Credit Losses | 379 | ' |
Equipment Financing Receivables [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | 0 | ' |
Collectively evaluated for impairment | 332,082 | ' |
Total loans | 332,082 | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,306 | ' |
Financing Receivable, Allowance for Credit Losses | 1,306 | ' |
Commercial Real Estate [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | 12,732 | ' |
Collectively evaluated for impairment | 1,594,397 | ' |
Total loans | 1,614,002 | ' |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 10,866 | ' |
Financing Receivable, Allowance for Credit Losses | 10,866 | ' |
Multi-family financing [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Total loans | 298,782 | ' |
Acquisition, development & construction | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | 21,005 | 19,582 |
Collectively evaluated for impairment | 69,900 | 82,912 |
Total loans | 90,905 | 102,494 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 540 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,559 | 5,266 |
Financing Receivable, Allowance for Credit Losses | 3,559 | 5,806 |
Residential Portfolio Segment [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | 515 | 515 |
Collectively evaluated for impairment | 508,932 | 399,494 |
Total loans | 512,875 | 400,009 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,565 | 4,474 |
Financing Receivable, Allowance for Credit Losses | 4,565 | 4,474 |
Consumer Loan [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | 0 | ' |
Collectively evaluated for impairment | 199,198 | ' |
Total loans | 199,198 | 193,571 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,929 | ' |
Financing Receivable, Allowance for Credit Losses | 3,929 | ' |
Consumer Other Financing Receivable [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Individually evaluated for impairment | ' | 2 |
Collectively evaluated for impairment | ' | 193,569 |
Total loans | ' | 193,571 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | ' | 1 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | ' | 3,327 |
Financing Receivable, Allowance for Credit Losses | ' | 3,328 |
Sterling Bancorp (Legacy) [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Recorded investment purchased credit impaired loans | 12,632 | ' |
Sterling Bancorp (Legacy) [Member] | Commercial And Industrial [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Recorded investment purchased credit impaired loans | 2,331 | ' |
Sterling Bancorp (Legacy) [Member] | Commercial Real Estate [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Recorded investment purchased credit impaired loans | 6,873 | ' |
Sterling Bancorp (Legacy) [Member] | Acquisition, development & construction | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Recorded investment purchased credit impaired loans | 0 | ' |
Sterling Bancorp (Legacy) [Member] | Residential Portfolio Segment [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Recorded investment purchased credit impaired loans | 3,428 | ' |
Sterling Bancorp (Legacy) [Member] | Consumer Loan [Member] | ' | ' |
Loans evaluated for impairment by segment | ' | ' |
Recorded investment purchased credit impaired loans | $0 | ' |
Loans_Details_4
Loans (Details 4) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
With an allowance recorded: | ' | ' |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | $0 | $6,405 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 4,410 |
With no related allowance recorded: | ' | ' |
Impaired Financing Receivable With Related Allowance Allowance Amount | 0 | 1,593 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 37,085 | 32,411 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 38,110 | 33,112 |
Impaired Financing Receivable, Unpaid Principal Balance | 38,110 | 39,517 |
Impaired Financing Receivable, Recorded Investment | 37,085 | 36,821 |
Impaired Financing Receivable Net | 0 | 1,593 |
Commercial And Industrial [Member] | ' | ' |
With an allowance recorded: | ' | ' |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 500 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 500 |
With no related allowance recorded: | ' | ' |
Impaired Financing Receivable With Related Allowance Allowance Amount | 0 | 249 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,841 | 2,131 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,841 | 2,175 |
Factored receivable [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 992 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 992 | 0 |
Commercial Real Estate [Member] | ' | ' |
With an allowance recorded: | ' | ' |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 3,150 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 2,271 |
With no related allowance recorded: | ' | ' |
Impaired Financing Receivable With Related Allowance Allowance Amount | 0 | 803 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 12,732 | 11,820 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 12,847 | 12,451 |
Acquisition, development & construction | ' | ' |
With an allowance recorded: | ' | ' |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 2,753 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 1,637 |
With no related allowance recorded: | ' | ' |
Impaired Financing Receivable With Related Allowance Allowance Amount | 0 | 540 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 21,005 | 17,945 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 21,915 | 17,971 |
Residential Portfolio Segment [Member] | ' | ' |
With no related allowance recorded: | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 515 | 515 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 515 | 515 |
Consumer Loan [Member] | ' | ' |
With an allowance recorded: | ' | ' |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 2 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 2 |
With no related allowance recorded: | ' | ' |
Impaired Financing Receivable With Related Allowance Allowance Amount | $0 | $1 |
Loans_Details_5
Loans (Details 5) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
With no related allowance recorded: | ' | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | $38,073 | $36,808 | $35,836 | $38,274 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 106 | 564 | 250 | 1,134 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 290 | 0 | 578 |
With an allowance recorded: | ' | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 11,839 | 0 | 11,860 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 34 | 0 | 68 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 20 | 0 | 41 |
Impaired Financing Receivable, Average Recorded Investment | 38,073 | 48,647 | 35,836 | 50,134 |
Impaired Financing Receivable, Interest Income, Accrual Method | 106 | 598 | 250 | 1,202 |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 310 | 0 | 619 |
Commercial And Industrial [Member] | ' | ' | ' | ' |
With no related allowance recorded: | ' | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,850 | 1,873 | 1,853 | 2,067 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 45 | 0 | 90 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 21 | 0 | 42 |
With an allowance recorded: | ' | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 368 | 0 | 365 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 3 | 0 | 6 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | ' | 3 | 0 | 6 |
Factored receivable [Member] | ' | ' | ' | ' |
With no related allowance recorded: | ' | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 992 | 0 | 496 | 0 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | 0 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
With no related allowance recorded: | ' | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 12,512 | 9,248 | 12,204 | 9,241 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 40 | 99 | 94 | 199 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 53 | 0 | 105 |
With an allowance recorded: | ' | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 6,265 | 0 | 6,245 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 13 | 0 | 27 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 9 | 0 | 19 |
Multi-family financing [Member] | ' | ' | ' | ' |
With no related allowance recorded: | ' | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 264 | 0 | 264 | 0 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | 0 |
Acquisition, development & construction | ' | ' | ' | ' |
With no related allowance recorded: | ' | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 21,940 | 15,582 | 20,762 | 16,603 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 66 | 313 | 156 | 630 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 161 | 0 | 321 |
With an allowance recorded: | ' | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 3,857 | 0 | 656 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 14 | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 6 | 0 | 0 |
Residential Portfolio Segment [Member] | ' | ' | ' | ' |
With no related allowance recorded: | ' | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 515 | 7,978 | 257 | 8,165 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 100 | 0 | 201 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 52 | 0 | 104 |
With an allowance recorded: | ' | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 649 | 0 | 3,885 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 27 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | 12 |
Consumer Loan [Member] | ' | ' | ' | ' |
With no related allowance recorded: | ' | ' | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 2,127 | 0 | 2,198 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 7 | 0 | 14 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 3 | 0 | 6 |
With an allowance recorded: | ' | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 700 | 0 | 709 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 4 | 0 | 8 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | $0 | $2 | $0 | $4 |
Loans_Details_6
Loans (Details 6) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
Troubled debt restructurings | ' | ' |
30-59 Days past due | $1,241 | $0 |
60-89 Days past due | 2,232 | 0 |
90 Days past due | 0 | 141 |
Non- accrual | 12,116 | 2,199 |
Total | 30,091 | 26,094 |
Loans and Leases Receivable, Impaired, Troubled Debt, Interest Income | -14,502 | -23,754 |
Trouble Debt restructuring currrent loans | 14,502 | 23,754 |
Allowance, Current Loans | -52 | -438 |
Allowance, 30-59 days past due | 0 | 0 |
Allowance, 60-89 days past due | 0 | 0 |
Allowance, 90+ days past due | 0 | 0 |
Allowance, Non-Accrual | 14 | 439 |
Allowance, Total TDR's | 66 | 877 |
Commercial And Industrial [Member] | ' | ' |
Troubled debt restructurings | ' | ' |
30-59 Days past due | 0 | 0 |
60-89 Days past due | 0 | 0 |
90 Days past due | 0 | 141 |
Non- accrual | 1,623 | 0 |
Total | 1,930 | 1,984 |
Trouble Debt restructuring currrent loans | 307 | 1,843 |
Commercial Real Estate Portfolio Segment [Member] | ' | ' |
Troubled debt restructurings | ' | ' |
30-59 Days past due | ' | 0 |
60-89 Days past due | ' | 0 |
90 Days past due | ' | 0 |
Non- accrual | ' | 0 |
Total | ' | 5,305 |
Trouble Debt restructuring currrent loans | ' | 5,305 |
Commercial Real Estate [Member] | ' | ' |
Troubled debt restructurings | ' | ' |
30-59 Days past due | 0 | ' |
60-89 Days past due | 2,232 | ' |
90 Days past due | 0 | ' |
Non- accrual | 448 | ' |
Total | 5,293 | ' |
Trouble Debt restructuring currrent loans | 2,613 | ' |
Acquisition, development & construction | ' | ' |
Troubled debt restructurings | ' | ' |
30-59 Days past due | 272 | 0 |
60-89 Days past due | 0 | 0 |
90 Days past due | 0 | 0 |
Non- accrual | 6,956 | 151 |
Total | 13,318 | 14,341 |
Trouble Debt restructuring currrent loans | 6,090 | 14,190 |
Residential Portfolio Segment [Member] | ' | ' |
Troubled debt restructurings | ' | ' |
30-59 Days past due | 969 | 0 |
60-89 Days past due | 0 | 0 |
90 Days past due | 0 | 0 |
Non- accrual | 2,868 | 1,792 |
Total | 9,329 | 4,208 |
Trouble Debt restructuring currrent loans | 5,492 | 2,416 |
Consumer Loan [Member] | ' | ' |
Troubled debt restructurings | ' | ' |
30-59 Days past due | 0 | ' |
60-89 Days past due | 0 | ' |
90 Days past due | 0 | ' |
Non- accrual | 221 | ' |
Total | 221 | ' |
Trouble Debt restructuring currrent loans | 0 | ' |
Consumer Other Financing Receivable [Member] | ' | ' |
Troubled debt restructurings | ' | ' |
30-59 Days past due | ' | 0 |
60-89 Days past due | ' | 0 |
90 Days past due | ' | 0 |
Non- accrual | ' | 256 |
Total | ' | 256 |
Trouble Debt restructuring currrent loans | ' | $0 |
Loans_Details_7
Loans (Details 7) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
loans | loans | loans | loans | |
Restructured Loans: | ' | ' | ' | ' |
Number of loans | 2 | 7 | 2 | 12 |
Pre-Modification | $1,060 | $3,218 | $1,060 | $8,166 |
Post-Modification | 1,060 | 3,218 | 1,060 | 8,166 |
Commercial And Industrial [Member] | ' | ' | ' | ' |
Restructured Loans: | ' | ' | ' | ' |
Number of loans | 0 | 2 | 0 | 3 |
Pre-Modification | 0 | 169 | 0 | 1,669 |
Post-Modification | 0 | 169 | 0 | 1,669 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Restructured Loans: | ' | ' | ' | ' |
Number of loans | ' | ' | 0 | 1 |
Pre-Modification | ' | ' | 0 | 450 |
Post-Modification | ' | ' | 0 | 450 |
Acquisition, development & construction | ' | ' | ' | ' |
Restructured Loans: | ' | ' | ' | ' |
Number of loans | 2 | 5 | 2 | 7 |
Pre-Modification | 1,060 | 3,049 | 1,060 | 5,772 |
Post-Modification | 1,060 | 3,049 | 1,060 | 5,772 |
Residential Portfolio Segment [Member] | ' | ' | ' | ' |
Restructured Loans: | ' | ' | ' | ' |
Number of loans | ' | ' | 0 | 1 |
Pre-Modification | ' | ' | 0 | 275 |
Post-Modification | ' | ' | $0 | $275 |
Loans_Details_8
Loans (Details 8) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Doubtful [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | $2 | $592 |
Doubtful [Member] | Commercial And Industrial [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 2 | 365 |
Doubtful [Member] | Factored receivable [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 0 | 0 |
Doubtful [Member] | Equipment Financing Receivables [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 0 | ' |
Doubtful [Member] | Finance Leases Portfolio Segment [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | ' | 0 |
Doubtful [Member] | Commerical real estate [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 0 | 227 |
Doubtful [Member] | Multi-family financing [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 0 | 0 |
Doubtful [Member] | Acquisition, development & construction [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 0 | 0 |
Doubtful [Member] | Residential Portfolio Segment [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 0 | 0 |
Substandard [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 82,671 | 60,503 |
Substandard [Member] | Commercial And Industrial [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 7,731 | 3,855 |
Substandard [Member] | Factored receivable [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 992 | 0 |
Substandard [Member] | Equipment Financing Receivables [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 276 | ' |
Substandard [Member] | Finance Leases Portfolio Segment [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | ' | 0 |
Substandard [Member] | Commerical real estate [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 33,627 | 24,561 |
Substandard [Member] | Multi-family financing [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 617 | 0 |
Substandard [Member] | Acquisition, development & construction [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 18,555 | 19,410 |
Substandard [Member] | Residential Portfolio Segment [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 15,732 | 9,786 |
Substandard [Member] | Consumer [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 5,141 | 2,891 |
Special Mention [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 39,964 | 13,530 |
Special Mention [Member] | Commercial And Industrial [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 25,620 | 3,545 |
Special Mention [Member] | Factored receivable [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 1,743 | 0 |
Special Mention [Member] | Equipment Financing Receivables [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 0 | ' |
Special Mention [Member] | Finance Leases Portfolio Segment [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | ' | 0 |
Special Mention [Member] | Commerical real estate [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 8,813 | 7,279 |
Special Mention [Member] | Multi-family financing [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 0 | 0 |
Special Mention [Member] | Acquisition, development & construction [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 1,060 | 1,867 |
Special Mention [Member] | Residential Portfolio Segment [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | 1,805 | 824 |
Special Mention [Member] | Consumer [Member] | ' | ' |
Risk category of loans by segment of gross loans | ' | ' |
Risk Category of loans by Segment of loans | $923 | $15 |
Loans_Details_Textual
Loans (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | |
Loans (Textual) [Abstract] | ' | ' | ' | ' | ' |
Net deferred loan origination Fees and Costs | ' | ($1,109,000) | ' | ' | ($1,201,000) |
Increased allowance for loan losses | 0 | 0 | 218,000 | ' | ' |
Charge offs resulting from troubled debt restructurings | 0 | 736,000 | ' | ' | ' |
Legacy Sterling loans not considered impaired | ' | ' | ' | 1,683,454,000 | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Carrying amount of Acquired legacy Sterling Loans | ' | 11,305,000 | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | ' | 0 | ' | ' | ' |
Pledged Assets Separately Reported, Loans Pledged as Collateral, at Fair Value | ' | 924,115,000 | ' | ' | 784,422,000 |
Additional restricted loan [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Additional restricted loan | ' | 0 | ' | ' | 4,101,000 |
Sterling Bancorp (Legacy) [Member] | ' | ' | ' | ' | ' |
Loans (Textual) [Abstract] | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans | ' | ' | ' | 1,698,108,000 | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Certain Loans Acquired in Transfer, Accretable Yield | ' | 0 | ' | ' | ' |
Sterling Bancorp (Legacy) [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Acquired with Deteriorated Credit Quality | ' | 12,632,000 | ' | ' | ' |
Impaired [Member] | Sterling Bancorp (Legacy) [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Acquired with Deteriorated Credit Quality | ' | ' | ' | 14,654,000 | ' |
Carrying amount of loans not impaired [Domain] | Gotham Bank of New York / legacy Sterling Bancorp [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans Acquired | ' | 1,378,608,000 | ' | ' | ' |
Commercial And Industrial [Member] | Sterling Bancorp (Legacy) [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Financing Receivable, Acquired with Deteriorated Credit Quality | ' | 2,331,000 | ' | ' | ' |
Commercial And Industrial [Member] | Purchased credit impaired loans [Member] | Sterling Bancorp (Legacy) [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Related Allowance | ' | $0 | ' | ' | ' |
Deposits_Details
Deposits (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Summary of major classification of deposits | ' | ' |
Noninterest-bearing Domestic Deposit, Demand | $1,687,775 | $943,934 |
Interest-bearing Domestic Deposit, Demand | 744,701 | 434,398 |
Savings | 607,601 | 580,125 |
Money market | 1,637,838 | 735,709 |
Certificates Of Deposit | 533,809 | 268,128 |
Total deposits | $5,211,724 | $2,962,294 |
Deposits_Details_1
Deposits (Details 1) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Classification of Deposits [Line Items] | ' | ' | ||
Noninterest-bearing Domestic Deposit, Brokered | $95,631 | $36,682 | ||
Money Market Deposits [Member] | ' | ' | ||
Schedule of Classification of Deposits [Line Items] | ' | ' | ||
Noninterest-bearing Domestic Deposit, Brokered | 59,131 | 34,571 | ||
Reciprocal CDAR's [Member] | ' | ' | ||
Schedule of Classification of Deposits [Line Items] | ' | ' | ||
Noninterest-bearing Domestic Deposit, Brokered | 33,243 | [1] | 1,343 | [1] |
CDAR's One Way [Member] | ' | ' | ||
Schedule of Classification of Deposits [Line Items] | ' | ' | ||
Noninterest-bearing Domestic Deposit, Brokered | $3,257 | $768 | ||
[1] | Certificate of deposit account registry service. |
Deposits_Details_Textual
Deposits (Details Textual) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deposits (Textual) [Abstract] | ' | ' |
Municipal deposits | $926,618 | $757,066 |
Borrowings_Details
Borrowings (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Jul. 02, 2013 |
In Thousands, unless otherwise specified | |||
By period to maturity: | ' | ' | ' |
Less than one year, Amount | $109,328 | $158,897 | ' |
Less than one year, Rate | 1.01% | 0.95% | ' |
One to two years, Amount | 145,224 | 78,717 | ' |
One to two years, Rate | 0.56% | 1.97% | ' |
Two to three years, Amount | 132,614 | 191 | ' |
Two to three years, Rate | 3.43% | 5.32% | ' |
Three to four years, Amount | 120,000 | 202,414 | ' |
Three to four years, Rate | 4.10% | 4.21% | ' |
Four to five years, Amount | 98,215 | 118,033 | ' |
Four to five years, Rate | 5.98% | 5.57% | ' |
Greater than five years, Amount | 2,626 | 2,734 | ' |
Greater than five years, Rate | 4.92% | 4.92% | ' |
Total borrowings, Amount | 608,007 | 560,986 | ' |
Total borrowings, Rate | 2.86% | 3.26% | ' |
FHLB Advances [Member] | ' | ' | ' |
By period to maturity: | ' | ' | ' |
Total borrowings, Amount | 489,801 | 442,602 | ' |
Total borrowings, Rate | 2.34% | 2.77% | ' |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | ' | ' | ' |
By period to maturity: | ' | ' | ' |
Total borrowings, Amount | 19,991 | 20,351 | ' |
Total borrowings, Rate | 0.36% | 0.88% | ' |
Senior Notes [Member] | ' | ' | ' |
By period to maturity: | ' | ' | ' |
Total borrowings, Amount | $98,215 | $98,033 | $100,000 |
Total borrowings, Rate | 5.98% | 5.98% | ' |
Borrowings_Details_Textual
Borrowings (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Jul. 02, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | |||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | |||||||||
Borrowings (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | ' | ' | ' | ' | $303 | ' | ' | ' | ' |
Repurchase agreements | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | 4.23% | 4.23% | ' | ' | ' | ' | ' | ' | 0.36% |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | 1,967 | 1,785 | ' | ' | ' |
Interest expense cost over the life of Senior note | 5.98% | ' | ' | ' | ' | ' | ' | ' | ' |
Private placement discount rate | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' |
Bank pledged mortgages | 924,115 | 784,422 | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 608,007 | 560,986 | 19,991 | 20,351 | 98,033 | 98,215 | 100,000 | ' | ' |
Market Value Of Mortgage Not Required To Be Pledged | 720,074 | ' | ' | ' | ' | ' | ' | ' | ' |
Federal home loan bank borrowings | $200,000 | $200,000 | ' | ' | ' | ' | ' | ' | ' |
Long term debt weighted average remaining term | '3 years 0 months 22 days | '3 years 6 months 22 days | ' | ' | ' | ' | ' | ' | ' |
Amount of repurchase agreements | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Weighted Average Interest Rate | 2.86% | 3.26% | 0.36% | 0.88% | 5.98% | 5.98% | ' | ' | ' |
Repurchase agreement remaining terms | ' | ' | ' | ' | ' | ' | ' | '0 years 0 months 20 days | ' |
Subordinated_Debentures_Detail
Subordinated Debentures (Details) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Subordinated Debentures [Abstract] | ' | ' |
Subordinated debentures | $25,774 | $0 |
Amortization of Debt Discount (Premium) | 735 | 0 |
Subordinated debentures | $26,509 | $0 |
Subordinated_debentures_textur
Subordinated debentures textural (Details1) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Feb. 28, 2002 | Feb. 28, 2002 | Apr. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Sterling Bancorp Trust I [Member] | Trust Preferred Securities Subject to Mandatory Redemption [Member] | Trust Preferred Securities Subject to Mandatory Redemption [Member] | Trust Preferred Securities Subject to Mandatory Redemption [Member] | |||
Sterling Bancorp [Member] | Sterling Bancorp [Member] | ||||||
Subordinated Borrowing [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Trust Preferred Securities | ' | ' | ' | $25,000 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 8.38% | ' | ' | ' | ' |
Securities available for sale | 1,233,310 | 954,393 | ' | ' | ' | 1,013 | ' |
Trust preferred capital securities not owned | 23,987 | ' | ' | ' | ' | ' | ' |
Junior Subordinated Notes | 25,774 | 0 | ' | ' | ' | ' | ' |
Subsequent Event, Description | ' | ' | ' | ' | '1 | ' | ' |
Debt Instrument, Unamortized Premium | ' | ' | ' | ' | ' | ' | $735 |
Guarantors_Obligations_Under_G1
Guarantor's Obligations Under Guarantees (Details) (USD $) | Mar. 31, 2014 |
Guarantor's Obligations Under Guarantees (Textual) [Abstract] | ' |
Outstanding letters of credit | $75,931,000 |
Outstanding letters of credit cash secured | 21,000,000 |
Outstanding letters of credit secured by collateral | $14,000,000 |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Computation of basic and diluted earnings per share | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 653,146 | 1,332,619 | 849,188 | 1,344,024 |
Basic earnings per common share | ' | ' | ' | ' |
Weighted average common shares outstanding (basic) | 83,497,765 | 43,743,640 | 76,924,082 | 43,704,163 |
Net income | $10,332 | $6,529 | ($3,671) | $13,549 |
Basic earnings per common share | $0.12 | $0.15 | ($0.05) | $0.31 |
Diluted earnings per common share | ' | ' | ' | ' |
Weighted average common shares outstanding (basic) | 83,497,765 | 43,743,640 | 76,924,082 | 43,704,163 |
Effect of common stock equivalents | 296,342 | 104,846 | 0 | 86,752 |
Weighted average common shares diluted | 83,794,107 | 43,848,486 | 76,924,082 | 43,790,915 |
Net income | $10,332 | $6,529 | ($3,671) | $13,549 |
Diluted earnings per common share | $0.12 | $0.15 | ($0.05) | $0.31 |
Other_Noninterest_expense_Deta
Other Non-interest expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Other Non-Interest Expense [Abstract] | ' | ' | ' | ' |
General Insurance Expense | $637 | $213 | $1,217 | $468 |
Marketing and Advertising Expense | 422 | 535 | 731 | 779 |
Professional Fees | 1,500 | 912 | 3,319 | 2,128 |
Information Technology and Data Processing | 663 | 823 | 1,258 | 1,471 |
Other non interest expense -misc | 4,852 | 1,820 | 9,426 | 4,130 |
Other Noninterest Expense | $8,074 | $4,303 | $15,951 | $8,976 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (Restricted Stock Units (RSUs) [Member]) | 6 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Restricted Stock Units (RSUs) [Member] | ' | ' | ||
Fair value of options granted determined using weighted-average assumptions as grant date | ' | ' | ||
Risk-free interest rate | 1.74% | 0.96% | ||
Expected stock price volatility | 26.50% | 40.80% | ||
Dividend yield | 2.05% | [1] | 2.61% | [1] |
Expected term in years | '5 years 9 months | '5 years 9 months 0 days | ||
[1] | Represents the approximate annualized cash dividend rate paid with respect to a share of common stock at or near the grant date |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (USD $) | 6 Months Ended |
Mar. 31, 2014 | |
Summary of Company's stock option activity | ' |
Granted, Number of Shares | 595,435 |
Exercised, Number of Shares | 0 |
Forfeited, Number of Shares | -331,694 |
Outstanding at end of period, Number of Shares | 4,275,940 |
Summary of Company's stock option activity, weighted average exercise price | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 5,000 |
Stock Compensation Plan [Member] | ' |
Summary of Company's stock option activity | ' |
Exercisable at end of period, Number of Shares | 1,058,882 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | 12.08 |
Summary of Company's stock option activity, weighted average exercise price | ' |
Exercisable at end of period, Weighted Average Exercise Price (USD per share) | 11.24 |
2014 Stock Incentive Plan [Member] [Member] | ' |
Summary of Company's stock option activity | ' |
Granted, Number of Shares | 3,400,000 |
Recognition and Retention Plan [Member] | Restricted Stock Units (RSUs) [Member] | ' |
Summary of restricted stock award activity | ' |
Nonvested shares at beginning of period, Number of Shares | 209,697 |
Granted, Number of Shares | -101,078 |
Vested, Number of Shares | -46,590 |
Forfeited, Number of Shares | -15,996 |
Nonvested shares at end of period, Number of Shares | 600,153 |
Summary of restricted stock award activity, weighted average grant date fair value | ' |
Nonvested shares at beginning of period, Weighted Average Grant-Date Fair Value | 8.73 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 11.36 |
Vested, Weighted Average Grant-Date Fair Value | 8.75 |
Forfeited, Weighted Average Grant-Date Fair Value | 8.86 |
Nonvested shares at end of period, Weighted Average Grant-Date Fair Value | 10.89 |
Employee Stock Option [Member] | ' |
Summary of Company's stock option activity | ' |
Outstanding at beginning of period, Number of Shares | 2,114,509 |
Granted, Number of Shares | 249,862 |
Exercised, Number of Shares | -432,056 |
Forfeited, Number of Shares | -274,109 |
Outstanding at end of period, Number of Shares | 1,762,358 |
Summary of Company's stock option activity, weighted average exercise price | ' |
Outstanding at beginning of period, Weighted Average Exercise Price (USD per share) | 10.71 |
Granted, Weighted Average Exercise Price (USD per share) | 11.36 |
Exercised, Weighted Average Exercise Price (USD per share) | 11.79 |
Outstanding at end of period, Weighted Average Exercise Price (USD per share) | 10.53 |
Stock Compensation Grants associated with legacy Sterling Merger [Member] | ' |
Summary of Company's stock option activity | ' |
Granted, Number of Shares | 921,503 |
Stock Compensation Grants associated with legacy Sterling Merger [Member] | Recognition and Retention Plan [Member] | Restricted Stock Units (RSUs) [Member] | ' |
Summary of restricted stock award activity | ' |
Granted, Number of Shares | -351,964 |
Summary of restricted stock award activity, weighted average grant date fair value | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 11.72 |
Stock Compensation Grants associated with legacy Sterling Merger [Member] | Employee Stock Option [Member] | ' |
Summary of Company's stock option activity | ' |
Granted, Number of Shares | 104,152 |
Summary of Company's stock option activity, weighted average exercise price | ' |
Granted, Weighted Average Exercise Price (USD per share) | 14.25 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | ' | ' | $0 | ' | ' |
Total compensation cost that has been charged against income for share based compensation plan | 927,000 | 679,000 | 1,918,000 | 1,179,000 | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | ' | ' | 0 | ' | ' |
Grant of share options to employees as per Employee Share Option Plan (stock option plan) | ' | ' | 595,435 | ' | ' |
Shares remaining that are authorized and available for future grant under the 2004 RRP | 77 | ' | 77 | ' | 2,066,184 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | ' | 331,694 | ' | ' |
Weighted average fair value of options granted | ' | ' | $2.49 | $2.74 | ' |
Total unrecognized compensation cost related to non-vested shares granted under the 2004 RRP | 1,422,000 | ' | 1,422,000 | ' | ' |
Weighted-average period total unrecognized compensation cost related to non-vested shares granted under the 2004 RRP | ' | ' | '1 year 10 months 0 days | ' | ' |
2014 Stock Incentive Plan [Member] [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Grant of share options to employees as per Employee Share Option Plan (stock option plan) | ' | ' | 3,400,000 | ' | ' |
Number of shares received for each share granted | ' | ' | 3.5 | ' | ' |
Employee Stock Option [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Grant of share options to employees as per Employee Share Option Plan (stock option plan) | ' | ' | 249,862 | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | ' | $11.36 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | ' | 274,109 | ' | ' |
2012 Stock Plan [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Grant of share options to employees as per Employee Share Option Plan (stock option plan) | ' | ' | 1,557,622 | ' | ' |
Number of shares received for each share granted | ' | ' | 3.6 | ' | ' |
Recognition and Retention Plan [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to non-vested shares granted under the 2004 RRP | 5,192,000 | ' | 5,192,000 | ' | ' |
Weighted-average period total unrecognized compensation cost related to non-vested shares granted under the 2004 RRP | ' | ' | '2 years 3 months 8 days | ' | ' |
Employee Stock Option [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Total compensation cost that has been charged against income for share based compensation plan | $927,000 | $679,000 | $1,918,000 | $1,179,000 | ' |
Restricted Stock Units (RSUs) [Member] | Recognition and Retention Plan [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 101,078 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $11.36 | ' | ' |
Employee Stock Option [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Term of Contract | ' | ' | '10 years 0 months 0 days | ' | ' |
Employee Stock Option [Member] | Minimum [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Vesting period for Option awards | ' | ' | '2 years 0 months 0 days | ' | ' |
Employee Stock Option [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Vesting period for Option awards | ' | ' | '5 years 0 months 0 days | ' | ' |
Share Option Plan 2004 [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Grant of share options to employees as per Employee Share Option Plan (stock option plan) | ' | ' | 230,281 | ' | ' |
Sterling Bancorp (Legacy) [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | ' | 9,468 | ' | ' |
Sterling Bancorp (Legacy) [Member] | Sterling Bancorp 2013 Employment Inducement Award Plan [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Grant of share options to employees as per Employee Share Option Plan (stock option plan) | ' | ' | 95,991 | ' | ' |
Sterling Bancorp (Legacy) [Member] | Maximum [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Vesting period for Option awards | ' | ' | '3 years | ' | ' |
Sterling Bancorp (Legacy) [Member] | Fully Vested legacy Sterling options [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Grant of share options to employees as per Employee Share Option Plan (stock option plan) | ' | ' | 110,470 | ' | ' |
Sterling Bancorp (Legacy) [Member] | Restricted Stock Units (RSUs) [Member] | 2012 Stock Plan [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 255,973 | ' | ' |
Stock Compensation Grants associated with legacy Sterling Merger [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Grant of share options to employees as per Employee Share Option Plan (stock option plan) | ' | ' | 921,503 | ' | ' |
Stock Compensation Grants associated with legacy Sterling Merger [Member] | Employee Stock Option [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Grant of share options to employees as per Employee Share Option Plan (stock option plan) | ' | ' | 104,152 | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | ' | ' | $14.25 | ' | ' |
Stock Compensation Grants associated with legacy Sterling Merger [Member] | Restricted Stock Units (RSUs) [Member] | Recognition and Retention Plan [Member] | ' | ' | ' | ' | ' |
Stock Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | 351,964 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | $11.72 | ' | ' |
Pension_and_Other_Post_Retirem2
Pension and Other Post Retirement Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plan [Member] | ' | ' | ' | ' |
Net post-retirement cost, recorded within salaries and employee benefits expense | ' | ' | ' | ' |
Service cost | $0 | $0 | $0 | $0 |
Interest cost | 1,377 | 363 | 1,779 | 726 |
Expected return on plan assets | -1,701 | -615 | -2,372 | -1,231 |
Amortization of net transition obligation | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of (gain) or loss | 48 | 515 | 145 | 1,031 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | -1,352 | 0 | -4,095 | 0 |
Total cost | 1,076 | 263 | 3,647 | 526 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Net post-retirement cost, recorded within salaries and employee benefits expense | ' | ' | ' | ' |
Service cost | 0 | 11 | 0 | 23 |
Interest cost | 11 | 31 | 23 | 63 |
Expected return on plan assets | 32 | 0 | 66 | 0 |
Amortization of net transition obligation | 6 | 6 | 12 | 12 |
Amortization of prior service cost | 12 | 12 | 24 | 23 |
Amortization of (gain) or loss | 0 | -6 | 0 | -13 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | 0 | 0 | 0 | 0 |
Total cost | $61 | $54 | $125 | $108 |
Pension_and_Other_Post_Retirem3
Pension and Other Post Retirement Plans (Details) (Textual) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Feb. 04, 2014 | Feb. 04, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 28, 2014 | |
Supplemental Employee Retirement Plan, Defined Benefit [Member] | Supplemental Employee Retirement Plan, Defined Benefit [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Employee Stock Ownership Plan [Member] | Employee Stock Ownership Plan [Member] | Employee Stock Ownership Plan (ESOP) loan repayment [Member] | Legacy Provident [Domain] | Legacy Provident [Domain] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | Sterling Bancorp (Legacy) [Member] | |||||
Supplemental Employee Retirement Plan, Defined Benefit [Member] | legacy Sterling/ National Bank employees' Retirement Plan [Member] | Unfunded post retirement obligation, Insurance benefits [Member] | Unfunded post retirement obligation, Insurance benefits [Member] | Unfunded post retirement obligation, Insurance benefits [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | |||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business combination pension liability assumed | ' | ' | ' | ' | ' | ' | $41,412,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,927 | ' | ' | ' | ' | ' | ' |
Defined benefit plan contributions by employer supplemental (SERP) | 95,000 | 9,000 | 159,000 | 18,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock ownership plan percent automatically vested upon termination | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Periodic pension expense for the supplemental plan | 61,000 | 54,000 | 125,000 | 101,000 | ' | ' | ' | ' | 134,000 | 204,000 | ' | ' | ' | ' | ' | ' | 1,208,000 | ' | ' |
Pension plan termination charge | ' | ' | 1,352,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension Benefit | ' | ' | -144,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | ' | ' | ' | ' | 1,141,000 | 1,203,000 | ' | ' | ' | ' | ' | ' | ' | ' | 19,466,000 | 31,705,000 | ' | 27,946,000 | ' |
Settlement of a portion of pension plan liability through acquisition of annuity contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,698,000 | ' | ' | ' | 28,835,000 |
Defined Benefit Plan, Funded Status of Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,096,000 | 3,712,000 | 16,700,000 | ' | ' |
Accelerated amortization of accumulated other comprehensive income (loss) | ' | ' | 2,743,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | ' | ' | ' | ' | ' | ' | ' | 4.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,700,000 | ' | ' |
Post-retirement benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,932,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Shares in ESOP | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 499,330 | 488,403 | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,983,000 | ' | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 286,000 | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Option Plan (ESOP) plan termination cost | ' | ' | $134,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_Details
Derivatives (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
Interest Rate Caps [Member] | ' | ' |
Summary of derivatives | ' | ' |
Notional amount | $50,000 | $50,000 |
Weighted average maturity (in years) | '0 years 8 months 5 days | '1 year 2 months 5 days |
Weighted average fixed rate | 3.75% | 3.75% |
Fair value | 0 | 0 |
3rd party interest rate swap [Member] | ' | ' |
Summary of derivatives | ' | ' |
Notional amount | 53,141 | 54,180 |
Weighted average maturity (in years) | '5 years 3 months 5 days | '5 years 9 months 5 days |
Weighted average fixed rate | 4.22% | 4.22% |
Basis Spread on Variable Rate | 2.45% | 2.45% |
Fair value | ' | 997 |
3rd party interest rate swap [Member] | One Month Libor [Member] | ' | ' |
Summary of derivatives | ' | ' |
Weighted average variable rate | '1 m Libor + 2.45 | '1 m Libor + 2.45 |
Customer interest rate swap [Member] | ' | ' |
Summary of derivatives | ' | ' |
Notional amount | 53,141 | 54,180 |
Weighted average maturity (in years) | '5 years 3 months 5 days | '5 years 9 months 5 days |
Weighted average fixed rate | 4.22% | 4.22% |
Basis Spread on Variable Rate | 2.45% | 2.45% |
Fair value | $756 | $997 |
Customer interest rate swap [Member] | One Month Libor [Member] | ' | ' |
Summary of derivatives | ' | ' |
Weighted average variable rate | '1 m Libor + 2.45 | '1 m Libor + 2.45 |
Derivatives_Details_Textual
Derivatives (Details Textual) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2009 |
Derivatives | |||
Credit Derivatives [Line Items] | ' | ' | ' |
Securities pledged as collateral for Dervatives Amortized cost | $5,037 | ' | ' |
Securities pledged as collteral for derivatives at fair vaue | 4,700 | ' | ' |
Interest Rate Caps [Member] | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Number of interest rate derivatives held | ' | ' | 2 |
Strike price | ' | ' | 3.50% |
Changes in fair value | $0 | $1 | ' |
Interest Rate Cap 2 [Member] | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Strike price | ' | ' | 4.00% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details 1) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Investment securities | ' | ' |
Fair value | $1,233,310,000 | $954,393,000 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | ' | 114,933,000 |
Fair Value Measurements [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 592,366,000 | 449,183,000 |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 640,944,000 | 505,210,000 |
Fair value | 1,233,310,000 | 954,393,000 |
Interest rate caps and swaps | 756,000 | 997,000 |
Total assets measured at estimated fair value on a recurring basis | 1,234,066,000 | 955,390,000 |
Interest rate swaps | -756,000 | -997,000 |
Total liabilities measured at estimated fair value on a recurring basis | 756,000 | 997,000 |
Fair Value Measurements [Member] | Fannie Mae [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 457,515,000 | 282,529,000 |
Fair Value Measurements [Member] | CMO/Other MBS [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 131,621,000 | 163,041,000 |
Fair Value Measurements [Member] | Privately issued collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 3,230,000 | 3,613,000 |
Fair Value Measurements [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Fair Value Measurements [Member] | Federal Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 209,701,000 | 261,547,000 |
Fair Value Measurements [Member] | Corporate Bond Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 222,198,000 | ' |
Fair Value Measurements [Member] | Obligations of states and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 137,136,000 | 128,730,000 |
Fair Value Measurements [Member] | Trust Preferred Securities Subject to Mandatory Redemption [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 67,086,000 | ' |
Fair Value Measurements [Member] | Mutual funds | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 4,823,000 | ' |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | ' | 0 |
Fair value | 0 | 0 |
Interest rate caps and swaps | 0 | 0 |
Interest rate swaps | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Fair value | 0 | 0 |
Interest rate caps and swaps | 0 | 0 |
Total assets measured at estimated fair value on a recurring basis | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total liabilities measured at estimated fair value on a recurring basis | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Fannie Mae [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | CMO/Other MBS [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Privately issued collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Federal Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | ' | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Corporate Bond Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Obligations of states and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Trust Preferred Securities Subject to Mandatory Redemption [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | Mutual funds | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Investment securities | ' | ' |
Fair value | 1,230,080,000 | 950,780,000 |
Interest rate caps and swaps | 756,000 | 997,000 |
Interest rate swaps | -756,000 | -997,000 |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 589,136,000 | 445,570,000 |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 640,944,000 | 505,210,000 |
Fair value | 1,230,080,000 | 950,780,000 |
Interest rate caps and swaps | 756,000 | 997,000 |
Total assets measured at estimated fair value on a recurring basis | 1,230,836,000 | 951,777,000 |
Interest rate swaps | -756,000 | -997,000 |
Total liabilities measured at estimated fair value on a recurring basis | 756,000 | 997,000 |
Significant Other Observable Inputs Level 2 [Member] | Fannie Mae [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 457,515,000 | 282,529,000 |
Significant Other Observable Inputs Level 2 [Member] | CMO/Other MBS [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 131,621,000 | 163,041,000 |
Significant Other Observable Inputs Level 2 [Member] | Privately issued collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Significant Other Observable Inputs Level 2 [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Significant Other Observable Inputs Level 2 [Member] | Federal Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 209,701,000 | 261,547,000 |
Significant Other Observable Inputs Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | ' | 114,933,000 |
Significant Other Observable Inputs Level 2 [Member] | Corporate Bond Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 222,198,000 | ' |
Significant Other Observable Inputs Level 2 [Member] | Obligations of states and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 137,136,000 | 128,730,000 |
Significant Other Observable Inputs Level 2 [Member] | Trust Preferred Securities Subject to Mandatory Redemption [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 67,086,000 | ' |
Significant Other Observable Inputs Level 2 [Member] | Mutual funds | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 4,823,000 | ' |
Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Investment securities | ' | ' |
Fair value | 3,230,000 | 3,613,000 |
Interest rate caps and swaps | 0 | 0 |
Interest rate swaps | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 3,230,000 | 3,613,000 |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Fair value | 3,230,000 | 3,613,000 |
Interest rate caps and swaps | 0 | 0 |
Total assets measured at estimated fair value on a recurring basis | 3,230,000 | 3,613,000 |
Interest rate swaps | 0 | 0 |
Total liabilities measured at estimated fair value on a recurring basis | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | Fannie Mae [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | CMO/Other MBS [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | Privately issued collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Mortgage-backed securities-residential | ' | ' |
Mortgage-backed securities-residential | 3,230,000 | 3,613,000 |
Significant Unobservable Inputs Level 3 [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Significant Unobservable Inputs Level 3 [Member] | Federal Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | ' | 0 |
Significant Unobservable Inputs Level 3 [Member] | Corporate Bond Securities [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Significant Unobservable Inputs Level 3 [Member] | Obligations of states and political subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | Trust Preferred Securities Subject to Mandatory Redemption [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Significant Unobservable Inputs Level 3 [Member] | Mutual funds | Fair Value, Measurements, Recurring [Member] | ' | ' |
Investment securities | ' | ' |
Investments, Fair Value Disclosure | 0 | ' |
Mortgage-backed securities-residential [Member] | ' | ' |
Investment securities | ' | ' |
Fair value | $592,366,000 | $449,183,000 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | $0 | $0 |
Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | 0 | 0 |
Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | 4,254,200 | 2,422,824 |
Impaired [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | 3,359 | 6,013 |
Impaired [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | 0 | 0 |
Impaired [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | 0 | 0 |
Impaired [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | 3,359 | 6,013 |
Impaired [Member] | Commercial And Industrial [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | ' | 500 |
Impaired [Member] | Commercial And Industrial [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | ' | 0 |
Impaired [Member] | Commercial And Industrial [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | ' | 0 |
Impaired [Member] | Commercial And Industrial [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | ' | 500 |
Impaired [Member] | Commercial Real Estate [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | 897 | 3,672 |
Impaired [Member] | Commercial Real Estate [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | 0 | 0 |
Impaired [Member] | Commercial Real Estate [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | 0 | 0 |
Impaired [Member] | Commercial Real Estate [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | 897 | 3,672 |
Impaired [Member] | Acquisition, development and construction [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | 2,462 | 1,839 |
Impaired [Member] | Acquisition, development and construction [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | 0 | 0 |
Impaired [Member] | Acquisition, development and construction [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | 0 | 0 |
Impaired [Member] | Acquisition, development and construction [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | 2,462 | 1,839 |
Impaired [Member] | Consumer loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value Measurements [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | ' | 2 |
Impaired [Member] | Consumer loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active markets for Identical Assets Level 1 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | ' | 0 |
Impaired [Member] | Consumer loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs Level 2 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | ' | 0 |
Impaired [Member] | Consumer loans [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | ' | ' |
Impaired loans measured at estimated fair value on nonrecurring basis | ' | ' |
Loans, net | ' | $2 |
Recovered_Sheet1
Fair value measurements (Details 3) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Impaired [Member] | Impaired [Member] | Impaired [Member] | Impaired [Member] | Impaired [Member] | Impaired [Member] | Impaired [Member] | Impaired [Member] | Impaired [Member] | Impaired [Member] | Impaired [Member] | Taken in Foreclosure [Member] | Taken in Foreclosure [Member] | Taken in Foreclosure [Member] | Taken in Foreclosure [Member] | Taken in Foreclosure [Member] | Taken in Foreclosure [Member] | Taken in Foreclosure [Member] | Taken in Foreclosure [Member] | Taken in Foreclosure [Member] | Taken in Foreclosure [Member] | Taken in Foreclosure [Member] | Taken in Foreclosure [Member] | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||
Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | |||||
Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||
Acquisition Development And Construction [Member] | Commercial And Industrial [Member] | Commercial Real Estate [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Acquisition Development And Construction [Member] | Commercial Real Estate [Member] | Residential Mortgage [Member] | Mortgage Servicing Rights [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | Significant Unobservable Inputs Level 3 [Member] | |||||||
Acquisition Development And Construction [Member] | Commercial And Industrial [Member] | Commercial Real Estate [Member] | Acquisition Development And Construction [Member] | Commercial And Industrial [Member] | Commercial Real Estate [Member] | speed | Acquisition Development And Construction [Member] | Commercial Real Estate [Member] | Residential Mortgage [Member] | Mortgage Servicing Rights [Member] | Acquisition Development And Construction [Member] | Commercial Real Estate [Member] | Residential Mortgage [Member] | Mortgage Servicing Rights [Member] | |||||||||||||
speed | speed | ||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans, net | ' | ' | $4,254,200 | $2,422,824 | $3,359 | $6,013 | $2,462 | ' | $897 | ' | ' | ' | ' | ' | ' | ' | $8,388 | $887 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Comparability Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 9.00% | 15.00% | 30.00% | 19.00% | 36.00% | ' | ' | ' | ' | 25.00% | 20.00% | 16.00% | 9.30% | 70.00% | 37.00% | 59.00% | 12.80% |
Fair Value Weighted Average | ' | ' | ' | ' | ' | ' | 0.135 | 0.144 | 0.22 | ' | ' | ' | ' | ' | ' | 0.302 | 0.248 | 0.216 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepayment speed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | 968 |
Weighted average prepayment speed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 224 | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing Asset at Fair Value, Amount | $1,747 | $1,978 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 4) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Financial assets: | ' | ' |
Securities available for sale | $1,233,310,000 | $954,393,000 |
Securities held to maturity | 527,121,000 | 250,896,000 |
Financial liabilities: | ' | ' |
Senior Notes | -98,215,000 | -98,033,000 |
Subordinated debentures | -26,509,000 | 0 |
Level 1 [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and due from banks | 164,645,000 | 113,090,000 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 0 | 0 |
Interest rate caps and swaps | 0 | 0 |
Financial liabilities: | ' | ' |
Non-maturity deposits | -4,677,915,000 | -2,694,166,000 |
Certificates of deposit | 0 | 0 |
FHLB and other borrowings | 0 | 0 |
Other Borrowings | 0 | ' |
Senior Notes | 0 | 0 |
Subordinated debentures | 0 | ' |
Mortgage escrow funds | 0 | 0 |
Accrued interest payable on deposits including escrow | 0 | 0 |
Accrued interest payable on borrowings | 0 | 0 |
Interest rate swaps | 0 | 0 |
Level 2 [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and due from banks | 0 | 0 |
Securities available for sale | 1,230,080,000 | 950,780,000 |
Securities held to maturity | 527,121,000 | 250,896,000 |
Loans, net | 0 | 0 |
Loans held for sale | 21,348,000 | 1,011,000 |
Accrued interest receivable on securities | 8,810,000 | 4,892,000 |
Accrued interest receivable on loans | 0 | 0 |
Interest rate caps and swaps | 756,000 | 997,000 |
Financial liabilities: | ' | ' |
Non-maturity deposits | 0 | 0 |
Certificates of deposit | -533,733,000 | -268,088,000 |
FHLB and other borrowings | -511,976,000 | -488,369,000 |
Other Borrowings | -19,992,000 | ' |
Senior Notes | -100,947,000 | -98,142,000 |
Subordinated debentures | -26,149,000 | ' |
Mortgage escrow funds | -8,710,000 | -12,644,000 |
Accrued interest payable on deposits including escrow | -427,000 | -1,480,000 |
Accrued interest payable on borrowings | -2,736,000 | ' |
Interest rate swaps | -756,000 | -997,000 |
Level 3 [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and due from banks | 0 | 0 |
Securities available for sale | 3,230,000 | 3,613,000 |
Securities held to maturity | 0 | 0 |
Loans, net | 4,254,200,000 | 2,422,824,000 |
Loans held for sale | 0 | 0 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 9,344,000 | ' |
Interest rate caps and swaps | 0 | 0 |
Financial liabilities: | ' | ' |
Non-maturity deposits | 0 | 0 |
Certificates of deposit | 0 | 0 |
FHLB and other borrowings | 0 | 0 |
Other Borrowings | 0 | ' |
Senior Notes | 0 | 0 |
Subordinated debentures | 0 | ' |
Mortgage escrow funds | 0 | 0 |
Accrued interest payable on deposits including escrow | 0 | 0 |
Accrued interest payable on borrowings | 0 | 0 |
Interest rate swaps | 0 | 0 |
Carrying Amount [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and due from banks | 164,645,000 | 113,090,000 |
Securities available for sale | 1,233,310,000 | 954,393,000 |
Securities held to maturity | 527,265,000 | 253,999,000 |
Loans, net | 4,212,339,000 | 2,384,021,000 |
Loans held for sale | 21,348,000 | 1,011,000 |
Accrued interest receivable on securities | 8,810,000 | 4,892,000 |
Accrued interest receivable on loans | 9,344,000 | 6,805,000 |
FHLB stock and Federal Reserve Bank stock | 53,346,000 | 24,312,000 |
Interest rate caps and swaps | 756,000 | 997,000 |
Financial liabilities: | ' | ' |
Non-maturity deposits | -4,677,915,000 | -2,694,166,000 |
Certificates of deposit | -533,809,000 | -268,128,000 |
FHLB and other borrowings | -489,801,000 | -462,953,000 |
Other Borrowings | -19,991,000 | ' |
Senior Notes | -98,215,000 | -98,033,000 |
Subordinated debentures | -26,509,000 | ' |
Mortgage escrow funds | -8,711,000 | -12,646,000 |
Accrued interest payable on deposits including escrow | -427,000 | -1,480,000 |
Accrued interest payable on borrowings | -2,736,000 | -1,525,000 |
Interest rate swaps | ($756,000) | ($997,000) |
Recovered_Sheet2
Fair value measurements (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | |
Fair Value Measurements (Textual) [Abstract] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $1,243,027,000 | ' | $1,243,027,000 | ' | $973,709,000 |
Fair value | 1,233,310,000 | ' | 1,233,310,000 | ' | 954,393,000 |
Changes in fair value recognized on provisions on loans held by the Company | ' | ' | -447,000 | 1,815,000 | ' |
Mortgage servicing rights | 1,747,000 | ' | 1,747,000 | ' | 1,978,000 |
Other real estate owned | 9,275,000 | ' | 9,275,000 | ' | 6,022,000 |
Changes in fair value recognized through income for foreclosed assets held by the Company | 0 | 158,000 | 224,000 | 606,000 | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' |
Fair Value Measurements (Textual) [Abstract] | ' | ' | ' | ' | ' |
Loans | 37,085,000 | ' | 37,085,000 | ' | 35,230,000 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' | ' |
Fair Value Measurements (Textual) [Abstract] | ' | ' | ' | ' | ' |
Other real estate owned | 9,274,000 | ' | 9,274,000 | ' | 6,022,000 |
Level 3 [Member] | ' | ' | ' | ' | ' |
Fair Value Measurements (Textual) [Abstract] | ' | ' | ' | ' | ' |
Fair value | 3,230,000 | ' | 3,230,000 | ' | 3,613,000 |
Loans | 4,254,200,000 | ' | 4,254,200,000 | ' | 2,422,824,000 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 3,230,000 | ' | 3,230,000 | ' | 3,613,000 |
Fair Value Measurements (Textual) [Abstract] | ' | ' | ' | ' | ' |
Fair value | 3,230,000 | ' | 3,230,000 | ' | 3,613,000 |
Mortgage-backed securities-residential [Member] | ' | ' | ' | ' | ' |
Fair Value Measurements (Textual) [Abstract] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 594,425,000 | ' | 594,425,000 | ' | 454,173,000 |
Fair value | 592,366,000 | ' | 592,366,000 | ' | 449,183,000 |
Mortgage-backed securities-residential [Member] | Collateralized Mortgage Obligations [Member] | ' | ' | ' | ' | ' |
Fair Value Measurements (Textual) [Abstract] | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 136,304,000 | ' | 136,304,000 | ' | 169,336,000 |
Fair value | 134,851,000 | ' | 134,851,000 | ' | 166,654,000 |
Privately issued collateralized mortgage obligations [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 3,230,000 | ' | 3,230,000 | ' | 3,613,000 |
Privately issued collateralized mortgage obligations [Member] | Basis points [Domain] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' |
Mortgage-backed Securities Available-for-sale, Fair Value Disclosure | 17 | ' | 17 | ' | ' |
Commercial Real Estate [Member] | Taken in Foreclosure [Member] | Market Approach Valuation Technique [Member] | Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' | ' | ' | ' |
Fair Value Measurements (Textual) [Abstract] | ' | ' | ' | ' | ' |
Loans | $8,388,000 | ' | $8,388,000 | ' | ' |
Comprehensive_income_Details
Comprehensive income (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($14,285) | ' | ($14,285) | ' | ($15,330) | ($11,126) | $8,474 | ($11,472) | $15,066 | ($3,159) | ($7,555) | ($3,858) | ($8,167) | ($14,285) | $919 | ($15,330) | $6,899 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | ' | ' | ' | 10 | -4,446 | ' | ' | 0 | 0 | ' | ' | 10 | -4,446 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | ' | ' | ' | ' | 336 | -2,146 | ' | ' | 699 | 612 | ' | ' | 1,035 | -1,534 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | $5,241 | ($3,746) | $1,045 | ($5,980) | ' | $346 | ($6,592) | ' | ' | $699 | ($612) | ' | ' | $1,045 | ($5,980) | ' | ' |
Comprehensive_income_Details1
Comprehensive income (Details1) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' |
Net gain (loss) on sale of securities | $60 | $2,229 | ($585) | $3,645 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 34 | 1,324 | -336 | 2,165 |
Income Tax Expense (Benefit) | -4,588 | -2,203 | 2,361 | -5,269 |
Net income | 10,332 | 6,529 | -3,671 | 13,549 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | ' | ' | -585 | ' |
Income Tax Expense (Benefit) | ' | ' | -249 | ' |
Net income | ' | ' | 336 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | ' | ' | 517 | ' |
Net income | ' | ' | -699 | ' |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | ' | ' | ($1,216) | ' |