Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 04, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | STERLING BANCORP | |
Entity Central Index Key | 1,070,154 | |
Document Period End Date | Mar. 31, 2016 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 130,582,909 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Cash and due from banks | $ 486,730 | $ 229,513 |
Securities: | ||
Available for sale, at fair value | 1,894,820 | 1,921,032 |
Held to maturity, at amortized cost (fair value of $973,826 and $734,079 at March 31, 2016 and December 31, 2015, respectively) | 952,922 | 722,791 |
Total securities | 2,847,742 | 2,643,823 |
Loans held for sale | 27,237 | 34,110 |
Portfolio loans | 8,286,163 | 7,859,360 |
Allowance for loan losses | (53,014) | (50,145) |
Portfolio loans, net | 8,233,149 | 7,809,215 |
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock, at cost | 118,330 | 116,758 |
Accrued interest receivable | 33,392 | 31,531 |
Premises and equipment, net | 62,432 | 63,362 |
Goodwill | 696,600 | 670,699 |
Core deposit and other intangible assets | 75,790 | 77,367 |
Bank owned life insurance | 197,615 | 196,288 |
Other real estate owned | 14,527 | 14,614 |
Other assets | 71,812 | 68,672 |
Total assets | 12,865,356 | 11,955,952 |
LIABILITIES: | ||
Deposits | 9,328,622 | 8,580,007 |
FHLB borrowings | 1,444,817 | 1,409,885 |
Other borrowings (repurchase agreements) | 23,571 | 16,566 |
Senior notes | 98,996 | 98,893 |
Subordinated notes | 108,124 | 0 |
Mortgage escrow funds | 14,972 | 13,778 |
Other liabilities | 148,121 | 171,750 |
Total liabilities | 11,167,223 | 10,290,879 |
Commitments and Contingent liabilities | 0 | 0 |
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; 136,673,149 shares issued at March 31, 2016 and December 31, 2015; 130,548,989 and 130,006,926 shares outstanding at March 31, 2016 and December 31, 2015, respectively) | 1,367 | 1,367 |
Additional paid-in capital | 1,501,417 | 1,506,612 |
Treasury stock, at cost (6,124,160 shares at March 31, 2016 and 6,666,223 at December 31, 2015) | (70,142) | (76,190) |
Retained earnings | 261,332 | 245,408 |
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $2,751 at March 31, 2016 and $(8,961) at December 31, 2015 | 4,159 | (12,124) |
Total stockholders’ equity | 1,698,133 | 1,665,073 |
Total liabilities and stockholders’ equity | $ 12,865,356 | $ 11,955,952 |
Consolidated Balance Sheets (u3
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity | $ 973,826 | $ 734,079 |
Preferred stock, par value (USD per share) | $ 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 (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares issued | 136,673,149 | 136,673,149 |
Common stock, shares outstanding | 130,548,989 | 130,006,926 |
Treasury stock, shares | 6,124,160 | 6,666,223 |
Accumulated other comprehensive income, tax | $ 2,751 | $ (8,961) |
Consolidated Income Statements
Consolidated Income Statements (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and dividend income: | ||
Loans and loan fees | $ 89,034 | $ 55,271 |
Securities taxable | 12,016 | 7,632 |
Securities non-taxable | 3,879 | 2,867 |
Other earning assets | 1,077 | 902 |
Total interest and dividend income | 106,006 | 66,672 |
Interest expense: | ||
Deposits | 6,409 | 3,091 |
Borrowings | 6,087 | 4,714 |
Total interest expense | 12,496 | 7,805 |
Net interest income | 93,510 | 58,867 |
Provisions for loan losses | 4,000 | 2,100 |
Net interest income after provision for loan losses | 89,510 | 56,767 |
Non-interest income: | ||
Accounts receivable management / factoring commissions and other fees | 4,494 | 3,502 |
Mortgage banking income | 2,002 | 3,157 |
Deposit fees and service charges | 4,496 | 3,622 |
Net (loss) gain on sale of securities | (283) | 1,534 |
Bank owned life insurance | 1,327 | 1,076 |
Investment management fees | 1,124 | 360 |
Other | 2,270 | 759 |
Total non-interest income | 15,430 | 14,010 |
Non-interest expense: | ||
Compensation and benefits | 30,020 | 23,165 |
Stock-based compensation plans | 1,540 | 1,109 |
Occupancy and office operations | 9,282 | 6,580 |
Amortization of intangible assets | 3,053 | 1,399 |
FDIC insurance and regulatory assessments | 2,258 | 1,428 |
Other real estate owned expense (income), net | 582 | (37) |
Merger-related expense | 265 | 2,455 |
Loss on extinguishment of FHLB borrowings | 8,716 | 0 |
Other | 13,215 | 9,822 |
Total non-interest expense | 68,931 | 45,921 |
Income before income tax expense | 36,009 | 24,856 |
Income tax expense | 12,243 | 8,078 |
Net income | $ 23,766 | $ 16,778 |
Weighted average common shares: | ||
Basic (in shares) | 129,974,025 | 87,839,029 |
Diluted (in shares) | 130,500,975 | 88,252,768 |
Earnings per common share: | ||
Basic (USD per share) | $ 0.18 | $ 0.19 |
Diluted (USD per share) | $ 0.18 | $ 0.19 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 23,766 | $ 16,778 |
Other comprehensive income, before tax: | ||
Change in unrealized holding gains on securities available for sale | 26,352 | 10,378 |
Accretion of net unrealized loss on securities transferred to held to maturity | (74) | 539 |
Reclassification adjustment for net realized losses (gains) included in net income | 283 | (1,534) |
Change in the actuarial gain of defined benefit plan and post-retirement benefit plans | 354 | 203 |
Total other comprehensive income, before tax | 26,915 | 9,586 |
Deferred tax expense related to other comprehensive income | (10,632) | (4,074) |
Other comprehensive income, net of tax | 16,283 | 5,512 |
Comprehensive income | $ 40,049 | $ 22,290 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive (loss) income |
Balance at Dec. 31, 2014 | $ 975,200 | $ 912 | $ 858,489 | $ (82,908) | $ 208,958 | $ (10,251) |
Balance, shares at Dec. 31, 2014 | 83,927,572 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 16,778 | 16,778 | ||||
Other comprehensive income | 5,512 | 5,512 | ||||
Stock option & other stock transactions, net | 2,735 | 279 | 2,384 | 72 | ||
Stock option & other stock transactions, net, shares | 208,054 | |||||
Restricted stock awards, net | 1,132 | 6 | 994 | 132 | ||
Restricted stock awards, net, shares | 85,905 | |||||
Common equity issued, net of costs of issuance | $ 85,059 | $ 69 | 84,990 | |||
Common equity issued, net of costs of issuance, shares | 6,900,000 | |||||
Cash dividends declared | $ (5,873) | (5,873) | ||||
Balance at Mar. 31, 2015 | 1,080,543 | $ 981 | 943,764 | (79,530) | 220,067 | (4,739) |
Balance, shares at Mar. 31, 2015 | 91,121,531 | |||||
Balance at Dec. 31, 2015 | 1,665,073 | $ 1,367 | 1,506,612 | (76,190) | 245,408 | (12,124) |
Balance, shares at Dec. 31, 2015 | 130,006,926 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 23,766 | 23,766 | ||||
Other comprehensive income | 16,283 | 16,283 | ||||
Stock option & other stock transactions, net | 861 | 202 | 807 | (148) | ||
Stock option & other stock transactions, net, shares | 74,797 | |||||
Restricted stock awards, net | 1,225 | (5,397) | 5,241 | 1,381 | ||
Restricted stock awards, net, shares | 467,266 | |||||
Cash dividends declared | (9,075) | (9,075) | ||||
Balance at Mar. 31, 2016 | $ 1,698,133 | $ 1,367 | $ 1,501,417 | $ (70,142) | $ 261,332 | $ 4,159 |
Balance, shares at Mar. 31, 2016 | 130,548,989 |
Consolidated Statement of Chan7
Consolidated Statement of Changes In Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends paid (USD per share) | $ 0.07 | $ 0.07 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 23,766 | $ 16,778 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provisions for loan losses | 4,000 | 2,100 |
Loss (gain), net from write-downs and sales of other real estate owned | 153 | (487) |
Depreciation of premises and equipment | 2,102 | 1,633 |
Asset write-downs, severance and retention compensation and other restructuring charges | 2,485 | 312 |
Amortization of intangibles | 3,053 | 1,399 |
Amortization of low income housing tax credit | 48 | 50 |
Net loss (gain) on sale of securities | 283 | (1,534) |
Net gain on loans held for sale | (2,002) | (3,157) |
Net amortization of premiums, net on securities | 3,328 | 1,155 |
Net accretion of purchase discount and amortization of net deferred loan costs | (5,084) | (790) |
Accretion of debt issuance costs and amortization of premium on borrowings, net | 97 | 86 |
Restricted stock compensation expense | 1,414 | 828 |
Stock option compensation expense | 126 | 281 |
Originations of loans held for sale | (102,165) | (137,538) |
Proceeds from sales of loans held for sale | 111,040 | 111,155 |
Increase in cash surrender value of bank owned life insurance | (1,327) | (1,076) |
Deferred income tax expense | 6,214 | 2,516 |
Other adjustments (principally net changes in other assets and other liabilities) | (50,113) | (8,926) |
Net cash (used in) operating activities | (2,582) | (15,215) |
Cash flows from investing activities: | ||
Available for sale | (269,220) | (237,602) |
Held to maturity | (242,428) | (28,161) |
Proceeds from maturities, calls and other principal payments on securities: | ||
Available for sale | 44,908 | 41,017 |
Held to maturity | 11,090 | 14,639 |
Proceeds from sales of securities available for sale | 275,358 | 115,554 |
Loan originations, net | (121,428) | (143,695) |
Proceeds from sale of loans held for investment | 19,054 | 44,020 |
(Purchases) sales of FHLB and FRB stock, net | (1,572) | 6,573 |
Proceeds from sales of other real estate owned | 376 | 997 |
Purchases of premises and equipment | (996) | (334) |
Cash paid for acquisitions, net of cash received | (346,690) | (24,670) |
Net cash (used in) investing activities | (631,548) | (211,662) |
Cash flows from financing activities: | ||
Net increase in transaction, savings and money market deposits | 689,379 | 310,430 |
Net increase in time deposits | 59,236 | 33,191 |
Net increase (decrease) in short-term FHLB borrowings | 205,000 | (151,000) |
Advances of term FHLB borrowings | 325,000 | 80,000 |
Repayments of term FHLB borrowings | (495,062) | (75,059) |
Repayment of debt assumed in acquisition | 0 | (4,485) |
Net increase in other borrowings | 7,005 | 15,399 |
Issuance of Bank subordinated notes | 108,124 | 0 |
Net increase in mortgage escrow funds | 1,194 | 1,638 |
Proceeds from stock option exercises | 546 | 2,758 |
Equity capital raise, net of costs of issuance | 0 | 85,059 |
Cash dividends paid | (9,075) | (5,873) |
Net cash provided by financing activities | 891,347 | 292,058 |
Net increase in cash and cash equivalents | 257,217 | 65,181 |
Cash and cash equivalents at beginning of period | 229,513 | 121,520 |
Cash and cash equivalents at end of period | 486,730 | 186,701 |
Supplemental cash flow information: | ||
Interest payments | 14,598 | 9,376 |
Income tax payments | 17,179 | 17,808 |
Real estate acquired in settlement of loans | 442 | 2,874 |
Loans transferred from held for investment to held for sale | 19,054 | 44,020 |
Non-cash assets acquired: | ||
Total loans, net | 320,447 | 22,307 |
Accrued interest receivable | 1,443 | 0 |
Goodwill | 25,698 | 11,931 |
Customer list | 1,500 | 8,950 |
Premises and equipment, net | 176 | 219 |
Other assets | 2,265 | 56 |
Total non-cash assets acquired | 351,529 | 43,463 |
Other liabilities | 4,839 | 19,045 |
Total liabilities assumed | 4,839 | 19,045 |
Net non-cash assets acquired | 346,690 | 24,418 |
Cash and cash equivalents received in acquisitions | 4,762 | 252 |
Total consideration paid | $ 351,452 | $ 24,670 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation (a) Nature of Operations Sterling Bancorp (the “Company”) is a Delaware corporation, a bank holding company and a financial holding company headquartered in Montebello, New York, that owns all of the outstanding shares of common stock of Sterling National Bank (the “Bank”), its principal subsidiary. The Bank is a full-service regional bank specializing in the delivery of services and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers. (b) Basis of Presentation The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of the Company and all other entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies the Company follows conform, in all material respects, to accounting principles generally accepted in the United States (“GAAP”) and to general practices within the banking industry, which includes regulatory reporting instructions. The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of the Company’s financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with GAAP and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2015 , included in our Annual Report on Form 10-K filed with the SEC on February 29, 2016 (the “2015 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Certain items in prior financial statements have been reclassified to conform to the current presentation. (c) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expense and contingencies at the date of the financial statements. Actual results could differ significantly from these estimates. The allowance for loan losses and the status of contingencies are particularly subject to change. (d) Merger with Hudson Valley Holding Corp. On June 30, 2015 , Hudson Valley Holding Corp. (“HVHC”) merged with and into the Company (the “HVB Merger”). In connection with the merger, Hudson Valley Bank, the principal subsidiary of HVHC, also merged with and into the Bank. (e) Merger with Sterling Bancorp On October 31, 2013 , Provident New York Bancorp (“Legacy Provident”) merged with legacy Sterling Bancorp (“Legacy Sterling”). In connection with the merger, the following corporate actions occurred: • Legacy Sterling merged with and into Legacy Provident. • Legacy Provident was the accounting acquirer and the surviving entity. • Legacy Provident changed its legal entity name to Sterling Bancorp. • Sterling National Bank merged into Provident Bank. • Provident Bank changed its legal entity name to Sterling National Bank. We refer to the merger with Legacy Sterling as the “Provident Merger.” |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions NSBC Acquisition On March 31, 2016 , the Bank acquired 100% of the outstanding equity interests of NewStar Business Credit LLC, a Delaware limited liability company (“NSBC” and the “NSBC Acquisition”). NSBC is a provider of asset-based lending solutions to middle market commercial clients. NSBC’s loans were $320,447 on the acquisition date and consist of 100% floating-rate assets. The Bank paid a premium on the balance of gross loans receivable acquired of 5.90% , or $18,906 . The Bank assumed $4,838 of liabilities, which consisted mainly of cash collateral on loans outstanding. The Bank recognized a customer list intangible asset of $1,500 that is being amortized over its 24 month estimated life and $25,698 of goodwill. The Bank recorded a $1,500 restructuring charge consisting mainly of retention and severance compensation, IT contract terminations and professional fees. HVB Merger On June 30, 2015 , the Company completed the HVB Merger. Under the terms of the HVB Merger agreement, HVHC shareholders received 1.92 shares of the Company’s common stock for each share of HVHC common stock, which resulted in the issuance of 38,525,154 shares. Based on the Company’s closing stock price of $14.63 per share on June 29, 2015 , the aggregate consideration paid to HVHC shareholders was $566,307 , which, in accordance with the HVB Merger agreement, also included the in-the-money cash value of outstanding HVHC stock options, the fair value of outstanding HVHC restricted stock awards and cash in lieu of fractional shares. Consistent with the Company’s strategy, the primary reason for the HVB 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 have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of June 30, 2015 , based on management’s best estimate and using the information available as of the HVB Merger date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $269,757 and a core deposit intangible of $33,839 . As of June 30, 2015 , HVHC had assets with a net book value of approximately $288,208 , including loans with a net book value of approximately $1,816,767 , and deposits with a net book value of approximately $3,160,746 . The table below summarizes the amounts recognized as of the HVB 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 HVB Merger date: Consideration paid through Sterling Bancorp common stock issued to HVHC shareholders $ 566,307 HVHC net book value Fair value adjustments As recorded at acquisition Cash and cash equivalents $ 878,988 $ — $ 878,988 Investment securities 713,625 217 (a) 713,842 Loans 1,816,767 (24,248 ) (b) 1,792,519 Federal Reserve Bank stock 5,830 — 5,830 Bank owned life insurance 44,231 — 44,231 Premises and equipment 11,918 4,925 (c) 16,843 Accrued interest receivable 7,392 — 7,392 Core deposits and other intangibles — 33,839 (d) 33,839 Other real estate owned 222 — 222 Other assets 32,639 (7,931 ) (e) 24,708 Deposits (3,160,746 ) — (3,160,746 ) Other borrowings (25,366 ) — (25,366 ) Other liabilities (37,292 ) 1,540 (f) (35,752 ) Total identifiable net assets $ 288,208 $ 8,342 $ 296,550 Goodwill recorded in the HVB Merger $ 269,757 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustment on investment securities held to maturity. (b) Represents the elimination of HVHC ’ s allowance for loan losses and an adjustment of the net book value of loans to estimated fair value, which includes an interest rate mark and credit mark adjustment. (c) Represents an adjustment to reflect the fair value of HVHC owned real estate as determined by independent appraisals, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (d) Represents intangible assets recorded to reflect the fair value of core deposits. 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. (e) Represents an adjustment in net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangibles recorded. (f) Represents the elimination of HVHC’s deferred rent liability. The fair values for loans acquired from HVB 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 HVHC’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 HVB Merger. Acquired loan portfolio data in the HVB Merger is presented below: Fair value of acquired loans at acquisition date Gross contractual amounts receivable at acquisition date Best estimate at acquisition date of contractual cash flows not expected to be collected Acquired loans with evidence of deterioration since origination $ 96,973 $ 122,104 $ 19,024 Acquired loans with no evidence of deterioration since origination 1,695,546 1,974,740 37,520 The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing the sum-of-the-years digits 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 land, buildings and equipment was estimated using appraisals. Buildings will be amortized over their estimated useful lives of approximately 30 years. Improvements and equipment will be amortized or depreciated over their estimated useful lives ranging from one to five years. 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. Management concluded the carrying value was an appropriate estimate of fair value for these deposits. Direct acquisition and other charges incurred in connection with the HVB Merger were expensed as incurred and totaled $0 and $645 for the three months ended March 31, 2016 and 2015, respectively. These expenses were mainly for severance compensation and were recorded in “Merger-related expenses” on the consolidated income statements. FCC Acquisition On May 7, 2015, the Bank acquired a factoring portfolio from FCC, LLC, a subsidiary of First Capital Holdings, Inc. (“FCC”), with an outstanding factoring receivables balance of approximately $44,500 . The total consideration included a premium of $1,000 in addition to the outstanding receivables balance. Damian Acquisition On February 27, 2015 , the Bank acquired 100% of the outstanding common stock of Damian Services Corporation (“Damian”) for total consideration of $24,670 in cash. Damian is a payroll services provider located in Chicago, Illinois. In connection with the acquisition, the Bank acquired $22,307 of outstanding payroll finance loans and assumed $14,560 of liabilities. The Bank recognized a customer list intangible asset of $8,950 that is being amortized over its 16 year estimated life, and $11,930 of goodwill. The Bank also recognized a $1,500 restructuring charge consisting mainly of retention and severance compensation and asset write-downs related to the consolidation of Damian’s operations, and approximately $300 of legal fees. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities A summary of amortized cost and estimated fair value of securities as of March 31, 2016 and December 31, 2015 is presented below. The term “Residential MBS” refers to residential mortgage-backed securities and the term “CMO” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 17. “Fair Value Measurements”. March 31, 2016 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 1,400,401 $ 16,853 $ (303 ) $ 1,416,951 $ 247,094 $ 5,599 $ (72 ) $ 252,621 CMO/Other MBS 74,526 515 (369 ) 74,672 47,687 496 (122 ) 48,061 Total residential MBS 1,474,927 17,368 (672 ) 1,491,623 294,781 6,095 (194 ) 300,682 Other securities: Federal agencies 83,575 138 (3 ) 83,710 104,292 4,382 (9 ) 108,665 Corporate 91,325 317 (4,463 ) 87,179 25,192 — (319 ) 24,873 State and municipal 221,146 2,780 (409 ) 223,517 522,657 11,675 (1,036 ) 533,296 Other 8,781 10 — 8,791 6,000 310 — 6,310 Total other securities 404,827 3,245 (4,875 ) 403,197 658,141 16,367 (1,364 ) 673,144 Total securities $ 1,879,754 $ 20,613 $ (5,547 ) $ 1,894,820 $ 952,922 $ 22,462 $ (1,558 ) $ 973,826 December 31, 2015 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 1,222,912 $ 2,039 $ (7,089 ) $ 1,217,862 $ 252,760 $ 1,857 $ (1,214 ) $ 253,403 CMO/Other MBS 79,430 76 (1,133 ) 78,373 49,842 87 (619 ) 49,310 Total residential MBS 1,302,342 2,115 (8,222 ) 1,296,235 302,602 1,944 (1,833 ) 302,713 Other securities: Federal agencies 85,124 7 (864 ) 84,267 104,135 2,458 (635 ) 105,958 Corporate 321,630 522 (7,964 ) 314,188 25,241 11 (200 ) 25,052 State and municipal 187,399 2,187 (551 ) 189,035 285,813 9,327 (134 ) 295,006 Trust preferred 27,928 589 — 28,517 — — — — Other 8,781 9 — 8,790 5,000 350 — 5,350 Total other securities 630,862 3,314 (9,379 ) 624,797 420,189 12,146 (969 ) 431,366 Total securities $ 1,933,204 $ 5,429 $ (17,601 ) $ 1,921,032 $ 722,791 $ 14,090 $ (2,802 ) $ 734,079 During the quarter ended March 31, 2016, the Company sold all of the trust preferred securities it held at December 31, 2015. The amortized cost and estimated fair value of securities at March 31, 2016 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 MBS are shown separately since they are not due at a single maturity date. March 31, 2016 Available for sale Held to maturity Amortized cost Fair value Amortized cost Fair value Remaining period to contractual maturity: One year or less $ 17,162 $ 17,194 $ 13,059 $ 13,160 One to five years 214,895 213,978 52,569 54,617 Five to ten years 113,074 112,148 219,829 227,552 Greater than ten years 59,696 59,877 372,684 377,815 Total securities with a stated maturity date 404,827 403,197 658,141 673,144 Residential MBS 1,474,927 1,491,623 294,781 300,682 Total securities $ 1,879,754 $ 1,894,820 $ 952,922 $ 973,826 Sales of securities for the periods indicated below were as follows: For the three months ended March 31, 2016 2015 Available for sale: Proceeds from sales $ 275,358 $ 115,554 Gross realized gains 1,562 1,663 Gross realized losses (1,845 ) (129 ) Income tax (benefit) expense on realized net gains (96 ) 499 At March 31, 2016 and December 31, 2015 , there were no holdings of securities of any one issuer, other than the U.S. federal government and its agencies, in an amount greater than 10% of stockholders’ equity. The following table summarizes securities available for sale with unrealized losses, segregated by the length of time in a continuous unrealized loss position for the periods presented below: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available for sale March 31, 2016 Residential MBS: Agency-backed $ 46,003 $ (280 ) $ 3,716 $ (23 ) $ 49,719 $ (303 ) CMO/Other MBS 27,077 (359 ) 1,563 (10 ) 28,640 (369 ) Total residential MBS 73,080 (639 ) 5,279 (33 ) 78,359 (672 ) Other securities: Federal agencies 206 — 2,998 (3 ) 3,204 (3 ) Corporate 31,810 (1,880 ) 31,304 (2,583 ) 63,114 (4,463 ) State and municipal 5,857 (122 ) 59,317 (287 ) 65,174 (409 ) Total other securities 37,873 (2,002 ) 93,619 (2,873 ) 131,492 (4,875 ) Total $ 110,953 $ (2,641 ) $ 98,898 $ (2,906 ) $ 209,851 $ (5,547 ) December 31, 2015 Residential MBS: Agency-backed $ 18,983 $ (528 ) $ 854,491 $ (6,561 ) $ 873,474 $ (7,089 ) CMO/Other MBS 23,682 (717 ) 41,946 (416 ) 65,628 (1,133 ) Total residential MBS 42,665 (1,245 ) 896,437 (6,977 ) 939,102 (8,222 ) Other securities: Federal agencies 14,933 (260 ) 57,886 (604 ) 72,819 (864 ) Corporate 19,257 (715 ) 236,048 (7,249 ) 255,305 (7,964 ) State and municipal 3,439 (27 ) 42,924 (524 ) 46,363 (551 ) Total other securities 37,629 (1,002 ) 336,858 (8,377 ) 374,487 (9,379 ) Total $ 80,294 $ (2,247 ) $ 1,233,295 $ (15,354 ) $ 1,313,589 $ (17,601 ) The following table summarizes securities held to maturity with unrecognized losses, segregated by the length of time in a continuous unrecognized loss position for the periods presented below: Continuous unrecognized loss position Less than 12 months 12 months or longer Total Fair value Unrecognized losses Fair value Unrecognized losses Fair value Unrecognized losses Held to maturity March 31, 2016 Residential MBS: Agency-backed $ 6,568 $ (69 ) $ 1,261 $ (3 ) $ 7,829 $ (72 ) CMO/Other MBS 7,984 (61 ) 8,684 (61 ) 16,668 (122 ) Total residential MBS 14,552 (130 ) 9,945 (64 ) 24,497 (194 ) Other securities: Federal agencies 9,991 (9 ) — — 9,991 (9 ) Corporate — — 24,872 (319 ) 24,872 (319 ) State and municipal 2,223 (24 ) 158,959 (1,012 ) 161,182 (1,036 ) Total other securities 12,214 (33 ) 183,831 (1,331 ) 196,045 (1,364 ) Total $ 26,766 $ (163 ) $ 193,776 $ (1,395 ) $ 220,542 $ (1,558 ) December 31, 2015 Residential MBS: Agency-backed $ — $ — $ 132,585 $ (1,214 ) $ 132,585 $ (1,214 ) CMO/Other MBS 5,960 (156 ) 40,033 (463 ) 45,993 (619 ) Total residential MBS 5,960 (156 ) 172,618 (1,677 ) 178,578 (1,833 ) Other securities: Federal agencies 14,642 (358 ) 9,723 (277 ) 24,365 (635 ) Corporate — — 20,039 (200 ) 20,039 (200 ) State and municipal 2,562 (48 ) 12,989 (86 ) 15,551 (134 ) Total other securities 17,204 (406 ) 42,751 (563 ) 59,955 (969 ) Total $ 23,164 $ (562 ) $ 215,369 $ (2,240 ) $ 238,533 $ (2,802 ) At March 31, 2016 , a total of 131 available for sale securities were in a continuous unrealized loss position for less than 12 months and 36 securities were in a continuous unrealized loss position for 12 months or longer. Declines in the fair value of held to maturity and available for sale 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 (“OTTI”) losses, 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 its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in cost. Management has the ability and intent to hold the securities classified as held to maturity in the table above until they mature, at which time the Company anticipates it will receive full value for the securities. Furthermore, as of March 31, 2016 , management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. Any unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. As of March 31, 2016 , management believes the impairments detailed in the table above are temporary. Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes were as follows for the periods presented below: March 31, December 31, 2016 2015 Available for sale securities pledged for borrowings, at fair value $ 95,317 $ 101,994 Available for sale securities pledged for municipal deposits, at fair value 975,592 849,186 Available for sale securities pledged for customer back-to-back swaps, at fair value 4,323 1,839 Held to maturity securities pledged for borrowings, at amortized cost 2,500 206,337 Held to maturity securities pledged for municipal deposits, at amortized cost 369,334 327,589 Total securities pledged $ 1,447,066 $ 1,486,945 |
Portfolio Loans
Portfolio Loans | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Portfolio Loans | Portfolio Loans The composition of the Company’s loan portfolio, excluding loans held for sale, was the following for the periods presented below: March 31, December 31, 2016 2015 Commercial: Commercial and industrial: Traditional commercial & industrial (“C&I”) $ 2,003,839 $ 1,681,704 Payroll finance 199,119 221,831 Warehouse lending 341,790 387,808 Factored receivables 215,015 208,382 Equipment financing 656,775 631,303 Total C&I 3,416,538 3,131,028 Commercial mortgage: Commercial real estate 2,790,145 2,733,351 Multi-family 886,069 796,030 Acquisition, development & construction (“ADC”) 179,517 186,398 Total commercial mortgage 3,855,731 3,715,779 Total commercial 7,272,269 6,846,807 Residential mortgage 718,733 713,036 Consumer 295,161 299,517 Total portfolio loans 8,286,163 7,859,360 Allowance for loan losses (53,014 ) (50,145 ) Total portfolio loans, net $ 8,233,149 $ 7,809,215 Total portfolio loans include net deferred loan origination costs of $1,612 at March 31, 2016 , and $2,029 at December 31, 2015 . At March 31, 2016 and December 31, 2015 , the Company pledged loans totaling $2,205,834 and $2,050,982 , respectively, to the FHLB as collateral for certain borrowing arrangements. See Note 8. “Borrowings”. The following tables set forth the amounts and status of the Company’s loans, troubled debt restructurings (“TDRs”) and non-performing loans at March 31, 2016 and December 31, 2015 : March 31, 2016 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 1,969,677 $ 1,294 $ 2,630 $ 478 $ 29,760 $ 2,003,839 Payroll finance 198,805 39 59 159 57 199,119 Warehouse lending 341,790 — — — — 341,790 Factored receivables 214,803 — — — 212 215,015 Equipment financing 651,995 1,276 926 — 2,578 656,775 Commercial real estate 2,767,800 1,130 3,074 332 17,809 2,790,145 Multi-family 882,028 — — — 4,041 886,069 ADC 175,501 — — — 4,016 179,517 Residential mortgage 694,104 6,092 684 — 17,853 718,733 Consumer 285,054 1,276 688 33 8,110 295,161 Total portfolio loans $ 8,181,557 $ 11,107 $ 8,061 $ 1,002 $ 84,436 $ 8,286,163 Total TDRs included above $ 14,918 $ 1,116 $ — $ — $ 5,810 $ 21,844 Non-performing loans: Loans 90+ days past due and still accruing $ 1,002 Non-accrual loans 84,436 Total non-performing loans $ 85,438 December 31, 2015 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 1,630,635 $ 9,380 $ 31,060 $ 487 $ 10,142 $ 1,681,704 Payroll finance 221,394 — 349 88 — 221,831 Warehouse lending 387,808 — — — — 387,808 Factored receivables 208,162 — — — 220 208,382 Equipment financing 627,056 1,088 1,515 — 1,644 631,303 Commercial real estate 2,702,671 7,417 2,521 — 20,742 2,733,351 Multi-family 791,828 2,485 — — 1,717 796,030 ADC 182,615 — — 83 3,700 186,398 Residential mortgage 686,445 6,014 897 — 19,680 713,036 Consumer 286,339 4,950 320 16 7,892 299,517 Total portfolio loans $ 7,724,953 $ 31,334 $ 36,662 $ 674 $ 65,737 $ 7,859,360 Total TDRs included above $ 13,047 $ 654 $ — $ — $ 8,591 $ 22,292 Non-performing loans: Loans 90+ days past due and still accruing $ 674 Non-accrual loans 65,737 Total non-performing loans $ 66,411 The following table provides additional analysis of the Company’s non-accrual loans at March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Recorded investment Non-accrual loans Recorded investment PCI non-accrual loans Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans Recorded investment Non-accrual loans Recorded investment PCI non-accrual loans Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans C&I $ 24,629 $ 5,131 $ 29,760 $ 30,107 $ 4,314 $ 5,828 $ 10,142 $ 10,503 Payroll finance 57 — 57 57 — — — — Factored receivables 212 — 212 212 220 — 220 220 Equipment financing 2,578 — 2,578 2,578 1,644 — 1,644 1,644 Commercial real estate 11,899 5,910 17,809 21,731 13,119 7,623 20,742 23,678 Multi-family 4,041 — 4,041 4,041 1,717 — 1,717 1,837 ADC 4,016 — 4,016 4,146 3,700 — 3,700 3,829 Residential mortgage 12,267 5,586 17,853 24,544 13,683 5,997 19,680 24,386 Consumer 7,285 825 8,110 9,516 7,315 577 7,892 9,404 $ 66,984 $ 17,452 $ 84,436 $ 96,932 $ 45,712 $ 20,025 $ 65,737 $ 75,501 There were no non-accrual warehouse lending loans at March 31, 2016 or December 31, 2015 . 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. At March 31, 2016 and December 31, 2015 , the recorded investment of residential mortgage loans that were formally in process of foreclosure was $9,887 and $9,638 , respectively, which are included in non-accrual residential mortgage loans above. The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at March 31, 2016 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment Purchased credit impaired loans Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses C&I $ 27,870 $ 1,924,254 $ 51,715 $ 2,003,839 $ — $ 14,268 $ 14,268 Payroll finance — 199,119 — 199,119 — 1,546 1,546 Warehouse lending — 341,790 — 341,790 — 520 520 Factored receivables — 215,015 — 215,015 — 1,407 1,407 Equipment financing 2,192 654,583 — 656,775 — 5,393 5,393 Commercial real estate 13,815 2,728,143 48,187 2,790,145 — 15,770 15,770 Multi-family 883 880,716 4,470 886,069 — 2,996 2,996 ADC 8,595 166,204 4,718 179,517 — 2,157 2,157 Residential mortgage 515 711,229 6,989 718,733 — 4,850 4,850 Consumer 1,497 292,128 1,536 295,161 — 4,107 4,107 Total portfolio loans $ 55,367 $ 8,113,181 $ 117,615 $ 8,286,163 $ — $ 53,014 $ 53,014 The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 31, 2015 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment Purchased credit impaired loans Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses C&I $ 3,138 $ 1,661,163 $ 17,403 $ 1,681,704 $ — $ 13,262 $ 13,262 Payroll finance — 221,831 — 221,831 — 1,936 1,936 Warehouse lending — 387,808 — 387,808 — 589 589 Factored receivables — 208,382 — 208,382 — 1,457 1,457 Equipment financing 1,017 630,286 — 631,303 — 4,925 4,925 Commercial real estate 13,492 2,669,673 50,186 2,733,351 — 13,861 13,861 Multi-family 1,541 790,017 4,472 796,030 — 2,741 2,741 ADC 8,669 173,065 4,664 186,398 — 2,009 2,009 Residential mortgage 515 705,245 7,276 713,036 — 5,007 5,007 Consumer — 298,225 1,292 299,517 — 4,358 4,358 Total loans $ 28,372 $ 7,745,695 $ 85,293 $ 7,859,360 $ — $ 50,145 $ 50,145 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. Evaluation 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 or liquidation 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. The Company acquired loans for which there was, at acquisition, both evidence of deterioration of credit quality since origination and probability, at acquisition, that all contractually required payments would not be collected (“PCI loans”). The carrying amount of such loans is presented in the tables above. At March 31, 2016 , the net recorded amount of PCI loans was $117,615 , which included $37,823 of C&I loans acquired in the NSBC Acquisition. There was $565 and $272 included in the allowance for loan losses associated with PCI loans at March 31, 2016 and December 31, 2015 , respectively. The following table presents the changes in the balance of the accretable yield discount for PCI loans for the three months ended March 31, 2016 and 2015 : For the three months ended March 31, 2016 2015 Balance at beginning of period $ 11,211 $ 724 Balances acquired in the NSBC Acquisition 2,200 — Accretion of income (1,155 ) — Reclassification from non-accretable difference 266 — Balance at end of period $ 12,522 $ 724 Income is not recognized on PCI loans unless the Company can reasonably estimate the cash flows that are expected to be collected over the life of the loan. The balance of PCI loans that were treated under the cost recovery method were $17,452 and $20,025 at March 31, 2016 and December 31, 2015 , respectively. The following table presents loans individually evaluated for impairment, excluding purchased credit impaired loans, by segment of loans at March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Unpaid principal balance Recorded investment Unpaid principal balance Recorded investment Loans with no related allowance recorded: C&I $ 28,050 $ 27,870 $ 3,145 $ 3,138 Equipment financing 2,192 2,192 1,017 1,017 Commercial real estate 15,211 13,815 15,092 13,492 Multi-family 883 883 1,541 1,541 ADC 8,595 8,595 8,669 8,669 Residential mortgage 515 515 515 515 Consumer 1,497 1,497 — — Total $ 56,943 $ 55,367 $ 29,979 $ 28,372 At March 31, 2016 and December 31, 2015 there were no payroll finance, warehouse lending or factored receivables loans that were individually evaluated for impairment. The following tables present the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for the three months ended March 31, 2016 and March 31, 2015 : March 31, 2016 March 31, 2015 QTD average recorded investment Interest income recognized Cash-basis interest income recognized QTD average recorded investment Interest income recognized Cash-basis interest income recognized Loans with no related allowance recorded: C&I $ 15,366 $ 9 $ — $ 3,316 $ — $ — Equipment financing 1,288 — — — — — Commercial real estate 13,118 39 — 13,275 67 — Multi-family 884 — — — — — ADC 8,632 56 — 11,597 57 — Residential mortgage 515 — — 515 — — Consumer 748 — — — — — Total $ 39,803 $ 104 $ — $ 28,703 $ 124 $ — There were no impaired loans with an allowance recorded at March 31, 2016 or December 31, 2015 . At March 31, 2016 and 2015, there were no factored receivables, payroll finance, or warehouse lending loans that were impaired. Troubled Debt Restructuring: The following tables set forth the amounts and past due status of the Company’s TDRs at March 31, 2016 and December 31, 2015 : March 31, 2016 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 580 $ — $ — $ — $ 1,116 $ 1,696 Equipment financing 64 — — — — 64 Commercial real estate 2,496 257 — — — 2,753 ADC 6,274 — — — 2,458 8,732 Residential mortgage 5,504 859 — — 2,236 8,599 Total $ 14,918 $ 1,116 $ — $ — $ 5,810 $ 21,844 December 31, 2015 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 154 $ — $ — $ — $ 2,052 $ 2,206 Equipment financing 338 — — — — 338 Commercial real estate 2,787 — — — — 2,787 ADC 5,107 — — — 3,700 8,807 Residential mortgage 4,661 654 — — 2,839 8,154 Total $ 13,047 $ 654 $ — $ — $ 8,591 $ 22,292 There were no payroll finance, warehouse lending, factored receivables, or multi-family or consumer loans that were TDRs for either period presented above. The Company did not have outstanding commitments to lend additional amounts to customers with loans classified as TDRs as of March 31, 2016 and December 31, 2015 , respectively. There was one loan modified as a TDR in the three months ended March 31, 2016 . This TDR did not increase the allowance for loan losses and did not result in charge-offs for during the quarter ended March 31, 2016 or March 31, 2015 . The following table presents loans by segment modified as TDRs that occurred during the first three months of 2016 and 2015 : March 31, 2016 March 31, 2015 Recorded investment Recorded investment Number Pre- modification Post- modification Number Pre- modification Post- modification Residential mortgage 1 $ 469 $ 469 — — — Total TDRs 1 $ 469 $ 469 — $ — $ — There were no TDRs that were modified during the three months ended March 31, 2016 and 2015 that had subsequently defaulted (which is defined as missing three consecutive monthly payments or being over 90 days past due on a scheduled payment). |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses Activity in the allowance for loan losses for the three months ended March 31, 2016 and 2015 is summarized below: The three months ended March 31, 2016 Beginning balance Charge-offs Recoveries Net charge-offs Provision / (reversal of) Ending balance C&I $ 13,262 $ (489 ) $ 329 $ (160 ) $ 1,167 $ 14,269 Payroll finance 1,936 — 4 4 (394 ) 1,546 Warehouse lending 589 — — — (69 ) 520 Factored receivables 1,457 (81 ) 24 (57 ) 7 1,407 Equipment financing 4,925 (457 ) 108 (349 ) 817 5,393 Commercial real estate 13,861 (4 ) 21 17 1,892 15,770 Multi-family 2,741 — 2 2 253 2,996 ADC 2,009 — — — 148 2,157 Residential mortgage 5,007 (224 ) 28 (196 ) 39 4,850 Consumer 4,358 (511 ) 119 (392 ) 140 4,106 Total allowance for loan losses $ 50,145 $ (1,766 ) $ 635 $ (1,131 ) $ 4,000 $ 53,014 Annualized net charge-offs to average loans outstanding 0.06 % The three months ended March 31, 2015 Beginning balance Charge-offs Recoveries Net charge-offs Provision / (reversal of) Ending balance C&I $ 11,027 $ (842 ) $ 101 $ (741 ) $ 400 $ 10,686 Payroll finance 1,506 (303 ) 11 (292 ) 686 1,900 Warehouse lending 608 — — — 251 859 Factored receivables 1,205 (72 ) 19 (53 ) 20 1,172 Equipment financing 2,569 (153 ) 172 19 103 2,691 Commercial real estate 10,121 (62 ) 16 (46 ) 1,018 11,093 Multi-family 2,111 (17 ) — (17 ) 196 2,290 ADC 2,987 — 9 9 (280 ) 2,716 Residential mortgage 5,843 (181 ) 2 (179 ) (537 ) 5,127 Consumer 4,397 (342 ) 52 (290 ) 243 4,350 Total allowance for loan losses $ 42,374 $ (1,972 ) $ 382 $ (1,590 ) $ 2,100 $ 42,884 Annualized net charge-offs to average loans outstanding 0.13 % Total Valuation Balances Recorded Against Portfolio Loans In purchase accounting, the prior allowance for loan losses is not carried over, and in place, we are required to estimate the fair value of loans acquired, which is included as a purchase discount within the acquired loan discount. The following analysis presents the allowance for loan losses to originated loans and remaining purchase accounting marks to acquired loan portfolios and a holistic view of valuation balances recorded against portfolio loans at March 31, 2016 and December 31, 2015 . March 31, 2016 Originated: Pass Special mention Substandard Doubtful Loss Total C&I $ 1,370,429 $ 12,396 $ 30,141 $ 527 $ — $ 1,413,493 Payroll finance 198,903 159 57 — — 199,119 Factored receivables 213,471 — 1,544 — — 215,015 Equipment financing 555,626 1,794 2,960 — — 560,380 Warehouse lending 341,790 — — — — 341,790 Commercial real estate 2,160,764 8,009 23,917 — — 2,192,690 Multi-family 672,382 1,763 1,697 — — 675,842 ADC 140,110 1,668 7,326 — — 149,104 Residential mortgage 433,516 684 12,796 — — 446,996 Consumer 193,933 610 8,289 29 — 202,861 Total originated loans $ 6,280,924 $ 27,083 $ 88,727 $ 556 $ — $ 6,397,290 Allowance for loan losses $ 47,994 $ 829 $ 3,774 $ 417 $ — $ 53,014 As a % of originated loans 0.76 % 3.06 % 4.25 % 75.00 % — % 0.83 % March 31, 2016 Acquired loans: Pass Special mention Substandard Doubtful Loss Total C&I $ 541,296 $ 40,131 $ 8,919 $ — $ — $ 590,346 Equipment financing 96,395 — — — — 96,395 Commercial real estate 550,133 22,950 24,372 — — 597,455 Multi-family 201,332 5,895 3,000 — — 210,227 ADC 24,116 5,500 797 — — 30,413 Residential mortgage 265,632 — 6,105 — — 271,737 Consumer 92,300 — — — — 92,300 Total loans subject to purchase accounting marks $ 1,771,204 $ 74,476 $ 43,193 $ — $ — $ 1,888,873 Remaining purchase accounting mark $ 40,085 $ 2,380 $ 1,937 $ — $ — $ 44,402 As a % of acquired loans 2.26 % 3.20 % 4.48 % — % — % 2.35 % Total portfolio loans $ 8,052,128 $ 101,559 $ 131,920 $ 556 $ — $ 8,286,163 Total allowance for loan losses and remaining purchase accounting mark $ 88,079 $ 3,209 $ 5,711 $ 417 $ — $ 97,416 December 31, 2015 Originated: Pass Special mention Substandard Doubtful Loss Total C&I $ 1,356,685 $ 11,041 $ 29,621 $ 445 $ — $ 1,397,792 Payroll finance 221,735 — 96 — — 221,831 Factored receivables 206,814 — 1,568 — — 208,382 Equipment financing 512,314 460 1,644 — — 514,418 Warehouse lending 387,808 — — — — 387,808 Commercial real estate 2,002,638 9,361 24,104 — — 2,036,103 Multi-family 550,438 — 1,717 — — 552,155 ADC 118,552 1,575 7,236 — — 127,363 Residential mortgage 419,534 897 13,497 — — 433,928 Consumer 195,684 407 7,167 268 — 203,526 Total originated loans $ 5,972,202 $ 23,741 $ 86,650 $ 713 $ — $ 6,083,306 Allowance for loan losses $ 43,925 $ 884 $ 4,801 $ 535 $ — $ 50,145 As a % of originated loans 0.74 % 3.72 % 5.54 % 75.04 % — % 0.82 % December 31, 2015 Acquired loans: Pass Special mention Substandard Doubtful Loss Total C&I $ 267,541 $ 9,724 $ 6,647 $ — $ — $ 283,912 Equipment financing 116,885 — — — — 116,885 Commercial real estate 645,951 23,111 28,186 — — 697,248 Multi-family 237,948 5,927 — — — 243,875 ADC 52,775 5,500 760 — — 59,035 Residential mortgage 272,336 — 6,772 — — 279,108 Consumer 95,341 — 650 — — 95,991 Total loans subject to purchase accounting marks $ 1,688,777 $ 44,262 $ 43,015 $ — $ — $ 1,776,054 Remaining purchase accounting mark $ 37,351 $ 1,649 $ 2,383 $ — $ — $ 41,383 As a % of acquired loans 2.21 % 3.73 % 5.54 % — % — % 2.33 % Total portfolio loans $ 7,661,198 $ 68,003 $ 129,665 $ 713 $ — $ 7,859,579 Total allowance for loan losses and remaining purchase accounting mark $ 81,276 $ 2,533 $ 7,184 $ 535 $ — $ 91,528 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 residential mortgage and consumer loans (home equity lines of credit (“HELOC”) and other consumer loans); (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 by credit risk, except residential mortgage loans, HELOC and other consumer loans, which are evaluated on a homogeneous pool basis unless the loan balance is greater than $500 . This analysis is performed at least quarterly 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 credit. Management has a reasonable amount of experience and depth, and 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 debt funding for working capital support. 7 - Special Mention (OCC definition) - Other Assets Especially Mentioned (“OAEM”) are loans that have potential weaknesses which may, if not reversed 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 losses 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 indicate 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 affected 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, 2016 and December 31, 2015 , the risk category of gross loans by segment was as follows: March 31, 2016 December 31, 2015 Special mention Substandard Doubtful Special mention Substandard Doubtful C&I $ 52,527 $ 39,060 $ 527 $ 20,765 $ 36,268 $ 445 Payroll finance 159 57 — — 96 — Factored receivables — 1,544 — — 1,568 — Equipment financing 1,794 2,960 — 460 1,644 — Commercial real estate 30,959 48,288 — 32,472 52,290 — Multi-family 7,658 4,697 — 5,927 1,717 — ADC 7,168 8,123 — 7,075 7,996 — Residential mortgage 684 18,901 — 897 20,269 — Consumer 610 8,289 29 407 7,817 268 Total $ 101,559 $ 131,919 $ 556 $ 68,003 $ 129,665 $ 713 There were no criticized or classified warehouse lending loans for the periods presented. There were no loans rated “loss” at March 31, 2016 and December 31, 2015 . The increase in loans rated special mention between the periods presented above was mainly due to the NSBC Acquisition. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The balance of goodwill and other intangible assets for the periods presented were as follows: March 31, December 31, 2016 2015 Goodwill $ 696,600 $ 670,699 Other intangible assets: Core deposits $ 43,709 $ 45,794 Customer lists 9,156 7,959 Non-compete agreements 2,260 2,925 Trade name 20,500 20,500 Fair value of below market leases 165 189 Total other intangible assets $ 75,790 $ 77,367 The increase in goodwill at March 31, 2016 compared to December 31, 2015 was due to the NSBC Acquisition. See Note 2. “Acquisitions” for additional information. The estimated aggregate future amortization expense for intangible assets remaining as of March 31, 2016 was as follows: Amortization expense Remainder of 2016 $ 9,438 2017 8,838 2018 7,285 2019 6,074 2020 5,428 2021 5,022 Thereafter 13,205 Total $ 55,290 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2016 | |
Deposits [Abstract] | |
Deposits | Deposits Deposit balances at March 31, 2016 and December 31, 2015 were summarized as follows: March 31, December 31, 2016 2015 Non-interest bearing demand $ 3,027,471 $ 2,936,981 Interest bearing demand 1,818,131 1,274,417 Savings 771,961 943,632 Money market 3,046,634 2,819,788 Certificates of deposit 664,425 605,189 Total deposits $ 9,328,622 $ 8,580,007 Municipal deposits totaled $1,285,263 and $1,140,206 at March 31, 2016 and December 31, 2015 , respectively. See Note 3. “Securities” for the amount of securities that were pledged as collateral for municipal deposits and other purposes. Listed below are the Company’s brokered deposits: March 31, December 31, 2016 2015 Money market $ 219,305 $ 258,007 Reciprocal CDARs 1 96,962 64,131 CDARs one way 89,702 106,627 Total brokered deposits $ 405,969 $ 428,765 1 Certificate of deposit account registry service. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Debt Instruments [Abstract] | |
Borrowings | Borrowings The Company’s borrowings and weighted average interest rates are summarized as follows for the periods presented: March 31, December 31, 2016 2015 Amount Rate Amount Rate By type of borrowing: FHLB borrowings $ 1,444,817 0.87 % $ 1,409,885 1.32 % Other borrowings (repurchase agreements) 23,571 0.57 16,566 0.55 Senior notes 98,996 5.98 98,893 5.98 Subordinated notes 108,124 5.47 — — Total borrowings $ 1,675,508 1.46 % $ 1,525,344 1.61 % By remaining period to maturity: Less than one year $ 1,061,219 0.67 % $ 999,222 0.69 % One to two years 145,000 1.13 295,000 3.19 Two to three years 258,996 3.17 228,893 3.57 Three to four years 50,000 1.38 — — Four to five years 50,000 1.68 — — Greater than five years 110,293 5.46 2,229 4.92 Total borrowings $ 1,675,508 1.46 % $ 1,525,344 1.61 % FHLB borrowings. As a member of the FHLB, the Bank may borrow up to a discounted percentage of the amount of eligible mortgages and securities that have been pledged as collateral under a blanket security agreement. As of March 31, 2016 and December 31, 2015 , the Bank had total residential mortgage and commercial real estate loans pledged after discount of $2,205,834 and $2,050,982 , respectively. In addition to the pledged mortgages, the Bank had also pledged securities to secure borrowings, which are disclosed in Note 3. “Securities.” As of March 31, 2016 , the Bank had unused borrowing capacity at the FHLB of $963,416 and may increase its borrowing capacity by pledging securities not required to be pledged for other purposes with a collateral value of approximately $1,005,295 . FHLB borrowings included $200,000 at December 31, 2015 that were putable quarterly at the discretion of the FHLB. These borrowings had a weighted average remaining term to the contractual maturity dates of approximately 1.31 years at December 31, 2015 and a weighted average interest rate of 4.23% . The Company redeemed these borrowings on March 31, 2016, together with $20,000 of other borrowings with an interest rate of 3.57% . The Company incurred a loss on extinguishment of debt associated with these repayments of $8,716 , which is included in non-interest expense in the consolidated income statements. Other borrowings (repurchase agreements). The Bank enters into sales of securities under agreements to repurchase. These repurchase agreements facilitate the needs of our customers and a portion of our secured short-term funding needs. Securities sold under agreements to repurchase at March 31, 2016 and December 31, 2015 are secured short-term borrowings that mature in one to 45 days and are generally renewed on a continuous basis. Repurchase agreements are stated at the amount of cash received in connection with these transactions. The securities pledged under these repurchase agreements fluctuate in value due to market conditions. The Bank is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. Senior Notes. On July 2, 2013 , the Company issued $100,000 principal amount of 5.50% fixed rate senior notes (the “Senior Notes”) through a private placement at a discount of 1.75% . The cost of issuance was $303 , and at March 31, 2016 and December 31, 2015 the unamortized debt issuance costs were $1,004 and $1,107 , respectively, which will be accreted to interest expense over the life of the Senior Notes, resulting in an effective yield of 5.98% . Interest is due semi-annually in arrears on January 2 and July 2 until maturity on July 2, 2018 . Subordinated Notes . On March 29, 2016 , the Bank issued $110,000 principal amount of 5.25% fixed-to-floating rate subordinated notes (the “Subordinated Notes”) through a private placement at a discount of 1.25% . The cost of issuance was $500 , and at March 31, 2016 the unamortized debt issuance costs were $1,876 , which will be accreted to interest expense over the life of the subordinated notes, resulting in an effective yield of 5.47% . Interest is due semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2016 , until April 1, 2021 . From and including April 1, 2021 , the subordinated notes will bear interest at a floating rate per annum equal to three-month LIBOR plus 3.937% , payable quarterly on January 1 , April 1 , July 1 and October 1 of each year, beginning on July 1, 2021 , through maturity on April 1, 2026 or earlier redemption. The subordinated notes are redeemable by the Bank, in whole or in part, on April 1, 2021 and each interest payment date thereafter. The subordinated notes are redeemable in whole at any time upon certain specified events. The subordinated notes are unsecured, subordinated obligations of the Bank and are subordinated in right of payment to all of the Bank’s existing and future senior indebtedness, including claims of depositors and general creditors. The subordinated notes qualify as Tier 2 capital for regulatory purposes, see Note 15. “Stockholders’ Equity” for additional information. Revolving line of credit. The Company has a $15,000 revolving line of credit facility (the “Credit Facility”) with a financial institution that matures on September 5, 2016 . The balance was zero at March 31, 2016 and December 31, 2015 . The use of proceeds are for general corporate purposes. The line and accrued interest is payable at maturity, and the Company is required to maintain a zero balance for at least 30 days during its term. Loans under the Credit Facility bear interest at one-month LIBOR plus 1.25% . Under the terms of the Credit Facility, the Company and the Bank must maintain certain ratios related to capital, non-performing assets to capital, reserves to non-performing loans and debt service coverage. The Company and the Bank were in compliance with all requirements of the Credit Facility at March 31, 2016 . |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivatives | Derivatives 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 customers 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 investment securities with a fair value of $4,323 as of March 31, 2016 as collateral for the swaps with another financial institution. The Company may need to post additional collateral to swap counterparties in the future in proportion to potential increases in unrealized loss positions. 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. Summary information as of March 31, 2016 and December 31, 2015 regarding these derivatives is presented below: Notional amount Average maturity (in years) Weighted average fixed rate Weighted average variable rate Fair value March 31, 2016 3rd party interest rate swap $ 116,032 5.64 3.96 % 1 m Libor + 2.19 $ 4,323 Customer interest rate swap (116,032 ) 5.64 3.96 1 m Libor + 2.19 (4,323 ) December 31, 2015 3rd party interest rate swap 87,094 5.44 4.09 1 m Libor + 2.15 1,839 Customer interest rate swap (87,094 ) 5.44 4.09 1 m Libor + 2.15 (1,839 ) The Company enters into various commitments to sell real estate loans into the secondary market. Such commitments are considered to be derivative financial instruments; however, the fair value of these commitments is not material. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory federal tax rate for the following reasons: For the three months ended March 31, 2016 2015 Income before income tax expense $ 36,009 $ 24,856 Tax at Federal statutory rate of 35% 12,603 8,700 State and local income taxes, net of Federal tax benefit 1,993 875 Tax-exempt interest, net of disallowed interest (1,834 ) (984 ) Bank owned life insurance income (445 ) (251 ) Non-deductible acquisition related costs — 140 Low income housing tax credits (54 ) (54 ) Other, net (20 ) (348 ) Actual income tax expense $ 12,243 $ 8,078 Effective income tax rate 34.0 % 32.5 % Net deferred tax assets totaled $16,065 at March 31, 2016 and $31,079 at December 31, 2015 . No valuation allowance was recorded against deferred tax assets at March 31, 2016 as management believes it is more likely than not that all of the deferred tax assets will be realized because they were supported by recoverable taxes paid in prior years. There were no unrecognized tax benefits during any of the reported periods. Interest and/or penalties related to income taxes are reported as a component of other non-interest expense. Such amounts were not material during the reported periods. The Company is generally no longer subject to examination by Federal, state and local taxing authorities for fiscal years prior to September 30, 2012. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has active stock-based compensation plans, as described below. The Company’s stockholders approved the 2015 Omnibus Equity and Incentive Plan (the “2015 Plan”) on May 28, 2015. The 2015 Plan permits the grant of stock options, stock appreciation rights, restricted stock (both time-based and performance-based), restricted stock units, deferred stock and other stock-based awards. The total number of shares that may be awarded under the 2015 Plan is 2,800,000 shares plus the remaining shares available for grant under the 2014 Stock Incentive Plan (the “2014 Plan”). At March 31, 2016 , there were 3,642,091 shares available for future grant under the 2015 Plan. The Company’s stockholders approved the 2014 Plan. The approval of the 2015 Plan resulted in the termination of the 2014 Plan. Awards granted under the 2014 Plan that were outstanding as of May 28, 2015 will continue to be governed by the 2014 Plan document; however, no future grants will be made under the 2014 Plan. Under the 2015 Plan, one share is deducted from the 2015 Plan for every share that is awarded and delivered under the 2015 Plan. Restricted stock awards are granted with a fair value equal to the market price of the Company’s common stock at the date of grant. Stock option awards are granted with a strike price that is equal to the market price of the Company’s 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 1 to 5 years and stock options having 10 year contractual terms. In addition to the 2015 Plan and the 2014 Plan, the Company previously granted awards under its 2011 Employment Inducement Stock Program, which included options to purchase 107,526 shares of common stock and restricted stock awards covering 29,550 shares of common stock, both of which vested in four equal installments through July 2015. In connection with the Provident Merger, the Company granted 104,152 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, which expire March 15, 2017 . 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 a prior plan to certain executives of Legacy Sterling. The weighted average grant date fair value under both of these plans 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 following table summarizes the activity in the Company’s active stock-based compensation plans for the three months ended March 31, 2016 : 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 January 1, 2016 4,125,665 726,800 $ 13.36 1,586,572 $ 10.95 Granted (483,574 ) 483,574 14.21 — — Stock awards vested — (32,623 ) — — — Exercised — — — (79,031 ) 9.33 Forfeited 48,646 (4,650 ) 13.00 (32,312 ) 13.08 Canceled/expired (48,646 ) — — — — Balance at March 31, 2016 3,642,091 1,173,101 $ 14.08 1,475,229 $ 10.99 Exercisable at March 31, 2016 1,099,791 $ 10.35 The total intrinsic value of outstanding in-the-money stock options and outstanding in-the-money exercisable stock options was $7,289 and $6,137 , respectively, at March 31, 2016 . The Company uses an option pricing model to estimate the grant date fair value of stock options granted. There were no stock options granted during the three months ended March 31, 2016. There were 15,000 stock options granted during the three months ended March 31, 2015 . The weighted average estimated value per option granted was $2.08 for the three months ended March 31, 2015 . The fair value of options during the first quarter of 2015 granted was determined using the following weighted average assumptions as of the grant date: For the three months ended March 31, 2015 Risk-free interest rate 1.9 % Expected stock price volatility 20.9 Dividend yield (1) 3.1 Expected term in years 5.76 (1) Represents the approximate annualized cash dividend rate paid with respect to a share of common stock at or near the grant date. Stock-based compensation expense is recognized ratably over the requisite service period for all awards. Stock-based compensation expense associated with stock options and non-vested stock awards and the related income tax benefit is presented below: For the three months ended March 31, 2016 2015 Stock options $ 126 $ 281 Non-vested stock awards/performance units 1,414 828 Total $ 1,540 $ 1,109 Income tax benefit 524 377 Proceeds from stock option exercises 546 2,758 Unrecognized stock-based compensation expense as of March 31, 2016 was as follows: March 31, 2016 Stock options $ 503 Non-vested stock awards/performance units 12,848 Total $ 13,351 The weighted average period over which unrecognized stock options expense is expected to be recognized is 1.34 years . The weighted average period over which unrecognized non-vested stock awards/performance units expense is expected to be recognized is 2.29 years . |
Pension and Other Post Retireme
Pension and Other Post Retirement Plans | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Post Retirement Plans | Pension and Other Post Retirement Plans Net pension expense (benefit) and post-retirement expense (benefit) is comprised of the following for the periods presented below: Pension plan Other post retirement plans For the three months ended For the three months ended March 31, March 31, 2016 2015 2016 2015 Service cost $ — $ — $ — $ 2 Interest cost — 589 104 94 Expected return on plan assets — (729 ) — — Net amortization and deferral — 91 12 40 Total pension expense (benefit) and other post-retirement expense $ — $ (49 ) $ 116 $ 136 Net pension expense (benefit) and post-retirement expense is included as a component of compensation and benefits in the consolidated income statements. The Company incurred no pension plan expense in the three months ended March 31, 2016 , as the Company terminated the Sterling National Bank / Sterling Bancorp Defined Benefit Pension Plan (the “Plan”) in October 2015. After settlement of all Plan obligations, a pension reversion asset of $11,642 and $11,442 (recorded in other assets in the consolidated balance sheets) at March 31, 2016 and December 31, 2015 , respectively, will be held in custody by the Company’s 401(k) plan custodian and will be charged to earnings over the next five to seven years as it is distributed to employees under qualified compensation and benefit programs. The Company’s other post retirement plans include a non-qualified Supplemental Executive Retirement Plan (“SERP”) that provides certain officers and executives with supplemental retirement benefits. The Company contributed $30 and $26 to fund SERP benefits during the three months ended March 31, 2016 and 2015 , respectively. Total post retirement plan liabilities were $11,819 and $11,733 at March 31, 2016 and December 31, 2015 , respectively, and are included in other liabilities in the consolidated balance sheets. |
Other Non-Interest Expense
Other Non-Interest Expense | 3 Months Ended |
Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Non-interest Expense | Other Non-interest Expense Other non-interest expense items for the three months ended March 31, 2016 and 2015 , respectively, 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, 2016 2015 Other non-interest expense: Professional fees $ 2,471 $ 1,915 Data and check processing 1,754 2,148 Insurance & surety bond premium 785 648 Charge for asset write-downs 2,485 — Other 5,720 5,111 Total other non-interest expense $ 13,215 $ 9,822 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following is a summary of the calculation of earnings per share (“EPS”): For the three months ended March 31, 2016 2015 Net income $ 23,766 $ 16,778 Weighted average common shares outstanding for computation of basic EPS 129,974,025 87,839,029 Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (1) 526,950 413,739 Weighted average common shares for computation of diluted EPS 130,500,975 88,252,768 Earnings per common share: Basic $ 0.18 $ 0.19 Diluted 0.18 0.19 Weighted average common shares that could be exercised that were anti-dilutive for the period (2) — 112,891 (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted earnings per share; there were no anti-dilutive shares in the three months ended March 31, 2016. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity (a) Regulatory Capital Requirements Banks and bank holding companies are subject to various regulatory capital requirements administered by the federal banking agencies. Capital adequacy guidelines, and additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk-weighting, and other factors. The Basel III Capital Rules became effective for the Company and the Bank on January 1, 2015 (subject to a phase-in period for certain provisions). Quantitative measures established by the Basel III Capital Rules to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1 capital (as defined in the regulations), Tier 1 capital (as defined in the regulations) and Total capital (as defined in the regulations) to risk-weighted assets (as defined, “RWA”), and of Tier 1 capital to adjusted quarterly average assets (as defined in the regulation) (the “Tier 1 leverage ratio”). The Company’s and the Bank’s Common Equity Tier 1 capital consists of common stock and related paid-in capital, net of treasury stock, and retained earnings. In connection with the adoption of the Basel III Capital Rules, we elected to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1 capital. Common Equity Tier 1 capital for both the Company and the Bank is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities and subject to transition provisions. Tier 1 capital includes Common Equity Tier 1 capital and additional Tier 1 capital. Total capital includes Tier 1 capital and Tier 2 capital. Tier 2 capital (as defined in the regulations) for both the Bank and the Company includes a permissible portion of the allowance for loan losses and $108,124 and $95,661 of the Subordinated Notes, respectively. During the final five years of the term of the Subordinated Notes the permissible portion eligible for inclusion in Tier 2 capital decreases by 20% annually. See Note 8. “Borrowings.” The Common Equity Tier 1, Tier 1 and Total capital ratios are calculated by dividing the respective capital amounts by RWA. RWA is calculated based on regulatory requirements and includes total assets, excluding goodwill and other intangible assets, allocated by risk weight category, and certain off-balance-sheet items, among other things. The Tier 1 leverage ratio is calculated by dividing Tier 1 capital by adjusted quarterly average total assets, which exclude goodwill and other intangible assets, among other things. When fully phased-in on January 1, 2019, the Basel III Capital Rules will require the Company and the Bank to maintain: (i) a minimum ratio of Common Equity Tier 1 capital to RWA of at least 4.5%, plus a 2.5% “capital conservation buffer” (which is added to the 4.5% Common Equity Tier 1 capital ratio as that buffer is phased in, effectively resulting in a minimum ratio of Common Equity Tier 1 capital to RWA of at least 7.0% upon full implementation); (ii) a minimum ratio of Tier 1 capital to RWA of at least 6.0%, plus the capital conservation buffer (which is added to the 6.0% Tier 1 capital ratio as that buffer is phased in, effectively resulting in a minimum Tier 1 capital ratio of 8.5% upon full implementation); (iii) a minimum ratio of Total capital (that is, Tier 1 plus Tier 2) to RWA of at least 8.0%, plus the capital conservation buffer (which is added to the 8.0% total capital ratio as that buffer is phased in, effectively resulting in a minimum total capital ratio of 10.5% upon full implementation); and (iv) a minimum leverage ratio of 4.0%, calculated as the ratio of Tier 1 capital to adjusted quarterly average assets. The implementation of the capital conservation buffer began on January 1, 2016 at the 0.625% level and is being phased in over a four-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). The Basel III Capital Rules also provide for a “countercyclical capital buffer” that is applicable to only certain covered institutions and does not have any current applicability to the Company or the Bank. The aforementioned capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 capital to RWA above the minimum but below the conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. The following tables presents actual and required capital ratios as of March 31, 2016 and December 31, 2015 for the Company and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of March 31, 2016 and December 31, 2015 based on the phase-in provisions of the Basel III Capital Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules have been fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. Actual Minimum capital required - Basel III phase-in schedule Minimum capital required - Basel III fully phased-in Required to be considered well capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio Capital amount Ratio March 31, 2016 Common equity tier 1 to RWA: Sterling National Bank $ 1,032,118 10.89 % $ 486,060 5.125 % $ 663,240 7.00 % $ 615,865 6.50 % Sterling Bancorp 970,224 10.24 486,244 5.125 663,492 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 1,032,118 10.89 % 628,183 6.625 % 805,362 8.50 % 757,988 8.00 % Sterling Bancorp 970,224 10.24 628,421 6.625 805,668 8.50 N/A N/A Total capital to RWA: Sterling National Bank 1,193,805 12.60 % 817,680 8.625 % 994,859 10.50 % 947,485 10.00 % Sterling Bancorp 1,119,448 11.81 817,990 8.625 995,237 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 1,032,118 9.16 450,703 4.000 450,703 4.00 563,379 5.00 % Sterling Bancorp 970,224 8.60 451,378 4.000 451,378 4.00 N/A N/A Actual Minimum capital required - Basel III phase-in schedule Minimum capital required - Basel III fully phased-in Required to be considered well capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2015 Common equity tier 1 to RWA: Sterling National Bank $ 1,053,527 11.45 % $ 413,951 4.50 % $ 643,923 7.00 % $ 597,929 6.50 % Sterling Bancorp 988,174 10.74 414,047 4.50 644,073 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 1,053,527 11.45 % 551,934 6.00 % 781,907 8.50 % 735,912 8.00 % Sterling Bancorp 988,174 10.74 552,063 6.00 782,089 8.50 N/A N/A Total capital to RWA: Sterling National Bank 1,104,221 12.00 % 735,912 8.00 % 965,885 10.50 % 919,891 10.00 % Sterling Bancorp 1,038,868 11.29 736,084 8.00 966,110 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 1,053,527 9.65 % 436,678 4.00 % 436,678 4.00 % 545,848 5.00 % Sterling Bancorp 988,174 9.03 437,629 4.00 437,629 4.00 N/A N/A The Bank and the Company are subject to the regulatory capital requirements administered by the Federal Reserve, and, for the Bank, the Office of the Comptroller of the Currency. Regulatory authorities can initiate certain mandatory actions if the Bank or the Company fail to meet the minimum capital requirements, which could have a direct material effect on our financial statements. As of March 31, 2016 , management believes that the Bank and the Company meet all capital adequacy requirements to which they are subject. (b) Dividend Restrictions The Company is mainly dependent upon dividends from the Bank to provide funds for the payment of dividends to stockholders and to provide for other cash requirements. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels. Approval is also required if dividends declared exceed the net profits for that fiscal year combined with the retained net profits for the preceding two fiscal years. Under the foregoing dividend restrictions and while maintaining its “well-capitalized” status, at March 31, 2016 , the Bank had capacity to pay aggregate dividends of up to $66,516 to the Company without prior regulatory approval. (c) Capital Raise On February 11, 2015 , the Company completed a public offering of 6.9 million shares of common stock at an offering price of $13.00 per share for gross proceeds of approximately $ 89,700 , and net proceeds, after underwriting discounts, commissions and other costs of issuance, of $85,059 . (d) Stock Repurchase Plans From time to time, the Company’s board of directors has authorized stock repurchase plans. The Company has 776,713 shares that are available to be purchased under a previously announced stock repurchase program. There were no shares repurchased under the repurchase program during the three months ended March 31, 2016 or March 31, 2015 . (e) Liquidation Rights Upon completion of a second-step conversion in January 2004 , the Bank established a special “liquidation account” in accordance with Office of the Comptroller of the Currency regulations. The account was established for the benefit of Eligible Account Holders and Supplemental Eligible Account Holders (as defined in the plan of conversion) in an amount equal to the greater of (i) the Mutual Holding Company’s (as defined in the plan of conversion) ownership interest in the retained earnings of the Bank as of the date of its latest balance sheet contained in the prospectus; or (ii) the retained earnings of the Bank at the time that the Bank reorganized into the Mutual Holding Company in 1999. Each Eligible Account Holder and Supplemental Eligible Account Holder that continues to maintain his or her deposit account at the Bank would be entitled, in the event of a complete liquidation of the Bank, to a pro rata interest in the liquidation account prior to any payment to the stockholders of the Company. The liquidation account is reduced annually on September 30 to the extent that Eligible Account Holders and Supplemental Eligible Account Holders have reduced their qualifying deposits as of each anniversary date. At March 31, 2016 , the liquidation account had a balance of $13,300 . Subsequent increases in deposits do not restore such account holder’s interest in the liquidation account. The Bank may not pay cash dividends or make other capital distributions if the effect thereof would reduce its stockholders’ equity below the amount of the liquidation account. (f) Impact of HVB Merger On June 30, 2015, the Company completed the HVB Merger. In connection with the HVB Merger, the Company issued 38.5 million common shares to HVHC shareholders, which resulted in an increase of $563,613 in stockholders’ equity. |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) Off-Balance-Sheet Financial Instruments In the normal course of business, the Company enters into various transactions, which in accordance with GAAP are not included in its consolidated balance sheet. The Company enters into these transactions to meet the financing needs of its customers. These transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company minimizes its exposure to losses under these commitments by subjecting them to credit approval and monitoring procedures. The Company enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of the Company’s commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. Standby letters of credit are written conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. In the event the customer does not perform in accordance with the terms of the agreement with the third-party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. If the commitment were funded, the Company would be entitled to seek recovery from the customer. Based on the Company’s credit risk exposure assessment of standby letter of credit arrangements, the arrangements contain security and debt covenants similar to those contained in loan agreements. The contractual or notional amounts of these instruments, which reflect the extent of the Company’s involvement in particular classes of off-balance sheet financial instruments, are summarized as follows: March 31, December 31, 2016 2015 Loan origination commitments $ 234,023 $ 269,636 Unused lines of credit 749,028 660,915 Letters of credit 114,969 102,930 (b) Lease Commitments The Company leases certain premises and equipment under operating leases with terms expiring through January 2034. Included in occupancy and office operations expense was net rent expense of $3,522 and $1,577 during the three months ended March 31, 2016 and 2015 , respectively. Future minimum lease payments due under non-cancelable operating leases at March 31, 2016 were as follows: Remainder of 2016 $ 8,618 2017 10,724 2018 9,546 2019 7,310 2020 5,955 2021 5,521 2022 and thereafter 22,270 $ 69,944 (c) Litigation The Company and the Bank are involved in a number of judicial proceedings concerning matters arising from conducting their business activities. These include routine legal proceedings arising in the ordinary course of business. These proceedings also include actions brought against the Company and the Bank with respect to corporate matters and transactions in which the Company and the Bank are or 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 liability in all significant litigation pending against them and intend to defend vigorously each case, other than matters thata are determined appropriate to be settled. The Company and the Bank 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. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
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 value 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; 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 coincide 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. As of March 31, 2016 , we do not believe any of our securities are OTTI; however, we review all of our securities 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 creditworthiness of the counterparty as of the measurement date (Level 2 inputs). The Company’s derivatives consist of interest rate swaps. See Note 9. “Derivatives” for additional information. 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 if material, 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 and are not material. A summary of assets and liabilities at March 31, 2016 measured at estimated fair value on a recurring basis is as follows: March 31, 2016 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 1,416,951 $ — $ 1,416,951 $ — CMO (1) /Other MBS 74,672 — 74,672 — Total residential MBS 1,491,623 — 1,491,623 — Other securities: Federal agencies 83,710 — 83,710 — Corporate 87,179 — 87,179 — State and municipal 223,517 — 223,517 — Other 8,791 — 8,791 — Total other securities 403,197 — 403,197 — Total available for sale securities 1,894,820 — 1,894,820 — Swaps 4,323 — 4,323 — Total assets $ 1,899,143 $ — $ 1,899,143 $ — Liabilities: Swaps $ 4,323 $ — $ 4,323 $ — Total liabilities $ 4,323 $ — $ 4,323 $ — (1) Collateralized Mortgage Obligations (“CMOs”) are debt securities that are collateralized by a specific pool of residential mortgage loans, in which the issuer of the CMOs can direct the payments of principal and interest received on the underlying collateral to achieve specific investor cash flow objectives. The Bank generally acquires planned-amortization class securities and CMOs with a sequential pay structure in order to manage the duration and extension risk inherent in these securities. A summary of assets and liabilities at December 31, 2015 measured at estimated fair value on a recurring basis is as follows: December 31, 2015 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 1,217,862 $ — $ 1,217,862 $ — CMO/Other MBS 78,373 — 78,373 — Total residential MBS 1,296,235 — 1,296,235 — Federal agencies 84,267 — 84,267 — Corporate bonds 314,188 — 314,188 — State and municipal 189,035 — 189,035 — Trust preferred 28,517 — 28,517 — Other 8,790 — 8,790 — Total investment securities available for sale 624,797 — 624,797 — Total available for sale securities 1,921,032 — 1,921,032 — Swaps 1,839 — 1,839 — Total assets $ 1,922,871 $ — $ 1,922,871 $ — Liabilities: Swaps $ 1,839 $ — $ 1,839 $ — Total liabilities $ 1,839 $ — $ 1,839 $ — 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 $55,367 and $29,330 at March 31, 2016 and March 31, 2015 , respectively. Changes in fair value recognized as a charge-off on loans held by the Company were $0 and $280 for the three months ended March 31, 2016 and 2015 , 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 the two classes with impaired loans at March 31, 2016 measured at estimated fair value on a non-recurring basis is the following: March 31, 2016 Fair value Level 1 inputs Level 2 inputs Level 3 inputs C&I $ 71 $ — $ — $ 71 Commercial real estate 3,030 — — 3,030 Total impaired loans measured at fair value $ 3,101 $ — $ — $ 3,101 A summary of the class of impaired loans at December 31, 2015 measured at estimated fair value on a non-recurring basis is the following: December 31, 2015 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Commercial real estate $ 3,218 $ — $ — $ 3,218 Total impaired loans measured at fair value $ 3,218 $ — $ — $ 3,218 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 valuation provider, 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, 2016 and December 31, 2015 were $1,115 and $1,204 , 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 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 the Company’s credit department, external loan review consultant and verified by officers in the Company’s credit administration area. Assets taken in foreclosure of defaulted loans and facilities held for sale subject to non-recurring fair value measurement were $14,527 and $14,614 at March 31, 2016 and December 31, 2015 , respectively. There were $165 and $0 of write-downs related to changes in fair value for those foreclosed assets held by the Company during the three months ended March 31, 2016 and March 31, 2015 , 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, 2016 : Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Range (1) (weighted average) Impaired loans: C&I $ 71 Appraisal Adjustments for comparable properties 10.0% -25.0% (14.4%) Commercial real estate $ 3,030 Appraisal Adjustments for comparable properties 22.0% (22.0%) Assets taken in foreclosure: Residential mortgage 2,355 Appraisal Adjustments by management to reflect current conditions/selling costs 10.0% - 22.0% (21.6%) Commercial real estate (2) 7,411 Appraisal Adjustments by management to reflect current conditions/selling costs 10.0% - 22.0% (22.0%) ADC 4,427 Appraisal Adjustments by management to reflect current conditions/selling costs 10.0% - 22.0% (22.0%) Mortgage servicing rights 1,115 Third-party Discount rates 8.5% - 11.5% (9.8%) Third-party Prepayment speeds 100 - 418 (208) (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. (2) Excludes $334 of commercial properties that are former financial centers that were closed and are now held for sale. These assets were not taken in foreclosure and their fair value is determined by third-party appraisals and our internal assessment of the market for this type of real estate. 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 financial statements for interim and annual periods. Fair value is the amount for 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 value of financial assets and liabilities (none of which were held for trading purposes) as of March 31, 2016 : March 31, 2016 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 486,730 $ 486,730 $ — $ — Securities available for sale 1,894,820 — 1,894,820 — Securities held to maturity 952,922 — 973,826 — Portfolio loans, net 8,233,149 — — 8,290,596 Loans held for sale 27,237 — 27,237 — Accrued interest receivable on securities 11,937 — 11,937 — Accrued interest receivable on loans 21,455 — — 21,455 FHLB stock and FRB stock 118,330 — — — Swaps 4,323 — 4,323 — Financial liabilities: Non-maturity deposits (8,664,197 ) (8,664,197 ) — — Certificates of deposit (664,425 ) — (664,670 ) — FHLB borrowings (1,444,817 ) — (1,446,146 ) — Other borrowings (23,571 ) — (23,571 ) — Senior notes (98,996 ) — (104,134 ) — Subordinated notes (108,124 ) — (109,693 ) — Mortgage escrow funds (14,972 ) — (14,969 ) — Accrued interest payable on deposits (495 ) — (495 ) — Accrued interest payable on borrowings (2,376 ) — (2,376 ) — Swaps (4,323 ) — (4,323 ) — The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of December 31, 2015 : December 31, 2015 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 229,513 $ 229,513 $ — $ — Securities available for sale 1,921,032 — 1,921,032 — Securities held to maturity 722,791 — 734,079 — Portfolio loans, net 7,809,215 — — 7,876,064 Loans held for sale 34,110 — 34,110 — Accrued interest receivable on securities 11,329 — 11,329 — Accrued interest receivable on loans 20,202 — — 20,202 FHLB stock and FRB stock 116,758 — — — Swaps 1,839 — 1,839 — Financial liabilities: Non-maturity deposits (7,974,817 ) (7,974,817 ) — — Certificates of deposit (605,190 ) — (603,634 ) — FHLB borrowings (1,409,885 ) — (1,418,155 ) — Other borrowings (16,566 ) — (16,430 ) — Senior notes (98,893 ) — (105,088 ) — Mortgage escrow funds (13,778 ) — (13,775 ) — Accrued interest payable on deposits (783 ) — (783 ) — Accrued interest payable on borrowings (4,490 ) — (4,490 ) — Swaps (1,839 ) — (1,839 ) — 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 Stock and FRB 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 - Financial Instruments , deposits with no stated maturity (such as demand, money market and saving 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. FHLB Borrowings, Other borrowings, Senior notes and Subordinated 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. Other Financial Instruments Other financial assets and liabilities listed in the table above have estimated fair values that approximate their 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 the “Off-Balance Sheet Financial Instruments” section of Note 16. “Commitments and Contingencies” were estimated based on current market terms (including interest rates and fees), considering the remaining terms of the agreements and the creditworthiness of the counterparties. At March 31, 2016 and December 31, 2015 , 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 in accordance with the related instrument. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Components of accumulated other comprehensive income (loss) (“AOCI”) were as follows as of the dates shown below: March 31, December 31, 2016 2015 Net unrealized holding gain (loss) on available for sale securities $ 15,066 $ (12,172 ) Related income tax (expense) benefit (5,951 ) 5,173 Available for sale securities AOCI, net of tax 9,115 (6,999 ) Net unrealized holding loss on securities transferred to held to maturity (6,942 ) (7,226 ) Related income tax benefit 2,742 3,071 Securities transferred to held to maturity AOCI, net of tax (4,200 ) (4,155 ) Net unrealized holding loss on retirement plans (1,250 ) (1,687 ) Related income tax benefit 494 717 Retirement plans AOCI, net of tax (756 ) (970 ) AOCI $ 4,159 $ (12,124 ) The following table presents the changes in each component of AOCI for the three months ended March 31, 2016 and 2015 : Net unrealized holding gain (loss) on available for sale securities Net unrealized holding gain (loss) on securities transferred to held to maturity Net unrealized holding (loss) gain on retirement plans Total The three months ended March 31, 2016 Balance beginning of the period $ (6,999 ) $ (4,155 ) $ (970 ) $ (12,124 ) Other comprehensive gain before reclassification 16,285 — — 16,285 Amounts reclassified from AOCI (171 ) (45 ) 214 (2 ) Total other comprehensive income 16,114 (45 ) 214 16,283 Balance at end of period $ 9,115 $ (4,200 ) $ (756 ) $ 4,159 The three months ended March 31, 2015 Balance beginning of the period $ 1,297 $ (4,967 ) $ (6,581 ) $ (10,251 ) Other comprehensive gain before reclassification 4,203 — — 4,203 Amounts reclassified from AOCI 882 310 117 1,309 Total other comprehensive income 5,085 310 117 5,512 Balance at end of period $ 6,382 $ (4,657 ) $ (6,464 ) $ (4,739 ) Location in statement of operations where reclassification from AOCI is included Net (loss) gain on sale of securities Interest income on securities Compensation and benefits expense |
Recent Accounting Standards, No
Recent Accounting Standards, Not Yet Adopted | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)." ASU 2014-09 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 was originally going to be effective for us on January 1, 2017; however, the FASB recently issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date” which deferred the effective date of ASU 2014-09 by one year to January 1, 2018. We are currently evaluating the potential impact of ASU 2014-09 on our consolidated financial statements. ASU 2015-02, “Consolidation (Topic 810) – Amendments to the Consolidation Analysis.” ASU 2015-02 implements changes to both the variable interest consolidation model and the voting interest consolidation model. ASU 2015-02 (i) eliminates certain criteria that must be met when determining whether or not fees paid to a decision maker or service provider represent a variable interest; (ii) amends the criteria for determining whether a limited partnership is a variable interest entity; and (iii) eliminates the presumption that a general partner controls a limited partnership in the voting model. ASU 2015-02 became effective for us on January 1, 2016 and did not have a material impact on our consolidated financial statements. ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 became effective for the us on January 1, 2016, and did not have a material impact on our consolidated financial statements. ASU 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) – Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” ASU 2015-05 addresses accounting for fees paid by a customer in cloud computing arrangements such as (i) software as a service; (ii) platform as a service; (iii) infrastructure as a service; and (iv) other similar hosting arrangements. ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 became effective for us on January 1, 2016 and did not have a material impact on our consolidated financial statements. ASU 2015-15, “ Interest – Imputation of Interest (Subtopic 835-30) – Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting." ASU 2015-15 adds SEC paragraphs pursuant to an SEC staff announcement that given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-16, “Business Combinations (Topic 805) – Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-16 requires that adjustments to provisional amounts that are identified during the measurement period of a business combination be recognized in the reporting period in which the adjustment amounts are determined. Furthermore, the income statement effects of such adjustments, if any, must be calculated as if the accounting had been completed at the acquisition date. The portion of the amount recorded in current-period earnings would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Under previous guidance, adjustments to provisional amounts identified during the measurement period are to be recognized retrospectively. ASU 2015-16 became effective for us on January 1, 2016 and did not have a material impact on our financial statements. ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 will, among other things, require lessees to recognize a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 does not significantly change lease accounting requirements applicable to lessors; however, certain changes were made to align, where necessary, lessor accounting with the lessee accounting model and ASC Topic 606, “Revenue from Contracts with Customers.” ASU 2016-2 will be effective for us on January 1, 2019 and will require transition using a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are currently evaluating the potential impact of ASU 2016-02 on our financial statements and our regulatory capital ratios. ASU 2016-05, “Derivatives and Hedging (Topic 815) Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” ASU 2016-05 clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under ASC Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ASU 2016-05 will be effective for us on January 1, 2017 and is not expected to have a significant impact on our financial statements. ASU 2016-07, “Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” The amendments affect all entities that have an investment that becomes qualified for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. ASU 2016-07 simplifies the transition to the equity method of accounting by eliminating retroactive adjustment of the investment when an investment qualifies for use of the equity method, among other things. ASU 2016-07 will be effective for us on January 1, 2017 and is not expected to have a significant impact on our financial statements. ASU 2016-08, ”Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net).” ASU 2016-08 was issued to clarify certain principal versus agent considerations within the implementation guidance of ASC Topic 606, “Revenue from Contracts with Customers.” The effective date and transition of ASU 2016-08 is the same as the effective date and transition of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” as discussed above. We are currently evaluating the potential impact of ASU 2016-08 on our financial statements. ASU 2016-09, ”Compensation - Stock compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” Under ASU 2016-09 all excess tax benefits and tax deficiencies related to share-based payment awards should be recognized as income tax expense or benefit in the income statement during the period in which they occur. Previously, such amounts were recorded in the pool of excess tax benefits included in additional paid-in capital, if such pool was available. Because excess tax benefits are no longer recognized in additional paid-in capital, the assumed proceeds from applying the treasury stock method when computing earnings per share should exclude the amount of excess tax benefits that would have previously been recognized in additional paid-in capital. Additionally, excess tax benefits should be classified along with other income tax cash flows as an operating activity rather than a financing activity, as was previously the case. ASU 2016-09 also provides that an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. ASU 2016-09 changes the threshold to qualify for equity classification (rather than as a liability) to permit withholding up to the maximum statutory tax rates (rather than the minimum as was previously the case) in the applicable jurisdictions. ASU 2016-09 will be effective on January 1, 2017 and is not expected to have a significant impact on our financial statements. ASU No. 2016-10, ”Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing.” ASU 2016-10 was issued to clarify ASC Topic 606, “Revenue from Contracts with Customers” related to (i) identifying performance obligations; and (ii) the licensing implementation guidance. The effective date and transition of ASU 2016-10 is the same as the effective date and transition of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” as discussed above. We are currently evaluating the potential impact of ASU 2016-10 on our financial statements. |
Basis of Financial Statement 28
Basis of Financial Statement Presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of the Company and all other entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies the Company follows conform, in all material respects, to accounting principles generally accepted in the United States (“GAAP”) and to general practices within the banking industry, which includes regulatory reporting instructions. The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of the Company’s financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with GAAP and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2015 , included in our Annual Report on Form 10-K filed with the SEC on February 29, 2016 (the “2015 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Certain items in prior financial statements have been reclassified to conform to the current presentation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expense and contingencies at the date of the financial statements. Actual results could differ significantly from these estimates. The allowance for loan losses and the status of contingencies are particularly subject to change. |
Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)." ASU 2014-09 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 was originally going to be effective for us on January 1, 2017; however, the FASB recently issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date” which deferred the effective date of ASU 2014-09 by one year to January 1, 2018. We are currently evaluating the potential impact of ASU 2014-09 on our consolidated financial statements. ASU 2015-02, “Consolidation (Topic 810) – Amendments to the Consolidation Analysis.” ASU 2015-02 implements changes to both the variable interest consolidation model and the voting interest consolidation model. ASU 2015-02 (i) eliminates certain criteria that must be met when determining whether or not fees paid to a decision maker or service provider represent a variable interest; (ii) amends the criteria for determining whether a limited partnership is a variable interest entity; and (iii) eliminates the presumption that a general partner controls a limited partnership in the voting model. ASU 2015-02 became effective for us on January 1, 2016 and did not have a material impact on our consolidated financial statements. ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 became effective for the us on January 1, 2016, and did not have a material impact on our consolidated financial statements. ASU 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) – Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” ASU 2015-05 addresses accounting for fees paid by a customer in cloud computing arrangements such as (i) software as a service; (ii) platform as a service; (iii) infrastructure as a service; and (iv) other similar hosting arrangements. ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 became effective for us on January 1, 2016 and did not have a material impact on our consolidated financial statements. ASU 2015-15, “ Interest – Imputation of Interest (Subtopic 835-30) – Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting." ASU 2015-15 adds SEC paragraphs pursuant to an SEC staff announcement that given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-16, “Business Combinations (Topic 805) – Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-16 requires that adjustments to provisional amounts that are identified during the measurement period of a business combination be recognized in the reporting period in which the adjustment amounts are determined. Furthermore, the income statement effects of such adjustments, if any, must be calculated as if the accounting had been completed at the acquisition date. The portion of the amount recorded in current-period earnings would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Under previous guidance, adjustments to provisional amounts identified during the measurement period are to be recognized retrospectively. ASU 2015-16 became effective for us on January 1, 2016 and did not have a material impact on our financial statements. ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 will, among other things, require lessees to recognize a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 does not significantly change lease accounting requirements applicable to lessors; however, certain changes were made to align, where necessary, lessor accounting with the lessee accounting model and ASC Topic 606, “Revenue from Contracts with Customers.” ASU 2016-2 will be effective for us on January 1, 2019 and will require transition using a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are currently evaluating the potential impact of ASU 2016-02 on our financial statements and our regulatory capital ratios. ASU 2016-05, “Derivatives and Hedging (Topic 815) Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships.” ASU 2016-05 clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under ASC Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. ASU 2016-05 will be effective for us on January 1, 2017 and is not expected to have a significant impact on our financial statements. ASU 2016-07, “Investments - Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” The amendments affect all entities that have an investment that becomes qualified for the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. ASU 2016-07 simplifies the transition to the equity method of accounting by eliminating retroactive adjustment of the investment when an investment qualifies for use of the equity method, among other things. ASU 2016-07 will be effective for us on January 1, 2017 and is not expected to have a significant impact on our financial statements. ASU 2016-08, ”Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net).” ASU 2016-08 was issued to clarify certain principal versus agent considerations within the implementation guidance of ASC Topic 606, “Revenue from Contracts with Customers.” The effective date and transition of ASU 2016-08 is the same as the effective date and transition of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” as discussed above. We are currently evaluating the potential impact of ASU 2016-08 on our financial statements. ASU 2016-09, ”Compensation - Stock compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” Under ASU 2016-09 all excess tax benefits and tax deficiencies related to share-based payment awards should be recognized as income tax expense or benefit in the income statement during the period in which they occur. Previously, such amounts were recorded in the pool of excess tax benefits included in additional paid-in capital, if such pool was available. Because excess tax benefits are no longer recognized in additional paid-in capital, the assumed proceeds from applying the treasury stock method when computing earnings per share should exclude the amount of excess tax benefits that would have previously been recognized in additional paid-in capital. Additionally, excess tax benefits should be classified along with other income tax cash flows as an operating activity rather than a financing activity, as was previously the case. ASU 2016-09 also provides that an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. ASU 2016-09 changes the threshold to qualify for equity classification (rather than as a liability) to permit withholding up to the maximum statutory tax rates (rather than the minimum as was previously the case) in the applicable jurisdictions. ASU 2016-09 will be effective on January 1, 2017 and is not expected to have a significant impact on our financial statements. ASU No. 2016-10, ”Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing.” ASU 2016-10 was issued to clarify ASC Topic 606, “Revenue from Contracts with Customers” related to (i) identifying performance obligations; and (ii) the licensing implementation guidance. The effective date and transition of ASU 2016-10 is the same as the effective date and transition of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” as discussed above. We are currently evaluating the potential impact of ASU 2016-10 on our financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below summarizes the amounts recognized as of the HVB 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 HVB Merger date: Consideration paid through Sterling Bancorp common stock issued to HVHC shareholders $ 566,307 HVHC net book value Fair value adjustments As recorded at acquisition Cash and cash equivalents $ 878,988 $ — $ 878,988 Investment securities 713,625 217 (a) 713,842 Loans 1,816,767 (24,248 ) (b) 1,792,519 Federal Reserve Bank stock 5,830 — 5,830 Bank owned life insurance 44,231 — 44,231 Premises and equipment 11,918 4,925 (c) 16,843 Accrued interest receivable 7,392 — 7,392 Core deposits and other intangibles — 33,839 (d) 33,839 Other real estate owned 222 — 222 Other assets 32,639 (7,931 ) (e) 24,708 Deposits (3,160,746 ) — (3,160,746 ) Other borrowings (25,366 ) — (25,366 ) Other liabilities (37,292 ) 1,540 (f) (35,752 ) Total identifiable net assets $ 288,208 $ 8,342 $ 296,550 Goodwill recorded in the HVB Merger $ 269,757 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustment on investment securities held to maturity. (b) Represents the elimination of HVHC ’ s allowance for loan losses and an adjustment of the net book value of loans to estimated fair value, which includes an interest rate mark and credit mark adjustment. (c) Represents an adjustment to reflect the fair value of HVHC owned real estate as determined by independent appraisals, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (d) Represents intangible assets recorded to reflect the fair value of core deposits. 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. (e) Represents an adjustment in net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangibles recorded. (f) Represents the elimination of HVHC’s deferred rent liability. Acquired loan portfolio data in the HVB Merger is presented below: Fair value of acquired loans at acquisition date Gross contractual amounts receivable at acquisition date Best estimate at acquisition date of contractual cash flows not expected to be collected Acquired loans with evidence of deterioration since origination $ 96,973 $ 122,104 $ 19,024 Acquired loans with no evidence of deterioration since origination 1,695,546 1,974,740 37,520 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of securities available for sale | A summary of amortized cost and estimated fair value of securities as of March 31, 2016 and December 31, 2015 is presented below. The term “Residential MBS” refers to residential mortgage-backed securities and the term “CMO” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 17. “Fair Value Measurements”. March 31, 2016 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 1,400,401 $ 16,853 $ (303 ) $ 1,416,951 $ 247,094 $ 5,599 $ (72 ) $ 252,621 CMO/Other MBS 74,526 515 (369 ) 74,672 47,687 496 (122 ) 48,061 Total residential MBS 1,474,927 17,368 (672 ) 1,491,623 294,781 6,095 (194 ) 300,682 Other securities: Federal agencies 83,575 138 (3 ) 83,710 104,292 4,382 (9 ) 108,665 Corporate 91,325 317 (4,463 ) 87,179 25,192 — (319 ) 24,873 State and municipal 221,146 2,780 (409 ) 223,517 522,657 11,675 (1,036 ) 533,296 Other 8,781 10 — 8,791 6,000 310 — 6,310 Total other securities 404,827 3,245 (4,875 ) 403,197 658,141 16,367 (1,364 ) 673,144 Total securities $ 1,879,754 $ 20,613 $ (5,547 ) $ 1,894,820 $ 952,922 $ 22,462 $ (1,558 ) $ 973,826 December 31, 2015 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 1,222,912 $ 2,039 $ (7,089 ) $ 1,217,862 $ 252,760 $ 1,857 $ (1,214 ) $ 253,403 CMO/Other MBS 79,430 76 (1,133 ) 78,373 49,842 87 (619 ) 49,310 Total residential MBS 1,302,342 2,115 (8,222 ) 1,296,235 302,602 1,944 (1,833 ) 302,713 Other securities: Federal agencies 85,124 7 (864 ) 84,267 104,135 2,458 (635 ) 105,958 Corporate 321,630 522 (7,964 ) 314,188 25,241 11 (200 ) 25,052 State and municipal 187,399 2,187 (551 ) 189,035 285,813 9,327 (134 ) 295,006 Trust preferred 27,928 589 — 28,517 — — — — Other 8,781 9 — 8,790 5,000 350 — 5,350 Total other securities 630,862 3,314 (9,379 ) 624,797 420,189 12,146 (969 ) 431,366 Total securities $ 1,933,204 $ 5,429 $ (17,601 ) $ 1,921,032 $ 722,791 $ 14,090 $ (2,802 ) $ 734,079 |
Summary of securities held-to-maturity | A summary of amortized cost and estimated fair value of securities as of March 31, 2016 and December 31, 2015 is presented below. The term “Residential MBS” refers to residential mortgage-backed securities and the term “CMO” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 17. “Fair Value Measurements”. March 31, 2016 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 1,400,401 $ 16,853 $ (303 ) $ 1,416,951 $ 247,094 $ 5,599 $ (72 ) $ 252,621 CMO/Other MBS 74,526 515 (369 ) 74,672 47,687 496 (122 ) 48,061 Total residential MBS 1,474,927 17,368 (672 ) 1,491,623 294,781 6,095 (194 ) 300,682 Other securities: Federal agencies 83,575 138 (3 ) 83,710 104,292 4,382 (9 ) 108,665 Corporate 91,325 317 (4,463 ) 87,179 25,192 — (319 ) 24,873 State and municipal 221,146 2,780 (409 ) 223,517 522,657 11,675 (1,036 ) 533,296 Other 8,781 10 — 8,791 6,000 310 — 6,310 Total other securities 404,827 3,245 (4,875 ) 403,197 658,141 16,367 (1,364 ) 673,144 Total securities $ 1,879,754 $ 20,613 $ (5,547 ) $ 1,894,820 $ 952,922 $ 22,462 $ (1,558 ) $ 973,826 December 31, 2015 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 1,222,912 $ 2,039 $ (7,089 ) $ 1,217,862 $ 252,760 $ 1,857 $ (1,214 ) $ 253,403 CMO/Other MBS 79,430 76 (1,133 ) 78,373 49,842 87 (619 ) 49,310 Total residential MBS 1,302,342 2,115 (8,222 ) 1,296,235 302,602 1,944 (1,833 ) 302,713 Other securities: Federal agencies 85,124 7 (864 ) 84,267 104,135 2,458 (635 ) 105,958 Corporate 321,630 522 (7,964 ) 314,188 25,241 11 (200 ) 25,052 State and municipal 187,399 2,187 (551 ) 189,035 285,813 9,327 (134 ) 295,006 Trust preferred 27,928 589 — 28,517 — — — — Other 8,781 9 — 8,790 5,000 350 — 5,350 Total other securities 630,862 3,314 (9,379 ) 624,797 420,189 12,146 (969 ) 431,366 Total securities $ 1,933,204 $ 5,429 $ (17,601 ) $ 1,921,032 $ 722,791 $ 14,090 $ (2,802 ) $ 734,079 |
Summary of amortized cost and fair value of investment securities available for sale by remaining period to contractual maturity | March 31, 2016 Available for sale Held to maturity Amortized cost Fair value Amortized cost Fair value Remaining period to contractual maturity: One year or less $ 17,162 $ 17,194 $ 13,059 $ 13,160 One to five years 214,895 213,978 52,569 54,617 Five to ten years 113,074 112,148 219,829 227,552 Greater than ten years 59,696 59,877 372,684 377,815 Total securities with a stated maturity date 404,827 403,197 658,141 673,144 Residential MBS 1,474,927 1,491,623 294,781 300,682 Total securities $ 1,879,754 $ 1,894,820 $ 952,922 $ 973,826 |
Sale of securities | Sales of securities for the periods indicated below were as follows: For the three months ended March 31, 2016 2015 Available for sale: Proceeds from sales $ 275,358 $ 115,554 Gross realized gains 1,562 1,663 Gross realized losses (1,845 ) (129 ) Income tax (benefit) expense on realized net gains (96 ) 499 |
Securities available for sale with unrealized losses, by length of time in continuous unrealized loss position | The following table summarizes securities available for sale with unrealized losses, segregated by the length of time in a continuous unrealized loss position for the periods presented below: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available for sale March 31, 2016 Residential MBS: Agency-backed $ 46,003 $ (280 ) $ 3,716 $ (23 ) $ 49,719 $ (303 ) CMO/Other MBS 27,077 (359 ) 1,563 (10 ) 28,640 (369 ) Total residential MBS 73,080 (639 ) 5,279 (33 ) 78,359 (672 ) Other securities: Federal agencies 206 — 2,998 (3 ) 3,204 (3 ) Corporate 31,810 (1,880 ) 31,304 (2,583 ) 63,114 (4,463 ) State and municipal 5,857 (122 ) 59,317 (287 ) 65,174 (409 ) Total other securities 37,873 (2,002 ) 93,619 (2,873 ) 131,492 (4,875 ) Total $ 110,953 $ (2,641 ) $ 98,898 $ (2,906 ) $ 209,851 $ (5,547 ) December 31, 2015 Residential MBS: Agency-backed $ 18,983 $ (528 ) $ 854,491 $ (6,561 ) $ 873,474 $ (7,089 ) CMO/Other MBS 23,682 (717 ) 41,946 (416 ) 65,628 (1,133 ) Total residential MBS 42,665 (1,245 ) 896,437 (6,977 ) 939,102 (8,222 ) Other securities: Federal agencies 14,933 (260 ) 57,886 (604 ) 72,819 (864 ) Corporate 19,257 (715 ) 236,048 (7,249 ) 255,305 (7,964 ) State and municipal 3,439 (27 ) 42,924 (524 ) 46,363 (551 ) Total other securities 37,629 (1,002 ) 336,858 (8,377 ) 374,487 (9,379 ) Total $ 80,294 $ (2,247 ) $ 1,233,295 $ (15,354 ) $ 1,313,589 $ (17,601 ) |
Securities held to maturity with unrealized losses, by length of time in continuous unrealized loss position | The following table summarizes securities held to maturity with unrecognized losses, segregated by the length of time in a continuous unrecognized loss position for the periods presented below: Continuous unrecognized loss position Less than 12 months 12 months or longer Total Fair value Unrecognized losses Fair value Unrecognized losses Fair value Unrecognized losses Held to maturity March 31, 2016 Residential MBS: Agency-backed $ 6,568 $ (69 ) $ 1,261 $ (3 ) $ 7,829 $ (72 ) CMO/Other MBS 7,984 (61 ) 8,684 (61 ) 16,668 (122 ) Total residential MBS 14,552 (130 ) 9,945 (64 ) 24,497 (194 ) Other securities: Federal agencies 9,991 (9 ) — — 9,991 (9 ) Corporate — — 24,872 (319 ) 24,872 (319 ) State and municipal 2,223 (24 ) 158,959 (1,012 ) 161,182 (1,036 ) Total other securities 12,214 (33 ) 183,831 (1,331 ) 196,045 (1,364 ) Total $ 26,766 $ (163 ) $ 193,776 $ (1,395 ) $ 220,542 $ (1,558 ) December 31, 2015 Residential MBS: Agency-backed $ — $ — $ 132,585 $ (1,214 ) $ 132,585 $ (1,214 ) CMO/Other MBS 5,960 (156 ) 40,033 (463 ) 45,993 (619 ) Total residential MBS 5,960 (156 ) 172,618 (1,677 ) 178,578 (1,833 ) Other securities: Federal agencies 14,642 (358 ) 9,723 (277 ) 24,365 (635 ) Corporate — — 20,039 (200 ) 20,039 (200 ) State and municipal 2,562 (48 ) 12,989 (86 ) 15,551 (134 ) Total other securities 17,204 (406 ) 42,751 (563 ) 59,955 (969 ) Total $ 23,164 $ (562 ) $ 215,369 $ (2,240 ) $ 238,533 $ (2,802 ) |
Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes | Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes were as follows for the periods presented below: March 31, December 31, 2016 2015 Available for sale securities pledged for borrowings, at fair value $ 95,317 $ 101,994 Available for sale securities pledged for municipal deposits, at fair value 975,592 849,186 Available for sale securities pledged for customer back-to-back swaps, at fair value 4,323 1,839 Held to maturity securities pledged for borrowings, at amortized cost 2,500 206,337 Held to maturity securities pledged for municipal deposits, at amortized cost 369,334 327,589 Total securities pledged $ 1,447,066 $ 1,486,945 |
Portfolio Loans (Tables)
Portfolio Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [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 for the periods presented below: March 31, December 31, 2016 2015 Commercial: Commercial and industrial: Traditional commercial & industrial (“C&I”) $ 2,003,839 $ 1,681,704 Payroll finance 199,119 221,831 Warehouse lending 341,790 387,808 Factored receivables 215,015 208,382 Equipment financing 656,775 631,303 Total C&I 3,416,538 3,131,028 Commercial mortgage: Commercial real estate 2,790,145 2,733,351 Multi-family 886,069 796,030 Acquisition, development & construction (“ADC”) 179,517 186,398 Total commercial mortgage 3,855,731 3,715,779 Total commercial 7,272,269 6,846,807 Residential mortgage 718,733 713,036 Consumer 295,161 299,517 Total portfolio loans 8,286,163 7,859,360 Allowance for loan losses (53,014 ) (50,145 ) Total portfolio loans, net $ 8,233,149 $ 7,809,215 |
Schedule of amounts and status of loans and TDRs | The following tables set forth the amounts and status of the Company’s loans, troubled debt restructurings (“TDRs”) and non-performing loans at March 31, 2016 and December 31, 2015 : March 31, 2016 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 1,969,677 $ 1,294 $ 2,630 $ 478 $ 29,760 $ 2,003,839 Payroll finance 198,805 39 59 159 57 199,119 Warehouse lending 341,790 — — — — 341,790 Factored receivables 214,803 — — — 212 215,015 Equipment financing 651,995 1,276 926 — 2,578 656,775 Commercial real estate 2,767,800 1,130 3,074 332 17,809 2,790,145 Multi-family 882,028 — — — 4,041 886,069 ADC 175,501 — — — 4,016 179,517 Residential mortgage 694,104 6,092 684 — 17,853 718,733 Consumer 285,054 1,276 688 33 8,110 295,161 Total portfolio loans $ 8,181,557 $ 11,107 $ 8,061 $ 1,002 $ 84,436 $ 8,286,163 Total TDRs included above $ 14,918 $ 1,116 $ — $ — $ 5,810 $ 21,844 Non-performing loans: Loans 90+ days past due and still accruing $ 1,002 Non-accrual loans 84,436 Total non-performing loans $ 85,438 December 31, 2015 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 1,630,635 $ 9,380 $ 31,060 $ 487 $ 10,142 $ 1,681,704 Payroll finance 221,394 — 349 88 — 221,831 Warehouse lending 387,808 — — — — 387,808 Factored receivables 208,162 — — — 220 208,382 Equipment financing 627,056 1,088 1,515 — 1,644 631,303 Commercial real estate 2,702,671 7,417 2,521 — 20,742 2,733,351 Multi-family 791,828 2,485 — — 1,717 796,030 ADC 182,615 — — 83 3,700 186,398 Residential mortgage 686,445 6,014 897 — 19,680 713,036 Consumer 286,339 4,950 320 16 7,892 299,517 Total portfolio loans $ 7,724,953 $ 31,334 $ 36,662 $ 674 $ 65,737 $ 7,859,360 Total TDRs included above $ 13,047 $ 654 $ — $ — $ 8,591 $ 22,292 Non-performing loans: Loans 90+ days past due and still accruing $ 674 Non-accrual loans 65,737 Total non-performing loans $ 66,411 |
Schedule of additional analysis of non-accrual loans | The following table provides additional analysis of the Company’s non-accrual loans at March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Recorded investment Non-accrual loans Recorded investment PCI non-accrual loans Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans Recorded investment Non-accrual loans Recorded investment PCI non-accrual loans Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans C&I $ 24,629 $ 5,131 $ 29,760 $ 30,107 $ 4,314 $ 5,828 $ 10,142 $ 10,503 Payroll finance 57 — 57 57 — — — — Factored receivables 212 — 212 212 220 — 220 220 Equipment financing 2,578 — 2,578 2,578 1,644 — 1,644 1,644 Commercial real estate 11,899 5,910 17,809 21,731 13,119 7,623 20,742 23,678 Multi-family 4,041 — 4,041 4,041 1,717 — 1,717 1,837 ADC 4,016 — 4,016 4,146 3,700 — 3,700 3,829 Residential mortgage 12,267 5,586 17,853 24,544 13,683 5,997 19,680 24,386 Consumer 7,285 825 8,110 9,516 7,315 577 7,892 9,404 $ 66,984 $ 17,452 $ 84,436 $ 96,932 $ 45,712 $ 20,025 $ 65,737 $ 75,501 |
Impaired financing receivables | The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at March 31, 2016 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment Purchased credit impaired loans Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses C&I $ 27,870 $ 1,924,254 $ 51,715 $ 2,003,839 $ — $ 14,268 $ 14,268 Payroll finance — 199,119 — 199,119 — 1,546 1,546 Warehouse lending — 341,790 — 341,790 — 520 520 Factored receivables — 215,015 — 215,015 — 1,407 1,407 Equipment financing 2,192 654,583 — 656,775 — 5,393 5,393 Commercial real estate 13,815 2,728,143 48,187 2,790,145 — 15,770 15,770 Multi-family 883 880,716 4,470 886,069 — 2,996 2,996 ADC 8,595 166,204 4,718 179,517 — 2,157 2,157 Residential mortgage 515 711,229 6,989 718,733 — 4,850 4,850 Consumer 1,497 292,128 1,536 295,161 — 4,107 4,107 Total portfolio loans $ 55,367 $ 8,113,181 $ 117,615 $ 8,286,163 $ — $ 53,014 $ 53,014 The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 31, 2015 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment Purchased credit impaired loans Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses C&I $ 3,138 $ 1,661,163 $ 17,403 $ 1,681,704 $ — $ 13,262 $ 13,262 Payroll finance — 221,831 — 221,831 — 1,936 1,936 Warehouse lending — 387,808 — 387,808 — 589 589 Factored receivables — 208,382 — 208,382 — 1,457 1,457 Equipment financing 1,017 630,286 — 631,303 — 4,925 4,925 Commercial real estate 13,492 2,669,673 50,186 2,733,351 — 13,861 13,861 Multi-family 1,541 790,017 4,472 796,030 — 2,741 2,741 ADC 8,669 173,065 4,664 186,398 — 2,009 2,009 Residential mortgage 515 705,245 7,276 713,036 — 5,007 5,007 Consumer — 298,225 1,292 299,517 — 4,358 4,358 Total loans $ 28,372 $ 7,745,695 $ 85,293 $ 7,859,360 $ — $ 50,145 $ 50,145 The following table presents loans individually evaluated for impairment, excluding purchased credit impaired loans, by segment of loans at March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Unpaid principal balance Recorded investment Unpaid principal balance Recorded investment Loans with no related allowance recorded: C&I $ 28,050 $ 27,870 $ 3,145 $ 3,138 Equipment financing 2,192 2,192 1,017 1,017 Commercial real estate 15,211 13,815 15,092 13,492 Multi-family 883 883 1,541 1,541 ADC 8,595 8,595 8,669 8,669 Residential mortgage 515 515 515 515 Consumer 1,497 1,497 — — Total $ 56,943 $ 55,367 $ 29,979 $ 28,372 At March 31, 2016 and December 31, 2015 there were no payroll finance, warehouse lending or factored receivables loans that were individually evaluated for impairment. The following tables present the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for the three months ended March 31, 2016 and March 31, 2015 : March 31, 2016 March 31, 2015 QTD average recorded investment Interest income recognized Cash-basis interest income recognized QTD average recorded investment Interest income recognized Cash-basis interest income recognized Loans with no related allowance recorded: C&I $ 15,366 $ 9 $ — $ 3,316 $ — $ — Equipment financing 1,288 — — — — — Commercial real estate 13,118 39 — 13,275 67 — Multi-family 884 — — — — — ADC 8,632 56 — 11,597 57 — Residential mortgage 515 — — 515 — — Consumer 748 — — — — — Total $ 39,803 $ 104 $ — $ 28,703 $ 124 $ — |
Schedule of changes in the balance of accretable yield discount for PCI loans | The following table presents the changes in the balance of the accretable yield discount for PCI loans for the three months ended March 31, 2016 and 2015 : For the three months ended March 31, 2016 2015 Balance at beginning of period $ 11,211 $ 724 Balances acquired in the NSBC Acquisition 2,200 — Accretion of income (1,155 ) — Reclassification from non-accretable difference 266 — Balance at end of period $ 12,522 $ 724 |
Troubled debt restructurings | The following table presents loans by segment modified as TDRs that occurred during the first three months of 2016 and 2015 : March 31, 2016 March 31, 2015 Recorded investment Recorded investment Number Pre- modification Post- modification Number Pre- modification Post- modification Residential mortgage 1 $ 469 $ 469 — — — Total TDRs 1 $ 469 $ 469 — $ — $ — The following tables set forth the amounts and past due status of the Company’s TDRs at March 31, 2016 and December 31, 2015 : March 31, 2016 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 580 $ — $ — $ — $ 1,116 $ 1,696 Equipment financing 64 — — — — 64 Commercial real estate 2,496 257 — — — 2,753 ADC 6,274 — — — 2,458 8,732 Residential mortgage 5,504 859 — — 2,236 8,599 Total $ 14,918 $ 1,116 $ — $ — $ 5,810 $ 21,844 December 31, 2015 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 154 $ — $ — $ — $ 2,052 $ 2,206 Equipment financing 338 — — — — 338 Commercial real estate 2,787 — — — — 2,787 ADC 5,107 — — — 3,700 8,807 Residential mortgage 4,661 654 — — 2,839 8,154 Total $ 13,047 $ 654 $ — $ — $ 8,591 $ 22,292 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Allowance for loan losses activity | Activity in the allowance for loan losses for the three months ended March 31, 2016 and 2015 is summarized below: The three months ended March 31, 2016 Beginning balance Charge-offs Recoveries Net charge-offs Provision / (reversal of) Ending balance C&I $ 13,262 $ (489 ) $ 329 $ (160 ) $ 1,167 $ 14,269 Payroll finance 1,936 — 4 4 (394 ) 1,546 Warehouse lending 589 — — — (69 ) 520 Factored receivables 1,457 (81 ) 24 (57 ) 7 1,407 Equipment financing 4,925 (457 ) 108 (349 ) 817 5,393 Commercial real estate 13,861 (4 ) 21 17 1,892 15,770 Multi-family 2,741 — 2 2 253 2,996 ADC 2,009 — — — 148 2,157 Residential mortgage 5,007 (224 ) 28 (196 ) 39 4,850 Consumer 4,358 (511 ) 119 (392 ) 140 4,106 Total allowance for loan losses $ 50,145 $ (1,766 ) $ 635 $ (1,131 ) $ 4,000 $ 53,014 Annualized net charge-offs to average loans outstanding 0.06 % The three months ended March 31, 2015 Beginning balance Charge-offs Recoveries Net charge-offs Provision / (reversal of) Ending balance C&I $ 11,027 $ (842 ) $ 101 $ (741 ) $ 400 $ 10,686 Payroll finance 1,506 (303 ) 11 (292 ) 686 1,900 Warehouse lending 608 — — — 251 859 Factored receivables 1,205 (72 ) 19 (53 ) 20 1,172 Equipment financing 2,569 (153 ) 172 19 103 2,691 Commercial real estate 10,121 (62 ) 16 (46 ) 1,018 11,093 Multi-family 2,111 (17 ) — (17 ) 196 2,290 ADC 2,987 — 9 9 (280 ) 2,716 Residential mortgage 5,843 (181 ) 2 (179 ) (537 ) 5,127 Consumer 4,397 (342 ) 52 (290 ) 243 4,350 Total allowance for loan losses $ 42,374 $ (1,972 ) $ 382 $ (1,590 ) $ 2,100 $ 42,884 Annualized net charge-offs to average loans outstanding 0.13 % The following analysis presents the allowance for loan losses to originated loans and remaining purchase accounting marks to acquired loan portfolios and a holistic view of valuation balances recorded against portfolio loans at March 31, 2016 and December 31, 2015 . March 31, 2016 Originated: Pass Special mention Substandard Doubtful Loss Total C&I $ 1,370,429 $ 12,396 $ 30,141 $ 527 $ — $ 1,413,493 Payroll finance 198,903 159 57 — — 199,119 Factored receivables 213,471 — 1,544 — — 215,015 Equipment financing 555,626 1,794 2,960 — — 560,380 Warehouse lending 341,790 — — — — 341,790 Commercial real estate 2,160,764 8,009 23,917 — — 2,192,690 Multi-family 672,382 1,763 1,697 — — 675,842 ADC 140,110 1,668 7,326 — — 149,104 Residential mortgage 433,516 684 12,796 — — 446,996 Consumer 193,933 610 8,289 29 — 202,861 Total originated loans $ 6,280,924 $ 27,083 $ 88,727 $ 556 $ — $ 6,397,290 Allowance for loan losses $ 47,994 $ 829 $ 3,774 $ 417 $ — $ 53,014 As a % of originated loans 0.76 % 3.06 % 4.25 % 75.00 % — % 0.83 % March 31, 2016 Acquired loans: Pass Special mention Substandard Doubtful Loss Total C&I $ 541,296 $ 40,131 $ 8,919 $ — $ — $ 590,346 Equipment financing 96,395 — — — — 96,395 Commercial real estate 550,133 22,950 24,372 — — 597,455 Multi-family 201,332 5,895 3,000 — — 210,227 ADC 24,116 5,500 797 — — 30,413 Residential mortgage 265,632 — 6,105 — — 271,737 Consumer 92,300 — — — — 92,300 Total loans subject to purchase accounting marks $ 1,771,204 $ 74,476 $ 43,193 $ — $ — $ 1,888,873 Remaining purchase accounting mark $ 40,085 $ 2,380 $ 1,937 $ — $ — $ 44,402 As a % of acquired loans 2.26 % 3.20 % 4.48 % — % — % 2.35 % Total portfolio loans $ 8,052,128 $ 101,559 $ 131,920 $ 556 $ — $ 8,286,163 Total allowance for loan losses and remaining purchase accounting mark $ 88,079 $ 3,209 $ 5,711 $ 417 $ — $ 97,416 December 31, 2015 Originated: Pass Special mention Substandard Doubtful Loss Total C&I $ 1,356,685 $ 11,041 $ 29,621 $ 445 $ — $ 1,397,792 Payroll finance 221,735 — 96 — — 221,831 Factored receivables 206,814 — 1,568 — — 208,382 Equipment financing 512,314 460 1,644 — — 514,418 Warehouse lending 387,808 — — — — 387,808 Commercial real estate 2,002,638 9,361 24,104 — — 2,036,103 Multi-family 550,438 — 1,717 — — 552,155 ADC 118,552 1,575 7,236 — — 127,363 Residential mortgage 419,534 897 13,497 — — 433,928 Consumer 195,684 407 7,167 268 — 203,526 Total originated loans $ 5,972,202 $ 23,741 $ 86,650 $ 713 $ — $ 6,083,306 Allowance for loan losses $ 43,925 $ 884 $ 4,801 $ 535 $ — $ 50,145 As a % of originated loans 0.74 % 3.72 % 5.54 % 75.04 % — % 0.82 % December 31, 2015 Acquired loans: Pass Special mention Substandard Doubtful Loss Total C&I $ 267,541 $ 9,724 $ 6,647 $ — $ — $ 283,912 Equipment financing 116,885 — — — — 116,885 Commercial real estate 645,951 23,111 28,186 — — 697,248 Multi-family 237,948 5,927 — — — 243,875 ADC 52,775 5,500 760 — — 59,035 Residential mortgage 272,336 — 6,772 — — 279,108 Consumer 95,341 — 650 — — 95,991 Total loans subject to purchase accounting marks $ 1,688,777 $ 44,262 $ 43,015 $ — $ — $ 1,776,054 Remaining purchase accounting mark $ 37,351 $ 1,649 $ 2,383 $ — $ — $ 41,383 As a % of acquired loans 2.21 % 3.73 % 5.54 % — % — % 2.33 % Total portfolio loans $ 7,661,198 $ 68,003 $ 129,665 $ 713 $ — $ 7,859,579 Total allowance for loan losses and remaining purchase accounting mark $ 81,276 $ 2,533 $ 7,184 $ 535 $ — $ 91,528 |
Financing receivable credit quality indicators | Loans that are risk-rated 1 through 6 as defined above are considered to be pass-rated loans. As of March 31, 2016 and December 31, 2015 , the risk category of gross loans by segment was as follows: March 31, 2016 December 31, 2015 Special mention Substandard Doubtful Special mention Substandard Doubtful C&I $ 52,527 $ 39,060 $ 527 $ 20,765 $ 36,268 $ 445 Payroll finance 159 57 — — 96 — Factored receivables — 1,544 — — 1,568 — Equipment financing 1,794 2,960 — 460 1,644 — Commercial real estate 30,959 48,288 — 32,472 52,290 — Multi-family 7,658 4,697 — 5,927 1,717 — ADC 7,168 8,123 — 7,075 7,996 — Residential mortgage 684 18,901 — 897 20,269 — Consumer 610 8,289 29 407 7,817 268 Total $ 101,559 $ 131,919 $ 556 $ 68,003 $ 129,665 $ 713 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and intangible assets | The balance of goodwill and other intangible assets for the periods presented were as follows: March 31, December 31, 2016 2015 Goodwill $ 696,600 $ 670,699 Other intangible assets: Core deposits $ 43,709 $ 45,794 Customer lists 9,156 7,959 Non-compete agreements 2,260 2,925 Trade name 20,500 20,500 Fair value of below market leases 165 189 Total other intangible assets $ 75,790 $ 77,367 |
Future amortization expense | The estimated aggregate future amortization expense for intangible assets remaining as of March 31, 2016 was as follows: Amortization expense Remainder of 2016 $ 9,438 2017 8,838 2018 7,285 2019 6,074 2020 5,428 2021 5,022 Thereafter 13,205 Total $ 55,290 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Deposits [Abstract] | |
Summary of major classification of deposits | Deposit balances at March 31, 2016 and December 31, 2015 were summarized as follows: March 31, December 31, 2016 2015 Non-interest bearing demand $ 3,027,471 $ 2,936,981 Interest bearing demand 1,818,131 1,274,417 Savings 771,961 943,632 Money market 3,046,634 2,819,788 Certificates of deposit 664,425 605,189 Total deposits $ 9,328,622 $ 8,580,007 |
List of Company's Brokered deposits | Listed below are the Company’s brokered deposits: March 31, December 31, 2016 2015 Money market $ 219,305 $ 258,007 Reciprocal CDARs 1 96,962 64,131 CDARs one way 89,702 106,627 Total brokered deposits $ 405,969 $ 428,765 1 Certificate of deposit account registry service |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Instruments [Abstract] | |
Schedule of debt | The Company’s borrowings and weighted average interest rates are summarized as follows for the periods presented: March 31, December 31, 2016 2015 Amount Rate Amount Rate By type of borrowing: FHLB borrowings $ 1,444,817 0.87 % $ 1,409,885 1.32 % Other borrowings (repurchase agreements) 23,571 0.57 16,566 0.55 Senior notes 98,996 5.98 98,893 5.98 Subordinated notes 108,124 5.47 — — Total borrowings $ 1,675,508 1.46 % $ 1,525,344 1.61 % By remaining period to maturity: Less than one year $ 1,061,219 0.67 % $ 999,222 0.69 % One to two years 145,000 1.13 295,000 3.19 Two to three years 258,996 3.17 228,893 3.57 Three to four years 50,000 1.38 — — Four to five years 50,000 1.68 — — Greater than five years 110,293 5.46 2,229 4.92 Total borrowings $ 1,675,508 1.46 % $ 1,525,344 1.61 % |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Summary of derivatives | Summary information as of March 31, 2016 and December 31, 2015 regarding these derivatives is presented below: Notional amount Average maturity (in years) Weighted average fixed rate Weighted average variable rate Fair value March 31, 2016 3rd party interest rate swap $ 116,032 5.64 3.96 % 1 m Libor + 2.19 $ 4,323 Customer interest rate swap (116,032 ) 5.64 3.96 1 m Libor + 2.19 (4,323 ) December 31, 2015 3rd party interest rate swap 87,094 5.44 4.09 1 m Libor + 2.15 1,839 Customer interest rate swap (87,094 ) 5.44 4.09 1 m Libor + 2.15 (1,839 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory federal tax rate for the following reasons: For the three months ended March 31, 2016 2015 Income before income tax expense $ 36,009 $ 24,856 Tax at Federal statutory rate of 35% 12,603 8,700 State and local income taxes, net of Federal tax benefit 1,993 875 Tax-exempt interest, net of disallowed interest (1,834 ) (984 ) Bank owned life insurance income (445 ) (251 ) Non-deductible acquisition related costs — 140 Low income housing tax credits (54 ) (54 ) Other, net (20 ) (348 ) Actual income tax expense $ 12,243 $ 8,078 Effective income tax rate 34.0 % 32.5 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Summary of Company's stock option activity | The following table summarizes the activity in the Company’s active stock-based compensation plans for the three months ended March 31, 2016 : 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 January 1, 2016 4,125,665 726,800 $ 13.36 1,586,572 $ 10.95 Granted (483,574 ) 483,574 14.21 — — Stock awards vested — (32,623 ) — — — Exercised — — — (79,031 ) 9.33 Forfeited 48,646 (4,650 ) 13.00 (32,312 ) 13.08 Canceled/expired (48,646 ) — — — — Balance at March 31, 2016 3,642,091 1,173,101 $ 14.08 1,475,229 $ 10.99 Exercisable at March 31, 2016 1,099,791 $ 10.35 |
Schedule of valuation assumptions | The fair value of options during the first quarter of 2015 granted was determined using the following weighted average assumptions as of the grant date: For the three months ended March 31, 2015 Risk-free interest rate 1.9 % Expected stock price volatility 20.9 Dividend yield (1) 3.1 Expected term in years 5.76 (1) Represents the approximate annualized cash dividend rate paid with respect to a share of common stock at or near the grant date. |
Schedule of stock-based compensation expense associated with stock options and non-vested stock awards | Stock-based compensation expense associated with stock options and non-vested stock awards and the related income tax benefit is presented below: For the three months ended March 31, 2016 2015 Stock options $ 126 $ 281 Non-vested stock awards/performance units 1,414 828 Total $ 1,540 $ 1,109 Income tax benefit 524 377 Proceeds from stock option exercises 546 2,758 |
Unrecognized stock-based compensation expense | Unrecognized stock-based compensation expense as of March 31, 2016 was as follows: March 31, 2016 Stock options $ 503 Non-vested stock awards/performance units 12,848 Total $ 13,351 |
Pension and Other Post Retire39
Pension and Other Post Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of net pension (benefit) expense and post-retirement expense | Net pension expense (benefit) and post-retirement expense (benefit) is comprised of the following for the periods presented below: Pension plan Other post retirement plans For the three months ended For the three months ended March 31, March 31, 2016 2015 2016 2015 Service cost $ — $ — $ — $ 2 Interest cost — 589 104 94 Expected return on plan assets — (729 ) — — Net amortization and deferral — 91 12 40 Total pension expense (benefit) and other post-retirement expense $ — $ (49 ) $ 116 $ 136 |
Other Non-interest Expense (Tab
Other Non-interest Expense (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Non-interest Expense | Other non-interest expense items for the three months ended March 31, 2016 and 2015 , respectively, 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, 2016 2015 Other non-interest expense: Professional fees $ 2,471 $ 1,915 Data and check processing 1,754 2,148 Insurance & surety bond premium 785 648 Charge for asset write-downs 2,485 — Other 5,720 5,111 Total other non-interest expense $ 13,215 $ 9,822 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted earnings per share | The following is a summary of the calculation of earnings per share (“EPS”): For the three months ended March 31, 2016 2015 Net income $ 23,766 $ 16,778 Weighted average common shares outstanding for computation of basic EPS 129,974,025 87,839,029 Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (1) 526,950 413,739 Weighted average common shares for computation of diluted EPS 130,500,975 88,252,768 Earnings per common share: Basic $ 0.18 $ 0.19 Diluted 0.18 0.19 Weighted average common shares that could be exercised that were anti-dilutive for the period (2) — 112,891 (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted earnings per share; there were no anti-dilutive shares in the three months ended March 31, 2016. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following tables presents actual and required capital ratios as of March 31, 2016 and December 31, 2015 for the Company and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of March 31, 2016 and December 31, 2015 based on the phase-in provisions of the Basel III Capital Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules have been fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. Actual Minimum capital required - Basel III phase-in schedule Minimum capital required - Basel III fully phased-in Required to be considered well capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio Capital amount Ratio March 31, 2016 Common equity tier 1 to RWA: Sterling National Bank $ 1,032,118 10.89 % $ 486,060 5.125 % $ 663,240 7.00 % $ 615,865 6.50 % Sterling Bancorp 970,224 10.24 486,244 5.125 663,492 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 1,032,118 10.89 % 628,183 6.625 % 805,362 8.50 % 757,988 8.00 % Sterling Bancorp 970,224 10.24 628,421 6.625 805,668 8.50 N/A N/A Total capital to RWA: Sterling National Bank 1,193,805 12.60 % 817,680 8.625 % 994,859 10.50 % 947,485 10.00 % Sterling Bancorp 1,119,448 11.81 817,990 8.625 995,237 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 1,032,118 9.16 450,703 4.000 450,703 4.00 563,379 5.00 % Sterling Bancorp 970,224 8.60 451,378 4.000 451,378 4.00 N/A N/A Actual Minimum capital required - Basel III phase-in schedule Minimum capital required - Basel III fully phased-in Required to be considered well capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2015 Common equity tier 1 to RWA: Sterling National Bank $ 1,053,527 11.45 % $ 413,951 4.50 % $ 643,923 7.00 % $ 597,929 6.50 % Sterling Bancorp 988,174 10.74 414,047 4.50 644,073 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 1,053,527 11.45 % 551,934 6.00 % 781,907 8.50 % 735,912 8.00 % Sterling Bancorp 988,174 10.74 552,063 6.00 782,089 8.50 N/A N/A Total capital to RWA: Sterling National Bank 1,104,221 12.00 % 735,912 8.00 % 965,885 10.50 % 919,891 10.00 % Sterling Bancorp 1,038,868 11.29 736,084 8.00 966,110 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 1,053,527 9.65 % 436,678 4.00 % 436,678 4.00 % 545,848 5.00 % Sterling Bancorp 988,174 9.03 437,629 4.00 437,629 4.00 N/A N/A |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of off-balance-sheet financial instruments | The contractual or notional amounts of these instruments, which reflect the extent of the Company’s involvement in particular classes of off-balance sheet financial instruments, are summarized as follows: March 31, December 31, 2016 2015 Loan origination commitments $ 234,023 $ 269,636 Unused lines of credit 749,028 660,915 Letters of credit 114,969 102,930 |
Schedule of future minimum lease payments due | Future minimum lease payments due under non-cancelable operating leases at March 31, 2016 were as follows: Remainder of 2016 $ 8,618 2017 10,724 2018 9,546 2019 7,310 2020 5,955 2021 5,521 2022 and thereafter 22,270 $ 69,944 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Estimated fair value on a recurring basis | A summary of assets and liabilities at March 31, 2016 measured at estimated fair value on a recurring basis is as follows: March 31, 2016 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 1,416,951 $ — $ 1,416,951 $ — CMO (1) /Other MBS 74,672 — 74,672 — Total residential MBS 1,491,623 — 1,491,623 — Other securities: Federal agencies 83,710 — 83,710 — Corporate 87,179 — 87,179 — State and municipal 223,517 — 223,517 — Other 8,791 — 8,791 — Total other securities 403,197 — 403,197 — Total available for sale securities 1,894,820 — 1,894,820 — Swaps 4,323 — 4,323 — Total assets $ 1,899,143 $ — $ 1,899,143 $ — Liabilities: Swaps $ 4,323 $ — $ 4,323 $ — Total liabilities $ 4,323 $ — $ 4,323 $ — (1) Collateralized Mortgage Obligations (“CMOs”) are debt securities that are collateralized by a specific pool of residential mortgage loans, in which the issuer of the CMOs can direct the payments of principal and interest received on the underlying collateral to achieve specific investor cash flow objectives. The Bank generally acquires planned-amortization class securities and CMOs with a sequential pay structure in order to manage the duration and extension risk inherent in these securities. A summary of assets and liabilities at December 31, 2015 measured at estimated fair value on a recurring basis is as follows: December 31, 2015 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 1,217,862 $ — $ 1,217,862 $ — CMO/Other MBS 78,373 — 78,373 — Total residential MBS 1,296,235 — 1,296,235 — Federal agencies 84,267 — 84,267 — Corporate bonds 314,188 — 314,188 — State and municipal 189,035 — 189,035 — Trust preferred 28,517 — 28,517 — Other 8,790 — 8,790 — Total investment securities available for sale 624,797 — 624,797 — Total available for sale securities 1,921,032 — 1,921,032 — Swaps 1,839 — 1,839 — Total assets $ 1,922,871 $ — $ 1,922,871 $ — Liabilities: Swaps $ 1,839 $ — $ 1,839 $ — Total liabilities $ 1,839 $ — $ 1,839 $ — |
Impaired loans measured at estimated fair value on nonrecurring basis | A summary of the two classes with impaired loans at March 31, 2016 measured at estimated fair value on a non-recurring basis is the following: March 31, 2016 Fair value Level 1 inputs Level 2 inputs Level 3 inputs C&I $ 71 $ — $ — $ 71 Commercial real estate 3,030 — — 3,030 Total impaired loans measured at fair value $ 3,101 $ — $ — $ 3,101 A summary of the class of impaired loans at December 31, 2015 measured at estimated fair value on a non-recurring basis is the following: December 31, 2015 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Commercial real estate $ 3,218 $ — $ — $ 3,218 Total impaired loans measured at fair value $ 3,218 $ — $ — $ 3,218 |
Quantitative information of Level 3 assets | The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets at March 31, 2016 : Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Range (1) (weighted average) Impaired loans: C&I $ 71 Appraisal Adjustments for comparable properties 10.0% -25.0% (14.4%) Commercial real estate $ 3,030 Appraisal Adjustments for comparable properties 22.0% (22.0%) Assets taken in foreclosure: Residential mortgage 2,355 Appraisal Adjustments by management to reflect current conditions/selling costs 10.0% - 22.0% (21.6%) Commercial real estate (2) 7,411 Appraisal Adjustments by management to reflect current conditions/selling costs 10.0% - 22.0% (22.0%) ADC 4,427 Appraisal Adjustments by management to reflect current conditions/selling costs 10.0% - 22.0% (22.0%) Mortgage servicing rights 1,115 Third-party Discount rates 8.5% - 11.5% (9.8%) Third-party Prepayment speeds 100 - 418 (208) (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. (2) Excludes $334 of commercial properties that are former financial centers that were closed and are now held for sale. These assets were not taken in foreclosure and their fair value is determined by third-party appraisals and our internal assessment of the market for this type of real estate. |
Carrying amounts and estimated fair value of financial assets and liabilities | The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of March 31, 2016 : March 31, 2016 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 486,730 $ 486,730 $ — $ — Securities available for sale 1,894,820 — 1,894,820 — Securities held to maturity 952,922 — 973,826 — Portfolio loans, net 8,233,149 — — 8,290,596 Loans held for sale 27,237 — 27,237 — Accrued interest receivable on securities 11,937 — 11,937 — Accrued interest receivable on loans 21,455 — — 21,455 FHLB stock and FRB stock 118,330 — — — Swaps 4,323 — 4,323 — Financial liabilities: Non-maturity deposits (8,664,197 ) (8,664,197 ) — — Certificates of deposit (664,425 ) — (664,670 ) — FHLB borrowings (1,444,817 ) — (1,446,146 ) — Other borrowings (23,571 ) — (23,571 ) — Senior notes (98,996 ) — (104,134 ) — Subordinated notes (108,124 ) — (109,693 ) — Mortgage escrow funds (14,972 ) — (14,969 ) — Accrued interest payable on deposits (495 ) — (495 ) — Accrued interest payable on borrowings (2,376 ) — (2,376 ) — Swaps (4,323 ) — (4,323 ) — The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of December 31, 2015 : December 31, 2015 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 229,513 $ 229,513 $ — $ — Securities available for sale 1,921,032 — 1,921,032 — Securities held to maturity 722,791 — 734,079 — Portfolio loans, net 7,809,215 — — 7,876,064 Loans held for sale 34,110 — 34,110 — Accrued interest receivable on securities 11,329 — 11,329 — Accrued interest receivable on loans 20,202 — — 20,202 FHLB stock and FRB stock 116,758 — — — Swaps 1,839 — 1,839 — Financial liabilities: Non-maturity deposits (7,974,817 ) (7,974,817 ) — — Certificates of deposit (605,190 ) — (603,634 ) — FHLB borrowings (1,409,885 ) — (1,418,155 ) — Other borrowings (16,566 ) — (16,430 ) — Senior notes (98,893 ) — (105,088 ) — Mortgage escrow funds (13,778 ) — (13,775 ) — Accrued interest payable on deposits (783 ) — (783 ) — Accrued interest payable on borrowings (4,490 ) — (4,490 ) — Swaps (1,839 ) — (1,839 ) — |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Components of accumulated other comprehensive income (loss) (“AOCI”) were as follows as of the dates shown below: March 31, December 31, 2016 2015 Net unrealized holding gain (loss) on available for sale securities $ 15,066 $ (12,172 ) Related income tax (expense) benefit (5,951 ) 5,173 Available for sale securities AOCI, net of tax 9,115 (6,999 ) Net unrealized holding loss on securities transferred to held to maturity (6,942 ) (7,226 ) Related income tax benefit 2,742 3,071 Securities transferred to held to maturity AOCI, net of tax (4,200 ) (4,155 ) Net unrealized holding loss on retirement plans (1,250 ) (1,687 ) Related income tax benefit 494 717 Retirement plans AOCI, net of tax (756 ) (970 ) AOCI $ 4,159 $ (12,124 ) The following table presents the changes in each component of AOCI for the three months ended March 31, 2016 and 2015 : Net unrealized holding gain (loss) on available for sale securities Net unrealized holding gain (loss) on securities transferred to held to maturity Net unrealized holding (loss) gain on retirement plans Total The three months ended March 31, 2016 Balance beginning of the period $ (6,999 ) $ (4,155 ) $ (970 ) $ (12,124 ) Other comprehensive gain before reclassification 16,285 — — 16,285 Amounts reclassified from AOCI (171 ) (45 ) 214 (2 ) Total other comprehensive income 16,114 (45 ) 214 16,283 Balance at end of period $ 9,115 $ (4,200 ) $ (756 ) $ 4,159 The three months ended March 31, 2015 Balance beginning of the period $ 1,297 $ (4,967 ) $ (6,581 ) $ (10,251 ) Other comprehensive gain before reclassification 4,203 — — 4,203 Amounts reclassified from AOCI 882 310 117 1,309 Total other comprehensive income 5,085 310 117 5,512 Balance at end of period $ 6,382 $ (4,657 ) $ (6,464 ) $ (4,739 ) Location in statement of operations where reclassification from AOCI is included Net (loss) gain on sale of securities Interest income on securities Compensation and benefits expense |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 | Feb. 27, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Jun. 29, 2015 | May. 07, 2015 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 696,600 | $ 696,600 | $ 670,699 | |||||
Closing stock price (USD per share) | $ 14.63 | |||||||
Consideration paid | 351,452 | $ 24,670 | ||||||
Loans | 8,233,149 | 8,233,149 | 7,809,215 | |||||
Deposits | $ 9,328,622 | 9,328,622 | $ 8,580,007 | |||||
Merger-related expense | $ 265 | 2,455 | ||||||
FCC, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Outstanding factoring receivables balance acquired | $ 44,500 | |||||||
Premium for factoring receivables acquired | $ 1,000 | |||||||
NSBC | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of outstanding common stock acquired | 100.00% | 100.00% | ||||||
Loans receivable acquired | $ 320,447 | $ 320,447 | ||||||
Premium paid for loans receivable acquired as a percent of gross loans acquired | 5.90% | 5.90% | ||||||
Premium paid for loans receivable acquired | $ 18,906 | $ 18,906 | ||||||
Liabilities assumed | 4,838 | 4,838 | ||||||
Goodwill | 25,698 | 25,698 | ||||||
Restructuring charges | $ 1,500 | |||||||
NSBC | Customer lists | ||||||||
Business Acquisition [Line Items] | ||||||||
Estimated life | 24 months | |||||||
Intangible asset acquired | $ 1,500 | 1,500 | ||||||
HVB Merger | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 269,757 | |||||||
Number of shares each shareholder received from merger | 1.92 | |||||||
Common stock issued as consideration | 38,525,154 | |||||||
Consideration paid | $ 566,307 | |||||||
Intangible asset acquired | $ 33,839 | |||||||
Merger-related expense | 0 | $ 645 | ||||||
HVB Merger | Buildings | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful life | 30 years | |||||||
HVB Merger | Building Improvements and Equipment | Minimum | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful life | 1 year | |||||||
HVB Merger | Building Improvements and Equipment | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Useful life | 5 years | |||||||
HVB Merger | Core deposits | ||||||||
Business Acquisition [Line Items] | ||||||||
Estimated life | 10 years | |||||||
Damian | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of outstanding common stock acquired | 100.00% | |||||||
Liabilities assumed | $ 14,560 | |||||||
Goodwill | 11,930 | |||||||
Restructuring charges | $ 1,500 | |||||||
Merger-related expense | 300 | |||||||
Cash consideration | 24,670 | |||||||
Outstanding finance loans acquired | $ 22,307 | |||||||
Damian | Customer lists | ||||||||
Business Acquisition [Line Items] | ||||||||
Estimated life | 16 years | |||||||
Intangible asset acquired | $ 8,950 |
Acquisitions (Details 1)
Acquisitions (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 486,730 | $ 229,513 | $ 186,701 | $ 121,520 | |
Investment securities | 2,847,742 | 2,643,823 | |||
Loans | 8,233,149 | 7,809,215 | |||
Bank owned life insurance | 197,615 | 196,288 | |||
Premises and equipment | 62,432 | 63,362 | |||
Accrued interest receivable | 33,392 | 31,531 | |||
Core deposits and other intangibles | 75,790 | 77,367 | |||
Other real estate owned | 14,527 | 14,614 | |||
Other assets | 71,812 | 68,672 | |||
Deposits | (9,328,622) | (8,580,007) | |||
Other liabilities | (148,121) | (171,750) | |||
Goodwill | $ 696,600 | $ 670,699 | |||
Fair value adjustments | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 0 | ||||
Investment securities | 217 | ||||
Loans | (24,248) | ||||
Federal Reserve Bank stock | 0 | ||||
Bank owned life insurance | 0 | ||||
Premises and equipment | 4,925 | ||||
Accrued interest receivable | 0 | ||||
Core deposits and other intangibles | 33,839 | ||||
Other real estate owned | 0 | ||||
Other assets | (7,931) | ||||
Deposits | 0 | ||||
Other borrowings | 0 | ||||
Other liabilities | 1,540 | ||||
Total identifiable net assets | 8,342 | ||||
Hudson Valley Holding Corp | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 878,988 | ||||
Investment securities | 713,625 | ||||
Loans | 1,816,767 | ||||
Federal Reserve Bank stock | 5,830 | ||||
Bank owned life insurance | 44,231 | ||||
Premises and equipment | 11,918 | ||||
Accrued interest receivable | 7,392 | ||||
Core deposits and other intangibles | 0 | ||||
Other real estate owned | 222 | ||||
Other assets | 32,639 | ||||
Deposits | (3,160,746) | ||||
Other borrowings | (25,366) | ||||
Other liabilities | (37,292) | ||||
Total identifiable net assets | 288,208 | ||||
Hudson Valley Holding Corp | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 878,988 | ||||
Investment securities | 713,842 | ||||
Loans | 1,792,519 | ||||
Federal Reserve Bank stock | 5,830 | ||||
Bank owned life insurance | 44,231 | ||||
Premises and equipment | 16,843 | ||||
Accrued interest receivable | 7,392 | ||||
Core deposits and other intangibles | 33,839 | ||||
Other real estate owned | 222 | ||||
Other assets | 24,708 | ||||
Deposits | (3,160,746) | ||||
Other borrowings | (25,366) | ||||
Other liabilities | (35,752) | ||||
Total identifiable net assets | 296,550 | ||||
Goodwill | 269,757 | ||||
Fair value of acquired loans at acquisition date | 1,695,546 | ||||
Gross contractual amounts receivable at acquisition date | 1,974,740 | ||||
Best estimate at acquisition date of contractual cash flows not expected to be collected | 37,520 | ||||
Hudson Valley Holding Corp | Purchased Credit Impaired Loans | |||||
Business Acquisition [Line Items] | |||||
Fair value of acquired loans at acquisition date | 96,973 | ||||
Gross contractual amounts receivable at acquisition date | 122,104 | ||||
Best estimate at acquisition date of contractual cash flows not expected to be collected | $ 19,024 |
Securities (Details)
Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available for Sale | ||
Amortized cost | $ 1,879,754 | $ 1,933,204 |
Gross unrealized gains | 20,613 | 5,429 |
Gross unrealized losses | (5,547) | (17,601) |
Available for sale, at fair value | 1,894,820 | 1,921,032 |
Held to Maturity | ||
Amortized cost | 952,922 | 722,791 |
Gross unrealized gains | 22,462 | 14,090 |
Gross unrealized losses | (1,558) | (2,802) |
Fair value | 973,826 | 734,079 |
Residential MBS: | ||
Available for Sale | ||
Amortized cost | 1,474,927 | 1,302,342 |
Gross unrealized gains | 17,368 | 2,115 |
Gross unrealized losses | (672) | (8,222) |
Available for sale, at fair value | 1,491,623 | 1,296,235 |
Held to Maturity | ||
Amortized cost | 294,781 | 302,602 |
Gross unrealized gains | 6,095 | 1,944 |
Gross unrealized losses | (194) | (1,833) |
Fair value | 300,682 | 302,713 |
Other securities: | ||
Available for Sale | ||
Amortized cost | 404,827 | 630,862 |
Gross unrealized gains | 3,245 | 3,314 |
Gross unrealized losses | (4,875) | (9,379) |
Available for sale, at fair value | 403,197 | 624,797 |
Held to Maturity | ||
Amortized cost | 658,141 | 420,189 |
Gross unrealized gains | 16,367 | 12,146 |
Gross unrealized losses | (1,364) | (969) |
Fair value | 673,144 | 431,366 |
Agency-backed | Residential MBS: | ||
Available for Sale | ||
Amortized cost | 1,400,401 | 1,222,912 |
Gross unrealized gains | 16,853 | 2,039 |
Gross unrealized losses | (303) | (7,089) |
Available for sale, at fair value | 1,416,951 | 1,217,862 |
Held to Maturity | ||
Amortized cost | 247,094 | 252,760 |
Gross unrealized gains | 5,599 | 1,857 |
Gross unrealized losses | (72) | (1,214) |
Fair value | 252,621 | 253,403 |
CMO/Other MBS | Residential MBS: | ||
Available for Sale | ||
Amortized cost | 74,526 | 79,430 |
Gross unrealized gains | 515 | 76 |
Gross unrealized losses | (369) | (1,133) |
Available for sale, at fair value | 74,672 | 78,373 |
Held to Maturity | ||
Amortized cost | 47,687 | 49,842 |
Gross unrealized gains | 496 | 87 |
Gross unrealized losses | (122) | (619) |
Fair value | 48,061 | 49,310 |
Federal agencies | Other securities: | ||
Available for Sale | ||
Amortized cost | 83,575 | 85,124 |
Gross unrealized gains | 138 | 7 |
Gross unrealized losses | (3) | (864) |
Available for sale, at fair value | 83,710 | 84,267 |
Held to Maturity | ||
Amortized cost | 104,292 | 104,135 |
Gross unrealized gains | 4,382 | 2,458 |
Gross unrealized losses | (9) | (635) |
Fair value | 108,665 | 105,958 |
Corporate | Other securities: | ||
Available for Sale | ||
Amortized cost | 91,325 | 321,630 |
Gross unrealized gains | 317 | 522 |
Gross unrealized losses | (4,463) | (7,964) |
Available for sale, at fair value | 87,179 | 314,188 |
Held to Maturity | ||
Amortized cost | 25,192 | 25,241 |
Gross unrealized gains | 0 | 11 |
Gross unrealized losses | (319) | (200) |
Fair value | 24,873 | 25,052 |
State and municipal | Other securities: | ||
Available for Sale | ||
Amortized cost | 221,146 | 187,399 |
Gross unrealized gains | 2,780 | 2,187 |
Gross unrealized losses | (409) | (551) |
Available for sale, at fair value | 223,517 | 189,035 |
Held to Maturity | ||
Amortized cost | 522,657 | 285,813 |
Gross unrealized gains | 11,675 | 9,327 |
Gross unrealized losses | (1,036) | (134) |
Fair value | 533,296 | 295,006 |
Trust preferred | Other securities: | ||
Available for Sale | ||
Amortized cost | 27,928 | |
Gross unrealized gains | 589 | |
Gross unrealized losses | 0 | |
Available for sale, at fair value | 28,517 | |
Held to Maturity | ||
Amortized cost | 0 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | 0 | |
Fair value | 0 | |
Other | Other securities: | ||
Available for Sale | ||
Amortized cost | 8,781 | 8,781 |
Gross unrealized gains | 10 | 9 |
Gross unrealized losses | 0 | 0 |
Available for sale, at fair value | 8,791 | 8,790 |
Held to Maturity | ||
Amortized cost | 6,000 | 5,000 |
Gross unrealized gains | 310 | 350 |
Gross unrealized losses | 0 | 0 |
Fair value | $ 6,310 | $ 5,350 |
Securities (Details 1)
Securities (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available for Sale | ||
Amortized cost, One year or less | $ 17,162 | |
Amortized cost, One to five years | 214,895 | |
Amortized cost, Five to ten years | 113,074 | |
Amortized cost, Greater than ten years | 59,696 | |
Amortized cost, Total securities with a stated maturity date | 404,827 | |
Amortized cost, Available for sale securities | 1,879,754 | $ 1,933,204 |
Fair value, One year or less | 17,194 | |
Fair value, One to five years | 213,978 | |
Fair value, Five to ten years | 112,148 | |
Fair value, Greater than ten years | 59,877 | |
Fair value, Total securities with a stated maturity date | 403,197 | |
Fair value, Available for sale securities | 1,894,820 | 1,921,032 |
Held to Maturity | ||
Amortized cost, One year or less | 13,059 | |
Amortized cost, One to five years | 52,569 | |
Amortized cost, Five to ten years | 219,829 | |
Amortized cost, Greater than ten years | 372,684 | |
Amortized cost, Total securities with a stated maturity date | 658,141 | |
Amortized cost, Held to maturity securities | 952,922 | 722,791 |
Fair value, One year or less | 13,160 | |
Fair value, One to five years | 54,617 | |
Fair value, Five to ten years | 227,552 | |
Fair value, Greater than ten years | 377,815 | |
Fair value, Total securities with a stated maturity date | 673,144 | |
Fair value | 973,826 | 734,079 |
Residential MBS: | ||
Available for Sale | ||
Amortized cost, Available for sale securities | 1,474,927 | 1,302,342 |
Fair value, Available for sale securities | 1,491,623 | 1,296,235 |
Held to Maturity | ||
Amortized cost, Held to maturity securities | 294,781 | 302,602 |
Fair value | $ 300,682 | $ 302,713 |
Securities (Details 2)
Securities (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales | $ 275,358 | $ 115,554 |
Gross realized gains | 1,562 | 1,663 |
Gross realized losses | (1,845) | (129) |
Income tax (benefit) expense on realized net gains | $ (96) | $ 499 |
Securities (Details 3)
Securities (Details 3) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | $ 110,953 | $ 80,294 |
Unrealized losses, Less than 12 months | (2,641) | (2,247) |
Fair value, 12 months or longer | 98,898 | 1,233,295 |
Unrealized losses, 12 months or longer | (2,906) | (15,354) |
Fair value, Total | 209,851 | 1,313,589 |
Unrealized losses, Total | (5,547) | (17,601) |
Residential MBS: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 73,080 | 42,665 |
Unrealized losses, Less than 12 months | (639) | (1,245) |
Fair value, 12 months or longer | 5,279 | 896,437 |
Unrealized losses, 12 months or longer | (33) | (6,977) |
Fair value, Total | 78,359 | 939,102 |
Unrealized losses, Total | (672) | (8,222) |
Other securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 37,873 | 37,629 |
Unrealized losses, Less than 12 months | (2,002) | (1,002) |
Fair value, 12 months or longer | 93,619 | 336,858 |
Unrealized losses, 12 months or longer | (2,873) | (8,377) |
Fair value, Total | 131,492 | 374,487 |
Unrealized losses, Total | (4,875) | (9,379) |
Agency-backed | Residential MBS: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 46,003 | 18,983 |
Unrealized losses, Less than 12 months | (280) | (528) |
Fair value, 12 months or longer | 3,716 | 854,491 |
Unrealized losses, 12 months or longer | (23) | (6,561) |
Fair value, Total | 49,719 | 873,474 |
Unrealized losses, Total | (303) | (7,089) |
CMO/Other MBS | Residential MBS: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 27,077 | 23,682 |
Unrealized losses, Less than 12 months | (359) | (717) |
Fair value, 12 months or longer | 1,563 | 41,946 |
Unrealized losses, 12 months or longer | (10) | (416) |
Fair value, Total | 28,640 | 65,628 |
Unrealized losses, Total | (369) | (1,133) |
Federal agencies | Other securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 206 | 14,933 |
Unrealized losses, Less than 12 months | 0 | (260) |
Fair value, 12 months or longer | 2,998 | 57,886 |
Unrealized losses, 12 months or longer | (3) | (604) |
Fair value, Total | 3,204 | 72,819 |
Unrealized losses, Total | (3) | (864) |
Corporate | Other securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 31,810 | 19,257 |
Unrealized losses, Less than 12 months | (1,880) | (715) |
Fair value, 12 months or longer | 31,304 | 236,048 |
Unrealized losses, 12 months or longer | (2,583) | (7,249) |
Fair value, Total | 63,114 | 255,305 |
Unrealized losses, Total | (4,463) | (7,964) |
State and municipal | Other securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 5,857 | 3,439 |
Unrealized losses, Less than 12 months | (122) | (27) |
Fair value, 12 months or longer | 59,317 | 42,924 |
Unrealized losses, 12 months or longer | (287) | (524) |
Fair value, Total | 65,174 | 46,363 |
Unrealized losses, Total | $ (409) | $ (551) |
Securities (Details 4)
Securities (Details 4) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | $ 26,766 | $ 23,164 |
Unrealized losses, Less than 12 months | (163) | (562) |
Fair value, 12 months or longer | 193,776 | 215,369 |
Unrealized losses, 12 months or longer | (1,395) | (2,240) |
Fair value, Total | 220,542 | 238,533 |
Unrealized losses, Total | (1,558) | (2,802) |
Residential MBS: | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 14,552 | 5,960 |
Unrealized losses, Less than 12 months | (130) | (156) |
Fair value, 12 months or longer | 9,945 | 172,618 |
Unrealized losses, 12 months or longer | (64) | (1,677) |
Fair value, Total | 24,497 | 178,578 |
Unrealized losses, Total | (194) | (1,833) |
Residential MBS: | Agency-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 6,568 | 0 |
Unrealized losses, Less than 12 months | (69) | 0 |
Fair value, 12 months or longer | 1,261 | 132,585 |
Unrealized losses, 12 months or longer | (3) | (1,214) |
Fair value, Total | 7,829 | 132,585 |
Unrealized losses, Total | (72) | (1,214) |
Residential MBS: | CMO/Other MBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 7,984 | 5,960 |
Unrealized losses, Less than 12 months | (61) | (156) |
Fair value, 12 months or longer | 8,684 | 40,033 |
Unrealized losses, 12 months or longer | (61) | (463) |
Fair value, Total | 16,668 | 45,993 |
Unrealized losses, Total | (122) | (619) |
Other securities: | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 12,214 | 17,204 |
Unrealized losses, Less than 12 months | (33) | (406) |
Fair value, 12 months or longer | 183,831 | 42,751 |
Unrealized losses, 12 months or longer | (1,331) | (563) |
Fair value, Total | 196,045 | 59,955 |
Unrealized losses, Total | (1,364) | (969) |
Other securities: | Federal agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 9,991 | 14,642 |
Unrealized losses, Less than 12 months | (9) | (358) |
Fair value, 12 months or longer | 0 | 9,723 |
Unrealized losses, 12 months or longer | 0 | (277) |
Fair value, Total | 9,991 | 24,365 |
Unrealized losses, Total | (9) | (635) |
Other securities: | Corporate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 0 | 0 |
Unrealized losses, Less than 12 months | 0 | 0 |
Fair value, 12 months or longer | 24,872 | 20,039 |
Unrealized losses, 12 months or longer | (319) | (200) |
Fair value, Total | 24,872 | 20,039 |
Unrealized losses, Total | (319) | (200) |
Other securities: | State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 2,223 | 2,562 |
Unrealized losses, Less than 12 months | (24) | (48) |
Fair value, 12 months or longer | 158,959 | 12,989 |
Unrealized losses, 12 months or longer | (1,012) | (86) |
Fair value, Total | 161,182 | 15,551 |
Unrealized losses, Total | $ (1,036) | $ (134) |
Securities (Details 5)
Securities (Details 5) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Total securities pledged | $ 1,447,066 | $ 1,486,945 |
Federal Home Loan Bank Borrowings | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale securities pledged as collateral | 95,317 | 101,994 |
Held-to-maturity securities pledged as collateral | 2,500 | 206,337 |
Municipal Deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale securities pledged as collateral | 975,592 | 849,186 |
Held-to-maturity securities pledged as collateral | 369,334 | 327,589 |
Interest Rate Swap | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale securities pledged as collateral | $ 4,323 | $ 1,839 |
Securities (Details Textual)
Securities (Details Textual) | 3 Months Ended |
Mar. 31, 2016security | |
Investments, Debt and Equity Securities [Abstract] | |
Number of securities which were in continuous unrealized loss position for less than 12 months | 131 |
Number of securities which were in continuous unrealized loss position for 12 months or more | 36 |
Portfolio Loans (Details)
Portfolio Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Components of loan portfolio, excluding loans held for sale | ||||
Traditional commercial & industrial (“C&I”) | $ 2,003,839 | $ 1,681,704 | ||
Payroll finance | 199,119 | 221,831 | ||
Warehouse lending | 341,790 | 387,808 | ||
Factored receivables | 215,015 | 208,382 | ||
Equipment financing | 656,775 | 631,303 | ||
Total C&I | 3,416,538 | 3,131,028 | ||
Commercial real estate | 2,790,145 | 2,733,351 | ||
Multi-family | 886,069 | 796,030 | ||
Acquisition, development & construction (“ADC”) | 179,517 | 186,398 | ||
Total commercial mortgage | 3,855,731 | 3,715,779 | ||
Total commercial | 7,272,269 | 6,846,807 | ||
Residential mortgage | 718,733 | 713,036 | ||
Consumer | 295,161 | 299,517 | ||
Portfolio loans | 8,286,163 | 7,859,360 | ||
Allowance for loan losses | (53,014) | (50,145) | $ (42,884) | $ (42,374) |
Portfolio loans, net | $ 8,233,149 | $ 7,809,215 |
Portfolio Loans (Details 1)
Portfolio Loans (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Non-Performing loans: | ||
Current loans | $ 8,181,557,000 | $ 7,724,953,000 |
Non accrual loans | 84,436,000 | 65,737,000 |
Portfolio loans | 8,286,163,000 | 7,859,360,000 |
Current loans | 14,918,000 | 13,047,000 |
30-59 days past due | 1,116,000 | 654,000 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-Accrual | 5,810,000 | 8,591,000 |
Total | 21,844,000 | 22,292,000 |
Nonperforming loans | ||
Non-Performing loans: | ||
Non accrual loans | 84,436,000 | 65,737,000 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 1,002,000 | 674,000 |
Total non-performing loans | 85,438,000 | 66,411,000 |
C&I | ||
Non-Performing loans: | ||
Current loans | 1,969,677,000 | 1,630,635,000 |
Non accrual loans | 29,760,000 | 10,142,000 |
Portfolio loans | 2,003,839,000 | 1,681,704,000 |
Current loans | 580,000 | 154,000 |
30-59 days past due | 0 | 0 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-Accrual | 1,116,000 | 2,052,000 |
Total | 1,696,000 | 2,206,000 |
Payroll finance | ||
Non-Performing loans: | ||
Current loans | 198,805,000 | 221,394,000 |
Non accrual loans | 57,000 | 0 |
Portfolio loans | 199,119,000 | 221,831,000 |
Warehouse lending | ||
Non-Performing loans: | ||
Current loans | 341,790,000 | 387,808,000 |
Non accrual loans | 0 | 0 |
Portfolio loans | 341,790,000 | 387,808,000 |
Factored receivables | ||
Non-Performing loans: | ||
Current loans | 214,803,000 | 208,162,000 |
Non accrual loans | 212,000 | 220,000 |
Portfolio loans | 215,015,000 | 208,382,000 |
Equipment financing | ||
Non-Performing loans: | ||
Current loans | 651,995,000 | 627,056,000 |
Non accrual loans | 2,578,000 | 1,644,000 |
Portfolio loans | 656,775,000 | 631,303,000 |
Current loans | 64,000 | 338,000 |
30-59 days past due | 0 | 0 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-Accrual | 0 | 0 |
Total | 64,000 | 338,000 |
Commercial real estate | ||
Non-Performing loans: | ||
Current loans | 2,767,800,000 | 2,702,671,000 |
Non accrual loans | 17,809,000 | 20,742,000 |
Portfolio loans | 2,790,145,000 | 2,733,351,000 |
Current loans | 2,496,000 | 2,787,000 |
30-59 days past due | 257,000 | 0 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-Accrual | 0 | 0 |
Total | 2,753,000 | 2,787,000 |
Multi-family | ||
Non-Performing loans: | ||
Current loans | 882,028,000 | 791,828,000 |
Non accrual loans | 4,041,000 | 1,717,000 |
Portfolio loans | 886,069,000 | 796,030,000 |
ADC | ||
Non-Performing loans: | ||
Current loans | 175,501,000 | 182,615,000 |
Non accrual loans | 4,016,000 | 3,700,000 |
Portfolio loans | 179,517,000 | 186,398,000 |
Current loans | 6,274,000 | 5,107,000 |
30-59 days past due | 0 | 0 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-Accrual | 2,458,000 | 3,700,000 |
Total | 8,732,000 | 8,807,000 |
Residential mortgage | ||
Non-Performing loans: | ||
Current loans | 694,104,000 | 686,445,000 |
Non accrual loans | 17,853,000 | 19,680,000 |
Portfolio loans | 718,733,000 | 713,036,000 |
Current loans | 5,504,000 | 4,661,000 |
30-59 days past due | 859,000 | 654,000 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-Accrual | 2,236,000 | 2,839,000 |
Total | 8,599,000 | 8,154,000 |
Consumer | ||
Non-Performing loans: | ||
Current loans | 285,054,000 | 286,339,000 |
Non accrual loans | 8,110,000 | 7,892,000 |
Portfolio loans | 295,161,000 | 299,517,000 |
30 to 59 Days Past Due | ||
Non-Performing loans: | ||
Past due loans | 11,107,000 | 31,334,000 |
30 to 59 Days Past Due | C&I | ||
Non-Performing loans: | ||
Past due loans | 1,294,000 | 9,380,000 |
30 to 59 Days Past Due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 39,000 | 0 |
30 to 59 Days Past Due | Warehouse lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
30 to 59 Days Past Due | Factored receivables | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
30 to 59 Days Past Due | Equipment financing | ||
Non-Performing loans: | ||
Past due loans | 1,276,000 | 1,088,000 |
30 to 59 Days Past Due | Commercial real estate | ||
Non-Performing loans: | ||
Past due loans | 1,130,000 | 7,417,000 |
30 to 59 Days Past Due | Multi-family | ||
Non-Performing loans: | ||
Past due loans | 0 | 2,485,000 |
30 to 59 Days Past Due | ADC | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
30 to 59 Days Past Due | Residential mortgage | ||
Non-Performing loans: | ||
Past due loans | 6,092,000 | 6,014,000 |
30 to 59 Days Past Due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 1,276,000 | 4,950,000 |
60 to 89 Days Past Due | ||
Non-Performing loans: | ||
Past due loans | 8,061,000 | 36,662,000 |
60 to 89 Days Past Due | C&I | ||
Non-Performing loans: | ||
Past due loans | 2,630,000 | 31,060,000 |
60 to 89 Days Past Due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 59,000 | 349,000 |
60 to 89 Days Past Due | Warehouse lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
60 to 89 Days Past Due | Factored receivables | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
60 to 89 Days Past Due | Equipment financing | ||
Non-Performing loans: | ||
Past due loans | 926,000 | 1,515,000 |
60 to 89 Days Past Due | Commercial real estate | ||
Non-Performing loans: | ||
Past due loans | 3,074,000 | 2,521,000 |
60 to 89 Days Past Due | Multi-family | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
60 to 89 Days Past Due | ADC | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
60 to 89 Days Past Due | Residential mortgage | ||
Non-Performing loans: | ||
Past due loans | 684,000 | 897,000 |
60 to 89 Days Past Due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 688,000 | 320,000 |
90 or More Days Past Due | ||
Non-Performing loans: | ||
Past due loans | 1,002,000 | 674,000 |
90 or More Days Past Due | C&I | ||
Non-Performing loans: | ||
Past due loans | 478,000 | 487,000 |
90 or More Days Past Due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 159,000 | 88,000 |
90 or More Days Past Due | Warehouse lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
90 or More Days Past Due | Factored receivables | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
90 or More Days Past Due | Equipment financing | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
90 or More Days Past Due | Commercial real estate | ||
Non-Performing loans: | ||
Past due loans | 332,000 | 0 |
90 or More Days Past Due | Multi-family | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
90 or More Days Past Due | ADC | ||
Non-Performing loans: | ||
Past due loans | 0 | 83,000 |
90 or More Days Past Due | Residential mortgage | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
90 or More Days Past Due | Consumer | ||
Non-Performing loans: | ||
Past due loans | $ 33,000 | $ 16,000 |
Portfolio Loans (Details 2)
Portfolio Loans (Details 2) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | $ 84,436,000 | $ 65,737,000 |
Non-accrual loans, unpaid principal balance | 96,932,000 | 75,501,000 |
C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 29,760,000 | 10,142,000 |
Non-accrual loans, unpaid principal balance | 30,107,000 | 10,503,000 |
Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 57,000 | 0 |
Non-accrual loans, unpaid principal balance | 57,000 | 0 |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 212,000 | 220,000 |
Non-accrual loans, unpaid principal balance | 212,000 | 220,000 |
Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 2,578,000 | 1,644,000 |
Non-accrual loans, unpaid principal balance | 2,578,000 | 1,644,000 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 17,809,000 | 20,742,000 |
Non-accrual loans, unpaid principal balance | 21,731,000 | 23,678,000 |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 4,041,000 | 1,717,000 |
Non-accrual loans, unpaid principal balance | 4,041,000 | 1,837,000 |
ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 4,016,000 | 3,700,000 |
Non-accrual loans, unpaid principal balance | 4,146,000 | 3,829,000 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 17,853,000 | 19,680,000 |
Non-accrual loans, unpaid principal balance | 24,544,000 | 24,386,000 |
Loans formally in process of foreclosure | 9,887,000 | 9,638,000 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 8,110,000 | 7,892,000 |
Non-accrual loans, unpaid principal balance | 9,516,000 | 9,404,000 |
Warehouse lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 0 | 0 |
Receivables without deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 66,984,000 | 45,712,000 |
Receivables without deteriorated credit quality | C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 24,629,000 | 4,314,000 |
Receivables without deteriorated credit quality | Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 57,000 | 0 |
Receivables without deteriorated credit quality | Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 212,000 | 220,000 |
Receivables without deteriorated credit quality | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 2,578,000 | 1,644,000 |
Receivables without deteriorated credit quality | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 11,899,000 | 13,119,000 |
Receivables without deteriorated credit quality | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 4,041,000 | 1,717,000 |
Receivables without deteriorated credit quality | ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 4,016,000 | 3,700,000 |
Receivables without deteriorated credit quality | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 12,267,000 | 13,683,000 |
Receivables without deteriorated credit quality | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 7,285,000 | 7,315,000 |
Receivables acquired with deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 17,452,000 | 20,025,000 |
Receivables acquired with deteriorated credit quality | C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 5,131,000 | 5,828,000 |
Receivables acquired with deteriorated credit quality | Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 5,910,000 | 7,623,000 |
Receivables acquired with deteriorated credit quality | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 5,586,000 | 5,997,000 |
Receivables acquired with deteriorated credit quality | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | $ 825,000 | $ 577,000 |
Portfolio Loans (Details 3)
Portfolio Loans (Details 3) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | $ 55,367 | $ 28,372 |
Loans evaluated by segment, Collectively evaluated for impairment | 8,113,181 | 7,745,695 |
Portfolio loans | 8,286,163 | 7,859,360 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 53,014 | 50,145 |
Total allowance for loan losses | 53,014 | 50,145 |
C&I | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 27,870 | 3,138 |
Loans evaluated by segment, Collectively evaluated for impairment | 1,924,254 | 1,661,163 |
Portfolio loans | 2,003,839 | 1,681,704 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 14,268 | 13,262 |
Total allowance for loan losses | 14,268 | 13,262 |
Payroll finance | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 199,119 | 221,831 |
Portfolio loans | 199,119 | 221,831 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 1,546 | 1,936 |
Total allowance for loan losses | 1,546 | 1,936 |
Warehouse lending | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 341,790 | 387,808 |
Portfolio loans | 341,790 | 387,808 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 520 | 589 |
Total allowance for loan losses | 520 | 589 |
Factored receivables | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 215,015 | 208,382 |
Portfolio loans | 215,015 | 208,382 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 1,407 | 1,457 |
Total allowance for loan losses | 1,407 | 1,457 |
Equipment financing | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 2,192 | 1,017 |
Loans evaluated by segment, Collectively evaluated for impairment | 654,583 | 630,286 |
Portfolio loans | 656,775 | 631,303 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 5,393 | 4,925 |
Total allowance for loan losses | 5,393 | 4,925 |
Commercial real estate | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 13,815 | 13,492 |
Loans evaluated by segment, Collectively evaluated for impairment | 2,728,143 | 2,669,673 |
Portfolio loans | 2,790,145 | 2,733,351 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 15,770 | 13,861 |
Total allowance for loan losses | 15,770 | 13,861 |
Multi-family | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 883 | 1,541 |
Loans evaluated by segment, Collectively evaluated for impairment | 880,716 | 790,017 |
Portfolio loans | 886,069 | 796,030 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 2,996 | 2,741 |
Total allowance for loan losses | 2,996 | 2,741 |
ADC | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 8,595 | 8,669 |
Loans evaluated by segment, Collectively evaluated for impairment | 166,204 | 173,065 |
Portfolio loans | 179,517 | 186,398 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 2,157 | 2,009 |
Total allowance for loan losses | 2,157 | 2,009 |
Residential mortgage | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 515 | 515 |
Loans evaluated by segment, Collectively evaluated for impairment | 711,229 | 705,245 |
Portfolio loans | 718,733 | 713,036 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 4,850 | 5,007 |
Total allowance for loan losses | 4,850 | 5,007 |
Consumer | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 1,497 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 292,128 | 298,225 |
Portfolio loans | 295,161 | 299,517 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 4,107 | 4,358 |
Total allowance for loan losses | 4,107 | 4,358 |
Purchased Credit Impaired Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 117,615 | 85,293 |
Purchased Credit Impaired Loans | C&I | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 51,715 | 17,403 |
Purchased Credit Impaired Loans | Payroll finance | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Purchased Credit Impaired Loans | Warehouse lending | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Purchased Credit Impaired Loans | Factored receivables | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Purchased Credit Impaired Loans | Equipment financing | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Purchased Credit Impaired Loans | Commercial real estate | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 48,187 | 50,186 |
Purchased Credit Impaired Loans | Multi-family | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 4,470 | 4,472 |
Purchased Credit Impaired Loans | ADC | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 4,718 | 4,664 |
Purchased Credit Impaired Loans | Residential mortgage | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 6,989 | 7,276 |
Purchased Credit Impaired Loans | Consumer | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | $ 1,536 | $ 1,292 |
Portfolio Loans (Details 4)
Portfolio Loans (Details 4) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 11,211 | $ 724 |
Balances acquired in the NSBC Acquisition | 2,200 | 0 |
Accretion of income | (1,155) | 0 |
Reclassification from non-accretable difference | 266 | 0 |
Balance at end of period | $ 12,522 | $ 724 |
Portfolio Loans (Details 5)
Portfolio Loans (Details 5) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | $ 56,943 | $ 29,979 |
Recorded investment with no related allowance recorded | 55,367 | 28,372 |
C&I | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 28,050 | 3,145 |
Recorded investment with no related allowance recorded | 27,870 | 3,138 |
Equipment financing | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 2,192 | 1,017 |
Recorded investment with no related allowance recorded | 2,192 | 1,017 |
Commercial real estate | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 15,211 | 15,092 |
Recorded investment with no related allowance recorded | 13,815 | 13,492 |
Multi-family | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 883 | 1,541 |
Recorded investment with no related allowance recorded | 883 | 1,541 |
ADC | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 8,595 | 8,669 |
Recorded investment with no related allowance recorded | 8,595 | 8,669 |
Residential mortgage | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 515 | 515 |
Recorded investment with no related allowance recorded | 515 | 515 |
Consumer | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 1,497 | 0 |
Recorded investment with no related allowance recorded | $ 1,497 | $ 0 |
Portfolio Loans (Details 6)
Portfolio Loans (Details 6) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment with no related allowance | $ 39,803 | $ 28,703 |
Interest income recognized with no related allowance | 104 | 124 |
Cash-basis interest income recognized with no related allowance | 0 | 0 |
C&I | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment with no related allowance | 15,366 | 3,316 |
Interest income recognized with no related allowance | 9 | 0 |
Cash-basis interest income recognized with no related allowance | 0 | 0 |
Equipment financing | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment with no related allowance | 1,288 | 0 |
Interest income recognized with no related allowance | 0 | 0 |
Cash-basis interest income recognized with no related allowance | 0 | 0 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment with no related allowance | 13,118 | 13,275 |
Interest income recognized with no related allowance | 39 | 67 |
Cash-basis interest income recognized with no related allowance | 0 | 0 |
Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment with no related allowance | 884 | 0 |
Interest income recognized with no related allowance | 0 | 0 |
Cash-basis interest income recognized with no related allowance | 0 | 0 |
ADC | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment with no related allowance | 8,632 | 11,597 |
Interest income recognized with no related allowance | 56 | 57 |
Cash-basis interest income recognized with no related allowance | 0 | 0 |
Residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment with no related allowance | 515 | 515 |
Interest income recognized with no related allowance | 0 | 0 |
Cash-basis interest income recognized with no related allowance | 0 | 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment with no related allowance | 748 | 0 |
Interest income recognized with no related allowance | 0 | 0 |
Cash-basis interest income recognized with no related allowance | $ 0 | $ 0 |
Portfolio Loans (Details 7)
Portfolio Loans (Details 7) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Modifications [Line Items] | ||
Current loans | $ 14,918 | $ 13,047 |
30-59 days past due | 1,116 | 654 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non- accrual | 5,810 | 8,591 |
Total | 21,844 | 22,292 |
C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 580 | 154 |
30-59 days past due | 0 | 0 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non- accrual | 1,116 | 2,052 |
Total | 1,696 | 2,206 |
Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 64 | 338 |
30-59 days past due | 0 | 0 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non- accrual | 0 | 0 |
Total | 64 | 338 |
Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 2,496 | 2,787 |
30-59 days past due | 257 | 0 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non- accrual | 0 | 0 |
Total | 2,753 | 2,787 |
ADC | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 6,274 | 5,107 |
30-59 days past due | 0 | 0 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non- accrual | 2,458 | 3,700 |
Total | 8,732 | 8,807 |
Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 5,504 | 4,661 |
30-59 days past due | 859 | 654 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non- accrual | 2,236 | 2,839 |
Total | $ 8,599 | $ 8,154 |
Portfolio Loans (Details 8)
Portfolio Loans (Details 8) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |||
Number | loan | 1 | 0 | |
Recorded investment, Pre-modification | $ 469 | $ 0 | |
Recorded investment, Post-modification | $ 469 | $ 0 | |
Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number | loan | 1 | 0 | |
Recorded investment, Pre-modification | $ 469 | $ 0 | |
Recorded investment, Post-modification | $ 469 | $ 0 |
Portfolio Loans (Details Textua
Portfolio Loans (Details Textual) | 3 Months Ended | |||
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($)loan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Net deferred loan origination costs | $ 1,612,000 | $ 2,029,000 | ||
Bank pledged mortgages | 2,205,834,000 | 2,050,982,000 | ||
Maximum outstanding balance of loan to be evaluated for impairment on a homogeneous pool basis | 500,000 | |||
Loans included in allowance for loan losses | 53,014,000 | $ 42,884,000 | 50,145,000 | $ 42,374,000 |
Impaired loans with an allowance recorded | $ 0 | 0 | ||
Loans modified by TDR | loan | 1 | 0 | ||
TDRs modified and subsequently defaulted | loan | 0 | 0 | ||
Purchased Credit Impaired Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans evaluated by segment, Purchased credit impaired loans | $ 117,615,000 | 85,293,000 | ||
Loans included in allowance for loan losses | 565,000 | 272,000 | ||
Balance of PCI loans treated under cost recovery method | 17,452,000 | 20,025,000 | ||
C&I | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans included in allowance for loan losses | 14,269,000 | $ 10,686,000 | 13,262,000 | 11,027,000 |
C&I | Purchased Credit Impaired Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans evaluated by segment, Purchased credit impaired loans | 51,715,000 | 17,403,000 | ||
C&I | Purchased Credit Impaired Loans | NSBC | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans evaluated by segment, Purchased credit impaired loans | 37,823,000 | |||
Warehouse lending | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans included in allowance for loan losses | 520,000 | $ 859,000 | 589,000 | $ 608,000 |
Warehouse lending | Purchased Credit Impaired Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans evaluated by segment, Purchased credit impaired loans | $ 0 | $ 0 |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowance Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
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 | $ 50,145 | $ 42,374 |
Charge-offs | (1,766) | (1,972) |
Recoveries | 635 | 382 |
Net Charge-offs | (1,131) | (1,590) |
Provision | 4,000 | 2,100 |
Ending Allowance for Loan Losses | $ 53,014 | $ 42,884 |
Annualized net charge-offs to average loans outstanding | 0.06% | 0.13% |
C&I | ||
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 | $ 13,262 | $ 11,027 |
Charge-offs | (489) | (842) |
Recoveries | 329 | 101 |
Net Charge-offs | (160) | (741) |
Provision | 1,167 | 400 |
Ending Allowance for Loan Losses | 14,269 | 10,686 |
Payroll finance | ||
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 | 1,936 | 1,506 |
Charge-offs | 0 | (303) |
Recoveries | 4 | 11 |
Net Charge-offs | 4 | (292) |
Provision | (394) | 686 |
Ending Allowance for Loan Losses | 1,546 | 1,900 |
Warehouse lending | ||
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 | 589 | 608 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net Charge-offs | 0 | 0 |
Provision | (69) | 251 |
Ending Allowance for Loan Losses | 520 | 859 |
Factored receivables | ||
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 | 1,457 | 1,205 |
Charge-offs | (81) | (72) |
Recoveries | 24 | 19 |
Net Charge-offs | (57) | (53) |
Provision | 7 | 20 |
Ending Allowance for Loan Losses | 1,407 | 1,172 |
Equipment financing | ||
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 | 4,925 | 2,569 |
Charge-offs | (457) | (153) |
Recoveries | 108 | 172 |
Net Charge-offs | (349) | 19 |
Provision | 817 | 103 |
Ending Allowance for Loan Losses | 5,393 | 2,691 |
Commercial real estate | ||
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 | 13,861 | 10,121 |
Charge-offs | (4) | (62) |
Recoveries | 21 | 16 |
Net Charge-offs | 17 | (46) |
Provision | 1,892 | 1,018 |
Ending Allowance for Loan Losses | 15,770 | 11,093 |
Multi-family | ||
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 | 2,741 | 2,111 |
Charge-offs | 0 | (17) |
Recoveries | 2 | 0 |
Net Charge-offs | 2 | (17) |
Provision | 253 | 196 |
Ending Allowance for Loan Losses | 2,996 | 2,290 |
ADC | ||
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 | 2,009 | 2,987 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 9 |
Net Charge-offs | 0 | 9 |
Provision | 148 | (280) |
Ending Allowance for Loan Losses | 2,157 | 2,716 |
Residential mortgage | ||
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 | 5,007 | 5,843 |
Charge-offs | (224) | (181) |
Recoveries | 28 | 2 |
Net Charge-offs | (196) | (179) |
Provision | 39 | (537) |
Ending Allowance for Loan Losses | 4,850 | 5,127 |
Consumer | ||
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 | 4,358 | 4,397 |
Charge-offs | (511) | (342) |
Recoveries | 119 | 52 |
Net Charge-offs | (392) | (290) |
Provision | 140 | 243 |
Ending Allowance for Loan Losses | $ 4,106 | $ 4,350 |
Allowance for Loan Losses - Val
Allowance for Loan Losses - Valuation Allowances Recorded Against Portfolio Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | $ 53,014 | $ 50,145 | $ 42,884 | $ 42,374 |
Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 6,397,290 | 6,083,306 | ||
Allowance for loan losses | $ 53,014 | $ 50,145 | ||
As a percent of loans | 0.83% | 0.82% | ||
Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | $ 1,888,873 | $ 1,776,054 | ||
Remaining purchase accounting mark | $ 44,402 | $ 41,383 | ||
As a percent of acquired loans | 2.35% | 2.33% | ||
Total loans | $ 8,286,163 | $ 7,859,579 | ||
Allowance for loan losses | 97,416 | 91,528 | ||
C&I | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | 14,269 | 13,262 | 10,686 | 11,027 |
C&I | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 1,413,493 | 1,397,792 | ||
C&I | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 590,346 | 283,912 | ||
Payroll finance | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | 1,546 | 1,936 | 1,900 | 1,506 |
Payroll finance | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 199,119 | 221,831 | ||
Factored receivables | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | 1,407 | 1,457 | 1,172 | 1,205 |
Factored receivables | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 215,015 | 208,382 | ||
Equipment financing | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | 5,393 | 4,925 | 2,691 | 2,569 |
Equipment financing | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 560,380 | 514,418 | ||
Equipment financing | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 96,395 | 116,885 | ||
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | 15,770 | 13,861 | 11,093 | 10,121 |
Warehouse lending | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | 520 | 589 | 859 | 608 |
Warehouse lending | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 341,790 | 387,808 | ||
Commercial Real Estate | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 2,192,690 | 2,036,103 | ||
Commercial Real Estate | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 597,455 | 697,248 | ||
Multi-family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | 2,996 | 2,741 | 2,290 | 2,111 |
Multi-family | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 675,842 | 552,155 | ||
Multi-family | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 210,227 | 243,875 | ||
ADC | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | 2,157 | 2,009 | 2,716 | 2,987 |
ADC | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 149,104 | 127,363 | ||
ADC | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 30,413 | 59,035 | ||
Residential mortgage | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 446,996 | 433,928 | ||
Residential mortgage | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 271,737 | 279,108 | ||
Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | 4,106 | 4,358 | 4,350 | 4,397 |
Consumer | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 202,861 | 203,526 | ||
Consumer | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 92,300 | 95,991 | ||
Residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan losses | 4,850 | 5,007 | $ 5,127 | $ 5,843 |
Pass | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 6,280,924 | 5,972,202 | ||
Allowance for loan losses | $ 47,994 | $ 43,925 | ||
As a percent of loans | 0.76% | 0.74% | ||
Pass | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | $ 1,771,204 | $ 1,688,777 | ||
Remaining purchase accounting mark | $ 40,085 | $ 37,351 | ||
As a percent of acquired loans | 2.26% | 2.21% | ||
Total loans | $ 8,052,128 | $ 7,661,198 | ||
Allowance for loan losses | 88,079 | 81,276 | ||
Pass | C&I | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 1,370,429 | 1,356,685 | ||
Pass | C&I | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 541,296 | 267,541 | ||
Pass | Payroll finance | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 198,903 | 221,735 | ||
Pass | Factored receivables | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 213,471 | 206,814 | ||
Pass | Equipment financing | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 555,626 | 512,314 | ||
Pass | Equipment financing | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 96,395 | 116,885 | ||
Pass | Warehouse lending | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 341,790 | 387,808 | ||
Pass | Commercial Real Estate | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 2,160,764 | 2,002,638 | ||
Pass | Commercial Real Estate | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 550,133 | 645,951 | ||
Pass | Multi-family | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 672,382 | 550,438 | ||
Pass | Multi-family | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 201,332 | 237,948 | ||
Pass | ADC | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 140,110 | 118,552 | ||
Pass | ADC | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 24,116 | 52,775 | ||
Pass | Residential mortgage | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 433,516 | 419,534 | ||
Pass | Residential mortgage | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 265,632 | 272,336 | ||
Pass | Consumer | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 193,933 | 195,684 | ||
Pass | Consumer | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 92,300 | 95,341 | ||
Special mention | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 101,559 | 68,003 | ||
Special mention | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 27,083 | 23,741 | ||
Allowance for loan losses | $ 829 | $ 884 | ||
As a percent of loans | 3.06% | 3.72% | ||
Special mention | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | $ 74,476 | $ 44,262 | ||
Remaining purchase accounting mark | $ 2,380 | $ 1,649 | ||
As a percent of acquired loans | 3.20% | 3.73% | ||
Total loans | $ 101,559 | $ 68,003 | ||
Allowance for loan losses | 3,209 | 2,533 | ||
Special mention | C&I | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 52,527 | 20,765 | ||
Special mention | C&I | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 12,396 | 11,041 | ||
Special mention | C&I | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 40,131 | 9,724 | ||
Special mention | Payroll finance | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 159 | 0 | ||
Special mention | Payroll finance | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 159 | 0 | ||
Special mention | Factored receivables | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Special mention | Factored receivables | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Special mention | Equipment financing | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 1,794 | 460 | ||
Special mention | Equipment financing | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 1,794 | 460 | ||
Special mention | Equipment financing | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Special mention | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 30,959 | 32,472 | ||
Special mention | Warehouse lending | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Special mention | Commercial Real Estate | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 8,009 | 9,361 | ||
Special mention | Commercial Real Estate | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 22,950 | 23,111 | ||
Special mention | Multi-family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 7,658 | 5,927 | ||
Special mention | Multi-family | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 1,763 | 0 | ||
Special mention | Multi-family | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 5,895 | 5,927 | ||
Special mention | ADC | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 7,168 | 7,075 | ||
Special mention | ADC | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 1,668 | 1,575 | ||
Special mention | ADC | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 5,500 | 5,500 | ||
Special mention | Residential mortgage | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 684 | 897 | ||
Special mention | Residential mortgage | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Special mention | Consumer | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 610 | 407 | ||
Special mention | Consumer | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Special mention | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 684 | 897 | ||
Special mention | Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 610 | 407 | ||
Substandard | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 131,919 | 129,665 | ||
Substandard | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 88,727 | 86,650 | ||
Allowance for loan losses | $ 3,774 | $ 4,801 | ||
As a percent of loans | 4.25% | 5.54% | ||
Substandard | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | $ 43,193 | $ 43,015 | ||
Remaining purchase accounting mark | $ 1,937 | $ 2,383 | ||
As a percent of acquired loans | 4.48% | 5.54% | ||
Total loans | $ 131,920 | $ 129,665 | ||
Allowance for loan losses | 5,711 | 7,184 | ||
Substandard | C&I | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 39,060 | 36,268 | ||
Substandard | C&I | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 30,141 | 29,621 | ||
Substandard | C&I | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 8,919 | 6,647 | ||
Substandard | Payroll finance | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 57 | 96 | ||
Substandard | Payroll finance | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 57 | 96 | ||
Substandard | Factored receivables | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 1,544 | 1,568 | ||
Substandard | Factored receivables | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 1,544 | 1,568 | ||
Substandard | Equipment financing | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 2,960 | 1,644 | ||
Substandard | Equipment financing | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 2,960 | 1,644 | ||
Substandard | Equipment financing | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Substandard | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 48,288 | 52,290 | ||
Substandard | Warehouse lending | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Substandard | Commercial Real Estate | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 23,917 | 24,104 | ||
Substandard | Commercial Real Estate | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 24,372 | 28,186 | ||
Substandard | Multi-family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 4,697 | 1,717 | ||
Substandard | Multi-family | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 1,697 | 1,717 | ||
Substandard | Multi-family | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 3,000 | 0 | ||
Substandard | ADC | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 8,123 | 7,996 | ||
Substandard | ADC | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 7,326 | 7,236 | ||
Substandard | ADC | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 797 | 760 | ||
Substandard | Residential mortgage | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 12,796 | 13,497 | ||
Substandard | Residential mortgage | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 6,105 | 6,772 | ||
Substandard | Consumer | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 8,289 | 7,167 | ||
Substandard | Consumer | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 650 | ||
Substandard | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 18,901 | 20,269 | ||
Substandard | Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 8,289 | 7,817 | ||
Doubtful | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 556 | 713 | ||
Doubtful | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 556 | 713 | ||
Allowance for loan losses | $ 417 | $ 535 | ||
As a percent of loans | 75.00% | 75.04% | ||
Doubtful | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | $ 0 | $ 0 | ||
Remaining purchase accounting mark | $ 0 | $ 0 | ||
As a percent of acquired loans | 0.00% | 0.00% | ||
Total loans | $ 556 | $ 713 | ||
Allowance for loan losses | 417 | 535 | ||
Doubtful | C&I | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 527 | 445 | ||
Doubtful | C&I | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 527 | 445 | ||
Doubtful | C&I | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Doubtful | Payroll finance | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | Payroll finance | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | Factored receivables | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | Factored receivables | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | Equipment financing | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | Equipment financing | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | Equipment financing | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Doubtful | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | Warehouse lending | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | Commercial Real Estate | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | Commercial Real Estate | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Doubtful | Multi-family | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | Multi-family | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | Multi-family | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Doubtful | ADC | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | ADC | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | ADC | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Doubtful | Residential mortgage | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | Residential mortgage | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Doubtful | Consumer | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 29 | 268 | ||
Doubtful | Consumer | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Doubtful | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Doubtful | Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 29 | 268 | ||
Loss | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Allowance for loan losses | $ 0 | $ 0 | ||
As a percent of loans | 0.00% | 0.00% | ||
Loss | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | $ 0 | $ 0 | ||
Remaining purchase accounting mark | $ 0 | $ 0 | ||
As a percent of acquired loans | 0.00% | 0.00% | ||
Total loans | $ 0 | $ 0 | ||
Allowance for loan losses | 0 | 0 | ||
Loss | C&I | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Loss | C&I | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Loss | Payroll finance | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Loss | Factored receivables | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Loss | Equipment financing | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Loss | Equipment financing | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Loss | Warehouse lending | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Loss | Commercial Real Estate | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Loss | Commercial Real Estate | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Loss | Multi-family | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Loss | Multi-family | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Loss | ADC | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Loss | ADC | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Loss | Residential mortgage | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Loss | Residential mortgage | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||
Loss | Consumer | Originated | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans | 0 | 0 | ||
Loss | Consumer | Acquired | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total loans subject to purchase accounting marks | $ 0 | $ 0 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | ||
Maximum loan balance for credit risk to be evaluated on a homogeneous basis | $ 500,000 | |
Loss | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | $ 0 | $ 0 |
Goodwill and Other Intangible68
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 696,600 | $ 670,699 |
Finite-Lived Intangible Assets [Line Items] | ||
Core deposits and other intangibles | 75,790 | 77,367 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Core deposits and other intangibles | 43,709 | 45,794 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Core deposits and other intangibles | 9,156 | 7,959 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Core deposits and other intangibles | 2,260 | 2,925 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Core deposits and other intangibles | 20,500 | 20,500 |
Fair value of below market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Core deposits and other intangibles | $ 165 | $ 189 |
Goodwill and Other Intangible69
Goodwill and Other Intangible Assets (Details 1) $ in Thousands | Mar. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2016 | $ 9,438 |
2,017 | 8,838 |
2,018 | 7,285 |
2,019 | 6,074 |
2,020 | 5,428 |
2,021 | 5,022 |
Thereafter | 13,205 |
Total | $ 55,290 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Non-interest bearing demand | $ 3,027,471 | $ 2,936,981 |
Interest bearing demand | 1,818,131 | 1,274,417 |
Savings | 771,961 | 943,632 |
Money market | 3,046,634 | 2,819,788 |
Certificates of deposit | 664,425 | 605,189 |
Total deposits | $ 9,328,622 | $ 8,580,007 |
Deposits (Details 1)
Deposits (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
List of Company's Brokered deposits | ||
Brokered deposits | $ 405,969 | $ 428,765 |
Money market | ||
List of Company's Brokered deposits | ||
Brokered deposits | 219,305 | 258,007 |
Reciprocal CDAR's | ||
List of Company's Brokered deposits | ||
Brokered deposits | 96,962 | 64,131 |
CDARs one way | ||
List of Company's Brokered deposits | ||
Brokered deposits | $ 89,702 | $ 106,627 |
Deposits (Details Textual)
Deposits (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Municipal deposits | $ 1,285,263 | $ 1,140,206 |
Borrowings (Details)
Borrowings (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Jul. 02, 2013 |
By period to maturity: | |||
Less than one year, Amount | $ 1,061,219,000 | $ 999,222,000 | |
Less than one year, Rate | 0.67% | 0.69% | |
One to two years, Amount | $ 145,000,000 | $ 295,000,000 | |
One to two years, Rate | 1.13% | 3.19% | |
Two to three years, Amount | $ 258,996,000 | $ 228,893,000 | |
Two to three years, Rate | 3.17% | 3.57% | |
Three to four years, Amount | $ 50,000,000 | $ 0 | |
Three to four years, Rate | 1.38% | 0.00% | |
Four to five years, Amount | $ 50,000,000 | $ 0 | |
Four to five years, Rate | 1.68% | 0.00% | |
Greater than five years, Amount | $ 110,293,000 | $ 2,229,000 | |
Greater than five years, Rate | 5.46% | 4.92% | |
Total borrowings, Amount | $ 1,675,508,000 | $ 1,525,344,000 | |
Total borrowings, Rate | 1.46% | 1.61% | |
FHLB Borrowings | |||
By period to maturity: | |||
Total borrowings, Amount | $ 1,444,817,000 | $ 1,409,885,000 | |
Total borrowings, Rate | 0.87% | 1.32% | |
Repurchase Agreements | |||
By period to maturity: | |||
Total borrowings, Amount | $ 23,571,000 | $ 16,566,000 | |
Total borrowings, Rate | 0.57% | 0.55% | |
Senior Notes | |||
By period to maturity: | |||
Total borrowings, Amount | $ 98,996,000 | $ 98,893,000 | $ 100,000,000 |
Total borrowings, Rate | 5.98% | 5.98% | |
Subordinated notes | |||
By period to maturity: | |||
Total borrowings, Amount | $ 108,124,000 | $ 0 | |
Total borrowings, Rate | 5.47% | 0.00% |
Borrowings (Details Textual)
Borrowings (Details Textual) - USD ($) | Mar. 29, 2016 | Jul. 02, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||||
Bank pledged mortgages | $ 2,205,834,000 | $ 2,050,982,000 | |||
Increased borrowing capacity by pledging securities | 1,005,295,000 | ||||
Federal home loan bank borrowings | $ 200,000,000 | ||||
Long term debt weighted average remaining term | 1 year 3 months 21 days | ||||
Weighted average interest rates | 4.23% | ||||
Charge on extinguishment of debt | $ (8,716,000) | $ 0 | |||
Long-term debt | $ 1,675,508,000 | $ 1,525,344,000 | |||
Private placement discount rate | 1.75% | ||||
Interest expense cost over the life of Senior note | 5.98% | ||||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Repurchase agreements maturity | 1 day | 1 day | |||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Repurchase agreements maturity | 45 days | 45 days | |||
FHLB Borrowings | |||||
Debt Instrument [Line Items] | |||||
Unused borrowing capacity | $ 963,416,000 | ||||
Long-term debt | 1,444,817,000 | $ 1,409,885,000 | |||
Other Borrowings | |||||
Debt Instrument [Line Items] | |||||
Repayment of debt | $ 20,000,000 | ||||
Interest rate | 3.57% | ||||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 100,000,000 | $ 98,996,000 | 98,893,000 | ||
Fixed interest rate (percent) | 5.50% | ||||
Cost of issuance | $ 303,000 | ||||
Unamortized discount | 1,004,000 | 1,107,000 | |||
Subordinated notes | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.25% | ||||
Long-term debt | 108,124,000 | 0 | |||
Private placement discount rate | 1.25% | ||||
Cost of issuance | $ 500,000 | ||||
Unamortized discount | 1,876,000 | ||||
Principal amount | $ 110,000,000 | ||||
Effective yield | 5.47% | ||||
Subordinated notes | Three-month LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on one-month LIBOR | 3.937% | ||||
Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Revolving line of credit amount | 15,000,000 | ||||
Revolving line of credit balance | 0 | $ 0 | |||
Required balance | $ 0 | ||||
Duration of minimum outstanding balance | 30 days | ||||
Line of Credit | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Basis spread on one-month LIBOR | 1.25% |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
3rd party interest rate swap | ||
Summary of derivatives | ||
Notional amount | $ 116,032 | $ 87,094 |
Average maturity (in years) | 5 years 7 months 20 days | 5 years 5 months 8 days |
Weighted average fixed rate | 3.96% | 4.09% |
Fair value | $ 4,323 | $ 1,839 |
3rd party interest rate swap | One Month Libor | ||
Summary of derivatives | ||
Basis spread | 2.19% | 2.15% |
Customer interest rate swap | ||
Summary of derivatives | ||
Notional amount | $ 116,032 | $ 87,094 |
Average maturity (in years) | 5 years 7 months 20 days | 5 years 5 months 8 days |
Weighted average fixed rate | 3.96% | 4.09% |
Fair value | $ (4,323) | $ (1,839) |
Customer interest rate swap | One Month Libor | ||
Summary of derivatives | ||
Basis spread | 2.19% | 2.15% |
Derivatives (Details Textual)
Derivatives (Details Textual) $ in Thousands | Mar. 31, 2016USD ($) |
Derivative Instruments and Hedges, Assets [Abstract] | |
Fair value of investment securities pledged as collateral | $ 4,323 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Efftective tax rate reconciliation: | |||
Income before income tax expense | $ 36,009,000 | $ 24,856,000 | |
Federal statutory rate | 35.00% | 35.00% | |
Tax at Federal statutory rate of 35% | $ 12,603,000 | $ 8,700,000 | |
State and local income taxes, net of Federal tax benefit | 1,993,000 | 875,000 | |
Tax-exempt interest, net of disallowed interest | (1,834,000) | (984,000) | |
Bank owned life insurance income | (445,000) | (251,000) | |
Non-deductible acquisition related costs | 0 | 140,000 | |
Low income housing tax credits | (54,000) | (54,000) | |
Other, net | (20,000) | (348,000) | |
Actual income tax expense | $ 12,243,000 | $ 8,078,000 | |
Effective income tax rate | 34.00% | 32.50% | |
Components of deferred tax assets and liabilities: | |||
Net deferred tax asset | $ 16,065,000 | $ 31,079,000 | |
Valuation allowance | $ 0 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based Compensation Activity (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | May. 28, 2015 | |
Shares available for grant (in shares) | |||
Beginning balance | 4,125,665 | ||
Granted | (483,574) | ||
Stock awards vested | 0 | ||
Forfeited | 48,646 | ||
Canceled/expired | (48,646) | ||
Ending balance | 3,642,091 | ||
Stock options outstanding - Number of shares | |||
Beginning balance | 1,586,572 | ||
Granted | 0 | 15,000 | |
Exercised | (79,031) | ||
Forfeited | (32,312) | ||
Canceled/expired | 0 | ||
Ending balance | 1,475,229 | ||
Exercisable at March 31, 2016 | 1,099,791 | ||
Stock options outstanding - Weighted average exercise price (USD per share) | |||
Beginning balance | $ 10.95 | ||
Granted | 0 | ||
Exercised | 9.33 | ||
Forfeited | 13.08 | ||
Canceled/expired | 0 | ||
Ending balance | 10.99 | ||
Exercisable at March 31, 2016 | $ 10.35 | ||
Non-vested stock awards/performance units | |||
Non-vested stock awards/stock units outstanding - Number of shares | |||
Beginning balance | 726,800 | ||
Granted | 483,574 | ||
Stock awards vested | (32,623) | ||
Forfeited | (4,650) | ||
Ending balance | 1,173,101 | ||
Non-vested stock awards/stock units outstanding - Weighted average grant date fair value (USD per share) | |||
Beginning balance | $ 13.36 | ||
Granted | 14.21 | ||
Stock awards vested | 0 | ||
Forfeited | 13 | ||
Ending balance | $ 14.08 | ||
2015 Plan | |||
Shares available for grant (in shares) | |||
2015 Plan | 2,800,000 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions (Details) - Stock options - 2011 Employment Inducement Stock Program | 3 Months Ended |
Mar. 31, 2015 | |
Fair value of options granted determined using weighted-average assumptions as grant date | |
Risk-free interest rate | 1.90% |
Expected stock price volatility | 20.90% |
Dividend yield | 3.10% |
Expected term in years | 5 years 9 months 3 days |
Stock-Based Compensation - St80
Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 1,540 | $ 1,109 |
Stock-based compensation expense, income tax benefit | 524 | 377 |
Proceeds from stock option exercises | 546 | 2,758 |
Unrecognized stock-based compensation, stock options | 503 | |
Unrecognized stock-based compensation, non-vested stock awards/performance units | 12,848 | |
Total unrecognized stock-based compensation expense | 13,351 | |
Stock options | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 126 | 281 |
Non-vested stock awards/performance units | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 1,414 | $ 828 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Feb. 28, 2010vesting_installment | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2015$ / sharesshares | Dec. 31, 2015shares | May. 28, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares remaining that are authorized and available for future grant | 3,642,091 | 4,125,665 | |||
Grant of share options (in shares) | 0 | 15,000 | |||
Exercise price (USD per share) | $ / shares | $ 0 | ||||
Intrinsic value of options outstanding | $ | $ 7,289 | ||||
Intrinsic value of options exercisable | $ | $ 6,137 | ||||
Maximum | Sterling Bancorp (Legacy) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period for awards | 3 years | ||||
Fully Vested legacy Sterling options | Sterling Bancorp (Legacy) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant of share options (in shares) | 104,152 | ||||
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Term of contract | 10 years | ||||
Weighted-average period total unrecognized compensation cost related to non-vested shares granted | 1 year 4 months 1 day | ||||
Stock options | Stock Compensation Grants associated with legacy Sterling Merger | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise price (USD per share) | $ / shares | $ 14.25 | ||||
Stock options | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period for awards | 1 year | ||||
Stock options | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period for awards | 5 years | ||||
Restricted Stock Units (RSUs) | Stock Compensation Grants associated with legacy Sterling Merger | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value (USD per share) | $ / shares | $ 11.72 | ||||
Non-vested stock awards/performance units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants in period, other than options (in shares) | 483,574 | ||||
Weighted average grant date fair value (USD per share) | $ / shares | $ 14.21 | ||||
Weighted-average period total unrecognized compensation cost related to non-vested shares granted | 2 years 3 months 15 days | ||||
2015 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 2,800,000 | ||||
Number of shares granted for each share received | 1 | ||||
2011 Employment Inducement Stock Program | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant of share options (in shares) | 107,526 | ||||
Weighted average fair value of options granted (USD per share) | $ / shares | $ 2.08 | ||||
Sterling Bancorp 2013 Employment Inducement Award Plan | Sterling Bancorp (Legacy) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant of share options (in shares) | 95,991 | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grant of share options (in shares) | 29,550 | ||||
2011 Employee Inducement Stock Program | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of installments | vesting_installment | 4 | ||||
2011 Employee Inducement Stock Program | Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of installments | vesting_installment | 4 | ||||
Prior Plan | Restricted Stock Units (RSUs) | Sterling Bancorp (Legacy) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants in period, other than options (in shares) | 255,973 |
Pension and Other Post Retire82
Pension and Other Post Retirement Plans - Net Pension and Post-retirement Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 0 | 589,000 |
Expected return on plan assets | 0 | (729,000) |
Net amortization and deferral | 0 | 91,000 |
Total pension expense (benefit) and other post-retirement expense | 0 | (49,000) |
Other Post retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 2,000 |
Interest cost | 104,000 | 94,000 |
Expected return on plan assets | 0 | 0 |
Net amortization and deferral | 12,000 | 40,000 |
Total pension expense (benefit) and other post-retirement expense | $ 116,000 | $ 136,000 |
Pension and Other Post Retire83
Pension and Other Post Retirement Plans (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan expense | $ 0 | $ (49,000) | |
Pension Plans | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Remaining reversion asset, recognition period | 5 years | ||
Pension Plans | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Remaining reversion asset, recognition period | 7 years | ||
Pension Plans | Other Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Remaining reversion asset | $ 11,642,000 | $ 11,442,000 | |
Other Post retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension plan expense | 116,000 | 136,000 | |
Employer contributions to fund SERP | 30,000 | $ 26,000 | |
Other Post retirement Benefit Plans | Other Liabilities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total post retirement plan liabilities | $ 11,819,000 | $ 11,733,000 |
Other Non-interest Expense (Det
Other Non-interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Income and Expenses [Abstract] | ||
Professional fees | $ 2,471 | $ 1,915 |
Data and check processing | 1,754 | 2,148 |
Insurance & surety bond premium | 785 | 648 |
Charge for asset write-downs | 2,485 | 0 |
Other | 5,720 | 5,111 |
Total other non-interest expense | $ 13,215 | $ 9,822 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Computation of basic and diluted earnings per share: | ||
Net income | $ 23,766 | $ 16,778 |
Weighted average common shares outstanding for computation of basic EPS | 129,974,025 | 87,839,029 |
Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants | 526,950 | 413,739 |
Weighted average common shares for computation of diluted EPS | 130,500,975 | 88,252,768 |
Basic (loss) earnings per common share (USD per share) | $ 0.18 | $ 0.19 |
Diluted (loss) earnings per common share (USD per share) | $ 0.18 | $ 0.19 |
Weighted average common shares that could be exercised that were anti-dilutive for the period | 0 | 112,891 |
Stockholders' Equity - Complian
Stockholders' Equity - Compliance with Regulatory Capital Requirements (Schedule) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Sterling National Bank | ||
Common equity tier 1 to RWA: | ||
Tier 1 common equity | $ 1,032,118 | $ 1,053,527 |
Tier 1 common equity ratio | 10.89% | 11.45% |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule | $ 486,060 | $ 413,951 |
Tier 1 common equity required for minimum capital adequacy ratio, phase-in schedule | 5.125% | 4.50% |
Tier 1 common equity required for minimum capital adequacy, fully phased-in | $ 663,240 | $ 643,923 |
Tier 1 common equity required for minimum capital adequacy ratio, phase-in schedule | 7.00% | 7.00% |
Tier 1 common equity required to be well capitalized | $ 615,865 | $ 597,929 |
Tier 1 common equity required to be well capitalized ratio | 6.50% | 6.50% |
Tier 1 capital to RWA: | ||
Tier 1 risk-based capital | $ 1,032,118 | $ 1,053,527 |
Tier 1 risk-based capital ratio | 10.89% | 11.45% |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in schedule | $ 628,183 | $ 551,934 |
Tier 1 risk-based capital required for minimum capital adequacy ratio, phase-in schedule | 6.625% | 6.00% |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in | $ 805,362 | $ 781,907 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in | 8.50% | 8.50% |
Tier 1 risk-based capital required to be well capitalized | $ 757,988 | $ 735,912 |
Tier 1 risk-based capital required to be well capitalized ratio | 8.00% | 8.00% |
Total capital to RWA: | ||
Total risk-based capital | $ 1,193,805 | $ 1,104,221 |
Total risk-based capital ratio | 12.60% | 12.00% |
Total risk-based capital required for minimum capital adequacy, phase-in schedule | $ 817,680 | $ 735,912 |
Total risk-based capital required for minimum capital adequacy ratio, phase-in schedule | 8.625% | 8.00% |
Total risk-based capital required for minimum capital adequacy, fully phased-in | $ 994,859 | $ 965,885 |
Total risk-based capital required for minimum capital adequacy ratio, fully phased-in | 10.50% | 10.50% |
Total risk-based capital required to be well capitalized | $ 947,485 | $ 919,891 |
Total risk-based capital required to be well capitalized ratio | 10.00% | 10.00% |
Tier 1 leverage ratio: | ||
Tier 1 (core) capital | $ 1,032,118 | $ 1,053,527 |
Tier 1 (core) capital ratio | 9.16% | 9.65% |
Tier 1 (core) capital required for minimum capital adequacy, phase-in schedule | $ 450,703 | $ 436,678 |
Tier 1 (core) capital required for minimum capital adequacy ratio, phase-in schedule | 4.00% | 4.00% |
Tier 1 (core) capital required for minimum capital adequacy, fully phased- in | $ 450,703 | $ 436,678 |
Tier 1 (core) capital required for minimum capital adequacy ratio, fully phased-in | 4.00% | 4.00% |
Tier 1 (core) capital required to be well capitalized | $ 563,379 | $ 545,848 |
Tier 1 (core) capital required to be well capitalized ratio | 5.00% | 5.00% |
Sterling Bancorp | ||
Common equity tier 1 to RWA: | ||
Tier 1 common equity | $ 970,224 | $ 988,174 |
Tier 1 common equity ratio | 10.24% | 10.74% |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule | $ 486,244 | $ 414,047 |
Tier 1 common equity required for minimum capital adequacy ratio, phase-in schedule | 5.125% | 4.50% |
Tier 1 common equity required for minimum capital adequacy, fully phased-in | $ 663,492 | $ 644,073 |
Tier 1 common equity required for minimum capital adequacy ratio, phase-in schedule | 7.00% | 7.00% |
Tier 1 capital to RWA: | ||
Tier 1 risk-based capital | $ 970,224 | $ 988,174 |
Tier 1 risk-based capital ratio | 10.24% | 10.74% |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in schedule | $ 628,421 | $ 552,063 |
Tier 1 risk-based capital required for minimum capital adequacy ratio, phase-in schedule | 6.625% | 6.00% |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in | $ 805,668 | $ 782,089 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in | 8.50% | 8.50% |
Total capital to RWA: | ||
Total risk-based capital | $ 1,119,448 | $ 1,038,868 |
Total risk-based capital ratio | 11.81% | 11.29% |
Total risk-based capital required for minimum capital adequacy, phase-in schedule | $ 817,990 | $ 736,084 |
Total risk-based capital required for minimum capital adequacy ratio, phase-in schedule | 8.625% | 8.00% |
Total risk-based capital required for minimum capital adequacy, fully phased-in | $ 995,237 | $ 966,110 |
Total risk-based capital required for minimum capital adequacy ratio, fully phased-in | 10.50% | 10.50% |
Tier 1 leverage ratio: | ||
Tier 1 (core) capital | $ 970,224 | $ 988,174 |
Tier 1 (core) capital ratio | 8.60% | 9.03% |
Tier 1 (core) capital required for minimum capital adequacy, phase-in schedule | $ 451,378 | $ 437,629 |
Tier 1 (core) capital required for minimum capital adequacy ratio, phase-in schedule | 4.00% | 4.00% |
Tier 1 (core) capital required for minimum capital adequacy, fully phased- in | $ 451,378 | $ 437,629 |
Tier 1 (core) capital required for minimum capital adequacy ratio, fully phased-in | 4.00% | 4.00% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2015 | Feb. 11, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 |
Class of Stock [Line Items] | |||||
Aggregate dividend capacity without prior regulatory approval | $ 66,516 | ||||
Capital raise, shares | 6,900,000 | 6,900,000 | |||
Capital raise, price per share (USD per share) | $ 13 | ||||
Total proceeds from public offering | $ 89,700 | $ 0 | $ 85,059 | ||
Net proceeds from public offering | $ 85,059 | ||||
Shares available for repurchase program | 7,767.13 | ||||
HVB Merger | |||||
Class of Stock [Line Items] | |||||
Common stock issued in HVB Merger, shares | 38,525,154 | ||||
Increase in stockholders' equity | $ 563,613 | ||||
Sterling Bancorp | |||||
Class of Stock [Line Items] | |||||
Shares repurchased under repurchase program | 0 | 0 | |||
Sterling National Bank | |||||
Class of Stock [Line Items] | |||||
Tier 1 (core) capital required for minimum capital adequacy, fully phased- in | $ 450,703 | $ 436,678 | |||
Liquidation account | 13,300 | ||||
Subordinated notes | |||||
Class of Stock [Line Items] | |||||
Tier 2 capital | 95,661 | ||||
Subordinated notes | Sterling National Bank | |||||
Class of Stock [Line Items] | |||||
Tier 1 (core) capital required for minimum capital adequacy, fully phased- in | $ 108,124 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Rent expense | $ 3,522 | $ 1,577 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Remainder of 2016 | 8,618 | ||
2,017 | 10,724 | ||
2,018 | 9,546 | ||
2,019 | 7,310 | ||
2,020 | 5,955 | ||
2,021 | 5,521 | ||
2022 and thereafter | 22,270 | ||
Total future minimum payments | 69,944 | ||
Loan origination commitments | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Lending-related instruments | 234,023 | $ 269,636 | |
Unused lines of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Lending-related instruments | 749,028 | 660,915 | |
Letters of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Lending-related instruments | $ 114,969 | $ 102,930 |
Fair Value Measurements (Detail
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Other securities: | ||
Securities available for sale | $ 1,894,820 | $ 1,921,032 |
Quoted Prices in Active markets for Identical Assets Level 1 | ||
Other securities: | ||
Securities available for sale | 0 | 0 |
Swaps | 0 | 0 |
Swaps | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
Other securities: | ||
Securities available for sale | 1,894,820 | 1,921,032 |
Swaps | 4,323 | 1,839 |
Swaps | 4,323 | 1,839 |
Significant Unobservable Inputs Level 3 | ||
Other securities: | ||
Securities available for sale | 0 | 0 |
Swaps | 0 | 0 |
Swaps | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 1,491,623 | 1,296,235 |
Other securities: | ||
Total investment securities available for sale | 403,197 | 624,797 |
Securities available for sale | 1,894,820 | 1,921,032 |
Swaps | 4,323 | 1,839 |
Total assets | 1,899,143 | 1,922,871 |
Swaps | 4,323 | 1,839 |
Total liabilities | 4,323 | 1,839 |
Fair Value, Measurements, Recurring | Agency-backed | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 1,416,951 | 1,217,862 |
Fair Value, Measurements, Recurring | CMO/Other MBS | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 74,672 | 78,373 |
Fair Value, Measurements, Recurring | Federal agencies | ||
Other securities: | ||
Total investment securities available for sale | 83,710 | 84,267 |
Fair Value, Measurements, Recurring | Corporate bonds | ||
Other securities: | ||
Total investment securities available for sale | 87,179 | 314,188 |
Fair Value, Measurements, Recurring | State and municipal | ||
Other securities: | ||
Total investment securities available for sale | 223,517 | 189,035 |
Fair Value, Measurements, Recurring | Trust preferred | ||
Other securities: | ||
Total investment securities available for sale | 28,517 | |
Fair Value, Measurements, Recurring | Other | ||
Other securities: | ||
Total investment securities available for sale | 8,791 | 8,790 |
Fair Value, Measurements, Recurring | Quoted Prices in Active markets for Identical Assets Level 1 | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 0 | 0 |
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Securities available for sale | 0 | 0 |
Swaps | 0 | 0 |
Total assets | 0 | 0 |
Swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active markets for Identical Assets Level 1 | Agency-backed | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active markets for Identical Assets Level 1 | CMO/Other MBS | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active markets for Identical Assets Level 1 | Federal agencies | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active markets for Identical Assets Level 1 | Corporate bonds | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active markets for Identical Assets Level 1 | State and municipal | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active markets for Identical Assets Level 1 | Trust preferred | ||
Other securities: | ||
Total investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active markets for Identical Assets Level 1 | Other | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2 | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 1,491,623 | 1,296,235 |
Other securities: | ||
Total investment securities available for sale | 403,197 | 624,797 |
Securities available for sale | 1,894,820 | 1,921,032 |
Swaps | 4,323 | 1,839 |
Total assets | 1,899,143 | 1,922,871 |
Swaps | 4,323 | 1,839 |
Total liabilities | 4,323 | 1,839 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2 | Agency-backed | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 1,416,951 | 1,217,862 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2 | CMO/Other MBS | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 74,672 | 78,373 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2 | Federal agencies | ||
Other securities: | ||
Total investment securities available for sale | 83,710 | 84,267 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2 | Corporate bonds | ||
Other securities: | ||
Total investment securities available for sale | 87,179 | 314,188 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2 | State and municipal | ||
Other securities: | ||
Total investment securities available for sale | 223,517 | 189,035 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2 | Trust preferred | ||
Other securities: | ||
Total investment securities available for sale | 28,517 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs Level 2 | Other | ||
Other securities: | ||
Total investment securities available for sale | 8,791 | 8,790 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3 | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 0 | 0 |
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Securities available for sale | 0 | 0 |
Swaps | 0 | 0 |
Total assets | 0 | 0 |
Swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3 | Agency-backed | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3 | CMO/Other MBS | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3 | Federal agencies | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3 | Corporate bonds | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3 | State and municipal | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3 | Trust preferred | ||
Other securities: | ||
Total investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs Level 3 | Other | ||
Other securities: | ||
Total investment securities available for sale | $ 0 | $ 0 |
Fair Value Measurements (Deta90
Fair Value Measurements (Details 2) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Quoted Prices in Active markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | $ 0 | $ 0 |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 8,290,596 | 7,876,064 |
Fair Value, Measurements, Nonrecurring | Impaired | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 3,101 | 3,218 |
Fair Value, Measurements, Nonrecurring | Impaired | C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 71 | |
Fair Value, Measurements, Nonrecurring | Impaired | Commercial Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 3,030 | 3,218 |
Fair Value, Measurements, Nonrecurring | Impaired | Quoted Prices in Active markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Impaired | Quoted Prices in Active markets for Identical Assets Level 1 | C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | |
Fair Value, Measurements, Nonrecurring | Impaired | Quoted Prices in Active markets for Identical Assets Level 1 | Commercial Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Impaired | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Impaired | Significant Other Observable Inputs Level 2 | C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | |
Fair Value, Measurements, Nonrecurring | Impaired | Significant Other Observable Inputs Level 2 | Commercial Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Impaired | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 3,101 | 3,218 |
Fair Value, Measurements, Nonrecurring | Impaired | Significant Unobservable Inputs Level 3 | C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 71 | |
Fair Value, Measurements, Nonrecurring | Impaired | Significant Unobservable Inputs Level 3 | Commercial Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | $ 3,030 | $ 3,218 |
Fair Value Measurements (Deta91
Fair Value Measurements (Details 3) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)speed | Dec. 31, 2015USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 1,115 | $ 1,204 |
Significant Unobservable Inputs Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Portfolio loans, net | 8,290,596 | 7,876,064 |
Fair Value, Measurements, Nonrecurring | Impaired | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Portfolio loans, net | 3,101 | 3,218 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Mortgage Servicing Rights | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 1,115 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Minimum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Prepayment speed | speed | 100 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Minimum | Mortgage Servicing Rights | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rates | 8.50% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Maximum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Prepayment speed | speed | 418 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Maximum | Mortgage Servicing Rights | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rates | 11.50% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Prepayment speed | speed | 208 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Weighted Average | Mortgage Servicing Rights | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rates | 9.80% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Impaired | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Portfolio loans, net | $ 3,101 | $ 3,218 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Commercial Real Estate | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Portfolio loans, net | 334 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Impaired | C&I | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Portfolio loans, net | 71 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Impaired | Commercial Real Estate | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Portfolio loans, net | $ 3,030 | |
Comparability adjustments | 22.00% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Impaired | Minimum | C&I | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Management adjustments | 10.00% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Impaired | Maximum | C&I | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Management adjustments | 25.00% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Impaired | Weighted Average | C&I | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Management adjustments | 14.40% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Impaired | Weighted Average | Commercial Real Estate | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Comparability adjustments | 22.00% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Taken in Foreclosure | Commercial Real Estate | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Portfolio loans, net | $ 7,411 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Taken in Foreclosure | ADC | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Portfolio loans, net | 4,427 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Taken in Foreclosure | Residential mortgage | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Portfolio loans, net | $ 2,355 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Taken in Foreclosure | Minimum | Commercial Real Estate | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Management adjustments | 10.00% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Taken in Foreclosure | Minimum | ADC | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Management adjustments | 10.00% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Taken in Foreclosure | Minimum | Residential mortgage | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Management adjustments | 10.00% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Taken in Foreclosure | Maximum | Commercial Real Estate | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Management adjustments | 22.00% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Taken in Foreclosure | Maximum | ADC | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Management adjustments | 22.00% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Taken in Foreclosure | Maximum | Residential mortgage | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Management adjustments | 22.00% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Taken in Foreclosure | Weighted Average | Commercial Real Estate | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Management adjustments | 22.00% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Taken in Foreclosure | Weighted Average | ADC | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Management adjustments | 22.00% | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | Market Approach Valuation Technique | Taken in Foreclosure | Weighted Average | Residential mortgage | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Management adjustments | 21.60% |
Fair value Measurements (Deta92
Fair value Measurements (Details 4) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 1,894,820 | $ 1,921,032 |
Securities held to maturity | 973,826 | 734,079 |
FHLB borrowings | (200,000) | |
Senior notes | (98,996) | (98,893) |
Subordinated notes | (108,124) | 0 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 486,730 | 229,513 |
Securities available for sale | 1,894,820 | 1,921,032 |
Securities held to maturity | 952,922 | 722,791 |
Portfolio loans, net | 8,233,149 | 7,809,215 |
Loans held for sale | 27,237 | 34,110 |
Accrued interest receivable on securities | 11,937 | 11,329 |
Accrued interest receivable on loans | 21,455 | 20,202 |
FHLB stock and FRB stock | 118,330 | 116,758 |
Swaps | 4,323 | 1,839 |
Non-maturity deposits | (8,664,197) | (7,974,817) |
Certificates of deposit | (664,425) | (605,190) |
FHLB borrowings | (1,444,817) | (1,409,885) |
Other borrowings | (23,571) | (16,566) |
Senior notes | (98,996) | (98,893) |
Subordinated notes | (108,124) | |
Mortgage escrow funds | (14,972) | (13,778) |
Accrued interest payable on deposits | (495) | (783) |
Accrued interest payable on borrowings | (2,376) | (4,490) |
Swaps | (4,323) | (1,839) |
Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 486,730 | 229,513 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Portfolio loans, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 0 | 0 |
Non-maturity deposits | (8,664,197) | (7,974,817) |
Certificates of deposit | 0 | 0 |
FHLB borrowings | 0 | 0 |
Other borrowings | 0 | 0 |
Senior notes | 0 | 0 |
Subordinated notes | 0 | |
Mortgage escrow funds | 0 | 0 |
Accrued interest payable on deposits | 0 | 0 |
Accrued interest payable on borrowings | 0 | 0 |
Swaps | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 1,894,820 | 1,921,032 |
Securities held to maturity | 973,826 | 734,079 |
Portfolio loans, net | 0 | 0 |
Loans held for sale | 27,237 | 34,110 |
Accrued interest receivable on securities | 11,937 | 11,329 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 4,323 | 1,839 |
Non-maturity deposits | 0 | 0 |
Certificates of deposit | (664,670) | (603,634) |
FHLB borrowings | (1,446,146) | (1,418,155) |
Other borrowings | (23,571) | (16,430) |
Senior notes | (104,134) | (105,088) |
Subordinated notes | (109,693) | |
Mortgage escrow funds | (14,969) | (13,775) |
Accrued interest payable on deposits | (495) | (783) |
Accrued interest payable on borrowings | (2,376) | (4,490) |
Swaps | (4,323) | (1,839) |
Significant Unobservable Inputs Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Portfolio loans, net | 8,290,596 | 7,876,064 |
Loans held for sale | 0 | 0 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 21,455 | 20,202 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 0 | 0 |
Non-maturity deposits | 0 | 0 |
Certificates of deposit | 0 | 0 |
FHLB borrowings | 0 | 0 |
Other borrowings | 0 | 0 |
Senior notes | 0 | 0 |
Subordinated notes | 0 | |
Mortgage escrow funds | 0 | 0 |
Accrued interest payable on deposits | 0 | 0 |
Accrued interest payable on borrowings | 0 | 0 |
Swaps | $ 0 | $ 0 |
Fair value measurements (Deta93
Fair value measurements (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Changes in fair value recognized on provisions on loans held by the Company | $ 0 | $ 280,000 | |
Mortgage servicing rights | 1,115,000 | $ 1,204,000 | |
Assets taken in foreclosure, defaulted loans and facilities held for sale | 14,527,000 | $ 14,614,000 | |
Changes in fair value recognized through income for foreclosed assets held by the Company | 165,000 | 0 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Portfolio loans, net | $ 55,367,000 | $ 29,330,000 |
Accumulated Other Comprehensi94
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Equity [Abstract] | ||||
Net unrealized holding gain (loss) on available for sale securities | $ 15,066 | $ (12,172) | ||
Related income tax (expense) benefit | (5,951) | 5,173 | ||
Available for sale securities AOCI, net of tax | 9,115 | (6,999) | ||
Net unrealized holding loss on securities transferred to held to maturity | (6,942) | (7,226) | ||
Related income tax benefit | 2,742 | 3,071 | ||
Securities transferred to held to maturity AOCI, net of tax | (4,200) | (4,155) | ||
Net unrealized holding loss on retirement plans | (1,250) | (1,687) | ||
Related income tax benefit | 494 | 717 | ||
Retirement plans AOCI, net of tax | (756) | (970) | ||
AOCI | $ 4,159 | $ (12,124) | $ (4,739) | $ (10,251) |
Accumulated Other Comprehensi95
Accumulated Other Comprehensive Income (Loss) (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of the period | $ (12,124) | $ (10,251) |
Other comprehensive gain before reclassification | 16,285 | 4,203 |
Amounts reclassified from AOCI | (2) | 1,309 |
Other comprehensive income, net of tax | 16,283 | 5,512 |
Balance at end of period | 4,159 | (4,739) |
Net unrealized holding gain (loss) on available for sale securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of the period | (6,999) | 1,297 |
Other comprehensive gain before reclassification | 16,285 | 4,203 |
Amounts reclassified from AOCI | (171) | 882 |
Other comprehensive income, net of tax | 16,114 | 5,085 |
Balance at end of period | 9,115 | 6,382 |
Net unrealized holding gain (loss) on securities transferred to held to maturity | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of the period | (4,155) | (4,967) |
Other comprehensive gain before reclassification | 0 | 0 |
Amounts reclassified from AOCI | (45) | 310 |
Other comprehensive income, net of tax | (45) | 310 |
Balance at end of period | (4,200) | (4,657) |
Net unrealized holding gain (loss) on retirement plans | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance beginning of the period | (970) | (6,581) |
Other comprehensive gain before reclassification | 0 | 0 |
Amounts reclassified from AOCI | 214 | 117 |
Other comprehensive income, net of tax | 214 | 117 |
Balance at end of period | $ (756) | $ (6,464) |