Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 23, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | STERLING BANCORP | ||
Entity Central Index Key | 1,070,154 | ||
Document Period End Date | Dec. 31, 2016 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 135,584,023 | ||
Entity Public Float | $ 2,050,741,269 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS: | ||
Cash and due from banks | $ 293,646 | $ 229,513 |
Securities: | ||
Available for sale, at fair value | 1,727,417 | 1,921,032 |
Held to maturity, at amortized cost (fair value of $1,357,997, and $734,079 at December 31, 2016 and 2015, respectively) | 1,391,421 | 722,791 |
Total securities | 3,118,838 | 2,643,823 |
Loans held for sale | 41,889 | 34,110 |
Portfolio loans | 9,527,230 | 7,859,360 |
Allowance for loan losses | (63,622) | (50,145) |
Portfolio loans, net | 9,463,608 | 7,809,215 |
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank stock, at cost | 135,098 | 116,758 |
Accrued interest receivable | 43,319 | 31,531 |
Premises and equipment, net | 57,318 | 63,362 |
Goodwill | 696,600 | 670,699 |
Core deposit and other intangible assets | 66,353 | 77,367 |
Bank owned life insurance | 199,889 | 196,288 |
Other real estate owned | 13,619 | 14,614 |
Other assets | 48,270 | 68,672 |
Total assets | 14,178,447 | 11,955,952 |
LIABILITIES: | ||
Deposits | 10,068,259 | 8,580,007 |
FHLB borrowings | 1,791,000 | 1,409,885 |
Other borrowings (repurchase agreements) | 16,642 | 16,566 |
Senior notes | 76,469 | 98,893 |
Subordinated notes | 172,501 | 0 |
Mortgage escrow funds | 13,572 | 13,778 |
Other liabilities | 184,821 | 171,750 |
Total liabilities | 12,323,264 | 10,290,879 |
Commitments and Contingent liabilities (See Note 18.) | ||
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; 141,043,149 and 136,673,149 shares issued at 2016 and 2015, respectively; 135,257,570 and 130,006,926, outstanding at 2016 and 2015, respectively) | 1,411 | 1,367 |
Additional paid-in capital | 1,597,287 | 1,506,612 |
Treasury stock, at cost (5,785,579 shares and 6,666,223 shares at December 31, 2016 and 2015, respectively) | (66,188) | (76,190) |
Retained earnings | 349,308 | 245,408 |
Accumulated other comprehensive loss, net of tax (benefit) of ($17,390) at December 31, 2016 and ($8,961) at December 31, 2015 | (26,635) | (12,124) |
Total stockholders’ equity | 1,855,183 | 1,665,073 |
Total liabilities and stockholders’ equity | $ 14,178,447 | $ 11,955,952 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity | $ 1,357,997 | $ 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 | 141,043,149 | 136,673,149 |
Common stock, shares outstanding | 135,257,570 | 130,006,926 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 0 | 0 |
Treasury stock, shares | 5,785,579 | 6,666,223 |
Accumulated other comprehensive income, tax expense (benefit) | $ (17,390) | $ (8,961) |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Interest and dividend income: | |||||
Loans, including fees | $ 56,869 | $ 43,288 | $ 390,847 | $ 292,496 | $ 202,982 |
Taxable securities | 7,413 | 6,903 | 42,540 | 39,369 | 30,067 |
Non-taxable securities | 2,865 | 2,161 | 23,669 | 12,076 | 10,453 |
Other earning assets | 940 | 359 | 4,495 | 4,200 | 3,404 |
Total interest and dividend income | 68,087 | 52,711 | 461,551 | 348,141 | 246,906 |
Interest expense: | |||||
Deposits | 2,818 | 1,834 | 33,189 | 17,478 | 8,964 |
Borrowings | 5,032 | 5,001 | 24,093 | 19,447 | 19,954 |
Total interest expense | 7,850 | 6,835 | 57,282 | 36,925 | 28,918 |
Net interest income | 60,237 | 45,876 | 404,269 | 311,216 | 217,988 |
Provisions for loan losses | 3,000 | 3,000 | 20,000 | 15,700 | 19,100 |
Net interest income after provision for loan losses | 57,237 | 42,876 | 384,269 | 295,516 | 198,888 |
Non-interest income: | |||||
Accounts receivable management / factoring commissions and other related fees | 4,134 | 2,226 | 17,695 | 17,088 | 13,146 |
Mortgage banking income | 2,858 | 1,616 | 6,173 | 11,405 | 8,086 |
Deposit fees and service charges | 4,221 | 3,942 | 15,166 | 15,871 | 15,595 |
Net gain (loss) on sale of securities | (43) | (645) | 7,522 | 4,837 | 641 |
Bank owned life insurance | 1,024 | 740 | 5,832 | 5,235 | 3,080 |
Investment management fees | 403 | 540 | 3,710 | 2,397 | 2,209 |
Other | 1,360 | 729 | 14,889 | 5,918 | 4,613 |
Total non-interest income | 13,957 | 9,148 | 70,987 | 62,751 | 47,370 |
Non-interest expense: | |||||
Compensation and employee benefits | 22,410 | 20,811 | 125,916 | 104,939 | 90,215 |
Stock-based compensation plans | 1,146 | 991 | 6,518 | 4,581 | 3,703 |
Occupancy and office operations | 7,245 | 6,333 | 34,486 | 32,915 | 27,726 |
Amortization of intangible assets | 1,873 | 1,875 | 12,416 | 10,043 | 9,408 |
FDIC insurance and regulatory assessments | 1,568 | 1,164 | 8,240 | 7,380 | 6,146 |
Other real estate owned, net | (81) | 368 | 2,051 | 274 | (237) |
Merger-related expense | 502 | 9,068 | 265 | 17,079 | 9,455 |
Defined benefit plan termination charge | 0 | 2,743 | 0 | 13,384 | 4,095 |
Loss on extinguishment of borrowings | 0 | 0 | 9,729 | 0 | 0 |
Other | 11,151 | 29,621 | 48,281 | 69,723 | 57,917 |
Total non-interest expense | 45,814 | 72,974 | 247,902 | 260,318 | 208,428 |
Income (loss) before income taxes | 25,380 | (20,950) | 207,354 | 97,949 | 37,830 |
Income tax expense (benefit) | 8,376 | (6,948) | 67,382 | 31,835 | 10,152 |
Net income (loss) | $ 17,004 | $ (14,002) | $ 139,972 | $ 66,114 | $ 27,678 |
Weighted average common shares: | |||||
Basic (in shares) | 83,831,380 | 70,493,305 | 130,607,994 | 109,907,645 | 80,268,970 |
Diluted (in shares) | 84,194,916 | 70,493,305 | 131,234,462 | 110,329,353 | 80,534,043 |
Earnings per common share: | |||||
Basic (USD per share) | $ 0.20 | $ (0.20) | $ 1.07 | $ 0.60 | $ 0.34 |
Diluted (USD per share) | $ 0.20 | $ (0.20) | $ 1.07 | $ 0.60 | $ 0.34 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | |||||
Net income (loss) | $ 17,004 | $ (14,002) | $ 139,972 | $ 66,114 | $ 27,678 |
Other comprehensive (loss) income: | |||||
Change in unrealized holding (losses) gains on securities available for sale | 6,858 | (615) | (17,723) | (9,591) | 15,948 |
Change in net unrealized gain (loss) on securities transferred to held to maturity | 310 | (9,841) | 1,473 | 1,412 | (8,947) |
Reclassification adjustment for net realized (gains) losses included in net income | 43 | 645 | (7,522) | (4,837) | (641) |
Change in funded status of defined benefit plans and acceleration of future amortization of accumulated other comprehensive loss on defined benefit pension plan | (5,108) | 2,336 | 390 | 9,758 | 372 |
Total other comprehensive (loss) income items | 2,103 | (7,475) | (23,382) | (3,258) | 6,732 |
Related income tax benefit (expense) | (895) | 3,340 | 8,871 | 1,385 | (2,861) |
Other comprehensive (loss) income | 1,208 | (4,135) | (14,511) | (1,873) | 3,871 |
Total comprehensive income (loss) | $ 18,212 | $ (18,137) | $ 125,461 | $ 64,241 | $ 31,549 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Unalllocated ESOP shares [Member] | Treasury stock | Retained earnings | Accumulated other comprehensive (loss) income |
Balance at Sep. 30, 2013 | $ 482,866 | $ 522 | $ 403,816 | $ (5,493) | $ (88,538) | $ 187,889 | $ (15,330) |
Balance, shares at Sep. 30, 2013 | 44,351,046 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 27,678 | 27,678 | |||||
Other comprehensive loss | 3,871 | 3,871 | |||||
Common stock issued in Merger | 457,752 | $ 390 | 457,362 | ||||
Common stock issued in Merger, shares | 39,057,968 | ||||||
Stock option & other stock transactions, net | 3,783 | 880 | 3,333 | (430) | |||
Stock option & other stock transactions, net, shares | 267,188 | ||||||
ESOP shares allocated and ESOP termination | 790 | 1,280 | 5,493 | (5,983) | |||
ESOP shares allocated and ESOP termination, shares | (488,403) | ||||||
Restricted stock awards, net | 2,075 | (2,774) | 4,849 | ||||
Restricted stock awards, net, shares | 440,468 | ||||||
Cash dividends declared | (17,677) | (17,677) | |||||
Balance at Sep. 30, 2014 | 961,138 | $ 912 | 860,564 | $ 0 | (86,339) | 197,460 | (11,459) |
Balance, shares at Sep. 30, 2014 | 83,628,267 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 17,004 | 17,004 | |||||
Other comprehensive loss | 1,208 | 1,208 | |||||
Stock option & other stock transactions, net | 1,824 | 328 | 1,132 | 364 | |||
Stock option & other stock transactions, net, shares | 95,033 | ||||||
Restricted stock awards, net | (104) | (2,403) | 2,299 | ||||
Restricted stock awards, net, shares | 204,272 | ||||||
Cash dividends declared | (5,870) | (5,870) | |||||
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 | 66,114 | 66,114 | |||||
Other comprehensive loss | (1,873) | (1,873) | |||||
Common stock issued in Merger | 563,613 | $ 386 | 563,227 | ||||
Common stock issued in Merger, shares | 38,525,154 | ||||||
Stock option & other stock transactions, net | 5,162 | 940 | 3,502 | 720 | |||
Stock option & other stock transactions, net, shares | 322,132 | ||||||
Restricted stock awards, net | 2,182 | (1,034) | 3,216 | 0 | |||
Restricted stock awards, net, shares | 332,068 | ||||||
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 | (30,384) | (30,384) | |||||
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 | 139,972 | 139,972 | |||||
Other comprehensive loss | (14,511) | (14,511) | |||||
Stock option & other stock transactions, net | 5,182 | 486 | 5,894 | (1,198) | |||
Stock option & other stock transactions, net, shares | 499,659 | ||||||
Restricted stock awards, net | 4,923 | (762) | 4,108 | 1,577 | |||
Restricted stock awards, net, shares | 380,985 | ||||||
Common equity issued, net of costs of issuance | 90,995 | $ 44 | 90,951 | ||||
Common equity issued, net of costs of issuance, shares | 4,370,000 | ||||||
Cash dividends declared | (36,451) | (36,451) | |||||
Balance at Dec. 31, 2016 | $ 1,855,183 | $ 1,411 | $ 1,597,287 | $ (66,188) | $ 349,308 | $ (26,635) | |
Balance, shares at Dec. 31, 2016 | 135,257,570 |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends paid (USD per share) | $ 0.07 | $ 0.28 | $ 0.28 | $ 0.21 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | |||||
Net income (loss) | $ 17,004 | $ (14,002) | $ 139,972 | $ 66,114 | $ 27,678 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Provisions for loan losses | 3,000 | 3,000 | 20,000 | 15,700 | 19,100 |
Asset impairments and other restructuring charges | 610 | 9,302 | 4,485 | 40,350 | 11,043 |
Charge for termination of defined benefit pension plans | 0 | 2,743 | 0 | 13,384 | 4,095 |
Loss (gain) on extinguishment of debt | 0 | 0 | 9,729 | 0 | (712) |
Loss (gain) and write-downs on other real estate owned | (83) | 332 | 294 | (1,066) | (1,208) |
Loss (gain) on sale of premises and equipment | 0 | (93) | 0 | 116 | (93) |
Depreciation and amortization of premises and equipment | 1,456 | 1,617 | 8,375 | 7,476 | 6,507 |
Amortization of intangibles | 1,873 | 1,875 | 12,416 | 10,043 | 9,408 |
Net gains on loans held for sale | (2,858) | (1,616) | (7,591) | (11,405) | (8,086) |
Net (gains) losses on sales of securities | 43 | 645 | (7,522) | (4,837) | (641) |
Net (gain) on sale of trust division | 0 | 0 | (2,255) | 0 | 0 |
Net (accretion) amortization on loans | 435 | 364 | (18,093) | (10,555) | 2,330 |
Net amortization of premiums on securities | 694 | 511 | 16,024 | 5,916 | 3,176 |
Accretion of discount, amortization of premium on borrowings, net | (69) | 87 | 1,053 | (81) | (446) |
Restricted stock and ESOP expense | 830 | 772 | 6,114 | 3,671 | 2,803 |
Stock option compensation expense | 316 | 219 | 404 | 909 | 901 |
Originations of loans held for sale | (138,542) | (113,572) | (447,950) | (599,853) | (462,030) |
Proceeds from sales of loans held for sale | 112,013 | 122,020 | 447,762 | 623,747 | 483,622 |
Increase in cash surrender value of BOLI | (1,024) | (742) | (5,832) | (5,235) | (3,198) |
Deferred income tax expense (benefit) | (12,080) | 1,857 | (890) | 339 | (3,059) |
Other adjustments (principally net changes in other assets and other liabilities) | (5,359) | (6,281) | 22,404 | (62,977) | 36,474 |
Net cash provided by (used in) operating activities | (21,741) | 9,038 | 198,899 | 91,756 | 127,664 |
Cash flows from investing activities: | |||||
Available for sale | (292,554) | (67,044) | (976,383) | (1,113,952) | (407,438) |
Held to maturity | (4,347) | (54,315) | (751,206) | (193,282) | (172,899) |
Proceeds from maturities, calls and other principal payments on securities: | |||||
Available for sale | 23,739 | 42,972 | 286,371 | 135,978 | 163,199 |
Held to maturity | 11,153 | 5,258 | 73,925 | 45,340 | 31,227 |
Proceeds from sales of securities available for sale | 244,835 | 247,650 | 858,531 | 893,610 | 529,107 |
Loan originations, net | (98,699) | (9,780) | (1,298,341) | (1,266,519) | (659,013) |
Portfolio loans purchased | 0 | 0 | (163,320) | 0 | 0 |
Proceeds from sale of loans held for investment | 42,863 | 0 | 121,028 | 44,020 | 0 |
Proceeds from sales of other real estate owned | 1,825 | 0 | 6,205 | 3,566 | 9,645 |
Purchase of FHLB and FRB stock, net | (9,352) | (11,338) | (18,340) | (35,491) | (34,093) |
Purchase of low income housing tax credit | 0 | 0 | 0 | 0 | (1,966) |
Redemption of and benefits received on bank owned life insurance | 0 | 0 | 2,231 | 3,700 | 0 |
Purchase of bank owned life insurance | (30,000) | 0 | 0 | 0 | 0 |
Purchases of premises and equipment | (4,326) | (8,572) | (4,155) | (8,047) | (2,584) |
Proceeds from the sale of premises and equipment | 0 | 627 | 0 | 0 | 310 |
Cash (paid for) received from acquisitions | 0 | 277,798 | (346,690) | 854,318 | 277,798 |
Net cash (used in) provided by investing activities | (114,863) | 423,256 | (2,210,144) | (636,759) | (266,707) |
Cash flows from financing activities: | |||||
Net increase (decrease) in transaction, savings and money market deposits | (129,302) | (289,376) | 1,509,054 | 186,431 | 301,028 |
Net increase (decrease) in time deposits | 42,973 | (49,544) | (20,802) | 20,505 | (261,858) |
Net increase (decrease) in short-term FHLB borrowings | 128,309 | (103,378) | 331,000 | 127,000 | 112,383 |
Advances of term FHLB borrowings | 90,000 | 49,944 | 1,050,000 | 605,000 | 375,000 |
Repayments of term FHLB borrowings | (10,059) | 0 | (999,896) | (325,243) | (236,877) |
Net increase (decrease) in other borrowings | (35,793) | 0 | 76 | (18,646) | (37,177) |
Repayment of Senior Notes | 0 | 0 | (23,793) | 0 | 0 |
Repayment of debt assumed in acquisition | 0 | 0 | 0 | (4,485) | 0 |
Issuance of Bank Subordinated Notes | 0 | 0 | 171,813 | 0 | 0 |
Redemption of Subordinated Debentures | 0 | 0 | 0 | 0 | (26,140) |
Net increase (decrease) in mortgage escrow funds | (327) | 814 | (206) | 4,995 | (8,152) |
Proceeds from stock option exercises | 574 | 1,479 | 3,588 | 2,764 | 3,042 |
Proceeds from issuance of common equity | 0 | 0 | 90,995 | 85,059 | 0 |
Cash dividends paid | (5,870) | (2,661) | (36,451) | (30,384) | (17,677) |
Net cash provided by (used in) financing activities | 80,505 | (392,722) | 2,075,378 | 652,996 | 203,572 |
Net increase (decrease) in cash and cash equivalents | (56,099) | 39,572 | 64,133 | 107,993 | 64,529 |
Cash and cash equivalents at beginning of period | 177,619 | 113,090 | 229,513 | 121,520 | 113,090 |
Cash and cash equivalents at end of period | 121,520 | 152,662 | 293,646 | 229,513 | 177,619 |
Supplemental cash flow information: | |||||
Interest payments | 6,429 | 6,061 | 57,971 | 37,198 | 29,419 |
Income tax payments | 12,473 | 4,651 | 64,904 | 39,315 | 12,473 |
Real estate acquired in settlement of loans | 29 | 873 | 4,780 | 11,025 | 2,542 |
Securities purchased pending settlement | 0 | 0 | 24,720 | 0 | 0 |
Loans transfered from held for investment to held for sale | 42,229 | 0 | 121,028 | 44,020 | 0 |
Securities available for sale transferred to held to maturity | 0 | 221,904 | 0 | 0 | 0 |
Securities held to maturity transferred to available for sale | 0 | 165,230 | 0 | 0 | 0 |
Non-cash assets acquired: | |||||
Securities available for sale | 0 | 233,244 | 0 | 710,230 | 233,190 |
Securities held to maturity | 0 | 374,721 | 0 | 3,611 | 374,721 |
Loans held for sale | 0 | 30,341 | 0 | 0 | 30,341 |
Total loans, net | 0 | 1,698,108 | 320,447 | 1,814,826 | 1,698,108 |
FRB stock | 0 | 7,680 | 0 | 5,830 | 7,680 |
Accrued interest receivable | 0 | 6,590 | 1,443 | 7,392 | 6,590 |
Goodwill | 0 | 224,400 | 25,698 | 281,773 | 224,208 |
Core deposit and other intangibles | 0 | 20,089 | 1,500 | 42,789 | 20,089 |
Trade name | 0 | 20,500 | 0 | 0 | 20,500 |
Bank owned life insurance | 0 | 55,374 | 0 | 44,231 | 55,374 |
Premises and equipment, net | 0 | 23,594 | 176 | 17,063 | 23,594 |
Other real estate owned | 0 | 5,815 | 0 | 222 | 5,815 |
Other assets | 0 | 22,266 | 2,265 | 25,871 | 22,534 |
Total non-cash assets acquired | 0 | 2,722,722 | 351,529 | 2,953,838 | 2,722,744 |
Liabilities assumed: | |||||
Deposits | 0 | 2,297,190 | 0 | 3,160,746 | 2,297,190 |
Escrow deposits | 0 | 0 | 0 | 4,616 | 0 |
FHLB and other borrowings | 0 | 100,619 | 0 | 0 | 100,619 |
Other borrowings | 0 | 62,465 | 0 | 25,366 | 62,465 |
Subordinated debentures | 0 | 26,527 | 0 | 0 | 26,527 |
Other liabilities | 0 | 55,960 | 4,839 | 50,181 | 55,960 |
Total liabilities assumed | 0 | 2,542,761 | 4,839 | 3,240,909 | 2,542,761 |
Net non-cash asset (liabilities) acquired (assumed) | 0 | 179,961 | 346,690 | (287,071) | 179,983 |
Cash and cash equivalents acquired in acquisitions | 0 | 277,798 | 4,762 | 879,240 | 277,798 |
Total consideration paid | $ 0 | $ 457,759 | $ 351,452 | $ 592,169 | $ 457,781 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | Basis of Financial Statement Presentation and Summary of Significant Accounting Policies Nature of Operations and Principles of Consolidation The consolidated financial statements include the accounts of Sterling Bancorp (the “Company”), Sterling National Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries included at December 31, 2016 : (i) Sterling National Funding Corp, a company that originates loans to municipalities and governmental entities and acquires securities issued by state and local governments; (ii) Sterling REIT, Inc., a real estate investment trust that hold a portion of the Company’s real estate loans; (iii) Provest Services Corp. II, which has engaged a third-party provider to sell mutual funds and annuities to the Bank’s customers and (iv) several limited liability companies which hold other real estate owned. Intercompany transactions and balances are eliminated in consolidation. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Certain amounts from prior periods have been reclassified to conform to the current period presentation. Reclassifications had no affect on prior period net income or stockholders’ equity. The financial statements include audited balance sheets as of December 31, 2016 and 2015 . As a result of the change in the Company’s fiscal year end, financial statements include: results of operations, changes in stockholders’ equity, accumulated other comprehensive income (loss) and cash flows for the years ended December 31, 2016 (“calendar 2016”) and December 31, 2015 (“calendar 2015); for the three months ended December 31, 2014 (the “transition period”); and for the fiscal year ended September 30, 2014 (“fiscal 2014”). For comparative purposes, we have also presented financial statements and accompanying footnotes for the three months ended December 31, 2013 (the “2013 transition period”), which are unaudited. The unaudited information, in the opinion of management, includes all adjustments consisting of normal recurring accruals, necessary for a fair presentation of the Company’s financial position and results of its operations. Nature of Business Since October 31, 2013 , Sterling is a bank holding company and financial holding company under the Bank Holding Company Act of 1956 . Sterling is a Delaware corporation that owns all of the outstanding shares of the Bank. Sterling is listed on the New York Stock Exchange (“NYSE”) under the symbol STL. The Bank, an independent, full-service bank founded in 1888 , is headquartered in Montebello, New York and is the principal subsidiary of Sterling. The Bank accounts for substantially all of Sterling’s consolidated assets and results of operations. The Bank operates through commercial banking teams and financial centers which serve the greater New York metropolitan region. The Bank targets the following geographic markets: (i) the New York Metro Market, which includes Manhattan, the boroughs and Long Island; and (ii) the New York Suburban Market, which consists of Rockland, Orange, Sullivan, Ulster, Putnam and Westchester counties in New York and Bergen County in New Jersey. The Bank also operates its commercial finance businesses, which include asset-based lending, payroll financing, factoring, warehouse lending, equipment financing, public sector financing and restaurant franchise financing loans (which are included with traditional commercial and industrial loans), which target markets across the U.S. The Bank’s principal business is accepting deposits and, together with funds generated from operations and borrowings, investing in various types of loans and securities. In connection with the Provident Merger, the Bank became a national bank and its deposits are insured up to applicable limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (“FDIC”). The Office of the Comptroller of the Currency (“OCC”) and the Federal Reserve Board are the primary regulators for the Bank and the Company, respectively. Merger with Hudson Valley Holding Corp. On June 30, 2015 , Hudson Valley Holding Corp. (“HVHC”) merged with and into Sterling Bancorp (the “HVB Merger”). In connection with the merger, Hudson Valley Bank, the principal subsidiary of HVHC, also merged with and into Sterling National Bank. Merger with Sterling Bancorp On October 31, 2013 , Provident New York Bancorp (“Legacy Provident”) merged with 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 and became a bank holding company and a financial holding company as defined by the Bank Holding Company Act of 1956, as amended (“Sterling” or the “Company”). • Provident Bank converted to a national bank charter. • Sterling National Bank merged into Provident Bank. • Provident Bank changed its legal entity name to Sterling National Bank. • Provident Municipal Bank merged into Sterling National Bank. We refer to the transactions detailed above collectively as the “Provident Merger.” Change in Fiscal Year End On January 27, 2015, the Board of Directors amended the Company’s bylaws to change the fiscal year end from September 30 to December 31. Use of estimates The consolidated financial statements have been prepared in conformity with GAAP. In preparing the consolidated financial statements, the Company is required to make estimates and assumptions based on available information that affect the reported amounts of assets, liabilities, income and expense. Actual results could differ significantly from these estimates. An estimate that is particularly susceptible to significant near-term change is the allowance for loan losses, which is discussed below. Cash Flows For purposes of reporting cash flows, cash equivalents include highly liquid, short-term investments, such as overnight federal funds, as well as cash and deposits with other financial institutions with an original maturity of 90 days or less. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and federal funds purchased and repurchase agreements. Restrictions on Cash The Bank was required to have $99,594 and $25,070 of cash on hand or on deposit with the Federal Reserve Bank to meet regulatory reserve and clearing requirements at December 31, 2016 and 2015 , respectively. Securities Securities include U.S. government agency and government sponsored agencies, municipal and corporate bonds, mortgage-backed securities, collateralized mortgage obligations and trust preferred securities. The Company classifies its securities among two categories: held to maturity and available for sale. The Company determines the appropriate classification of the Company’s securities at the time of purchase. Held to maturity securities are limited to debt securities for which there is the intent and the ability to hold to maturity. These securities are reported at amortized cost. The Company does not engage in trading activities. All other debt and marketable equity securities are classified as available for sale. Available for sale securities are reported at fair value, with unrealized gains and losses (net of the related deferred income tax effect) excluded from earnings and reported in a separate component of stockholders’ equity (accumulated other comprehensive income or loss). Available for sale securities include securities that the Company intends to hold for an indefinite period of time, such as securities to be used as part of the Company’s asset/liability management strategy or securities that may be sold to fund loan growth, in response to changes in interest rates, and prepayment risks, the need to increase capital, or similar factors. Premiums and discounts on debt securities are recognized in interest income on a level yield basis over the period to maturity. Amortization of premiums and accretion of discounts on mortgage-backed securities are based on the estimated cash flows of the mortgage-backed securities, periodically adjusted for changes in estimated lives, on a level yield basis. The cost of securities sold is determined using the specific identification method. Securities are evaluated for other-than-temporary-impairment (“OTTI”) at least quarterly, and more frequently when economic and market conditions warrant such an evaluation. For securities in an unrealized loss position, the Company considers the extent and duration of the unrealized loss, and the financial condition of the issuer. The Company also assesses whether it intends to sell, or is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either criteria regarding intent to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. If (i) the Company does not expect to recover the entire amortized cost basis of the security; (ii) the Company does not intend to sell the security; (iii) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the OTTI is separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of OTTI related to credit loss is recognized in earnings while the amount related to other factors is recognized in other comprehensive income, net of applicable taxes. The cost basis of individual equity securities is written down to estimated fair value through a charge to earnings when declines in value below cost are considered to be other than temporary. As of December 31, 2016 , the Company did not intend to sell, nor is it more likely than not that it would be required to sell, any of its debt securities with unrealized losses prior to recovery of its amortized cost basis less any current period credit loss. (See Note 3. “Securities”). Loans Held For Sale Mortgage loans and commercial 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. In the absence of commitments from investors, fair value is based on current investor yield requirements. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Prior to October 2013, mortgage loans held for sale were generally sold with the servicing rights retained. Since that time, we have generally sold mortgage loans with the servicing rights released. The carrying value of mortgage loans sold is reduced by the amount allocated to the value of the servicing rights, which is 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. Portfolio Loans Loans where Sterling has the intent and ability to hold for the foreseeable future or until maturity or payoff (other than loans held for sale) are reported at amortized cost less the allowance for loan losses. Interest income on loans is accrued on the unpaid principal balance. The Company defers nonrefundable loan origination and commitment fees, and certain direct loan origination costs, and amortizes the net amount as an adjustment of the yield over the estimated life of the loan. If a loan is prepaid or sold, the net deferred amount is recognized in the statement of operations at that time. Interest and fees on loans include prepayment fees and late charges collected. A loan is placed on non-accrual status upon the earlier of: (i) when Sterling determines that the borrower may likely be unable to meet contractual principal or interest obligations; or (ii) when payments are 90 days or more past due, unless well secured and in the process of collection. Accrual of interest ceases and, in general, uncollected past due interest is reversed and charged against current interest income. Interest payments received on non-accrual loans, including impaired loans, are not recognized as income unless warranted based on the borrower’s financial condition and payment record. Furthermore, negative tax escrow will be included in the unpaid principal for loans individually evaluated for impairment, as this is part of the customer’s legal obligation to the Company. (See Note 4. “Portfolio Loans”). Acquired Loans, Including Purchased Credit Impaired Loans Loans the Company acquired in acquisitions are initially recorded at fair value with no carryover of the related allowance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest. Acquired loans are included with portfolio loans in the consolidated balance sheets. Loans for which there is, at acquisition, both evidence of deterioration of credit quality since origination and probability, at acquisition, that all contractually required payments would not be collected represent purchase credit impaired loans (“PCI loans”). For PCI loans, the Company initially determines which loans will be treated under the cost recovery method (similar to a non-accrual loan) from loans that will be subject to accretion. The Company recognizes the accretable yield, which is defined as the excess of all cash flows expected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan’s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, the Company continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows the Company expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount. For PCI loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected. For loans for which there was no clear evidence of deterioration of credit quality since origination nor evidence that all contractually required payments would not be collected, the Company accretes interest income based on the contractually required cash flows. Loans that do not meet the PCI loan criteria are collectively evaluated for an allowance for loan loss. Acquired loans that met the criteria for non-accrual of interest prior to an acquisition were generally considered non-performing upon acquisition, as the Company was unable to reasonably estimate the timing and amount of the expected cash flows on such loans. Allowance for Loan Losses The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable incurred credit losses inherent in the loan portfolio. The allowance for loan losses is a critical accounting estimate and requires substantial judgment of management. The allowance for loan losses includes allowance allocations calculated in accordance with ASC Subtopic 450-20, “Loss Contingencies” and ASC Subtopic 310-10-35-2, “Loan Impairment.” The level of the allowance reflects management’s continuing evaluation of loan loss experience, specific credit risks, current loan portfolio quality, industry and loan type concentrations, economic and regulatory conditions and unidentified losses inherent in the loan portfolios, as well as trends in the foregoing. The Company analyzes loans by two broad segments: real estate secured loans and loans that are either unsecured or secured by other collateral. The classes considered real estate secured are: residential mortgage loans; commercial real estate (“CRE”) loans, multi-family loans; acquisition, development and construction (“ADC”) loans, home equity lines of credit and certain consumer loans. The classes considered unsecured or secured by other than real estate collateral are: commercial & industrial (“C&I”) loans, which includes traditional C&I, asset-based lending; payroll finance loans; warehouse lending; factored receivables; equipment finance loans; public sector finance; and consumer loans. In all segments or classes, significant loans are reviewed for impairment once they are past due 90 days or more or are classified substandard or doubtful. Generally the Company considers a homogeneous residential mortgage or home equity line of credit to be significant if the Company’s investment in the loan is greater than $500 . If a loan is deemed to be impaired in one of the real estate secured segments, it is generally considered collateral dependent. If the value of the collateral securing a collateral dependent impaired loan is less than the loan’s carrying value, a charge-off is recognized equal to the difference between the appraised value and the book value of the loan. Additionally, impairment reserves are recognized for estimated costs to hold and liquidate and for a discount to the appraisal value, which is generally 22% for all loans collateralized by real estate. Impaired loans in the real estate secured segments are generally re-appraised using a summary or drive-by appraisal report every six to nine months. For smaller balance C&I loans we charge-off the full amount of the loan when it becomes 90 days or more past due, or earlier in the case of bankruptcy, after giving effect to any cash or marketable securities pledged as collateral for the loan. For other classes of C&I loans, the Company prepares a cash flow projection, and charges-off the difference between the net present value of the cash flows discounted at the effective note rate and the carrying value of the loan, and generally recognize a 10% impairment reserve to account for the potential imprecision of its estimates. However, in most of these cases, receipt of future cash flows is too unreliable to be considered probable, resulting in the charge-off of the entire balance of the loan. For unsecured consumer loans, charge-offs are recognized once the loan is 90 days to 120 days or more past due or the borrower files for bankruptcy protection. Subsequent recoveries, if any, are credited to the allowance for loan losses. The allowance for loan losses consists of amounts specifically allocated to non-performing loans and other criticized or classified loans (if any), as well as allowances determined for the pass rated loans in each major loan category. After the Company establishes an allowance for loan losses for loans that are known to be non-performing, criticized or classified, it calculates a percentage to apply to the remaining loan portfolio to estimate the probable incurred losses inherent in that portion of the portfolio. These percentages are determined by management, based on historical loss experience for the applicable loan class, and are adjusted to reflect its evaluation of: • levels of, and trends in, delinquencies and non-accruals; • trends in volume and terms of loans; • effects of any changes in lending policies and procedures; • experience, ability, and depth of lending management and staff; • national and local economic trends and conditions; • concentrations of credit by such factors as location, industry, inter-relationships, and borrowers; and • for commercial loans, trends in risk ratings. CRE loans subject the Company to the risks that the property securing the loan may not generate sufficient cash flow to service the debt or the borrower may use the cash flow for other purposes. In addition, if necessary, the foreclosure process may be slow and properties may deteriorate in the process. The market values are also subject to a wide variety of factors, including general economic conditions, industry specific factors, environmental factors, interest rates and the availability and terms of credit. Commercial lending presents a risk because repayment depends on the successful operation of the business, which is subject to a wide range of risks and uncertainties. In addition, the ability to successfully liquidate collateral, if any, is subject to a variety of risks because the Company must gain control of assets used in the borrower’s business before foreclosing, which it cannot be assured of doing, and the value in a foreclosure sale or other means of liquidation is uncertain. ADC lending is considered higher risk and exposes the Company to greater credit risk than permanent mortgage financing. The repayment of ADC loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. In the event the Company makes a land acquisition loan on property that is not yet approved for the planned development, there is the risk that approvals will not be granted or will be delayed. These events may adversely affect the borrower and the collateral value of the property. Development and construction loans also expose the Company to the risk that improvements will not be completed on time or in accordance with specifications and projected costs. In addition, the ultimate sale or rental of the property may not occur as anticipated. All of these factors are considered as part of the underwriting, structuring and pricing of the loan. The Company has deemphasized originations of land acquisition and land development loans; however, it does originate construction loans on an exception basis but only to select clients principally within our immediate footprint. When the Company evaluates residential mortgage loans and consumer - home equity loans it weighs both the credit capacity of the borrower and the collateral value of the home. If unemployment or underemployment increase, the credit capacity of underlying borrowers will decrease, which increases its risk. Similarly, as the Company obtains a mortgage on the property, if home prices decline, it is exposed to risk in both its first mortgage and equity lending programs due to declines in the value of its collateral. The Company is also exposed to risk because the time to foreclose is significant and has become longer under current market conditions. (See Note 5 “Allowance for Loan Losses”). Troubled Debt Restructuring Troubled debt restructuring ( “ TDR ” ) is a formally renegotiated loan in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that would not have been granted to the borrower otherwise. Not all loans that are restructured as a TDR are classified as non-accrual before the restructuring occurs. Restructured loans can convert from non-accrual to accrual status when said loans have demonstrated performance, generally evidenced by six months of consistent payment performance in accordance with the restructured terms, or by the presence of other significant items. (See Note 4. “Portfolio Loans”). Federal Reserve Bank of New York and Federal Home Loan Bank Stock As a member of the Federal Reserve Bank of New York (“FRB”) and the Federal Home Loan Bank of New York (“FHLB”), the Bank is required to hold a certain amount of FRB and FHLB common stock. This stock is a non-marketable equity security and is reported at cost. Premises and Equipment Land is reported at cost, while premises and equipment are reported at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which range from three years for equipment and 40 years for premises. Leasehold improvements are amortized on a straight-line basis over the terms of the respective leases, including renewal options, or the estimated useful lives of the improvements, whichever is shorter. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. The Company recognizes an impairment charge to its premises and equipment, generally in connection with a decision to consolidate or close a financial center. Impairment is based on the excess of the carrying amount of assets over the fair value of the assets. Fair value is determined by third-party valuations or appraisals and evaluations prepared by management. (See Note 6. “Premises and Equipment, Net”). Goodwill, Trade Names and Other Intangible Assets Goodwill resulting from business combinations represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill and trade names (which are included with core deposits and other intangible assets in the consolidated balance sheet) acquired in a purchase business combination that have an indefinite useful life are not amortized, but are tested for impairment at least annually. Goodwill and trade names are the only intangible assets with an indefinite life on the Company’s balance sheet. The Company accounts for goodwill, trade names and other intangible assets in accordance with GAAP, which, in general, requires that goodwill and trade names not be amortized, but rather that they be tested for impairment at least annually at the reporting unit level. The Company operates as one reporting unit. The Company has the option to first perform a qualitative assessment to test goodwill for impairment on a reporting-unit-by-reporting-unit basis. If, after performing the qualitative assessment, the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company will perform the two-step process described below: 1. Identify potential impairments by comparing the fair value of a reporting unit to its carrying amount, including goodwill. Goodwill is not considered impaired as long as the fair value of the reporting unit is greater than its carrying value. The second step is only required if a potential impairment to goodwill is identified in step one. 2. Compare the implied fair value of goodwill to its carrying amount, where the implied fair value of goodwill is computed on a residual basis, that is, by subtracting the sum of the fair values of the individual asset categories (tangible and intangible) from the indicated fair value of the reporting unit as determined under step one. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized. That loss is equal to the carrying amount of goodwill that is in excess of its implied fair value, and it must be presented as a separate line item on financial statements. At December 31, 2016 , the Company assessed goodwill for impairment using qualitative factors and concluded the two-step process was unnecessary. Core deposit intangibles recorded in acquisitions are amortized to expense using an accelerated method over their estimated lives of 8 to ten years . Non-compete agreements are amortized on a straight line basis over their estimated life. Impairment losses on intangible assets and other long-term assets are charged to expense, if and when they occur, with the assets recorded at fair value. (See Note 7. “Goodwill and Other Intangible Assets”). Bank Owned Life Insurance (BOLI) The Company owns life insurance policies (purchased and acquired) on certain officers and key executives. Bank owned life insurance (“BOLI”) is recorded at its cash surrender value (or the amount that can be realized). Other Real Estate Owned Real estate properties acquired through loan foreclosures are recorded initially at estimated fair value, less expected sales costs, with any resulting write-down charged to the allowance for loan losses. Other real estate owned (“OREO”) also includes the fair value of the Bank’s financial centers that are held for sale. Any write-down associated with the transfer of a financial center from premises and equipment to OREO is included as a charge to other non-interest expense in the consolidated statement of operations. Subsequent valuations of OREO are performed by management, and the carrying amount of a property is adjusted by a charge to expense to reflect any subsequent declines in estimated fair value. Fair value estimates are based on recent appraisals and other available information. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. Gains and losses on sales of OREO properties are recognized upon disposition. Other Borrowings - Securities Repurchase Agreements In securities repurchase agreements, the Company transfers securities to a counterparty under an agreement to repurchase the identical securities at a fixed price on a future date. These agreements are accounted for as secured financing transactions since the Company maintains effective control over the transferred securities and the transfer meets other specified criteria. Accordingly, the transaction proceeds are recorded as borrowings and the underlying securities continue to be carried in the Company’s investment securities portfolio. Disclosure of the pledged securities is made in the consolidated balance sheets if the counterparty has the right by contract to sell or re-pledge such collateral. (See Note 9. “Borrowings, Senior Notes and Subordinated Notes”). Income Taxes Net deferred taxes are recognized for the estimated future tax effects attributable to “temporary differences” between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in income tax expense in the period that includes the enactment date of the change. A deferred tax liability is recognized for all temporary differences that will result in future taxable income. A deferred tax asset is recognized for all temporary differences that will result in future tax deductions, subject to reduction of the asset by a valuation allowance in certain circumstances. This valuation allowance is recognized if, based on an analysis of available evidence, we determine that it is more likely than not that some portion, or all of the deferred tax asset will not be realized. The valuation allowance is subject to ongoing adjustment based on changes in circumstances that affect management’s judgment about the realizability of the deferred tax asset. Adjustments to increase or decrease the valuation allowance are charged or credited, respectively, to income tax expense. The Company recognizes interest and/or penalties related to income tax matters in other non-interest expense. The Company evaluates uncertain tax positions in a two step process. The first step is recognition, which requires a determination of whether it is more likely than not that a tax position will be sustained upon examination. The second step is measurement. Under the measurement step, a tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more likely than not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. A previously recognized tax position that no longer meets the more likely than not |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Restaurant Franchise Financing Loan Portfolio On September 9, 2016 , the Bank acquired a restaurant franchise financing loan portfolio from GE Capital with an unpaid principal balance of $169,760 . Total cash paid for the portfolio was $163,282 , which included a discount to the balance of gross loans receivable of 4.00% , or $6,790 , plus accrued interest receivable. As the acquired assets did not constitute a business, the transaction was accounted for as an asset purchase. These loans are classified as traditional C&I loans. (See Note 4. “Portfolio Loans” for additional information.) Acquisition of NewStar Business Credit LLC (“NSBC”) On March 31, 2016 , the Bank acquired 100% of the outstanding equity interests of NSBC (the “NSBC Acquisition”). NSBC was a provider of asset-based lending solutions to middle market commercial clients. NSBC’s loans had a fair value of $320,447 on the acquisition date and consisted 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 $4,839 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 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 HVHC 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 $ 12,604 Acquired loans with no evidence of deterioration since origination 1,695,546 1,974,740 NA 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. 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 are amortized over their estimated useful lives of approximately 30 years . Improvements and equipment are 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 $14,381 for calendar 2015 and $502 for the transition period. These expenses were recorded in Merger-related expense on the consolidated statements of operations. Results of operations for calendar 2015 included a charge for asset write-downs, severance and retention compensation, information technology services and other contract terminations, and impairment of leases which totaled $28,055 and was recorded in other non-interest expense in the consolidated statements of operations. The results of operations were not impacted by the HVB Merger for the other periods presented on the consolidated statements of operations. The following table presents selected unaudited pro forma financial information reflecting the HVB Merger assuming it was completed as of October 1, 2013 . The unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial results of the combined companies had the HVB Merger actually been completed at the beginning of the periods presented, nor does it indicate future results for any other interim or full fiscal year period. Pro forma basic and diluted EPS were calculated using the Company’s actual weighted average shares outstanding for the periods presented, plus the incremental shares issued, assuming the HVB Merger occurred at the beginning of the periods presented. The unaudited pro forma information is based on the actual financial statements of the Company for the periods presented, and on the actual financial statements of HVHC for fiscal 2014 and in 2015 until the date of the HVB Merger, at which time HVHC’s results of operations were included in the Company’s financial statements. The unaudited pro forma information for calendar 2015 , the transition period and fiscal 2014 set forth below reflects adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to amortization of premiums and accretion of discounts. Direct merger-related expenses and charges incurred in calendar 2015 and the 2014 transition period and costs incurred to write-down assets and accrue for retention and severance compensation are assumed to have occurred prior to October 1, 2013 . Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue enhancement opportunities or anticipated potential cost savings for periods that include data as of June 30, 2015 or earlier. Pro forma information For the year ended For the three months ended For the fiscal year ended December 31, 2015 December 31, 2014 September 30, 2014 Net interest income $ 360,271 $ 82,540 $ 306,401 Non-interest income 66,686 17,214 60,356 Non-interest expense 261,453 73,263 318,804 Net income 100,086 16,971 23,596 Pro forma earnings per share from continuing operations: Basic $ 0.78 $ 0.14 $ 0.20 Diluted 0.78 0.14 0.20 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 was 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. FCC Acquisition On May 7, 2015 , the Bank acquired a factoring portfolio from FCC, LLC, a subsidiary of First Capital Holdings, Inc., with an outstanding factoring receivables balance of approximately $44,500 . The total consideration was $45,500 and included a premium of $1,000 in addition to the outstanding receivables balance. As the acquired assets did not constitute a business, the transaction was accounted for as an asset purchase. Provident Merger On October 31, 2013 , the Company completed the Provident Merger. Under the terms of the Agreement and Plan of Merger, Legacy Sterling shareholders received 1.2625 shares of Legacy Provident’s common stock for each share of Legacy Sterling common stock, which resulted in the issuance of 39,057,968 shares. Based on the closing stock price of $11.72 per share on October 31, 2013 , the aggregate consideration paid to Legacy Sterling shareholders was $457,781 , including $23 paid in cash for fractional shares, and $6 for outstanding vested stock options. Consistent with the Company’s strategy, the primary reason for the Provident Merger was the expansion of the Company’s geographic footprint and diversification of its business in the greater New York metropolitan region and beyond. The assets acquired and liabilities assumed were accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of October 31, 2013 , based on management’s best estimate using the information available as of the Provident Merger date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $225,809 , a core deposit intangible of $20,089 and a trade name intangible of $20,500 . As of October 31, 2013 , Legacy Sterling had assets with a book value of approximately $2,759,628 , loans, including loans held for sale with a book value of approximately $1,735,142 , and deposits with a book value of approximately $2,296,713 . The table below summarizes the amounts recognized as of the Provident 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 Provident Merger date: Consideration paid through Legacy Provident New York Bancorp common stock issued to Legacy Sterling shareholders $ 457,781 Legacy Sterling carrying value Fair value adjustments As recorded at acquisition Cash and cash equivalents $ 277,798 $ — $ 277,798 Investment securities 613,154 (5,243 ) (a) 607,911 Loans held for sale 30,341 — 30,341 Loans 1,704,801 (6,693 ) (b) 1,698,108 Federal Reserve Bank stock 7,680 — 7,680 Bank owned life insurance 55,374 — 55,374 Premises and equipment 21,293 2,301 (c) 23,594 Accrued interest receivable 6,590 — 6,590 Core deposit and other intangibles — 20,089 (d) 20,089 Trade name intangible — 20,500 (e) 20,500 Other real estate owned 1,720 4,095 (f) 5,815 Other assets 40,877 (19,944 ) (g) 20,933 Deposits (2,296,713 ) (477 ) (h) (2,297,190 ) FHLB borrowings (100,346 ) (273 ) (i) (100,619 ) Other borrowings (62,465 ) — (62,465 ) Subordinated Debentures (25,774 ) (753 ) (j) (26,527 ) Other liabilities (60,462 ) 4,502 (k) (55,960 ) Total identifiable net assets $ 213,868 $ 18,104 $ 231,972 Goodwill recorded in the Provident Merger $ 225,809 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustment on investment securities held to maturity. (b) Represents the elimination of Legacy Sterling ’ s allowance for loan losses and an adjustment of the amortized cost of loans to estimated fair value, which includes an interest rate mark and credit mark. Gross loans acquired were $1,723,447 ; and of the acquired loans, $1,699,271 were not considered PCI loans. The Company recorded a fair value adjustment of $14,440 . (c) Represents an adjustment to reflect the fair value of leasehold improvements. (d) Represents intangible assets recorded to reflect the fair value of core deposits and below market rent on leased premises. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. The below market rent intangible asset will be amortized on a straight-line basis over the remaining term of the leases. (e) Represents the estimated fair value of Legacy Sterling ’ s trade name. This intangible asset will not be amortized and will be reviewed at least annually for impairment. (f) Represents an adjustment to an acquired property which Legacy Sterling utilized as a financial center and recorded as premises and equipment. The Company included this asset in OREO, as it was held for sale. This asset was sold during fiscal 2014 . (g) Consists primarily of adjustments in net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangibles recorded. (h) Represents the fair value adjustment on deposits as the weighted average interest rate of deposits assumed exceeded the cost of similar funding available in the market at the time of the Provident Merger. (i) Represents the fair value adjustment on FHLB borrowings, as the weighted average interest rate of FHLB borrowings assumed exceeded the cost of similar funding available in the market at the time of the Provident Merger. (j) Represents the fair value adjustment on subordinated debentures as the weighted average interest rate of the debentures assumed exceeded the cost of similar debt funding available in the market at the time of the Provident Merger. (k) Represents the fair value of other liabilities assumed at the Provident Merger date. Except for collateral dependent loans with deteriorated credit quality, the fair values for loans acquired from Legacy Sterling were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. For collateral dependent loans with deteriorated credit quality, fair value was estimated by analyzing the value of the underlying collateral, assuming the fair values of the loans were derived from the eventual sale of the collateral. These values were discounted using market derived rates of return, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral. There was no carryover of Legacy Sterling’s allowance for loan losses associated with the loans that were acquired, as the loans were initially recorded at fair value on the date of the Provident Merger. The impaired loans acquired in the Provident Merger as of October 31, 2013 were accounted for in accordance with ASC Topic 310-30 Accounting for Certain Loans or Debt Securities Acquired in a Transfer (“ASC 310-30”) and were comprised of collateral dependent loans with deteriorated credit quality as follows: ASC 310-30 loans Contractual principal balance at acquisition $ 24,176 Principal not expected to be collected (non-accretable discount) (10,927 ) Expected cash flows at acquisition 13,249 Interest component of expected cash flows (accretable discount) — Fair value of acquired loans $ 13,249 The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing the accelerated method. Other intangibles consist of below market rents which are amortized over the remaining life of each lease using the straight-line method. Goodwill is not amortized for book purposes; however, it is reviewed at least annually for impairment and is not deductible for tax purposes. The fair value of premises and equipment and OREO was estimated using appraisals of like kind properties and assets. Premises, equipment and leasehold improvements will be amortized or depreciated over their estimated useful lives ranging from one to five years for equipment or over the life of the lease for leasehold improvements. OREO is not amortized and is carried at estimated fair value determined by the appraised value less costs to sell. The fair value of retail demand and interest bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. The fair value of borrowed funds was estimated by discounting the future cash flows using market rates for similar borrowings. Direct acquisition and integration costs of the Provident Merger were expensed as incurred and totaled $9,455 for fiscal 2014 , of which $9,068 was incurred during the 2013 transition period. These items were recorded as Merger-related expense in the consolidated statement of operations. Other direct integration costs of the Provident Merger for fiscal 2014 totaled $26,590 , of which $22,167 was incurred during the three months ended December 31, 2013 , and included charges for asset write-downs, severance and retention compensation, and banking systems conversion. These items were recorded in other non-interest expense in the consolidated statement of operations. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities A summary of amortized cost and estimated fair value of our securities is presented below: December 31, 2016 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 1,213,733 $ 569 $ (20,821 ) $ 1,193,481 $ 277,539 $ 1,353 $ (3,625 ) $ 275,267 CMO/Other MBS 57,563 44 (926 ) 56,681 40,594 74 (572 ) 40,096 Total residential MBS 1,271,296 613 (21,747 ) 1,250,162 318,133 1,427 (4,197 ) 315,363 Other securities: Federal agencies 204,770 2 (10,793 ) 193,979 58,200 1,392 — 59,592 Corporate 43,464 150 (1,108 ) 42,506 35,048 431 (11 ) 35,468 State and municipal 245,304 739 (5,273 ) 240,770 974,290 3,571 (36,232 ) 941,629 Other — — — — 5,750 195 — 5,945 Total other securities 493,538 891 (17,174 ) 477,255 1,073,288 5,589 (36,243 ) 1,042,634 Total securities $ 1,764,834 $ 1,504 $ (38,921 ) $ 1,727,417 $ 1,391,421 $ 7,016 $ (40,440 ) $ 1,357,997 December 31, 2015 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized 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 The amortized cost and estimated fair value of securities at December 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 mortgage-backed securities are shown separately since they are not due at a single maturity date. December 31, 2016 Available for sale Held to maturity Amortized cost Fair value Amortized cost Fair value Other securities remaining period to contractual maturity: One year or less $ 11,605 $ 11,632 $ 24,815 $ 24,916 One to five years 88,794 88,424 64,750 65,931 Five to ten years 251,244 242,184 204,404 205,629 Greater than ten years 141,895 135,015 779,319 746,158 Total other securities 493,538 477,255 1,073,288 1,042,634 Residential MBS 1,271,296 1,250,162 318,133 315,363 Total securities $ 1,764,834 $ 1,727,417 $ 1,391,421 $ 1,357,997 Sales of securities for the periods indicated below were as follows: Year ended Three months ended Fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Available for sale: Proceeds from sales $ 858,531 $ 893,610 $ 244,835 $ 247,650 $ 529,107 Gross realized gains 10,665 6,018 409 211 1,964 Gross realized losses (3,143 ) (1,181 ) (452 ) (856 ) (1,323 ) Income tax expense (benefit) on realized net gains (losses) 2,445 1,572 (14 ) (214 ) 172 At December 31, 2016 and 2015 , there were no holdings of securities of any one issuer, other than the U.S. 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: 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 December 31, 2016 Residential MBS: Agency-backed $ 1,101,641 $ (20,816 ) $ 686 $ (5 ) $ 1,102,327 $ (20,821 ) CMO/Other MBS 38,841 (506 ) 15,239 (420 ) 54,080 (926 ) Total residential MBS 1,140,482 (21,322 ) 15,925 (425 ) 1,156,407 (21,747 ) Other securities: Federal agencies 185,504 (10,793 ) 4 — 185,508 (10,793 ) Corporate 10,399 (137 ) 14,942 (971 ) 25,341 (1,108 ) State and municipal 173,062 (5,196 ) 3,733 (77 ) 176,795 (5,273 ) Total other securities 368,965 (16,126 ) 18,679 (1,048 ) 387,644 (17,174 ) Total $ 1,509,447 $ (37,448 ) $ 34,604 $ (1,473 ) $ 1,544,051 $ (38,921 ) 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 unrealized losses, segregated by the length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Held to maturity December 31, 2016 Residential MBS: Agency-backed $ 185,116 $ (3,623 ) $ 213 $ (2 ) $ 185,329 $ (3,625 ) CMO/Other MBS 34,786 (572 ) — — 34,786 (572 ) Total residential MBS 219,902 (4,195 ) 213 (2 ) 220,115 (4,197 ) Other securities: Corporate — — 5,037 (11 ) 5,037 (11 ) State and municipal 758,690 (36,169 ) 2,816 (63 ) 761,506 (36,232 ) Total other securities 758,690 (36,169 ) 7,853 (74 ) 766,543 (36,243 ) Total $ 978,592 $ (40,364 ) $ 8,066 $ (76 ) $ 986,658 $ (40,440 ) 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 December 31, 2016 , a total of 336 available for sale securities were in a continuous unrealized loss position for less than 12 months and 42 securities were in an 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 will receive full value for the securities. Furthermore, as of December 31, 2016 , management did 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 related to credit quality. As of December 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: December 31, 2016 2015 Available for sale securities pledged for borrowings, at fair value $ 67,599 $ 101,994 Available for sale securities pledged for municipal deposits, at fair value 398,961 849,186 Available for sale securities pledged for customer back-to-back swaps, at fair value 126 1,839 Held to maturity securities pledged for borrowings, at amortized cost 55,343 206,337 Held to maturity securities pledged for municipal deposits, at amortized cost 958,246 327,589 Total securities pledged $ 1,480,275 $ 1,486,945 |
Portfolio Loans
Portfolio Loans | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Portfolio Loans | Portfolio Loans The composition of the Company’s loan portfolio, excluding loans held for sale, was the following: December 31, 2016 2015 Commercial: Commercial & industrial (“C&I”): Traditional C&I $ 1,404,774 $ 1,189,154 Asset-based lending 741,942 310,214 Payroll finance 255,549 221,831 Warehouse lending 616,946 387,808 Factored receivables 214,242 208,382 Equipment financing 589,315 631,303 Public sector finance 349,182 182,336 Total C&I 4,171,950 3,131,028 Commercial mortgage: Commercial real estate 3,162,942 2,733,351 Multi-family 981,076 796,030 Acquisition, development & construction (“ADC”) 230,086 186,398 Total commercial mortgage 4,374,104 3,715,779 Total commercial 8,546,054 6,846,807 Residential mortgage 697,108 713,036 Consumer 284,068 299,517 Total portfolio loans 9,527,230 7,859,360 Allowance for loan losses (63,622 ) (50,145 ) Total portfolio loans, net $ 9,463,608 $ 7,809,215 Total portfolio loans include net deferred loan origination fees of $1,788 at December 31, 2016 and costs of $2,029 at December 31, 2015 . At December 31, 2016 , the Company pledged loans totaling $2,349,604 to the FHLB as collateral for certain borrowing arrangements. See Note 9. “Borrowings, Senior Notes and Subordinated Notes”. The following tables set forth the amounts and status of the Company’s loans and TDRs at December 31, 2016 and 2015 : December 31, 2016 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 1,376,181 $ 835 $ 817 $ 555 $ 26,386 $ 1,404,774 Asset-based lending 741,942 — — — — 741,942 Payroll finance 254,715 — 14 621 199 255,549 Warehouse lending 616,946 — — — — 616,946 Factored receivables 213,624 — — — 618 214,242 Equipment financing 583,835 2,142 1,092 — 2,246 589,315 Public sector finance 349,182 — — — — 349,182 CRE 3,140,561 967 — 406 21,008 3,162,942 Multi-family 981,005 — — — 71 981,076 ADC 224,817 — — — 5,269 230,086 Residential mortgage 675,750 5,509 951 108 14,790 697,108 Consumer 274,719 2,423 350 — 6,576 284,068 Total loans $ 9,433,277 $ 11,876 $ 3,224 $ 1,690 $ 77,163 $ 9,527,230 Total TDRs included above $ 11,032 $ 253 $ — $ — $ 1,989 $ 13,274 Non-performing loans: Loans 90+ days past due and still accruing $ 1,690 Non-accrual loans 77,163 Total non-performing loans $ 78,853 December 31, 2015 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 1,138,085 $ 9,380 $ 31,060 $ 487 $ 10,142 $ 1,189,154 Asset-based lending 310,214 — — — — 310,214 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 Public sector finance 182,336 — — — — 182,336 CRE 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 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 December 31, 2016 and 2015 : December 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 Traditional C&I $ 22,338 $ 4,048 $ 26,386 $ 26,386 $ 4,314 $ 5,828 $ 10,142 $ 10,503 Payroll finance 199 — 199 199 — — — — Factored receivables 618 — 618 618 220 — 220 220 Equipment financing 2,246 — 2,246 2,246 1,644 — 1,644 1,644 CRE 15,063 5,945 21,008 25,619 13,119 7,623 20,742 23,678 Multi-family 71 — 71 71 1,717 — 1,717 1,837 ADC 5,269 — 5,269 5,398 3,700 — 3,700 3,829 Residential mortgage 13,399 1,391 14,790 18,190 13,683 5,997 19,680 24,386 Consumer 5,719 857 6,576 7,865 7,315 577 7,892 9,404 $ 64,922 $ 12,241 $ 77,163 $ 86,592 $ 45,712 $ 20,025 $ 65,737 $ 75,501 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 December 31, 2016 and 2015 , the recorded investment of residential mortgage loans that were formally in process of foreclosure was $9,263 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 December 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 Traditional C&I $ 25,221 $ 1,365,466 $ 14,087 $ 1,404,774 $ — $ 12,864 $ 12,864 Asset-based lending — 724,247 17,695 741,942 — 3,316 3,316 Payroll finance 570 254,979 — 255,549 — 951 951 Warehouse lending — 616,946 — 616,946 — 1,563 1,563 Factored receivables — 214,242 — 214,242 — 1,669 1,669 Equipment financing 1,413 587,902 — 589,315 — 5,039 5,039 Public sector finance — 349,182 — 349,182 — 1,062 1,062 CRE 14,853 3,104,057 44,032 3,162,942 — 20,466 20,466 Multi-family — 976,710 4,366 981,076 — 4,991 4,991 ADC 9,025 216,094 4,967 230,086 — 1,931 1,931 Residential mortgage 2,545 692,396 2,167 697,108 — 5,864 5,864 Consumer 1,764 280,710 1,594 284,068 — 3,906 3,906 Total loans $ 55,391 $ 9,382,931 $ 88,908 $ 9,527,230 $ — $ 63,622 $ 63,622 There was $685 and $272 included in the allowance for loan losses associated with PCI loans at December 31, 2016 and 2015 , respectively. 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 Traditional C&I $ 3,138 $ 1,168,613 $ 17,403 $ 1,189,154 $ — $ 9,953 $ 9,953 Asset-based lending — 310,214 — 310,214 — 2,762 2,762 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 Public sector finance — 182,336 — 182,336 — 547 547 CRE 13,492 2,669,673 50,186 2,733,351 — 11,461 11,461 Multi-family 1,541 790,017 4,472 796,030 — 5,141 5,141 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 Company acquired PCI loans in the NSBC Acquisition, the HVB Merger and the Provident Merger. The carrying value of these loans is presented in the tables above. At December 31, 2016 and 2015 the net recorded amount of PCI loans was $88,908 and $85,293 , respectively. The increase from December 31, 2015 was due to PCI loans acquired in the NSBC Acquisition. The following table presents the changes in the balance of the accretable yield discount for PCI loans for calendar 2016 , calendar 2015 ; the transition period; the 2013 transition period (unaudited); and fiscal 2014 : Year ended Three months ended Fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Balance at beginning of period $ 11,211 724 $ 724 $ — $ — Acquisition 2,200 12,527 — 10,927 10,927 Accretion (4,937 ) (2,229 ) — — — Disposals — (50 ) — (8,086 ) (10,203 ) Reclassification from non-accretable difference 2,643 239 — — — Balance at end of period $ 11,117 $ 11,211 $ 724 $ 2,841 $ 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 following table presents the carrying value of the Company’s PCI loans segregated by those PCI loans subject to accretion, and those PCI loans under the cost recovery method at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 PCI loans subject to accretion PCI loans under cost recovery method (non-accrual) Total PCI loans PCI loans subject to accretion PCI loans under cost recovery method (non-accrual) Total PCI loans Traditional C&I $ 10,039 $ 4,048 $ 14,087 $ 11,575 $ 5,828 $ 17,403 Asset-based lending 17,695 — 17,695 — — — CRE 38,087 5,945 44,032 42,563 7,623 50,186 Multi-family 4,366 — 4,366 4,472 — 4,472 ADC 4,967 — 4,967 4,664 — 4,664 Residential 776 1,391 2,167 1,279 5,997 7,276 Consumer 737 857 1,594 715 577 1,292 $ 76,667 $ 12,241 $ 88,908 $ 65,268 $ 20,025 $ 85,293 The following table presents loans individually evaluated for impairment by segment of loans at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Unpaid principal balance Recorded investment Unpaid principal balance Recorded investment Loans with no related allowance recorded: Traditional C&I $ 25,221 $ 25,221 $ 3,145 $ 3,138 Payroll finance 570 570 — — Equipment financing 1,413 1,413 1,017 1,017 CRE 16,365 14,853 15,092 13,492 Multi-family — — 1,541 1,541 ADC 9,025 9,025 8,669 8,669 Residential 2,545 2,545 515 515 Consumer 1,764 1,764 — — $ 56,903 $ 55,391 $ 29,979 $ 28,372 During fiscal 2014 the Company modified its allowance for loan loss policy to generally require a charge-off of the difference between the book balance of a collateral dependent impaired loan and the net value of the collateral securing the loan. As a result, there were no impaired loans with an allowance recorded at December 31, 2016 or December 31, 2015 . The following tables present the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for calendar 2016 and 2015 ; the transition period; the 2013 transition period (unaudited); and fiscal 2014 : For the year ended December 31, 2016 December 31, 2015 YTD average Interest YTD average Interest With no related allowance recorded: Traditional C&I $ 25,508 $ 22 $ 2,718 $ — Payroll finance 71 — — — Equipment Financing 1,275 — 757 — CRE 13,625 133 12,155 102 Multi-family — — 1,078 — ADC 6,132 31 8,819 234 Residential mortgage 768 — 515 — Consumer 1,530 — — — Total $ 48,909 $ 186 $ 26,042 $ 336 There was no cash-basis interest income recognized from impaired loans during the years ended December 31, 2016 and 2015 . There were no impaired loans with a related allowance recorded at December 31, 2016 and 2015 . For the three months ended December 31, 2014 December 31, 2013 QTD average recorded investment Interest income recognized Cash-basis interest income recognized QTD average recorded investment Interest income recognized Cash-basis interest income recognized With no related allowance recorded: Traditional C&I $ 4,482 $ — $ — $ 3,759 $ 20 $ 2 CRE 14,503 44 42 19,318 52 — ADC 11,897 62 62 17,108 148 — Residential mortgage 515 — — 4,890 — — Total $ 31,397 $ 106 $ 104 $ 45,075 $ 220 $ 2 There were no impaired loans with an allowance recorded at December 31, 2014 . At December 31, 2013 , there were traditional C&I loans with a balance of $314 and ADC loans with a balance of $1,932 with an allowance recorded. There was no income recognized on these loans during the period. For the fiscal year ended September 30, 2014 YTD average recorded investment Interest income recognized Cash-basis interest income recognized With no related allowance recorded: Traditional C&I $ 4,180 $ — $ — CRE 14,016 186 180 ADC 20,525 239 239 Residential mortgage 515 — — Total $ 39,236 $ 425 $ 419 Troubled Debt Restructuring The following tables set forth the amounts and past due status of the Company’s TDRs at December 31, 2016 and December 31, 2015 : December 31, 2016 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 572 $ — $ — $ — $ 128 $ 700 Equipment financing — — — — 29 29 CRE 2,443 253 — — — 2,696 ADC 5,962 — — — 458 6,420 Residential mortgage 2,055 — — — 1,374 3,429 Total $ 11,032 $ 253 $ — $ — $ 1,989 $ 13,274 December 31, 2015 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 154 $ — $ — $ — $ 2,052 $ 2,206 Equipment financing 338 — — — — 338 CRE 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 The Company had no outstanding commitments to lend additional amounts to customers with loans classified as TDRs as of December 31, 2016 and 2015 , respectively. During calendar 2016 the Company modified one residential loan as a TDR, with a pre-modification balance of $469 and a post-modification balance of $347 at December 31, 2016; the decline in balance was mainly due to a partial charge-off. There were no loans modified as TDRs that occurred during calendar 2015 or the transition period. In fiscal 2014 , there were two ADC loans that were modified with a combined pre and post-modification balance of $1,060 . The amount of TDRs charged-off against the allowance for loan losses was $286 in calendar 2016, $74 in calendar 2015, $0 in the transition period, and $110 in fiscal 2014. |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses Activity in the allowance for loan losses for calendar 2016 and 2015 , the transition period, the 2013 transition period (unaudited), and fiscal 2014 is summarized below: For the year ended December 31, 2016 Beginning Charge-offs Recoveries Net Provision Ending balance Traditional C&I $ 9,953 $ (1,707 ) $ 999 $ (708 ) $ 3,619 $ 12,864 Asset-based lending 2,762 — 62 62 492 3,316 Payroll finance 1,936 (28 ) 32 4 (989 ) 951 Warehouse lending 589 — — — 974 1,563 Factored receivables 1,457 (1,200 ) 61 (1,139 ) 1,351 1,669 Equipment financing 4,925 (1,982 ) 560 (1,422 ) 1,536 5,039 Public sector finance 547 — — — 515 1,062 CRE 11,461 (959 ) 353 (606 ) 9,611 20,466 Multi-family 5,141 (417 ) 2 (415 ) 265 4,991 ADC 2,009 — 104 104 (182 ) 1,931 Residential mortgage 5,007 (1,045 ) 30 (1,015 ) 1,872 5,864 Consumer 4,358 (1,615 ) 227 (1,388 ) 936 3,906 Total allowance for loan losses $ 50,145 $ (8,953 ) $ 2,430 $ (6,523 ) $ 20,000 $ 63,622 Annualized net charge-offs to average loans outstanding 0.08 % For the year ended December 31, 2015 Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance Traditional C&I $ 6,966 $ (1,575 ) $ 1,720 $ 145 $ 2,842 $ 9,953 Asset-based lending 4,061 — — — (1,299 ) 2,762 Payroll finance 1,506 (406 ) 35 (371 ) 801 1,936 Warehouse lending 608 — — — (19 ) 589 Factored receivables 1,205 (291 ) 60 (231 ) 483 1,457 Equipment financing 2,569 (3,423 ) 825 (2,598 ) 4,954 4,925 Public sector finance — — — — 547 547 CRE 7,721 (1,695 ) 148 (1,547 ) 5,287 11,461 Multi-family 4,511 (17 ) 9 (8 ) 638 5,141 ADC 2,987 — 52 52 (1,030 ) 2,009 Residential mortgage 5,843 (1,251 ) 92 (1,159 ) 323 5,007 Consumer 4,397 (2,360 ) 148 (2,212 ) 2,173 4,358 Total allowance for loan losses $ 42,374 $ (11,018 ) $ 3,089 $ (7,929 ) $ 15,700 $ 50,145 Annualized net charge-offs to average loans outstanding 0.13 % For the three months ended December 31, 2014 Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance Traditional C&I $ 5,450 $ (733 ) $ 638 $ (95 ) $ 1,611 $ 6,966 Asset-based lending 4,086 — — — (25 ) 4,061 Payroll finance 1,379 — — — 127 1,506 Warehouse lending 630 — — — (22 ) 608 Factored receivables 1,294 — — — (89 ) 1,205 Equipment financing 2,621 — — — (52 ) 2,569 CRE 8,444 (172 ) 1 (171 ) (552 ) 7,721 Multi-family 4,267 — — — 244 4,511 ADC 2,120 (488 ) — (488 ) 1,355 2,987 Residential mortgage 5,837 (310 ) 2 (308 ) 314 5,843 Consumer 4,484 (203 ) 27 (176 ) 89 4,397 Total allowance for loan losses $ 40,612 $ (1,906 ) $ 668 $ (1,238 ) $ 3,000 $ 42,374 Annualized net charge-offs to average loans outstanding 0.10 % For the three months ended December 31, 2013 (Unaudited) Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance C&I $ 5,302 $ (528 ) $ 501 $ (27 ) $ 1,611 $ 6,886 CRE 7,567 (253 ) 37 (216 ) 659 8,010 Multi-family 2,400 (418 ) — (418 ) — 1,982 ADC 5,806 (218 ) — (218 ) 269 5,857 Residential mortgage 4,474 (270 ) 7 (263 ) 389 4,600 Consumer 3,328 (147 ) 24 (123 ) 72 3,277 Total allowance for loan losses $ 28,877 $ (1,834 ) $ 569 $ (1,265 ) $ 3,000 $ 30,612 Annualized net charge-offs to average loans outstanding 0.14 % For the fiscal year ended September 30, 2014 Beginning Charge-offs Recoveries Net Provision Ending balance C&I $ 5,302 $ (2,901 ) $ 1,073 $ (1,828 ) $ 1,976 $ 5,450 Asset-based lending — — — — 4,086 4,086 Payroll finance — (758 ) — (758 ) 2,137 1,379 Warehouse lending — — — — 630 630 Factored receivables — (211 ) 9 (202 ) 1,496 1,294 Equipment financing — (1,074 ) 194 (880 ) 3,501 2,621 Public sector finance — — — — — — CRE 7,567 (741 ) 161 (580 ) 1,457 8,444 Multi-family 2,400 (418 ) 92 (326 ) 2,193 4,267 ADC 5,806 (1,479 ) — (1,479 ) (2,207 ) 2,120 Residential mortgage 4,474 (963 ) 323 (640 ) 2,003 5,837 Consumer 3,328 (786 ) 114 (672 ) 1,828 4,484 Total allowance for loan losses $ 28,877 $ (9,331 ) $ 1,966 $ (7,365 ) $ 19,100 $ 40,612 Annualized net charge-offs to average loans outstanding 0.18 % Total Valuation Balances Recorded Against Portfolio Loans The following analysis presents the allowance for loan losses to originated loans, remaining purchase accounting marks to acquired loan portfolios at December 31, 2016 and 2015 : December 31, 2016 Originated: Pass Special mention Substandard Doubtful Loss Total Traditional C&I $ 1,009,605 $ 5,104 $ 28,496 $ 442 $ — $ 1,043,647 Asset-based lending 545,220 17,678 — — — 562,898 Payroll finance 254,729 — 820 — — 255,549 Factored receivables 213,624 185 433 — — 214,242 Equipment financing 556,522 2,128 3,397 — — 562,047 Warehouse lending 616,946 — — — — 616,946 Public sector finance 349,182 — — — — 349,182 CRE 2,869,306 12,492 19,130 — — 2,900,928 Multi-family 866,825 1,497 658 — — 868,980 ADC 214,317 6,899 8,870 — — 230,086 Residential 505,803 951 14,578 — — 521,332 Consumer 191,961 646 6,738 — — 199,345 Total originated loans $ 8,194,040 $ 47,580 $ 83,120 $ 442 $ — $ 8,325,182 Allowance for loan losses $ 58,217 $ 1,423 $ 3,650 $ 332 $ — $ 63,622 As a % of originated loans 0.71 % 2.99 % 4.39 % 75.11 % — % 0.76 % December 31, 2016 Acquired loans: Pass Special mention Substandard Doubtful Loss Total Traditional C&I $ 353,625 $ 7,021 $ 481 $ — $ — $ 361,127 Asset-based lending 161,349 17,695 — — — 179,044 Equipment finance 27,268 — — — — 27,268 CRE 224,983 26,698 10,333 — — 262,014 Multi-family 106,521 5,575 — — — 112,096 Residential 174,558 — 1,218 — — 175,776 Consumer 84,723 — — — — 84,723 Total loans subject to purchase accounting marks $ 1,133,027 $ 56,989 $ 12,032 $ — $ — $ 1,202,048 Remaining purchase accounting mark $ 34,322 $ 1,725 $ 965 $ — $ — $ 37,012 As a % of acquired loans 3.03 % 3.03 % 8.02 % — % — % 3.08 % Total portfolio loans $ 9,327,067 $ 104,569 $ 95,152 $ 442 $ — $ 9,527,230 December 31, 2015 Originated: Pass Special mention Substandard Doubtful Loss Total Traditional C&I $ 872,173 $ 3,003 $ 29,621 $ 445 $ — $ 905,242 Asset-based lending 302,176 8,038 — — — 310,214 Payroll finance 221,735 — 96 — — 221,831 Factoring 206,814 — 1,568 — — 208,382 Equipment financing 512,314 460 1,644 — — 514,418 Warehouse lending 387,808 — — — — 387,808 Public sector finance 182,336 — — — — 182,336 CRE 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 419,534 897 13,497 — — 433,928 Consumer 195,684 407 7,167 268 — 203,526 Total portfolio loans in allowance calculation $ 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 Traditional C&I $ 267,541 $ 9,724 $ 6,647 $ — $ — $ 283,912 Equipment finance 116,885 — — — — 116,885 CRE 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 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 $ 7,660,979 $ 68,003 $ 129,665 $ 713 $ — $ 7,859,360 Purchase accounting marks accreted into interest income on loans was $18,586 for calendar 2016 ; $14,880 for calendar 2015 ; $1,260 for the transition period; $1,875 for the 2013 transition period (unaudited); and $8,870 for fiscal 2014 . 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 loans and 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 as to credit risk, except residential mortgage loans and 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 injections, perfecting liens or additional collateral and refinancing plans. 10 - Loss (OCC definition) - These loans are charged-off because they are determined to be uncollectible and unbankable assets. This classification does not reflect that the asset has no absolute recovery or salvage value, but rather it is not practical or desirable to defer writing-off this asset even though partial recovery may be effected in the future. Losses should be taken in the period in which they are determined to be uncollectible. Loans that are risk-rated 1 through 6 as defined above are considered to be pass-rated loans. As of December 31, 2016 and 2015 the risk category of gross loans by segment was as follows: December 31, 2016 December 31, 2015 Special mention Substandard Doubtful Special mention Substandard Doubtful Traditional C&I $ 12,125 $ 28,977 $ 442 $ 12,727 $ 36,268 $ 445 Asset-based lending 35,373 — — 8,038 — — Payroll finance — 820 — — 96 — Warehouse lending — — — — — — Factored receivables 185 433 — — 1,568 — Equipment financing 2,128 3,397 — 460 1,644 — Public sector finance — — — — — — CRE 39,190 29,463 — 32,472 52,290 — Multi-family 7,072 658 — 5,927 1,717 — ADC 6,899 8,870 — 7,075 7,996 — Residential mortgage 951 15,796 — 897 20,269 — Consumer 646 6,738 — 407 7,817 268 Total $ 104,569 $ 95,152 $ 442 $ 68,003 $ 129,665 $ 713 There were no loans rated loss at December 31, 2016 and 2015 . |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and Equipment, Net Premises and equipment are summarized as follows: December 31, 2016 2015 Land and land improvements $ 11,679 $ 12,460 Buildings 29,785 27,803 Leasehold improvements 33,070 32,576 Furniture, fixtures and equipment 63,877 66,478 Total premises and equipment, gross 138,411 139,317 Accumulated depreciation and amortization (81,093 ) (75,955 ) Total premises and equipment, net $ 57,318 $ 63,362 For calendar 2016 and calendar 2015 , the Company recorded impairment charges on premises and equipment of $729 and $7,575 , respectively, that were mainly related to the sale of the mortgage origination business and financial center consolidations associated with the HVB Merger. In calendar 2016 , the Company transfered $724 of net premises and equipment to foreclosed real estate upon the closure of two facilities. For the 2014 transition period, the 2013 transition period, and fiscal 2014 , the Company recorded impairment charges on premises and equipment of $610 , $9,302 and $11,043 , respectively, related to financial center consolidations associated with the Provident Merger. These charges were included in other non-interest expense in the consolidated statement of operations. Depreciation and amortization of premises and equipment totaled $8,375 and $7,476 for the year ended calendar 2016 and calendar 2015 ; $1,456 for the 2014 transition period; $1,617 for the 2013 transition period; and $6,507 for fiscal 2014. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets are presented in the tables below. The increase in goodwill and certain other intangible assets in calendar 2016 was related to the NSBC Acquisition, the increase in calendar 2015 was primarily related to the HVB Merger and the Damian Acquisition (See Note 2. “Acquisitions”). Goodwill The change in goodwill for the periods presented was as follows: For the year ended December 31, 2016 2015 Beginning of period balance $ 670,699 $ 388,926 Acquired goodwill 25,901 281,773 End of period balance $ 696,600 $ 670,699 Other intangible assets The balance of other intangible assets for the periods presented was as follows: Gross intangible assets Accumulated amortization Net intangible assets December 31, 2016 Core deposits $ 58,021 $ (20,566 ) $ 37,455 Customer lists 10,450 (2,767 ) 7,683 Non-compete agreements 11,808 (11,183 ) 625 Trade name 20,500 — 20,500 Fair value of below market leases 725 (635 ) 90 $ 101,504 $ (35,151 ) $ 66,353 December 31, 2015 Core deposits $ 58,021 $ (12,227 ) $ 45,794 Customer lists 8,950 (991 ) 7,959 Non-compete agreements 11,808 (8,883 ) 2,925 Trade name 20,500 — 20,500 Fair value of below market leases 725 (536 ) 189 $ 100,004 $ (22,637 ) $ 77,367 Other intangible assets, except the trade name intangible asset, are amortized on a straight-line or accelerated bases over their estimated useful lives, which range from one to 10 years. Other intangible asset amortization expense totaled $12,416 in calendar 2016; $10,043 in calendar 2015; $1,873 in the transition period; $1,875 in the 2013 transition period; and $9,408 in fiscal 2014. The amortization of the fair value of below market leases was included in rent expense for all periods. The estimated aggregate future amortization expense for other intangible assets remaining as of December 31, 2016 was as follows: Amortization expense 2017 $ 8,838 2018 7,285 2019 6,074 2020 5,428 2021 5,022 Thereafter 13,206 Total $ 45,853 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Deposits | Deposits Deposit balances at December 31, 2016 and 2015 are summarized as follows: December 31, 2016 2015 Non-interest bearing demand $ 3,239,332 $ 2,936,980 Interest bearing demand 2,220,456 1,274,417 Savings 747,031 943,632 Money market 3,277,686 2,819,788 Certificates of deposit 583,754 605,190 Total deposits $ 10,068,259 $ 8,580,007 Municipal deposits totaled $1,270,921 and $1,140,206 at December 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. Certificates of deposit had remaining periods to contractual maturity as follows: December 31, 2016 2015 Remaining period to contractual maturity: Less than one year $ 480,162 $ 494,242 One to two years 47,768 75,724 Two to three years 42,492 20,469 Three to four years 7,210 9,573 Four to five years 6,122 5,182 Total certificates of deposit $ 583,754 $ 605,190 Certificate of deposit accounts that exceed the FDIC Insurance limit of $250 or more totaled $132,406 and $98,324 at December 31, 2016 and 2015 , respectively. Listed below are the Company’s brokered deposits: December 31, 2016 2015 Interest bearing demand $ 426,437 $ — Money market 5,560 152,180 Savings 246,572 — Reciprocal CDARs 1 153,060 169,958 CDARs one way — 106,647 Total brokered deposits $ 831,629 $ 428,785 1 Certificate of deposit account registry service |
Borrowings, Senior Notes and Su
Borrowings, Senior Notes and Subordinated Notes | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instruments [Abstract] | |
Borrowings, Senior Notes and Subordinated Notes | Borrowings, Senior Notes and Subordinated Notes The Company’s borrowings and weighted average interest rates are summarized as follows: December 31, 2016 2015 Amount Rate Amount Rate By type of borrowing: FHLB advances and overnight $ 1,791,000 1.01 % $ 1,409,885 1.32 % Repurchase agreements 16,642 0.75 16,566 0.55 Senior Notes 76,469 5.98 98,893 5.98 Subordinated Notes 172,501 5.45 — — Total borrowings $ 2,056,612 1.56 % $ 1,525,344 1.61 % By remaining period to maturity: Less than one year $ 1,397,642 0.87 % $ 999,222 0.69 % One to two years 311,469 2.53 295,000 3.19 Two to three years 75,000 1.50 228,893 3.57 Three to four years 50,000 1.38 — — Four to five years 50,000 1.68 — — Greater than five years 172,501 5.45 2,229 4.92 Total borrowings $ 2,056,612 1.56 % $ 1,525,344 1.61 % FHLB advances and overnight. As a member of the FHLB, the Bank may borrow up to the amount of eligible mortgages and securities that have been pledged as collateral under a blanket security agreement. As of December 31, 2016 and 2015 , the Bank had pledged residential mortgage and commercial real estate loans with eligible collateral values of $2,349,604 and $2,050,982 , respectively. The Bank had also pledged securities to secure borrowings, which are disclosed in Note 3. “Securities.” As of December 31, 2016 , the Bank may increase its borrowing capacity by pledging unencumbered securities and mortgage loans that are not required to be pledged for other purposes with an estimated collateral value of $1,552,923 . 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 statement of operations. Repurchase agreements. Securities sold under repurchase agreements are utilized to facilitate the needs of our clients and are secured short-term borrowings that mature in one to 30 days . Repurchase agreements are stated at the amount of cash received in connection with these transactions. The Bank monitors collateral levels on a continuous basis. The Bank may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral 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 December 31, 2016 and 2015 the unamortized discount was $531 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 . During the third quarter of 2016, the Company reacquired $23,000 of the Senior Notes and incurred a loss on extinguishment of debt associated with this redemption of $1,013 , which is included in non-interest expense in the consolidated statements of operations. The Senior Notes are unsecured obligations of the Company and rank equally with all other unsecured unsubordinated indebtedness, and will be effectively subordinated to any secured indebtedness to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to the existing and future indebtedness of the Company’s subsidiaries. The Senior Notes were issued under an indenture (the “Indenture”) between the Company and U.S. Bank National Association, as trustee. The Indenture includes provisions that, among other things, restrict the Company’s ability to dispose of or issue shares of voting stock of a principal subsidiary bank (as defined in the Indenture) or transfer the entirety of, or a substantial amount of, the Company’s assets or merge or consolidate with or into other entities, without satisfying certain conditions. The Senior Notes are not registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements. Subordinated Notes. On March 29, 2016 , the Bank issued $110,000 aggregate 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 . On September 2, 2016 , the Bank reopened the Subordinated Notes offering and issued an additional $65,000 principal amount of Subordinated Notes. The Subordinated Notes issued September 2, 2016 are fully fungible with, rank equally in right of payment with, and form a single series with the Subordinated Notes issued March 29, 2016 . Such notes were issued to the purchasers at a premium of 0.50% and an underwriters discount of 1.25% . The cost of issuance was $275 . At December 31, 2016 , the net unamortized discount of all Subordinated Notes was $2,499 , which will be accreted to interest expense over the life of the Subordinated Notes, resulting in an effective yield of 5.45% . Interest is due semi-annually in arrears on April 1 and October 1 of each year, 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 also 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 the occurrence of 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 16. “Stockholders’ Equity”, for additional information. Revolving line of credit. On September 5, 2016 , the Company amended and renewed its existing revolving line of credit agreement for a new 12-month term. The loan agreement is for a $25,000 revolving line of credit facility (the “Credit Facility”) with a financial institution that matures on September 4, 2017 . The balance was zero at December 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 is required to maintain a zero balance for at least 30 days during its term. The line bears 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 December 31, 2016 . |
Derivatives
Derivatives | 12 Months Ended |
Dec. 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 loan. Because the Company acts as an intermediary for its customers, changes in the fair value of the underlying derivative contracts largely offset each other and do not materially impact results of operations. The Company pledged cash of $1,962 and investment securities with a fair value of $126 as of December 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 December 31, 2016 and 2015 regarding these derivatives is presented below: Notional amount Average maturity (in years) Weighted average fixed rate Weighted average variable rate Fair value December 31, 2016 3rd party interest rate swap $ 296,282 5.63 3.94 % 1 m Libor + 2.29 $ (2,088 ) Customer interest rate swap (296,282 ) 5.63 3.94 1 m Libor + 2.29 2,088 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 regularly 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 | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense (benefit) for the periods indicated consisted of the following: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Current tax expense (benefit): Federal $ 55,418 $ 25,634 $ 17,134 $ (8,205 ) $ 11,613 State 12,854 5,862 3,322 (600 ) 1,598 Total current tax expense (benefit) 68,272 31,496 20,456 (8,805 ) 13,211 Deferred tax expense (benefit): Federal (1,069 ) (1,406 ) (10,954 ) 2,229 (2,745 ) State 179 1,745 (1,126 ) (372 ) (314 ) Total deferred tax (benefit) expense (890 ) 339 (12,080 ) 1,857 (3,059 ) Total income tax expense (benefit) $ 67,382 $ 31,835 $ 8,376 $ (6,948 ) $ 10,152 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 year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Tax at federal statutory rate of 35% $ 72,574 $ 34,282 $ 8,884 $ (7,335 ) $ 13,241 State and local income taxes, net of federal tax benefit 8,472 4,945 683 (632 ) 834 Tax-exempt interest, net of disallowed interest (11,094 ) (5,218 ) (1,029 ) (768 ) (3,824 ) BOLI income (1,933 ) (1,853 ) (341 ) (259 ) (1,110 ) Non-deductible acquisition related costs — 700 53 712 712 Low income housing tax credits (469 ) (215 ) (220 ) — (165 ) Other, net (168 ) (806 ) 346 1,334 464 Actual income tax expense $ 67,382 $ 31,835 $ 8,376 $ (6,948 ) $ 10,152 Effective income tax rate 32.5 % 32.5 % 33.0 % (33.2 )% 26.8 % The following table presents the Company’s deferred tax position at December 31, 2016 and 2015 : December 31, 2016 2015 Deferred tax assets: Allowance for loan losses $ 25,039 $ 19,684 Deferred compensation 656 736 Other accrued compensation and benefits 9,920 8,229 Accrued post retirement expense 2,060 1,967 Deferred rent 3,268 3,849 Intangible assets 3,108 2,676 Other comprehensive loss (securities) 16,911 8,245 Other comprehensive loss (defined benefit plans) 479 566 Depreciation of premises and equipment — 2,738 State NOL carryforward — 379 Other 3,971 3,738 Total deferred tax assets 65,412 52,807 Deferred tax liabilities: Prepaid pension costs 3,798 4,492 Acquisition fair value adjustments 18,948 15,503 Depreciation of premises and equipment 809 — Other 1,309 1,733 Total deferred tax liabilities 24,864 21,728 Net deferred tax asset $ 40,548 $ 31,079 Based on the Company’s consideration of historical and anticipated future pre-tax income, as well as the reversal period for the items giving rise to the deferred tax assets and liabilities, a valuation allowance for deferred tax assets was not considered necessary at either December 31, 2016 or 2015 . Retained earnings at December 31, 2016 and 2015 , included approximately $9,313 for which no provision for federal income taxes has been made. This amount represents the tax bad debt reserve at December 31, 1987 , which is the end of the Bank ’ s base year for purposes of calculating the bad debt deduction for tax purposes. If this portion of retained earnings is used in the future for any purposes other than to absorb bad debts, the amount used will be added to future taxable income. The unrecorded deferred tax liability on the above amount at both December 31, 2016 and 2015 , was approximately $3,260 . At December 31, 2015 , the Company had state and local net operating loss (“NOL”) carryforwards that were acquired from Legacy Sterling as part of the Provident Merger on October 31, 2013 . These NOL carryforwards were fully utilized in 2016. At December 31, 2016 and 2015 , the Company had no unrecognized tax benefits or accrued interest and penalties recorded. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. The Company records interest and penalties as a component of other non-interest expense. The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax of the state of New York and various other states. The Company is generally no longer subject to examination by federal, state and local taxing authorities for fiscal tax years prior to September 30, 2013. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [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 December 31, 2016 , there were 3,639,838 shares available for future grant under the 2015 Plan . The Company’s stockholders approved the 2014 Plan on February 20, 2014 . The approval of the 2015 Plan resulted in the termination of the 2014 Plan . Awards 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 have 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 107,256 shares of common stock and restricted stock awards covering 29,550 shares of common stock, all of which vested in 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. At December 31, 2016 there are 6,312 of these options outstanding, which expire March 15, 2017 . The Company also granted 95,991 shares under the Legacy Sterling 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 was $11.72 per share and the restricted stock awards vested in October 2016. The following table summarizes the activity in the Company’s active stock-based compensation plans for the periods presented: 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 October 1, 2013 2,066,184 209,697 $ 8.73 2,114,509 $ 10.71 2014 Plan 3,400,000 — — — — 2012 Stock Incentive Plan termination (566,554 ) — — — — Grants associated with the Provident Merger (1) (921,503 ) 351,964 11.72 104,152 14.25 Granted (1) (719,674 ) 115,145 11.53 324,862 11.45 Stock awards vested — (69,211 ) 9.51 — — Exercised — — — (507,955 ) 11.29 Forfeited 439,594 (18,841 ) 9.18 (375,235 ) 12.24 Canceled/expired (347,286 ) — — — — Balance at September 30, 2014 3,350,761 588,754 $ 10.99 1,660,333 $ 10.55 Granted (1) (1,360,006 ) 250,624 12.96 482,811 13.29 Stock awards vested — (193,129 ) 10.84 — — Exercised — — — (95,033 ) 12.31 Forfeited 8,267 (2,362 ) 13.23 — — Canceled/expired — — — (7,812 ) 14.09 Balance at December 31, 2014 1,999,022 643,887 $ 11.79 2,040,299 $ 11.10 2015 Plan 2,800,000 — — — — Granted (1) (732,023 ) 447,807 14.02 24,566 14.22 Stock awards vested — (330,384 ) 11.23 — — Exercised — — — (406,422 ) 11.58 Forfeited 192,970 (34,510 ) 12.92 (71,871 ) 12.90 Canceled/expired (134,304 ) — — — — Balance at December 31, 2015 4,125,665 726,800 $ 13.36 1,586,572 $ 10.95 Granted (515,869 ) 515,869 14.60 — — Stock awards vested — (261,989 ) 13.09 — — Exercised — — — (503,893 ) 10.47 Forfeited 130,758 (48,457 ) 13.88 (78,560 ) 13.41 Canceled/expired (100,716 ) — — — — Balance at December 31, 2016 3,639,838 932,223 $ 14.09 1,004,119 $ 11.00 Exercisable at December 31, 2016 887,199 $ 10.69 (1) Reflects certain non-vested stock awards that counted as either 3.5 shares or 3.6 shares (depending on under which stock plan the awards were granted) for each share award granted. Other information regarding options outstanding at December 31, 2016 follows: Outstanding Exercisable Weighted average Weighted average Number of stock options Exercise price Life (in years) Number of stock options exercise price Range of exercise prices: $6.71 to $8.73 169,001 $ 7.90 5.17 169,001 $ 7.90 9.00 to 10.03 224,500 9.24 5.42 224,500 9.24 11.36 to 13.18 305,241 11.67 6.12 305,241 11.67 13.23 to 15.01 305,377 13.33 7.69 188,457 13.23 1,004,119 11.00 6.28 887,199 10.69 The total intrinsic value of outstanding in-the-money stock options and outstanding in-the-money exercisable stock options was $12,454 and $11,278 , respectively, at December 31, 2016 . Proceeds from stock option exercises were $3,588 and $2,764 for calendar 2016 and calendar 2015 , respectively; $574 and $1,479 for the 2014 transition period and 2013 transition period, respectively; and $3,042 for fiscal 2014 . The Company uses an option pricing model to estimate the grant date fair value of stock options granted. There were no stock options granted in calendar 2016 . The weighted average estimated value per option granted was $2.14 for the calendar 2015 ; $1.89 and $2.49 for the 2014 transition period and the 2013 transition period, respectively, and $2.51 for the fiscal 2014 . The fair value of options granted was determined using the following weighted-average assumptions as of the grant date: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 Risk-free interest rate 1.8 % 1.9 % 1.7 % 1.8 % Expected stock price volatility 21.2 20.3 26.5 26.4 Dividend yield (1) 3.1 3.2 2.1 2.0 Expected term in years 5.76 5.73 5.75 5.67 (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 was as follows: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Stock options $ 404 $ 909 $ 316 $ 219 $ 901 Non-vested stock awards/performance units 6,113 3,451 828 620 2,508 Total $ 6,517 $ 4,360 $ 1,144 $ 839 $ 3,409 Income tax benefit 2,118 1,417 378 279 914 Unrecognized stock-based compensation expense at December 31, 2016 was as follows: December 31, 2016 Stock options $ 100 Non-vested stock awards/performance units 8,213 Total $ 8,313 The weighted average period over which unrecognized stock options is expected to be recognized is 0.88 years . The weighted average period over which unrecognized non-vested awards/performance units is expected to be recognized is 1.84 years . |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Postemployment Benefits [Abstract] | |
Pension and Other Post Retirement Benefits | Pension and Other Post Retirement Benefits (a) Pension Plans On May 31, 2014 , the Company merged the Provident Bank Benefit Pension Plan (the “Legacy Provident Plan”) and the Legacy Sterling/Sterling National Bank Employees’ Retirement Plan (the “Legacy Sterling Plan”) and formed the Sterling National Bank Defined Benefit Pension Plan (the “Plan”). The Legacy Provident Plan covered employees that were eligible as of September 30, 2006 . The Board of Directors approved a curtailment to the Legacy Provident Plan effective September 30, 2006 . At that time, all benefit accruals for future service ceased and no new participants were allowed to enter the Legacy Provident Plan. The purpose of the Legacy Provident Plan curtailment was to afford flexibility in the retirement benefits the Company provides, while preserving all retirement plan participants’ earned and vested benefits, and to manage the increasing costs associated with the Plan. The Legacy Sterling Plan was a defined benefit plan that covered eligible employees of Legacy Sterling and Legacy Sterling National Bank and certain of its subsidiaries who were hired prior to January 3, 2006 and who attained age 21 prior to January 3, 2007. Effective October 31, 2013 , the Legacy Sterling Plan was amended and the accrued benefit of each eligible actively employed participant that had not yet commenced benefits was increased by approximately 4.4% and the accrual of future service benefits ceased. On October 15, 2015, the Company terminated the Plan and satisfied all obligations owed to Plan participants through the purchase of annuities from a third-party insurance carrier and lump sum distributions as elected by Plan participants in an aggregate amount of $58,171 . In connection with the Plan termination, the Company incurred a settlement charge of $13,384 , which was comprised of the change in fair value of Plan assets of $4,068 , the recognition of the remaining balance of accumulated other comprehensive loss through earnings of $7,936 , and a charge representing the difference between the Company’s effective tax rate and its marginal tax rate of $1,380 . The balance of the pension reversion asset is $9,650 (which is recorded in other assets in the consolidated balance sheet) at December 31, 2016 . This asset will be held in custody by the Company’s 401(k) plan custodian and is expected to be charged to earnings over the next four to six years as it is distributed to employees under qualified compensation and benefit programs. The following is a summary of changes in the projected benefit obligation and fair value of Plan assets. The measurement date used by the Company for its pension plans was October 15, 2015, which is the date of the Plan termination, and December 31, 2014 . December 31, 2015 Changes in projected benefit obligation: Beginning of year balance $ 57,877 Interest cost 1,766 Plan termination / Partial settlement (58,171 ) End of year balance 1,472 Changes in fair value of plan assets: Beginning of year balance 72,170 Actual (loss) gain on plan assets (1,085 ) Plan termination / Partial settlement (58,171 ) End of year balance 12,914 Reversion asset / Funded status at end of year $ 11,442 The components of net periodic pension expense were as follows: Year ended Three months ended Fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 Interest cost $ 1,766 $ 555 $ 402 $ 2,779 Expected return on plan assets (2,187 ) (682 ) (672 ) (3,380 ) Amortization of unrecognized actuarial loss 272 — 97 236 Plan termination / Partial settlement charge 13,384 — 2,743 3,922 Net periodic pension expense (benefit) $ 13,235 $ (127 ) $ 2,570 $ 3,557 Net periodic pension expense (benefit) is included in compensation and benefits in the consolidated statements of operations; however, the termination and settlement charge for the defined benefit pension plan was presented as a separate line item due to its significance. There were no amounts recognized in accumulated other comprehensive (loss) at December 31, 2016 or 2015 due to the Plan termination. (b) Other Post Retirement Benefit Plans The Company provides other post retirement benefit plans, which are unfunded. Included in the tables below is information regarding Supplemental Executive Retirement Plans (“SERP”) to certain former directors and officers of the Company, life insurance benefits to certain directors and officers of the Company and former Legacy Sterling officers and directors and the Company’s optional medical, dental and life insurance benefits to retirees plan, which was terminated on December 31, 2014 . Data relating to other post retirement benefit plans is the following: Year ended Three months ended Fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Changes in accumulated post retirement benefit obligation: Beginning of year $ 11,733 $ 11,096 $ 10,990 $ 3,302 $ 3,302 Obligations assumed in acquisitions — 16,059 — 9,644 9,644 Plan amendment — — 45 — — Service cost — 6 3 12 51 Interest cost 417 373 59 34 683 Actuarial loss 64 364 72 18 79 Curtailment (gain) — — — — (2,485 ) Benefits paid (89 ) (16,165 ) (73 ) (71 ) (284 ) End of year 12,125 11,733 11,096 12,939 10,990 Changes in fair value of plan assets: Beginning of year $ — $ — $ — $ — $ — Employer contributions 89 16,165 73 71 284 Plan participants’ contributions — — — — — Benefits paid (89 ) (16,165 ) (73 ) (71 ) (284 ) End of year — — — — — Funded status $ (12,125 ) $ (11,733 ) $ (11,096 ) $ (12,939 ) $ (10,990 ) In connection with the purchase of $30,000 of BOLI during the three months ended December 31, 2014 , the Company provided a post retirement benefit to employees, which is reflected above as the plan amendment for the period. In connection with the HVB Merger, the Company assumed SERP liabilities of $16,059 . The Company terminated the HVHC SERP as of the acquisition date. Plan participants received a lump-sum cash payment in July 2015 and all plan obligations were satisfied. Components of net periodic (benefit) expense for other post retirement benefit plans was the following: Year ended Three months ended Fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Service cost $ — $ 6 $ 3 $ 12 $ 51 Interest cost 417 373 59 34 683 Amortization of transition obligation — — 3 6 34 Amortization of prior service cost 64 161 — 12 270 Amortization of net actuarial (gain) loss — — 6 — (45 ) Curtailment (gain) — — — — (2,485 ) Total $ 481 $ 540 $ 71 $ 64 $ (1,492 ) The Company terminated the optional medical, dental and life insurance benefits plan to retirees effective September 30, 2014 and all payments under this plan ceased on December 31, 2014 . Net periodic benefit expense for other post retirement benefit plans is included in non-interest expense - compensation and employee benefits in the consolidated statements of operations for the periods presented above. The Company’s liability under its other post retirement benefit plans is included in other liabilities in the balance sheets. Estimated future benefit payments are the following for the years ending December 31: 2017 $ 204 2018 243 2019 285 2020 329 2021 367 Thereafter 1,662 Plan assumptions for the other post retirement medical, dental and vision plans include the following: December 31, 2016 2015 Discount rate 2.78% to 4.00% 3.00% to 4.00% Discount rate used to value periodic cost 2.78% to 4.00% 3.00% to 4.00% (c) Employee Savings Plan The Company also sponsors a defined contribution plan established under Section 401(k) of the IRS Code. Eligible employees may elect to contribute up to 50.0% of their compensation to the plan. In fiscal 2014, the 2014 transition period, the 2013 transition period and calendar 2015, the Company made matching contributions equal to 50.0% of a participant’s contributions up to a maximum matching contribution of 3.0% of eligible compensation. The plan also provides for a discretionary profit sharing component, in addition to the matching contributions. There was no profit sharing component for any period presented in the consolidated statements of operations. Effective January 1, 2016, the Company implemented a profit sharing contribution equal to 3.0% of eligible compensation of all employees, which is funded by the pension reversion asset described above. The contribution is made to all eligible employees regardless of their 401(k) elective deferral percentage. Voluntary matching and profit sharing contributions are invested in accordance with the participant’s direction in one or a number of investment options. Savings plan expense was $3,210 for calendar 2016, $1,769 for calendar 2015; $381 for the transition period; $278 for the 2013 transition period; and $1,614 for fiscal 2014. |
Other Non-Interest Expense
Other Non-Interest Expense | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Non-interest Expense | Other Non-interest Expense Other non-interest expense items are presented in the following table. Significant components of the aggregate of total net interest income and total non-interest income are presented separately. For the year ended For the three months ended Fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Other non-interest expense: Advertising and promotion $ 2,948 $ 2,522 $ 782 $ 309 $ 2,358 Professional fees 10,276 8,308 1,314 1,818 6,913 Data and check processing 8,866 8,825 1,424 595 3,439 Insurance & surety bond premium 3,150 3,186 595 675 2,703 Charge for asset write-downs, severance, retention and change in fiscal year end 4,485 29,046 1,075 22,167 22,976 Charge for banking systems conversion — — 1,418 — 3,249 Other 18,556 17,836 4,543 4,057 16,279 Total other non-interest expense $ 48,281 $ 69,723 $ 11,151 $ 29,621 $ 57,917 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 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 year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Net income (loss) $ 139,972 $ 66,114 $ 17,004 $ (14,002 ) $ 27,678 Weighted average common shares outstanding for computation of basic EPS 130,607,994 109,907,645 83,831,380 70,493,305 80,268,970 Common-equivalent shares due to the dilutive effect of stock options (1) 626,468 421,708 363,536 — 265,073 Weighted average common shares for computation of diluted EPS 131,234,462 110,329,353 84,194,916 70,493,305 80,534,043 Earnings per common share: Basic $ 1.07 $ 0.60 $ 0.20 $ (0.20 ) $ 0.34 Diluted 1.07 0.60 0.20 (0.20 ) 0.34 Weighted average common shares that could be exercised that were anti-dilutive for the period (2) — 2,394 82,625 2,025,501 697,475 (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted earnings per share. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 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) (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 $172,501 and $152,641 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 9. “Borrowings, Senior Notes, and Subordinated Notes.” 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 items. 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 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 Tier 1 leverage ratio of 4.0%. 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 table presents actual and required capital ratios as of December 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 December 31, 2016 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 December 31, 2016 Common equity tier 1 to RWA: Sterling National Bank $ 1,176,497 10.87 % $ 554,663 5.125 % $ 757,588 7.00 % $ 703,475 6.50 % Sterling Bancorp 1,160,739 10.73 554,474 5.125 757,330 7.00 N/A N/A Tier 1 capital RWA: Sterling National Bank 1,176,497 10.87 % 717,003 6.625 % 919,928 8.50 % 865,815 8.00 % Sterling Bancorp 1,160,739 10.73 716,759 6.625 919,615 8.50 N/A N/A Total capital to RWA: Sterling National Bank 1,413,165 13.06 % 933,457 8.625 % 1,136,382 10.50 % 1,082,269 10.00 % Sterling Bancorp 1,377,547 12.73 933,139 8.625 1,135,995 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 1,176,497 9.08 % 518,308 4.00 % 518,308 4.00 % 647,885 5.00 % Sterling Bancorp 1,160,739 8.95 518,733 4.00 518,733 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 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 Management believes that as of December 31, 2016 , the Bank was “well-capitalized”. At December 31, 2016 , and December 31, 2015 , the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. A reconciliation of the Company’s and the Bank’s stockholders’ equity to their respective regulatory capital at December 31, 2016 and 2015 is as follows: The Company The Bank December 31, December 31, 2016 2015 2016 2015 Total U.S. GAAP stockholders’ equity $ 1,855,183 $ 1,665,073 $ 1,843,476 $ 1,705,841 Disallowed goodwill and other intangible assets (721,079 ) (689,023 ) (693,614 ) (664,225 ) Net unrealized loss on available for sale securities 22,637 6,999 22,637 6,992 Net accumulated other comprehensive income components 3,998 5,125 3,998 4,919 Tier 1 risk-based capital 1,160,739 988,174 1,176,497 1,053,527 Tier 2 capital 152,641 — 172,501 — Allowance for loan losses and off-balance sheet commitments 64,167 50,694 64,167 50,694 Total risk-based capital $ 1,377,547 $ 1,038,868 $ 1,413,165 $ 1,104,221 (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 year combined with the retained net profits for the preceding two years. Under the foregoing dividend restrictions, and while maintaining its “well-capitalized” status, at December 31, 2016 , the Bank had capacity to pay aggregate dividends of up to $155,724 to the Company without prior regulatory approval. (c) 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 an announced stock repurchase program. There were no shares repurchased under the repurchase programs during calendar 2016 and calendar 2015 , the 2014 transition period, the 2013 transition period or fiscal 2014 . (d) Liquidation Rights Upon completion of the second-step conversion in January 2004 , the Bank established a special “liquidation account” in accordance with OCC 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 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 Holding Company (as defined in the plan of conversion). 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 December 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 be to reduce its stockholder’s equity below the amount of the liquidation account. |
Off-Balance-Sheet Financial Ins
Off-Balance-Sheet Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Off-Balance-Sheet Financial Instruments | 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 sheets. 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 loss 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. As of December 31, 2016 , the Company had $114,582 in outstanding letters of credit, of which $33,987 were secured by cash collateral and $30,518 were secured by other collateral. The carrying value of these obligations are not considered material. 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: December 31, 2016 2015 Loan origination commitments $ 245,319 $ 269,636 Unused lines of credit 968,288 660,915 Letters of credit 114,582 102,930 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Certain premises and equipment are leased under operating leases with terms expiring through 2033. The Company has the option to renew certain of these leases for additional terms. Future minimum rental payments due under non-cancellable operating leases with initial or remaining terms of more than one year at December 31, 2016 were as follows: 2017 $ 10,549 2018 10,237 2019 8,693 2020 7,790 2021 6,355 2022 and thereafter 21,501 $ 65,125 Occupancy and office operations expense includes net rent expense of $10,430 and $9,566 , respectively, for calendar 2016 and calendar 2015 ; $2,450 for the 2014 transition period; $2,157 for the 2013 transition period; and $7,893 for fiscal 2014. 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 were involved. In addition, the Company and the Bank may be requested to provide information or otherwise cooperate with government authorities in the conduct of investigations of other persons or industry groups. There can be no assurance as to the ultimate outcome of a legal proceeding; however, the Company and the Bank have generally denied, or believe they have meritorious defenses and will deny, liability in all significant litigation pending against them and intend to defend vigorously each case, other than matters determined appropriate to be settled. The Company accrues 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 | 12 Months Ended |
Dec. 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 an orderly transaction occurring in the principal or most advantageous market for such asset or liability in an orderly transaction between market participants on the measurement date. In estimating fair value, we use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. GAAP establishes a fair value hierarchy comprised of 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, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally 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 as quoted market prices are generally not available. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements are calculated based on market prices of similar securities and 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 generally 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. At December 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 impairments, if any, are OTTI. Derivatives The fair values of derivatives are based on valuation models using current observable market data (including interest rates and fees), the remaining terms of the agreements and the credit worthiness of the counterparty as of the measurement date, which are considered Level 2 inputs. Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. The Company’s derivatives at December 31, 2016 , consist of interest rate swaps. (See Note 10. “Derivatives.”) Commitments to Sell Real Estate Loans The Company enters into various commitments to sell real estate loans in the secondary market. Such commitments are considered to be derivative financial instruments and are carried at estimated fair value on the consolidated balance sheets. The estimated fair values of these commitments are generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans to certain government sponsored agencies. The fair values of these commitments generally result in a Level 2 classification. The fair value of these commitments is not material. A summary of assets and liabilities at December 31, 2016 measured at estimated fair value on a recurring basis is as follows: December 31, 2016 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 1,193,481 $ — $ 1,193,481 $ — CMO/Other MBS 56,681 — 56,681 — Total residential MBS 1,250,162 — 1,250,162 — Federal agencies 193,979 — 193,979 — Corporate bonds 42,506 — 42,506 — State and municipal 240,770 — 240,770 — Trust preferred — — — — Other — — — — Total other securities 477,255 — 477,255 — Total investment securities available for sale 1,727,417 — 1,727,417 — Swaps 2,088 — 2,088 — Total assets $ 1,729,505 $ — $ 1,729,505 $ — Liabilities: Swaps $ (2,088 ) $ — $ (2,088 ) $ — Total liabilities $ (2,088 ) $ — $ (2,088 ) $ — 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 — Interest rate caps and 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 (for example, when there is evidence of impairment). 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, adjusted for specific attributes of that loan which are 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, generally as 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 GAAP. 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 $55,391 and $28,372 at December 31, 2016 , and 2015 , respectively. Changes in fair value recognized as a charge-off on loans held by the Company were $513 for calendar 2016 and $0 for calendar 2015 ; $567 for the 2014 transition period; and $905 for fiscal 2014 . When valuing impaired loans that are collateral dependent, the Company charges-off the difference between the recorded investment in the loan and the appraised value, which is generally less than 12 months old. A discount for estimated costs to dispose of the asset is used when evaluating the impaired loans. A summary of impaired loans at December 31, 2016 measured at estimated fair value on a non-recurring basis is the following: December 31, 2016 Fair value Level 1 inputs Level 2 inputs Level 3 inputs CRE $ 6,786 $ — $ — $ 6,786 Total impaired loans measured at fair value $ 6,786 $ — $ — $ 6,786 A summary 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 CRE $ 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 effect recorded in net gain on sales of loans in the consolidated statements of operations. 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 GAAP , the Company must record impairment charges on a non-recurring basis when the carrying value exceeds the estimated fair value. To estimate the fair value of servicing rights, the Company utilizes a third-party, which, on a quarterly basis, considers the market prices for similar assets and the present value of expected future cash flows associated with the servicing rights. Assumptions utilized include estimates of the cost of servicing, loan default rates, an appropriate discount rate and prepayment speeds. The determination of fair value of servicing rights relies upon Level 3 inputs. The fair value of mortgage servicing rights at December 31, 2016 and 2015 were $1,024 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 the independent appraisers to adjust for differences between comparable sales and income data available. The fair value is derived using Level 3 inputs. Appraisals are reviewed by our credit department, our external loan review consultant and verified by officers in our credit administration area. Assets taken in foreclosure of defaulted loans and facilities held for sale subject to non-recurring fair value measurement were $13,619 and $14,614 at December 31, 2016 and 2015 , respectively. There were write-downs of $582 in calendar 2016 , $0 in calendar 2015 ; $0 in the 2014 transition period; and $224 in fiscal 2014 , related to changes in fair value recognized through income for those foreclosed assets held by the Company. 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 December 31, 2016 : Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Discount rate/prepayment speeds (1) (weighted average) Impaired loans: CRE $ 6,786 Appraisal Adjustments for comparable properties 22.0% Assets taken in foreclosure: Residential mortgage 4,929 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% CRE (2) 3,919 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% ADC 3,737 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% Mortgage servicing rights 1,024 Third-party Discount rates 8.5% - 11.5% (9.7%) Third-party Prepayment speeds 100 - 555 (174) (1) For loans collateralized by real estate and real estate assets taken in foreclosure the discount rate represents the discount factors applied to the appraisal to determine fair value, which includes a general discount to the appraised value, and estimated costs to carry and costs of sale. The amounts used for mortgage servicing rights are discounts applied by a third-party valuation provider which the Company believes are appropriate. (2) Excludes $1,034 of commercial buildings that are former financial centers held for sale. These assets were not taken in foreclosure and their fair value is determined by appraisal, and our internal assessment of the market for this type of real estate in these locations. The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets at December 31, 2015 : Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Range (1) (weighted average) Impaired loans: CRE $ 3,218 Appraisal Adjustments for comparable properties 22.0% Assets taken in foreclosure: Residential mortgage 2,334 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% CRE (2) 7,805 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% ADC 3,990 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% Mortgage servicing rights 1,204 Third-party Discount rates 8.3% - 11.3% (9.5%) Third-party Prepayment speeds 100 - 480 (183) (1) See (1) above. (2) Excludes $486 of commercial buildings that are former financial centers held for sale. Fair Values of Financial Instruments GAAP 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. 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 GAAP 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 December 31, 2016 : December 31, 2016 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and due from banks $ 293,646 $ 293,646 $ — $ — Securities available for sale 1,727,417 — 1,727,417 — Securities held to maturity 1,391,421 — 1,357,997 — Loans, net 9,463,608 — — 9,461,469 Loans held for sale 41,889 — 41,889 — Accrued interest receivable on securities 16,495 — 16,495 — Accrued interest receivable on loans 26,824 — — 26,824 FHLB stock and FRB stock 135,098 — — — Swaps 2,088 — 2,088 — Financial liabilities: Non-maturity deposits (9,484,505 ) (9,484,505 ) — — Certificates of deposit (583,754 ) — (582,811 ) — FHLB borrowings (1,791,000 ) — (1,788,676 ) — Other borrowings (16,642 ) — (16,642 ) — Senior Notes (76,469 ) — (79,283 ) — Subordinated Notes (172,501 ) — (169,813 ) — Mortgage escrow funds (13,572 ) — (13,572 ) — Accrued interest payable on deposits (663 ) — (663 ) — Accrued interest payable on borrowings (3,621 ) — (3,621 ) — Swaps (2,088 ) — (2,088 ) — 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 due from banks $ 229,513 $ 229,513 $ — $ — Securities available for sale 1,921,032 — 1,921,032 — Securities held to maturity 722,791 — 734,079 — 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 (483 ) — (483 ) — 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 certain the Company’s financial instruments noted above: 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. Impaired loans are valued at the lower of cost or fair value, as described above. The methods utilized to estimate the fair value of loans do not necessarily result in the fair value representing an exit price. FHLB of New York Stock and FRB Stock Due to restrictions placed on transferability, it is not practical to determine the fair value of these securities. Deposits and Mortgage Escrow Funds The fair values disclosed for non-maturity deposits ( e.g., interest and non-interest checking, savings, and money market accounts) are by definition, equal to the amount payable on demand at the reporting date ( i.e., their carrying amount) resulting in a Level 1 classification. The carrying amounts of certificates of deposit and mortgage escrow funds are segregated by account type and original term, and fair values are estimated by using a discounted cash flows calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits, resulting in a Level 2 classification. 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 carrying amounts of FHLB short-term borrowings, and borrowings under repurchase agreements, generally maturing within ninety days, approximate their fair values, resulting in a Level 2 classification. The fair value of long-term FHLB borrowings, Senior Notes, and Subordinated Notes are estimated using discounted cash flow analyzes based on current borrowing rates for similar types of borrowing arrangements, resulting in a Level 2 classification. Other Financial Instruments Other financial assets and liabilities listed in the table above have estimated fair values that approximate the respective carrying amounts because the instruments are payable on demand or have short-term maturities and present relatively low credit risk and interest rate risk. The fair values of the Company’s off-balance-sheet financial instruments described in Note 17. “Off-Balance Sheet Financial Instruments” were estimated based on current market terms (including interest rates and fees), considering the remaining terms of the agreements and the credit worthiness of the counterparties. At December 31, 2016 and 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) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income Components of accumulated other comprehensive income (loss) (“AOCI”) were as follows as of the dates shown below: December 31, 2016 2015 Net unrealized holding (loss) gain on available for sale securities $ (37,417 ) $ (12,172 ) Related income tax benefit (expense) 14,780 5,173 Available for sale securities AOCI, net of tax (22,637 ) (6,999 ) Net unrealized holding loss on securities transferred to held to maturity (5,395 ) (7,226 ) Related income tax benefit 2,131 3,071 Securities transferred to held to maturity AOCI, net of tax (3,264 ) (4,155 ) Net unrealized holding loss on retirement plans (1,213 ) (1,687 ) Related income tax benefit 479 717 Retirement plan AOCI, net of tax (734 ) (970 ) Accumulated other comprehensive loss $ (26,635 ) $ (12,124 ) The following table presents the changes in each component of AOCI for calendar 2016 and 2015, the transition period and fiscal 2014: Net unrealized holding gain (loss) on AFS securities Net unrealized holding gain (loss) on securities transferred to held to maturity Net unrealized holding gain (loss) on retirement plans Total Year ended December 31, 2016 Balance at beginning of the period $ (6,999 ) $ (4,155 ) $ (970 ) $ (12,124 ) Other comprehensive (loss) before reclassification (11,087 ) — — (11,087 ) Amounts reclassified from AOCI (4,551 ) 891 236 (3,424 ) Total other comprehensive (loss) income (15,638 ) 891 236 (14,511 ) Balance at end of period $ (22,637 ) $ (3,264 ) $ (734 ) $ (26,635 ) Year ended December 31, 2015 Balance at beginning of the period $ 1,297 $ (4,967 ) $ (6,581 ) $ (10,251 ) Other comprehensive (loss) gain before reclassification (5,515 ) — 435 (5,080 ) Amounts reclassified from AOCI (2,781 ) 812 5,176 3,207 Total other comprehensive (loss) income (8,296 ) 812 5,611 (1,873 ) Balance at end of period $ (6,999 ) $ (4,155 ) $ (970 ) $ (12,124 ) Three months ended December 31, 2014 Balance at beginning of the period $ (2,671 ) $ (5,144 ) $ (3,644 ) $ (11,459 ) Other comprehensive gain (loss) before reclassification 3,943 — (2,940 ) 1,003 Amounts reclassified from AOCI 25 177 3 205 Total other comprehensive income (loss) 3,968 177 (2,937 ) 1,208 Balance at end of period $ 1,297 $ (4,967 ) $ (6,581 ) $ (10,251 ) Fiscal year ended September 30, 2014 Balance at beginning of the period $ (11,472 ) $ — $ (3,858 ) $ (15,330 ) Other comprehensive gain (loss) before reclassification 9,170 (5,659 ) — 3,511 Amounts reclassified from AOCI (369 ) 515 214 360 Total other comprehensive income (loss) 8,801 (5,144 ) 214 3,871 Balance at end of period $ (2,671 ) $ (5,144 ) $ (3,644 ) $ (11,459 ) Location in statement of operations where reclassification from AOCI is included Net gain (loss) on sale of securities Interest income on securities Compensation and benefits expense |
Condensed Parent Company Financ
Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Financial Statements | Condensed Parent Company Financial Statements Set forth below is the condensed balance sheets of Sterling: December 31, 2016 2015 Assets: Cash $ 48,765 $ 19,529 Securities available for sale at fair value — 3 Investment in the Bank 1,843,476 1,705,558 Investment in non-bank subsidiaries — 3,942 Goodwill 20,023 19,054 Trade name 20,500 20,500 Other intangible assets, net — 360 Other assets 3,258 1,418 Total assets $ 1,936,022 $ 1,770,364 Liabilities: Senior Notes $ 76,469 $ 98,893 Other liabilities 4,370 6,398 Total liabilities 80,839 105,291 Stockholders’ equity 1,855,183 1,665,073 Total liabilities & stockholders’ equity $ 1,936,022 $ 1,770,364 The table below presents the condensed statement of operations: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Interest income $ 14 $ 15 $ 2 $ 80 $ 139 Dividends from the Bank 60,000 42,500 7,500 — 22,500 Dividends from non-bank subsidiaries 5,026 500 — — 750 Net gain on sale of trust division 2,255 — — — — Other — — — 4 18 Interest expense (5,398 ) (5,894 ) (1,471 ) (1,819 ) (6,265 ) Non-interest expense (12,989 ) (7,031 ) (1,692 ) (1,214 ) (5,840 ) Income tax benefit 3,700 4,154 820 1,117 3,431 Income (loss) before equity in undistributed earnings of subsidiaries 52,608 34,244 5,159 (1,832 ) 14,733 Equity in undistributed (excess distributed) earnings of: The Bank 87,364 32,230 11,171 (12,376 ) 12,590 Non-bank subsidiaries — (360 ) 674 206 355 Net income (loss) $ 139,972 $ 66,114 $ 17,004 $ (14,002 ) $ 27,678 The table below presents the condensed statement of cash flows: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Cash flows from operating activities: Net income (loss) $ 139,972 $ 66,114 $ 17,004 $ (14,002 ) $ 27,678 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (undistributed) excess distributed earnings of: The Bank (87,364 ) (32,230 ) (11,171 ) 12,376 (12,590 ) Non-bank subsidiaries — 360 (674 ) (206 ) (355 ) Loss (gain) on extinguishment of borrowings 1,013 — — — (712 ) Other adjustments, net 6,273 (3,123 ) (10,707 ) 15,310 22,065 Net cash provided by (used in) operating activities 59,894 31,121 (5,548 ) 13,478 36,086 Cash flows from investing activities: Sales of securities 3 — — — 1,112 Investment in subsidiaries (65,000 ) (84,500 ) — (15,000 ) (15,000 ) ESOP loan principal repayments — — — 473 6,437 Net cash (used for) investing activities (64,997 ) (84,500 ) — (14,527 ) (7,451 ) Cash flows from financing activities: Net change in other short-term borrowings — — — — (20,659 ) Redemption of subordinated debentures — — — — (26,140 ) Equity capital raise 90,995 85,059 — — — Redemption of Senior Notes (23,793 ) — — — — Cash dividends paid (36,451 ) (30,384 ) (5,870 ) (2,661 ) (17,677 ) Stock-based compensation transactions 3,588 4,472 1,810 2,569 2,980 Net cash provided by (used for) financing activities 34,339 59,147 (4,060 ) (92 ) (61,496 ) Net increase (decrease) in cash 29,236 5,768 (9,608 ) (1,141 ) (32,861 ) Cash at beginning of the period 19,529 13,761 23,369 56,230 56,230 Cash at end of the period $ 48,765 $ 19,529 $ 13,761 $ 55,089 $ 23,369 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) The following is a condensed summary of quarterly results of operations for calendar 2016 and calendar 2015: For the year ended December 31, 2016 Reporting period First quarter Second Third Fourth For the quarter ended March 31 June 30 September 30 December 31 Interest and dividend income $ 106,006 $ 114,309 $ 118,161 $ 123,075 Interest expense 12,495 13,929 15,031 15,827 Net interest income 93,511 100,380 103,130 107,248 Provision for loan losses 4,000 5,000 5,500 5,500 Non-interest income 15,449 20,442 19,039 16,057 Non-interest expense 68,934 59,640 62,256 57,072 Income before income tax 36,026 56,182 54,413 60,733 Income tax expense 12,242 18,412 16,991 19,737 Net income $ 23,784 $ 37,770 $ 37,422 $ 40,996 Earnings per common share: Basic $ 0.18 $ 0.29 $ 0.29 $ 0.31 Diluted 0.18 0.29 0.29 0.31 For the year ended December 31, 2015 Reporting period First quarter Second Third Fourth For the quarter ended March 31 June 30 September 30 December 31 Interest and dividend income $ 66,672 $ 71,947 $ 103,298 $ 106,224 Interest expense 7,805 8,373 9,944 10,803 Net interest income 58,867 63,574 93,354 95,421 Provision for loan losses 2,100 3,100 5,000 5,500 Non-interest income 14,010 13,857 18,802 16,081 Non-interest expense 45,921 85,659 71,315 57,419 Income (loss) before income tax 24,856 (11,328 ) 35,841 48,583 Income tax expense (benefit) 8,078 (3,682 ) 11,648 15,792 Net income (loss) $ 16,778 $ (7,646 ) $ 24,193 $ 32,791 Earnings per common share: Basic $ 0.19 $ (0.08 ) $ 0.19 $ 0.25 Diluted 0.19 (0.08 ) 0.19 0.25 The Company incurred a net loss in the second quarter ended June 30, 2015 due mainly to merger-related expense, asset write-downs and other charges associated with the HVB Merger. The Company recognized charges of $14,625 , which mainly included charges for change-in-control payments, employee benefit plan terminations, financial and legal advisory fees and merger-related marketing expenses. Other restructuring charges of $28,055 mainly included charges for information technology services, contract terminations, impairments of leases and facilities and retention compensation. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards 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. This standard is effective for the Company on January 1, 2018. Our revenue is comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09, and non-interest income, which is subject to ASU 2014-09. Although management continues to evaluate the potential impact of ASU 2014-09 on our consolidated financial statements at this time we believe the adoption of this standard will not have a significant impact to 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 2015-15 had no significant impact to our consolidated financial statements. ASU 2016-1, “No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-1, among other things: (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income; (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and (vii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. ASU 2016-1 will be effective for us on January 1, 2018 and is not expected to have a significant impact on our financial statements. ASU 2016-02, “Leases.” ASU 2016-02 amends existing lease accounting guidance, including the requirement to recognize most lease arrangements on the balance sheet. The adoption of this standard will result in the Company recognizing a right-of-use asset representing its rights to use the underlying asset for the lease term with an offsetting lease liability. ASU 2016-02 will be effective for for the company on January 1, 2019, with early adoption permitted 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. The Company has not yet concluded whether it will adopt the standard prior to January 1, 2019; however, if the standard were effective at December 31, 2016, it would not have had an impact on any borrowings or covenants that are relevant to the Company and management estimates that the impact to the Bank’s and the Company’s regulatory capital ratios would be less than five basis points. ASU 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09, requires excess tax benefits and tax deficiencies to be recorded in the statements of operations as a component of the provision for income taxes when stock awards vest or are settled. In addition, the standard provides an accounting policy election to account for forfeitures as they occur and allows the Company to withhold more of an employee’s vesting shares for tax withholding purposes without triggering liability accounting. ASU 2016-09 will be effective for the Company beginning January 1, 2017. The adoption of this standard is expected to mainly impact our provision for income tax expense. Previously, vesting or settlement of share-based payments impacted stockholder’s equity directly, but under the new standard, vesting or settlements will impact our provision for income taxes as a discrete item. The amount is not expected to be significant to our consolidated financial statements. ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 amends current guidance on the impairment of financial instruments. ASU 2016-13 adds an impairment model known as the current expected credit loss (“CECL”) model that is based on expected losses rather than incurred losses. For the Company, the CECL model will apply mainly to held-to-maturity investment securities, loans and loan commitments. ASU 2016-13 will be effective for the Company for fiscal years beginning after December 15, 2019, and the Company is permitted to early adopt the new guidance for fiscal years beginning after December 15, 2018. ASU 2016-13 will significantly change the accounting for credit impairment. The new guidance will require the Company to modify current processes and systems for establishing the allowance for loan losses and OTTI to ensure they comply with the requirements of the new standard. As as result, the Company has engaged a nationally recognized accounting firm to advise and assist management in performing an implementation readiness assessment and adopt the standard. ASU 2017-04 is Management is continuing its evaluation and has not yet concluded whether it will early adopt the standard or its impact to our consolidated financial statements. ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard will be effective for the Company beginning January 1, 2020, with early adoption permitted. ASU 2017-04 is not expected to have a significant impact on our financial statements. See Note 1. “Basis of Financial Statement Presentation and Summary of Significant Accounting Policies” for a discussion of the adoption of new accounting standards that affected the consolidated financial statements contained in this report. |
Basis of Financial Statement 32
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation The consolidated financial statements include the accounts of Sterling Bancorp (the “Company”), Sterling National Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries included at December 31, 2016 : (i) Sterling National Funding Corp, a company that originates loans to municipalities and governmental entities and acquires securities issued by state and local governments; (ii) Sterling REIT, Inc., a real estate investment trust that hold a portion of the Company’s real estate loans; (iii) Provest Services Corp. II, which has engaged a third-party provider to sell mutual funds and annuities to the Bank’s customers and (iv) several limited liability companies which hold other real estate owned. Intercompany transactions and balances are eliminated in consolidation. |
Basis of Presentation | The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Certain amounts from prior periods have been reclassified to conform to the current period presentation. Reclassifications had no affect on prior period net income or stockholders’ equity. The financial statements include audited balance sheets as of December 31, 2016 and 2015 . As a result of the change in the Company’s fiscal year end, financial statements include: results of operations, changes in stockholders’ equity, accumulated other comprehensive income (loss) and cash flows for the years ended December 31, 2016 (“calendar 2016”) and December 31, 2015 (“calendar 2015); for the three months ended December 31, 2014 (the “transition period”); and for the fiscal year ended September 30, 2014 (“fiscal 2014”). For comparative purposes, we have also presented financial statements and accompanying footnotes for the three months ended December 31, 2013 (the “2013 transition period”), which are unaudited. The unaudited information, in the opinion of management, includes all adjustments consisting of normal recurring accruals, necessary for a fair presentation of the Company’s financial position and results of its operations. |
Change in Fiscal Year End | Change in Fiscal Year End On January 27, 2015, the Board of Directors amended the Company’s bylaws to change the fiscal year end from September 30 to December 31. |
Use of estimates | Use of estimates The consolidated financial statements have been prepared in conformity with GAAP. In preparing the consolidated financial statements, the Company is required to make estimates and assumptions based on available information that affect the reported amounts of assets, liabilities, income and expense. Actual results could differ significantly from these estimates. An estimate that is particularly susceptible to significant near-term change is the allowance for loan losses, which is discussed below. |
Cash Flows | Cash Flows For purposes of reporting cash flows, cash equivalents include highly liquid, short-term investments, such as overnight federal funds, as well as cash and deposits with other financial institutions with an original maturity of 90 days or less. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and federal funds purchased and repurchase agreements. |
Securities | Securities Securities include U.S. government agency and government sponsored agencies, municipal and corporate bonds, mortgage-backed securities, collateralized mortgage obligations and trust preferred securities. The Company classifies its securities among two categories: held to maturity and available for sale. The Company determines the appropriate classification of the Company’s securities at the time of purchase. Held to maturity securities are limited to debt securities for which there is the intent and the ability to hold to maturity. These securities are reported at amortized cost. The Company does not engage in trading activities. All other debt and marketable equity securities are classified as available for sale. Available for sale securities are reported at fair value, with unrealized gains and losses (net of the related deferred income tax effect) excluded from earnings and reported in a separate component of stockholders’ equity (accumulated other comprehensive income or loss). Available for sale securities include securities that the Company intends to hold for an indefinite period of time, such as securities to be used as part of the Company’s asset/liability management strategy or securities that may be sold to fund loan growth, in response to changes in interest rates, and prepayment risks, the need to increase capital, or similar factors. Premiums and discounts on debt securities are recognized in interest income on a level yield basis over the period to maturity. Amortization of premiums and accretion of discounts on mortgage-backed securities are based on the estimated cash flows of the mortgage-backed securities, periodically adjusted for changes in estimated lives, on a level yield basis. The cost of securities sold is determined using the specific identification method. Securities are evaluated for other-than-temporary-impairment (“OTTI”) at least quarterly, and more frequently when economic and market conditions warrant such an evaluation. For securities in an unrealized loss position, the Company considers the extent and duration of the unrealized loss, and the financial condition of the issuer. The Company also assesses whether it intends to sell, or is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either criteria regarding intent to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. If (i) the Company does not expect to recover the entire amortized cost basis of the security; (ii) the Company does not intend to sell the security; (iii) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the OTTI is separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of OTTI related to credit loss is recognized in earnings while the amount related to other factors is recognized in other comprehensive income, net of applicable taxes. The cost basis of individual equity securities is written down to estimated fair value through a charge to earnings when declines in value below cost are considered to be other than temporary. As of December 31, 2016 , the Company did not intend to sell, nor is it more likely than not that it would be required to sell, any of its debt securities with unrealized losses prior to recovery of its amortized cost basis less any current period credit loss. |
Loans Held For Sale | Loans Held For Sale Mortgage loans and commercial 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. In the absence of commitments from investors, fair value is based on current investor yield requirements. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Prior to October 2013, mortgage loans held for sale were generally sold with the servicing rights retained. Since that time, we have generally sold mortgage loans with the servicing rights released. The carrying value of mortgage loans sold is reduced by the amount allocated to the value of the servicing rights, which is 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. |
Portfolio Loans | Portfolio Loans Loans where Sterling has the intent and ability to hold for the foreseeable future or until maturity or payoff (other than loans held for sale) are reported at amortized cost less the allowance for loan losses. Interest income on loans is accrued on the unpaid principal balance. The Company defers nonrefundable loan origination and commitment fees, and certain direct loan origination costs, and amortizes the net amount as an adjustment of the yield over the estimated life of the loan. If a loan is prepaid or sold, the net deferred amount is recognized in the statement of operations at that time. Interest and fees on loans include prepayment fees and late charges collected. A loan is placed on non-accrual status upon the earlier of: (i) when Sterling determines that the borrower may likely be unable to meet contractual principal or interest obligations; or (ii) when payments are 90 days or more past due, unless well secured and in the process of collection. Accrual of interest ceases and, in general, uncollected past due interest is reversed and charged against current interest income. Interest payments received on non-accrual loans, including impaired loans, are not recognized as income unless warranted based on the borrower’s financial condition and payment record. Furthermore, negative tax escrow will be included in the unpaid principal for loans individually evaluated for impairment, as this is part of the customer’s legal obligation to the Company. |
Acquired Loans, Including Purchased Credit Impaired Loans | Acquired Loans, Including Purchased Credit Impaired Loans Loans the Company acquired in acquisitions are initially recorded at fair value with no carryover of the related allowance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest. Acquired loans are included with portfolio loans in the consolidated balance sheets. Loans for which there is, at acquisition, both evidence of deterioration of credit quality since origination and probability, at acquisition, that all contractually required payments would not be collected represent purchase credit impaired loans (“PCI loans”). For PCI loans, the Company initially determines which loans will be treated under the cost recovery method (similar to a non-accrual loan) from loans that will be subject to accretion. The Company recognizes the accretable yield, which is defined as the excess of all cash flows expected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan’s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, the Company continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows the Company expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount. For PCI loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected. For loans for which there was no clear evidence of deterioration of credit quality since origination nor evidence that all contractually required payments would not be collected, the Company accretes interest income based on the contractually required cash flows. Loans that do not meet the PCI loan criteria are collectively evaluated for an allowance for loan loss. Acquired loans that met the criteria for non-accrual of interest prior to an acquisition were generally considered non-performing upon acquisition, as the Company was unable to reasonably estimate the timing and amount of the expected cash flows on such loans. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable incurred credit losses inherent in the loan portfolio. The allowance for loan losses is a critical accounting estimate and requires substantial judgment of management. The allowance for loan losses includes allowance allocations calculated in accordance with ASC Subtopic 450-20, “Loss Contingencies” and ASC Subtopic 310-10-35-2, “Loan Impairment.” The level of the allowance reflects management’s continuing evaluation of loan loss experience, specific credit risks, current loan portfolio quality, industry and loan type concentrations, economic and regulatory conditions and unidentified losses inherent in the loan portfolios, as well as trends in the foregoing. The Company analyzes loans by two broad segments: real estate secured loans and loans that are either unsecured or secured by other collateral. The classes considered real estate secured are: residential mortgage loans; commercial real estate (“CRE”) loans, multi-family loans; acquisition, development and construction (“ADC”) loans, home equity lines of credit and certain consumer loans. The classes considered unsecured or secured by other than real estate collateral are: commercial & industrial (“C&I”) loans, which includes traditional C&I, asset-based lending; payroll finance loans; warehouse lending; factored receivables; equipment finance loans; public sector finance; and consumer loans. In all segments or classes, significant loans are reviewed for impairment once they are past due 90 days or more or are classified substandard or doubtful. Generally the Company considers a homogeneous residential mortgage or home equity line of credit to be significant if the Company’s investment in the loan is greater than $500 . If a loan is deemed to be impaired in one of the real estate secured segments, it is generally considered collateral dependent. If the value of the collateral securing a collateral dependent impaired loan is less than the loan’s carrying value, a charge-off is recognized equal to the difference between the appraised value and the book value of the loan. Additionally, impairment reserves are recognized for estimated costs to hold and liquidate and for a discount to the appraisal value, which is generally 22% for all loans collateralized by real estate. Impaired loans in the real estate secured segments are generally re-appraised using a summary or drive-by appraisal report every six to nine months. For smaller balance C&I loans we charge-off the full amount of the loan when it becomes 90 days or more past due, or earlier in the case of bankruptcy, after giving effect to any cash or marketable securities pledged as collateral for the loan. For other classes of C&I loans, the Company prepares a cash flow projection, and charges-off the difference between the net present value of the cash flows discounted at the effective note rate and the carrying value of the loan, and generally recognize a 10% impairment reserve to account for the potential imprecision of its estimates. However, in most of these cases, receipt of future cash flows is too unreliable to be considered probable, resulting in the charge-off of the entire balance of the loan. For unsecured consumer loans, charge-offs are recognized once the loan is 90 days to 120 days or more past due or the borrower files for bankruptcy protection. Subsequent recoveries, if any, are credited to the allowance for loan losses. The allowance for loan losses consists of amounts specifically allocated to non-performing loans and other criticized or classified loans (if any), as well as allowances determined for the pass rated loans in each major loan category. After the Company establishes an allowance for loan losses for loans that are known to be non-performing, criticized or classified, it calculates a percentage to apply to the remaining loan portfolio to estimate the probable incurred losses inherent in that portion of the portfolio. These percentages are determined by management, based on historical loss experience for the applicable loan class, and are adjusted to reflect its evaluation of: • levels of, and trends in, delinquencies and non-accruals; • trends in volume and terms of loans; • effects of any changes in lending policies and procedures; • experience, ability, and depth of lending management and staff; • national and local economic trends and conditions; • concentrations of credit by such factors as location, industry, inter-relationships, and borrowers; and • for commercial loans, trends in risk ratings. CRE loans subject the Company to the risks that the property securing the loan may not generate sufficient cash flow to service the debt or the borrower may use the cash flow for other purposes. In addition, if necessary, the foreclosure process may be slow and properties may deteriorate in the process. The market values are also subject to a wide variety of factors, including general economic conditions, industry specific factors, environmental factors, interest rates and the availability and terms of credit. Commercial lending presents a risk because repayment depends on the successful operation of the business, which is subject to a wide range of risks and uncertainties. In addition, the ability to successfully liquidate collateral, if any, is subject to a variety of risks because the Company must gain control of assets used in the borrower’s business before foreclosing, which it cannot be assured of doing, and the value in a foreclosure sale or other means of liquidation is uncertain. ADC lending is considered higher risk and exposes the Company to greater credit risk than permanent mortgage financing. The repayment of ADC loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. In the event the Company makes a land acquisition loan on property that is not yet approved for the planned development, there is the risk that approvals will not be granted or will be delayed. These events may adversely affect the borrower and the collateral value of the property. Development and construction loans also expose the Company to the risk that improvements will not be completed on time or in accordance with specifications and projected costs. In addition, the ultimate sale or rental of the property may not occur as anticipated. All of these factors are considered as part of the underwriting, structuring and pricing of the loan. The Company has deemphasized originations of land acquisition and land development loans; however, it does originate construction loans on an exception basis but only to select clients principally within our immediate footprint. When the Company evaluates residential mortgage loans and consumer - home equity loans it weighs both the credit capacity of the borrower and the collateral value of the home. If unemployment or underemployment increase, the credit capacity of underlying borrowers will decrease, which increases its risk. Similarly, as the Company obtains a mortgage on the property, if home prices decline, it is exposed to risk in both its first mortgage and equity lending programs due to declines in the value of its collateral. The Company is also exposed to risk because the time to foreclose is significant and has become longer under current market conditions. |
Troubled Debt Restructuring | Troubled Debt Restructuring Troubled debt restructuring ( “ TDR ” ) is a formally renegotiated loan in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that would not have been granted to the borrower otherwise. Not all loans that are restructured as a TDR are classified as non-accrual before the restructuring occurs. Restructured loans can convert from non-accrual to accrual status when said loans have demonstrated performance, generally evidenced by six months of consistent payment performance in accordance with the restructured terms, or by the presence of other significant items. |
Federal Reserve Bank of New York and Federal Home Loan Bank Stock | Federal Reserve Bank of New York and Federal Home Loan Bank Stock As a member of the Federal Reserve Bank of New York (“FRB”) and the Federal Home Loan Bank of New York (“FHLB”), the Bank is required to hold a certain amount of FRB and FHLB common stock. This stock is a non-marketable equity security and is reported at cost. |
Premises and Equipment | Premises and Equipment Land is reported at cost, while premises and equipment are reported at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which range from three years for equipment and 40 years for premises. Leasehold improvements are amortized on a straight-line basis over the terms of the respective leases, including renewal options, or the estimated useful lives of the improvements, whichever is shorter. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. The Company recognizes an impairment charge to its premises and equipment, generally in connection with a decision to consolidate or close a financial center. Impairment is based on the excess of the carrying amount of assets over the fair value of the assets. Fair value is determined by third-party valuations or appraisals and evaluations prepared by management. |
Goodwill, Trade Names and Other Intangible Assets | Goodwill, Trade Names and Other Intangible Assets Goodwill resulting from business combinations represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill and trade names (which are included with core deposits and other intangible assets in the consolidated balance sheet) acquired in a purchase business combination that have an indefinite useful life are not amortized, but are tested for impairment at least annually. Goodwill and trade names are the only intangible assets with an indefinite life on the Company’s balance sheet. The Company accounts for goodwill, trade names and other intangible assets in accordance with GAAP, which, in general, requires that goodwill and trade names not be amortized, but rather that they be tested for impairment at least annually at the reporting unit level. The Company operates as one reporting unit. The Company has the option to first perform a qualitative assessment to test goodwill for impairment on a reporting-unit-by-reporting-unit basis. If, after performing the qualitative assessment, the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company will perform the two-step process described below: 1. Identify potential impairments by comparing the fair value of a reporting unit to its carrying amount, including goodwill. Goodwill is not considered impaired as long as the fair value of the reporting unit is greater than its carrying value. The second step is only required if a potential impairment to goodwill is identified in step one. 2. Compare the implied fair value of goodwill to its carrying amount, where the implied fair value of goodwill is computed on a residual basis, that is, by subtracting the sum of the fair values of the individual asset categories (tangible and intangible) from the indicated fair value of the reporting unit as determined under step one. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized. That loss is equal to the carrying amount of goodwill that is in excess of its implied fair value, and it must be presented as a separate line item on financial statements. At December 31, 2016 , the Company assessed goodwill for impairment using qualitative factors and concluded the two-step process was unnecessary. Core deposit intangibles recorded in acquisitions are amortized to expense using an accelerated method over their estimated lives of 8 to ten years . Non-compete agreements are amortized on a straight line basis over their estimated life. Impairment losses on intangible assets and other long-term assets are charged to expense, if and when they occur, with the assets recorded at fair value. |
Bank Owned Life Insurance (BOLI) | Bank Owned Life Insurance (BOLI) The Company owns life insurance policies (purchased and acquired) on certain officers and key executives. Bank owned life insurance (“BOLI”) is recorded at its cash surrender value (or the amount that can be realized). |
Other Real Estate Owned | Other Real Estate Owned Real estate properties acquired through loan foreclosures are recorded initially at estimated fair value, less expected sales costs, with any resulting write-down charged to the allowance for loan losses. Other real estate owned (“OREO”) also includes the fair value of the Bank’s financial centers that are held for sale. Any write-down associated with the transfer of a financial center from premises and equipment to OREO is included as a charge to other non-interest expense in the consolidated statement of operations. Subsequent valuations of OREO are performed by management, and the carrying amount of a property is adjusted by a charge to expense to reflect any subsequent declines in estimated fair value. Fair value estimates are based on recent appraisals and other available information. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. Gains and losses on sales of OREO properties are recognized upon disposition. |
Other Borrowings - Securities Repurchase Agreements | Other Borrowings - Securities Repurchase Agreements In securities repurchase agreements, the Company transfers securities to a counterparty under an agreement to repurchase the identical securities at a fixed price on a future date. These agreements are accounted for as secured financing transactions since the Company maintains effective control over the transferred securities and the transfer meets other specified criteria. Accordingly, the transaction proceeds are recorded as borrowings and the underlying securities continue to be carried in the Company’s investment securities portfolio. Disclosure of the pledged securities is made in the consolidated balance sheets if the counterparty has the right by contract to sell or re-pledge such collateral. (See Note 9. “Borrowings, Senior Notes and Subordinated Notes”). |
Income Taxes | Income Taxes Net deferred taxes are recognized for the estimated future tax effects attributable to “temporary differences” between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in income tax expense in the period that includes the enactment date of the change. A deferred tax liability is recognized for all temporary differences that will result in future taxable income. A deferred tax asset is recognized for all temporary differences that will result in future tax deductions, subject to reduction of the asset by a valuation allowance in certain circumstances. This valuation allowance is recognized if, based on an analysis of available evidence, we determine that it is more likely than not that some portion, or all of the deferred tax asset will not be realized. The valuation allowance is subject to ongoing adjustment based on changes in circumstances that affect management’s judgment about the realizability of the deferred tax asset. Adjustments to increase or decrease the valuation allowance are charged or credited, respectively, to income tax expense. The Company recognizes interest and/or penalties related to income tax matters in other non-interest expense. The Company evaluates uncertain tax positions in a two step process. The first step is recognition, which requires a determination of whether it is more likely than not that a tax position will be sustained upon examination. The second step is measurement. Under the measurement step, a tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more likely than not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. A previously recognized tax position that no longer meets the more likely than not recognition threshold should be derecognized in the first subsequent financial reporting period in which the threshold is no longer met. |
Derivatives | Derivatives Derivatives are recognized as assets and liabilities in the consolidated balance sheets and measured at fair value. For exchange-traded contracts, fair value is based on quoted market prices. For non-exchange traded contracts, fair value is based on dealer quotes, pricing models, discounted cash flow methodologies, or similar techniques for which the determination of fair value may require management judgment or estimation relating to future rates and credit activities. For asset/liability management purposes, the Bank uses interest rate swap agreements to modify interest rate risk characteristics of certain portfolio loans as an accommodation to our borrowers. Interest rate swaps are contracts in which a series of interest rate flows are exchanged over a prescribed period. The notional amount on which the interest payments are based is not exchanged. These swap agreements are derivative instruments and these instruments effectively convert a portion of the Bank’s fixed-rate borrowings to variable rate borrowings. |
Fair Values of Financial Instruments | Fair Values of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 19. “Fair Value Measurements” Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. The Company does not believe there are such matters that will have a material effect on the consolidated financial statements. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Stock-Based Compensation Plans | Stock-Based Compensation Plans Compensation expense for stock options and non-vested stock awards/stock units is based on the fair value of the award on the measurement date, which is the date of grant. The expense is recognized ratably over the service period of the award. The fair value of stock options is estimated using a Black-Scholes valuation model. The fair value of non-vested stock awards/stock units is generally the market price of the Company’s common stock on the date of grant. |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed in a similar manner to basic EPS, except that the weighted average number of common shares is increased to include incremental shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive stock options were exercised and unvested restricted stock became vested during the periods. For purposes of computing both basic and diluted EPS, outstanding shares included earned ESOP (as defined below) shares. |
Segment Information | Segment Information Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of the Company’s operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes the Company’s only operating segment for financial reporting purposes. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards 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. This standard is effective for the Company on January 1, 2018. Our revenue is comprised of net interest income on financial assets and financial liabilities, which is explicitly excluded from the scope of ASU 2014-09, and non-interest income, which is subject to ASU 2014-09. Although management continues to evaluate the potential impact of ASU 2014-09 on our consolidated financial statements at this time we believe the adoption of this standard will not have a significant impact to 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 2015-15 had no significant impact to our consolidated financial statements. ASU 2016-1, “No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-1, among other things: (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income; (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and (vii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. ASU 2016-1 will be effective for us on January 1, 2018 and is not expected to have a significant impact on our financial statements. ASU 2016-02, “Leases.” ASU 2016-02 amends existing lease accounting guidance, including the requirement to recognize most lease arrangements on the balance sheet. The adoption of this standard will result in the Company recognizing a right-of-use asset representing its rights to use the underlying asset for the lease term with an offsetting lease liability. ASU 2016-02 will be effective for for the company on January 1, 2019, with early adoption permitted 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. The Company has not yet concluded whether it will adopt the standard prior to January 1, 2019; however, if the standard were effective at December 31, 2016, it would not have had an impact on any borrowings or covenants that are relevant to the Company and management estimates that the impact to the Bank’s and the Company’s regulatory capital ratios would be less than five basis points. ASU 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09, requires excess tax benefits and tax deficiencies to be recorded in the statements of operations as a component of the provision for income taxes when stock awards vest or are settled. In addition, the standard provides an accounting policy election to account for forfeitures as they occur and allows the Company to withhold more of an employee’s vesting shares for tax withholding purposes without triggering liability accounting. ASU 2016-09 will be effective for the Company beginning January 1, 2017. The adoption of this standard is expected to mainly impact our provision for income tax expense. Previously, vesting or settlement of share-based payments impacted stockholder’s equity directly, but under the new standard, vesting or settlements will impact our provision for income taxes as a discrete item. The amount is not expected to be significant to our consolidated financial statements. ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 amends current guidance on the impairment of financial instruments. ASU 2016-13 adds an impairment model known as the current expected credit loss (“CECL”) model that is based on expected losses rather than incurred losses. For the Company, the CECL model will apply mainly to held-to-maturity investment securities, loans and loan commitments. ASU 2016-13 will be effective for the Company for fiscal years beginning after December 15, 2019, and the Company is permitted to early adopt the new guidance for fiscal years beginning after December 15, 2018. ASU 2016-13 will significantly change the accounting for credit impairment. The new guidance will require the Company to modify current processes and systems for establishing the allowance for loan losses and OTTI to ensure they comply with the requirements of the new standard. As as result, the Company has engaged a nationally recognized accounting firm to advise and assist management in performing an implementation readiness assessment and adopt the standard. ASU 2017-04 is Management is continuing its evaluation and has not yet concluded whether it will early adopt the standard or its impact to our consolidated financial statements. ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard will be effective for the Company beginning January 1, 2020, with early adoption permitted. ASU 2017-04 is not expected to have a significant impact on our financial statements. See Note 1. “Basis of Financial Statement Presentation and Summary of Significant Accounting Policies” for a discussion of the adoption of new accounting standards that affected the consolidated financial statements contained in this report. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | 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 $ 12,604 Acquired loans with no evidence of deterioration since origination 1,695,546 1,974,740 NA The table below summarizes the amounts recognized as of the Provident 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 Provident Merger date: Consideration paid through Legacy Provident New York Bancorp common stock issued to Legacy Sterling shareholders $ 457,781 Legacy Sterling carrying value Fair value adjustments As recorded at acquisition Cash and cash equivalents $ 277,798 $ — $ 277,798 Investment securities 613,154 (5,243 ) (a) 607,911 Loans held for sale 30,341 — 30,341 Loans 1,704,801 (6,693 ) (b) 1,698,108 Federal Reserve Bank stock 7,680 — 7,680 Bank owned life insurance 55,374 — 55,374 Premises and equipment 21,293 2,301 (c) 23,594 Accrued interest receivable 6,590 — 6,590 Core deposit and other intangibles — 20,089 (d) 20,089 Trade name intangible — 20,500 (e) 20,500 Other real estate owned 1,720 4,095 (f) 5,815 Other assets 40,877 (19,944 ) (g) 20,933 Deposits (2,296,713 ) (477 ) (h) (2,297,190 ) FHLB borrowings (100,346 ) (273 ) (i) (100,619 ) Other borrowings (62,465 ) — (62,465 ) Subordinated Debentures (25,774 ) (753 ) (j) (26,527 ) Other liabilities (60,462 ) 4,502 (k) (55,960 ) Total identifiable net assets $ 213,868 $ 18,104 $ 231,972 Goodwill recorded in the Provident Merger $ 225,809 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustment on investment securities held to maturity. (b) Represents the elimination of Legacy Sterling ’ s allowance for loan losses and an adjustment of the amortized cost of loans to estimated fair value, which includes an interest rate mark and credit mark. Gross loans acquired were $1,723,447 ; and of the acquired loans, $1,699,271 were not considered PCI loans. The Company recorded a fair value adjustment of $14,440 . (c) Represents an adjustment to reflect the fair value of leasehold improvements. (d) Represents intangible assets recorded to reflect the fair value of core deposits and below market rent on leased premises. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. The below market rent intangible asset will be amortized on a straight-line basis over the remaining term of the leases. (e) Represents the estimated fair value of Legacy Sterling ’ s trade name. This intangible asset will not be amortized and will be reviewed at least annually for impairment. (f) Represents an adjustment to an acquired property which Legacy Sterling utilized as a financial center and recorded as premises and equipment. The Company included this asset in OREO, as it was held for sale. This asset was sold during fiscal 2014 . (g) Consists primarily of adjustments in net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangibles recorded. (h) Represents the fair value adjustment on deposits as the weighted average interest rate of deposits assumed exceeded the cost of similar funding available in the market at the time of the Provident Merger. (i) Represents the fair value adjustment on FHLB borrowings, as the weighted average interest rate of FHLB borrowings assumed exceeded the cost of similar funding available in the market at the time of the Provident Merger. (j) Represents the fair value adjustment on subordinated debentures as the weighted average interest rate of the debentures assumed exceeded the cost of similar debt funding available in the market at the time of the Provident Merger. (k) Represents the fair value of other liabilities assumed at the Provident Merger date. 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. |
Business Acquisition, Unaudited Pro Forma Information | The unaudited pro forma information for calendar 2015 , the transition period and fiscal 2014 set forth below reflects adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to amortization of premiums and accretion of discounts. Direct merger-related expenses and charges incurred in calendar 2015 and the 2014 transition period and costs incurred to write-down assets and accrue for retention and severance compensation are assumed to have occurred prior to October 1, 2013 . Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue enhancement opportunities or anticipated potential cost savings for periods that include data as of June 30, 2015 or earlier. Pro forma information For the year ended For the three months ended For the fiscal year ended December 31, 2015 December 31, 2014 September 30, 2014 Net interest income $ 360,271 $ 82,540 $ 306,401 Non-interest income 66,686 17,214 60,356 Non-interest expense 261,453 73,263 318,804 Net income 100,086 16,971 23,596 Pro forma earnings per share from continuing operations: Basic $ 0.78 $ 0.14 $ 0.20 Diluted 0.78 0.14 0.20 |
Business Acquisition, Impaired Loans Acquired | The impaired loans acquired in the Provident Merger as of October 31, 2013 were accounted for in accordance with ASC Topic 310-30 Accounting for Certain Loans or Debt Securities Acquired in a Transfer (“ASC 310-30”) and were comprised of collateral dependent loans with deteriorated credit quality as follows: ASC 310-30 loans Contractual principal balance at acquisition $ 24,176 Principal not expected to be collected (non-accretable discount) (10,927 ) Expected cash flows at acquisition 13,249 Interest component of expected cash flows (accretable discount) — Fair value of acquired loans $ 13,249 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of securities available for sale | A summary of amortized cost and estimated fair value of our securities is presented below: December 31, 2016 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 1,213,733 $ 569 $ (20,821 ) $ 1,193,481 $ 277,539 $ 1,353 $ (3,625 ) $ 275,267 CMO/Other MBS 57,563 44 (926 ) 56,681 40,594 74 (572 ) 40,096 Total residential MBS 1,271,296 613 (21,747 ) 1,250,162 318,133 1,427 (4,197 ) 315,363 Other securities: Federal agencies 204,770 2 (10,793 ) 193,979 58,200 1,392 — 59,592 Corporate 43,464 150 (1,108 ) 42,506 35,048 431 (11 ) 35,468 State and municipal 245,304 739 (5,273 ) 240,770 974,290 3,571 (36,232 ) 941,629 Other — — — — 5,750 195 — 5,945 Total other securities 493,538 891 (17,174 ) 477,255 1,073,288 5,589 (36,243 ) 1,042,634 Total securities $ 1,764,834 $ 1,504 $ (38,921 ) $ 1,727,417 $ 1,391,421 $ 7,016 $ (40,440 ) $ 1,357,997 December 31, 2015 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized 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 our securities is presented below: December 31, 2016 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 1,213,733 $ 569 $ (20,821 ) $ 1,193,481 $ 277,539 $ 1,353 $ (3,625 ) $ 275,267 CMO/Other MBS 57,563 44 (926 ) 56,681 40,594 74 (572 ) 40,096 Total residential MBS 1,271,296 613 (21,747 ) 1,250,162 318,133 1,427 (4,197 ) 315,363 Other securities: Federal agencies 204,770 2 (10,793 ) 193,979 58,200 1,392 — 59,592 Corporate 43,464 150 (1,108 ) 42,506 35,048 431 (11 ) 35,468 State and municipal 245,304 739 (5,273 ) 240,770 974,290 3,571 (36,232 ) 941,629 Other — — — — 5,750 195 — 5,945 Total other securities 493,538 891 (17,174 ) 477,255 1,073,288 5,589 (36,243 ) 1,042,634 Total securities $ 1,764,834 $ 1,504 $ (38,921 ) $ 1,727,417 $ 1,391,421 $ 7,016 $ (40,440 ) $ 1,357,997 December 31, 2015 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized 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 | The amortized cost and estimated fair value of securities at December 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 mortgage-backed securities are shown separately since they are not due at a single maturity date. December 31, 2016 Available for sale Held to maturity Amortized cost Fair value Amortized cost Fair value Other securities remaining period to contractual maturity: One year or less $ 11,605 $ 11,632 $ 24,815 $ 24,916 One to five years 88,794 88,424 64,750 65,931 Five to ten years 251,244 242,184 204,404 205,629 Greater than ten years 141,895 135,015 779,319 746,158 Total other securities 493,538 477,255 1,073,288 1,042,634 Residential MBS 1,271,296 1,250,162 318,133 315,363 Total securities $ 1,764,834 $ 1,727,417 $ 1,391,421 $ 1,357,997 |
Sale of securities | Sales of securities for the periods indicated below were as follows: Year ended Three months ended Fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Available for sale: Proceeds from sales $ 858,531 $ 893,610 $ 244,835 $ 247,650 $ 529,107 Gross realized gains 10,665 6,018 409 211 1,964 Gross realized losses (3,143 ) (1,181 ) (452 ) (856 ) (1,323 ) Income tax expense (benefit) on realized net gains (losses) 2,445 1,572 (14 ) (214 ) 172 |
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: 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 December 31, 2016 Residential MBS: Agency-backed $ 1,101,641 $ (20,816 ) $ 686 $ (5 ) $ 1,102,327 $ (20,821 ) CMO/Other MBS 38,841 (506 ) 15,239 (420 ) 54,080 (926 ) Total residential MBS 1,140,482 (21,322 ) 15,925 (425 ) 1,156,407 (21,747 ) Other securities: Federal agencies 185,504 (10,793 ) 4 — 185,508 (10,793 ) Corporate 10,399 (137 ) 14,942 (971 ) 25,341 (1,108 ) State and municipal 173,062 (5,196 ) 3,733 (77 ) 176,795 (5,273 ) Total other securities 368,965 (16,126 ) 18,679 (1,048 ) 387,644 (17,174 ) Total $ 1,509,447 $ (37,448 ) $ 34,604 $ (1,473 ) $ 1,544,051 $ (38,921 ) 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 unrealized losses, segregated by the length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Held to maturity December 31, 2016 Residential MBS: Agency-backed $ 185,116 $ (3,623 ) $ 213 $ (2 ) $ 185,329 $ (3,625 ) CMO/Other MBS 34,786 (572 ) — — 34,786 (572 ) Total residential MBS 219,902 (4,195 ) 213 (2 ) 220,115 (4,197 ) Other securities: Corporate — — 5,037 (11 ) 5,037 (11 ) State and municipal 758,690 (36,169 ) 2,816 (63 ) 761,506 (36,232 ) Total other securities 758,690 (36,169 ) 7,853 (74 ) 766,543 (36,243 ) Total $ 978,592 $ (40,364 ) $ 8,066 $ (76 ) $ 986,658 $ (40,440 ) 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: December 31, 2016 2015 Available for sale securities pledged for borrowings, at fair value $ 67,599 $ 101,994 Available for sale securities pledged for municipal deposits, at fair value 398,961 849,186 Available for sale securities pledged for customer back-to-back swaps, at fair value 126 1,839 Held to maturity securities pledged for borrowings, at amortized cost 55,343 206,337 Held to maturity securities pledged for municipal deposits, at amortized cost 958,246 327,589 Total securities pledged $ 1,480,275 $ 1,486,945 |
Portfolio Loans (Tables)
Portfolio Loans (Tables) | 12 Months Ended |
Dec. 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: December 31, 2016 2015 Commercial: Commercial & industrial (“C&I”): Traditional C&I $ 1,404,774 $ 1,189,154 Asset-based lending 741,942 310,214 Payroll finance 255,549 221,831 Warehouse lending 616,946 387,808 Factored receivables 214,242 208,382 Equipment financing 589,315 631,303 Public sector finance 349,182 182,336 Total C&I 4,171,950 3,131,028 Commercial mortgage: Commercial real estate 3,162,942 2,733,351 Multi-family 981,076 796,030 Acquisition, development & construction (“ADC”) 230,086 186,398 Total commercial mortgage 4,374,104 3,715,779 Total commercial 8,546,054 6,846,807 Residential mortgage 697,108 713,036 Consumer 284,068 299,517 Total portfolio loans 9,527,230 7,859,360 Allowance for loan losses (63,622 ) (50,145 ) Total portfolio loans, net $ 9,463,608 $ 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 and TDRs at December 31, 2016 and 2015 : December 31, 2016 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 1,376,181 $ 835 $ 817 $ 555 $ 26,386 $ 1,404,774 Asset-based lending 741,942 — — — — 741,942 Payroll finance 254,715 — 14 621 199 255,549 Warehouse lending 616,946 — — — — 616,946 Factored receivables 213,624 — — — 618 214,242 Equipment financing 583,835 2,142 1,092 — 2,246 589,315 Public sector finance 349,182 — — — — 349,182 CRE 3,140,561 967 — 406 21,008 3,162,942 Multi-family 981,005 — — — 71 981,076 ADC 224,817 — — — 5,269 230,086 Residential mortgage 675,750 5,509 951 108 14,790 697,108 Consumer 274,719 2,423 350 — 6,576 284,068 Total loans $ 9,433,277 $ 11,876 $ 3,224 $ 1,690 $ 77,163 $ 9,527,230 Total TDRs included above $ 11,032 $ 253 $ — $ — $ 1,989 $ 13,274 Non-performing loans: Loans 90+ days past due and still accruing $ 1,690 Non-accrual loans 77,163 Total non-performing loans $ 78,853 December 31, 2015 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 1,138,085 $ 9,380 $ 31,060 $ 487 $ 10,142 $ 1,189,154 Asset-based lending 310,214 — — — — 310,214 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 Public sector finance 182,336 — — — — 182,336 CRE 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 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 December 31, 2016 and 2015 : December 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 Traditional C&I $ 22,338 $ 4,048 $ 26,386 $ 26,386 $ 4,314 $ 5,828 $ 10,142 $ 10,503 Payroll finance 199 — 199 199 — — — — Factored receivables 618 — 618 618 220 — 220 220 Equipment financing 2,246 — 2,246 2,246 1,644 — 1,644 1,644 CRE 15,063 5,945 21,008 25,619 13,119 7,623 20,742 23,678 Multi-family 71 — 71 71 1,717 — 1,717 1,837 ADC 5,269 — 5,269 5,398 3,700 — 3,700 3,829 Residential mortgage 13,399 1,391 14,790 18,190 13,683 5,997 19,680 24,386 Consumer 5,719 857 6,576 7,865 7,315 577 7,892 9,404 $ 64,922 $ 12,241 $ 77,163 $ 86,592 $ 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 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 Traditional C&I $ 3,138 $ 1,168,613 $ 17,403 $ 1,189,154 $ — $ 9,953 $ 9,953 Asset-based lending — 310,214 — 310,214 — 2,762 2,762 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 Public sector finance — 182,336 — 182,336 — 547 547 CRE 13,492 2,669,673 50,186 2,733,351 — 11,461 11,461 Multi-family 1,541 790,017 4,472 796,030 — 5,141 5,141 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 the carrying value of the Company’s PCI loans segregated by those PCI loans subject to accretion, and those PCI loans under the cost recovery method at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 PCI loans subject to accretion PCI loans under cost recovery method (non-accrual) Total PCI loans PCI loans subject to accretion PCI loans under cost recovery method (non-accrual) Total PCI loans Traditional C&I $ 10,039 $ 4,048 $ 14,087 $ 11,575 $ 5,828 $ 17,403 Asset-based lending 17,695 — 17,695 — — — CRE 38,087 5,945 44,032 42,563 7,623 50,186 Multi-family 4,366 — 4,366 4,472 — 4,472 ADC 4,967 — 4,967 4,664 — 4,664 Residential 776 1,391 2,167 1,279 5,997 7,276 Consumer 737 857 1,594 715 577 1,292 $ 76,667 $ 12,241 $ 88,908 $ 65,268 $ 20,025 $ 85,293 The following table presents loans individually evaluated for impairment by segment of loans at December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Unpaid principal balance Recorded investment Unpaid principal balance Recorded investment Loans with no related allowance recorded: Traditional C&I $ 25,221 $ 25,221 $ 3,145 $ 3,138 Payroll finance 570 570 — — Equipment financing 1,413 1,413 1,017 1,017 CRE 16,365 14,853 15,092 13,492 Multi-family — — 1,541 1,541 ADC 9,025 9,025 8,669 8,669 Residential 2,545 2,545 515 515 Consumer 1,764 1,764 — — $ 56,903 $ 55,391 $ 29,979 $ 28,372 The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 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 Traditional C&I $ 25,221 $ 1,365,466 $ 14,087 $ 1,404,774 $ — $ 12,864 $ 12,864 Asset-based lending — 724,247 17,695 741,942 — 3,316 3,316 Payroll finance 570 254,979 — 255,549 — 951 951 Warehouse lending — 616,946 — 616,946 — 1,563 1,563 Factored receivables — 214,242 — 214,242 — 1,669 1,669 Equipment financing 1,413 587,902 — 589,315 — 5,039 5,039 Public sector finance — 349,182 — 349,182 — 1,062 1,062 CRE 14,853 3,104,057 44,032 3,162,942 — 20,466 20,466 Multi-family — 976,710 4,366 981,076 — 4,991 4,991 ADC 9,025 216,094 4,967 230,086 — 1,931 1,931 Residential mortgage 2,545 692,396 2,167 697,108 — 5,864 5,864 Consumer 1,764 280,710 1,594 284,068 — 3,906 3,906 Total loans $ 55,391 $ 9,382,931 $ 88,908 $ 9,527,230 $ — $ 63,622 $ 63,622 The following tables present the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for calendar 2016 and 2015 ; the transition period; the 2013 transition period (unaudited); and fiscal 2014 : For the year ended December 31, 2016 December 31, 2015 YTD average Interest YTD average Interest With no related allowance recorded: Traditional C&I $ 25,508 $ 22 $ 2,718 $ — Payroll finance 71 — — — Equipment Financing 1,275 — 757 — CRE 13,625 133 12,155 102 Multi-family — — 1,078 — ADC 6,132 31 8,819 234 Residential mortgage 768 — 515 — Consumer 1,530 — — — Total $ 48,909 $ 186 $ 26,042 $ 336 There was no cash-basis interest income recognized from impaired loans during the years ended December 31, 2016 and 2015 . There were no impaired loans with a related allowance recorded at December 31, 2016 and 2015 . For the three months ended December 31, 2014 December 31, 2013 QTD average recorded investment Interest income recognized Cash-basis interest income recognized QTD average recorded investment Interest income recognized Cash-basis interest income recognized With no related allowance recorded: Traditional C&I $ 4,482 $ — $ — $ 3,759 $ 20 $ 2 CRE 14,503 44 42 19,318 52 — ADC 11,897 62 62 17,108 148 — Residential mortgage 515 — — 4,890 — — Total $ 31,397 $ 106 $ 104 $ 45,075 $ 220 $ 2 There were no impaired loans with an allowance recorded at December 31, 2014 . At December 31, 2013 , there were traditional C&I loans with a balance of $314 and ADC loans with a balance of $1,932 with an allowance recorded. There was no income recognized on these loans during the period. For the fiscal year ended September 30, 2014 YTD average recorded investment Interest income recognized Cash-basis interest income recognized With no related allowance recorded: Traditional C&I $ 4,180 $ — $ — CRE 14,016 186 180 ADC 20,525 239 239 Residential mortgage 515 — — Total $ 39,236 $ 425 $ 419 |
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 calendar 2016 , calendar 2015 ; the transition period; the 2013 transition period (unaudited); and fiscal 2014 : Year ended Three months ended Fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Balance at beginning of period $ 11,211 724 $ 724 $ — $ — Acquisition 2,200 12,527 — 10,927 10,927 Accretion (4,937 ) (2,229 ) — — — Disposals — (50 ) — (8,086 ) (10,203 ) Reclassification from non-accretable difference 2,643 239 — — — Balance at end of period $ 11,117 $ 11,211 $ 724 $ 2,841 $ 724 |
Troubled debt restructurings | The following tables set forth the amounts and past due status of the Company’s TDRs at December 31, 2016 and December 31, 2015 : December 31, 2016 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 572 $ — $ — $ — $ 128 $ 700 Equipment financing — — — — 29 29 CRE 2,443 253 — — — 2,696 ADC 5,962 — — — 458 6,420 Residential mortgage 2,055 — — — 1,374 3,429 Total $ 11,032 $ 253 $ — $ — $ 1,989 $ 13,274 December 31, 2015 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 154 $ — $ — $ — $ 2,052 $ 2,206 Equipment financing 338 — — — — 338 CRE 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) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Allowance for loan losses activity | Activity in the allowance for loan losses for calendar 2016 and 2015 , the transition period, the 2013 transition period (unaudited), and fiscal 2014 is summarized below: For the year ended December 31, 2016 Beginning Charge-offs Recoveries Net Provision Ending balance Traditional C&I $ 9,953 $ (1,707 ) $ 999 $ (708 ) $ 3,619 $ 12,864 Asset-based lending 2,762 — 62 62 492 3,316 Payroll finance 1,936 (28 ) 32 4 (989 ) 951 Warehouse lending 589 — — — 974 1,563 Factored receivables 1,457 (1,200 ) 61 (1,139 ) 1,351 1,669 Equipment financing 4,925 (1,982 ) 560 (1,422 ) 1,536 5,039 Public sector finance 547 — — — 515 1,062 CRE 11,461 (959 ) 353 (606 ) 9,611 20,466 Multi-family 5,141 (417 ) 2 (415 ) 265 4,991 ADC 2,009 — 104 104 (182 ) 1,931 Residential mortgage 5,007 (1,045 ) 30 (1,015 ) 1,872 5,864 Consumer 4,358 (1,615 ) 227 (1,388 ) 936 3,906 Total allowance for loan losses $ 50,145 $ (8,953 ) $ 2,430 $ (6,523 ) $ 20,000 $ 63,622 Annualized net charge-offs to average loans outstanding 0.08 % For the year ended December 31, 2015 Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance Traditional C&I $ 6,966 $ (1,575 ) $ 1,720 $ 145 $ 2,842 $ 9,953 Asset-based lending 4,061 — — — (1,299 ) 2,762 Payroll finance 1,506 (406 ) 35 (371 ) 801 1,936 Warehouse lending 608 — — — (19 ) 589 Factored receivables 1,205 (291 ) 60 (231 ) 483 1,457 Equipment financing 2,569 (3,423 ) 825 (2,598 ) 4,954 4,925 Public sector finance — — — — 547 547 CRE 7,721 (1,695 ) 148 (1,547 ) 5,287 11,461 Multi-family 4,511 (17 ) 9 (8 ) 638 5,141 ADC 2,987 — 52 52 (1,030 ) 2,009 Residential mortgage 5,843 (1,251 ) 92 (1,159 ) 323 5,007 Consumer 4,397 (2,360 ) 148 (2,212 ) 2,173 4,358 Total allowance for loan losses $ 42,374 $ (11,018 ) $ 3,089 $ (7,929 ) $ 15,700 $ 50,145 Annualized net charge-offs to average loans outstanding 0.13 % For the three months ended December 31, 2014 Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance Traditional C&I $ 5,450 $ (733 ) $ 638 $ (95 ) $ 1,611 $ 6,966 Asset-based lending 4,086 — — — (25 ) 4,061 Payroll finance 1,379 — — — 127 1,506 Warehouse lending 630 — — — (22 ) 608 Factored receivables 1,294 — — — (89 ) 1,205 Equipment financing 2,621 — — — (52 ) 2,569 CRE 8,444 (172 ) 1 (171 ) (552 ) 7,721 Multi-family 4,267 — — — 244 4,511 ADC 2,120 (488 ) — (488 ) 1,355 2,987 Residential mortgage 5,837 (310 ) 2 (308 ) 314 5,843 Consumer 4,484 (203 ) 27 (176 ) 89 4,397 Total allowance for loan losses $ 40,612 $ (1,906 ) $ 668 $ (1,238 ) $ 3,000 $ 42,374 Annualized net charge-offs to average loans outstanding 0.10 % For the three months ended December 31, 2013 (Unaudited) Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance C&I $ 5,302 $ (528 ) $ 501 $ (27 ) $ 1,611 $ 6,886 CRE 7,567 (253 ) 37 (216 ) 659 8,010 Multi-family 2,400 (418 ) — (418 ) — 1,982 ADC 5,806 (218 ) — (218 ) 269 5,857 Residential mortgage 4,474 (270 ) 7 (263 ) 389 4,600 Consumer 3,328 (147 ) 24 (123 ) 72 3,277 Total allowance for loan losses $ 28,877 $ (1,834 ) $ 569 $ (1,265 ) $ 3,000 $ 30,612 Annualized net charge-offs to average loans outstanding 0.14 % For the fiscal year ended September 30, 2014 Beginning Charge-offs Recoveries Net Provision Ending balance C&I $ 5,302 $ (2,901 ) $ 1,073 $ (1,828 ) $ 1,976 $ 5,450 Asset-based lending — — — — 4,086 4,086 Payroll finance — (758 ) — (758 ) 2,137 1,379 Warehouse lending — — — — 630 630 Factored receivables — (211 ) 9 (202 ) 1,496 1,294 Equipment financing — (1,074 ) 194 (880 ) 3,501 2,621 Public sector finance — — — — — — CRE 7,567 (741 ) 161 (580 ) 1,457 8,444 Multi-family 2,400 (418 ) 92 (326 ) 2,193 4,267 ADC 5,806 (1,479 ) — (1,479 ) (2,207 ) 2,120 Residential mortgage 4,474 (963 ) 323 (640 ) 2,003 5,837 Consumer 3,328 (786 ) 114 (672 ) 1,828 4,484 Total allowance for loan losses $ 28,877 $ (9,331 ) $ 1,966 $ (7,365 ) $ 19,100 $ 40,612 Annualized net charge-offs to average loans outstanding 0.18 % |
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 December 31, 2016 and 2015 the risk category of gross loans by segment was as follows: December 31, 2016 December 31, 2015 Special mention Substandard Doubtful Special mention Substandard Doubtful Traditional C&I $ 12,125 $ 28,977 $ 442 $ 12,727 $ 36,268 $ 445 Asset-based lending 35,373 — — 8,038 — — Payroll finance — 820 — — 96 — Warehouse lending — — — — — — Factored receivables 185 433 — — 1,568 — Equipment financing 2,128 3,397 — 460 1,644 — Public sector finance — — — — — — CRE 39,190 29,463 — 32,472 52,290 — Multi-family 7,072 658 — 5,927 1,717 — ADC 6,899 8,870 — 7,075 7,996 — Residential mortgage 951 15,796 — 897 20,269 — Consumer 646 6,738 — 407 7,817 268 Total $ 104,569 $ 95,152 $ 442 $ 68,003 $ 129,665 $ 713 The following analysis presents the allowance for loan losses to originated loans, remaining purchase accounting marks to acquired loan portfolios at December 31, 2016 and 2015 : December 31, 2016 Originated: Pass Special mention Substandard Doubtful Loss Total Traditional C&I $ 1,009,605 $ 5,104 $ 28,496 $ 442 $ — $ 1,043,647 Asset-based lending 545,220 17,678 — — — 562,898 Payroll finance 254,729 — 820 — — 255,549 Factored receivables 213,624 185 433 — — 214,242 Equipment financing 556,522 2,128 3,397 — — 562,047 Warehouse lending 616,946 — — — — 616,946 Public sector finance 349,182 — — — — 349,182 CRE 2,869,306 12,492 19,130 — — 2,900,928 Multi-family 866,825 1,497 658 — — 868,980 ADC 214,317 6,899 8,870 — — 230,086 Residential 505,803 951 14,578 — — 521,332 Consumer 191,961 646 6,738 — — 199,345 Total originated loans $ 8,194,040 $ 47,580 $ 83,120 $ 442 $ — $ 8,325,182 Allowance for loan losses $ 58,217 $ 1,423 $ 3,650 $ 332 $ — $ 63,622 As a % of originated loans 0.71 % 2.99 % 4.39 % 75.11 % — % 0.76 % December 31, 2016 Acquired loans: Pass Special mention Substandard Doubtful Loss Total Traditional C&I $ 353,625 $ 7,021 $ 481 $ — $ — $ 361,127 Asset-based lending 161,349 17,695 — — — 179,044 Equipment finance 27,268 — — — — 27,268 CRE 224,983 26,698 10,333 — — 262,014 Multi-family 106,521 5,575 — — — 112,096 Residential 174,558 — 1,218 — — 175,776 Consumer 84,723 — — — — 84,723 Total loans subject to purchase accounting marks $ 1,133,027 $ 56,989 $ 12,032 $ — $ — $ 1,202,048 Remaining purchase accounting mark $ 34,322 $ 1,725 $ 965 $ — $ — $ 37,012 As a % of acquired loans 3.03 % 3.03 % 8.02 % — % — % 3.08 % Total portfolio loans $ 9,327,067 $ 104,569 $ 95,152 $ 442 $ — $ 9,527,230 December 31, 2015 Originated: Pass Special mention Substandard Doubtful Loss Total Traditional C&I $ 872,173 $ 3,003 $ 29,621 $ 445 $ — $ 905,242 Asset-based lending 302,176 8,038 — — — 310,214 Payroll finance 221,735 — 96 — — 221,831 Factoring 206,814 — 1,568 — — 208,382 Equipment financing 512,314 460 1,644 — — 514,418 Warehouse lending 387,808 — — — — 387,808 Public sector finance 182,336 — — — — 182,336 CRE 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 419,534 897 13,497 — — 433,928 Consumer 195,684 407 7,167 268 — 203,526 Total portfolio loans in allowance calculation $ 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 Traditional C&I $ 267,541 $ 9,724 $ 6,647 $ — $ — $ 283,912 Equipment finance 116,885 — — — — 116,885 CRE 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 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 $ 7,660,979 $ 68,003 $ 129,665 $ 713 $ — $ 7,859,360 |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and equipment are summarized as follows: December 31, 2016 2015 Land and land improvements $ 11,679 $ 12,460 Buildings 29,785 27,803 Leasehold improvements 33,070 32,576 Furniture, fixtures and equipment 63,877 66,478 Total premises and equipment, gross 138,411 139,317 Accumulated depreciation and amortization (81,093 ) (75,955 ) Total premises and equipment, net $ 57,318 $ 63,362 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The change in goodwill for the periods presented was as follows: For the year ended December 31, 2016 2015 Beginning of period balance $ 670,699 $ 388,926 Acquired goodwill 25,901 281,773 End of period balance $ 696,600 $ 670,699 |
Schedule of Finite-Lived Intangible Assets | The balance of other intangible assets for the periods presented was as follows: Gross intangible assets Accumulated amortization Net intangible assets December 31, 2016 Core deposits $ 58,021 $ (20,566 ) $ 37,455 Customer lists 10,450 (2,767 ) 7,683 Non-compete agreements 11,808 (11,183 ) 625 Trade name 20,500 — 20,500 Fair value of below market leases 725 (635 ) 90 $ 101,504 $ (35,151 ) $ 66,353 December 31, 2015 Core deposits $ 58,021 $ (12,227 ) $ 45,794 Customer lists 8,950 (991 ) 7,959 Non-compete agreements 11,808 (8,883 ) 2,925 Trade name 20,500 — 20,500 Fair value of below market leases 725 (536 ) 189 $ 100,004 $ (22,637 ) $ 77,367 |
Future amortization expense | The estimated aggregate future amortization expense for other intangible assets remaining as of December 31, 2016 was as follows: Amortization expense 2017 $ 8,838 2018 7,285 2019 6,074 2020 5,428 2021 5,022 Thereafter 13,206 Total $ 45,853 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Summary of major classification of deposits | Deposit balances at December 31, 2016 and 2015 are summarized as follows: December 31, 2016 2015 Non-interest bearing demand $ 3,239,332 $ 2,936,980 Interest bearing demand 2,220,456 1,274,417 Savings 747,031 943,632 Money market 3,277,686 2,819,788 Certificates of deposit 583,754 605,190 Total deposits $ 10,068,259 $ 8,580,007 |
Schedule of Maturities of Deposits | Certificates of deposit had remaining periods to contractual maturity as follows: December 31, 2016 2015 Remaining period to contractual maturity: Less than one year $ 480,162 $ 494,242 One to two years 47,768 75,724 Two to three years 42,492 20,469 Three to four years 7,210 9,573 Four to five years 6,122 5,182 Total certificates of deposit $ 583,754 $ 605,190 |
List of Company's Brokered deposits | Listed below are the Company’s brokered deposits: December 31, 2016 2015 Interest bearing demand $ 426,437 $ — Money market 5,560 152,180 Savings 246,572 — Reciprocal CDARs 1 153,060 169,958 CDARs one way — 106,647 Total brokered deposits $ 831,629 $ 428,785 1 Certificate of deposit account registry service |
Borrowings, Senior Notes and 40
Borrowings, Senior Notes and Subordinated Notes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instruments [Abstract] | |
Schedule of debt | The Company’s borrowings and weighted average interest rates are summarized as follows: December 31, 2016 2015 Amount Rate Amount Rate By type of borrowing: FHLB advances and overnight $ 1,791,000 1.01 % $ 1,409,885 1.32 % Repurchase agreements 16,642 0.75 16,566 0.55 Senior Notes 76,469 5.98 98,893 5.98 Subordinated Notes 172,501 5.45 — — Total borrowings $ 2,056,612 1.56 % $ 1,525,344 1.61 % By remaining period to maturity: Less than one year $ 1,397,642 0.87 % $ 999,222 0.69 % One to two years 311,469 2.53 295,000 3.19 Two to three years 75,000 1.50 228,893 3.57 Three to four years 50,000 1.38 — — Four to five years 50,000 1.68 — — Greater than five years 172,501 5.45 2,229 4.92 Total borrowings $ 2,056,612 1.56 % $ 1,525,344 1.61 % |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Summary of derivatives | Summary information as of December 31, 2016 and 2015 regarding these derivatives is presented below: Notional amount Average maturity (in years) Weighted average fixed rate Weighted average variable rate Fair value December 31, 2016 3rd party interest rate swap $ 296,282 5.63 3.94 % 1 m Libor + 2.29 $ (2,088 ) Customer interest rate swap (296,282 ) 5.63 3.94 1 m Libor + 2.29 2,088 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) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) for the periods indicated consisted of the following: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Current tax expense (benefit): Federal $ 55,418 $ 25,634 $ 17,134 $ (8,205 ) $ 11,613 State 12,854 5,862 3,322 (600 ) 1,598 Total current tax expense (benefit) 68,272 31,496 20,456 (8,805 ) 13,211 Deferred tax expense (benefit): Federal (1,069 ) (1,406 ) (10,954 ) 2,229 (2,745 ) State 179 1,745 (1,126 ) (372 ) (314 ) Total deferred tax (benefit) expense (890 ) 339 (12,080 ) 1,857 (3,059 ) Total income tax expense (benefit) $ 67,382 $ 31,835 $ 8,376 $ (6,948 ) $ 10,152 |
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 year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Tax at federal statutory rate of 35% $ 72,574 $ 34,282 $ 8,884 $ (7,335 ) $ 13,241 State and local income taxes, net of federal tax benefit 8,472 4,945 683 (632 ) 834 Tax-exempt interest, net of disallowed interest (11,094 ) (5,218 ) (1,029 ) (768 ) (3,824 ) BOLI income (1,933 ) (1,853 ) (341 ) (259 ) (1,110 ) Non-deductible acquisition related costs — 700 53 712 712 Low income housing tax credits (469 ) (215 ) (220 ) — (165 ) Other, net (168 ) (806 ) 346 1,334 464 Actual income tax expense $ 67,382 $ 31,835 $ 8,376 $ (6,948 ) $ 10,152 Effective income tax rate 32.5 % 32.5 % 33.0 % (33.2 )% 26.8 % |
Schedule of Deferred Tax Assets and Liabilities | The following table presents the Company’s deferred tax position at December 31, 2016 and 2015 : December 31, 2016 2015 Deferred tax assets: Allowance for loan losses $ 25,039 $ 19,684 Deferred compensation 656 736 Other accrued compensation and benefits 9,920 8,229 Accrued post retirement expense 2,060 1,967 Deferred rent 3,268 3,849 Intangible assets 3,108 2,676 Other comprehensive loss (securities) 16,911 8,245 Other comprehensive loss (defined benefit plans) 479 566 Depreciation of premises and equipment — 2,738 State NOL carryforward — 379 Other 3,971 3,738 Total deferred tax assets 65,412 52,807 Deferred tax liabilities: Prepaid pension costs 3,798 4,492 Acquisition fair value adjustments 18,948 15,503 Depreciation of premises and equipment 809 — Other 1,309 1,733 Total deferred tax liabilities 24,864 21,728 Net deferred tax asset $ 40,548 $ 31,079 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [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 periods presented: 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 October 1, 2013 2,066,184 209,697 $ 8.73 2,114,509 $ 10.71 2014 Plan 3,400,000 — — — — 2012 Stock Incentive Plan termination (566,554 ) — — — — Grants associated with the Provident Merger (1) (921,503 ) 351,964 11.72 104,152 14.25 Granted (1) (719,674 ) 115,145 11.53 324,862 11.45 Stock awards vested — (69,211 ) 9.51 — — Exercised — — — (507,955 ) 11.29 Forfeited 439,594 (18,841 ) 9.18 (375,235 ) 12.24 Canceled/expired (347,286 ) — — — — Balance at September 30, 2014 3,350,761 588,754 $ 10.99 1,660,333 $ 10.55 Granted (1) (1,360,006 ) 250,624 12.96 482,811 13.29 Stock awards vested — (193,129 ) 10.84 — — Exercised — — — (95,033 ) 12.31 Forfeited 8,267 (2,362 ) 13.23 — — Canceled/expired — — — (7,812 ) 14.09 Balance at December 31, 2014 1,999,022 643,887 $ 11.79 2,040,299 $ 11.10 2015 Plan 2,800,000 — — — — Granted (1) (732,023 ) 447,807 14.02 24,566 14.22 Stock awards vested — (330,384 ) 11.23 — — Exercised — — — (406,422 ) 11.58 Forfeited 192,970 (34,510 ) 12.92 (71,871 ) 12.90 Canceled/expired (134,304 ) — — — — Balance at December 31, 2015 4,125,665 726,800 $ 13.36 1,586,572 $ 10.95 Granted (515,869 ) 515,869 14.60 — — Stock awards vested — (261,989 ) 13.09 — — Exercised — — — (503,893 ) 10.47 Forfeited 130,758 (48,457 ) 13.88 (78,560 ) 13.41 Canceled/expired (100,716 ) — — — — Balance at December 31, 2016 3,639,838 932,223 $ 14.09 1,004,119 $ 11.00 Exercisable at December 31, 2016 887,199 $ 10.69 (1) Reflects certain non-vested stock awards that counted as either 3.5 shares or 3.6 shares (depending on under which stock plan the awards were granted) for each share award granted. |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The fair value of options granted was determined using the following weighted-average assumptions as of the grant date: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 Risk-free interest rate 1.8 % 1.9 % 1.7 % 1.8 % Expected stock price volatility 21.2 20.3 26.5 26.4 Dividend yield (1) 3.1 3.2 2.1 2.0 Expected term in years 5.76 5.73 5.75 5.67 Other information regarding options outstanding at December 31, 2016 follows: Outstanding Exercisable Weighted average Weighted average Number of stock options Exercise price Life (in years) Number of stock options exercise price Range of exercise prices: $6.71 to $8.73 169,001 $ 7.90 5.17 169,001 $ 7.90 9.00 to 10.03 224,500 9.24 5.42 224,500 9.24 11.36 to 13.18 305,241 11.67 6.12 305,241 11.67 13.23 to 15.01 305,377 13.33 7.69 188,457 13.23 1,004,119 11.00 6.28 887,199 10.69 |
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 was as follows: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Stock options $ 404 $ 909 $ 316 $ 219 $ 901 Non-vested stock awards/performance units 6,113 3,451 828 620 2,508 Total $ 6,517 $ 4,360 $ 1,144 $ 839 $ 3,409 Income tax benefit 2,118 1,417 378 279 914 |
Unrecognized stock-based compensation expense | Unrecognized stock-based compensation expense at December 31, 2016 was as follows: December 31, 2016 Stock options $ 100 Non-vested stock awards/performance units 8,213 Total $ 8,313 |
Pension and Other Post Retire44
Pension and Other Post Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Pension Plans | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of changes in the projected benefit obligation and fair value of plan assets | The following is a summary of changes in the projected benefit obligation and fair value of Plan assets. The measurement date used by the Company for its pension plans was October 15, 2015, which is the date of the Plan termination, and December 31, 2014 . December 31, 2015 Changes in projected benefit obligation: Beginning of year balance $ 57,877 Interest cost 1,766 Plan termination / Partial settlement (58,171 ) End of year balance 1,472 Changes in fair value of plan assets: Beginning of year balance 72,170 Actual (loss) gain on plan assets (1,085 ) Plan termination / Partial settlement (58,171 ) End of year balance 12,914 Reversion asset / Funded status at end of year $ 11,442 |
Components of the net periodic pension expense (benefit) | The components of net periodic pension expense were as follows: Year ended Three months ended Fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 Interest cost $ 1,766 $ 555 $ 402 $ 2,779 Expected return on plan assets (2,187 ) (682 ) (672 ) (3,380 ) Amortization of unrecognized actuarial loss 272 — 97 236 Plan termination / Partial settlement charge 13,384 — 2,743 3,922 Net periodic pension expense (benefit) $ 13,235 $ (127 ) $ 2,570 $ 3,557 |
Other Post Retirement Benefit Plans | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of changes in the projected benefit obligation and fair value of plan assets | Data relating to other post retirement benefit plans is the following: Year ended Three months ended Fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Changes in accumulated post retirement benefit obligation: Beginning of year $ 11,733 $ 11,096 $ 10,990 $ 3,302 $ 3,302 Obligations assumed in acquisitions — 16,059 — 9,644 9,644 Plan amendment — — 45 — — Service cost — 6 3 12 51 Interest cost 417 373 59 34 683 Actuarial loss 64 364 72 18 79 Curtailment (gain) — — — — (2,485 ) Benefits paid (89 ) (16,165 ) (73 ) (71 ) (284 ) End of year 12,125 11,733 11,096 12,939 10,990 Changes in fair value of plan assets: Beginning of year $ — $ — $ — $ — $ — Employer contributions 89 16,165 73 71 284 Plan participants’ contributions — — — — — Benefits paid (89 ) (16,165 ) (73 ) (71 ) (284 ) End of year — — — — — Funded status $ (12,125 ) $ (11,733 ) $ (11,096 ) $ (12,939 ) $ (10,990 ) |
Components of the net periodic pension expense (benefit) | Components of net periodic (benefit) expense for other post retirement benefit plans was the following: Year ended Three months ended Fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Service cost $ — $ 6 $ 3 $ 12 $ 51 Interest cost 417 373 59 34 683 Amortization of transition obligation — — 3 6 34 Amortization of prior service cost 64 161 — 12 270 Amortization of net actuarial (gain) loss — — 6 — (45 ) Curtailment (gain) — — — — (2,485 ) Total $ 481 $ 540 $ 71 $ 64 $ (1,492 ) |
Schedule of expected benefit payments | Estimated future benefit payments are the following for the years ending December 31: 2017 $ 204 2018 243 2019 285 2020 329 2021 367 Thereafter 1,662 |
Schedule of assumptions used for plan | Plan assumptions for the other post retirement medical, dental and vision plans include the following: December 31, 2016 2015 Discount rate 2.78% to 4.00% 3.00% to 4.00% Discount rate used to value periodic cost 2.78% to 4.00% 3.00% to 4.00% |
Other Non-interest Expense (Tab
Other Non-interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Non-interest Expense | Other non-interest expense items are presented in the following table. Significant components of the aggregate of total net interest income and total non-interest income are presented separately. For the year ended For the three months ended Fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Other non-interest expense: Advertising and promotion $ 2,948 $ 2,522 $ 782 $ 309 $ 2,358 Professional fees 10,276 8,308 1,314 1,818 6,913 Data and check processing 8,866 8,825 1,424 595 3,439 Insurance & surety bond premium 3,150 3,186 595 675 2,703 Charge for asset write-downs, severance, retention and change in fiscal year end 4,485 29,046 1,075 22,167 22,976 Charge for banking systems conversion — — 1,418 — 3,249 Other 18,556 17,836 4,543 4,057 16,279 Total other non-interest expense $ 48,281 $ 69,723 $ 11,151 $ 29,621 $ 57,917 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 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 year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Net income (loss) $ 139,972 $ 66,114 $ 17,004 $ (14,002 ) $ 27,678 Weighted average common shares outstanding for computation of basic EPS 130,607,994 109,907,645 83,831,380 70,493,305 80,268,970 Common-equivalent shares due to the dilutive effect of stock options (1) 626,468 421,708 363,536 — 265,073 Weighted average common shares for computation of diluted EPS 131,234,462 110,329,353 84,194,916 70,493,305 80,534,043 Earnings per common share: Basic $ 1.07 $ 0.60 $ 0.20 $ (0.20 ) $ 0.34 Diluted 1.07 0.60 0.20 (0.20 ) 0.34 Weighted average common shares that could be exercised that were anti-dilutive for the period (2) — 2,394 82,625 2,025,501 697,475 (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted earnings per share. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table presents actual and required capital ratios as of December 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 December 31, 2016 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 December 31, 2016 Common equity tier 1 to RWA: Sterling National Bank $ 1,176,497 10.87 % $ 554,663 5.125 % $ 757,588 7.00 % $ 703,475 6.50 % Sterling Bancorp 1,160,739 10.73 554,474 5.125 757,330 7.00 N/A N/A Tier 1 capital RWA: Sterling National Bank 1,176,497 10.87 % 717,003 6.625 % 919,928 8.50 % 865,815 8.00 % Sterling Bancorp 1,160,739 10.73 716,759 6.625 919,615 8.50 N/A N/A Total capital to RWA: Sterling National Bank 1,413,165 13.06 % 933,457 8.625 % 1,136,382 10.50 % 1,082,269 10.00 % Sterling Bancorp 1,377,547 12.73 933,139 8.625 1,135,995 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 1,176,497 9.08 % 518,308 4.00 % 518,308 4.00 % 647,885 5.00 % Sterling Bancorp 1,160,739 8.95 518,733 4.00 518,733 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 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 |
Reconciliation of Stockholders' Equity to Bank Regulatory Capital | A reconciliation of the Company’s and the Bank’s stockholders’ equity to their respective regulatory capital at December 31, 2016 and 2015 is as follows: The Company The Bank December 31, December 31, 2016 2015 2016 2015 Total U.S. GAAP stockholders’ equity $ 1,855,183 $ 1,665,073 $ 1,843,476 $ 1,705,841 Disallowed goodwill and other intangible assets (721,079 ) (689,023 ) (693,614 ) (664,225 ) Net unrealized loss on available for sale securities 22,637 6,999 22,637 6,992 Net accumulated other comprehensive income components 3,998 5,125 3,998 4,919 Tier 1 risk-based capital 1,160,739 988,174 1,176,497 1,053,527 Tier 2 capital 152,641 — 172,501 — Allowance for loan losses and off-balance sheet commitments 64,167 50,694 64,167 50,694 Total risk-based capital $ 1,377,547 $ 1,038,868 $ 1,413,165 $ 1,104,221 |
Off-Balance-Sheet Financial I48
Off-Balance-Sheet Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [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: December 31, 2016 2015 Loan origination commitments $ 245,319 $ 269,636 Unused lines of credit 968,288 660,915 Letters of credit 114,582 102,930 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease payments due | Future minimum rental payments due under non-cancellable operating leases with initial or remaining terms of more than one year at December 31, 2016 were as follows: 2017 $ 10,549 2018 10,237 2019 8,693 2020 7,790 2021 6,355 2022 and thereafter 21,501 $ 65,125 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Estimated fair value on a recurring basis | A summary of assets and liabilities at December 31, 2016 measured at estimated fair value on a recurring basis is as follows: December 31, 2016 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 1,193,481 $ — $ 1,193,481 $ — CMO/Other MBS 56,681 — 56,681 — Total residential MBS 1,250,162 — 1,250,162 — Federal agencies 193,979 — 193,979 — Corporate bonds 42,506 — 42,506 — State and municipal 240,770 — 240,770 — Trust preferred — — — — Other — — — — Total other securities 477,255 — 477,255 — Total investment securities available for sale 1,727,417 — 1,727,417 — Swaps 2,088 — 2,088 — Total assets $ 1,729,505 $ — $ 1,729,505 $ — Liabilities: Swaps $ (2,088 ) $ — $ (2,088 ) $ — Total liabilities $ (2,088 ) $ — $ (2,088 ) $ — 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 — Interest rate caps and 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 impaired loans at December 31, 2016 measured at estimated fair value on a non-recurring basis is the following: December 31, 2016 Fair value Level 1 inputs Level 2 inputs Level 3 inputs CRE $ 6,786 $ — $ — $ 6,786 Total impaired loans measured at fair value $ 6,786 $ — $ — $ 6,786 A summary 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 CRE $ 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 December 31, 2016 : Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Discount rate/prepayment speeds (1) (weighted average) Impaired loans: CRE $ 6,786 Appraisal Adjustments for comparable properties 22.0% Assets taken in foreclosure: Residential mortgage 4,929 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% CRE (2) 3,919 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% ADC 3,737 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% Mortgage servicing rights 1,024 Third-party Discount rates 8.5% - 11.5% (9.7%) Third-party Prepayment speeds 100 - 555 (174) (1) For loans collateralized by real estate and real estate assets taken in foreclosure the discount rate represents the discount factors applied to the appraisal to determine fair value, which includes a general discount to the appraised value, and estimated costs to carry and costs of sale. The amounts used for mortgage servicing rights are discounts applied by a third-party valuation provider which the Company believes are appropriate. (2) Excludes $1,034 of commercial buildings that are former financial centers held for sale. These assets were not taken in foreclosure and their fair value is determined by appraisal, and our internal assessment of the market for this type of real estate in these locations. The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets at December 31, 2015 : Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Range (1) (weighted average) Impaired loans: CRE $ 3,218 Appraisal Adjustments for comparable properties 22.0% Assets taken in foreclosure: Residential mortgage 2,334 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% CRE (2) 7,805 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% ADC 3,990 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% Mortgage servicing rights 1,204 Third-party Discount rates 8.3% - 11.3% (9.5%) Third-party Prepayment speeds 100 - 480 (183) (1) See (1) above. (2) Excludes $486 of commercial buildings that are former financial centers held for sale. |
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 December 31, 2016 : December 31, 2016 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and due from banks $ 293,646 $ 293,646 $ — $ — Securities available for sale 1,727,417 — 1,727,417 — Securities held to maturity 1,391,421 — 1,357,997 — Loans, net 9,463,608 — — 9,461,469 Loans held for sale 41,889 — 41,889 — Accrued interest receivable on securities 16,495 — 16,495 — Accrued interest receivable on loans 26,824 — — 26,824 FHLB stock and FRB stock 135,098 — — — Swaps 2,088 — 2,088 — Financial liabilities: Non-maturity deposits (9,484,505 ) (9,484,505 ) — — Certificates of deposit (583,754 ) — (582,811 ) — FHLB borrowings (1,791,000 ) — (1,788,676 ) — Other borrowings (16,642 ) — (16,642 ) — Senior Notes (76,469 ) — (79,283 ) — Subordinated Notes (172,501 ) — (169,813 ) — Mortgage escrow funds (13,572 ) — (13,572 ) — Accrued interest payable on deposits (663 ) — (663 ) — Accrued interest payable on borrowings (3,621 ) — (3,621 ) — Swaps (2,088 ) — (2,088 ) — 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 due from banks $ 229,513 $ 229,513 $ — $ — Securities available for sale 1,921,032 — 1,921,032 — Securities held to maturity 722,791 — 734,079 — 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 (483 ) — (483 ) — Accrued interest payable on borrowings (4,490 ) — (4,490 ) — Swaps (1,839 ) — (1,839 ) — |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 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: December 31, 2016 2015 Net unrealized holding (loss) gain on available for sale securities $ (37,417 ) $ (12,172 ) Related income tax benefit (expense) 14,780 5,173 Available for sale securities AOCI, net of tax (22,637 ) (6,999 ) Net unrealized holding loss on securities transferred to held to maturity (5,395 ) (7,226 ) Related income tax benefit 2,131 3,071 Securities transferred to held to maturity AOCI, net of tax (3,264 ) (4,155 ) Net unrealized holding loss on retirement plans (1,213 ) (1,687 ) Related income tax benefit 479 717 Retirement plan AOCI, net of tax (734 ) (970 ) Accumulated other comprehensive loss $ (26,635 ) $ (12,124 ) The following table presents the changes in each component of AOCI for calendar 2016 and 2015, the transition period and fiscal 2014: Net unrealized holding gain (loss) on AFS securities Net unrealized holding gain (loss) on securities transferred to held to maturity Net unrealized holding gain (loss) on retirement plans Total Year ended December 31, 2016 Balance at beginning of the period $ (6,999 ) $ (4,155 ) $ (970 ) $ (12,124 ) Other comprehensive (loss) before reclassification (11,087 ) — — (11,087 ) Amounts reclassified from AOCI (4,551 ) 891 236 (3,424 ) Total other comprehensive (loss) income (15,638 ) 891 236 (14,511 ) Balance at end of period $ (22,637 ) $ (3,264 ) $ (734 ) $ (26,635 ) Year ended December 31, 2015 Balance at beginning of the period $ 1,297 $ (4,967 ) $ (6,581 ) $ (10,251 ) Other comprehensive (loss) gain before reclassification (5,515 ) — 435 (5,080 ) Amounts reclassified from AOCI (2,781 ) 812 5,176 3,207 Total other comprehensive (loss) income (8,296 ) 812 5,611 (1,873 ) Balance at end of period $ (6,999 ) $ (4,155 ) $ (970 ) $ (12,124 ) Three months ended December 31, 2014 Balance at beginning of the period $ (2,671 ) $ (5,144 ) $ (3,644 ) $ (11,459 ) Other comprehensive gain (loss) before reclassification 3,943 — (2,940 ) 1,003 Amounts reclassified from AOCI 25 177 3 205 Total other comprehensive income (loss) 3,968 177 (2,937 ) 1,208 Balance at end of period $ 1,297 $ (4,967 ) $ (6,581 ) $ (10,251 ) Fiscal year ended September 30, 2014 Balance at beginning of the period $ (11,472 ) $ — $ (3,858 ) $ (15,330 ) Other comprehensive gain (loss) before reclassification 9,170 (5,659 ) — 3,511 Amounts reclassified from AOCI (369 ) 515 214 360 Total other comprehensive income (loss) 8,801 (5,144 ) 214 3,871 Balance at end of period $ (2,671 ) $ (5,144 ) $ (3,644 ) $ (11,459 ) Location in statement of operations where reclassification from AOCI is included Net gain (loss) on sale of securities Interest income on securities Compensation and benefits expense |
Condensed Parent Company Fina52
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | Set forth below is the condensed balance sheets of Sterling: December 31, 2016 2015 Assets: Cash $ 48,765 $ 19,529 Securities available for sale at fair value — 3 Investment in the Bank 1,843,476 1,705,558 Investment in non-bank subsidiaries — 3,942 Goodwill 20,023 19,054 Trade name 20,500 20,500 Other intangible assets, net — 360 Other assets 3,258 1,418 Total assets $ 1,936,022 $ 1,770,364 Liabilities: Senior Notes $ 76,469 $ 98,893 Other liabilities 4,370 6,398 Total liabilities 80,839 105,291 Stockholders’ equity 1,855,183 1,665,073 Total liabilities & stockholders’ equity $ 1,936,022 $ 1,770,364 |
Condensed Statement of Operations | The table below presents the condensed statement of operations: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Interest income $ 14 $ 15 $ 2 $ 80 $ 139 Dividends from the Bank 60,000 42,500 7,500 — 22,500 Dividends from non-bank subsidiaries 5,026 500 — — 750 Net gain on sale of trust division 2,255 — — — — Other — — — 4 18 Interest expense (5,398 ) (5,894 ) (1,471 ) (1,819 ) (6,265 ) Non-interest expense (12,989 ) (7,031 ) (1,692 ) (1,214 ) (5,840 ) Income tax benefit 3,700 4,154 820 1,117 3,431 Income (loss) before equity in undistributed earnings of subsidiaries 52,608 34,244 5,159 (1,832 ) 14,733 Equity in undistributed (excess distributed) earnings of: The Bank 87,364 32,230 11,171 (12,376 ) 12,590 Non-bank subsidiaries — (360 ) 674 206 355 Net income (loss) $ 139,972 $ 66,114 $ 17,004 $ (14,002 ) $ 27,678 |
Condensed Statements of Cash Flows | The table below presents the condensed statement of cash flows: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2016 2015 2014 2013 2014 Cash flows from operating activities: Net income (loss) $ 139,972 $ 66,114 $ 17,004 $ (14,002 ) $ 27,678 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (undistributed) excess distributed earnings of: The Bank (87,364 ) (32,230 ) (11,171 ) 12,376 (12,590 ) Non-bank subsidiaries — 360 (674 ) (206 ) (355 ) Loss (gain) on extinguishment of borrowings 1,013 — — — (712 ) Other adjustments, net 6,273 (3,123 ) (10,707 ) 15,310 22,065 Net cash provided by (used in) operating activities 59,894 31,121 (5,548 ) 13,478 36,086 Cash flows from investing activities: Sales of securities 3 — — — 1,112 Investment in subsidiaries (65,000 ) (84,500 ) — (15,000 ) (15,000 ) ESOP loan principal repayments — — — 473 6,437 Net cash (used for) investing activities (64,997 ) (84,500 ) — (14,527 ) (7,451 ) Cash flows from financing activities: Net change in other short-term borrowings — — — — (20,659 ) Redemption of subordinated debentures — — — — (26,140 ) Equity capital raise 90,995 85,059 — — — Redemption of Senior Notes (23,793 ) — — — — Cash dividends paid (36,451 ) (30,384 ) (5,870 ) (2,661 ) (17,677 ) Stock-based compensation transactions 3,588 4,472 1,810 2,569 2,980 Net cash provided by (used for) financing activities 34,339 59,147 (4,060 ) (92 ) (61,496 ) Net increase (decrease) in cash 29,236 5,768 (9,608 ) (1,141 ) (32,861 ) Cash at beginning of the period 19,529 13,761 23,369 56,230 56,230 Cash at end of the period $ 48,765 $ 19,529 $ 13,761 $ 55,089 $ 23,369 |
Quarterly Results of Operatio53
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following is a condensed summary of quarterly results of operations for calendar 2016 and calendar 2015: For the year ended December 31, 2016 Reporting period First quarter Second Third Fourth For the quarter ended March 31 June 30 September 30 December 31 Interest and dividend income $ 106,006 $ 114,309 $ 118,161 $ 123,075 Interest expense 12,495 13,929 15,031 15,827 Net interest income 93,511 100,380 103,130 107,248 Provision for loan losses 4,000 5,000 5,500 5,500 Non-interest income 15,449 20,442 19,039 16,057 Non-interest expense 68,934 59,640 62,256 57,072 Income before income tax 36,026 56,182 54,413 60,733 Income tax expense 12,242 18,412 16,991 19,737 Net income $ 23,784 $ 37,770 $ 37,422 $ 40,996 Earnings per common share: Basic $ 0.18 $ 0.29 $ 0.29 $ 0.31 Diluted 0.18 0.29 0.29 0.31 For the year ended December 31, 2015 Reporting period First quarter Second Third Fourth For the quarter ended March 31 June 30 September 30 December 31 Interest and dividend income $ 66,672 $ 71,947 $ 103,298 $ 106,224 Interest expense 7,805 8,373 9,944 10,803 Net interest income 58,867 63,574 93,354 95,421 Provision for loan losses 2,100 3,100 5,000 5,500 Non-interest income 14,010 13,857 18,802 16,081 Non-interest expense 45,921 85,659 71,315 57,419 Income (loss) before income tax 24,856 (11,328 ) 35,841 48,583 Income tax expense (benefit) 8,078 (3,682 ) 11,648 15,792 Net income (loss) $ 16,778 $ (7,646 ) $ 24,193 $ 32,791 Earnings per common share: Basic $ 0.19 $ (0.08 ) $ 0.19 $ 0.25 Diluted 0.19 (0.08 ) 0.19 0.25 |
Basis of Financial Statement 54
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Allowance for Loan Losses (Details) | 12 Months Ended |
Dec. 31, 2016USD ($)loan_segment | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Number of loan segments | loan_segment | 2 |
Minimum duration past due for impairment review | 90 days |
Minimum investment in loan for significance | $ | $ 500 |
Percentage of loan carrying value used for impairment review | 10.00% |
Minimum | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Duration until re-appraisal | 6 months |
Maximum | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Duration until re-appraisal | 9 months |
CRE | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Percentage of costs to hold and liquidate | 22.00% |
Commercial business loans | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Duration period past due for charge off | 90 days |
Consumer loans, including home equity | Minimum | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Duration period past due for charge off | 90 days |
Consumer loans, including home equity | Maximum | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Duration period past due for charge off | 120 days |
Basis of Financial Statement 55
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 3 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 40 years |
Basis of Financial Statement 56
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Other Intangible Assets (Details) - Core deposits | 12 Months Ended |
Dec. 31, 2016 | |
Minimum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired intangible assets, weighted average useful life | 8 years |
Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired intangible assets, weighted average useful life | 10 years |
Basis of Financial Statement 57
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Required cash on hand or on deposit with the Federal Reserve Bank | $ 99,594 | $ 25,070 |
Minimum duration of performance required by loan restructures | 6 months |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) | Sep. 09, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | May 07, 2015 | Feb. 27, 2015 | Oct. 31, 2013 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | Jun. 29, 2015 |
Business Acquisition [Line Items] | ||||||||||||||
Portfolio loans purchased | $ 0 | $ 0 | $ 163,320,000 | $ 0 | $ 0 | |||||||||
Discount amount on acquired loan receivable | $ 2,029,000 | 1,788,000 | 2,029,000 | |||||||||||
Goodwill | 670,699,000 | 388,926,000 | 696,600,000 | 670,699,000 | ||||||||||
Closing stock price (USD per share) | $ 14.63 | |||||||||||||
Consideration paid | 0 | 457,759,000 | 351,452,000 | 592,169,000 | 457,781,000 | |||||||||
Loans | 7,809,215,000 | 9,463,608,000 | 7,809,215,000 | |||||||||||
Deposits | 8,580,007,000 | 10,068,259,000 | 8,580,007,000 | |||||||||||
Merger-related expense | $ 14,625,000 | 502,000 | 9,068,000 | 265,000 | 17,079,000 | 9,455,000 | ||||||||
Asset impairments and other restructuring charges | 28,055,000 | $ 610,000 | 9,302,000 | $ 4,485,000 | 40,350,000 | 11,043,000 | ||||||||
FCC, LLC | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Outstanding factoring receivables balance acquired | $ 44,500,000 | |||||||||||||
Factoring receivables, purchase price | 45,500,000 | |||||||||||||
Premium for factoring receivables acquired | $ 1,000,000 | |||||||||||||
Minimum | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated useful life | 1 year | |||||||||||||
Useful life | 3 years | |||||||||||||
Maximum | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Estimated useful life | 10 years | |||||||||||||
Useful life | 40 years | |||||||||||||
Core deposits | Minimum | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired intangible assets, weighted average useful life | 8 years | |||||||||||||
Core deposits | Maximum | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired intangible assets, weighted average useful life | 10 years | |||||||||||||
NSBC | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Percentage of outstanding common stock acquired | 100.00% | |||||||||||||
Loans receivable acquired | $ 320,447,000 | |||||||||||||
Premium paid for loans receivable acquired as a percent of gross loans acquired | 5.90% | |||||||||||||
Premium paid for loans receivable acquired | $ 18,906,000 | |||||||||||||
Liabilities assumed | 4,839,000 | |||||||||||||
Goodwill | 25,698,000 | |||||||||||||
NSBC | Customer lists | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible asset acquired | $ 1,500,000 | |||||||||||||
Estimated useful life | 24 months | |||||||||||||
Restructuring charges | $ 1,500 | |||||||||||||
HVB Merger | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible asset acquired | $ 33,839,000 | 33,839,000 | ||||||||||||
Goodwill | $ 269,757,000 | $ 269,757,000 | ||||||||||||
Number of shares each shareholder received from merger | 1.92 | 1.92 | ||||||||||||
Common stock issued as consideration, shares | 38,525,154 | |||||||||||||
Consideration paid | $ 566,307,000 | |||||||||||||
Net assets | 288,208,000 | $ 288,208,000 | ||||||||||||
Loans | 1,816,767,000 | 1,816,767,000 | ||||||||||||
Deposits | $ 3,160,746,000 | $ 3,160,746,000 | ||||||||||||
Merger-related expense | $ 14,381,000 | $ 0 | 502,000 | |||||||||||
Asset impairments and other restructuring charges | $ 28,055,000 | |||||||||||||
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 useful life | 10 years | |||||||||||||
Damian | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Percentage of outstanding common stock acquired | 100.00% | |||||||||||||
Liabilities assumed | $ 14,560,000 | |||||||||||||
Goodwill | 11,930,000 | |||||||||||||
Restructuring charges | 1,500,000 | |||||||||||||
Merger-related expense | 300,000 | |||||||||||||
Cash consideration | 24,670,000 | |||||||||||||
Outstanding finance loans acquired | 22,307,000 | |||||||||||||
Damian | Customer lists | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible asset acquired | $ 8,950,000 | |||||||||||||
Estimated useful life | 16 years | |||||||||||||
Provident Merger | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | $ 225,809,000 | |||||||||||||
Common stock issued as consideration, shares | 39,057,968 | |||||||||||||
Consideration paid | $ 457,781,000 | |||||||||||||
Net assets | 213,868,000 | |||||||||||||
Loans | 1,704,801,000 | |||||||||||||
Deposits | $ 2,296,713,000 | |||||||||||||
Number of shares received by acquiree for each share of acquiree's stock | 1.2625 | |||||||||||||
Closing share price (in dollars per share) | $ 11.72 | |||||||||||||
Consideration transferred, cash paid for fractional shares | $ 23,000 | |||||||||||||
Consideration transferred, cash paid for outstanding vested stock options | 6,000 | |||||||||||||
Net assets acquired, book value | 2,759,628,000 | |||||||||||||
Loans acquired, book value | 1,735,142,000 | |||||||||||||
Provident Merger | Acquisition and integration costs | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Merger-related expense | 9,068,000 | 9,455,000 | ||||||||||||
Provident Merger | Other direct integration costs | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Direct integration costs | $ 22,167,000 | $ 724,000 | $ 26,590,000 | |||||||||||
Provident Merger | Building Improvements and Equipment | Minimum | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Useful life | 1 year | |||||||||||||
Provident Merger | Building Improvements and Equipment | Maximum | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Useful life | 5 years | |||||||||||||
Provident Merger | Core deposits | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible asset acquired | 20,089,000 | |||||||||||||
Acquired intangible assets, weighted average useful life | 10 years | |||||||||||||
Provident Merger | Trade name | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Intangible asset acquired | $ 20,500,000 | |||||||||||||
Traditional C&I | GE Capital | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Portfolio loan acquired, unpaid principal balance | $ 169,760,000 | |||||||||||||
Portfolio loans purchased | $ 163,282,000 | |||||||||||||
Discount rate on acquired portfolio loan | 4.00% | |||||||||||||
Discount amount on acquired loan receivable | $ 6,790,000 |
Acquisitions - Consideration (D
Acquisitions - Consideration (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Oct. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Business Acquisition [Line Items] | ||||||||
Consideration paid through common stock | $ 0 | $ 457,759 | $ 351,452 | $ 592,169 | $ 457,781 | |||
Cash and cash equivalents | 121,520 | $ 152,662 | 293,646 | 229,513 | $ 177,619 | $ 113,090 | ||
Investment securities | 3,118,838 | 2,643,823 | ||||||
Loans | 9,463,608 | 7,809,215 | ||||||
Bank owned life insurance | 199,889 | 196,288 | ||||||
Premises and equipment | 57,318 | 63,362 | ||||||
Accrued interest receivable | 43,319 | 31,531 | ||||||
Intangible assets | 66,353 | 77,367 | ||||||
Other real estate owned | 13,619 | 14,614 | ||||||
Other assets | 48,270 | 68,672 | ||||||
Deposits | (10,068,259) | (8,580,007) | ||||||
Subordinated Notes | (172,501) | 0 | ||||||
Other liabilities | (184,821) | (171,750) | ||||||
As recorded at acquisition | ||||||||
Goodwill recorded in the HVB Merger | $ 388,926 | 696,600 | 670,699 | |||||
Core deposit and other intangibles | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | 37,455 | 45,794 | ||||||
Trade name intangible | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | $ 20,500 | $ 20,500 | ||||||
HVB Merger | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration paid through common stock | $ 566,307 | |||||||
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 | |||||||
Intangible assets | 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 | |||||||
As recorded at acquisition | ||||||||
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 | |||||||
Intangible assets | 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 recorded in the HVB Merger | 269,757 | |||||||
HVB Merger | 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 | |||||||
Intangible assets | 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 | |||||||
Provident Merger | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration paid through common stock | $ 457,781 | |||||||
Cash and cash equivalents | 277,798 | |||||||
Investment securities | 613,154 | |||||||
Loans held for sale | 30,341 | |||||||
Loans | 1,704,801 | |||||||
Federal Reserve Bank stock | 7,680 | |||||||
Bank owned life insurance | 55,374 | |||||||
Premises and equipment | 21,293 | |||||||
Accrued interest receivable | 6,590 | |||||||
Other real estate owned | 1,720 | |||||||
Other assets | 40,877 | |||||||
Deposits | (2,296,713) | |||||||
FHLB borrowings | (100,346) | |||||||
Other borrowings | (62,465) | |||||||
Subordinated Notes | (25,774) | |||||||
Other liabilities | (60,462) | |||||||
Total identifiable net assets | 213,868 | |||||||
As recorded at acquisition | ||||||||
Cash and cash equivalents | 277,798 | |||||||
Investment securities | 607,911 | |||||||
Loans held for sale | 30,341 | |||||||
Loans | 1,698,108 | |||||||
Federal Reserve Bank stock | 7,680 | |||||||
Bank owned life insurance | 55,374 | |||||||
Premises and equipment | 23,594 | |||||||
Accrued interest receivable | 6,590 | |||||||
Other real estate owned | 5,815 | |||||||
Other assets | 20,933 | |||||||
Deposits | (2,297,190) | |||||||
FHLB borrowings | (100,619) | |||||||
Other borrowings | (62,465) | |||||||
Subordinated Debentures | (26,527) | |||||||
Other liabilities | (55,960) | |||||||
Total identifiable net assets | 231,972 | |||||||
Goodwill recorded in the HVB Merger | 225,809 | |||||||
Gross loans acquired | 1,723,447 | |||||||
Loans, not purchased credit impaired (PCI) | 1,699,271 | |||||||
Fair value adjustment | 14,440 | |||||||
Provident Merger | Core deposit and other intangibles | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | 0 | |||||||
As recorded at acquisition | ||||||||
Intangible assets | 20,089 | |||||||
Provident Merger | Trade name intangible | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | 0 | |||||||
As recorded at acquisition | ||||||||
Intangible assets | 20,500 | |||||||
Provident Merger | Fair value adjustments | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash and cash equivalents | 0 | |||||||
Investment securities | (5,243) | |||||||
Loans held for sale | 0 | |||||||
Loans | (6,693) | |||||||
Federal Reserve Bank stock | 0 | |||||||
Bank owned life insurance | 0 | |||||||
Premises and equipment | 2,301 | |||||||
Accrued interest receivable | 0 | |||||||
Other real estate owned | 4,095 | |||||||
Other assets | (19,944) | |||||||
Deposits | (477) | |||||||
FHLB borrowings | (273) | |||||||
Other borrowings | 0 | |||||||
Subordinated Notes | (753) | |||||||
Other liabilities | 4,502 | |||||||
Total identifiable net assets | 18,104 | |||||||
Provident Merger | Fair value adjustments | Core deposit and other intangibles | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | 20,089 | |||||||
Provident Merger | Fair value adjustments | Trade name intangible | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets | $ 20,500 |
Acquisitions - Acquired Loan Po
Acquisitions - Acquired Loan Portfolio Data (Details) - HVB Merger $ in Thousands | Jun. 30, 2015USD ($) |
Business Acquisition [Line Items] | |
Fair value of acquired loans at acquisition date | $ 1,695,546 |
Gross contractual amounts receivable at acquisition date | 1,974,740 |
PCI 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 | $ 12,604 |
Acquisitions Acquisitions - Pro
Acquisitions Acquisitions - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2014 | |
Business Combinations [Abstract] | |||
Net interest income | $ 82,540 | $ 360,271 | $ 306,401 |
Non-interest income | 17,214 | 66,686 | 60,356 |
Non-interest expense | 73,263 | 261,453 | 318,804 |
Net income | $ 16,971 | $ 100,086 | $ 23,596 |
Pro forma earnings per share from continuing operations: | |||
Basic (in dollars per share) | $ 0.14 | $ 0.78 | $ 0.20 |
Diluted (in dollars per share) | $ 0.14 | $ 0.78 | $ 0.20 |
Acquisitions - Impaired Loans A
Acquisitions - Impaired Loans Acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 |
Business Acquisition [Line Items] | |||||||
Interest component of expected cash flows (accretable discount) | $ 11,117 | $ 11,211 | $ 724 | $ 724 | $ 2,841 | $ 0 | |
Provident Merger | |||||||
Business Acquisition [Line Items] | |||||||
Contractual principal balance at acquisition | $ 24,176 | ||||||
Principal not expected to be collected (non-accretable discount) | (10,927) | ||||||
Expected cash flows at acquisition | 13,249 | ||||||
Interest component of expected cash flows (accretable discount) | 0 | ||||||
Fair value of acquired loans | $ 13,249 |
Securities - Amortized Cost to
Securities - Amortized Cost to Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available for Sale | ||
Amortized cost | $ 1,764,834 | $ 1,933,204 |
Gross unrealized gains | 1,504 | 5,429 |
Gross unrealized losses | (38,921) | (17,601) |
Available for sale, at fair value | 1,727,417 | 1,921,032 |
Held to Maturity | ||
Amortized cost | 1,391,421 | 722,791 |
Gross unrealized gains | 7,016 | 14,090 |
Gross unrealized losses | (40,440) | (2,802) |
Fair value | 1,357,997 | 734,079 |
Residential MBS | ||
Available for Sale | ||
Amortized cost | 1,271,296 | 1,302,342 |
Gross unrealized gains | 613 | 2,115 |
Gross unrealized losses | (21,747) | (8,222) |
Available for sale, at fair value | 1,250,162 | 1,296,235 |
Held to Maturity | ||
Amortized cost | 318,133 | 302,602 |
Gross unrealized gains | 1,427 | 1,944 |
Gross unrealized losses | (4,197) | (1,833) |
Fair value | 315,363 | 302,713 |
Other securities | ||
Available for Sale | ||
Amortized cost | 493,538 | 630,862 |
Gross unrealized gains | 891 | 3,314 |
Gross unrealized losses | (17,174) | (9,379) |
Available for sale, at fair value | 477,255 | 624,797 |
Held to Maturity | ||
Amortized cost | 1,073,288 | 420,189 |
Gross unrealized gains | 5,589 | 12,146 |
Gross unrealized losses | (36,243) | (969) |
Fair value | 1,042,634 | 431,366 |
Agency-backed | Residential MBS | ||
Available for Sale | ||
Amortized cost | 1,213,733 | 1,222,912 |
Gross unrealized gains | 569 | 2,039 |
Gross unrealized losses | (20,821) | (7,089) |
Available for sale, at fair value | 1,193,481 | 1,217,862 |
Held to Maturity | ||
Amortized cost | 277,539 | 252,760 |
Gross unrealized gains | 1,353 | 1,857 |
Gross unrealized losses | (3,625) | (1,214) |
Fair value | 275,267 | 253,403 |
CMO/Other MBS | Residential MBS | ||
Available for Sale | ||
Amortized cost | 57,563 | 79,430 |
Gross unrealized gains | 44 | 76 |
Gross unrealized losses | (926) | (1,133) |
Available for sale, at fair value | 56,681 | 78,373 |
Held to Maturity | ||
Amortized cost | 40,594 | 49,842 |
Gross unrealized gains | 74 | 87 |
Gross unrealized losses | (572) | (619) |
Fair value | 40,096 | 49,310 |
Federal agencies | Other securities | ||
Available for Sale | ||
Amortized cost | 204,770 | 85,124 |
Gross unrealized gains | 2 | 7 |
Gross unrealized losses | (10,793) | (864) |
Available for sale, at fair value | 193,979 | 84,267 |
Held to Maturity | ||
Amortized cost | 58,200 | 104,135 |
Gross unrealized gains | 1,392 | 2,458 |
Gross unrealized losses | 0 | (635) |
Fair value | 59,592 | 105,958 |
Corporate | Other securities | ||
Available for Sale | ||
Amortized cost | 43,464 | 321,630 |
Gross unrealized gains | 150 | 522 |
Gross unrealized losses | (1,108) | (7,964) |
Available for sale, at fair value | 42,506 | 314,188 |
Held to Maturity | ||
Amortized cost | 35,048 | 25,241 |
Gross unrealized gains | 431 | 11 |
Gross unrealized losses | (11) | (200) |
Fair value | 35,468 | 25,052 |
State and municipal | Other securities | ||
Available for Sale | ||
Amortized cost | 245,304 | 187,399 |
Gross unrealized gains | 739 | 2,187 |
Gross unrealized losses | (5,273) | (551) |
Available for sale, at fair value | 240,770 | 189,035 |
Held to Maturity | ||
Amortized cost | 974,290 | 285,813 |
Gross unrealized gains | 3,571 | 9,327 |
Gross unrealized losses | (36,232) | (134) |
Fair value | 941,629 | 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 | 0 | 8,781 |
Gross unrealized gains | 0 | 9 |
Gross unrealized losses | 0 | 0 |
Available for sale, at fair value | 0 | 8,790 |
Held to Maturity | ||
Amortized cost | 5,750 | 5,000 |
Gross unrealized gains | 195 | 350 |
Gross unrealized losses | 0 | 0 |
Fair value | $ 5,945 | $ 5,350 |
Securities - Future Maturity (D
Securities - Future Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available for Sale | ||
Amortized cost, One year or less | $ 11,605 | |
Amortized cost, One to five years | 88,794 | |
Amortized cost, Five to ten years | 251,244 | |
Amortized cost, Greater than ten years | 141,895 | |
Amortized cost, Total securities with a stated maturity date | 493,538 | |
Amortized cost, Available for sale securities | 1,764,834 | $ 1,933,204 |
Fair value, One year or less | 11,632 | |
Fair value, One to five years | 88,424 | |
Fair value, Five to ten years | 242,184 | |
Fair value, Greater than ten years | 135,015 | |
Fair value, Total securities with a stated maturity date | 477,255 | |
Fair value, Available for sale securities | 1,727,417 | 1,921,032 |
Held to Maturity | ||
Amortized cost, One year or less | 24,815 | |
Amortized cost, One to five years | 64,750 | |
Amortized cost, Five to ten years | 204,404 | |
Amortized cost, Greater than ten years | 779,319 | |
Amortized cost, Total securities with a stated maturity date | 1,073,288 | |
Amortized cost, Held to maturity securities | 1,391,421 | 722,791 |
Fair value, One year or less | 24,916 | |
Fair value, One to five years | 65,931 | |
Fair value, Five to ten years | 205,629 | |
Fair value, Greater than ten years | 746,158 | |
Fair value, Total securities with a stated maturity date | 1,042,634 | |
Fair value | 1,357,997 | 734,079 |
Residential MBS | ||
Available for Sale | ||
Amortized cost, Available for sale securities | 1,271,296 | 1,302,342 |
Fair value, Available for sale securities | 1,250,162 | 1,296,235 |
Held to Maturity | ||
Amortized cost, Held to maturity securities | 318,133 | 302,602 |
Fair value | $ 315,363 | $ 302,713 |
Securities - Sale of Securities
Securities - Sale of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Proceeds from sales | $ 244,835 | $ 247,650 | $ 858,531 | $ 893,610 | $ 529,107 |
Gross realized gains | 409 | 211 | 10,665 | 6,018 | 1,964 |
Gross realized losses | (452) | (856) | (3,143) | (1,181) | (1,323) |
Income tax expense (benefit) on realized net gains (losses) | $ (14) | $ (214) | $ 2,445 | $ 1,572 | $ 172 |
Securities - Available-for-sale
Securities - Available-for-sale Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | $ 1,509,447 | $ 80,294 |
Unrealized losses, Less than 12 months | (37,448) | (2,247) |
Fair value, 12 months or longer | 34,604 | 1,233,295 |
Unrealized losses, 12 months or longer | (1,473) | (15,354) |
Fair value, Total | 1,544,051 | 1,313,589 |
Unrealized losses, Total | (38,921) | (17,601) |
Residential MBS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 1,140,482 | 42,665 |
Unrealized losses, Less than 12 months | (21,322) | (1,245) |
Fair value, 12 months or longer | 15,925 | 896,437 |
Unrealized losses, 12 months or longer | (425) | (6,977) |
Fair value, Total | 1,156,407 | 939,102 |
Unrealized losses, Total | (21,747) | (8,222) |
Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 368,965 | 37,629 |
Unrealized losses, Less than 12 months | (16,126) | (1,002) |
Fair value, 12 months or longer | 18,679 | 336,858 |
Unrealized losses, 12 months or longer | (1,048) | (8,377) |
Fair value, Total | 387,644 | 374,487 |
Unrealized losses, Total | (17,174) | (9,379) |
Agency-backed | Residential MBS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 1,101,641 | 18,983 |
Unrealized losses, Less than 12 months | (20,816) | (528) |
Fair value, 12 months or longer | 686 | 854,491 |
Unrealized losses, 12 months or longer | (5) | (6,561) |
Fair value, Total | 1,102,327 | 873,474 |
Unrealized losses, Total | (20,821) | (7,089) |
CMO/Other MBS | Residential MBS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 38,841 | 23,682 |
Unrealized losses, Less than 12 months | (506) | (717) |
Fair value, 12 months or longer | 15,239 | 41,946 |
Unrealized losses, 12 months or longer | (420) | (416) |
Fair value, Total | 54,080 | 65,628 |
Unrealized losses, Total | (926) | (1,133) |
Federal agencies | Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 185,504 | 14,933 |
Unrealized losses, Less than 12 months | (10,793) | (260) |
Fair value, 12 months or longer | 4 | 57,886 |
Unrealized losses, 12 months or longer | 0 | (604) |
Fair value, Total | 185,508 | 72,819 |
Unrealized losses, Total | (10,793) | (864) |
Corporate | Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 10,399 | 19,257 |
Unrealized losses, Less than 12 months | (137) | (715) |
Fair value, 12 months or longer | 14,942 | 236,048 |
Unrealized losses, 12 months or longer | (971) | (7,249) |
Fair value, Total | 25,341 | 255,305 |
Unrealized losses, Total | (1,108) | (7,964) |
State and municipal | Other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 173,062 | 3,439 |
Unrealized losses, Less than 12 months | (5,196) | (27) |
Fair value, 12 months or longer | 3,733 | 42,924 |
Unrealized losses, 12 months or longer | (77) | (524) |
Fair value, Total | 176,795 | 46,363 |
Unrealized losses, Total | $ (5,273) | $ (551) |
Securities - Held to Maturity S
Securities - Held to Maturity Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | $ 978,592 | $ 23,164 |
Unrealized losses, Less than 12 months | (40,364) | (562) |
Fair value, 12 months or longer | 8,066 | 215,369 |
Unrealized losses, 12 months or longer | (76) | (2,240) |
Fair value, Total | 986,658 | 238,533 |
Unrealized losses, Total | (40,440) | (2,802) |
Residential MBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 219,902 | 5,960 |
Unrealized losses, Less than 12 months | (4,195) | (156) |
Fair value, 12 months or longer | 213 | 172,618 |
Unrealized losses, 12 months or longer | (2) | (1,677) |
Fair value, Total | 220,115 | 178,578 |
Unrealized losses, Total | (4,197) | (1,833) |
Residential MBS | Agency-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 185,116 | 0 |
Unrealized losses, Less than 12 months | (3,623) | 0 |
Fair value, 12 months or longer | 213 | 132,585 |
Unrealized losses, 12 months or longer | (2) | (1,214) |
Fair value, Total | 185,329 | 132,585 |
Unrealized losses, Total | (3,625) | (1,214) |
Residential MBS | CMO/Other MBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 34,786 | 5,960 |
Unrealized losses, Less than 12 months | (572) | (156) |
Fair value, 12 months or longer | 0 | 40,033 |
Unrealized losses, 12 months or longer | 0 | (463) |
Fair value, Total | 34,786 | 45,993 |
Unrealized losses, Total | (572) | (619) |
Other securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 758,690 | 17,204 |
Unrealized losses, Less than 12 months | (36,169) | (406) |
Fair value, 12 months or longer | 7,853 | 42,751 |
Unrealized losses, 12 months or longer | (74) | (563) |
Fair value, Total | 766,543 | 59,955 |
Unrealized losses, Total | (36,243) | (969) |
Other securities | Federal agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 14,642 | |
Unrealized losses, Less than 12 months | (358) | |
Fair value, 12 months or longer | 9,723 | |
Unrealized losses, 12 months or longer | (277) | |
Fair value, Total | 24,365 | |
Unrealized losses, Total | (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 | 5,037 | 20,039 |
Unrealized losses, 12 months or longer | (11) | (200) |
Fair value, Total | 5,037 | 20,039 |
Unrealized losses, Total | (11) | (200) |
Other securities | State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 758,690 | 2,562 |
Unrealized losses, Less than 12 months | (36,169) | (48) |
Fair value, 12 months or longer | 2,816 | 12,989 |
Unrealized losses, 12 months or longer | (63) | (86) |
Fair value, Total | 761,506 | 15,551 |
Unrealized losses, Total | $ (36,232) | $ (134) |
Securities - Securities Pledged
Securities - Securities Pledged for Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Total securities pledged | $ 1,480,275 | $ 1,486,945 |
Federal Home Loan Bank Borrowings | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale securities pledged as collateral | 67,599 | 101,994 |
Held-to-maturity securities pledged as collateral | 55,343 | 206,337 |
Municipal Deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale securities pledged as collateral | 398,961 | 849,186 |
Held-to-maturity securities pledged as collateral | 958,246 | 327,589 |
Interest Rate Swap | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale securities pledged as collateral | $ 126 | $ 1,839 |
Securities - Narrative (Details
Securities - Narrative (Details) | 12 Months Ended |
Dec. 31, 2016security | |
Investments, Debt and Equity Securities [Abstract] | |
Number of securities which were in continuous unrealized loss position for less than 12 months | 336 |
Number of securities which were in continuous unrealized loss position for 12 months or more | 42 |
Portfolio Loans - Composition o
Portfolio Loans - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Components of loan portfolio, excluding loans held for sale | ||||||
Traditional C&I | $ 1,404,774 | $ 1,189,154 | ||||
Asset-based lending | 741,942 | 310,214 | ||||
Payroll finance | 255,549 | 221,831 | ||||
Warehouse lending | 616,946 | 387,808 | ||||
Factored receivables | 214,242 | 208,382 | ||||
Equipment financing | 589,315 | 631,303 | ||||
Public sector finance | 349,182 | 182,336 | ||||
Total C&I | 4,171,950 | 3,131,028 | ||||
Commercial real estate | 3,162,942 | 2,733,351 | ||||
Multi-family | 981,076 | 796,030 | ||||
Acquisition, development & construction (“ADC”) | 230,086 | 186,398 | ||||
Total commercial mortgage | 4,374,104 | 3,715,779 | ||||
Total commercial | 8,546,054 | 6,846,807 | ||||
Residential mortgage | 697,108 | 713,036 | ||||
Consumer | 284,068 | 299,517 | ||||
Total portfolio loans | 9,527,230 | 7,859,360 | ||||
Allowance for loan losses | (63,622) | (50,145) | $ (42,374) | $ (40,612) | $ (30,612) | $ (28,877) |
Portfolio loans, net | $ 9,463,608 | $ 7,809,215 |
Portfolio Loans - Status of Loa
Portfolio Loans - Status of Loans and TDRs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Non-Performing loans: | ||
Current loans | $ 9,433,277 | $ 7,724,953 |
Non accrual loans | 77,163 | 65,737 |
Total portfolio loans | 9,527,230 | 7,859,360 |
Trouble Debt restructuring current loans | 11,032 | 13,047 |
30-59 days past due | 253 | 654 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-accrual | 1,989 | 8,591 |
Total | 13,274 | 22,292 |
Nonperforming loans | ||
Non-Performing loans: | ||
Non accrual loans | 77,163 | 65,737 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 1,690 | 674 |
Total non-performing loans | 78,853 | 66,411 |
Traditional C&I | ||
Non-Performing loans: | ||
Current loans | 1,376,181 | 1,138,085 |
Non accrual loans | 26,386 | 10,142 |
Total portfolio loans | 1,404,774 | 1,189,154 |
Trouble Debt restructuring current loans | 572 | 154 |
30-59 days past due | 0 | 0 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-accrual | 128 | 2,052 |
Total | 700 | 2,206 |
Asset-based lending | ||
Non-Performing loans: | ||
Current loans | 741,942 | 310,214 |
Non accrual loans | 0 | 0 |
Total portfolio loans | 741,942 | 310,214 |
Payroll finance | ||
Non-Performing loans: | ||
Current loans | 254,715 | 221,394 |
Non accrual loans | 199 | 0 |
Total portfolio loans | 255,549 | 221,831 |
Warehouse lending | ||
Non-Performing loans: | ||
Current loans | 616,946 | 387,808 |
Non accrual loans | 0 | 0 |
Total portfolio loans | 616,946 | 387,808 |
Factored receivables | ||
Non-Performing loans: | ||
Current loans | 213,624 | 208,162 |
Non accrual loans | 618 | 220 |
Total portfolio loans | 214,242 | 208,382 |
Equipment financing | ||
Non-Performing loans: | ||
Current loans | 583,835 | 627,056 |
Non accrual loans | 2,246 | 1,644 |
Total portfolio loans | 589,315 | 631,303 |
Trouble Debt restructuring current loans | 0 | 338 |
30-59 days past due | 0 | 0 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-accrual | 29 | 0 |
Total | 29 | 338 |
Public sector finance | ||
Non-Performing loans: | ||
Current loans | 349,182 | 182,336 |
Non accrual loans | 0 | 0 |
Total portfolio loans | 349,182 | 182,336 |
CRE | ||
Non-Performing loans: | ||
Current loans | 3,140,561 | 2,702,671 |
Non accrual loans | 21,008 | 20,742 |
Total portfolio loans | 3,162,942 | 2,733,351 |
Trouble Debt restructuring current loans | 2,443 | 2,787 |
30-59 days past due | 253 | 0 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-accrual | 0 | 0 |
Total | 2,696 | 2,787 |
Multi-family | ||
Non-Performing loans: | ||
Current loans | 981,005 | 791,828 |
Non accrual loans | 71 | 1,717 |
Total portfolio loans | 981,076 | 796,030 |
ADC | ||
Non-Performing loans: | ||
Current loans | 224,817 | 182,615 |
Non accrual loans | 5,269 | 3,700 |
Total portfolio loans | 230,086 | 186,398 |
Trouble Debt restructuring current loans | 5,962 | 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 | 458 | 3,700 |
Total | 6,420 | 8,807 |
Residential mortgage | ||
Non-Performing loans: | ||
Current loans | 675,750 | 686,445 |
Non accrual loans | 14,790 | 19,680 |
Total portfolio loans | 697,108 | 713,036 |
Trouble Debt restructuring current loans | 2,055 | 4,661 |
30-59 days past due | 0 | 654 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-accrual | 1,374 | 2,839 |
Total | 3,429 | 8,154 |
Consumer | ||
Non-Performing loans: | ||
Current loans | 274,719 | 286,339 |
Non accrual loans | 6,576 | 7,892 |
Total portfolio loans | 284,068 | 299,517 |
30 to 59 Days Past Due | ||
Non-Performing loans: | ||
Past due loans | 11,876 | 31,334 |
30 to 59 Days Past Due | Traditional C&I | ||
Non-Performing loans: | ||
Past due loans | 835 | 9,380 |
30 to 59 Days Past Due | Asset-based lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
30 to 59 Days Past Due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 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 | 2,142 | 1,088 |
30 to 59 Days Past Due | Public sector finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
30 to 59 Days Past Due | CRE | ||
Non-Performing loans: | ||
Past due loans | 967 | 7,417 |
30 to 59 Days Past Due | Multi-family | ||
Non-Performing loans: | ||
Past due loans | 0 | 2,485 |
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 | 5,509 | 6,014 |
30 to 59 Days Past Due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 2,423 | 4,950 |
60 to 89 Days Past Due | ||
Non-Performing loans: | ||
Past due loans | 3,224 | 36,662 |
60 to 89 Days Past Due | Traditional C&I | ||
Non-Performing loans: | ||
Past due loans | 817 | 31,060 |
60 to 89 Days Past Due | Asset-based lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
60 to 89 Days Past Due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 14 | 349 |
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 | 1,092 | 1,515 |
60 to 89 Days Past Due | Public sector finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
60 to 89 Days Past Due | CRE | ||
Non-Performing loans: | ||
Past due loans | 0 | 2,521 |
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 | 951 | 897 |
60 to 89 Days Past Due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 350 | 320 |
90 or More Days Past Due | ||
Non-Performing loans: | ||
Past due loans | 1,690 | 674 |
90 or More Days Past Due | Traditional C&I | ||
Non-Performing loans: | ||
Past due loans | 555 | 487 |
90 or More Days Past Due | Asset-based lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
90 or More Days Past Due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 621 | 88 |
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 | Public sector finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
90 or More Days Past Due | CRE | ||
Non-Performing loans: | ||
Past due loans | 406 | 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 |
90 or More Days Past Due | Residential mortgage | ||
Non-Performing loans: | ||
Past due loans | 108 | 0 |
90 or More Days Past Due | Consumer | ||
Non-Performing loans: | ||
Past due loans | $ 0 | $ 16 |
Portfolio Loans - Nonaccrual Lo
Portfolio Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | $ 77,163 | $ 65,737 |
Non-accrual loans, unpaid principal balance | 86,592 | 75,501 |
Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 26,386 | 10,142 |
Non-accrual loans, unpaid principal balance | 26,386 | 10,503 |
Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 199 | 0 |
Non-accrual loans, unpaid principal balance | 199 | 0 |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 618 | 220 |
Non-accrual loans, unpaid principal balance | 618 | 220 |
Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 2,246 | 1,644 |
Non-accrual loans, unpaid principal balance | 2,246 | 1,644 |
CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 21,008 | 20,742 |
Non-accrual loans, unpaid principal balance | 25,619 | 23,678 |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 71 | 1,717 |
Non-accrual loans, unpaid principal balance | 71 | 1,837 |
ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 5,269 | 3,700 |
Non-accrual loans, unpaid principal balance | 5,398 | 3,829 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 14,790 | 19,680 |
Non-accrual loans, unpaid principal balance | 18,190 | 24,386 |
Loans formally in process of foreclosure | 9,263 | 9,638 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 6,576 | 7,892 |
Non-accrual loans, unpaid principal balance | 7,865 | 9,404 |
Receivables without deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 64,922 | 45,712 |
Receivables without deteriorated credit quality | Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 22,338 | 4,314 |
Receivables without deteriorated credit quality | Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 199 | 0 |
Receivables without deteriorated credit quality | Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 618 | 220 |
Receivables without deteriorated credit quality | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 2,246 | 1,644 |
Receivables without deteriorated credit quality | CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 15,063 | 13,119 |
Receivables without deteriorated credit quality | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 71 | 1,717 |
Receivables without deteriorated credit quality | ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 5,269 | 3,700 |
Receivables without deteriorated credit quality | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 13,399 | 13,683 |
Receivables without deteriorated credit quality | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 5,719 | 7,315 |
Receivables acquired with deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 12,241 | 20,025 |
Receivables acquired with deteriorated credit quality | Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 4,048 | 5,828 |
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 | CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 5,945 | 7,623 |
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 | 1,391 | 5,997 |
Receivables acquired with deteriorated credit quality | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | $ 857 | $ 577 |
Portfolio Loans - Loans Evaluat
Portfolio Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loans evaluated by segment | ||
Individually evaluated for impairment | $ 55,391 | $ 28,372 |
Collectively evaluated for impairment | 9,382,931 | 7,745,695 |
Total portfolio loans | 9,527,230 | 7,859,360 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 63,622 | 50,145 |
Total allowance for loan losses | 63,622 | 50,145 |
Traditional C&I | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 25,221 | 3,138 |
Collectively evaluated for impairment | 1,365,466 | 1,168,613 |
Total portfolio loans | 1,404,774 | 1,189,154 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 12,864 | 9,953 |
Total allowance for loan losses | 12,864 | 9,953 |
Asset-based lending | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 724,247 | 310,214 |
Total portfolio loans | 741,942 | 310,214 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 3,316 | 2,762 |
Total allowance for loan losses | 3,316 | 2,762 |
Payroll finance | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 570 | 0 |
Collectively evaluated for impairment | 254,979 | 221,831 |
Total portfolio loans | 255,549 | 221,831 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 951 | 1,936 |
Total allowance for loan losses | 951 | 1,936 |
Warehouse lending | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 616,946 | 387,808 |
Total portfolio loans | 616,946 | 387,808 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 1,563 | 589 |
Total allowance for loan losses | 1,563 | 589 |
Factored receivables | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 214,242 | 208,382 |
Total portfolio loans | 214,242 | 208,382 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 1,669 | 1,457 |
Total allowance for loan losses | 1,669 | 1,457 |
Equipment financing | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 1,413 | 1,017 |
Collectively evaluated for impairment | 587,902 | 630,286 |
Total portfolio loans | 589,315 | 631,303 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 5,039 | 4,925 |
Total allowance for loan losses | 5,039 | 4,925 |
Public sector finance | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 349,182 | 182,336 |
Total portfolio loans | 349,182 | 182,336 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 1,062 | 547 |
Total allowance for loan losses | 1,062 | 547 |
CRE | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 14,853 | 13,492 |
Collectively evaluated for impairment | 3,104,057 | 2,669,673 |
Total portfolio loans | 3,162,942 | 2,733,351 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 20,466 | 11,461 |
Total allowance for loan losses | 20,466 | 11,461 |
Multi-family | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 0 | 1,541 |
Collectively evaluated for impairment | 976,710 | 790,017 |
Total portfolio loans | 981,076 | 796,030 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 4,991 | 5,141 |
Total allowance for loan losses | 4,991 | 5,141 |
ADC | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 9,025 | 8,669 |
Collectively evaluated for impairment | 216,094 | 173,065 |
Total portfolio loans | 230,086 | 186,398 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 1,931 | 2,009 |
Total allowance for loan losses | 1,931 | 2,009 |
Residential mortgage | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 2,545 | 515 |
Collectively evaluated for impairment | 692,396 | 705,245 |
Total portfolio loans | 697,108 | 713,036 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 5,864 | 5,007 |
Total allowance for loan losses | 5,864 | 5,007 |
Consumer | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 1,764 | 0 |
Collectively evaluated for impairment | 280,710 | 298,225 |
Total portfolio loans | 284,068 | 299,517 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 3,906 | 4,358 |
Total allowance for loan losses | 3,906 | 4,358 |
Receivables acquired with deteriorated credit quality | ||
Loans evaluated by segment | ||
Purchased credit impaired loans | 88,908 | 85,293 |
Receivables acquired with deteriorated credit quality | Traditional C&I | ||
Loans evaluated by segment | ||
Purchased credit impaired loans | 14,087 | 17,403 |
Receivables acquired with deteriorated credit quality | Asset-based lending | ||
Loans evaluated by segment | ||
Purchased credit impaired loans | 17,695 | 0 |
Receivables acquired with deteriorated credit quality | Payroll finance | ||
Loans evaluated by segment | ||
Purchased credit impaired loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Warehouse lending | ||
Loans evaluated by segment | ||
Purchased credit impaired loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Factored receivables | ||
Loans evaluated by segment | ||
Purchased credit impaired loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Equipment financing | ||
Loans evaluated by segment | ||
Purchased credit impaired loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Public sector finance | ||
Loans evaluated by segment | ||
Purchased credit impaired loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | CRE | ||
Loans evaluated by segment | ||
Purchased credit impaired loans | 44,032 | 50,186 |
Receivables acquired with deteriorated credit quality | Multi-family | ||
Loans evaluated by segment | ||
Purchased credit impaired loans | 4,366 | 4,472 |
Receivables acquired with deteriorated credit quality | ADC | ||
Loans evaluated by segment | ||
Purchased credit impaired loans | 4,967 | 4,664 |
Receivables acquired with deteriorated credit quality | Residential mortgage | ||
Loans evaluated by segment | ||
Purchased credit impaired loans | 2,167 | 7,276 |
Receivables acquired with deteriorated credit quality | Consumer | ||
Loans evaluated by segment | ||
Purchased credit impaired loans | $ 1,594 | $ 1,292 |
Portfolio Loans - Accretable Yi
Portfolio Loans - Accretable Yield Discount for PCI Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||||
Balance at beginning of period | $ 724 | $ 0 | $ 11,211 | $ 724 | $ 0 |
Acquisition | 0 | 10,927 | 2,200 | 12,527 | 10,927 |
Accretion | 0 | 0 | (4,937) | (2,229) | 0 |
Disposals | 0 | (8,086) | 0 | (50) | (10,203) |
Reclassification from non-accretable difference | 0 | 0 | 2,643 | 239 | 0 |
Balance at end of period | $ 724 | $ 2,841 | $ 11,117 | $ 11,211 | $ 724 |
Portfolio Loans - PCI Loans Sep
Portfolio Loans - PCI Loans Separated by Whether or Not Subject to Accretion (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | $ 77,163 | $ 65,737 |
Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 26,386 | 10,142 |
Asset-based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 0 | 0 |
CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 21,008 | 20,742 |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 71 | 1,717 |
ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 5,269 | 3,700 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 14,790 | 19,680 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 6,576 | 7,892 |
Receivables acquired with deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 76,667 | 65,268 |
PCI loans under cost recovery method (non-accrual) | 12,241 | 20,025 |
Total PCI loans | 88,908 | 85,293 |
Receivables acquired with deteriorated credit quality | Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 10,039 | 11,575 |
PCI loans under cost recovery method (non-accrual) | 4,048 | 5,828 |
Total PCI loans | 14,087 | 17,403 |
Receivables acquired with deteriorated credit quality | Asset-based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 17,695 | 0 |
PCI loans under cost recovery method (non-accrual) | 0 | 0 |
Total PCI loans | 17,695 | 0 |
Receivables acquired with deteriorated credit quality | CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 38,087 | 42,563 |
PCI loans under cost recovery method (non-accrual) | 5,945 | 7,623 |
Total PCI loans | 44,032 | 50,186 |
Receivables acquired with deteriorated credit quality | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 4,366 | 4,472 |
PCI loans under cost recovery method (non-accrual) | 0 | 0 |
Total PCI loans | 4,366 | 4,472 |
Receivables acquired with deteriorated credit quality | ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 4,967 | 4,664 |
PCI loans under cost recovery method (non-accrual) | 0 | 0 |
Total PCI loans | 4,967 | 4,664 |
Receivables acquired with deteriorated credit quality | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 776 | 1,279 |
PCI loans under cost recovery method (non-accrual) | 1,391 | 5,997 |
Total PCI loans | 2,167 | 7,276 |
Receivables acquired with deteriorated credit quality | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 737 | 715 |
PCI loans under cost recovery method (non-accrual) | 857 | 577 |
Total PCI loans | $ 1,594 | $ 1,292 |
Portfolio Loans - Loans Individ
Portfolio Loans - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
With no related allowance recorded: | |||||
Unpaid principal balance | $ 56,903 | $ 29,979 | |||
Recorded investment | 55,391 | 28,372 | |||
Average recorded investment | $ 31,397 | $ 45,075 | 48,909 | 26,042 | $ 39,236 |
Interest income recognized | 106 | 220 | 186 | 336 | 425 |
Cash-basis interest income recognized | 104 | 2 | 419 | ||
Traditional C&I | |||||
With no related allowance recorded: | |||||
Unpaid principal balance | 25,221 | 3,145 | |||
Recorded investment | 25,221 | 3,138 | |||
Average recorded investment | 4,482 | 3,759 | 25,508 | 2,718 | 4,180 |
Interest income recognized | 0 | 20 | 22 | 0 | 0 |
Cash-basis interest income recognized | 0 | 2 | 0 | ||
Payroll finance | |||||
With no related allowance recorded: | |||||
Unpaid principal balance | 570 | 0 | |||
Recorded investment | 570 | 0 | |||
Average recorded investment | 71 | 0 | |||
Interest income recognized | 0 | 0 | |||
Equipment financing | |||||
With no related allowance recorded: | |||||
Unpaid principal balance | 1,413 | 1,017 | |||
Recorded investment | 1,413 | 1,017 | |||
Average recorded investment | 1,275 | 757 | |||
Interest income recognized | 0 | 0 | |||
CRE | |||||
With no related allowance recorded: | |||||
Unpaid principal balance | 16,365 | 15,092 | |||
Recorded investment | 14,853 | 13,492 | |||
Average recorded investment | 14,503 | 19,318 | 13,625 | 12,155 | 14,016 |
Interest income recognized | 44 | 52 | 133 | 102 | 186 |
Cash-basis interest income recognized | 42 | 0 | 180 | ||
Multi-family | |||||
With no related allowance recorded: | |||||
Unpaid principal balance | 0 | 1,541 | |||
Recorded investment | 0 | 1,541 | |||
Average recorded investment | 0 | 1,078 | |||
Interest income recognized | 0 | 0 | |||
ADC | |||||
With no related allowance recorded: | |||||
Unpaid principal balance | 9,025 | 8,669 | |||
Recorded investment | 9,025 | 8,669 | |||
Average recorded investment | 11,897 | 17,108 | 6,132 | 8,819 | 20,525 |
Interest income recognized | 62 | 148 | 31 | 234 | 239 |
Cash-basis interest income recognized | 62 | 0 | 239 | ||
Residential mortgage | |||||
With no related allowance recorded: | |||||
Unpaid principal balance | 2,545 | 515 | |||
Recorded investment | 2,545 | 515 | |||
Average recorded investment | 515 | 4,890 | 768 | 515 | 515 |
Interest income recognized | 0 | 0 | 0 | 0 | 0 |
Cash-basis interest income recognized | $ 0 | $ 0 | $ 0 | ||
Consumer | |||||
With no related allowance recorded: | |||||
Unpaid principal balance | 1,764 | 0 | |||
Recorded investment | 1,764 | 0 | |||
Average recorded investment | 1,530 | 0 | |||
Interest income recognized | $ 0 | $ 0 |
Portfolio Loans - Past Due Stat
Portfolio Loans - Past Due Status (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Modifications [Line Items] | ||
Current loans | $ 11,032 | $ 13,047 |
30-59 days past due | 253 | 654 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-accrual | 1,989 | 8,591 |
Total | 13,274 | 22,292 |
Traditional C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 572 | 154 |
30-59 days past due | 0 | 0 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-accrual | 128 | 2,052 |
Total | 700 | 2,206 |
Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 0 | 338 |
30-59 days past due | 0 | 0 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-accrual | 29 | 0 |
Total | 29 | 338 |
CRE | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 2,443 | 2,787 |
30-59 days past due | 253 | 0 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-accrual | 0 | 0 |
Total | 2,696 | 2,787 |
ADC | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 5,962 | 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 | 458 | 3,700 |
Total | 6,420 | 8,807 |
Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 2,055 | 4,661 |
30-59 days past due | 0 | 654 |
60-89 days past due | 0 | 0 |
90 plus days past due | 0 | 0 |
Non-accrual | 1,374 | 2,839 |
Total | $ 3,429 | $ 8,154 |
Portfolio Loans - Narrative (De
Portfolio Loans - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014USD ($)loan | Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($)loan | Sep. 30, 2014USD ($)loan | Dec. 31, 2013USD ($) | Sep. 30, 2013USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Net deferred loan origination costs | $ 1,788 | $ 2,029 | ||||
Pledged loans | 2,349,604 | 2,050,982 | ||||
Allowance for loan losses | $ 42,374 | 63,622 | 50,145 | $ 40,612 | $ 30,612 | $ 28,877 |
Impaired loans with related allowance recorded | 0 | $ 0 | ||||
Number | loan | 0 | 0 | ||||
Charge-offs | $ 0 | $ 286 | $ 74 | 110 | ||
Residential mortgage | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Number | loan | 1 | |||||
Recorded investment, Pre-modification | $ 469 | |||||
Recorded investment, Post-modification | 347 | |||||
Traditional C&I | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 6,966 | 12,864 | 9,953 | 5,450 | 6,886 | 5,302 |
CRE | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 7,721 | 20,466 | 11,461 | 8,444 | 8,010 | 7,567 |
Impaired loans with related allowance recorded | 314 | |||||
ADC | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | $ 2,987 | 1,931 | 2,009 | $ 2,120 | 5,857 | $ 5,806 |
Impaired loans with related allowance recorded | $ 1,932 | |||||
Number | loan | 2 | |||||
Recorded investment, Pre-modification | $ 1,060 | |||||
Recorded investment, Post-modification | $ 1,060 | |||||
Receivables acquired with deteriorated credit quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 685 | 272 | ||||
Purchased credit impaired loans | 88,908 | 85,293 | ||||
Receivables acquired with deteriorated credit quality | Traditional C&I | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Purchased credit impaired loans | 14,087 | 17,403 | ||||
Receivables acquired with deteriorated credit quality | CRE | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Purchased credit impaired loans | 44,032 | 50,186 | ||||
Receivables acquired with deteriorated credit quality | ADC | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Purchased credit impaired loans | $ 4,967 | $ 4,664 |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowance Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning balance | $ 40,612 | $ 28,877 | $ 50,145 | $ 42,374 | $ 28,877 |
Charge-offs | (1,906) | (1,834) | (8,953) | (11,018) | (9,331) |
Recoveries | 668 | 569 | 2,430 | 3,089 | 1,966 |
Net charge-offs | (1,238) | (1,265) | (6,523) | (7,929) | (7,365) |
Provision | 3,000 | 3,000 | 20,000 | 15,700 | 19,100 |
Ending balance | $ 42,374 | $ 30,612 | $ 63,622 | $ 50,145 | $ 40,612 |
Annualized net charge-offs to average loans outstanding | 0.10% | 0.14% | 0.08% | 0.13% | 0.18% |
Traditional C&I | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning balance | $ 5,450 | $ 5,302 | $ 9,953 | $ 6,966 | $ 5,302 |
Charge-offs | (733) | (528) | (1,707) | (1,575) | (2,901) |
Recoveries | 638 | 501 | 999 | 1,720 | 1,073 |
Net charge-offs | (95) | (27) | (708) | 145 | (1,828) |
Provision | 1,611 | 1,611 | 3,619 | 2,842 | 1,976 |
Ending balance | 6,966 | 6,886 | 12,864 | 9,953 | 5,450 |
Asset-based lending | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning balance | 4,086 | 0 | 2,762 | 4,061 | 0 |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 62 | 0 | 0 | |
Net charge-offs | 0 | 62 | 0 | 0 | |
Provision | (25) | 492 | (1,299) | 4,086 | |
Ending balance | 4,061 | 3,316 | 2,762 | 4,086 | |
Payroll finance | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning balance | 1,379 | 0 | 1,936 | 1,506 | 0 |
Charge-offs | 0 | (28) | (406) | (758) | |
Recoveries | 0 | 32 | 35 | 0 | |
Net charge-offs | 0 | 4 | (371) | (758) | |
Provision | 127 | (989) | 801 | 2,137 | |
Ending balance | 1,506 | 951 | 1,936 | 1,379 | |
Warehouse lending | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning balance | 630 | 0 | 589 | 608 | 0 |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Net charge-offs | 0 | 0 | 0 | 0 | |
Provision | (22) | 974 | (19) | 630 | |
Ending balance | 608 | 1,563 | 589 | 630 | |
Factored receivables | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning balance | 1,294 | 0 | 1,457 | 1,205 | 0 |
Charge-offs | 0 | (1,200) | (291) | (211) | |
Recoveries | 0 | 61 | 60 | 9 | |
Net charge-offs | 0 | (1,139) | (231) | (202) | |
Provision | (89) | 1,351 | 483 | 1,496 | |
Ending balance | 1,205 | 1,669 | 1,457 | 1,294 | |
Equipment financing | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning balance | 2,621 | 0 | 4,925 | 2,569 | 0 |
Charge-offs | 0 | (1,982) | (3,423) | (1,074) | |
Recoveries | 0 | 560 | 825 | 194 | |
Net charge-offs | 0 | (1,422) | (2,598) | (880) | |
Provision | (52) | 1,536 | 4,954 | 3,501 | |
Ending balance | 2,569 | 5,039 | 4,925 | 2,621 | |
Public sector finance | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning balance | 0 | 0 | 547 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Net charge-offs | 0 | 0 | 0 | ||
Provision | 515 | 547 | 0 | ||
Ending balance | 0 | 1,062 | 547 | 0 | |
CRE | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning balance | 8,444 | 7,567 | 11,461 | 7,721 | 7,567 |
Charge-offs | (172) | (253) | (959) | (1,695) | (741) |
Recoveries | 1 | 37 | 353 | 148 | 161 |
Net charge-offs | (171) | (216) | (606) | (1,547) | (580) |
Provision | (552) | 659 | 9,611 | 5,287 | 1,457 |
Ending balance | 7,721 | 8,010 | 20,466 | 11,461 | 8,444 |
Multi-family | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning balance | 4,267 | 2,400 | 5,141 | 4,511 | 2,400 |
Charge-offs | 0 | (418) | (417) | (17) | (418) |
Recoveries | 0 | 0 | 2 | 9 | 92 |
Net charge-offs | 0 | (418) | (415) | (8) | (326) |
Provision | 244 | 0 | 265 | 638 | 2,193 |
Ending balance | 4,511 | 1,982 | 4,991 | 5,141 | 4,267 |
ADC | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning balance | 2,120 | 5,806 | 2,009 | 2,987 | 5,806 |
Charge-offs | (488) | (218) | 0 | 0 | (1,479) |
Recoveries | 0 | 0 | 104 | 52 | 0 |
Net charge-offs | (488) | (218) | 104 | 52 | (1,479) |
Provision | 1,355 | 269 | (182) | (1,030) | (2,207) |
Ending balance | 2,987 | 5,857 | 1,931 | 2,009 | 2,120 |
Residential mortgage | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning balance | 5,837 | 4,474 | 5,007 | 5,843 | 4,474 |
Charge-offs | (310) | (270) | (1,045) | (1,251) | (963) |
Recoveries | 2 | 7 | 30 | 92 | 323 |
Net charge-offs | (308) | (263) | (1,015) | (1,159) | (640) |
Provision | 314 | 389 | 1,872 | 323 | 2,003 |
Ending balance | 5,843 | 4,600 | 5,864 | 5,007 | 5,837 |
Consumer | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning balance | 4,484 | 3,328 | 4,358 | 4,397 | 3,328 |
Charge-offs | (203) | (147) | (1,615) | (2,360) | (786) |
Recoveries | 27 | 24 | 227 | 148 | 114 |
Net charge-offs | (176) | (123) | (1,388) | (2,212) | (672) |
Provision | 89 | 72 | 936 | 2,173 | 1,828 |
Ending balance | $ 4,397 | $ 3,277 | $ 3,906 | $ 4,358 | $ 4,484 |
Allowance for Loan Losses - Val
Allowance for Loan Losses - Valuation Allowances Recorded Against Portfolio Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | $ 63,622 | $ 50,145 | $ 42,374 | $ 40,612 | $ 30,612 | $ 28,877 |
Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 8,325,182 | 6,083,306 | ||||
Allowance for loan losses | $ 63,622 | $ 50,145 | ||||
As a % of originated loans | 0.76% | 0.82% | ||||
Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | $ 9,527,230 | $ 7,859,360 | ||||
Total loans subject to purchase accounting marks | 1,202,048 | 1,776,054 | ||||
Remaining purchase accounting mark | $ 37,012 | $ 41,383 | ||||
As a % of acquired loans | 3.08% | 2.33% | ||||
Traditional C&I | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | $ 12,864 | $ 9,953 | 6,966 | 5,450 | 6,886 | 5,302 |
Traditional C&I | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 1,043,647 | 905,242 | ||||
Traditional C&I | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 361,127 | 283,912 | ||||
Asset-based lending | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 3,316 | 2,762 | 4,061 | 4,086 | 0 | |
Asset-based lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 562,898 | 310,214 | ||||
Asset-based lending | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 179,044 | |||||
Payroll finance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 951 | 1,936 | 1,506 | 1,379 | 0 | |
Payroll finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 255,549 | 221,831 | ||||
Factored receivables | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 1,669 | 1,457 | 1,205 | 1,294 | 0 | |
Factored receivables | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 214,242 | 208,382 | ||||
Equipment financing | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 5,039 | 4,925 | 2,569 | 2,621 | 0 | |
Equipment financing | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 562,047 | 514,418 | ||||
Equipment financing | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 27,268 | 116,885 | ||||
Warehouse lending | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 1,563 | 589 | 608 | 630 | 0 | |
Warehouse lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 616,946 | 387,808 | ||||
Public sector finance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 1,062 | 547 | 0 | 0 | 0 | |
Public sector finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 349,182 | 182,336 | ||||
CRE | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 2,900,928 | 2,036,103 | ||||
CRE | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 262,014 | 697,248 | ||||
Multi-family | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 4,991 | 5,141 | 4,511 | 4,267 | 1,982 | 2,400 |
Multi-family | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 868,980 | 552,155 | ||||
Multi-family | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 112,096 | 243,875 | ||||
ADC | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 1,931 | 2,009 | 2,987 | 2,120 | 5,857 | 5,806 |
ADC | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 230,086 | 127,363 | ||||
ADC | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 59,035 | |||||
Residential | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 521,332 | 433,928 | ||||
Residential | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 175,776 | 279,108 | ||||
Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 3,906 | 4,358 | $ 4,397 | $ 4,484 | $ 3,277 | $ 3,328 |
Consumer | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 199,345 | 203,526 | ||||
Consumer | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 84,723 | 95,991 | ||||
Pass | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 8,194,040 | 5,972,202 | ||||
Allowance for loan losses | $ 58,217 | $ 43,925 | ||||
As a % of originated loans | 0.71% | 0.74% | ||||
Pass | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | $ 9,327,067 | $ 7,660,979 | ||||
Total loans subject to purchase accounting marks | 1,133,027 | 1,688,777 | ||||
Remaining purchase accounting mark | $ 34,322 | $ 37,351 | ||||
As a % of acquired loans | 3.03% | 2.21% | ||||
Pass | Traditional C&I | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | $ 1,009,605 | $ 872,173 | ||||
Pass | Traditional C&I | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 353,625 | 267,541 | ||||
Pass | Asset-based lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 545,220 | 302,176 | ||||
Pass | Asset-based lending | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 161,349 | |||||
Pass | Payroll finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 254,729 | 221,735 | ||||
Pass | Factored receivables | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 213,624 | 206,814 | ||||
Pass | Equipment financing | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 556,522 | 512,314 | ||||
Pass | Equipment financing | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 27,268 | 116,885 | ||||
Pass | Warehouse lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 616,946 | 387,808 | ||||
Pass | Public sector finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 349,182 | 182,336 | ||||
Pass | CRE | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 2,869,306 | 2,002,638 | ||||
Pass | CRE | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 224,983 | 645,951 | ||||
Pass | Multi-family | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 866,825 | 550,438 | ||||
Pass | Multi-family | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 106,521 | 237,948 | ||||
Pass | ADC | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 214,317 | 118,552 | ||||
Pass | ADC | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 52,775 | |||||
Pass | Residential | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 505,803 | 419,534 | ||||
Pass | Residential | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 174,558 | 272,336 | ||||
Pass | Consumer | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 191,961 | 195,684 | ||||
Pass | Consumer | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 84,723 | 95,341 | ||||
Special mention | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 104,569 | 68,003 | ||||
Special mention | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 47,580 | 23,741 | ||||
Allowance for loan losses | $ 1,423 | $ 884 | ||||
As a % of originated loans | 2.99% | 3.72% | ||||
Special mention | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | $ 104,569 | $ 68,003 | ||||
Total loans subject to purchase accounting marks | 56,989 | 44,262 | ||||
Remaining purchase accounting mark | $ 1,725 | $ 1,649 | ||||
As a % of acquired loans | 3.03% | 3.73% | ||||
Special mention | Traditional C&I | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | $ 12,125 | $ 12,727 | ||||
Special mention | Traditional C&I | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 5,104 | 3,003 | ||||
Special mention | Traditional C&I | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 7,021 | 9,724 | ||||
Special mention | Asset-based lending | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 35,373 | 8,038 | ||||
Special mention | Asset-based lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 17,678 | 8,038 | ||||
Special mention | Asset-based lending | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 17,695 | |||||
Special mention | Payroll finance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Special mention | Payroll finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Special mention | Factored receivables | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 185 | 0 | ||||
Special mention | Factored receivables | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 185 | 0 | ||||
Special mention | Equipment financing | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 2,128 | 460 | ||||
Special mention | Equipment financing | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 2,128 | 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 | Warehouse lending | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Special mention | Warehouse lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Special mention | Public sector finance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Special mention | Public sector finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Special mention | CRE | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 12,492 | 9,361 | ||||
Special mention | CRE | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 26,698 | 23,111 | ||||
Special mention | Multi-family | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 7,072 | 5,927 | ||||
Special mention | Multi-family | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 1,497 | 0 | ||||
Special mention | Multi-family | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 5,575 | 5,927 | ||||
Special mention | ADC | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 6,899 | 7,075 | ||||
Special mention | ADC | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 6,899 | 1,575 | ||||
Special mention | ADC | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 5,500 | |||||
Special mention | Residential | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 951 | 897 | ||||
Special mention | Residential | 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 portfolio loans | 646 | 407 | ||||
Special mention | Consumer | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Substandard | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 95,152 | 129,665 | ||||
Substandard | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 83,120 | 86,650 | ||||
Allowance for loan losses | $ 3,650 | $ 4,801 | ||||
As a % of originated loans | 4.39% | 5.54% | ||||
Substandard | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | $ 95,152 | $ 129,665 | ||||
Total loans subject to purchase accounting marks | 12,032 | 43,015 | ||||
Remaining purchase accounting mark | $ 965 | $ 2,383 | ||||
As a % of acquired loans | 8.02% | 5.54% | ||||
Substandard | Traditional C&I | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | $ 28,977 | $ 36,268 | ||||
Substandard | Traditional C&I | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 28,496 | 29,621 | ||||
Substandard | Traditional C&I | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 481 | 6,647 | ||||
Substandard | Asset-based lending | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Substandard | Asset-based lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Substandard | Asset-based lending | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | |||||
Substandard | Payroll finance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 820 | 96 | ||||
Substandard | Payroll finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 820 | 96 | ||||
Substandard | Factored receivables | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 433 | 1,568 | ||||
Substandard | Factored receivables | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 433 | 1,568 | ||||
Substandard | Equipment financing | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 3,397 | 1,644 | ||||
Substandard | Equipment financing | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 3,397 | 1,644 | ||||
Substandard | Equipment financing | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Substandard | Warehouse lending | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Substandard | Warehouse lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Substandard | Public sector finance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Substandard | Public sector finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Substandard | CRE | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 19,130 | 24,104 | ||||
Substandard | CRE | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 10,333 | 28,186 | ||||
Substandard | Multi-family | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 658 | 1,717 | ||||
Substandard | Multi-family | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 658 | 1,717 | ||||
Substandard | Multi-family | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Substandard | ADC | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 8,870 | 7,996 | ||||
Substandard | ADC | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 8,870 | 7,236 | ||||
Substandard | ADC | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 760 | |||||
Substandard | Residential | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 14,578 | 13,497 | ||||
Substandard | Residential | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 1,218 | 6,772 | ||||
Substandard | Consumer | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 6,738 | 7,167 | ||||
Substandard | Consumer | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 650 | ||||
Doubtful | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 442 | 713 | ||||
Doubtful | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 442 | 713 | ||||
Allowance for loan losses | $ 332 | $ 535 | ||||
As a % of originated loans | 75.11% | 75.04% | ||||
Doubtful | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | $ 442 | $ 713 | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Remaining purchase accounting mark | $ 0 | $ 0 | ||||
As a % of acquired loans | 0.00% | 0.00% | ||||
Doubtful | Traditional C&I | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | $ 442 | $ 445 | ||||
Doubtful | Traditional C&I | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 442 | 445 | ||||
Doubtful | Traditional C&I | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Doubtful | Asset-based lending | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Doubtful | Asset-based lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Doubtful | Asset-based lending | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | |||||
Doubtful | Payroll finance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Doubtful | Payroll finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Doubtful | Factored receivables | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Doubtful | Factored receivables | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Doubtful | Equipment financing | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Doubtful | Equipment financing | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio 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 | Warehouse lending | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Doubtful | Warehouse lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Doubtful | Public sector finance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Doubtful | Public sector finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Doubtful | CRE | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Doubtful | CRE | 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 portfolio loans | 0 | 0 | ||||
Doubtful | Multi-family | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio 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 portfolio loans | 0 | 0 | ||||
Doubtful | ADC | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Doubtful | ADC | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | |||||
Doubtful | Residential | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Doubtful | Residential | 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 portfolio loans | 0 | 268 | ||||
Doubtful | Consumer | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Loss | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Allowance for loan losses | $ 0 | $ 0 | ||||
As a % of originated loans | 0.00% | 0.00% | ||||
Loss | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | $ 0 | $ 0 | ||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Remaining purchase accounting mark | $ 0 | $ 0 | ||||
As a % of acquired loans | 0.00% | 0.00% | ||||
Loss | Traditional C&I | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | $ 0 | $ 0 | ||||
Loss | Traditional C&I | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Loss | Asset-based lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Loss | Asset-based lending | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | |||||
Loss | Payroll finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Loss | Factored receivables | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Loss | Equipment financing | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio 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 portfolio loans | 0 | 0 | ||||
Loss | Public sector finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Loss | CRE | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Loss | CRE | 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 portfolio 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 portfolio loans | 0 | 0 | ||||
Loss | ADC | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | |||||
Loss | Residential | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total portfolio loans | 0 | 0 | ||||
Loss | Residential | 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 portfolio 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 - Nar
Allowance for Loan Losses - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | |
Receivables [Abstract] | |||||
Investment income, interest | $ 1,260,000 | $ 1,875,000 | $ 8,870,000 | $ 18,586,000 | $ 14,880,000 |
Maximum loan balance for credit risk to be evaluated on a homogeneous basis | $ 500 |
Allowance for Loan Losses - Ris
Allowance for Loan Losses - Risk Category of Gross Loans by Segment (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Special mention | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | $ 104,569,000 | $ 68,003,000 |
Special mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 12,125,000 | 12,727,000 |
Special mention | Asset-based lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 35,373,000 | 8,038,000 |
Special mention | Payroll finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Special mention | Warehouse lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Special mention | Factored receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 185,000 | 0 |
Special mention | Equipment financing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 2,128,000 | 460,000 |
Special mention | Public sector finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Special mention | CRE | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 39,190,000 | 32,472,000 |
Special mention | Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 7,072,000 | 5,927,000 |
Special mention | ADC | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 6,899,000 | 7,075,000 |
Special mention | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 951,000 | 897,000 |
Special mention | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 646,000 | 407,000 |
Substandard | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 95,152,000 | 129,665,000 |
Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 28,977,000 | 36,268,000 |
Substandard | Asset-based lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Substandard | Payroll finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 820,000 | 96,000 |
Substandard | Warehouse lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Substandard | Factored receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 433,000 | 1,568,000 |
Substandard | Equipment financing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 3,397,000 | 1,644,000 |
Substandard | Public sector finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Substandard | CRE | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 29,463,000 | 52,290,000 |
Substandard | Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 658,000 | 1,717,000 |
Substandard | ADC | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 8,870,000 | 7,996,000 |
Substandard | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 15,796,000 | 20,269,000 |
Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 6,738,000 | 7,817,000 |
Doubtful | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 442,000 | 713,000 |
Doubtful | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 442,000 | 445,000 |
Doubtful | Asset-based lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Payroll finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Warehouse lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Factored receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Equipment financing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Public sector finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | CRE | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | ADC | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 268,000 |
Loss | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | $ 0 | $ 0 |
Premises and Equipment, Net (De
Premises and Equipment, Net (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2016USD ($)facility | Dec. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Oct. 31, 2013USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||
Total premises and equipment, gross | $ 138,411 | $ 139,317 | |||||
Accumulated depreciation and amortization | (81,093) | (75,955) | |||||
Total premises and equipment, net | $ 57,318 | 63,362 | |||||
Number of facilities closed | facility | 2 | ||||||
Depreciation and amortization of premises and equipment | $ 1,456 | $ 1,617 | $ 8,375 | 7,476 | $ 6,507 | ||
Land and land improvements | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Total premises and equipment, gross | 11,679 | 12,460 | |||||
Buildings | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Total premises and equipment, gross | 29,785 | 27,803 | |||||
Leasehold improvements | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Total premises and equipment, gross | 33,070 | 32,576 | |||||
Furniture, fixtures and equipment | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Total premises and equipment, gross | 63,877 | 66,478 | |||||
HVB Merger | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Total premises and equipment, net | $ 11,918 | ||||||
HVB Merger | Other Non-interest Expense | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment charges on premises and equipment | 729 | $ 7,575 | |||||
Provident Merger | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Total premises and equipment, net | $ 21,293 | ||||||
Provident Merger | Other Non-interest Expense | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment charges on premises and equipment | $ 610 | 9,302 | 11,043 | ||||
Direct acquisition and integration costs | $ 22,167 | $ 724 | $ 26,590 |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Roll Forward] | ||
Beginning of period balance | $ 670,699 | $ 388,926 |
Acquired goodwill | 25,901 | 281,773 |
End of period balance | $ 696,600 | $ 670,699 |
Goodwill and Other Intangible85
Goodwill and Other Intangible Assets - Balance of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | $ 101,504 | $ 100,004 | |||
Accumulated amortization | (35,151) | (22,637) | |||
Net intangible assets | 66,353 | 77,367 | |||
Amortization of intangible assets | $ 1,873 | $ 1,875 | $ 12,416 | 10,043 | $ 9,408 |
Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 1 year | ||||
Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 10 years | ||||
Core deposits | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | $ 58,021 | 58,021 | |||
Accumulated amortization | (20,566) | (12,227) | |||
Net intangible assets | 37,455 | 45,794 | |||
Customer lists | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | 10,450 | 8,950 | |||
Accumulated amortization | (2,767) | (991) | |||
Net intangible assets | 7,683 | 7,959 | |||
Non-compete agreements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | 11,808 | 11,808 | |||
Accumulated amortization | (11,183) | (8,883) | |||
Net intangible assets | 625 | 2,925 | |||
Trade name | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | 20,500 | 20,500 | |||
Accumulated amortization | 0 | 0 | |||
Net intangible assets | 20,500 | 20,500 | |||
Fair value of below market leases | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | 725 | 725 | |||
Accumulated amortization | (635) | (536) | |||
Net intangible assets | $ 90 | $ 189 |
Goodwill and Other Intangible86
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 8,838 |
2,018 | 7,285 |
2,019 | 6,074 |
2,020 | 5,428 |
2,021 | 5,022 |
Thereafter | 13,206 |
Total | $ 45,853 |
Deposits - Deposit Balances (De
Deposits - Deposit Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Non-interest bearing demand | $ 3,239,332 | $ 2,936,980 |
Interest bearing demand | 2,220,456 | 1,274,417 |
Savings | 747,031 | 943,632 |
Money market | 3,277,686 | 2,819,788 |
Certificates of deposit | 583,754 | 605,190 |
Total deposits | $ 10,068,259 | $ 8,580,007 |
Deposits - Remaining Period to
Deposits - Remaining Period to Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Less than one year | $ 480,162 | $ 494,242 |
One to two years | 47,768 | 75,724 |
Two to three years | 42,492 | 20,469 |
Three to four years | 7,210 | 9,573 |
Four to five years | 6,122 | 5,182 |
Total certificates of deposit | $ 583,754 | $ 605,190 |
Deposits - Brokered Deposits (D
Deposits - Brokered Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
List of Company's Brokered deposits | ||
Brokered deposits | $ 831,629 | $ 428,785 |
Non interest bearing demand | ||
List of Company's Brokered deposits | ||
Brokered deposits | 0 | 0 |
Interest bearing demand | ||
List of Company's Brokered deposits | ||
Brokered deposits | 426,437 | 0 |
Money market | ||
List of Company's Brokered deposits | ||
Brokered deposits | 5,560 | 152,180 |
Savings | ||
List of Company's Brokered deposits | ||
Brokered deposits | 246,572 | 0 |
Reciprocal CDARs | ||
List of Company's Brokered deposits | ||
Brokered deposits | 153,060 | 169,958 |
CDARs one way | ||
List of Company's Brokered deposits | ||
Brokered deposits | $ 0 | $ 106,647 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Municipal deposits | $ 1,270,921 | $ 1,140,206 |
Time Deposits, $250,000 or More | $ 132,406 | $ 98,324 |
Borrowings, Senior Notes and 91
Borrowings, Senior Notes and Subordinated Notes - Borrowings and Weighted Average Interest Rates (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 02, 2013 |
By period to maturity: | |||
Less than one year, Amount | $ 1,397,642,000 | $ 999,222,000 | |
Less than one year, Rate | 0.87% | 0.69% | |
One to two years, Amount | $ 311,469,000 | $ 295,000,000 | |
One to two years, Rate | 2.53% | 3.19% | |
Two to three years, Amount | $ 75,000,000 | $ 228,893,000 | |
Two to three years, Rate | 1.50% | 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 | $ 172,501,000 | $ 2,229,000 | |
Greater than five years, Rate | 5.45% | 4.92% | |
Total borrowings | $ 2,056,612,000 | $ 1,525,344,000 | |
Total borrowings, Rate | 1.56% | 1.61% | |
FHLB advances and overnight | |||
By period to maturity: | |||
Total borrowings | $ 1,791,000,000 | $ 1,409,885,000 | |
Total borrowings, Rate | 1.01% | 1.32% | |
Repurchase agreements | |||
By period to maturity: | |||
Total borrowings | $ 16,642,000 | $ 16,566,000 | |
Total borrowings, Rate | 0.75% | 0.55% | |
Senior Notes | |||
By period to maturity: | |||
Total borrowings | $ 76,469,000 | $ 98,893,000 | $ 100,000,000 |
Total borrowings, Rate | 5.98% | 5.98% | |
Subordinated Notes | |||
By period to maturity: | |||
Total borrowings | $ 172,501,000 | $ 0 | |
Total borrowings, Rate | 5.45% | 0.00% |
Borrowings, Senior Notes and 92
Borrowings, Senior Notes and Subordinated Notes - Narrative (Details) - USD ($) | Sep. 02, 2016 | Mar. 31, 2016 | Mar. 29, 2016 | Jul. 02, 2013 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 05, 2016 |
Debt Instrument [Line Items] | |||||||||||
Bank pledged mortgages | $ 2,349,604,000 | $ 2,349,604,000 | $ 2,050,982,000 | ||||||||
Increased borrowing capacity by pledging securities | 1,552,923,000 | 1,552,923,000 | |||||||||
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% | ||||||||||
Gain (loss) on extinguishment of borrowings | $ (8,716,000) | $ 0 | $ 0 | (9,729,000) | $ 0 | $ 0 | |||||
Long-term debt | $ 2,056,612,000 | $ 2,056,612,000 | $ 1,525,344,000 | ||||||||
Effective yield, rate | 1.56% | 1.56% | 1.61% | ||||||||
Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repurchase agreements maturity | 1 day | ||||||||||
Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repurchase agreements maturity | 30 days | ||||||||||
Other Borrowings | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of debt | $ 20,000,000 | ||||||||||
Interest rate | 3.57% | ||||||||||
Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Gain (loss) on extinguishment of borrowings | $ (1,013,000) | ||||||||||
Long-term debt | $ 100,000,000 | 76,469,000 | $ 76,469,000 | $ 98,893,000 | |||||||
Fixed interest rate | 5.50% | ||||||||||
Private placement discount rate | 1.75% | ||||||||||
Debt issuance costs | $ 303,000 | ||||||||||
Unamortized discount | $ 531,000 | $ 531,000 | $ 1,107,000 | ||||||||
Effective yield, rate | 5.98% | 5.98% | 5.98% | ||||||||
Amount of debt redeemed | $ 23,000,000 | ||||||||||
Subordinated Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 5.25% | ||||||||||
Long-term debt | 172,501,000 | $ 172,501,000 | $ 0 | ||||||||
Private placement discount rate | 1.25% | 1.25% | |||||||||
Debt issuance costs | $ 275,000 | $ 500,000 | |||||||||
Unamortized discount | $ 2,499,000 | $ 2,499,000 | |||||||||
Effective yield, rate | 5.45% | 5.45% | 0.00% | ||||||||
Principal amount | $ 65,000,000 | $ 110,000,000 | |||||||||
Issue premium | 0.50% | ||||||||||
Effective yield | 5.45% | 5.45% | |||||||||
Subordinated Notes | Three-month LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread rate | 3.937% | ||||||||||
Line of Credit | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Revolving line of credit amount | $ 25,000,000 | ||||||||||
Revolving line of credit balance | $ 0 | $ 0 | $ 0 | ||||||||
Line of Credit | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread rate | 1.25% |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Derivative Instruments and Hedges, Assets [Abstract] | |
Cash pledged as collateral for swaps | $ 1,962 |
Fair value of investment securities pledged as collateral | $ 126 |
Derivatives - Derivative Inform
Derivatives - Derivative Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
3rd party interest rate swap | ||
Summary of derivatives | ||
Notional amount | $ 296,282 | $ 87,094 |
Average maturity (in years) | 5 years 7 months 18 days | 5 years 5 months 8 days |
Weighted average fixed rate | 3.94% | 4.09% |
3rd party interest rate swap | One Month Libor | ||
Summary of derivatives | ||
Basis spread | 2.29% | 2.15% |
Customer interest rate swap | ||
Summary of derivatives | ||
Notional amount | $ 296,282 | $ 87,094 |
Average maturity (in years) | 5 years 7 months 18 days | 5 years 5 months 8 days |
Weighted average fixed rate | 3.94% | 4.09% |
Customer interest rate swap | One Month Libor | ||
Summary of derivatives | ||
Basis spread | 2.29% | 2.15% |
Fair value | 3rd party interest rate swap | ||
Summary of derivatives | ||
Fair value | $ (2,088) | $ 1,839 |
Fair value | Customer interest rate swap | ||
Summary of derivatives | ||
Fair value | $ 2,088 | $ (1,839) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||||||||||||
Federal | $ 17,134 | $ (8,205) | $ 11,613 | $ 55,418 | $ 25,634 | |||||||||
State | 3,322 | (600) | 1,598 | 12,854 | 5,862 | |||||||||
Total current tax expense (benefit) | 20,456 | (8,805) | 13,211 | 68,272 | 31,496 | |||||||||
Federal | (10,954) | 2,229 | (2,745) | (1,069) | (1,406) | |||||||||
State | (1,126) | (372) | (314) | 179 | 1,745 | |||||||||
Total deferred tax (benefit) expense | (12,080) | 1,857 | (3,059) | (890) | 339 | |||||||||
Total income tax expense (benefit) | $ 19,737 | $ 16,991 | $ 18,412 | $ 12,242 | $ 15,792 | $ 11,648 | $ (3,682) | $ 8,078 | $ 8,376 | $ (6,948) | $ 10,152 | $ 67,382 | $ 31,835 | $ 10,152 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Efftective tax rate reconciliation: | ||||||||||||||
Tax at federal statutory rate of 35% | $ 8,884 | $ (7,335) | $ 72,574 | $ 34,282 | $ 13,241 | |||||||||
State and local income taxes, net of federal tax benefit | 683 | (632) | 8,472 | 4,945 | 834 | |||||||||
Tax-exempt interest, net of disallowed interest | (1,029) | (768) | (11,094) | (5,218) | (3,824) | |||||||||
BOLI income | (341) | (259) | (1,933) | (1,853) | (1,110) | |||||||||
Non-deductible acquisition related costs | 53 | 712 | 0 | 700 | 712 | |||||||||
Low income housing tax credits | (220) | 0 | (469) | (215) | (165) | |||||||||
Other, net | 346 | 1,334 | (168) | (806) | 464 | |||||||||
Total income tax expense (benefit) | $ 19,737 | $ 16,991 | $ 18,412 | $ 12,242 | $ 15,792 | $ 11,648 | $ (3,682) | $ 8,078 | $ 8,376 | $ (6,948) | $ 10,152 | $ 67,382 | $ 31,835 | $ 10,152 |
Effective income tax rate | 33.00% | (33.20%) | 32.50% | 32.50% | 26.80% | |||||||||
Effective federal income tax rate | 35.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Allowance for loan losses | $ 25,039 | $ 19,684 |
Deferred compensation | 656 | 736 |
Other accrued compensation and benefits | 9,920 | 8,229 |
Accrued post retirement expense | 2,060 | 1,967 |
Deferred rent | 3,268 | 3,849 |
Intangible assets | 3,108 | 2,676 |
Other comprehensive loss (securities) | 16,911 | 8,245 |
Other comprehensive loss (defined benefit plans) | 479 | 566 |
Depreciation of premises and equipment | 0 | 2,738 |
State NOL carryforward | 0 | 379 |
Other | 3,971 | 3,738 |
Total deferred tax assets | 65,412 | 52,807 |
Deferred tax liabilities: | ||
Prepaid pension costs | 3,798 | 4,492 |
Acquisition fair value adjustments | 18,948 | 15,503 |
Depreciation of premises and equipment | 809 | 0 |
Other | 1,309 | 1,733 |
Total deferred tax liabilities | 24,864 | 21,728 |
Net deferred tax asset | $ 40,548 | $ 31,079 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Bad debt reserve for tax purposes | $ 9,313,000 | |
Provision for federal income tax | 0 | $ 0 |
Deferred tax liability not recognized | $ 3,260,000 | $ 3,260,000 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | May 28, 2015 | Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares remaining that are authorized and available for future grant (in shares) | 1,999,022 | 3,639,838 | 4,125,665 | 3,350,761 | 2,066,184 | ||
Grant of share options (in shares) | 482,811 | 0 | 24,566 | 324,862 | |||
Exercise price (USD per share) | $ 13.29 | $ 0 | $ 14.22 | $ 11.45 | |||
Options outstanding (in shares) | 2,040,299 | 1,004,119 | 1,586,572 | 1,660,333 | 2,114,509 | ||
Intrinsic value of options outstanding | $ 12,454 | ||||||
Intrinsic value of options exercisable | 11,278 | ||||||
Proceeds from stock option exercises | $ 574 | $ 1,479 | $ 3,588 | $ 2,764 | $ 3,042 | ||
Weighted average fair value of options granted (USD per share) | $ 1.89 | $ 2.49 | $ 2.14 | $ 2.51 | |||
Stock Compensation Grants associated with legacy Sterling Merger | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Grant of share options (in shares) | 104,152 | ||||||
Exercise price (USD per share) | $ 14.25 | ||||||
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 | 10 months 18 days | ||||||
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) | $ 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 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Grant of share options (in shares) | 29,550 | ||||||
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 | ||||||
Options outstanding (in shares) | 6,312 | ||||||
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) | $ 11.72 | ||||||
Non-vested stock awards/performance units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted-average period total unrecognized compensation cost related to non-vested shares granted | 1 year 10 months 1 day | ||||||
2015 Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized (in shares) | 2,800,000 | ||||||
Number of shares granted for each share received (in shares) | 1 | ||||||
2011 Employee Inducement Stock Program | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Grant of share options (in shares) | 107,256 | ||||||
Legacy Sterling 2013 Employment Inducement Award Plan | 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) | 95,991 | ||||||
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 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plan Activity (Details) | 3 Months Ended | 12 Months Ended | 27 Months Ended | ||
Dec. 31, 2014$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Sep. 30, 2014$ / sharesshares | Dec. 31, 2015$ / sharesshares | |
Shares available for grant (in shares) | |||||
Beginning balance (in shares) | 3,350,761 | 4,125,665 | 1,999,022 | 2,066,184 | 2,066,184 |
Granted (in shares) | (1,360,006) | (515,869) | (732,023) | (719,674) | |
Stock awards vested (in shares) | 0 | 0 | 0 | 0 | |
Forfeited (in shares) | 8,267 | 130,758 | 192,970 | 439,594 | |
Canceled/expired (in shares) | 0 | (100,716) | (134,304) | (347,286) | |
Ending balance (in shares) | 1,999,022 | 3,639,838 | 4,125,665 | 3,350,761 | 4,125,665 |
Stock options outstanding - Number of shares | |||||
Beginning balance (in shares) | 1,660,333 | 1,586,572 | 2,040,299 | 2,114,509 | 2,114,509 |
Granted (in shares) | 482,811 | 0 | 24,566 | 324,862 | |
Exercised (in shares) | (95,033) | (503,893) | (406,422) | (507,955) | |
Forfeited (in shares) | 0 | (78,560) | (71,871) | (375,235) | |
Canceled/expired (in shares) | (7,812) | 0 | 0 | 0 | |
Ending balance (in shares) | 2,040,299 | 1,004,119 | 1,586,572 | 1,660,333 | 1,586,572 |
Exercisable at December 31, 2016 (in shares) | 887,199 | ||||
Stock options outstanding - Weighted average exercise price | |||||
Beginning balance (USD per share) | $ / shares | $ 10.55 | $ 10.95 | $ 11.10 | $ 10.71 | $ 10.71 |
Granted (USD per share) | $ / shares | 13.29 | 0 | 14.22 | 11.45 | |
Exercised (USD per share) | $ / shares | 12.31 | 10.47 | 11.58 | 11.29 | |
Forfeited (USD per share) | $ / shares | 0 | 13.41 | 12.90 | 12.24 | |
Canceled/expired (USD per share) | $ / shares | 14.09 | 0 | 0 | 0 | |
Ending balance (USD per share) | $ / shares | $ 11.10 | 11 | $ 10.95 | $ 10.55 | $ 10.95 |
Exercisable at December 31, 2016 (USD per share) | $ / shares | $ 10.69 | ||||
Stock Compensation Grants associated with legacy Sterling Merger | |||||
Shares available for grant (in shares) | |||||
Granted (in shares) | (921,503) | ||||
Stock options outstanding - Number of shares | |||||
Granted (in shares) | 104,152 | ||||
Stock options outstanding - Weighted average exercise price | |||||
Granted (USD per share) | $ / shares | $ 14.25 | ||||
Recognition and Retention Plan | Non-vested stock awards/performance units | |||||
Non-vested stock awards/stock units outstanding - Number of shares | |||||
Beginning balance (in shares) | 588,754 | 726,800 | 643,887 | 209,697 | 209,697 |
Granted (in shares) | 250,624 | 515,869 | 447,807 | 115,145 | |
Stock awards vested (in shares) | (193,129) | (261,989) | (330,384) | (69,211) | |
Forfeited (in shares) | (2,362) | (48,457) | (34,510) | (18,841) | |
Ending balance (in shares) | 643,887 | 932,223 | 726,800 | 588,754 | 726,800 |
Non-vested stock awards/stock units outstanding - Weighted average grant date fair value | |||||
Beginning balance (USD per share) | $ / shares | $ 10.99 | $ 13.36 | $ 11.79 | $ 8.73 | $ 8.73 |
Granted (USD per share) | $ / shares | 12.96 | 14.60 | 14.02 | 11.53 | |
Stock awards vested (USD per share) | $ / shares | 10.84 | 13.09 | 11.23 | 9.51 | |
Forfeited (USD per share) | $ / shares | 13.23 | 13.88 | 12.92 | 9.18 | |
Ending balance (USD per share) | $ / shares | $ 11.79 | $ 14.09 | $ 13.36 | $ 10.99 | $ 13.36 |
Recognition and Retention Plan | Non-vested stock awards/performance units | Stock Compensation Grants associated with legacy Sterling Merger | |||||
Non-vested stock awards/stock units outstanding - Number of shares | |||||
Granted (in shares) | 351,964 | ||||
Non-vested stock awards/stock units outstanding - Weighted average grant date fair value | |||||
Granted (USD per share) | $ / shares | $ 11.72 | ||||
2014 Stock Incentive Plan | |||||
Shares available for grant (in shares) | |||||
Stock Incentive Plan (in shares) | 3,400,000 | ||||
Stock options outstanding - Weighted average exercise price | |||||
Number of shares granted for each share received | 3.5 | ||||
2012 Stock Plan | |||||
Shares available for grant (in shares) | |||||
2012 Stock Incentive Plan termination (in shares) | (566,554) | ||||
Stock options outstanding - Weighted average exercise price | |||||
Number of shares granted for each share received | 3.6 | ||||
2015 Plan | |||||
Shares available for grant (in shares) | |||||
Stock Incentive Plan (in shares) | 2,800,000 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Options Outstanding by Exercise Price Range (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Outstanding, Number of stock options (in shares) | 0 | 0 |
Stock options | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Outstanding, Number of stock options (in shares) | 1,004,119 | |
Outstanding, Weighted-average exercise price (USD per share) | $ 11 | |
Outstanding, Weighted-average life (in years) | 6 years 3 months 11 days | |
Exercisable, Number of stock options (in shares) | 887,199 | |
Exercisable, Weighted-average exercise price (USD per share) | $ 10.69 | |
Stock options | $6.71 to $8.73 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of exercise price, lower range limit (USD per share) | 6.71 | |
Range of exercise price, upper range limit (USD per share) | $ 8.73 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Outstanding, Number of stock options (in shares) | 169,001 | |
Outstanding, Weighted-average exercise price (USD per share) | $ 7.90 | |
Outstanding, Weighted-average life (in years) | 5 years 2 months 1 day | |
Exercisable, Number of stock options (in shares) | 169,001 | |
Exercisable, Weighted-average exercise price (USD per share) | $ 7.90 | |
Stock options | $9.00 to $10.03 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of exercise price, lower range limit (USD per share) | 9 | |
Range of exercise price, upper range limit (USD per share) | $ 10.03 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Outstanding, Number of stock options (in shares) | 224,500 | |
Outstanding, Weighted-average exercise price (USD per share) | $ 9.24 | |
Outstanding, Weighted-average life (in years) | 5 years 5 months 1 day | |
Exercisable, Number of stock options (in shares) | 224,500 | |
Exercisable, Weighted-average exercise price (USD per share) | $ 9.24 | |
Stock options | $11.36 to $13.18 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of exercise price, lower range limit (USD per share) | 11.36 | |
Range of exercise price, upper range limit (USD per share) | $ 13.18 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Outstanding, Number of stock options (in shares) | 305,241 | |
Outstanding, Weighted-average exercise price (USD per share) | $ 11.67 | |
Outstanding, Weighted-average life (in years) | 6 years 1 month 13 days | |
Exercisable, Number of stock options (in shares) | 305,241 | |
Exercisable, Weighted-average exercise price (USD per share) | $ 11.67 | |
Stock options | $13.23 to $15.01 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of exercise price, lower range limit (USD per share) | 13.23 | |
Range of exercise price, upper range limit (USD per share) | $ 15.01 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Outstanding, Number of stock options (in shares) | 305,377 | |
Outstanding, Weighted-average exercise price (USD per share) | $ 13.33 | |
Outstanding, Weighted-average life (in years) | 7 years 8 months 9 days | |
Exercisable, Number of stock options (in shares) | 188,457 | |
Exercisable, Weighted-average exercise price (USD per share) | $ 13.23 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value Assumptions (Details) - Stock options | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | |
Fair value of options granted determined using weighted-average assumptions as grant date | ||||
Risk-free interest rate | 1.90% | 1.70% | 1.80% | 1.80% |
Expected stock price volatility | 20.30% | 26.50% | 21.20% | 26.40% |
Dividend yield | 3.20% | 2.10% | 3.10% | 2.00% |
Expected term in years | 5 years 8 months 23 days | 5 years 9 months | 5 years 9 months 4 days | 5 years 8 months 1 day |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock-based compensation expense | $ 1,144 | $ 839 | $ 6,517 | $ 4,360 | $ 3,409 |
Stock-based compensation expense, income tax benefit | 378 | 279 | 2,118 | 1,417 | 914 |
Stock options | 100 | ||||
Non-vested stock awards/performance units | 8,213 | ||||
Total | 8,313 | ||||
Stock options | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock-based compensation expense | 316 | 219 | 404 | 909 | 901 |
Non-vested stock awards/performance units | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock-based compensation expense | $ 828 | $ 620 | $ 6,113 | $ 3,451 | $ 2,508 |
Pension and Other Post Retir104
Pension and Other Post Retirement Benefits - Narrative (Details) - USD ($) | Oct. 15, 2015 | Sep. 30, 2006 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Oct. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Plan termination / Partial settlement charge | $ 0 | $ 2,743,000 | $ 0 | $ 13,384,000 | $ 4,095,000 | ||||
Amounts recognized in accumulated other comprehensive (loss) due to Plan termination | $ 0 | $ 0 | |||||||
Bank owned life insurance | 30,000,000 | ||||||||
Employee Savings Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Maximum contribution by employee, percent | 50.00% | ||||||||
Maximum contribution by employer, percent of employee contribution | 50.00% | ||||||||
Maximum annual contribution per employee, percent | 3.00% | 3.00% | |||||||
Savings plan expense | 381,000 | 278,000 | $ 3,210,000 | $ 1,769,000 | 1,614,000 | ||||
Sterling Bancorp (Legacy) | Legacy Sterling/ National Bank employees' Retirement Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Benefit plan, eligibility age | 21 years | ||||||||
Increase of accrued benefit | 4.40% | ||||||||
HVB Merger | Other Liabilities | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Assumed SERP liabilities | $ 16,059,000 | ||||||||
Pension Plans | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Lump sum distributions as elected by Plan participants | $ 58,171,000 | 58,171,000 | |||||||
Plan termination / Partial settlement charge | 13,384,000 | $ 0 | $ 2,743,000 | $ 13,384,000 | $ 3,922,000 | ||||
Change in fair value of Plan assets | 4,068,000 | ||||||||
Remaining balance of accumulated other comprehensive loss through earnings recognized | 7,936,000 | ||||||||
Difference between effective tax rate and marginal tax rate | $ 1,380,000 | ||||||||
Pension Plans | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Remaining reversion asset, recognition period | 4 years | ||||||||
Pension Plans | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Remaining reversion asset, recognition period | 6 years | ||||||||
Pension Plans | Other | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Remaining reversion asset | $ 9,650,000 |
Pension and Other Post Retir105
Pension and Other Post Retirement Benefits - Projected Benefit Obligation (Details) - USD ($) $ in Thousands | Oct. 15, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 |
Pension Plans | ||||||
Changes in projected benefit obligation: | ||||||
Beginning of year balance | $ 1,472 | $ 57,877 | ||||
Interest cost | $ 555 | $ 402 | 1,766 | $ 2,779 | ||
Plan termination / Partial settlement | (58,171) | |||||
End of year balance | 57,877 | 1,472 | ||||
Changes in fair value of plan assets: | ||||||
Beginning of year balance | 12,914 | 72,170 | ||||
Actual (loss) gain on plan assets | (1,085) | |||||
Plan termination / Partial settlement | $ (58,171) | (58,171) | ||||
End of year balance | 72,170 | 12,914 | ||||
Reversion asset / Funded status at end of year | 11,442 | |||||
Other Post Retirement Benefit Plans | ||||||
Changes in projected benefit obligation: | ||||||
Beginning of year balance | 10,990 | 3,302 | 11,733 | 11,096 | 3,302 | |
Obligations assumed in acquisitions | 0 | 9,644 | 0 | 16,059 | 9,644 | |
Plan amendment | 45 | 0 | 0 | 0 | 0 | |
Service cost | 3 | 12 | 0 | 6 | 51 | |
Interest cost | 59 | 34 | 417 | 373 | 683 | |
Actuarial loss | 72 | 18 | 64 | 364 | 79 | |
Curtailment (gain) | 0 | 0 | 0 | 0 | (2,485) | |
Benefits paid | (73) | (71) | (89) | (16,165) | (284) | |
End of year balance | 11,096 | 12,939 | 12,125 | 11,733 | 10,990 | |
Changes in fair value of plan assets: | ||||||
Beginning of year balance | 0 | 0 | 0 | 0 | 0 | |
Employer contributions | 73 | 71 | 89 | 16,165 | 284 | |
Plan participants’ contributions | 0 | 0 | 0 | 0 | 0 | |
Benefits paid | (73) | (71) | (89) | (16,165) | (284) | |
End of year balance | 0 | 0 | 0 | 0 | 0 | |
Reversion asset / Funded status at end of year | $ (11,096) | $ (12,939) | $ (12,125) | $ (11,733) | $ (10,990) |
Pension and Other Post Retir106
Pension and Other Post Retirement Benefits - Net Periodic (Benefit) Expense (Details) - USD ($) $ in Thousands | Oct. 15, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||
Plan termination / Partial settlement charge | $ 0 | $ 2,743 | $ 0 | $ 13,384 | $ 4,095 | |
Pension Plans | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||
Interest cost | 555 | 402 | 1,766 | 2,779 | ||
Expected return on plan assets | (682) | (672) | (2,187) | (3,380) | ||
Amortization of unrecognized actuarial loss | 0 | 97 | 272 | 236 | ||
Plan termination / Partial settlement charge | $ 13,384 | 0 | 2,743 | 13,384 | 3,922 | |
Net periodic pension expense (benefit) | (127) | 2,570 | 13,235 | 3,557 | ||
Other Post Retirement Benefit Plans | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||
Service cost | 3 | 12 | 0 | 6 | 51 | |
Interest cost | 59 | 34 | 417 | 373 | 683 | |
Amortization of transition obligation | 3 | 6 | 0 | 0 | 34 | |
Amortization of prior service cost | 0 | 12 | 64 | 161 | 270 | |
Amortization of unrecognized actuarial loss | 6 | 0 | 0 | 0 | (45) | |
Curtailment (gain) | 0 | 0 | 0 | 0 | (2,485) | |
Net periodic pension expense (benefit) | $ 71 | $ 64 | $ 481 | $ 540 | $ (1,492) |
Pension and Other Post Retir107
Pension and Other Post Retirement Benefits - Estimated Future Benefit Payments (Details) - Other Post Retirement Benefit Plans $ in Thousands | Dec. 31, 2016USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,017 | $ 204 |
2,018 | 243 |
2,019 | 285 |
2,020 | 329 |
2,021 | 367 |
Thereafter | $ 1,662 |
Pension and Other Post Retir108
Pension and Other Post Retirement Benefits - Actuarial Assumptions (Details) - Other Post Retirement Benefit Plans | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.78% | 3.00% |
Discount rate used to value periodic cost | 2.78% | 3.00% |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.00% | 4.00% |
Discount rate used to value periodic cost | 4.00% | 4.00% |
Other Non-interest Expense (Det
Other Non-interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Other Income and Expenses [Abstract] | |||||
Advertising and promotion | $ 782 | $ 309 | $ 2,948 | $ 2,522 | $ 2,358 |
Professional fees | 1,314 | 1,818 | 10,276 | 8,308 | 6,913 |
Data and check processing | 1,424 | 595 | 8,866 | 8,825 | 3,439 |
Insurance & surety bond premium | 595 | 675 | 3,150 | 3,186 | 2,703 |
Charge for asset write-downs, severance, retention and change in fiscal year end | 1,075 | 22,167 | 4,485 | 29,046 | 22,976 |
Charge for banking systems conversion | 1,418 | 0 | 0 | 0 | 3,249 |
Other | 4,543 | 4,057 | 18,556 | 17,836 | 16,279 |
Total other non-interest expense | $ 11,151 | $ 29,621 | $ 48,281 | $ 69,723 | $ 57,917 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Computation of basic and diluted earnings per share: | |||||||||||||
Net income (loss) | $ 40,996 | $ 37,422 | $ 37,770 | $ 23,784 | $ 32,791 | $ 24,193 | $ (7,646) | $ 16,778 | $ 17,004 | $ (14,002) | $ 139,972 | $ 66,114 | $ 27,678 |
Weighted average common shares outstanding for computation of basic EPS | 83,831,380 | 70,493,305 | 130,607,994 | 109,907,645 | 80,268,970 | ||||||||
Common-equivalent shares due to the dilutive effect of stock options | 363,536 | 0 | 626,468 | 421,708 | 265,073 | ||||||||
Weighted average common shares for computation of diluted EPS | 84,194,916 | 70,493,305 | 131,234,462 | 110,329,353 | 80,534,043 | ||||||||
Basic (loss) earnings per common share (USD per share) | $ 0.31 | $ 0.29 | $ 0.29 | $ 0.18 | $ 0.25 | $ 0.19 | $ (0.08) | $ 0.19 | $ 0.20 | $ (0.20) | $ 1.07 | $ 0.60 | $ 0.34 |
Diluted (loss) earnings per common share (USD per share) | $ 0.31 | $ 0.29 | $ 0.29 | $ 0.18 | $ 0.25 | $ 0.19 | $ (0.08) | $ 0.19 | $ 0.20 | $ (0.20) | $ 1.07 | $ 0.60 | $ 0.34 |
Weighted average common shares that could be exercised that were anti-dilutive for the period | 82,625 | 2,025,501 | 0 | 2,394 | 697,475 |
Stockholders' Equity - Complian
Stockholders' Equity - Compliance with Regulatory Capital Requirements (Schedule) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Sterling Bancorp | ||
Tier 1 capital RWA: | ||
Tier 1 risk-based capital | $ 1,160,739 | $ 988,174 |
Total capital to RWA: | ||
Allowance for loan losses and off-balance sheet commitments | 1,377,547 | 1,038,868 |
Sterling National Bank | ||
Common equity tier 1 to RWA: | ||
Tier 1 common equity | $ 1,176,497 | $ 1,053,527 |
Tier 1 common equity ratio | 10.87% | 11.45% |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule | $ 554,663 | $ 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 | $ 757,588 | $ 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 | $ 703,475 | $ 597,929 |
Tier 1 common equity required to be well capitalized ratio | 6.50% | 6.50% |
Tier 1 capital RWA: | ||
Tier 1 risk-based capital | $ 1,176,497 | $ 1,053,527 |
Tier 1 risk-based capital ratio | 10.87% | 11.45% |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in schedule | $ 717,003 | $ 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 | $ 919,928 | $ 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 | $ 865,815 | $ 735,912 |
Tier 1 risk-based capital required to be well capitalized ratio | 8.00% | 8.00% |
Total capital to RWA: | ||
Allowance for loan losses and off-balance sheet commitments | $ 1,413,165 | $ 1,104,221 |
Total risk-based capital ratio | 13.06% | 12.00% |
Total risk-based capital required for minimum capital adequacy, phase-in schedule | $ 933,457 | $ 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 | $ 1,136,382 | $ 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 | $ 1,082,269 | $ 919,891 |
Total risk-based capital required to be well capitalized ratio | 10.00% | 10.00% |
Tier 1 leverage ratio: | ||
Tier 1 (core) capital | $ 1,176,497 | $ 1,053,527 |
Tier 1 (core) capital ratio | 9.08% | 9.65% |
Tier 1 (core) capital required for minimum capital adequacy, phase-in schedule | $ 518,308 | $ 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 | $ 518,308 | $ 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 | $ 647,885 | $ 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 | $ 1,160,739 | $ 988,174 |
Tier 1 common equity ratio | 10.73% | 10.74% |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule | $ 554,474 | $ 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 | $ 757,330 | $ 644,073 |
Tier 1 common equity required for minimum capital adequacy ratio, phase-in schedule | 7.00% | 7.00% |
Tier 1 capital RWA: | ||
Tier 1 risk-based capital | $ 1,160,739 | $ 988,174 |
Tier 1 risk-based capital ratio | 10.73% | 10.74% |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in schedule | $ 716,759 | $ 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 | $ 919,615 | $ 782,089 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in | 8.50% | 8.50% |
Total capital to RWA: | ||
Allowance for loan losses and off-balance sheet commitments | $ 1,377,547 | $ 1,038,868 |
Total risk-based capital ratio | 12.73% | 11.29% |
Total risk-based capital required for minimum capital adequacy, phase-in schedule | $ 933,139 | $ 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 | $ 1,135,995 | $ 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 | $ 1,160,739 | $ 988,174 |
Tier 1 (core) capital ratio | 8.95% | 9.03% |
Tier 1 (core) capital required for minimum capital adequacy, phase-in schedule | $ 518,733 | $ 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 | $ 518,733 | $ 437,629 |
Tier 1 (core) capital required for minimum capital adequacy ratio, fully phased-in | 4.00% | 4.00% |
Stockholders' Equity - Reconcil
Stockholders' Equity - Reconciliation of Stockholders' Equity to Bank Regulatory Capital (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Total U.S. GAAP stockholders’ equity | $ 975,200 | $ 1,855,183 | $ 1,665,073 | $ 961,138 | $ 482,866 | |
Net accumulated other comprehensive income components | 1,208 | (14,511) | (1,873) | 3,871 | ||
Allowance for loan losses and off-balance sheet commitments | $ 42,374 | 63,622 | 50,145 | $ 40,612 | $ 30,612 | $ 28,877 |
Sterling Bancorp | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Total U.S. GAAP stockholders’ equity | 1,855,183 | 1,665,073 | ||||
Disallowed goodwill and other intangible assets | (721,079) | (689,023) | ||||
Net unrealized loss on available for sale securities | 22,637 | 6,999 | ||||
Net accumulated other comprehensive income components | 3,998 | 5,125 | ||||
Tier 1 risk-based capital | 1,160,739 | 988,174 | ||||
Tier 2 capital | 152,641 | 0 | ||||
Allowance for loan losses and off-balance sheet commitments | 64,167 | 50,694 | ||||
Total risk-based capital | 1,377,547 | 1,038,868 | ||||
Sterling National Bank | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Total U.S. GAAP stockholders’ equity | 1,843,476 | 1,705,841 | ||||
Disallowed goodwill and other intangible assets | (693,614) | (664,225) | ||||
Net unrealized loss on available for sale securities | 22,637 | 6,992 | ||||
Net accumulated other comprehensive income components | 3,998 | 4,919 | ||||
Tier 1 risk-based capital | 1,176,497 | 1,053,527 | ||||
Tier 2 capital | 172,501 | 0 | ||||
Allowance for loan losses and off-balance sheet commitments | 64,167 | 50,694 | ||||
Total risk-based capital | $ 1,413,165 | $ 1,104,221 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Class of Stock [Line Items] | |||||
Aggregate dividend capacity without prior regulatory approval | $ 155,724 | ||||
Shares available for repurchase program (shares) | 776,713 | ||||
Sterling National Bank | |||||
Class of Stock [Line Items] | |||||
Tier 2 capital | $ 172,501 | $ 0 | |||
Liquidation account | 13,300 | ||||
Sterling Bancorp | |||||
Class of Stock [Line Items] | |||||
Tier 2 capital | $ 152,641 | $ 0 | |||
Shares repurchased under repurchase program (shares) | 0 | 0 | 0 | 0 | 0 |
Off-Balance-Sheet Financial 114
Off-Balance-Sheet Financial Instruments - Contractual or Notional Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Loan origination commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 245,319 | $ 269,636 |
Unused lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | 968,288 | 660,915 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 114,582 | $ 102,930 |
Off-Balance-Sheet Financial 115
Off-Balance-Sheet Financial Instruments - Narrative (Details) - Letters of credit - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 114,582 | $ 102,930 |
Assets secured by cash as collateral | 33,987 | |
Assets secured by other collateral | $ 30,518 |
Commitments and Contingencie116
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||
2,017 | $ 10,549 | ||||
2,018 | 10,237 | ||||
2,019 | 8,693 | ||||
2,020 | 7,790 | ||||
2,021 | 6,355 | ||||
2022 and thereafter | 21,501 | ||||
Total future minimum payments | 65,125 | ||||
Rent expense | $ 2,450 | $ 2,157 | $ 10,430 | $ 9,566 | $ 7,893 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other securities: | ||
Securities available for sale | $ 1,727,417 | $ 1,921,032 |
Level 1 inputs | ||
Other securities: | ||
Securities available for sale | 0 | 0 |
Interest rate caps and swaps | 0 | 0 |
Swaps | 0 | 0 |
Level 2 inputs | ||
Other securities: | ||
Securities available for sale | 1,727,417 | 1,921,032 |
Interest rate caps and swaps | 2,088 | 1,839 |
Swaps | 2,088 | 1,839 |
Level 3 inputs | ||
Other securities: | ||
Securities available for sale | 0 | 0 |
Interest rate caps and swaps | 0 | 0 |
Swaps | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 1,250,162 | 1,296,235 |
Other securities: | ||
Total investment securities available for sale | 477,255 | 624,797 |
Securities available for sale | 1,727,417 | 1,921,032 |
Interest rate caps and swaps | 2,088 | 1,839 |
Total assets | 1,729,505 | 1,922,871 |
Swaps | (2,088) | 1,839 |
Total liabilities | (2,088) | 1,839 |
Fair Value, Measurements, Recurring | Agency-backed | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 1,193,481 | 1,217,862 |
Fair Value, Measurements, Recurring | CMO/Other MBS | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 56,681 | 78,373 |
Fair Value, Measurements, Recurring | Federal agencies | ||
Other securities: | ||
Total investment securities available for sale | 193,979 | 84,267 |
Fair Value, Measurements, Recurring | Corporate bonds | ||
Other securities: | ||
Total investment securities available for sale | 42,506 | 314,188 |
Fair Value, Measurements, Recurring | State and municipal | ||
Other securities: | ||
Total investment securities available for sale | 240,770 | 189,035 |
Fair Value, Measurements, Recurring | Trust preferred | ||
Other securities: | ||
Total investment securities available for sale | 0 | 28,517 |
Fair Value, Measurements, Recurring | Other | ||
Other securities: | ||
Total investment securities available for sale | 0 | 8,790 |
Fair Value, Measurements, Recurring | Level 1 inputs | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 0 | 0 |
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Securities available for sale | 0 | 0 |
Interest rate caps and swaps | 0 | 0 |
Total assets | 0 | 0 |
Swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 inputs | Agency-backed | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 inputs | CMO/Other MBS | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 inputs | Federal agencies | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 inputs | Corporate bonds | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 inputs | State and municipal | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 inputs | Trust preferred | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 inputs | Other | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 inputs | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 1,250,162 | 1,296,235 |
Other securities: | ||
Total investment securities available for sale | 477,255 | 624,797 |
Securities available for sale | 1,727,417 | 1,921,032 |
Interest rate caps and swaps | 2,088 | 1,839 |
Total assets | 1,729,505 | 1,922,871 |
Swaps | (2,088) | 1,839 |
Total liabilities | (2,088) | 1,839 |
Fair Value, Measurements, Recurring | Level 2 inputs | Agency-backed | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 1,193,481 | 1,217,862 |
Fair Value, Measurements, Recurring | Level 2 inputs | CMO/Other MBS | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 56,681 | 78,373 |
Fair Value, Measurements, Recurring | Level 2 inputs | Federal agencies | ||
Other securities: | ||
Total investment securities available for sale | 193,979 | 84,267 |
Fair Value, Measurements, Recurring | Level 2 inputs | Corporate bonds | ||
Other securities: | ||
Total investment securities available for sale | 42,506 | 314,188 |
Fair Value, Measurements, Recurring | Level 2 inputs | State and municipal | ||
Other securities: | ||
Total investment securities available for sale | 240,770 | 189,035 |
Fair Value, Measurements, Recurring | Level 2 inputs | Trust preferred | ||
Other securities: | ||
Total investment securities available for sale | 0 | 28,517 |
Fair Value, Measurements, Recurring | Level 2 inputs | Other | ||
Other securities: | ||
Total investment securities available for sale | 0 | 8,790 |
Fair Value, Measurements, Recurring | Level 3 inputs | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 0 | 0 |
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Securities available for sale | 0 | 0 |
Interest rate caps and swaps | 0 | 0 |
Total assets | 0 | 0 |
Swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 inputs | Agency-backed | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 inputs | CMO/Other MBS | ||
Residential MBS: | ||
Mortgage-backed securities-residential | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 inputs | Federal agencies | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 inputs | Corporate bonds | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 inputs | State and municipal | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 inputs | Trust preferred | ||
Other securities: | ||
Total investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 inputs | Other | ||
Other securities: | ||
Total investment securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Impai
Fair Value Measurements - Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | $ 0 | $ 0 |
Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 9,461,469 | 7,876,064 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 6,786 | 3,218 |
Fair Value, Measurements, Nonrecurring | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 6,786 | 3,218 |
Fair Value, Measurements, Nonrecurring | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 6,786 | 3,218 |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | $ 6,786 | $ 3,218 |
Fair Value Measurements - Unob
Fair Value Measurements - Unobservable Inputs to Level 3 (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)speed | Dec. 31, 2015USD ($)speed | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 1,024 | $ 1,204 |
Level 3 inputs | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | 9,461,469 | 7,876,064 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | 6,786 | 3,218 |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | 6,786 | 3,218 |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Mortgage servicing rights | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 1,024 | $ 1,204 |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Minimum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Prepayment speed | speed | 100 | 100 |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Minimum | Mortgage servicing rights | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rates | 8.50% | 8.30% |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Maximum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Prepayment speed | speed | 555 | 480 |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Maximum | Mortgage servicing rights | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rates | 11.50% | 11.30% |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Prepayment speed | speed | 174 | 183 |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Weighted Average | Mortgage servicing rights | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rates | 9.70% | 9.50% |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Market Approach Valuation Technique | CRE | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | $ 1,034 | $ 486 |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Market Approach Valuation Technique | Impaired | CRE | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | $ 6,786 | $ 3,218 |
Comparability adjustments | 22.00% | 22.00% |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Market Approach Valuation Technique | Taken in Foreclosure | CRE | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | $ 3,919 | $ 7,805 |
Comparability adjustments | 22.00% | 22.00% |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Market Approach Valuation Technique | Taken in Foreclosure | Residential mortgage | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | $ 4,929 | $ 2,334 |
Comparability adjustments | 22.00% | 22.00% |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Market Approach Valuation Technique | Taken in Foreclosure | ADC | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | $ 3,737 | $ 3,990 |
Comparability adjustments | 22.00% | 22.00% |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 1,727,417 | $ 1,921,032 |
Securities held to maturity | 1,357,997 | 734,079 |
FHLB borrowings | (200,000) | |
Senior Notes | (76,469) | (98,893) |
Subordinated Notes | (172,501) | 0 |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 293,646 | 229,513 |
Securities available for sale | 1,727,417 | 1,921,032 |
Securities held to maturity | 1,391,421 | 722,791 |
Loans, net | 9,463,608 | 7,809,215 |
Loans held for sale | 41,889 | 34,110 |
Accrued interest receivable on securities | 16,495 | 11,329 |
Accrued interest receivable on loans | 26,824 | 20,202 |
FHLB stock and FRB stock | 135,098 | 116,758 |
Swaps | 2,088 | 1,839 |
Non-maturity deposits | (9,484,505) | (7,974,817) |
Certificates of deposit | (583,754) | (605,190) |
FHLB borrowings | (1,791,000) | (1,409,885) |
Other borrowings | (16,642) | (16,566) |
Senior Notes | (76,469) | (98,893) |
Subordinated Notes | (172,501) | |
Mortgage escrow funds | (13,572) | (13,778) |
Accrued interest payable on deposits | (663) | (483) |
Accrued interest payable on borrowings | (3,621) | (4,490) |
Swaps | (2,088) | (1,839) |
Level 1 inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 293,646 | 229,513 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 0 | 0 |
Non-maturity deposits | (9,484,505) | (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 |
Level 2 inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Securities available for sale | 1,727,417 | 1,921,032 |
Securities held to maturity | 1,357,997 | 734,079 |
Loans, net | 0 | 0 |
Loans held for sale | 41,889 | 34,110 |
Accrued interest receivable on securities | 16,495 | 11,329 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 2,088 | 1,839 |
Non-maturity deposits | 0 | 0 |
Certificates of deposit | (582,811) | (603,634) |
FHLB borrowings | (1,788,676) | (1,418,155) |
Other borrowings | (16,642) | (16,430) |
Senior Notes | (79,283) | (105,088) |
Subordinated Notes | (169,813) | |
Mortgage escrow funds | (13,572) | (13,775) |
Accrued interest payable on deposits | (663) | (483) |
Accrued interest payable on borrowings | (3,621) | (4,490) |
Swaps | (2,088) | (1,839) |
Level 3 inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans, net | 9,461,469 | 7,876,064 |
Loans held for sale | 0 | 0 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 26,824 | 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 - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
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 | $ 567,000 | $ 513,000 | $ 0 | $ 905,000 |
Mortgage servicing rights | 1,024,000 | 1,204,000 | ||
Assets taken in foreclosure, defaulted loans and facilities held for sale | 13,619,000 | 14,614,000 | ||
Changes in fair value recognized through income for foreclosed assets held by the Company | $ 0 | 582,000 | 0 | $ (224,000) |
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net | $ 55,391,000 | $ 28,372,000 |
Accumulated Other Comprehens122
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Equity [Abstract] | ||
Net unrealized holding (loss) gain on available for sale securities | $ (37,417) | $ (12,172) |
Related income tax benefit (expense) | 14,780 | 5,173 |
Available for sale securities AOCI, net of tax | (22,637) | (6,999) |
Net unrealized holding loss on securities transferred to held to maturity | (5,395) | (7,226) |
Related income tax benefit | 2,131 | 3,071 |
Securities transferred to held to maturity AOCI, net of tax | (3,264) | (4,155) |
Net unrealized holding loss on retirement plans | (1,213) | (1,687) |
Related income tax benefit | 479 | 717 |
Retirement plan AOCI, net of tax | (734) | (970) |
Accumulated other comprehensive loss | $ (26,635) | $ (12,124) |
Accumulated Other Comprehens123
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | $ 961,138 | $ 1,665,073 | $ 975,200 | $ 482,866 |
Other comprehensive gain (loss) before reclassification | 1,003 | (11,087) | (5,080) | 3,511 |
Amounts reclassified from AOCI | 205 | (3,424) | 3,207 | 360 |
Total other comprehensive income (loss) | 1,208 | (14,511) | (1,873) | 3,871 |
Balance | 975,200 | 1,855,183 | 1,665,073 | 961,138 |
Net unrealized holding gain (loss) on AFS securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (2,671) | (6,999) | 1,297 | (11,472) |
Other comprehensive gain (loss) before reclassification | 3,943 | (11,087) | (5,515) | 9,170 |
Amounts reclassified from AOCI | 25 | (4,551) | (2,781) | (369) |
Total other comprehensive income (loss) | 3,968 | (15,638) | (8,296) | 8,801 |
Balance | 1,297 | (22,637) | (6,999) | (2,671) |
Net unrealized holding gain (loss) on securities transferred to held to maturity | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (5,144) | (4,155) | (4,967) | 0 |
Other comprehensive gain (loss) before reclassification | 0 | 0 | 0 | (5,659) |
Amounts reclassified from AOCI | 177 | 891 | 812 | 515 |
Total other comprehensive income (loss) | 177 | 891 | 812 | (5,144) |
Balance | (4,967) | (3,264) | (4,155) | (5,144) |
Net unrealized holding gain (loss) on retirement plans | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (3,644) | (970) | (6,581) | (3,858) |
Other comprehensive gain (loss) before reclassification | (2,940) | 0 | 435 | 0 |
Amounts reclassified from AOCI | 3 | 236 | 5,176 | 214 |
Total other comprehensive income (loss) | (2,937) | 236 | 5,611 | 214 |
Balance | (6,581) | (734) | (970) | (3,644) |
Accumulated other comprehensive (loss) income | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance | (11,459) | (12,124) | (10,251) | (15,330) |
Balance | $ (10,251) | $ (26,635) | $ (12,124) | $ (11,459) |
Condensed Parent Company Fin124
Condensed Parent Company Financial Statements - Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
Assets: | ||||||
Cash | $ 293,646 | $ 229,513 | $ 121,520 | $ 177,619 | $ 152,662 | $ 113,090 |
Securities available for sale | 1,727,417 | 1,921,032 | ||||
Goodwill | 696,600 | 670,699 | 388,926 | |||
Other assets | 48,270 | 68,672 | ||||
Total assets | 14,178,447 | 11,955,952 | ||||
Liabilities: | ||||||
Senior Notes | 76,469 | 98,893 | ||||
Other liabilities | 184,821 | 171,750 | ||||
Total liabilities | 12,323,264 | 10,290,879 | ||||
Stockholders’ equity | 1,855,183 | 1,665,073 | 975,200 | 961,138 | 482,866 | |
Total liabilities and stockholders’ equity | 14,178,447 | 11,955,952 | ||||
Sterling Bancorp | ||||||
Assets: | ||||||
Cash | 48,765 | 19,529 | $ 13,761 | $ 23,369 | $ 55,089 | $ 56,230 |
Securities available for sale | 0 | 3 | ||||
Goodwill | 20,023 | 19,054 | ||||
Trade name | 20,500 | 20,500 | ||||
Other intangible assets, net | 0 | 360 | ||||
Other assets | 3,258 | 1,418 | ||||
Total assets | 1,936,022 | 1,770,364 | ||||
Liabilities: | ||||||
Senior Notes | 76,469 | 98,893 | ||||
Other liabilities | 4,370 | 6,398 | ||||
Total liabilities | 80,839 | 105,291 | ||||
Stockholders’ equity | 1,855,183 | 1,665,073 | ||||
Total liabilities and stockholders’ equity | 1,936,022 | 1,770,364 | ||||
Sterling National Bank | Sterling Bancorp | ||||||
Assets: | ||||||
Investment in the Bank | 1,843,476 | 1,705,558 | ||||
Non-bank Subsidiaries | Sterling Bancorp | ||||||
Assets: | ||||||
Investment in non-bank subsidiaries | $ 0 | $ 3,942 |
Condensed Parent Company Fin125
Condensed Parent Company Financial Statements - Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Net gain on sale of trust division | $ (43) | $ (645) | $ 7,522 | $ 4,837 | $ 641 | |||||||||
Other | 1,024 | 740 | 5,832 | 5,235 | 3,080 | |||||||||
Interest expense | $ (15,827) | $ (15,031) | $ (13,929) | $ (12,495) | $ (10,803) | $ (9,944) | $ (8,373) | $ (7,805) | (7,850) | (6,835) | (57,282) | (36,925) | (28,918) | |
Non-interest expense | (57,072) | (62,256) | (59,640) | (68,934) | (57,419) | (71,315) | (85,659) | (45,921) | (45,814) | (72,974) | (247,902) | (260,318) | (208,428) | |
Income tax benefit | (19,737) | (16,991) | (18,412) | (12,242) | (15,792) | (11,648) | 3,682 | (8,078) | (8,376) | 6,948 | $ (10,152) | (67,382) | (31,835) | (10,152) |
Net income (loss) | $ 40,996 | $ 37,422 | $ 37,770 | $ 23,784 | $ 32,791 | $ 24,193 | $ (7,646) | $ 16,778 | 17,004 | (14,002) | 139,972 | 66,114 | 27,678 | |
Sterling Bancorp | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Interest income | 2 | 80 | 14 | 15 | 139 | |||||||||
Other | 0 | 4 | 0 | 0 | 18 | |||||||||
Interest expense | (1,471) | (1,819) | (5,398) | (5,894) | (6,265) | |||||||||
Non-interest expense | (1,692) | (1,214) | (12,989) | (7,031) | (5,840) | |||||||||
Income tax benefit | 820 | 1,117 | 3,700 | 4,154 | 3,431 | |||||||||
Income (loss) before equity in undistributed earnings of subsidiaries | 5,159 | (1,832) | 52,608 | 34,244 | 14,733 | |||||||||
Net income (loss) | 17,004 | (14,002) | 139,972 | 66,114 | 27,678 | |||||||||
Sterling National Bank | Sterling Bancorp | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Dividend income from subsidiaries | 7,500 | 0 | 60,000 | 42,500 | 22,500 | |||||||||
Equity in undistributed (excess distributed) earnings | 11,171 | (12,376) | 87,364 | 32,230 | 12,590 | |||||||||
Non-bank Subsidiaries | Sterling Bancorp | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Dividend income from subsidiaries | 0 | 0 | 5,026 | 500 | 750 | |||||||||
Net gain on sale of trust division | 0 | 0 | 2,255 | 0 | 0 | |||||||||
Equity in undistributed (excess distributed) earnings | $ 674 | $ 206 | $ 0 | $ (360) | $ 355 |
Condensed Parent Company Fin126
Condensed Parent Company Financial Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 |
Cash flows from operating activities: | ||||||||||||||
Net income (loss) | $ 40,996 | $ 37,422 | $ 37,770 | $ 23,784 | $ 32,791 | $ 24,193 | $ (7,646) | $ 16,778 | $ 17,004 | $ (14,002) | $ 139,972 | $ 66,114 | $ 27,678 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||
Loss (gain) on extinguishment of borrowings | $ 8,716 | 0 | 0 | 9,729 | 0 | 0 | ||||||||
Other adjustments, net | (5,359) | (6,281) | 22,404 | (62,977) | 36,474 | |||||||||
Net cash provided by (used in) operating activities | (21,741) | 9,038 | 198,899 | 91,756 | 127,664 | |||||||||
Cash flows from investing activities: | ||||||||||||||
Net cash (used in) provided by investing activities | (114,863) | 423,256 | (2,210,144) | (636,759) | (266,707) | |||||||||
Cash flows from financing activities: | ||||||||||||||
Net increase (decrease) in other borrowings | (35,793) | 0 | 76 | (18,646) | (37,177) | |||||||||
Redemption of subordinated debentures | 0 | 0 | 0 | 0 | (26,140) | |||||||||
Cash dividends paid | (5,870) | (2,661) | (36,451) | (30,384) | (17,677) | |||||||||
Net cash provided by (used in) financing activities | 80,505 | (392,722) | 2,075,378 | 652,996 | 203,572 | |||||||||
Net increase (decrease) in cash and cash equivalents | (56,099) | 39,572 | 64,133 | 107,993 | 64,529 | |||||||||
Cash and cash equivalents at beginning of period | 229,513 | 121,520 | 177,619 | 113,090 | 229,513 | 121,520 | 113,090 | |||||||
Cash and cash equivalents at end of period | 293,646 | 229,513 | 121,520 | 152,662 | 293,646 | 229,513 | 177,619 | |||||||
Sterling Bancorp | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) | 17,004 | (14,002) | 139,972 | 66,114 | 27,678 | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||
Loss (gain) on extinguishment of borrowings | 0 | 0 | 1,013 | 0 | (712) | |||||||||
Other adjustments, net | (10,707) | 15,310 | 6,273 | (3,123) | 22,065 | |||||||||
Net cash provided by (used in) operating activities | (5,548) | 13,478 | 59,894 | 31,121 | 36,086 | |||||||||
Cash flows from investing activities: | ||||||||||||||
Sales of securities | 0 | 0 | 3 | 0 | 1,112 | |||||||||
Investment in subsidiaries | 0 | (15,000) | (65,000) | (84,500) | (15,000) | |||||||||
ESOP loan principal repayments | 0 | 473 | 0 | 0 | 6,437 | |||||||||
Net cash (used in) provided by investing activities | 0 | (14,527) | (64,997) | (84,500) | (7,451) | |||||||||
Cash flows from financing activities: | ||||||||||||||
Net increase (decrease) in other borrowings | 0 | 0 | 0 | 0 | (20,659) | |||||||||
Redemption of subordinated debentures | 0 | 0 | 0 | 0 | (26,140) | |||||||||
Equity capital raise | 0 | 0 | 90,995 | 85,059 | 0 | |||||||||
Redemption of Senior Notes | 0 | 0 | (23,793) | 0 | 0 | |||||||||
Cash dividends paid | (5,870) | (2,661) | (36,451) | (30,384) | (17,677) | |||||||||
Stock-based compensation transactions | 1,810 | 2,569 | 3,588 | 4,472 | 2,980 | |||||||||
Net cash provided by (used in) financing activities | (4,060) | (92) | 34,339 | 59,147 | (61,496) | |||||||||
Net increase (decrease) in cash and cash equivalents | (9,608) | (1,141) | 29,236 | 5,768 | (32,861) | |||||||||
Cash and cash equivalents at beginning of period | $ 19,529 | $ 13,761 | 23,369 | 56,230 | 19,529 | 13,761 | 56,230 | |||||||
Cash and cash equivalents at end of period | $ 48,765 | $ 19,529 | 13,761 | 55,089 | 48,765 | 19,529 | 23,369 | |||||||
Sterling National Bank | Sterling Bancorp | ||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||
Equity in (undistributed) excess distributed earnings | (11,171) | 12,376 | (87,364) | (32,230) | (12,590) | |||||||||
Non-bank Subsidiaries | Sterling Bancorp | ||||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||
Equity in (undistributed) excess distributed earnings | $ (674) | $ (206) | $ 0 | $ 360 | $ (355) |
Quarterly Results of Operati127
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Interest and dividend income | $ 123,075 | $ 118,161 | $ 114,309 | $ 106,006 | $ 106,224 | $ 103,298 | $ 71,947 | $ 66,672 | $ 68,087 | $ 52,711 | $ 461,551 | $ 348,141 | $ 246,906 | |
Interest expense | 15,827 | 15,031 | 13,929 | 12,495 | 10,803 | 9,944 | 8,373 | 7,805 | 7,850 | 6,835 | 57,282 | 36,925 | 28,918 | |
Net interest income | 107,248 | 103,130 | 100,380 | 93,511 | 95,421 | 93,354 | 63,574 | 58,867 | 60,237 | 45,876 | 404,269 | 311,216 | 217,988 | |
Provisions for loan losses | 5,500 | 5,500 | 5,000 | 4,000 | 5,500 | 5,000 | 3,100 | 2,100 | 3,000 | 3,000 | 20,000 | 15,700 | 19,100 | |
Non-interest income | 16,057 | 19,039 | 20,442 | 15,449 | 16,081 | 18,802 | 13,857 | 14,010 | 13,957 | 9,148 | 70,987 | 62,751 | 47,370 | |
Non-interest expense | 57,072 | 62,256 | 59,640 | 68,934 | 57,419 | 71,315 | 85,659 | 45,921 | 45,814 | 72,974 | 247,902 | 260,318 | 208,428 | |
Income (loss) before income taxes | 60,733 | 54,413 | 56,182 | 36,026 | 48,583 | 35,841 | (11,328) | 24,856 | 25,380 | (20,950) | 207,354 | 97,949 | 37,830 | |
Income tax expense (benefit) | 19,737 | 16,991 | 18,412 | 12,242 | 15,792 | 11,648 | (3,682) | 8,078 | 8,376 | (6,948) | $ 10,152 | 67,382 | 31,835 | 10,152 |
Net income (loss) | $ 40,996 | $ 37,422 | $ 37,770 | $ 23,784 | $ 32,791 | $ 24,193 | $ (7,646) | $ 16,778 | $ 17,004 | $ (14,002) | $ 139,972 | $ 66,114 | $ 27,678 | |
Basic (USD per share) | $ 0.31 | $ 0.29 | $ 0.29 | $ 0.18 | $ 0.25 | $ 0.19 | $ (0.08) | $ 0.19 | $ 0.20 | $ (0.20) | $ 1.07 | $ 0.60 | $ 0.34 | |
Diluted (USD per share) | $ 0.31 | $ 0.29 | $ 0.29 | $ 0.18 | $ 0.25 | $ 0.19 | $ (0.08) | $ 0.19 | $ 0.20 | $ (0.20) | $ 1.07 | $ 0.60 | $ 0.34 | |
Merger-related expense | $ 14,625 | $ 502 | $ 9,068 | $ 265 | $ 17,079 | $ 9,455 | ||||||||
Other restructuring charges | $ 28,055 | $ 610 | $ 9,302 | $ 4,485 | $ 40,350 | $ 11,043 |