Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2019 | |
Entity File Number | 001-35385 | |
Entity Registrant Name | STERLING BANCORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0091851 | |
Entity Address, Address Line One | 400 Rella Boulevard, | |
Entity Address, City or Town | Montebello, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10901 | |
City Area Code | 845 | |
Local Phone Number | 369-8040 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Smaller Reporting Company | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 202,046,172 | |
Entity Central Index Key | 0001070154 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock, Par Value $0.01 Per Share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | STL | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing 1/40th Interest In A Share Of 6.50% Non-Cumulative Perpetual Preferred Stock, Series A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing 1/40 interest in a share of 6.50% Non-Cumulative Perpetual Preferred Stock, Series A | |
Trading Symbol | STLPRA | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Cash and due from banks | $ 545,603 | $ 438,110 |
Securities: | ||
Available for sale, at fair value | 3,061,419 | 3,870,563 |
Held to maturity, at amortized cost (fair value of $2,061,887 and $2,740,522 at September 30, 2019 and December 31, 2018, respectively) | 1,985,592 | 2,796,617 |
Total securities | 5,047,011 | 6,667,180 |
Loans held for sale | 4,627 | 1,565,979 |
Portfolio loans | 20,830,163 | 19,218,530 |
Allowance for loan losses | (104,735) | (95,677) |
Portfolio loans, net | 20,725,428 | 19,122,853 |
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock, at cost | 276,929 | 369,690 |
Accrued interest receivable | 104,881 | 107,111 |
Premises and equipment, net | 238,723 | 264,194 |
Goodwill | 1,657,814 | 1,613,033 |
Other intangible assets, net | 115,149 | 129,545 |
Bank owned life insurance (“BOLI”) | 609,720 | 653,995 |
Other real estate owned | 13,006 | 19,377 |
Other assets | 738,774 | 432,240 |
Total assets | 30,077,665 | 31,383,307 |
LIABILITIES: | ||
Deposits | 21,579,324 | 21,214,148 |
FHLB borrowings | 2,800,907 | 4,838,772 |
Repurchase agreements | 26,544 | 21,338 |
Senior Notes | 173,652 | 181,130 |
Subordinated Notes | 173,121 | 172,943 |
Mortgage escrow funds | 84,595 | 72,891 |
Other liabilities | 718,555 | 453,232 |
Total liabilities | 25,556,698 | 26,954,454 |
Commitments and Contingent liabilities (See Note 17. “Commitments and Contingencies”) | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock (par value $0.01 per share; 10,000,000 shares authorized; 135,000 shares issued and outstanding at September 30, 2019 and December 31, 2018) | 137,799 | 138,423 |
Common stock (par value $0.01 per share; 310,000,000 shares authorized at September 30, 2019 and December 31, 2018; 229,872,925 shares issued at September 30, 2019 and December 31, 2018; 202,392,884 and 216,227,852 shares outstanding at September 30, 2019 and December 31, 2018, respectively) | 2,299 | 2,299 |
Additional paid-in capital | 3,762,046 | 3,776,461 |
Treasury stock, at cost (27,480,041 shares at September 30, 2019 and 13,645,073 shares at December 31, 2018) | (501,814) | (213,935) |
Retained earnings | 1,075,503 | 791,550 |
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $17,239 at September 30, 2019 and $(25,429) at December 31, 2018 | 45,134 | (65,945) |
Total stockholders’ equity | 4,520,967 | 4,428,853 |
Total liabilities and stockholders’ equity | $ 30,077,665 | $ 31,383,307 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair value | $ 2,061,887 | $ 2,740,522 |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 135,000 | 135,000 |
Preferred stock, shares outstanding (in shares) | 135,000 | 135,000 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 310,000,000 | 310,000,000 |
Common stock, shares issued (in shares) | 229,872,925 | 229,872,925 |
Common stock, shares outstanding (in shares) | 202,392,884 | 216,227,852 |
Treasury stock, shares (in shares) | 27,480,041 | 13,645,073 |
Accumulated other comprehensive loss, tax expense (benefit) | $ 17,239 | $ (25,429) |
Consolidated Income Statements
Consolidated Income Statements (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest and dividend income: | ||||
Loans and loan fees | $ 254,414 | $ 257,211 | $ 772,992 | $ 746,079 |
Securities taxable | 21,977 | 29,765 | 74,456 | 85,856 |
Securities non-taxable | 13,491 | 15,244 | 42,771 | 45,959 |
Other earning assets | 5,327 | 6,805 | 16,847 | 17,382 |
Total interest and dividend income | 295,209 | 309,025 | 907,066 | 895,276 |
Interest expense: | ||||
Deposits | 48,330 | 35,974 | 142,454 | 88,645 |
Borrowings | 23,558 | 29,102 | 73,946 | 82,098 |
Total interest expense | 71,888 | 65,076 | 216,400 | 170,743 |
Net interest income | 223,321 | 243,949 | 690,666 | 724,533 |
Provisions for loan losses | 13,700 | 9,500 | 35,400 | 35,500 |
Net interest income after provision for loan losses | 209,621 | 234,449 | 655,266 | 689,033 |
Non-interest income: | ||||
Deposit fees and service charges | 6,582 | 6,333 | 19,891 | 20,319 |
Accounts receivable management / factoring commissions and other fees | 6,049 | 5,595 | 17,265 | 16,292 |
Bank owned life insurance | 8,066 | 3,733 | 15,900 | 11,591 |
Loan commissions and fees | 6,285 | 4,142 | 15,431 | 12,114 |
Investment management fees | 1,758 | 1,943 | 5,708 | 5,889 |
Net gain (loss) on sale of securities | 6,882 | (56) | (6,830) | (5,902) |
Gain on termination of pension plan | 12,097 | 0 | 12,097 | 0 |
Gain on sale of fixed assets | 0 | 0 | 0 | 11,800 |
Gain on sale of residential mortgage loans | 0 | 0 | 8,313 | 0 |
Other | 4,111 | 2,455 | 10,710 | 8,617 |
Total non-interest income | 51,830 | 24,145 | 98,485 | 80,720 |
Non-interest expense: | ||||
Compensation and benefits | 52,850 | 54,823 | 163,313 | 165,662 |
Stock-based compensation plans | 4,565 | 3,115 | 14,293 | 9,304 |
Occupancy and office operations | 15,836 | 16,558 | 48,477 | 51,956 |
Information technology | 8,545 | 10,699 | 26,267 | 32,412 |
Amortization of intangible assets | 4,785 | 5,865 | 14,396 | 17,782 |
FDIC insurance and regulatory assessments | 3,194 | 6,043 | 9,526 | 16,885 |
Other real estate owned expense, net | 79 | 1,497 | 754 | 1,635 |
Charge for asset write-downs, retention and severance | 0 | 0 | 3,344 | 13,132 |
Impairment related to financial centers and real estate consolidation strategy | 0 | 0 | 14,398 | 0 |
Other | 16,601 | 13,173 | 53,619 | 39,680 |
Total non-interest expense | 106,455 | 111,773 | 348,387 | 348,448 |
Income before income tax expense | 154,996 | 146,821 | 405,364 | 421,305 |
Income tax expense | 32,549 | 27,171 | 85,020 | 88,542 |
Net income | 122,447 | 119,650 | 320,344 | 332,763 |
Preferred stock dividend | 1,982 | 1,993 | 5,958 | 5,988 |
Net income available to common stockholders | $ 120,465 | $ 117,657 | $ 314,386 | $ 326,775 |
Weighted average common shares: | ||||
Basic (in shares) | 203,090,365 | 225,088,511 | 207,685,051 | 224,969,121 |
Diluted (in shares) | 203,566,582 | 225,622,895 | 208,108,575 | 225,504,463 |
Earnings per common share: | ||||
Basic (USD per share) | $ 0.59 | $ 0.52 | $ 1.51 | $ 1.45 |
Diluted (USD per share) | $ 0.59 | $ 0.52 | $ 1.51 | $ 1.45 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 122,447 | $ 119,650 | $ 320,344 | $ 332,763 |
Other comprehensive income (loss), before tax: | ||||
Change in unrealized holding gains (losses) on securities available for sale | 29,085 | (27,083) | 168,592 | (128,496) |
Unrealized loss on transfer of securities held to maturity to available for sale | 0 | 0 | (11,813) | 0 |
Reclassification adjustment for net realized (gains) losses included in net income | (6,882) | 56 | 6,830 | 5,902 |
Accretion of net unrealized loss on securities transferred to held to maturity | 119 | 225 | 2,658 | 686 |
Change in the actuarial loss of defined benefit plan and post-retirement benefit plans | (15,706) | 415 | (12,757) | 1,150 |
Total other comprehensive income (loss), before tax | 6,616 | (26,387) | 153,510 | (120,758) |
Deferred tax (expense) benefit related to other comprehensive (loss) income | (1,828) | 7,293 | (42,431) | 33,378 |
Other comprehensive income (loss), net of tax | 4,788 | (19,094) | 111,079 | (87,380) |
Comprehensive income | $ 127,235 | $ 100,556 | $ 431,423 | $ 245,383 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common stock | Preferred stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive (loss) |
Balance (in shares) at Dec. 31, 2017 | 224,782,694 | ||||||
Balance, beginning at Dec. 31, 2017 | $ 4,240,178 | $ 2,299 | $ 139,220 | $ 3,780,908 | $ (58,039) | $ 401,956 | $ (26,166) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 98,872 | 98,872 | |||||
Other comprehensive income (loss) | (47,749) | (47,749) | |||||
Stock options & other stock transactions, net (in shares) | 28,794 | ||||||
Stock options & other stock transactions, net | 331 | 2 | 375 | (46) | |||
Restricted stock awards, net (in shares) | 654,778 | ||||||
Restricted stock awards, net | 10 | (14,630) | 6,562 | 8,078 | |||
Cash dividends declared, common | (15,693) | (15,693) | |||||
Cash dividends declared, preferred | (2,194) | (195) | (1,999) | ||||
Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act from accumulated other comprehensive (loss) | 5,129 | (5,129) | |||||
Balance (in shares) at Mar. 31, 2018 | 225,466,266 | ||||||
Balance, ending at Mar. 31, 2018 | 4,273,755 | $ 2,299 | 139,025 | 3,766,280 | (51,102) | 496,297 | (79,044) |
Balance (in shares) at Dec. 31, 2017 | 224,782,694 | ||||||
Balance, beginning at Dec. 31, 2017 | 4,240,178 | $ 2,299 | 139,220 | 3,780,908 | (58,039) | 401,956 | (26,166) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 332,763 | ||||||
Other comprehensive income (loss) | $ (87,380) | ||||||
Purchase of treasury stock (in shares) | 0 | ||||||
Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act from accumulated other comprehensive (loss) | $ (5,129) | ||||||
Balance (in shares) at Sep. 30, 2018 | 225,446,089 | ||||||
Balance, ending at Sep. 30, 2018 | 4,438,303 | $ 2,299 | 138,627 | 3,773,164 | (51,973) | 694,861 | (118,675) |
Balance (in shares) at Dec. 31, 2017 | 224,782,694 | ||||||
Balance, beginning at Dec. 31, 2017 | 4,240,178 | $ 2,299 | 139,220 | 3,780,908 | (58,039) | 401,956 | (26,166) |
Balance (in shares) at Dec. 31, 2018 | 216,227,852 | ||||||
Balance, ending at Dec. 31, 2018 | 4,428,853 | $ 2,299 | 138,423 | 3,776,461 | (213,935) | 791,550 | (65,945) |
Balance (in shares) at Mar. 31, 2018 | 225,466,266 | ||||||
Balance, beginning at Mar. 31, 2018 | 4,273,755 | $ 2,299 | 139,025 | 3,766,280 | (51,102) | 496,297 | (79,044) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 114,241 | 114,241 | |||||
Other comprehensive income (loss) | (20,537) | (20,537) | |||||
Stock options & other stock transactions, net (in shares) | 7,500 | ||||||
Stock options & other stock transactions, net | 75 | 2 | 91 | (18) | |||
Restricted stock awards, net (in shares) | (3,512) | ||||||
Restricted stock awards, net | 3,133 | 3,223 | (258) | 168 | |||
Cash dividends declared, common | (15,739) | (15,739) | |||||
Cash dividends declared, preferred | (2,193) | (197) | (1,996) | ||||
Balance (in shares) at Jun. 30, 2018 | 225,470,254 | ||||||
Balance, ending at Jun. 30, 2018 | 4,352,735 | $ 2,299 | 138,828 | 3,769,505 | (51,269) | 592,953 | (99,581) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 119,650 | 119,650 | |||||
Other comprehensive income (loss) | (19,094) | (19,094) | |||||
Stock options & other stock transactions, net (in shares) | 13,500 | ||||||
Stock options & other stock transactions, net | 156 | 2 | 164 | (10) | |||
Restricted stock awards, net (in shares) | (37,665) | ||||||
Restricted stock awards, net | 2,789 | 3,657 | (868) | ||||
Cash dividends declared, common | (15,739) | (15,739) | |||||
Cash dividends declared, preferred | (201) | (1,993) | |||||
Balance (in shares) at Sep. 30, 2018 | 225,446,089 | ||||||
Balance, ending at Sep. 30, 2018 | 4,438,303 | $ 2,299 | 138,627 | 3,773,164 | (51,973) | 694,861 | (118,675) |
Balance (in shares) at Dec. 31, 2018 | 216,227,852 | ||||||
Balance, beginning at Dec. 31, 2018 | 4,428,853 | $ 2,299 | 138,423 | 3,776,461 | (213,935) | 791,550 | (65,945) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 101,437 | 101,437 | |||||
Other comprehensive income (loss) | 59,335 | 59,335 | |||||
Stock options & other stock transactions, net (in shares) | 3,893 | ||||||
Stock options & other stock transactions, net | 55 | 49 | 6 | ||||
Restricted stock awards, net (in shares) | 1,331,674 | ||||||
Restricted stock awards, net | 1,105 | (24,626) | 12,818 | 12,913 | |||
Cash dividends declared, common | (15,079) | (15,079) | |||||
Cash dividends declared, preferred | (2,194) | (205) | (1,989) | ||||
Purchase of treasury stock (in shares) | (8,002,595) | ||||||
Purchase of treasury stock | (154,289) | (154,289) | |||||
Balance (in shares) at Mar. 31, 2019 | 209,560,824 | ||||||
Balance, ending at Mar. 31, 2019 | 4,419,223 | $ 2,299 | 138,218 | 3,751,835 | (355,357) | 888,838 | (6,610) |
Balance (in shares) at Dec. 31, 2018 | 216,227,852 | ||||||
Balance, beginning at Dec. 31, 2018 | 4,428,853 | $ 2,299 | 138,423 | 3,776,461 | (213,935) | 791,550 | (65,945) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 320,344 | ||||||
Other comprehensive income (loss) | 111,079 | ||||||
Cash dividends declared, preferred | $ (2,194) | ||||||
Purchase of treasury stock (in shares) | (15,312,694) | ||||||
Balance (in shares) at Sep. 30, 2019 | 202,392,884 | ||||||
Balance, ending at Sep. 30, 2019 | $ 4,520,967 | $ 2,299 | 137,799 | 3,762,046 | (501,814) | 1,075,503 | 45,134 |
Balance (in shares) at Mar. 31, 2019 | 209,560,824 | ||||||
Balance, beginning at Mar. 31, 2019 | 4,419,223 | $ 2,299 | 138,218 | 3,751,835 | (355,357) | 888,838 | (6,610) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 96,460 | 96,460 | |||||
Other comprehensive income (loss) | 46,956 | 46,956 | |||||
Stock options & other stock transactions, net (in shares) | 168,169 | ||||||
Stock options & other stock transactions, net | 1,834 | 1,410 | 424 | ||||
Restricted stock awards, net (in shares) | (39,697) | ||||||
Restricted stock awards, net | 4,404 | 5,291 | (887) | ||||
Cash dividends declared, common | (14,611) | (14,611) | |||||
Cash dividends declared, preferred | (2,194) | (207) | (1,987) | ||||
Purchase of treasury stock (in shares) | (4,502,053) | ||||||
Purchase of treasury stock | (92,914) | (92,914) | |||||
Balance (in shares) at Jun. 30, 2019 | 205,187,243 | ||||||
Balance, ending at Jun. 30, 2019 | 4,459,158 | $ 2,299 | 138,011 | 3,757,126 | (447,748) | 969,124 | 40,346 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 122,447 | 122,447 | |||||
Other comprehensive income (loss) | 4,788 | 4,788 | |||||
Stock options & other stock transactions, net (in shares) | 43,935 | ||||||
Stock options & other stock transactions, net | 508 | 367 | 141 | ||||
Restricted stock awards, net (in shares) | (30,248) | ||||||
Restricted stock awards, net | 4,304 | 4,920 | (694) | 78 | |||
Cash dividends declared, common | (14,305) | (14,305) | |||||
Cash dividends declared, preferred | (2,194) | (212) | (1,982) | ||||
Purchase of treasury stock (in shares) | (2,808,046) | ||||||
Purchase of treasury stock | (53,739) | (53,739) | |||||
Balance (in shares) at Sep. 30, 2019 | 202,392,884 | ||||||
Balance, ending at Sep. 30, 2019 | $ 4,520,967 | $ 2,299 | $ 137,799 | $ 3,762,046 | $ (501,814) | $ 1,075,503 | $ 45,134 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes In Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends paid, common (usd per share) | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 |
Cash dividends paid, preferred (usd per share) | $ 16,250 | $ 16.25 | $ 16.25 | $ 16.25 | $ 16.25 | $ 16.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 320,344 | $ 332,763 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provisions for loan losses | 35,400 | 35,500 |
Net (gain) from write-downs and sales of other real estate owned | (268) | (796) |
Net (gain) on extinguishment of Senior Notes | (46) | 0 |
Depreciation of premises and equipment | 14,807 | 15,214 |
Impairment on fixed assets | 10,751 | 0 |
Impairment of early termination of leases | 3,647 | |
Asset write-downs, retention and severance compensation and other restructuring charges | 3,344 | 13,132 |
Income from termination of defined benefit pension plan | (12,079) | 0 |
Amortization of intangible assets | 14,396 | 17,782 |
Amortization of low income housing tax credits | 12,510 | 3,732 |
Net loss on sale of securities | 6,830 | 5,902 |
Net gain on loans held for sale | (8,313) | (25) |
Net gain on sale of premises and equipment | 0 | (11,800) |
Net amortization of premiums on securities | 26,243 | 29,759 |
Amortization of premium on certificates of deposit | (2,977) | (4,850) |
Net accretion of purchase discount and amortization of net deferred loan costs | (66,583) | (85,129) |
Net accretion of debt issuance costs and amortization of premium on borrowings | (1,211) | (1,081) |
Restricted stock compensation expense | 14,293 | 9,299 |
Stock option compensation expense | 0 | 5 |
Originations of loans held for sale | (4,500) | (52,919) |
Proceeds from sales of loans held for sale | 28,685 | 27,148 |
Increase in cash surrender value of bank owned life insurance | (15,900) | (11,591) |
Deferred income tax expense | 26,203 | 45,589 |
Other adjustments (principally net changes in other assets and other liabilities) | (62,280) | (79,631) |
Net cash provided by operating activities | 343,296 | 288,003 |
Purchases of securities: | ||
Available for sale | (66,148) | (753,638) |
Held to maturity | (10,214) | (140,976) |
Proceeds from maturities, calls and other principal payments on securities: | ||
Available for sale | 347,103 | 271,558 |
Held to maturity | 93,729 | 135,327 |
Proceeds from sales of securities available for sale | 1,386,236 | 117,810 |
Proceeds from sales of securities held to maturity | 0 | 254 |
Portfolio loan originations, net | (975,741) | 10,619 |
Portfolio loans purchased | 0 | (37,668) |
Proceeds from sale of residential mortgage loans | 1,409,334 | 0 |
Redemptions (purchases) of FHLB and FRB stock, net | 92,761 | (67,343) |
Proceeds from sales of other real estate owned | 10,749 | 16,786 |
Purchases of premises and equipment | (18,818) | (16,369) |
Proceeds from bank owned life insurance | 63,675 | 2,950 |
Proceeds from sale of premises and equipment | 18,731 | 35,261 |
Purchases of low income housing tax credits | (63,495) | (3,655) |
Cash paid for acquisition, net | (515,692) | (484,385) |
Net cash provided by (used in) investing activities | 1,772,210 | (913,469) |
Cash flows from financing activities: | ||
Net (decrease) increase in transaction, savings and money market deposits | (72,341) | 786,541 |
Net increase in certificates of deposit | 440,494 | 136,162 |
Net (decrease) in short-term FHLB borrowings | (987,000) | (555,000) |
Advances of term FHLB borrowings | 2,200,000 | 2,975,000 |
Repayments of term FHLB borrowings | (3,250,000) | (2,500,000) |
Repayment of Senior Notes | (6,954) | (77,000) |
Net increase (decrease) in other borrowings | 5,206 | (7,274) |
Net increase (decrease) in mortgage escrow funds | 11,704 | (25,689) |
Proceeds from stock option exercises | 2,397 | 556 |
Treasury shares repurchased | (300,942) | 0 |
Cash dividends paid - common stock | (43,995) | (47,171) |
Cash dividends paid - preferred stock | (6,582) | (6,581) |
Net cash (used in) provided by financing activities | (2,008,013) | 679,544 |
Net decrease in cash and cash equivalents | 107,493 | 54,078 |
Cash and cash equivalents at beginning of period | 438,110 | 479,906 |
Cash and cash equivalents at end of period | 545,603 | 533,984 |
Supplemental cash flow information: | ||
Interest payments | 211,758 | 165,306 |
Income tax payments | 44,968 | 23,445 |
Real estate acquired in settlement of loans | 4,110 | 11,630 |
Residential mortgage loans transferred from held for sale to portfolio | 127,883 | |
Securities held to maturity transferred to available for sale | 708,627 | 0 |
Operating cash flows from operating leases | 13,424 | |
Right-of-use assets obtained in exchange for lease liabilities | 113,985 | |
Non-cash assets acquired: | ||
Total loans, net | 471,878 | 442,884 |
Accrued interest receivable | 1,789 | 0 |
Goodwill | 44,781 | 36,094 |
Premises and equipment, net | 0 | 379 |
Other assets | 545 | 7,071 |
Total non-cash assets acquired | 518,993 | 486,428 |
Liabilities assumed: | ||
Other liabilities | 3,301 | 4,884 |
Total liabilities assumed | 3,301 | 4,884 |
Net non-cash assets acquired | 515,692 | 481,544 |
Cash and cash equivalents received in acquisitions | 0 | 20,508 |
Total consideration paid | $ 515,692 | $ 502,052 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation (a) Nature of Operations Sterling Bancorp (the “Company,” “we,” “us” and “our” ) is a Delaware corporation, a bank holding company and a financial holding company headquartered in Montebello, New York that owns all of the outstanding shares of common stock of Sterling National Bank (the “Bank”), its principal subsidiary. The Bank is a full-service regional bank specializing in the delivery of services and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers. (b) Basis of Presentation The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of the Company and all other entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies we follow conform, in all material respects, to accounting principles generally accepted in the United States (“GAAP”) and to general practices within the banking industry, which include regulatory reporting instructions. The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of our financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with GAAP and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (the “SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2018 , included in our Annual Report on Form 10-K, as filed with the SEC on March 1, 2019 (the “2018 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Certain items in prior financial statements have been reclassified to conform to the current presentation. These reclassifications had no impact on previously reported net income. (c) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expense and contingencies at the date of the financial statements. Actual results could differ significantly from these estimates, particularly the allowance for loan losses and the status of contingencies, and are subject to change. (d) Adoption of New Accounting Standards We adopted ASU No. 2016-02 “Leases (Topic 842)” , as of January 1, 2019, which requires lessees to recognize most leases on their balance sheets as a right-of-use asset with a corresponding lease liability. The standard included additional required qualitative and quantitative disclosures. We adopted the following practical expedients and elected the following accounting policies related to the leasing standard: • Carry over of historical lease classifications and whether existing contracts contain leases; • Current lease classification for existing leases; • Short-term lease accounting policy, allowing us not to recognize right-of-use assets and liabilities for leases with a term of 12 months or less; and • Lease and non-lease components are not separated for certain leases. As of September 30, 2019, the adoption of this standard resulted in the recognition of right-of-use assets of $113,985 and a lease liability of $120,700 , included in other assets and other liabilities, respectively, in the consolidated balance sheets. The standard did not have a significant impact on operating results or cash flows. See Note 9. “Leases” for additional information. We adopted ASU 2017-12, “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities,” (“ASU 2017-12”) , as of January 1, 2019, which amended the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. A provision in ASU 2017-12 provides that we may reclassify a debt security from held to maturity to available for sale at the time of adoption if the debt security is eligible to be hedged under the last-of-layer method in accordance ASU 2017-12. Generally, this includes debt securities that are pre-payable, including mortgage-backed securities, and debt securities that are callable by the issuer, which are applicable to many of our state and municipal debt securities. We transferred held to maturity securities with a book value of $720,440 and a fair value of $708,627 at December 31, 2018 to available for sale effective January 1, 2019. See Note 3. “Securities” for additional information. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Commercial loan portfolio and origination platform acquired from Woodforest National Bank (“Woodforest”) On February 28, 2019, the Bank acquired a commercial loan portfolio consisting of equipment finance loans and leases and asset-based lending loans from Woodforest (the “Woodforest Acquisition”). In addition, the Bank obtained sales and relationship management and business development personnel based in Novi, Michigan, who will continue to originate new loans and leases. The total consideration paid in cash at closing was $515,692 . We acquired $166,143 of equipment finance loans, which are mainly fixed rate loans, and $331,842 of asset-based lending loans, which are mainly variable rate loans. The fair value of these loans was $471,878 at the time of acquisition. The Bank paid a premium of 3.75% on the unpaid principal balance of the loans or $18,674 . The transaction was accounted for as a business combination. We recorded a $3,344 restructuring charge consisting mainly of professional fees, severance, retention, systems integration expense and facilities consolidation, which is included in charge for asset write-downs, retention and severance on the consolidated income statement. The acquired loans and origination platform have been fully integrated into our equipment finance and asset-based lending business lines. Acquisition of Advantage Funding Management Co., Inc. (“Advantage Funding”) On April 2, 2018 , the Bank acquired 100% of the outstanding common stock of Advantage Funding (the “Advantage Funding Acquisition”). The total consideration in the transaction was $502,052 and was paid in cash on the closing date. Advantage Funding was a provider of commercial vehicle and transportation financing services based in Lake Success, New York. Advantage Funding had total outstanding loans and leases of $457,638 on the acquisition date consisting mainly of fixed rate assets. The fair value of these loans was $439,622 . The Bank paid a premium on the gross loans and leases receivable of 4.5% or $20,300 . In the second quarter of 2018, we recorded a $4,396 restructuring charge consisting mainly of professional fees, severance, retention, systems integration expense and facilities consolidation, which is included in charge for asset write-downs, retention and severance on the consolidated income statement. The Advantage Funding Acquisition is consistent with our strategy of growing commercial loans and increasing the proportion of commercial loans in our loan portfolio. The operations of the business were fully integrated into our equipment finance business line. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities A summary of amortized cost and estimated fair value of securities as of September 30, 2019 is presented below. The term “MBS” refers to mortgage-backed securities and the term “CMOs” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 18. “Fair Value Measurements”. September 30, 2019 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 1,581,246 $ 22,923 $ (1,348 ) $ 1,602,821 $ 177,153 $ 1,983 $ (92 ) $ 179,044 CMOs/Other MBS 528,495 8,924 (45 ) 537,374 — — — — Total residential MBS 2,109,741 31,847 (1,393 ) 2,140,195 177,153 1,983 (92 ) 179,044 Other securities: Federal agencies 156,815 6,082 — 162,897 59,374 857 — 60,231 Corporate 292,064 12,880 (171 ) 304,773 19,917 474 — 20,391 State and municipal 442,946 10,959 (351 ) 453,554 1,716,398 73,155 (141 ) 1,789,412 Other — — — — 12,750 158 (99 ) 12,809 Total other securities 891,825 29,921 (522 ) 921,224 1,808,439 74,644 (240 ) 1,882,843 Total securities $ 3,001,566 $ 61,768 $ (1,915 ) $ 3,061,419 $ 1,985,592 $ 76,627 $ (332 ) $ 2,061,887 A summary of securities classified as held to maturity at December 31, 2018 that were transferred to available for sale effective January 1, 2019 is presented below. Amortized Fair Residential MBS: Agency-backed $ 125,343 $ 121,510 CMOs/Other MBS 27,780 27,017 Total residential MBS 153,123 148,527 Other securities: Corporate 49,001 48,607 State and municipal 518,316 511,493 Total of securities transferred from held to maturity to available for sale $ 720,440 $ 708,627 A summary of amortized cost and estimated fair value of securities as of December 31, 2018 is presented below: December 31, 2018 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 2,328,870 $ 2,347 $ (62,366 ) $ 2,268,851 $ 318,590 $ 73 $ (8,605 ) $ 310,058 CMOs/Other MBS 596,868 11 (22,109 ) 574,770 27,780 2 (765 ) 27,017 Total residential MBS 2,925,738 2,358 (84,475 ) 2,843,621 346,370 75 (9,370 ) 337,075 Other securities: Federal agencies 283,825 — (9,852 ) 273,973 59,065 160 (128 ) 59,097 Corporate 537,210 1,162 (10,407 ) 527,965 68,512 431 (392 ) 68,551 State and municipal 227,546 302 (2,844 ) 225,004 2,305,420 2,654 (49,562 ) 2,258,512 Other — — — — 17,250 49 (12 ) 17,287 Total other securities 1,048,581 1,464 (23,103 ) 1,026,942 2,450,247 3,294 (50,094 ) 2,403,447 Total securities $ 3,974,319 $ 3,822 $ (107,578 ) $ 3,870,563 $ 2,796,617 $ 3,369 $ (59,464 ) $ 2,740,522 The amortized cost and estimated fair value of securities at September 30, 2019 are presented below by contractual maturity. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential MBS are shown separately since they are not due at a single maturity date. September 30, 2019 Available for sale Held to maturity Amortized cost Fair value Amortized cost Fair value Remaining period to contractual maturity: One year or less $ 12,433 $ 12,398 $ 34,943 $ 35,146 One to five years 102,874 105,669 90,004 91,778 Five to ten years 598,960 620,601 281,286 292,768 Greater than ten years 177,558 182,556 1,402,206 1,463,151 Total securities with a stated maturity date 891,825 921,224 1,808,439 1,882,843 Residential MBS 2,109,741 2,140,195 177,153 179,044 Total securities $ 3,001,566 $ 3,061,419 $ 1,985,592 $ 2,061,887 Sales of securities for the periods indicated below were as follows: For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Available for sale: Proceeds from sales $ 647,485 $ — $ 1,386,236 $ 117,810 Gross realized gains (1) 7,815 — 12,170 82 Gross realized losses (1) (933 ) (3 ) (19,000 ) (5,910 ) Income tax expense (benefit) on realized net gains / losses 1,445 (1 ) (1,434 ) (1,224 ) Held to maturity: (2) Proceeds from sale $ — $ — $ — $ 254 Gross realized losses (1) — (53 ) — (74 ) Income tax expense on realized loss — (11 ) — (15 ) (1) Gross realized gains and losses include securities called prior to maturity. (2) In the nine months ended September 30, 2018, the Company sold a security that was held to maturity due to a decline in the credit rating and other evidence of deterioration of the issuer’s creditworthiness. We adopted ASU 2017-12, “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities,” as of January 1, 2019, which allowed us to reclassify a debt security from held to maturity to available for sale if the debt security is eligible to be hedged under the last-of-layer method in accordance with ASU 2017-12. Generally, this included debt securities that are pre-payable, including mortgage-backed securities, and debt securities that are callable by the issuer, which are applicable to many of our state and municipal debt securities. We transferred held to maturity securities with a book value of $720,440 and a fair value of $708,627 at December 31, 2018 to available for sale effective January 1, 2019. In the first quarter of 2019, we sold securities with a book value of $751,935 to raise liquidity for the Woodforest Acquisition, and to reduce lower yielding securities as a percentage of total assets. At September 30, 2019 and December 31, 2018 , there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders’ equity, other than the U.S. federal government and its agencies. The following table summarizes securities available for sale with unrealized losses, segregated by the length of time in a continuous unrealized loss position for the periods presented below: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available for sale September 30, 2019 Residential MBS: Agency-backed $ 211,025 $ (512 ) $ 110,298 $ (836 ) $ 321,323 $ (1,348 ) CMOs/Other MBS — — 5,991 (45 ) 5,991 (45 ) Total residential MBS 211,025 (512 ) 116,289 (881 ) 327,314 (1,393 ) Other securities: Corporate 2,008 (29 ) 15,588 (142 ) 17,596 (171 ) State and municipal 25,073 (296 ) 3,779 (55 ) 28,852 (351 ) Total other securities 27,081 (325 ) 19,367 (197 ) 46,448 (522 ) Total securities $ 238,106 $ (837 ) $ 135,656 $ (1,078 ) $ 373,762 $ (1,915 ) December 31, 2018 Residential MBS: Agency-backed $ 156,787 $ (536 ) $ 1,955,056 $ (61,830 ) $ 2,111,843 $ (62,366 ) CMOs/Other MBS 94 (2 ) 574,053 (22,107 ) 574,147 (22,109 ) Total residential MBS 156,881 (538 ) 2,529,109 (83,937 ) 2,685,990 (84,475 ) Other securities: Federal agencies — — 273,973 (9,852 ) 273,973 (9,852 ) Corporate 230,126 (4,278 ) 119,869 (6,129 ) 349,995 (10,407 ) State and municipal 16,172 (64 ) 175,966 (2,780 ) 192,138 (2,844 ) Total other securities 246,298 (4,342 ) 569,808 (18,761 ) 816,106 (23,103 ) Total securities $ 403,179 $ (4,880 ) $ 3,098,917 $ (102,698 ) $ 3,502,096 $ (107,578 ) The following table summarizes securities held to maturity with unrecognized losses, segregated by the length of time in a continuous unrecognized loss position for the periods presented below: Continuous unrecognized loss position Less than 12 months 12 months or longer Total Fair value Unrecognized losses Fair value Unrecognized losses Fair value Unrecognized losses Held to maturity September 30, 2019 Residential MBS: Agency-backed $ 36,823 $ (80 ) $ 1,751 $ (12 ) $ 38,574 $ (92 ) Other securities: State and municipal 3,001 (3 ) 8,359 (138 ) 11,360 (141 ) Other 9,901 (99 ) — — 9,901 (99 ) Total other securities 12,902 (102 ) 8,359 (138 ) 21,261 (240 ) Total securities $ 49,725 $ (182 ) $ 10,110 $ (150 ) $ 59,835 $ (332 ) December 31, 2018 Residential MBS: Agency-backed $ 25,003 $ (147 ) $ 273,974 $ (8,458 ) $ 298,977 $ (8,605 ) CMOs/Other MBS 101 (2 ) 25,066 (763 ) 25,167 (765 ) Total residential MBS 25,104 (149 ) 299,040 (9,221 ) 324,144 (9,370 ) Other securities: Federal agencies 29,485 (95 ) 4,908 (33 ) 34,393 (128 ) Corporate 21,859 (137 ) 16,261 (255 ) 38,120 (392 ) State and municipal 118,389 (877 ) 1,897,758 (48,685 ) 2,016,147 (49,562 ) Other 9,488 (12 ) — — 9,488 (12 ) Total other securities 179,221 (1,121 ) 1,918,927 (48,973 ) 2,098,148 (50,094 ) Total securities $ 204,325 $ (1,270 ) $ 2,217,967 $ (58,194 ) $ 2,422,292 $ (59,464 ) At September 30, 2019 , a total of 142 available for sale securities were in a continuous unrealized loss position for less than 12 months and 44 available for sale securities were in a continuous unrealized loss position for 12 months or longer. At September 30, 2019 , a total of 10 held to maturity securities were in a continuous unrealized loss position for less than 12 months and 48 held to maturity securities were in a continuous unrealized loss position for 12 months or longer. Declines in the fair value of held to maturity and available for sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. In estimating other than temporary impairment (“OTTI”) losses, management considers, among other things: (i) the length of time and the extent to which the fair value has been less than cost; (ii) the financial condition and near-term prospects of the issuer; and (iii) our intent and ability to retain the 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 we anticipate we will receive full value for the securities. Furthermore, as of September 30, 2019 , 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 we 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 September 30, 2019 , management believes the impairments detailed in the table above are temporary. Securities pledged for borrowings at the FHLB and other institutions, and securities pledged for municipal deposits and other purposes, were as follows for the periods presented below: September 30, December 31, 2019 2018 Available for sale securities pledged for borrowings, at fair value $ 26,544 $ 12,206 Available for sale securities pledged for municipal deposits, at fair value 818,763 817,306 Held to maturity securities pledged for borrowings, at amortized cost 914 34,996 Held to maturity securities pledged for municipal deposits, at amortized cost 1,551,726 1,338,901 Total securities pledged $ 2,397,948 $ 2,203,409 |
Portfolio Loans
Portfolio Loans | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Portfolio Loans | Portfolio Loans The composition of our total portfolio loans, which excludes loans held for sale, was the following for the periods presented below: September 30, 2019 December 31, 2018 Originated loans Acquired loans Total Originated loans Acquired loans Total Commercial: Commercial & Industrial (“C&I”): Traditional C&I $ 2,318,325 $ 58,304 $ 2,376,629 $ 2,321,131 $ 75,051 $ 2,396,182 Asset-based lending 870,681 303,658 1,174,339 792,935 — 792,935 Payroll finance 209,210 — 209,210 227,452 — 227,452 Warehouse lending 1,457,232 — 1,457,232 782,646 — 782,646 Factored receivables 277,853 — 277,853 258,383 — 258,383 Equipment financing 893,255 281,459 1,174,714 913,751 301,291 1,215,042 Public sector finance 1,122,592 — 1,122,592 860,746 — 860,746 Total C&I 7,149,148 643,421 7,792,569 6,157,044 376,342 6,533,386 Commercial mortgage: Commercial real estate (“CRE”) 4,806,054 392,353 5,198,407 4,154,956 487,461 4,642,417 Multi-family 1,932,464 2,846,968 4,779,432 1,527,619 3,236,505 4,764,124 Acquisition, development and construction (“ADC”) 433,883 — 433,883 267,754 — 267,754 Total commercial mortgage 7,172,401 3,239,321 10,411,722 5,950,329 3,723,966 9,674,295 Total commercial 14,321,549 3,882,742 18,204,291 12,107,373 4,100,308 16,207,681 Residential mortgage 559,685 1,810,531 2,370,216 621,471 2,083,755 2,705,226 Consumer 133,384 122,272 255,656 153,811 151,812 305,623 Total portfolio loans 15,014,618 5,815,545 20,830,163 12,882,655 6,335,875 19,218,530 Allowance for loan losses (104,735 ) — (104,735 ) (95,677 ) — (95,677 ) Total portfolio loans, net $ 14,909,883 $ 5,815,545 $ 20,725,428 $ 12,786,978 $ 6,335,875 $ 19,122,853 Acquired loans at September 30, 2019 and December 31, 2018 include loans that were acquired in the following transactions: the Woodforest Acquisition; the Advantage Funding Acquisition; the merger with Astoria Financial Corporation (“Astoria”) (the “Astoria Merger”); the merger with Hudson Valley Holding Corp. (the “HVB Merger”); and the merger between Provident New York Bancorp and legacy Sterling Bancorp (the “Provident Merger”). Under our credit administration and accounting policies, once a loan relationship reaches maturity and is re-underwritten, the loan is no longer considered an acquired loan and is included in originated loans. In addition, acquired performing loans that were subsequently subject to a credit evaluation, such as after designation as criticized or classified or placed on non-accrual since the acquisition date, are also included in originated loans. Consistent with our credit and accounting policies, at September 30, 2019 , there were $1,064,724 of loans with an allowance for loan loss reserve of $8,465 that were originally considered acquired loans but have since migrated to the originated loans portfolio as they have reached maturity, were re-underwritten, have been designated as criticized or classified or have been placed on non-accrual since the acquisition date. At December 31, 2018 , there were $1,365,682 of loans with an allowance for loan loss reserve of $9,607 that were originally considered acquired loans but have since migrated to the originated loans portfolio as they have reached maturity, were re-underwritten, have been designated as criticized or classified or have been placed on non-accrual since the acquisition date. Total portfolio loans include net deferred loan origination fees of $9,133 and $5,581 at September 30, 2019 and December 31, 2018 , respectively. Portfolio loans subject to purchase accounting adjustments are shown net of discounts on acquired loans, which were $73,985 at September 30, 2019 and $117,222 at December 31, 2018 . At September 30, 2019 and December 31, 2018 , the Bank pledged residential mortgage and commercial real estate loans of $7,729,593 and $8,526,247 , respectively, to the FHLB as collateral for certain borrowing arrangements. See Note 8. “Borrowings”. The following tables set forth the amounts and status of our loans, troubled debt restructurings (“TDRs”) and non-performing loans at September 30, 2019 and December 31, 2018 : Originated loans: September 30, 2019 Current 30-59 60-89 90+ Non- Total Traditional C&I $ 2,281,766 $ 7,460 $ 290 $ 351 $ 28,458 $ 2,318,325 Asset-based lending 851,047 — — — 19,634 870,681 Payroll finance 208,470 — — — 740 209,210 Warehouse lending 1,457,232 — — — — 1,457,232 Factored receivables 277,853 — — — — 277,853 Equipment financing 851,327 10,122 7,495 45 24,266 893,255 Public sector finance 1,122,592 — — — — 1,122,592 CRE 4,765,462 3,399 6,525 — 30,668 4,806,054 Multi-family 1,927,259 — — — 5,205 1,932,464 ADC 432,922 — — — 961 433,883 Residential mortgage 520,303 2,258 387 — 36,737 559,685 Consumer 123,316 883 3 — 9,182 133,384 Total loans $ 14,819,549 $ 24,122 $ 14,700 $ 396 $ 155,851 $ 15,014,618 Total TDRs included above $ 24,635 $ 258 $ — $ — $ 24,061 $ 48,954 Non-performing loans: Loans 90+ days past due and still accruing $ 396 Non-accrual loans 155,851 Total originated non-performing loans $ 156,247 December 31, 2018 Current 30-59 60-89 90+ Non- Total Traditional C&I $ 2,266,947 $ 5,747 $ 6,139 $ — $ 42,298 $ 2,321,131 Asset-based lending 789,654 — — — 3,281 792,935 Payroll finance 226,571 — — — 881 227,452 Warehouse lending 782,646 — — — — 782,646 Factored receivables 258,383 — — — — 258,383 Equipment financing 879,468 20,466 1,587 9 12,221 913,751 Public sector finance 860,746 — — — — 860,746 CRE 4,118,134 8,054 — 799 27,969 4,154,956 Multi-family 1,524,914 1,014 — — 1,691 1,527,619 ADC 267,090 230 — 434 — 267,754 Residential mortgage 592,563 1,934 897 264 25,813 621,471 Consumer 143,510 1,720 1,232 271 7,078 153,811 Total loans $ 12,710,626 $ 39,165 $ 9,855 $ 1,777 $ 121,232 $ 12,882,655 Total TDRs included above $ 34,892 $ 215 $ 181 $ 650 $ 38,947 $ 74,885 Non-performing loans: Loans 90+ days past due and still accruing $ 1,777 Non-accrual loans 121,232 Total originated non-performing loans $ 123,009 Acquired loans: September 30, 2019 Current 30-59 60-89 90+ Non- Total Traditional C&I $ 58,261 $ — $ — $ — $ 43 $ 58,304 Asset-based lending 303,658 — — — — 303,658 Equipment financing 270,424 7,893 743 — 2,399 281,459 CRE 387,560 758 — — 4,035 392,353 Multi-family 2,845,849 313 4 250 552 2,846,968 Residential mortgage 1,771,628 14,481 — 309 24,113 1,810,531 Consumer 117,512 1,742 — — 3,018 122,272 Total loans $ 5,754,892 $ 25,187 $ 747 $ 559 $ 34,160 $ 5,815,545 Total TDRs included above $ — $ — $ — $ — $ — $ — Non-performing loans: Loans 90+ days past due and still accruing $ 559 Non-accrual loans 34,160 Total acquired non-performing loans $ 34,719 December 31, 2018 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 69,690 $ 5,256 $ 105 $ — $ — $ 75,051 Equipment financing 288,447 8,659 3,998 187 — 301,291 CRE 481,583 377 — 458 5,043 487,461 Multi-family 3,233,779 1,736 — — 990 3,236,505 Residential mortgage 2,022,340 18,734 6,513 — 36,168 2,083,755 Consumer 146,042 1,852 951 — 2,967 151,812 Total loans $ 6,241,881 $ 36,614 $ 11,567 $ 645 $ 45,168 $ 6,335,875 Total TDRs included above $ — $ — $ — $ — $ — $ — Non-performing loans: Loans 90+ days past due and still accruing $ 645 Non-accrual loans 45,168 Total acquired non-performing loans $ 45,813 The following table provides additional analysis of our non-accrual loans at September 30, 2019 and December 31, 2018 : September 30, 2019 December 31, 2018 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 $ 28,458 $ 43 $ 28,501 $ 39,321 $ 41,625 $ 673 $ 42,298 $ 50,651 Asset-based lending 19,634 — 19,634 35,205 3,281 — 3,281 3,859 Payroll finance 740 — 740 740 881 — 881 881 Equipment financing 26,665 — 26,665 31,237 12,221 — 12,221 15,744 CRE 25,731 8,972 34,703 39,287 23,675 9,337 33,012 39,440 Multi-family 3,777 1,980 5,757 6,169 482 2,199 2,681 2,920 ADC 961 — 961 961 — — — — Residential mortgage 34,595 26,255 60,850 71,619 24,339 37,642 61,981 72,706 Consumer 7,928 4,272 12,200 14,177 6,576 3,469 10,045 12,170 Total $ 148,489 $ 41,522 $ 190,011 $ 238,716 $ 113,080 $ 53,320 $ 166,400 $ 198,371 When the ultimate collectability 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 collectability 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 September 30, 2019 and December 31, 2018 , the recorded investment of residential mortgage loans that were in the process of foreclosure was $40,754 and $48,107 , respectively, which is 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 September 30, 2019 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment PCI loans (1) Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses Traditional C&I $ 26,279 $ 2,344,853 $ 5,497 $ 2,376,629 $ — $ 14,466 $ 14,466 Asset-based lending 19,634 1,141,104 13,601 1,174,339 — 13,968 13,968 Payroll finance — 209,210 — 209,210 — 1,937 1,937 Warehouse lending — 1,457,232 — 1,457,232 — 547 547 Factored receivables — 277,853 — 277,853 — 1,016 1,016 Equipment financing 5,171 1,167,476 2,067 1,174,714 — 16,109 16,109 Public sector finance — 1,122,592 — 1,122,592 — 1,539 1,539 CRE 31,614 5,145,183 21,610 5,198,407 — 32,111 32,111 Multi-family 3,363 4,770,446 5,623 4,779,432 — 9,556 9,556 ADC — 433,883 — 433,883 — 4,166 4,166 Residential mortgage 4,625 2,295,539 70,052 2,370,216 — 7,372 7,372 Consumer 2,727 245,976 6,953 255,656 — 1,948 1,948 Total portfolio loans $ 93,413 $ 20,611,347 $ 125,403 $ 20,830,163 $ — $ 104,735 $ 104,735 (1) We acquired loans for which there was, at acquisition, both evidence of deterioration of credit quality since origination and the probability, at acquisition, that all contractually required payments would not be collected. These loans are classified as purchased credit impaired loans (“PCI loans”). The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 31, 2018 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment PCI loans Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses Traditional C&I $ 48,735 $ 2,338,432 $ 9,015 $ 2,396,182 $ — $ 14,201 $ 14,201 Asset-based lending 3,281 789,654 — 792,935 — 7,979 7,979 Payroll finance — 227,452 — 227,452 — 2,738 2,738 Warehouse lending — 782,646 — 782,646 — 2,800 2,800 Factored receivables — 258,383 — 258,383 — 1,064 1,064 Equipment financing 3,577 1,211,465 — 1,215,042 — 12,450 12,450 Public sector finance — 860,746 — 860,746 — 1,739 1,739 CRE 33,284 4,581,911 27,222 4,642,417 — 32,285 32,285 Multi-family 1,662 4,754,912 7,550 4,764,124 — 8,355 8,355 ADC — 267,754 — 267,754 — 1,769 1,769 Residential mortgage 3,210 2,614,046 87,970 2,705,226 — 7,454 7,454 Consumer 7,249 290,336 8,038 305,623 — 2,843 2,843 Total portfolio loans $ 100,998 $ 18,977,737 $ 139,795 $ 19,218,530 $ — $ 95,677 $ 95,677 Management considers a loan to be impaired when, based on current information and events, it is determined that we will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. Evaluation of impairment is generally treated the same across all classes of loans on a loan-by-loan basis. Generally loans of $750 or less are evaluated for impairment on a homogeneous pool basis. When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole remaining source of repayment of the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs when foreclosure or liquidation is probable, instead of discounted cash flows. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is generally recognized through a charge-off to the allowance for loan losses. The following table presents the changes in the balance of the accretable yield discount for PCI loans for the three and nine months ended September 30, 2019 and 2018 : For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 Balance at beginning of period $ 18,381 $ 21,711 $ 16,932 $ 45,582 Balances acquired in the Woodforest Acquisition — — 2,093 — Accretion of income (2,459 ) (4,027 ) (6,381 ) (10,578 ) Charge-offs (143 ) — (1,082 ) — Reclassification (to) from non-accretable difference 1,024 1,056 5,241 (1,192 ) Other, adjustments — — — (15,072 ) Balance at end of period $ 16,803 $ 18,740 $ 16,803 $ 18,740 Income is not recognized on PCI loans unless we can reasonably estimate the cash flows that are expected to be collected over the life of the loan. The balance of PCI loans that were treated under the cost recovery method was $3,284 and $5,202 at September 30, 2019 and December 31, 2018 , respectively. The following table presents loans individually evaluated for impairment, excluding PCI loans, by segment of loans at September 30, 2019 and December 31, 2018 : September 30, 2019 December 31, 2018 Unpaid principal balance Recorded investment Unpaid principal balance Recorded investment Loans with no related allowance recorded: Traditional C&I $ 37,000 $ 26,279 $ 64,653 $ 48,735 Asset-based lending 35,205 19,634 3,859 3,281 Equipment financing 5,171 5,171 3,577 3,577 CRE 35,476 31,614 43,119 33,284 Multi-family 3,695 3,363 2,341 1,662 Residential mortgage 5,962 4,625 3,430 3,210 Consumer 2,727 2,727 7,249 7,249 Total $ 125,236 $ 93,413 $ 128,228 $ 100,998 Our policy generally requires a charge-off of the difference between the present value of the cash flows or the net collateral value of the collateral securing the loan and our recorded investment. As a result, there were no impaired loans with an allowance recorded at September 30, 2019 and December 31, 2018 . The following table presents the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for the three months ended September 30, 2019 and September 30, 2018 : For the three months ended September 30, 2019 September 30, 2018 QTD average recorded investment Interest income recognized Cash-basis interest income recognized QTD average recorded investment Interest income recognized Cash-basis interest income recognized Loans with no related allowance recorded: Traditional C&I $ 26,702 $ 5 $ — $ 36,731 $ 116 $ — Asset-based lending 25,334 — — 14,639 123 — Equipment financing 4,315 23 — 798 — — CRE 27,337 76 — 27,149 294 — Multi-family 2,488 — — 1,768 17 — Residential mortgage 5,218 4 — 1,849 — — Consumer 2,727 — — 4,762 — — Total $ 94,121 $ 108 $ — $ 87,696 $ 550 $ — The following table presents the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for the nine months ended September 30, 2019 and September 30, 2018 : For the nine months ended September 30, 2019 September 30, 2018 YTD average recorded investment Interest income recognized Cash-basis interest income recognized YTD average recorded investment Interest income recognized Cash-basis interest income recognized Loans with no related allowance recorded: Traditional C&I $ 32,666 $ 15 $ — $ 35,935 $ 149 $ — Asset-based lending 22,511 — — 10,980 347 — Equipment financing 3,626 92 — 598 — — CRE 26,580 227 — 22,704 360 — Multi-family 2,314 — — 1,726 48 — Residential mortgage 4,593 13 — 1,387 — — Consumer 2,727 — — 4,355 — — Total $ 95,017 $ 347 $ — $ 77,685 $ 904 $ — Troubled Debt Restructurings (“TDRs”) The following tables set forth the amounts and past due status of our TDRs at September 30, 2019 and December 31, 2018 : September 30, 2019 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 475 $ — $ — $ — $ 13,949 $ 14,424 Asset-based lending — — — — 1,026 1,026 Equipment financing 5,615 71 — — 1,872 7,558 CRE 8,514 — — — 5,031 13,545 ADC — — — — 434 434 Residential mortgage 7,546 187 — — 1,416 9,149 Consumer 2,485 — — — 333 2,818 Total $ 24,635 $ 258 $ — $ — $ 24,061 $ 48,954 December 31, 2018 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 9,011 $ — $ — $ — $ 25,672 $ 34,683 Asset-based lending — — — — 1,276 1,276 Equipment financing 1,905 — 9 — 2,367 4,281 CRE 11,071 — — — 7,112 18,183 ADC — — — 434 — 434 Residential mortgage 5,688 — 103 — 2,312 8,103 Consumer 7,217 215 69 216 208 7,925 Total $ 34,892 $ 215 $ 181 $ 650 $ 38,947 $ 74,885 We did not have any outstanding commitments to lend additional amounts to customers with loans classified as TDRs as of September 30, 2019 or December 31, 2018 . The following table presents loans by segment modified as TDRs that occurred during the first nine months of 2019 and 2018 : September 30, 2019 September 30, 2018 Recorded investment Recorded investment Number Pre- modification Post- modification Number Pre- modification Post- modification Traditional C&I 1 $ 5,026 $ 5,026 2 $ 11,606 $ 10,477 Asset-based lending — — — 1 12,766 12,766 Equipment financing 6 5,874 5,039 4 3,307 3,307 CRE — — — 1 12,187 12,187 Residential mortgage 3 1,274 1,274 11 1,684 1,367 Consumer — — — 1 4,944 4,944 Total TDRs 10 $ 12,174 $ 11,339 20 $ 46,494 $ 45,048 During the nine months ended September 30, 2019 , there was one equipment finance loan designated as a TDR that experienced a payment default within the twelve months following the modification. During the nine months ended September 30, 2018 , except for certain TDRs that are included in non-accrual loans, there were no TDRs that experienced a payment default within the twelve months following a modification. A payment default is defined as missing three consecutive monthly payments or being over 90 days past due |
Allowance for Loan Losses
Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses Activity in the allowance for loan losses for the three and nine months ended September 30, 2019 and 2018 is summarized below: For the three months ended September 30, 2019 Beginning balance Charge-offs Recoveries Net charge-offs Provision / (credit) Ending balance Traditional C&I $ 17,649 $ (123 ) $ 136 $ 13 $ (3,196 ) $ 14,466 Asset-based lending 11,905 (9,577 ) — (9,577 ) 11,640 13,968 Payroll finance 1,391 — 8 8 538 1,937 Warehouse lending 843 — — — (296 ) 547 Factored receivables 1,157 (14 ) 3 (11 ) (130 ) 1,016 Equipment financing 14,284 (2,711 ) 422 (2,289 ) 4,114 16,109 Public sector finance 1,594 — — — (55 ) 1,539 CRE 34,846 (53 ) 187 134 (2,869 ) 32,111 Multi-family 9,360 — 90 90 106 9,556 ADC 2,272 (6 ) — (6 ) 1,900 4,166 Residential mortgage 7,109 (1,984 ) 126 (1,858 ) 2,121 7,372 Consumer 2,254 (241 ) 108 (133 ) (173 ) 1,948 Total allowance for loan losses $ 104,664 $ (14,709 ) $ 1,080 $ (13,629 ) $ 13,700 $ 104,735 Annualized net charge-offs to average loans outstanding: 0.27 % For the three months ended September 30, 2018 Beginning balance Charge-offs Recoveries Net charge-offs Provision / (credit) Ending balance Traditional C&I $ 18,075 $ (3,415 ) $ 235 $ (3,180 ) $ (179 ) $ 14,716 Asset-based lending 5,837 — — — 991 6,828 Payroll finance 1,658 (2 ) 5 3 522 2,183 Warehouse lending 2,787 — — — (102 ) 2,685 Factored receivables 1,321 (18 ) 2 (16 ) 203 1,508 Equipment financing 8,841 (829 ) 85 (744 ) 3,056 11,153 Public sector finance 1,354 — — — 90 1,444 CRE 26,870 (359 ) 612 253 4,345 31,468 Multi-family 7,389 (168 ) 4 (164 ) 457 7,682 ADC 2,172 — — — (296 ) 1,876 Residential mortgage 5,917 (114 ) 5 (109 ) 992 6,800 Consumer 3,805 (458 ) 254 (204 ) (579 ) 3,022 Total allowance for loan losses $ 86,026 $ (5,363 ) $ 1,202 $ (4,161 ) $ 9,500 $ 91,365 Annualized net charge-offs to average loans outstanding: 0.08 % For the nine months ended September 30, 2019 Beginning Charge-offs Recoveries Net Provision/ (credit) Ending balance Traditional C&I $ 14,201 $ (5,716 ) $ 720 $ (4,996 ) $ 5,261 $ 14,466 Asset-based lending 7,979 (13,128 ) — (13,128 ) 19,117 13,968 Payroll finance 2,738 (84 ) 12 (72 ) (729 ) 1,937 Warehouse lending 2,800 — — — (2,253 ) 547 Factored receivables 1,064 (73 ) 128 55 (103 ) 1,016 Equipment financing 12,450 (5,295 ) 632 (4,663 ) 8,322 16,109 Public sector finance 1,739 — — — (200 ) 1,539 CRE 32,285 (308 ) 845 537 (711 ) 32,111 Multi-family 8,355 — 199 199 1,002 9,556 ADC 1,769 (6 ) — (6 ) 2,403 4,166 Residential mortgage 7,454 (3,758 ) 128 (3,630 ) 3,548 7,372 Consumer 2,843 (1,151 ) 513 (638 ) (257 ) 1,948 Total allowance for loan losses $ 95,677 $ (29,519 ) $ 3,177 $ (26,342 ) $ 35,400 $ 104,735 Annualized net charge-offs to average loans outstanding: 0.17 % For the nine months ended September 30, 2018 Beginning Charge-offs Recoveries Net Provision/ (credit) Ending balance Traditional C&I $ 19,072 $ (8,818 ) $ 674 $ (8,144 ) $ 3,788 $ 14,716 Asset-based lending 6,625 — 9 9 194 6,828 Payroll finance 1,565 (316 ) 34 (282 ) 900 2,183 Warehouse lending 3,705 — — — (1,020 ) 2,685 Factored receivables 1,395 (181 ) 7 (174 ) 287 1,508 Equipment financing 4,862 (7,505 ) 347 (7,158 ) 13,449 11,153 Public sector finance 1,797 — — — (353 ) 1,444 CRE 24,945 (4,878 ) 702 (4,176 ) 10,699 31,468 Multi-family 3,261 (168 ) 7 (161 ) 4,582 7,682 ADC 1,680 (721 ) — (721 ) 917 1,876 Residential mortgage 5,819 (697 ) 54 (643 ) 1,624 6,800 Consumer 3,181 (1,074 ) 482 (592 ) 433 3,022 Total allowance for loan losses $ 77,907 $ (24,358 ) $ 2,316 $ (22,042 ) $ 35,500 $ 91,365 Annualized net charge-offs to average loans outstanding: 0.15 % Credit Quality Indicators As part of the ongoing monitoring of the credit quality of our loan portfolio, management tracks certain credit quality indicators, including trends related to: (i) the weighted-average risk grade of commercial loans; (ii) the level of classified commercial loans; (iii) the delinquency status of residential mortgage and consumer loans, including home equity lines of credit (“HELOC”) and other consumer loans; (iv) net charge-offs; (v) non-performing loans (see details above); and (vi) the general economic conditions in the greater New York metropolitan region. We analyze loans individually by classifying the loans by credit risk, except residential mortgage loans, HELOC and other consumer loans, which are evaluated on a homogeneous pool basis unless the loan balance is greater than $750 . This analysis is performed at least quarterly on all graded 7-Special Mention and lower loans. We use 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 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 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 may include a proposed merger, acquisition, liquidating procedures, capital injection, perfecting liens or additional collateral and refinancing plans. 10 - Loss (OCC definition) - These loans are charged-off because they are determined to be uncollectible and unbankable assets. This classification does not indicate that the asset has no absolute recovery or salvage value, but rather it is not practical or desirable to defer writing-off this asset even though partial recovery may be 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 September 30, 2019 , the risk category of gross loans by segment was as follows: Special Mention Substandard Originated Acquired Total Originated Acquired Total Traditional C&I $ 15,159 $ 60 $ 15,219 $ 36,409 $ 879 $ 37,288 Asset-based lending 27,931 30,304 58,235 24,922 — 24,922 Payroll finance 201 — 201 16,923 — 16,923 Equipment financing 11,956 7,482 19,438 44,402 — 44,402 CRE 22,760 9,608 32,368 54,219 5,375 59,594 Multi-family 6,421 2,756 9,177 19,181 728 19,909 ADC 1,855 — 1,855 961 — 961 Residential mortgage 387 — 387 37,458 24,205 61,663 Consumer 92 — 92 9,294 3,019 12,313 Total $ 86,762 $ 50,210 $ 136,972 $ 243,769 $ 34,206 $ 277,975 At September 30, 2019 , there were $44,278 of special mention loans and $122,641 of substandard loans that were originally considered acquired loans but were migrated to the originated loans portfolio as they have been designated criticized or classified status or have been placed on non-accrual since the acquisition date. As of December 31, 2018 , the risk category of gross loans by segment was as follows: Special Mention Substandard Originated Acquired Total Originated Acquired Total Traditional C&I $ 12,003 $ 99 $ 12,102 $ 51,903 $ 128 $ 52,031 Asset-based lending 14,033 — 14,033 21,865 — 21,865 Payroll finance 9,682 — 9,682 17,766 — 17,766 Factored receivables — — — 508 — 508 Equipment financing 9,966 — 9,966 21,256 — 21,256 CRE 3,852 10,160 14,012 43,336 8,126 51,462 Multi-family 33,321 10,490 43,811 20,812 3,542 24,354 ADC — — — 434 — 434 Residential mortgage 5,179 2,231 7,410 29,475 36,431 65,906 Consumer 1,919 245 2,164 7,223 3,242 10,465 Total $ 89,955 $ 23,225 $ 113,180 $ 214,578 $ 51,469 $ 266,047 At December 31, 2018 , there were $51,282 of special mention loans and $95,575 of substandard loans that were originally considered acquired loans but were migrated to the originated loans portfolio as they have been designated criticized or classified status or have been placed on non-accrual since the acquisition date. At September 30, 2019 , there were no loans rated doubtful. At December 31, 2018 , there were $59 of originated consumer loans rated doubtful. There were no loans rated loss at September 30, 2019 or December 31, 2018 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The balance of goodwill and other intangible assets for the periods presented were as follows: September 30, December 31, 2019 2018 Goodwill $ 1,657,814 $ 1,613,033 Other intangible assets: Core deposits $ 90,507 $ 104,263 Customer lists 4,142 4,740 Non-compete agreements — 42 Trade name 20,500 20,500 Total $ 115,149 $ 129,545 The increase in goodwill at September 30, 2019 compared to December 31, 2018 was due to the Woodforest Acquisition. See Note 2. “Acquisitions” for additional information. The decrease in other intangible assets at September 30, 2019 compared to December 31, 2018 was due to amortization of intangibles. The estimated aggregate future amortization expense for intangible assets remaining as of September 30, 2019 was as follows: Amortization expense Remainder of 2019 $ 4,785 2020 16,800 2021 15,104 2022 13,703 2023 12,322 2024 10,448 Thereafter 21,487 Total $ 94,649 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2019 | |
Deposits [Abstract] | |
Deposits | Deposits Deposit balances at September 30, 2019 and December 31, 2018 were as follows: September 30, December 31, 2019 2018 Non-interest bearing demand $ 4,586,632 $ 4,241,923 Interest bearing demand 4,236,267 4,207,392 Savings 2,348,903 2,382,520 Money market 7,493,074 7,905,382 Certificates of deposit 2,914,448 2,476,931 Total deposits $ 21,579,324 $ 21,214,148 Total municipal deposits, which are included in the deposit balances above, were $2,234,630 and $1,751,670 at September 30, 2019 and December 31, 2018 , respectively. See Note 3. “Securities” for the aggregate amount of securities that were pledged as collateral for municipal deposits and other purposes. Brokered deposits at September 30, 2019 and December 31, 2018 were as follows: September 30, December 31, 2019 2018 Interest bearing demand $ 22,908 $ 23,742 Money market 1,027,549 1,134,081 Certificates of deposits 227,971 — Total brokered deposits $ 1,278,428 $ 1,157,823 |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2019 | |
Debt Instruments [Abstract] | |
Borrowings | Borrowings Our borrowings and weighted average interest rates were as follows for the periods presented: September 30, December 31, 2019 2018 Amount Rate Amount Rate By type of borrowing: FHLB borrowings $ 2,800,907 2.16 % $ 4,838,772 2.40 % Repurchase agreements 26,544 1.20 21,338 1.20 Senior Notes 173,652 3.19 181,130 3.19 Subordinated Notes 173,121 5.45 172,943 5.45 Total borrowings $ 3,174,224 2.41 % $ 5,214,183 2.52 % By remaining period to maturity: Less than one year $ 1,900,440 2.31 % $ 3,958,635 2.48 % One to two years 1,075,663 2.10 831,889 2.28 Two to three years 25,000 1.71 250,716 2.04 Greater than five years 173,121 5.45 172,943 5.45 Total borrowings $ 3,174,224 2.41 % $ 5,214,183 2.52 % FHLB borrowings. As a member of the FHLB, the Bank may borrow up to a discounted percentage of the amount of eligible mortgages and securities that have been pledged as collateral under a blanket security agreement. As of September 30, 2019 and December 31, 2018 , the Bank had total residential mortgage and commercial real estate loans pledged after discount of $7,729,593 and $8,526,247 , respectively. In addition to the pledged mortgages, the Bank had also pledged securities to secure borrowings, which are disclosed in Note 3. “Securities.” As of September 30, 2019 , the Bank had unused borrowing capacity at the FHLB of $4,721,450 and may increase such borrowing capacity by pledging securities not required to be pledged for other purposes with a collateral value of approximately $2,629,582 . Repurchase agreements. The Bank enters into sales of securities under agreements to repurchase. These repurchase agreements facilitate the needs of our customers and a portion of our secured short-term funding needs. Securities sold under agreements to repurchase at September 30, 2019 and December 31, 2018 are secured short-term borrowings that mature in one to 45 days and are generally renewed on a continuous basis. Repurchase agreements are stated at the amount of cash received in connection with these transactions. The securities pledged under these repurchase agreements fluctuate in value due to market conditions. The Bank is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. Senior Notes. On October 2, 2017 , in connection with the Astoria Merger, we assumed $ 200,000 principal amount of 3.50% fixed rate senior notes that mature on June 8, 2020 (the “Senior Notes”). The Senior Notes were issued by Astoria on June 8, 2017 through a public offering. We recorded the Senior Notes at an estimated fair value of 100.76% on the acquisition date, which was based on the quoted market value. The fair value adjustment, with a remaining balance of $ 279 at September 30, 2019 , is being amortized over the remaining maturity using a level-yield methodology, which results in an effective cost of 3.19% . During the nine months ended September 30, 2019 , we repurchased $7,000 of the Senior Notes and recorded a gain of $46 . During the fourth quarter of 2018, we reacquired $19,627 of the Senior Notes. Subordinated Notes . On March 29, 2016 , the Bank issued $110,000 principal amount of 5.25% fixed-to-floating rate subordinated notes (the “Subordinated Notes”) through a private placement at a discount of 1.25% . The cost of issuance was $500 . 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 in March 2016. The Subordinated Notes issued in September 2016 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 September 30, 2019 , the net unamortized discount of all Subordinated Notes was $1,879 , 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 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. Effective August 27, 2019 , we renewed our $35,000 revolving line of credit facility (the “Credit Facility”). The Credit Facility, which is with another financial institution, matures on August 31, 2020 . The balance was zero at September 30, 2019 and December 31, 2018 . The use of proceeds are for general corporate purposes. The Credit Facility and accrued interest is payable at maturity, and we are required to maintain a zero balance for at least 30 days during its term. Loans under the Credit Facility bear interest at one-month LIBOR plus 1.25% . Under the terms of the Credit Facility, we must maintain certain ratios related to capital, non-performing assets to capital, reserves to non-performing loans and debt service coverage. We were in compliance with all requirements of the Credit Facility at September 30, 2019 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases At September 30, 2019 , operating lease right-of-use assets of $113,985 and operating lease liabilities of $120,700 were included in other assets and other liabilities, respectively, on our consolidated balance sheet. We do not have any significant finance leases in which we are the lessee. We have operating leases for financial centers, back-office operations locations, business development offices, information technology data centers and equipment. Our leases have remaining terms of one year to 16 years, some of which include options to extend the lease for up to 10 years and some of which include options to terminate the lease within two years . Sub-leases are not material to our financial statements and were not considered in the right-of-use asset or lease liability. The components of lease expense were as follows: Three months ended Nine months ended September 30, 2019 September 30, 2019 Operating lease expense $ 4,913 $ 14,695 Sub-lease income (845 ) (2,002 ) Net lease expense $ 4,068 $ 12,693 Net lease expense for the three and nine months ended September 30, 2018 , prior to the adoption of ASU 2016-02, was $4,572 and $13,972 , respectively. Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2019 were as follows: Remainder of 2019 $ 4,968 2020 19,379 2021 17,823 2022 16,109 2023 14,504 2024 12,703 2025 and thereafter 54,229 Total lease payments 139,715 Interest 19,015 Present value of lease liabilities $ 120,700 Lease Term and Discount Rate: September 30, 2019 Weighted average remaining lease term (years) 8.21 Weighted average remaining discount rate 3.25 % |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivatives | Derivatives We have entered into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which we enter 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, we agree 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, we agree 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 our customers to effectively convert a variable rate loan to a fixed rate loan. Because we act as an intermediary for our customers, changes in the fair value of the underlying derivative contracts largely offset each other and do not materially impact our results of operations. We have entered into interest rate swap contracts that are both over-the-counter, or OTC, and those that are exchanged on futures markets such as the Chicago Mercantile Exchange (“CME”). At September 30, 2019 and December 31, 2018 , the OTC derivatives are included in our financial statements at the gross fair value amount of the asset (included in other assets) and liability (included in other liabilities), which represents the change in the fair value of the contract since inception. The CME legally characterizes variation margin payments (a payment made based on changes in the fair value of the interest rate swap contracts) as a settlement, referred to as settled-to-market (“STM”). As a result, at September 30, 2019 and December 31, 2018 , we posted cash collateral under STMs in the amounts of $58,844 and $5,214 , respectively, for the net fair value of our CME interest rate swap contracts with another financial institution. The increase was mainly due to an increase in swap contracts and changes in the fair value of the underlying interest rate swap contracts, which may change daily, positively or negatively, mainly due to changes in interest rates. We do not typically require our 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, we are allowed to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. Summary information as of September 30, 2019 and December 31, 2018 regarding these derivatives is presented below: Notional amount Average maturity (in years) Weighted average fixed rate Weighted average variable rate Fair value September 30, 2019 Included in other assets: Third-party interest rate swap $ 143,241 $ 140 Customer interest rate swap 1,492,859 84,849 Total $ 1,636,100 5.37 4.54 % 1 m Libor + 2.22% $ 84,989 Included in other liabilities: Third-party interest rate swap $ (1,492,859 ) $ (26,023 ) Customer interest rate swap (143,241 ) (122 ) Total $ (1,636,100 ) 5.37 4.54 % 1 m Libor + 2.22% $ (26,145 ) December 31, 2018 Included in other assets: Third-party interest rate swap $ 516,419 $ 1,963 Customer interest rate swap 556,934 16,252 Total $ 1,073,353 5.90 4.65 % 1 m Libor + 2.29% $ 18,215 Included in other liabilities: Third-party interest rate swap $ (556,934 ) $ (4,351 ) Customer interest rate swap (516,419 ) (8,650 ) Total $ (1,073,353 ) 5.90 4.65 % 1 m Libor + 2.29% $ (13,001 ) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory federal tax rate for the following reasons: For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Income before income tax expense $ 154,996 $ 146,821 $ 405,364 $ 421,305 Tax at federal statutory rate of 21% 32,549 30,833 85,126 88,474 State and local income taxes, net of federal tax benefit 9,469 7,330 22,347 21,284 Tax exempt interest, net of disallowed interest (5,429 ) (4,970 ) (15,985 ) (14,435 ) BOLI income (2,441 ) (861 ) (4,103 ) (2,406 ) Low income housing tax credits and other benefits (5,431 ) (401 ) (14,592 ) (2,903 ) Low income housing investment amortization expense 4,627 — 12,510 — Equity-based stock compensation benefit — — (106 ) (441 ) FDIC insurance premium limitation 239 466 717 1,483 Other, net (1,034 ) (5,226 ) (894 ) (2,514 ) Actual income tax expense $ 32,549 $ 27,171 $ 85,020 $ 88,542 Effective income tax rate 21.0 % 18.5 % 21.0 % 21.0 % Net deferred tax liabilities totaled $13,170 at September 30, 2019 compared to net deferred tax assets of $53,990 at December 31, 2018 . The decline in net deferred tax assets at September 30, 2019 compared to December 31, 2018 was mainly due to the change from an unrealized loss to an unrealized gain on available for sale securities. No valuation allowance was recorded against any deferred tax assets as of those dates, based upon management’s consideration of historical and anticipated future pre-tax income, and the reversal periods for the items resulting in deferred tax assets and liabilities. There were no unrecognized tax benefits during any of the reported periods. Interest and/or penalties related to income taxes are reported as a component of other non-interest expense. Such amounts were not material during the reported periods. We are generally no longer subject to examination by federal, state and local taxing authorities for tax years prior to December 31, 2015. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation We have one active stock-based compensation plan, as described below. Our stockholders approved the 2015 Omnibus Equity and Incentive Plan (the “2015 Plan”) on May 28, 2015. The 2015 Plan permitted 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 could be awarded under the 2015 Plan was 2,800,000 shares, plus the remaining shares available for grant under the 2014 Stock Incentive Plan as of the date of adoption of the 2015 Plan. On May 29, 2019, our stockholders approved the Amended and Restated 2015 Omnibus Plan (the “Amended Omnibus Plan”). The Amended Omnibus Plan increased the shares available for issuance to 7,000,000 from 4,454,318 , and updated certain tax-related provisions as a result of the Tax Cuts and Jobs Act and related administrative changes. The amendment increased the number of shares reserved for issuance thereunder by 2,545,682 shares. The Amended Omnibus Plan provides for the granting of the same instruments as the 2015 Plan, and one share is deducted for every share that is awarded and delivered under the Amended Omnibus Plan. At September 30, 2019 , there were an aggregate amount of 3,371,609 shares available for future grant under the Amended Omnibus Plan. Restricted stock awards are granted with a fair value equal to the market price of our common stock at the date of grant. Stock option awards are granted with a strike price that is equal to the market price of our common stock at the date of grant. The restricted stock awards generally vest in equal installments annually on the anniversary date of grant and have total vesting periods ranging from one year to five years , while stock options have 10 -year contractual terms. The following table summarizes the activity in our stock-based compensation plan for the nine months ended September 30, 2019 : Non-vested stock awards/stock units outstanding Stock options outstanding Shares available for grant Number of shares Weighted average grant date fair value Number of shares Weighted average exercise price Balance at January 1, 2019 2,318,950 1,333,514 $ 22.12 686,539 $ 11.20 Amended 2015 Omnibus Equity and Incentive Plan 2,545,682 — — — — Granted (1,507,792 ) 1,507,792 19.63 — — Stock awards vested (1) (70,353 ) (553,432 ) 19.21 — — Exercised — — — (215,997 ) 11.09 Forfeited 86,622 (85,122 ) 22.30 (1,500 ) 10.03 Canceled/expired (1,500 ) — — — Balance at September 30, 2019 3,371,609 2,202,752 $ 20.98 469,042 $ 11.25 Exercisable at September 30, 2019 469,042 $ 11.25 (1) The 70,353 shares vested represents performance shares that were granted in February 2016 to certain executives with a three -year measurement period. These shares vested in the first quarter of 2019 at 150.0% of the target amount granted, which resulted in these additional shares being awarded and additional expense of $1,000 which was recorded in the first quarter of 2019. The total intrinsic value of outstanding in-the-money stock options and outstanding in-the-money exercisable stock options was $ 4,133 at September 30, 2019 . We use an option pricing model to estimate the grant date fair value of stock options granted. There were no stock options granted during the nine months ended September 30, 2019 or September 30, 2018 . 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 are presented below: For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Stock options $ — $ 2 $ — $ 5 Non-vested stock awards/performance units 4,565 3,113 14,293 9,299 Total $ 4,565 $ 3,115 $ 14,293 $ 9,304 Income tax benefit 959 654 3,002 1,954 Proceeds from stock option exercises 508 154 2,397 556 Unrecognized stock-based compensation expense as of September 30, 2019 was as follows: September 30, 2019 Stock options $ — Non-vested stock awards/performance units 32,405 Total $ 32,405 The weighted average period over which unrecognized non-vested stock awards/performance units expense is expected to be recognized is 1.99 years . |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits Total pension and other post-retirement benefits expense is comprised of the following for the periods presented below: For the three months ended September 30, 2019 September 30, 2018 Pension Benefits Other Post Retirement Benefits Pension Benefits Other Post Retirement Benefits Service cost $ — $ 15 $ — $ 20 Interest cost 3,044 265 2,121 254 Expected return on plan assets (4,044 ) — (3,353 ) — Net amortization and deferral — (82 ) — — Net periodic pension and other post-retirement (benefit) expense $ (1,000 ) $ 198 $ (1,232 ) $ 274 For the nine months ended September 30, 2019 September 30, 2018 Pension Benefits Other Post Retirement Benefits Pension Benefits Other Post Retirement Benefits Service cost $ — $ 45 $ — $ 62 Interest cost 8,382 835 6,364 780 Expected return on plan assets (10,303 ) — (10,058 ) — Net amortization and deferral — (247 ) — — Net periodic pension and other post-retirement (benefit) expense $ (1,921 ) $ 633 $ (3,694 ) $ 842 Total net periodic pension and other post-retirement (benefit) expense is included as a component of other non-interest expense. Our pension benefit plans include all of the assets and liabilities of the Astoria Excess and Supplemental Benefit Plans, the Astoria Directors’ Retirement Plan, the Greater New York Savings Bank Directors’ Retirement Plan and the Long Island Bancorp Directors’ Retirement Plan, which were assumed in the Astoria Merger. Our other post retirement benefit plans include the Astoria Bank Retiree Health Care Plan and the Astoria Bank BOLI plan, which were assumed in the Astoria Merger, and other non-qualified Supplemental Executive Retirement Plans (“SERPs”) that provide certain directors, officers and executives with supplemental retirement benefits. During the quarter ended September 30, 2019, we terminated the Astoria Bank Employees’ Pension Plan (the “Plan”). We purchased annuities from a third-party insurance carrier and made lump sum distributions as elected by Plan participants. In connection with the Plan termination, we recognized a net gain of $12,097 , which was mainly comprised of the remaining balance of accumulated other comprehensive income and related deferred taxes. A pension reversion asset of $16,538 was recorded in other assets in the consolidated balance sheets at September 30, 2019, and will be held in custody by the Bank’s 401(k) plan custodian. The pension reversion asset is expected to be charged to earnings over the next five to seven years as it is distributed to employees under qualified compensation and benefit programs. We contributed $214 and $41,825 to fund pension and other post retirement benefits during the three months ended September 30, 2019 and September 30, 2018 , respectively, and contributed $897 and $42,500 to fund pension and other post retirement benefits during the nine months ended September 30, 2019 and September 30, 2018 , respectively. The Astoria Bank Employees’ Pension Plan was overfunded by $13,608 at December 31, 2018 , and such overfunded amount was included in other assets in our consolidated balance sheet. The remaining pension benefit plans and other post retirement benefit plans are unfunded plans. At September 30, 2019 and December 31, 2018 , the unfunded amounts of $35,191 and $35,278 |
Non-Interest Income and Other N
Non-Interest Income and Other Non-Interest Expense | 9 Months Ended |
Sep. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Non-Interest Income and Other Non-Interest Expense | Non-Interest Income and Other Non-Interest Expense (a) Non-Interest Income - Revenue from Contracts with Customers Our significant sources of non-interest income are presented on the face of the consolidated income statements. A description of our revenue streams follows: Deposit fees and service charges. We earn fees from our deposit customers mainly for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time we fulfill the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which we satisfy the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Accounts receivable management / factoring commissions and other fees. We earn these fees / commissions from our payroll finance and factoring businesses, as described below. Payroll finance. We provide financing and back-office support services, which include preparation of payroll, payroll tax payments, billings and collections, for clients in the temporary staffing industry. Upon completion of the back-office support services, and as payroll remittances are made on behalf of the client to fund their employee payroll, which typically occurs weekly, we recognize a portion of the total revenue generated as non-interest income. We collect invoices directly from the borrower’s customers, retain the amounts billed for the temporary staffing services provided, and remit the remaining funds to the borrower net of amounts advanced, payroll taxes withheld, our fees, and subject to a reserve to offset potential uncollectible balances. Factored Receivables. We provide accounts receivable management services. The purchase of a client’s accounts receivable is traditionally known as “factoring” and results in payment by the client of a factoring fee. The factoring fee included in non-interest income represents compensation to us for the bookkeeping and collection services provided. The factoring fee, which is non-refundable, is recognized at the time the receivable is assigned to us. Other revenue associated with factored receivables includes wire fees, technology fees, field examination fees and UCC fees. All such fees are recognized as income upon receipt, which is when our obligations are provided to our customers. Investment management fees. We earn investment management fees from our contracts with customers to manage assets for investment, and / or to transact on their accounts. Advisory fees are primarily earned over time as we provide the contracted monthly or quarterly services and are generally assessed based on a tiered scale calculated on the market value of assets under management at month end. Fees that are transaction-based, including trade execution services, are recognized on the trade date. Gains / Losses on sales of other real estate owned (“OREO”). We record a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When we finance the sale of OREO to the buyer, we assess whether the buyer is committed to perform its obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, we may adjust the transaction price and related gain (loss) on sale if a significant financing component is present. Gain on termination of pension plan. See Note 13. Pension and Other Post-Retirement Benefits for information regarding the termination of the Astoria pension plan. Contract Balances. A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. Our non-interest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as investment management fees based on period-end market values. Consideration is often received immediately or shortly after we satisfy our performance obligation and revenue is recognized. We do not typically enter into long-term revenue contracts with customers, and therefore, do not experience significant contract balances. As of September 30, 2019 and December 31, 2018 , we did not have any significant contract balances. (b) Other Non-Interest Expense Other non-interest expense items for the three and nine months ended September 30, 2019 and 2018 , respectively, are presented in the following table: For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Other non-interest expense: Professional fees $ 4,438 $ 2,866 $ 14,966 $ 9,269 Advertising and promotion 2,514 1,147 4,889 3,962 Telephone 1,511 1,238 5,115 4,500 Operational losses 536 791 3,026 2,945 Insurance & surety bond premium 982 1,299 3,050 2,680 Other 6,620 5,832 22,573 16,324 Total other non-interest expense $ 16,601 $ 13,173 $ 53,619 $ 39,680 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following is a summary of the calculation of earnings per common share (“EPS”): For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Net income available to common stockholders $ 120,465 $ 117,657 $ 314,386 $ 326,775 Weighted average common shares outstanding for computation of basic EPS 203,090,365 225,088,511 207,685,051 224,969,121 Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (1) 476,217 534,384 423,524 535,342 Weighted average common shares for computation of diluted EPS 203,566,582 225,622,895 208,108,575 225,504,463 EPS (2) : Basic $ 0.59 $ 0.52 $ 1.51 $ 1.45 Diluted 0.59 0.52 1.51 1.45 (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted EPS. There were no anti-dilutive shares in the three or nine months ended September 30, 2019 or September 30, 2018 . |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
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 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 us includes a permissible portion of the allowance for loan losses and $173,121 and $147,186 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. The Common Equity Tier 1, Tier 1 and Total capital ratios are calculated by dividing the respective capital amounts by risk-weighted assets (“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 following tables present actual and required capital ratios as of September 30, 2019 and December 31, 2018 for us and the Bank under the Basel III Capital Rules. The Basel III Capital Rules became fully phased-in on January 1, 2019. The minimum required capital amounts presented as of September 30, 2019 and December 31, 2018 are based on the fully phased-in provisions of the Basel III Capital Rules. 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 Required to be considered well- capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio September 30, 2019 Common equity tier 1 to RWA: Sterling National Bank $ 2,817,082 12.73 % $ 1,548,458 7.00 % $ 1,437,854 6.50 % Sterling Bancorp 2,596,901 11.73 1,549,838 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,817,082 12.73 % 1,880,270 8.50 % 1,769,666 8.00 % Sterling Bancorp 2,734,699 12.35 1,881,946 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,095,592 13.99 % 2,322,687 10.50 % 2,212,083 10.00 % Sterling Bancorp 2,987,273 13.49 2,324,757 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,817,082 10.08 % 1,117,759 4.00 % 1,397,198 5.00 % Sterling Bancorp 2,734,699 9.78 1,118,770 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, 2018 Common equity tier 1 to RWA: Sterling National Bank $ 2,915,484 13.55 % $ 1,371,480 6.375 % $ 1,505,939 7.00 % $ 1,398,372 6.50 % Sterling Bancorp 2,649,593 12.31 1,372,457 6.375 1,507,011 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,915,484 13.55 % 1,694,181 7.875 % 1,828,640 8.50 % 1,721,073 8.00 % Sterling Bancorp 2,788,016 12.95 1,695,388 7.875 1,829,942 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,184,758 14.80 % 2,124,450 9.875 % 2,258,908 10.50 % 2,151,341 10.00 % Sterling Bancorp 3,027,124 14.06 2,125,963 9.875 2,260,517 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,915,484 9.94 % 1,172,964 4.00 % 1,172,964 4.00 % 1,466,206 5.00 % Sterling Bancorp 2,788,016 9.50 1,173,883 4.00 1,173,883 4.00 N/A N/A The Bank and the Company are subject to the regulatory capital requirements administered by the FRB, and, for the Bank, the Office of the Comptroller of the Currency. Regulatory authorities can initiate certain mandatory actions if the Bank or the Company fails to meet the minimum capital requirements, which could have a direct material effect on our financial statements. As of September 30, 2019 , and December 31, 2018 , the most recent regulatory notifications categorized the Company and 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 classification. (b) Dividend Restrictions We are mainly dependent on dividends from the Bank to provide funds for the payment of dividends to stockholders and to provide for other cash requirements. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels. Approval is also required if dividends declared exceed the net profits for that fiscal year combined with the retained net profits for the preceding two fiscal years. Under the foregoing dividend restrictions and while maintaining its “well-capitalized” status, at September 30, 2019 , the Bank had capacity to pay aggregate dividends of up to $165,000 to us without prior regulatory approval. (c) Stock Repurchase Plans From time to time, our Board of Directors has authorized stock repurchase plans. Repurchases may be made at management’s discretion through open market purchases and block trades in accordance with SEC and regulatory requirements. Any common shares purchased will be held as Treasury stock and made available for general corporate purposes. In the nine months ended September 30, 2019 , there were 15,312,694 shares repurchased under the repurchase program and none during the nine months ended September 30, 2018 . On April 24, 2019, our Board of Directors increased the number of shares authorized for repurchase from 10,000,000 common shares to 20,000,000 common shares. As of September 30, 2019 , there was remaining capacity of 5,572,535 shares for repurchase under our current approved program. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) Off-Balance Sheet Financial Instruments In the normal course of business, we enter into various transactions, which, in accordance with GAAP, are not included in our consolidated balance sheets. We enter into these transactions to meet the financing needs of our 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. We minimize our exposure to losses under these commitments by subjecting them to credit approval and monitoring procedures. We enter into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of our 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 us 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, we would be required to fund the commitment. The maximum potential amount of future payments we could be required to make is represented by the contractual amount of the commitment. If the commitment were funded, we would be entitled to seek recovery from the customer. Based on our credit risk exposure assessment of our standby letter of credit arrangements, the arrangements contain security and debt covenants similar to those contained in loan agreements. The contractual or notional amounts of these instruments, which reflect the extent of our involvement in particular classes of off-balance sheet financial instruments, are summarized as follows: September 30, December 31, 2019 2018 Loan origination commitments $ 575,798 $ 417,027 Unused lines of credit 1,524,355 1,737,315 Letters of credit 308,689 287,779 (b) Litigation We and the Bank are involved in a number of judicial proceedings concerning matters arising from our and their business activities. These include routine legal proceedings arising in the ordinary course of business. These proceedings also include actions brought against us and the Bank with respect to corporate matters and transactions in which we and the Bank are or were involved. There can be no assurance as to the ultimate outcome of a legal proceeding; however, we and the Bank have generally denied liability in all significant litigation pending against us and intend to defend vigorously each case, other than matters that are determined appropriate to be settled. We and the Bank accrue a liability for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts accrued for those claims. At September 30, 2019 and December 31, 2018, we have no amounts accrued for litigation. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
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 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 our creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. Our 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 its 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 our monthly and/or quarterly valuation process. Investment Securities Available for Sale The majority of our available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, we obtain fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. We review 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, we do not purchase investment securities that have a complicated structure. Our entire portfolio consists of traditional investments, nearly all of which are mortgage pass-through securities, state and municipal general obligation or revenue bonds, U.S. agency bullet and callable securities and corporate bonds. Pricing for such instruments is fairly generic and is easily obtained. From time to time, we validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. As of September 30, 2019 , management did not believe any of our securities are OTTI; however, management reviews all of our securities on at least a quarterly basis to assess whether impairment, if any, is OTTI. Derivatives The fair values of derivatives are based on valuation models using current 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. Our derivatives at September 30, 2019 and December 31, 2018 consisted of interest rate swaps. See Note 10. “Derivatives” for additional information. A summary of assets and liabilities at September 30, 2019 and December 31, 2018 , respectively, measured at estimated fair value on a recurring basis, is as follows: September 30, 2019 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS (1) : Agency-backed $ 1,602,821 $ — $ 1,602,821 $ — CMOs (2) /Other MBS 537,374 — 537,374 — Total residential MBS 2,140,195 — 2,140,195 — Other securities: Federal agencies 162,897 — 162,897 — Corporate 304,773 — 304,773 — State and municipal 453,554 — 453,554 — Total other securities 921,224 — 921,224 — Total available for sale securities 3,061,419 — 3,061,419 — Swaps 84,989 — 84,989 — Total assets $ 3,146,408 $ — $ 3,146,408 $ — Liabilities: Swaps $ (26,145 ) $ — $ (26,145 ) $ — Total liabilities $ (26,145 ) $ — $ (26,145 ) $ — December 31, 2018 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS (1) : Agency-backed $ 2,268,851 $ — $ 2,268,851 $ — CMOs (2) /Other MBS 574,770 — 574,770 — Total residential MBS 2,843,621 — 2,843,621 — Federal agencies 273,973 — 273,973 — Corporate bonds 527,964 — 527,964 — State and municipal 225,004 — 225,004 — Total other securities 1,026,942 — 1,026,942 — Total available for sale securities 3,870,563 — 3,870,563 — Swaps 18,215 — 18,215 — Total assets $ 3,888,778 $ — $ 3,888,778 $ — Liabilities: Swaps $ (13,001 ) $ — $ (13,001 ) $ — Total liabilities $ (13,001 ) $ — $ (13,001 ) $ — (1) Residential MBS are debt securities whose cash flows come from residential mortgage and consumer loans, such as mortgages and HELOCs. A residential MBS is comprised of a pool of mortgage loans created by financial institutions, including governmental agencies. The cash flows from each mortgage loan included in the pool are structured through a special purpose entity into various classes and tranches, which then issues securities backed by those cash flows to investors. (2) CMOs are debt securities that are collateralized by a specific pool of residential mortgage loans, in which the issuer of the CMOs can direct the payments of principal and interest received on the underlying collateral to achieve specific investor cash flow objectives. The Bank generally acquires planned-amortization class securities and CMOs with a sequential pay structure in order to manage the duration and extension risk inherent in these securities. The following categories of financial assets are not measured at fair value on a recurring basis, but are subject to fair value adjustments in certain circumstances. Loans Held for Sale The estimated fair value of commercial loans originated and intended for sale approximates their carrying value as these loans are variable-rate loans that reprice frequently with no significant change in credit risk since origination. Residential loans held for sale are carried at the lower of cost or fair value, which is evaluated on a pool-level basis. Fair value is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors. Impaired Loans We 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 generally approximates 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 not collateralized by real estate generally are based on assumptions not observable in the market place and are also based on Level 3 inputs. Impaired loans subject to non-recurring fair value measurements were $93,413 and $100,998 at September 30, 2019 and December 31, 2018 , respectively. Changes in fair value recognized as a charge-off on loans held by us were $18,220 and $10,477 for the nine months ended September 30, 2019 and 2018 , respectively. When an impaired loan is collateral dependent, we generally charge-off the difference between the recorded investment in the loan and the appraised value less cost to sell. A discount for estimated costs to dispose of the asset and overall marketability is used when estimating the amount of impairment. A summary of impaired loans by type that resulted in a charge-off at September 30, 2019 and December 31, 2018 , respectively, is set forth below: September 30, 2019 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 14,718 $ — $ — $ 14,718 Asset-based lending 18,609 — — 18,609 CRE 12,665 — — 12,665 Multi-family 1,194 — — 1,194 Residential mortgage 2,951 — — 2,951 Total impaired loans measured at fair value $ 50,137 $ — $ — $ 50,137 December 31, 2018 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 28,780 $ — $ — $ 28,780 CRE 10,725 — — 10,725 Multi-family 1,210 — — 1,210 Residential mortgage 769 — — 769 Total impaired loans measured at fair value $ 41,484 $ — $ — $ 41,484 Mortgage Servicing Rights We utilize the amortization method to account for mortgage servicing rights, which are amortized on a periodic basis, and reported with other assets in the consolidated balance sheets at the lower of amortized cost or fair value. To estimate the fair value of servicing rights, we utilize a third-party that considers the market prices for similar assets and the present value of expected future cash flows associated with the mortgage servicing rights. Mortgage servicing rights are evaluated for impairment based upon the fair value of the rights as compared to the carrying amount. If the carrying amount of an individual tranche exceeds fair value, impairment is recorded on that tranche so that the servicing asset is carried at fair value. Assumptions utilized to calculate fair value 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. At September 30, 2019 , the assumption for constant prepayment rates (“CPR”) ranged from 8.87% to 21.33% , with a weighted average CPR of 10.76% , and the assumption for market discount rate ranged from 9.50% to 20.00% , with a weighted average market discount rate of 9.85% . At December 31, 2018 , the CPR assumption ranged from 7.98% to 24.07% with a weighted average CPR of 8.54% , and the assumption for market discount rate ranged from 9.00% to 20.00% with a weighted average market discount rate of 9.60% The fair value of mortgage servicing rights at September 30, 2019 and December 31, 2018 was $8,983 and $11,715 , respectively. Other Real Estate Owned (Assets Taken in Foreclosure of Defaulted Loans) Other real estate owned is 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. Upon initial recognition, other real estate owned is re-measured and reported at fair value through a charge-off to the allowance for loan losses based on the fair value of the underlying collateral. 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. All appraisals are reviewed by officers in our credit department; and appraisals related to commercial properties are also reviewed by an external appraisal review consultant. At September 30, 2019 and December 31, 2018 , appraisals were discounted by 22.0% , which considers estimated costs to sell and overall marketability of the properties. OREO, subject to non-recurring fair value measurement, was $13,006 and $19,377 at September 30, 2019 and December 31, 2018 , respectively. There were $742 and $553 of write-downs related to changes in fair value of OREO during the nine months ended September 30, 2019 and September 30, 2018 , respectively. Fair Value 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 September 30, 2019 : September 30, 2019 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 545,603 $ 545,603 $ — $ — Securities available for sale 3,061,419 — 3,061,419 — Securities held to maturity 1,985,592 — 2,061,887 — Loans held for sale 4,627 — 4,627 — Portfolio loans, net 20,725,428 — — 20,867,041 Accrued interest receivable on securities 33,815 — 33,815 — Accrued interest receivable on loans 71,066 — — 71,066 FHLB stock and FRB stock 276,929 — — — Swaps 84,989 — 84,989 — Financial liabilities: Non-maturity deposits (18,664,876 ) (18,664,876 ) — — Certificates of deposit (2,914,448 ) — (2,910,499 ) — FHLB borrowings (2,800,907 ) — (2,802,337 ) — Other borrowings (26,544 ) — (26,544 ) — Senior Notes (173,652 ) — (174,420 ) — Subordinated Notes (173,121 ) — (182,500 ) — Mortgage escrow funds (84,595 ) — (84,595 ) — Accrued interest payable on deposits (5,417 ) — (5,417 ) — Accrued interest payable on borrowings (14,239 ) — (14,239 ) — Swaps (26,145 ) — (26,145 ) — 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, 2018 : December 31, 2018 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 438,110 $ 438,110 $ — $ — Securities available for sale 3,870,563 — 3,870,563 — Securities held to maturity 2,796,617 — 2,740,522 — Loans held for sale 1,565,979 — 1,565,979 — Portfolio loans, net 19,122,853 — — 19,033,743 Accrued interest receivable on securities 38,722 — 38,722 — Accrued interest receivable on loans 68,389 — — 68,389 FHLB stock and FRB stock 369,690 — — — Swaps 18,215 — 18,215 — Financial liabilities: Non-maturity deposits (18,737,217 ) (18,737,217 ) — — Certificates of deposit (2,476,931 ) — (2,447,534 ) — FHLB borrowings (4,838,772 ) — (4,821,652 ) — Other borrowings (21,338 ) — (21,337 ) — Senior Notes (181,130 ) — (179,786 ) — Subordinated Notes (172,943 ) — (177,481 ) — Mortgage escrow funds (72,891 ) — (64,074 ) — Accrued interest payable on deposits (3,191 ) — (3,191 ) — Accrued interest payable on borrowings (11,823 ) — (11,823 ) — Swaps (13,001 ) — (13,001 ) — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Components of accumulated other comprehensive income (loss) were as follows as of the dates shown below: September 30, December 31, 2019 2018 Net unrealized holding gain (loss) on available for sale securities $ 59,853 $ (103,756 ) Related income tax (expense) benefit (16,543 ) 28,679 Available for sale securities, net of tax 43,310 (75,077 ) Net unrealized holding loss on securities transferred to held to maturity (861 ) (3,518 ) Related income tax benefit 238 972 Securities transferred to held to maturity, net of tax (623 ) (2,546 ) Net unrealized holding gain on retirement plans 3,381 15,900 Related income tax expense (934 ) (4,222 ) Retirement plans, net of tax 2,447 11,678 Accumulated other comprehensive income (loss) $ 45,134 $ (65,945 ) The following table presents the changes in each component of accumulated other comprehensive income loss (“AOCI”) for the three and nine months ended September 30, 2019 and 2018 : Net unrealized holding gain (loss) on available for sale securities Net unrealized holding (loss) gain on securities transferred to held to maturity Net unrealized holding gain (loss) on retirement plans Total For the three months ended September 30, 2019 Balance beginning of the period $ 27,243 $ (709 ) $ 13,812 $ 40,346 Other comprehensive gain before reclassification 21,047 — — 21,047 Amounts reclassified from AOCI (4,980 ) 86 (11,365 ) (16,259 ) Total other comprehensive income 16,067 86 (11,365 ) 4,788 Balance at end of period $ 43,310 $ (623 ) $ 2,447 $ 45,134 For the three months ended September 30, 2018 Balance beginning of the period $ (95,852 ) $ (2,870 ) $ (859 ) $ (99,581 ) Other comprehensive (loss) before reclassification (19,613 ) — — (19,613 ) Amounts reclassified from AOCI 56 163 300 519 Total other comprehensive (loss) income (19,557 ) 163 300 (19,094 ) Balance at end of period $ (115,409 ) $ (2,707 ) $ (559 ) $ (118,675 ) Location in consolidated income statements where reclassification from accumulated other comprehensive loss is included Net loss on sale of securities Interest income on securities Other non-interest expense Net unrealized holding (loss) gain on available for sale securities Net unrealized holding (loss) gain on securities transferred to held to maturity Net unrealized holding gain (loss) on retirement plans Total For the nine months ended September 30, 2019 Balance beginning of the period $ (75,077 ) $ (2,546 ) $ 11,678 $ (65,945 ) Other comprehensive gain before reclassification 121,992 — — 121,992 Securities reclassified from held to maturity to available for sale (8,548 ) — — (8,548 ) Amounts reclassified from AOCI 4,943 1,923 (9,231 ) (2,365 ) Total other comprehensive income 118,387 1,923 (9,231 ) 111,079 Balance at end of period $ 43,310 $ (623 ) $ 2,447 $ 45,134 For the nine months ended September 30, 2018 Balance beginning of the period $ (22,324 ) $ (2,678 ) $ (1,164 ) $ (26,166 ) Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive loss (4,376 ) (525 ) (228 ) (5,129 ) Other comprehensive loss before reclassification (94,611 ) — — (94,611 ) Amounts reclassified from AOCI 5,902 496 833 7,231 Total other comprehensive loss (93,085 ) (29 ) 605 (92,509 ) Balance at end of period $ (115,409 ) $ (2,707 ) $ (559 ) $ (118,675 ) Location in consolidated income statements where reclassification from AOCI is included Net loss on sale of securities Interest income on securities Other non-interest expense |
Recently Issued Accounting Stan
Recently Issued Accounting Standards Not Yet Adopted | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of our loan portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective for us on January 1, 2020. We have engaged various third parties to assist us in the development of models that we intend to utilize to calculate current expected credit losses (“CECL”) estimates, model validation and overall CECL implementation preparedness. We have also evaluated and identified key controls and governance procedures that we intend to incorporate into our CECL estimation process. Since the first quarter of 2019, we have prepared preliminary CECL estimates on a parallel path with our current allowance for loan losses methodology. Our CECL estimates are based on our current loan portfolio composition and expectations for future economic conditions, which are subject to change based on a variety of factors. We estimate that had CECL been effective at September 30, 2019, our allowance for credit losses (“ACL”) would have been approximately $55,000 to $75,000 higher than the amount of actual reported allowance for loan losses as of that date. A significant portion of our portfolio loans were acquired in various merger transactions and are not part of our current allowance calculation to the extent they continue to be covered by existing purchase accounting adjustments, which contemplated life of loan loss estimates at acquisition. As part of the adoption of the CECL standard, we are also required to gross up our balance sheet for the credit component of the PCI loan purchase accounting adjustments related to loans acquired in various transactions. As of September 30, 2019, approximately $25,000 to $30,000 of the required ACL referenced above would have been due to PCI loan adjustment. We anticipate that the impact of CECL to our ACL related to our securities portfolio will not be material based on the current composition of our securities portfolio and our expectations for future economic conditions. We are still in the process of evaluating various aspects of the amount of ACL that will be required related to off-balance sheet items. We will continue to prepare parallel calculations of our current allowance for loan losses and our CECL in the fourth quarter of 2019. We expect to finalize our documentation of the accounting policies related to the CECL standard and continue to review and refine the modeling and methodologies in preparation of adopting the standard in the first quarter of 2020. The actual impact of the adoption of CECL will be recorded as a cumulative-effect adjustment to reflect any adjustment to our reserves through retained earnings and will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date. In addition, the estimate above does not contemplate potential acquisitions of loan portfolios, such as the equipment finance loan portfolio acquisition we announced in October that is disclosed below in Note 21. “Subsequent Events - Acquisition of Commercial Equipment Finance Loans and Leases.” ASU 2018-13, “Fair Value Measurement (Topic 820) - Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820. The amendments in this update remove disclosures that no longer are considered cost beneficial, modify/clarify the specific requirements of certain disclosures, and add disclosure requirements identified as relevant. ASU 2018-13 will be effective for us on January 1, 2020, and is not expected to have a significant impact on our financial statements. ASU 2018-14, “Compensation - Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20)” (“ASU 2018-14”). ASU 2018-14 amends and modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. The amendments in this update remove disclosures that are no longer considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. ASU 2018-14 will be effective for us on January 1, 2021, with early adoption permitted, and is not expected to have a significant impact on our financial statements. ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”). ASU 2018-15 clarifies certain aspects of ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which was issued in April 2015. Specifically, ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 does not affect the accounting for the service element of a hosting arrangement that is a service contract. ASU 2018-15 will be effective for us on January 1, 2020, and is not expected to have a significant impact on our financial statements. ASU 2019-05, “Financial Instruments - Credit Losses (Topic 326); Targeted Transition Relief” (“ASU 2019-05”). ASU 2019-05 allows us to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of Topic 326 if the instruments are eligible for the fair value option under authoritative guidance for fair value. The fair value option election does not apply to held-to-maturity debt securities. We are required to make this election on an instrument-by-instrument basis. ASU 2019-05 is effective with CECL on January 1, 2020. We do not expect to elect the fair value option, and therefore, ASU 2019-05 is not expected to impact our financial statements. |
Subsequent Event - Acquisition
Subsequent Event - Acquisition of Commercial Equipment Finance Loans and Leases | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event - Acquisition of Commercial Equipment Finance Loans and Leases | Subsequent Event - Acquisition of Commercial Equipment Finance Loans and Leases On October 7, 2019, we announced the Bank entered into a definitive agreement to acquire a portfolio of commercial equipment finance loans and leases portfolio from Santander Bank, N.A. The balance of the portfolio was $843,000 at September 30, 2019 and had a weighted average tax-equivalent yield of approximately 4.3% , duration of approximately 3.5 years and an average relationship size of approximately $5,000 . We anticipate the transaction will close in the fourth quarter of 2019 and that the portfolio will be fully integrated into our established equipment finance platform shortly thereafter. |
Basis of Financial Statement _2
Basis of Financial Statement Presentation - (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of the Company and all other entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies we follow conform, in all material respects, to accounting principles generally accepted in the United States (“GAAP”) and to general practices within the banking industry, which include regulatory reporting instructions. The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of our financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with GAAP and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (the “SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2018 , included in our Annual Report on Form 10-K, as filed with the SEC on March 1, 2019 (the “2018 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Certain items in prior financial statements have been reclassified to conform to the current presentation. These reclassifications had no impact on previously reported net income. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expense and contingencies at the date of the financial statements. Actual results could differ significantly from these estimates, particularly the allowance for loan losses and the status of contingencies, and are subject to change. |
Adoption of New Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Adoption of New Accounting Standards We adopted ASU No. 2016-02 “Leases (Topic 842)” , as of January 1, 2019, which requires lessees to recognize most leases on their balance sheets as a right-of-use asset with a corresponding lease liability. The standard included additional required qualitative and quantitative disclosures. We adopted the following practical expedients and elected the following accounting policies related to the leasing standard: • Carry over of historical lease classifications and whether existing contracts contain leases; • Current lease classification for existing leases; • Short-term lease accounting policy, allowing us not to recognize right-of-use assets and liabilities for leases with a term of 12 months or less; and • Lease and non-lease components are not separated for certain leases. As of September 30, 2019, the adoption of this standard resulted in the recognition of right-of-use assets of $113,985 and a lease liability of $120,700 , included in other assets and other liabilities, respectively, in the consolidated balance sheets. The standard did not have a significant impact on operating results or cash flows. See Note 9. “Leases” for additional information. We adopted ASU 2017-12, “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities,” (“ASU 2017-12”) , as of January 1, 2019, which amended the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. A provision in ASU 2017-12 provides that we may reclassify a debt security from held to maturity to available for sale at the time of adoption if the debt security is eligible to be hedged under the last-of-layer method in accordance ASU 2017-12. Generally, this includes debt securities that are pre-payable, including mortgage-backed securities, and debt securities that are callable by the issuer, which are applicable to many of our state and municipal debt securities. We transferred held to maturity securities with a book value of $720,440 and a fair value of $708,627 at December 31, 2018 to available for sale effective January 1, 2019. See Note 3. “Securities” for additional information. ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of our loan portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective for us on January 1, 2020. We have engaged various third parties to assist us in the development of models that we intend to utilize to calculate current expected credit losses (“CECL”) estimates, model validation and overall CECL implementation preparedness. We have also evaluated and identified key controls and governance procedures that we intend to incorporate into our CECL estimation process. Since the first quarter of 2019, we have prepared preliminary CECL estimates on a parallel path with our current allowance for loan losses methodology. Our CECL estimates are based on our current loan portfolio composition and expectations for future economic conditions, which are subject to change based on a variety of factors. We estimate that had CECL been effective at September 30, 2019, our allowance for credit losses (“ACL”) would have been approximately $55,000 to $75,000 higher than the amount of actual reported allowance for loan losses as of that date. A significant portion of our portfolio loans were acquired in various merger transactions and are not part of our current allowance calculation to the extent they continue to be covered by existing purchase accounting adjustments, which contemplated life of loan loss estimates at acquisition. As part of the adoption of the CECL standard, we are also required to gross up our balance sheet for the credit component of the PCI loan purchase accounting adjustments related to loans acquired in various transactions. As of September 30, 2019, approximately $25,000 to $30,000 of the required ACL referenced above would have been due to PCI loan adjustment. We anticipate that the impact of CECL to our ACL related to our securities portfolio will not be material based on the current composition of our securities portfolio and our expectations for future economic conditions. We are still in the process of evaluating various aspects of the amount of ACL that will be required related to off-balance sheet items. We will continue to prepare parallel calculations of our current allowance for loan losses and our CECL in the fourth quarter of 2019. We expect to finalize our documentation of the accounting policies related to the CECL standard and continue to review and refine the modeling and methodologies in preparation of adopting the standard in the first quarter of 2020. The actual impact of the adoption of CECL will be recorded as a cumulative-effect adjustment to reflect any adjustment to our reserves through retained earnings and will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date. In addition, the estimate above does not contemplate potential acquisitions of loan portfolios, such as the equipment finance loan portfolio acquisition we announced in October that is disclosed below in Note 21. “Subsequent Events - Acquisition of Commercial Equipment Finance Loans and Leases.” ASU 2018-13, “Fair Value Measurement (Topic 820) - Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820. The amendments in this update remove disclosures that no longer are considered cost beneficial, modify/clarify the specific requirements of certain disclosures, and add disclosure requirements identified as relevant. ASU 2018-13 will be effective for us on January 1, 2020, and is not expected to have a significant impact on our financial statements. ASU 2018-14, “Compensation - Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20)” (“ASU 2018-14”). ASU 2018-14 amends and modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. The amendments in this update remove disclosures that are no longer considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. ASU 2018-14 will be effective for us on January 1, 2021, with early adoption permitted, and is not expected to have a significant impact on our financial statements. ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (“ASU 2018-15”). ASU 2018-15 clarifies certain aspects of ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which was issued in April 2015. Specifically, ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 does not affect the accounting for the service element of a hosting arrangement that is a service contract. ASU 2018-15 will be effective for us on January 1, 2020, and is not expected to have a significant impact on our financial statements. ASU 2019-05, “Financial Instruments - Credit Losses (Topic 326); Targeted Transition Relief” (“ASU 2019-05”). ASU 2019-05 allows us to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of Topic 326 if the instruments are eligible for the fair value option under authoritative guidance for fair value. The fair value option election does not apply to held-to-maturity debt securities. We are required to make this election on an instrument-by-instrument basis. ASU 2019-05 is effective with CECL on January 1, 2020. We do not expect to elect the fair value option, and therefore, ASU 2019-05 is not expected to impact our financial statements. |
Fair Value Measurement, Policy | Mortgage Servicing Rights We utilize the amortization method to account for mortgage servicing rights, which are amortized on a periodic basis, and reported with other assets in the consolidated balance sheets at the lower of amortized cost or fair value. To estimate the fair value of servicing rights, we utilize a third-party that considers the market prices for similar assets and the present value of expected future cash flows associated with the mortgage servicing rights. Mortgage servicing rights are evaluated for impairment based upon the fair value of the rights as compared to the carrying amount. If the carrying amount of an individual tranche exceeds fair value, impairment is recorded on that tranche so that the servicing asset is carried at fair value. Assumptions utilized to calculate fair value 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. Other Real Estate Owned (Assets Taken in Foreclosure of Defaulted Loans) Other real estate owned is 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. Upon initial recognition, other real estate owned is re-measured and reported at fair value through a charge-off to the allowance for loan losses based on the fair value of the underlying collateral. 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. All appraisals are reviewed by officers in our credit department; and appraisals related to commercial properties are also reviewed by an external appraisal review consultant. Loans Held for Sale The estimated fair value of commercial loans originated and intended for sale approximates their carrying value as these loans are variable-rate loans that reprice frequently with no significant change in credit risk since origination. Residential loans held for sale are carried at the lower of cost or fair value, which is evaluated on a pool-level basis. Fair value is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors. Impaired Loans When an impaired loan is collateral dependent, we generally charge-off the difference between the recorded investment in the loan and the appraised value less cost to sell. A discount for estimated costs to dispose of the asset and overall marketability is used when estimating the amount of impairment. 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 our creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. Our 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 its 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 our monthly and/or quarterly valuation process. Investment Securities Available for Sale The majority of our available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, we obtain fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. We review 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, we do not purchase investment securities that have a complicated structure. Our entire portfolio consists of traditional investments, nearly all of which are mortgage pass-through securities, state and municipal general obligation or revenue bonds, U.S. agency bullet and callable securities and corporate bonds. Pricing for such instruments is fairly generic and is easily obtained. From time to time, we validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. As of September 30, 2019 , management did not believe any of our securities are OTTI; however, management reviews all of our securities on at least a quarterly basis to assess whether impairment, if any, is OTTI. Derivatives Fair Value 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 |
Securities - (Tables)
Securities - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of securities available for sale | A summary of amortized cost and estimated fair value of securities as of December 31, 2018 is presented below: December 31, 2018 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 2,328,870 $ 2,347 $ (62,366 ) $ 2,268,851 $ 318,590 $ 73 $ (8,605 ) $ 310,058 CMOs/Other MBS 596,868 11 (22,109 ) 574,770 27,780 2 (765 ) 27,017 Total residential MBS 2,925,738 2,358 (84,475 ) 2,843,621 346,370 75 (9,370 ) 337,075 Other securities: Federal agencies 283,825 — (9,852 ) 273,973 59,065 160 (128 ) 59,097 Corporate 537,210 1,162 (10,407 ) 527,965 68,512 431 (392 ) 68,551 State and municipal 227,546 302 (2,844 ) 225,004 2,305,420 2,654 (49,562 ) 2,258,512 Other — — — — 17,250 49 (12 ) 17,287 Total other securities 1,048,581 1,464 (23,103 ) 1,026,942 2,450,247 3,294 (50,094 ) 2,403,447 Total securities $ 3,974,319 $ 3,822 $ (107,578 ) $ 3,870,563 $ 2,796,617 $ 3,369 $ (59,464 ) $ 2,740,522 A summary of amortized cost and estimated fair value of securities as of September 30, 2019 is presented below. The term “MBS” refers to mortgage-backed securities and the term “CMOs” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 18. “Fair Value Measurements”. September 30, 2019 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 1,581,246 $ 22,923 $ (1,348 ) $ 1,602,821 $ 177,153 $ 1,983 $ (92 ) $ 179,044 CMOs/Other MBS 528,495 8,924 (45 ) 537,374 — — — — Total residential MBS 2,109,741 31,847 (1,393 ) 2,140,195 177,153 1,983 (92 ) 179,044 Other securities: Federal agencies 156,815 6,082 — 162,897 59,374 857 — 60,231 Corporate 292,064 12,880 (171 ) 304,773 19,917 474 — 20,391 State and municipal 442,946 10,959 (351 ) 453,554 1,716,398 73,155 (141 ) 1,789,412 Other — — — — 12,750 158 (99 ) 12,809 Total other securities 891,825 29,921 (522 ) 921,224 1,808,439 74,644 (240 ) 1,882,843 Total securities $ 3,001,566 $ 61,768 $ (1,915 ) $ 3,061,419 $ 1,985,592 $ 76,627 $ (332 ) $ 2,061,887 |
Summary of securities held-to-maturity | A summary of amortized cost and estimated fair value of securities as of September 30, 2019 is presented below. The term “MBS” refers to mortgage-backed securities and the term “CMOs” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 18. “Fair Value Measurements”. September 30, 2019 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 1,581,246 $ 22,923 $ (1,348 ) $ 1,602,821 $ 177,153 $ 1,983 $ (92 ) $ 179,044 CMOs/Other MBS 528,495 8,924 (45 ) 537,374 — — — — Total residential MBS 2,109,741 31,847 (1,393 ) 2,140,195 177,153 1,983 (92 ) 179,044 Other securities: Federal agencies 156,815 6,082 — 162,897 59,374 857 — 60,231 Corporate 292,064 12,880 (171 ) 304,773 19,917 474 — 20,391 State and municipal 442,946 10,959 (351 ) 453,554 1,716,398 73,155 (141 ) 1,789,412 Other — — — — 12,750 158 (99 ) 12,809 Total other securities 891,825 29,921 (522 ) 921,224 1,808,439 74,644 (240 ) 1,882,843 Total securities $ 3,001,566 $ 61,768 $ (1,915 ) $ 3,061,419 $ 1,985,592 $ 76,627 $ (332 ) $ 2,061,887 The following table summarizes securities held to maturity with unrecognized losses, segregated by the length of time in a continuous unrecognized loss position for the periods presented below: Continuous unrecognized loss position Less than 12 months 12 months or longer Total Fair value Unrecognized losses Fair value Unrecognized losses Fair value Unrecognized losses Held to maturity September 30, 2019 Residential MBS: Agency-backed $ 36,823 $ (80 ) $ 1,751 $ (12 ) $ 38,574 $ (92 ) Other securities: State and municipal 3,001 (3 ) 8,359 (138 ) 11,360 (141 ) Other 9,901 (99 ) — — 9,901 (99 ) Total other securities 12,902 (102 ) 8,359 (138 ) 21,261 (240 ) Total securities $ 49,725 $ (182 ) $ 10,110 $ (150 ) $ 59,835 $ (332 ) December 31, 2018 Residential MBS: Agency-backed $ 25,003 $ (147 ) $ 273,974 $ (8,458 ) $ 298,977 $ (8,605 ) CMOs/Other MBS 101 (2 ) 25,066 (763 ) 25,167 (765 ) Total residential MBS 25,104 (149 ) 299,040 (9,221 ) 324,144 (9,370 ) Other securities: Federal agencies 29,485 (95 ) 4,908 (33 ) 34,393 (128 ) Corporate 21,859 (137 ) 16,261 (255 ) 38,120 (392 ) State and municipal 118,389 (877 ) 1,897,758 (48,685 ) 2,016,147 (49,562 ) Other 9,488 (12 ) — — 9,488 (12 ) Total other securities 179,221 (1,121 ) 1,918,927 (48,973 ) 2,098,148 (50,094 ) Total securities $ 204,325 $ (1,270 ) $ 2,217,967 $ (58,194 ) $ 2,422,292 $ (59,464 ) A summary of amortized cost and estimated fair value of securities as of December 31, 2018 is presented below: December 31, 2018 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 2,328,870 $ 2,347 $ (62,366 ) $ 2,268,851 $ 318,590 $ 73 $ (8,605 ) $ 310,058 CMOs/Other MBS 596,868 11 (22,109 ) 574,770 27,780 2 (765 ) 27,017 Total residential MBS 2,925,738 2,358 (84,475 ) 2,843,621 346,370 75 (9,370 ) 337,075 Other securities: Federal agencies 283,825 — (9,852 ) 273,973 59,065 160 (128 ) 59,097 Corporate 537,210 1,162 (10,407 ) 527,965 68,512 431 (392 ) 68,551 State and municipal 227,546 302 (2,844 ) 225,004 2,305,420 2,654 (49,562 ) 2,258,512 Other — — — — 17,250 49 (12 ) 17,287 Total other securities 1,048,581 1,464 (23,103 ) 1,026,942 2,450,247 3,294 (50,094 ) 2,403,447 Total securities $ 3,974,319 $ 3,822 $ (107,578 ) $ 3,870,563 $ 2,796,617 $ 3,369 $ (59,464 ) $ 2,740,522 |
Schedule of held for sale securities transferred to available-for-sale | A summary of securities classified as held to maturity at December 31, 2018 that were transferred to available for sale effective January 1, 2019 is presented below. Amortized Fair Residential MBS: Agency-backed $ 125,343 $ 121,510 CMOs/Other MBS 27,780 27,017 Total residential MBS 153,123 148,527 Other securities: Corporate 49,001 48,607 State and municipal 518,316 511,493 Total of securities transferred from held to maturity to available for sale $ 720,440 $ 708,627 |
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 September 30, 2019 are presented below by contractual maturity. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential MBS are shown separately since they are not due at a single maturity date. September 30, 2019 Available for sale Held to maturity Amortized cost Fair value Amortized cost Fair value Remaining period to contractual maturity: One year or less $ 12,433 $ 12,398 $ 34,943 $ 35,146 One to five years 102,874 105,669 90,004 91,778 Five to ten years 598,960 620,601 281,286 292,768 Greater than ten years 177,558 182,556 1,402,206 1,463,151 Total securities with a stated maturity date 891,825 921,224 1,808,439 1,882,843 Residential MBS 2,109,741 2,140,195 177,153 179,044 Total securities $ 3,001,566 $ 3,061,419 $ 1,985,592 $ 2,061,887 |
Sale of securities | Sales of securities for the periods indicated below were as follows: For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Available for sale: Proceeds from sales $ 647,485 $ — $ 1,386,236 $ 117,810 Gross realized gains (1) 7,815 — 12,170 82 Gross realized losses (1) (933 ) (3 ) (19,000 ) (5,910 ) Income tax expense (benefit) on realized net gains / losses 1,445 (1 ) (1,434 ) (1,224 ) Held to maturity: (2) Proceeds from sale $ — $ — $ — $ 254 Gross realized losses (1) — (53 ) — (74 ) Income tax expense on realized loss — (11 ) — (15 ) (1) Gross realized gains and losses include securities called prior to maturity. (2) In the nine months ended September 30, 2018, the Company sold a security that was held to maturity due to a decline in the credit rating and other evidence of deterioration of the issuer’s creditworthiness. |
Securities available for sale with unrealized losses, by length of time in continuous unrealized loss position | The following table summarizes securities available for sale with unrealized losses, segregated by the length of time in a continuous unrealized loss position for the periods presented below: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available for sale September 30, 2019 Residential MBS: Agency-backed $ 211,025 $ (512 ) $ 110,298 $ (836 ) $ 321,323 $ (1,348 ) CMOs/Other MBS — — 5,991 (45 ) 5,991 (45 ) Total residential MBS 211,025 (512 ) 116,289 (881 ) 327,314 (1,393 ) Other securities: Corporate 2,008 (29 ) 15,588 (142 ) 17,596 (171 ) State and municipal 25,073 (296 ) 3,779 (55 ) 28,852 (351 ) Total other securities 27,081 (325 ) 19,367 (197 ) 46,448 (522 ) Total securities $ 238,106 $ (837 ) $ 135,656 $ (1,078 ) $ 373,762 $ (1,915 ) December 31, 2018 Residential MBS: Agency-backed $ 156,787 $ (536 ) $ 1,955,056 $ (61,830 ) $ 2,111,843 $ (62,366 ) CMOs/Other MBS 94 (2 ) 574,053 (22,107 ) 574,147 (22,109 ) Total residential MBS 156,881 (538 ) 2,529,109 (83,937 ) 2,685,990 (84,475 ) Other securities: Federal agencies — — 273,973 (9,852 ) 273,973 (9,852 ) Corporate 230,126 (4,278 ) 119,869 (6,129 ) 349,995 (10,407 ) State and municipal 16,172 (64 ) 175,966 (2,780 ) 192,138 (2,844 ) Total other securities 246,298 (4,342 ) 569,808 (18,761 ) 816,106 (23,103 ) Total securities $ 403,179 $ (4,880 ) $ 3,098,917 $ (102,698 ) $ 3,502,096 $ (107,578 ) |
Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes | Securities pledged for borrowings at the FHLB and other institutions, and securities pledged for municipal deposits and other purposes, were as follows for the periods presented below: September 30, December 31, 2019 2018 Available for sale securities pledged for borrowings, at fair value $ 26,544 $ 12,206 Available for sale securities pledged for municipal deposits, at fair value 818,763 817,306 Held to maturity securities pledged for borrowings, at amortized cost 914 34,996 Held to maturity securities pledged for municipal deposits, at amortized cost 1,551,726 1,338,901 Total securities pledged $ 2,397,948 $ 2,203,409 |
Portfolio Loans - (Tables)
Portfolio Loans - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Components of loan portfolio excluding loans held for sale | The composition of our total portfolio loans, which excludes loans held for sale, was the following for the periods presented below: September 30, 2019 December 31, 2018 Originated loans Acquired loans Total Originated loans Acquired loans Total Commercial: Commercial & Industrial (“C&I”): Traditional C&I $ 2,318,325 $ 58,304 $ 2,376,629 $ 2,321,131 $ 75,051 $ 2,396,182 Asset-based lending 870,681 303,658 1,174,339 792,935 — 792,935 Payroll finance 209,210 — 209,210 227,452 — 227,452 Warehouse lending 1,457,232 — 1,457,232 782,646 — 782,646 Factored receivables 277,853 — 277,853 258,383 — 258,383 Equipment financing 893,255 281,459 1,174,714 913,751 301,291 1,215,042 Public sector finance 1,122,592 — 1,122,592 860,746 — 860,746 Total C&I 7,149,148 643,421 7,792,569 6,157,044 376,342 6,533,386 Commercial mortgage: Commercial real estate (“CRE”) 4,806,054 392,353 5,198,407 4,154,956 487,461 4,642,417 Multi-family 1,932,464 2,846,968 4,779,432 1,527,619 3,236,505 4,764,124 Acquisition, development and construction (“ADC”) 433,883 — 433,883 267,754 — 267,754 Total commercial mortgage 7,172,401 3,239,321 10,411,722 5,950,329 3,723,966 9,674,295 Total commercial 14,321,549 3,882,742 18,204,291 12,107,373 4,100,308 16,207,681 Residential mortgage 559,685 1,810,531 2,370,216 621,471 2,083,755 2,705,226 Consumer 133,384 122,272 255,656 153,811 151,812 305,623 Total portfolio loans 15,014,618 5,815,545 20,830,163 12,882,655 6,335,875 19,218,530 Allowance for loan losses (104,735 ) — (104,735 ) (95,677 ) — (95,677 ) Total portfolio loans, net $ 14,909,883 $ 5,815,545 $ 20,725,428 $ 12,786,978 $ 6,335,875 $ 19,122,853 |
Schedule of amounts and status of loans and TDRs | The following tables set forth the amounts and status of our loans, troubled debt restructurings (“TDRs”) and non-performing loans at September 30, 2019 and December 31, 2018 : Originated loans: September 30, 2019 Current 30-59 60-89 90+ Non- Total Traditional C&I $ 2,281,766 $ 7,460 $ 290 $ 351 $ 28,458 $ 2,318,325 Asset-based lending 851,047 — — — 19,634 870,681 Payroll finance 208,470 — — — 740 209,210 Warehouse lending 1,457,232 — — — — 1,457,232 Factored receivables 277,853 — — — — 277,853 Equipment financing 851,327 10,122 7,495 45 24,266 893,255 Public sector finance 1,122,592 — — — — 1,122,592 CRE 4,765,462 3,399 6,525 — 30,668 4,806,054 Multi-family 1,927,259 — — — 5,205 1,932,464 ADC 432,922 — — — 961 433,883 Residential mortgage 520,303 2,258 387 — 36,737 559,685 Consumer 123,316 883 3 — 9,182 133,384 Total loans $ 14,819,549 $ 24,122 $ 14,700 $ 396 $ 155,851 $ 15,014,618 Total TDRs included above $ 24,635 $ 258 $ — $ — $ 24,061 $ 48,954 Non-performing loans: Loans 90+ days past due and still accruing $ 396 Non-accrual loans 155,851 Total originated non-performing loans $ 156,247 December 31, 2018 Current 30-59 60-89 90+ Non- Total Traditional C&I $ 2,266,947 $ 5,747 $ 6,139 $ — $ 42,298 $ 2,321,131 Asset-based lending 789,654 — — — 3,281 792,935 Payroll finance 226,571 — — — 881 227,452 Warehouse lending 782,646 — — — — 782,646 Factored receivables 258,383 — — — — 258,383 Equipment financing 879,468 20,466 1,587 9 12,221 913,751 Public sector finance 860,746 — — — — 860,746 CRE 4,118,134 8,054 — 799 27,969 4,154,956 Multi-family 1,524,914 1,014 — — 1,691 1,527,619 ADC 267,090 230 — 434 — 267,754 Residential mortgage 592,563 1,934 897 264 25,813 621,471 Consumer 143,510 1,720 1,232 271 7,078 153,811 Total loans $ 12,710,626 $ 39,165 $ 9,855 $ 1,777 $ 121,232 $ 12,882,655 Total TDRs included above $ 34,892 $ 215 $ 181 $ 650 $ 38,947 $ 74,885 Non-performing loans: Loans 90+ days past due and still accruing $ 1,777 Non-accrual loans 121,232 Total originated non-performing loans $ 123,009 Acquired loans: September 30, 2019 Current 30-59 60-89 90+ Non- Total Traditional C&I $ 58,261 $ — $ — $ — $ 43 $ 58,304 Asset-based lending 303,658 — — — — 303,658 Equipment financing 270,424 7,893 743 — 2,399 281,459 CRE 387,560 758 — — 4,035 392,353 Multi-family 2,845,849 313 4 250 552 2,846,968 Residential mortgage 1,771,628 14,481 — 309 24,113 1,810,531 Consumer 117,512 1,742 — — 3,018 122,272 Total loans $ 5,754,892 $ 25,187 $ 747 $ 559 $ 34,160 $ 5,815,545 Total TDRs included above $ — $ — $ — $ — $ — $ — Non-performing loans: Loans 90+ days past due and still accruing $ 559 Non-accrual loans 34,160 Total acquired non-performing loans $ 34,719 December 31, 2018 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 69,690 $ 5,256 $ 105 $ — $ — $ 75,051 Equipment financing 288,447 8,659 3,998 187 — 301,291 CRE 481,583 377 — 458 5,043 487,461 Multi-family 3,233,779 1,736 — — 990 3,236,505 Residential mortgage 2,022,340 18,734 6,513 — 36,168 2,083,755 Consumer 146,042 1,852 951 — 2,967 151,812 Total loans $ 6,241,881 $ 36,614 $ 11,567 $ 645 $ 45,168 $ 6,335,875 Total TDRs included above $ — $ — $ — $ — $ — $ — Non-performing loans: Loans 90+ days past due and still accruing $ 645 Non-accrual loans 45,168 Total acquired non-performing loans $ 45,813 |
Schedule of additional analysis of non-accrual loans | The following table provides additional analysis of our non-accrual loans at September 30, 2019 and December 31, 2018 : September 30, 2019 December 31, 2018 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 $ 28,458 $ 43 $ 28,501 $ 39,321 $ 41,625 $ 673 $ 42,298 $ 50,651 Asset-based lending 19,634 — 19,634 35,205 3,281 — 3,281 3,859 Payroll finance 740 — 740 740 881 — 881 881 Equipment financing 26,665 — 26,665 31,237 12,221 — 12,221 15,744 CRE 25,731 8,972 34,703 39,287 23,675 9,337 33,012 39,440 Multi-family 3,777 1,980 5,757 6,169 482 2,199 2,681 2,920 ADC 961 — 961 961 — — — — Residential mortgage 34,595 26,255 60,850 71,619 24,339 37,642 61,981 72,706 Consumer 7,928 4,272 12,200 14,177 6,576 3,469 10,045 12,170 Total $ 148,489 $ 41,522 $ 190,011 $ 238,716 $ 113,080 $ 53,320 $ 166,400 $ 198,371 |
Impaired financing receivables | The following table presents the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for the nine months ended September 30, 2019 and September 30, 2018 : For the nine months ended September 30, 2019 September 30, 2018 YTD average recorded investment Interest income recognized Cash-basis interest income recognized YTD average recorded investment Interest income recognized Cash-basis interest income recognized Loans with no related allowance recorded: Traditional C&I $ 32,666 $ 15 $ — $ 35,935 $ 149 $ — Asset-based lending 22,511 — — 10,980 347 — Equipment financing 3,626 92 — 598 — — CRE 26,580 227 — 22,704 360 — Multi-family 2,314 — — 1,726 48 — Residential mortgage 4,593 13 — 1,387 — — Consumer 2,727 — — 4,355 — — Total $ 95,017 $ 347 $ — $ 77,685 $ 904 $ — The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at September 30, 2019 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment PCI loans (1) Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses Traditional C&I $ 26,279 $ 2,344,853 $ 5,497 $ 2,376,629 $ — $ 14,466 $ 14,466 Asset-based lending 19,634 1,141,104 13,601 1,174,339 — 13,968 13,968 Payroll finance — 209,210 — 209,210 — 1,937 1,937 Warehouse lending — 1,457,232 — 1,457,232 — 547 547 Factored receivables — 277,853 — 277,853 — 1,016 1,016 Equipment financing 5,171 1,167,476 2,067 1,174,714 — 16,109 16,109 Public sector finance — 1,122,592 — 1,122,592 — 1,539 1,539 CRE 31,614 5,145,183 21,610 5,198,407 — 32,111 32,111 Multi-family 3,363 4,770,446 5,623 4,779,432 — 9,556 9,556 ADC — 433,883 — 433,883 — 4,166 4,166 Residential mortgage 4,625 2,295,539 70,052 2,370,216 — 7,372 7,372 Consumer 2,727 245,976 6,953 255,656 — 1,948 1,948 Total portfolio loans $ 93,413 $ 20,611,347 $ 125,403 $ 20,830,163 $ — $ 104,735 $ 104,735 (1) We acquired loans for which there was, at acquisition, both evidence of deterioration of credit quality since origination and the probability, at acquisition, that all contractually required payments would not be collected. These loans are classified as purchased credit impaired loans (“PCI loans”). The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 31, 2018 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment PCI loans Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses Traditional C&I $ 48,735 $ 2,338,432 $ 9,015 $ 2,396,182 $ — $ 14,201 $ 14,201 Asset-based lending 3,281 789,654 — 792,935 — 7,979 7,979 Payroll finance — 227,452 — 227,452 — 2,738 2,738 Warehouse lending — 782,646 — 782,646 — 2,800 2,800 Factored receivables — 258,383 — 258,383 — 1,064 1,064 Equipment financing 3,577 1,211,465 — 1,215,042 — 12,450 12,450 Public sector finance — 860,746 — 860,746 — 1,739 1,739 CRE 33,284 4,581,911 27,222 4,642,417 — 32,285 32,285 Multi-family 1,662 4,754,912 7,550 4,764,124 — 8,355 8,355 ADC — 267,754 — 267,754 — 1,769 1,769 Residential mortgage 3,210 2,614,046 87,970 2,705,226 — 7,454 7,454 Consumer 7,249 290,336 8,038 305,623 — 2,843 2,843 Total portfolio loans $ 100,998 $ 18,977,737 $ 139,795 $ 19,218,530 $ — $ 95,677 $ 95,677 The following table presents loans individually evaluated for impairment, excluding PCI loans, by segment of loans at September 30, 2019 and December 31, 2018 : September 30, 2019 December 31, 2018 Unpaid principal balance Recorded investment Unpaid principal balance Recorded investment Loans with no related allowance recorded: Traditional C&I $ 37,000 $ 26,279 $ 64,653 $ 48,735 Asset-based lending 35,205 19,634 3,859 3,281 Equipment financing 5,171 5,171 3,577 3,577 CRE 35,476 31,614 43,119 33,284 Multi-family 3,695 3,363 2,341 1,662 Residential mortgage 5,962 4,625 3,430 3,210 Consumer 2,727 2,727 7,249 7,249 Total $ 125,236 $ 93,413 $ 128,228 $ 100,998 The following table presents the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for the three months ended September 30, 2019 and September 30, 2018 : For the three months ended September 30, 2019 September 30, 2018 QTD average recorded investment Interest income recognized Cash-basis interest income recognized QTD average recorded investment Interest income recognized Cash-basis interest income recognized Loans with no related allowance recorded: Traditional C&I $ 26,702 $ 5 $ — $ 36,731 $ 116 $ — Asset-based lending 25,334 — — 14,639 123 — Equipment financing 4,315 23 — 798 — — CRE 27,337 76 — 27,149 294 — Multi-family 2,488 — — 1,768 17 — Residential mortgage 5,218 4 — 1,849 — — Consumer 2,727 — — 4,762 — — Total $ 94,121 $ 108 $ — $ 87,696 $ 550 $ — |
Schedule of changes in the balance of accretable yield discount for PCI loans | The following table presents the changes in the balance of the accretable yield discount for PCI loans for the three and nine months ended September 30, 2019 and 2018 : For the three months ended September 30, For the nine months ended September 30, 2019 2018 2019 2018 Balance at beginning of period $ 18,381 $ 21,711 $ 16,932 $ 45,582 Balances acquired in the Woodforest Acquisition — — 2,093 — Accretion of income (2,459 ) (4,027 ) (6,381 ) (10,578 ) Charge-offs (143 ) — (1,082 ) — Reclassification (to) from non-accretable difference 1,024 1,056 5,241 (1,192 ) Other, adjustments — — — (15,072 ) Balance at end of period $ 16,803 $ 18,740 $ 16,803 $ 18,740 |
Troubled debt restructurings | The following table presents loans by segment modified as TDRs that occurred during the first nine months of 2019 and 2018 : September 30, 2019 September 30, 2018 Recorded investment Recorded investment Number Pre- modification Post- modification Number Pre- modification Post- modification Traditional C&I 1 $ 5,026 $ 5,026 2 $ 11,606 $ 10,477 Asset-based lending — — — 1 12,766 12,766 Equipment financing 6 5,874 5,039 4 3,307 3,307 CRE — — — 1 12,187 12,187 Residential mortgage 3 1,274 1,274 11 1,684 1,367 Consumer — — — 1 4,944 4,944 Total TDRs 10 $ 12,174 $ 11,339 20 $ 46,494 $ 45,048 The following tables set forth the amounts and past due status of our TDRs at September 30, 2019 and December 31, 2018 : September 30, 2019 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 475 $ — $ — $ — $ 13,949 $ 14,424 Asset-based lending — — — — 1,026 1,026 Equipment financing 5,615 71 — — 1,872 7,558 CRE 8,514 — — — 5,031 13,545 ADC — — — — 434 434 Residential mortgage 7,546 187 — — 1,416 9,149 Consumer 2,485 — — — 333 2,818 Total $ 24,635 $ 258 $ — $ — $ 24,061 $ 48,954 December 31, 2018 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 9,011 $ — $ — $ — $ 25,672 $ 34,683 Asset-based lending — — — — 1,276 1,276 Equipment financing 1,905 — 9 — 2,367 4,281 CRE 11,071 — — — 7,112 18,183 ADC — — — 434 — 434 Residential mortgage 5,688 — 103 — 2,312 8,103 Consumer 7,217 215 69 216 208 7,925 Total $ 34,892 $ 215 $ 181 $ 650 $ 38,947 $ 74,885 |
Allowance for Loan Losses - (Ta
Allowance for Loan Losses - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Allowance for loan losses activity | Activity in the allowance for loan losses for the three and nine months ended September 30, 2019 and 2018 is summarized below: For the three months ended September 30, 2019 Beginning balance Charge-offs Recoveries Net charge-offs Provision / (credit) Ending balance Traditional C&I $ 17,649 $ (123 ) $ 136 $ 13 $ (3,196 ) $ 14,466 Asset-based lending 11,905 (9,577 ) — (9,577 ) 11,640 13,968 Payroll finance 1,391 — 8 8 538 1,937 Warehouse lending 843 — — — (296 ) 547 Factored receivables 1,157 (14 ) 3 (11 ) (130 ) 1,016 Equipment financing 14,284 (2,711 ) 422 (2,289 ) 4,114 16,109 Public sector finance 1,594 — — — (55 ) 1,539 CRE 34,846 (53 ) 187 134 (2,869 ) 32,111 Multi-family 9,360 — 90 90 106 9,556 ADC 2,272 (6 ) — (6 ) 1,900 4,166 Residential mortgage 7,109 (1,984 ) 126 (1,858 ) 2,121 7,372 Consumer 2,254 (241 ) 108 (133 ) (173 ) 1,948 Total allowance for loan losses $ 104,664 $ (14,709 ) $ 1,080 $ (13,629 ) $ 13,700 $ 104,735 Annualized net charge-offs to average loans outstanding: 0.27 % For the three months ended September 30, 2018 Beginning balance Charge-offs Recoveries Net charge-offs Provision / (credit) Ending balance Traditional C&I $ 18,075 $ (3,415 ) $ 235 $ (3,180 ) $ (179 ) $ 14,716 Asset-based lending 5,837 — — — 991 6,828 Payroll finance 1,658 (2 ) 5 3 522 2,183 Warehouse lending 2,787 — — — (102 ) 2,685 Factored receivables 1,321 (18 ) 2 (16 ) 203 1,508 Equipment financing 8,841 (829 ) 85 (744 ) 3,056 11,153 Public sector finance 1,354 — — — 90 1,444 CRE 26,870 (359 ) 612 253 4,345 31,468 Multi-family 7,389 (168 ) 4 (164 ) 457 7,682 ADC 2,172 — — — (296 ) 1,876 Residential mortgage 5,917 (114 ) 5 (109 ) 992 6,800 Consumer 3,805 (458 ) 254 (204 ) (579 ) 3,022 Total allowance for loan losses $ 86,026 $ (5,363 ) $ 1,202 $ (4,161 ) $ 9,500 $ 91,365 Annualized net charge-offs to average loans outstanding: 0.08 % For the nine months ended September 30, 2019 Beginning Charge-offs Recoveries Net Provision/ (credit) Ending balance Traditional C&I $ 14,201 $ (5,716 ) $ 720 $ (4,996 ) $ 5,261 $ 14,466 Asset-based lending 7,979 (13,128 ) — (13,128 ) 19,117 13,968 Payroll finance 2,738 (84 ) 12 (72 ) (729 ) 1,937 Warehouse lending 2,800 — — — (2,253 ) 547 Factored receivables 1,064 (73 ) 128 55 (103 ) 1,016 Equipment financing 12,450 (5,295 ) 632 (4,663 ) 8,322 16,109 Public sector finance 1,739 — — — (200 ) 1,539 CRE 32,285 (308 ) 845 537 (711 ) 32,111 Multi-family 8,355 — 199 199 1,002 9,556 ADC 1,769 (6 ) — (6 ) 2,403 4,166 Residential mortgage 7,454 (3,758 ) 128 (3,630 ) 3,548 7,372 Consumer 2,843 (1,151 ) 513 (638 ) (257 ) 1,948 Total allowance for loan losses $ 95,677 $ (29,519 ) $ 3,177 $ (26,342 ) $ 35,400 $ 104,735 Annualized net charge-offs to average loans outstanding: 0.17 % For the nine months ended September 30, 2018 Beginning Charge-offs Recoveries Net Provision/ (credit) Ending balance Traditional C&I $ 19,072 $ (8,818 ) $ 674 $ (8,144 ) $ 3,788 $ 14,716 Asset-based lending 6,625 — 9 9 194 6,828 Payroll finance 1,565 (316 ) 34 (282 ) 900 2,183 Warehouse lending 3,705 — — — (1,020 ) 2,685 Factored receivables 1,395 (181 ) 7 (174 ) 287 1,508 Equipment financing 4,862 (7,505 ) 347 (7,158 ) 13,449 11,153 Public sector finance 1,797 — — — (353 ) 1,444 CRE 24,945 (4,878 ) 702 (4,176 ) 10,699 31,468 Multi-family 3,261 (168 ) 7 (161 ) 4,582 7,682 ADC 1,680 (721 ) — (721 ) 917 1,876 Residential mortgage 5,819 (697 ) 54 (643 ) 1,624 6,800 Consumer 3,181 (1,074 ) 482 (592 ) 433 3,022 Total allowance for loan losses $ 77,907 $ (24,358 ) $ 2,316 $ (22,042 ) $ 35,500 $ 91,365 Annualized net charge-offs to average loans outstanding: 0.15 % |
Financing receivable credit quality indicators | As of September 30, 2019 , the risk category of gross loans by segment was as follows: Special Mention Substandard Originated Acquired Total Originated Acquired Total Traditional C&I $ 15,159 $ 60 $ 15,219 $ 36,409 $ 879 $ 37,288 Asset-based lending 27,931 30,304 58,235 24,922 — 24,922 Payroll finance 201 — 201 16,923 — 16,923 Equipment financing 11,956 7,482 19,438 44,402 — 44,402 CRE 22,760 9,608 32,368 54,219 5,375 59,594 Multi-family 6,421 2,756 9,177 19,181 728 19,909 ADC 1,855 — 1,855 961 — 961 Residential mortgage 387 — 387 37,458 24,205 61,663 Consumer 92 — 92 9,294 3,019 12,313 Total $ 86,762 $ 50,210 $ 136,972 $ 243,769 $ 34,206 $ 277,975 At September 30, 2019 , there were $44,278 of special mention loans and $122,641 of substandard loans that were originally considered acquired loans but were migrated to the originated loans portfolio as they have been designated criticized or classified status or have been placed on non-accrual since the acquisition date. As of December 31, 2018 , the risk category of gross loans by segment was as follows: Special Mention Substandard Originated Acquired Total Originated Acquired Total Traditional C&I $ 12,003 $ 99 $ 12,102 $ 51,903 $ 128 $ 52,031 Asset-based lending 14,033 — 14,033 21,865 — 21,865 Payroll finance 9,682 — 9,682 17,766 — 17,766 Factored receivables — — — 508 — 508 Equipment financing 9,966 — 9,966 21,256 — 21,256 CRE 3,852 10,160 14,012 43,336 8,126 51,462 Multi-family 33,321 10,490 43,811 20,812 3,542 24,354 ADC — — — 434 — 434 Residential mortgage 5,179 2,231 7,410 29,475 36,431 65,906 Consumer 1,919 245 2,164 7,223 3,242 10,465 Total $ 89,955 $ 23,225 $ 113,180 $ 214,578 $ 51,469 $ 266,047 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and intangible assets | The balance of goodwill and other intangible assets for the periods presented were as follows: September 30, December 31, 2019 2018 Goodwill $ 1,657,814 $ 1,613,033 Other intangible assets: Core deposits $ 90,507 $ 104,263 Customer lists 4,142 4,740 Non-compete agreements — 42 Trade name 20,500 20,500 Total $ 115,149 $ 129,545 |
Future amortization expense | The estimated aggregate future amortization expense for intangible assets remaining as of September 30, 2019 was as follows: Amortization expense Remainder of 2019 $ 4,785 2020 16,800 2021 15,104 2022 13,703 2023 12,322 2024 10,448 Thereafter 21,487 Total $ 94,649 |
Deposits - (Tables)
Deposits - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Deposits [Abstract] | |
Summary of major classification of deposits | Deposit balances at September 30, 2019 and December 31, 2018 were as follows: September 30, December 31, 2019 2018 Non-interest bearing demand $ 4,586,632 $ 4,241,923 Interest bearing demand 4,236,267 4,207,392 Savings 2,348,903 2,382,520 Money market 7,493,074 7,905,382 Certificates of deposit 2,914,448 2,476,931 Total deposits $ 21,579,324 $ 21,214,148 |
List of Company's Brokered deposits | Brokered deposits at September 30, 2019 and December 31, 2018 were as follows: September 30, December 31, 2019 2018 Interest bearing demand $ 22,908 $ 23,742 Money market 1,027,549 1,134,081 Certificates of deposits 227,971 — Total brokered deposits $ 1,278,428 $ 1,157,823 |
Borrowings - (Tables)
Borrowings - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Instruments [Abstract] | |
Schedule of debt | Our borrowings and weighted average interest rates were as follows for the periods presented: September 30, December 31, 2019 2018 Amount Rate Amount Rate By type of borrowing: FHLB borrowings $ 2,800,907 2.16 % $ 4,838,772 2.40 % Repurchase agreements 26,544 1.20 21,338 1.20 Senior Notes 173,652 3.19 181,130 3.19 Subordinated Notes 173,121 5.45 172,943 5.45 Total borrowings $ 3,174,224 2.41 % $ 5,214,183 2.52 % By remaining period to maturity: Less than one year $ 1,900,440 2.31 % $ 3,958,635 2.48 % One to two years 1,075,663 2.10 831,889 2.28 Two to three years 25,000 1.71 250,716 2.04 Greater than five years 173,121 5.45 172,943 5.45 Total borrowings $ 3,174,224 2.41 % $ 5,214,183 2.52 % |
Leases - (Tables)
Leases - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Cost | Lease Term and Discount Rate: September 30, 2019 Weighted average remaining lease term (years) 8.21 Weighted average remaining discount rate 3.25 % The components of lease expense were as follows: Three months ended Nine months ended September 30, 2019 September 30, 2019 Operating lease expense $ 4,913 $ 14,695 Sub-lease income (845 ) (2,002 ) Net lease expense $ 4,068 $ 12,693 |
Schedule of Operating Lease Liability Maturities | Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2019 were as follows: Remainder of 2019 $ 4,968 2020 19,379 2021 17,823 2022 16,109 2023 14,504 2024 12,703 2025 and thereafter 54,229 Total lease payments 139,715 Interest 19,015 Present value of lease liabilities $ 120,700 |
Derivatives - (Tables)
Derivatives - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Summary of derivatives | Summary information as of September 30, 2019 and December 31, 2018 regarding these derivatives is presented below: Notional amount Average maturity (in years) Weighted average fixed rate Weighted average variable rate Fair value September 30, 2019 Included in other assets: Third-party interest rate swap $ 143,241 $ 140 Customer interest rate swap 1,492,859 84,849 Total $ 1,636,100 5.37 4.54 % 1 m Libor + 2.22% $ 84,989 Included in other liabilities: Third-party interest rate swap $ (1,492,859 ) $ (26,023 ) Customer interest rate swap (143,241 ) (122 ) Total $ (1,636,100 ) 5.37 4.54 % 1 m Libor + 2.22% $ (26,145 ) December 31, 2018 Included in other assets: Third-party interest rate swap $ 516,419 $ 1,963 Customer interest rate swap 556,934 16,252 Total $ 1,073,353 5.90 4.65 % 1 m Libor + 2.29% $ 18,215 Included in other liabilities: Third-party interest rate swap $ (556,934 ) $ (4,351 ) Customer interest rate swap (516,419 ) (8,650 ) Total $ (1,073,353 ) 5.90 4.65 % 1 m Libor + 2.29% $ (13,001 ) |
Income Taxes - (Tables)
Income Taxes - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory federal tax rate for the following reasons: For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Income before income tax expense $ 154,996 $ 146,821 $ 405,364 $ 421,305 Tax at federal statutory rate of 21% 32,549 30,833 85,126 88,474 State and local income taxes, net of federal tax benefit 9,469 7,330 22,347 21,284 Tax exempt interest, net of disallowed interest (5,429 ) (4,970 ) (15,985 ) (14,435 ) BOLI income (2,441 ) (861 ) (4,103 ) (2,406 ) Low income housing tax credits and other benefits (5,431 ) (401 ) (14,592 ) (2,903 ) Low income housing investment amortization expense 4,627 — 12,510 — Equity-based stock compensation benefit — — (106 ) (441 ) FDIC insurance premium limitation 239 466 717 1,483 Other, net (1,034 ) (5,226 ) (894 ) (2,514 ) Actual income tax expense $ 32,549 $ 27,171 $ 85,020 $ 88,542 Effective income tax rate 21.0 % 18.5 % 21.0 % 21.0 % |
Stock-Based Compensation - (Tab
Stock-Based Compensation - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Summary of Company's stock option activity | The following table summarizes the activity in our stock-based compensation plan for the nine months ended September 30, 2019 : Non-vested stock awards/stock units outstanding Stock options outstanding Shares available for grant Number of shares Weighted average grant date fair value Number of shares Weighted average exercise price Balance at January 1, 2019 2,318,950 1,333,514 $ 22.12 686,539 $ 11.20 Amended 2015 Omnibus Equity and Incentive Plan 2,545,682 — — — — Granted (1,507,792 ) 1,507,792 19.63 — — Stock awards vested (1) (70,353 ) (553,432 ) 19.21 — — Exercised — — — (215,997 ) 11.09 Forfeited 86,622 (85,122 ) 22.30 (1,500 ) 10.03 Canceled/expired (1,500 ) — — — Balance at September 30, 2019 3,371,609 2,202,752 $ 20.98 469,042 $ 11.25 Exercisable at September 30, 2019 469,042 $ 11.25 (1) The 70,353 shares vested represents performance shares that were granted in February 2016 to certain executives with a three -year measurement period. These shares vested in the first quarter of 2019 at 150.0% of the target amount granted, which resulted in these additional shares being awarded and additional expense of $1,000 which was recorded in the first quarter of 2019. |
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 are presented below: For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Stock options $ — $ 2 $ — $ 5 Non-vested stock awards/performance units 4,565 3,113 14,293 9,299 Total $ 4,565 $ 3,115 $ 14,293 $ 9,304 Income tax benefit 959 654 3,002 1,954 Proceeds from stock option exercises 508 154 2,397 556 |
Unrecognized stock-based compensation expense | Unrecognized stock-based compensation expense as of September 30, 2019 was as follows: September 30, 2019 Stock options $ — Non-vested stock awards/performance units 32,405 Total $ 32,405 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of net pension (benefit) expense and post-retirement expense | Total pension and other post-retirement benefits expense is comprised of the following for the periods presented below: For the three months ended September 30, 2019 September 30, 2018 Pension Benefits Other Post Retirement Benefits Pension Benefits Other Post Retirement Benefits Service cost $ — $ 15 $ — $ 20 Interest cost 3,044 265 2,121 254 Expected return on plan assets (4,044 ) — (3,353 ) — Net amortization and deferral — (82 ) — — Net periodic pension and other post-retirement (benefit) expense $ (1,000 ) $ 198 $ (1,232 ) $ 274 For the nine months ended September 30, 2019 September 30, 2018 Pension Benefits Other Post Retirement Benefits Pension Benefits Other Post Retirement Benefits Service cost $ — $ 45 $ — $ 62 Interest cost 8,382 835 6,364 780 Expected return on plan assets (10,303 ) — (10,058 ) — Net amortization and deferral — (247 ) — — Net periodic pension and other post-retirement (benefit) expense $ (1,921 ) $ 633 $ (3,694 ) $ 842 |
Non-Interest Income and Other_2
Non-Interest Income and Other Non-Interest Expense - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Non-interest Expense | Other non-interest expense items for the three and nine months ended September 30, 2019 and 2018 , respectively, are presented in the following table: For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Other non-interest expense: Professional fees $ 4,438 $ 2,866 $ 14,966 $ 9,269 Advertising and promotion 2,514 1,147 4,889 3,962 Telephone 1,511 1,238 5,115 4,500 Operational losses 536 791 3,026 2,945 Insurance & surety bond premium 982 1,299 3,050 2,680 Other 6,620 5,832 22,573 16,324 Total other non-interest expense $ 16,601 $ 13,173 $ 53,619 $ 39,680 |
Earnings Per Common Share - (Ta
Earnings Per Common Share - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted earnings per share | The following is a summary of the calculation of earnings per common share (“EPS”): For the three months ended For the nine months ended September 30, September 30, 2019 2018 2019 2018 Net income available to common stockholders $ 120,465 $ 117,657 $ 314,386 $ 326,775 Weighted average common shares outstanding for computation of basic EPS 203,090,365 225,088,511 207,685,051 224,969,121 Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (1) 476,217 534,384 423,524 535,342 Weighted average common shares for computation of diluted EPS 203,566,582 225,622,895 208,108,575 225,504,463 EPS (2) : Basic $ 0.59 $ 0.52 $ 1.51 $ 1.45 Diluted 0.59 0.52 1.51 1.45 (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted EPS. There were no anti-dilutive shares in the three or nine months ended September 30, 2019 or September 30, 2018 . |
Stockholders' Equity - (Tables)
Stockholders' Equity - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following tables present actual and required capital ratios as of September 30, 2019 and December 31, 2018 for us and the Bank under the Basel III Capital Rules. The Basel III Capital Rules became fully phased-in on January 1, 2019. The minimum required capital amounts presented as of September 30, 2019 and December 31, 2018 are based on the fully phased-in provisions of the Basel III Capital Rules. 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 Required to be considered well- capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio September 30, 2019 Common equity tier 1 to RWA: Sterling National Bank $ 2,817,082 12.73 % $ 1,548,458 7.00 % $ 1,437,854 6.50 % Sterling Bancorp 2,596,901 11.73 1,549,838 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,817,082 12.73 % 1,880,270 8.50 % 1,769,666 8.00 % Sterling Bancorp 2,734,699 12.35 1,881,946 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,095,592 13.99 % 2,322,687 10.50 % 2,212,083 10.00 % Sterling Bancorp 2,987,273 13.49 2,324,757 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,817,082 10.08 % 1,117,759 4.00 % 1,397,198 5.00 % Sterling Bancorp 2,734,699 9.78 1,118,770 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, 2018 Common equity tier 1 to RWA: Sterling National Bank $ 2,915,484 13.55 % $ 1,371,480 6.375 % $ 1,505,939 7.00 % $ 1,398,372 6.50 % Sterling Bancorp 2,649,593 12.31 1,372,457 6.375 1,507,011 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,915,484 13.55 % 1,694,181 7.875 % 1,828,640 8.50 % 1,721,073 8.00 % Sterling Bancorp 2,788,016 12.95 1,695,388 7.875 1,829,942 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,184,758 14.80 % 2,124,450 9.875 % 2,258,908 10.50 % 2,151,341 10.00 % Sterling Bancorp 3,027,124 14.06 2,125,963 9.875 2,260,517 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,915,484 9.94 % 1,172,964 4.00 % 1,172,964 4.00 % 1,466,206 5.00 % Sterling Bancorp 2,788,016 9.50 1,173,883 4.00 1,173,883 4.00 N/A N/A |
Commitments and Contingencies -
Commitments and Contingencies - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of off-balance-sheet financial instruments | The contractual or notional amounts of these instruments, which reflect the extent of our involvement in particular classes of off-balance sheet financial instruments, are summarized as follows: September 30, December 31, 2019 2018 Loan origination commitments $ 575,798 $ 417,027 Unused lines of credit 1,524,355 1,737,315 Letters of credit 308,689 287,779 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Estimated fair value on a recurring basis | A summary of assets and liabilities at September 30, 2019 and December 31, 2018 , respectively, measured at estimated fair value on a recurring basis, is as follows: September 30, 2019 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS (1) : Agency-backed $ 1,602,821 $ — $ 1,602,821 $ — CMOs (2) /Other MBS 537,374 — 537,374 — Total residential MBS 2,140,195 — 2,140,195 — Other securities: Federal agencies 162,897 — 162,897 — Corporate 304,773 — 304,773 — State and municipal 453,554 — 453,554 — Total other securities 921,224 — 921,224 — Total available for sale securities 3,061,419 — 3,061,419 — Swaps 84,989 — 84,989 — Total assets $ 3,146,408 $ — $ 3,146,408 $ — Liabilities: Swaps $ (26,145 ) $ — $ (26,145 ) $ — Total liabilities $ (26,145 ) $ — $ (26,145 ) $ — December 31, 2018 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS (1) : Agency-backed $ 2,268,851 $ — $ 2,268,851 $ — CMOs (2) /Other MBS 574,770 — 574,770 — Total residential MBS 2,843,621 — 2,843,621 — Federal agencies 273,973 — 273,973 — Corporate bonds 527,964 — 527,964 — State and municipal 225,004 — 225,004 — Total other securities 1,026,942 — 1,026,942 — Total available for sale securities 3,870,563 — 3,870,563 — Swaps 18,215 — 18,215 — Total assets $ 3,888,778 $ — $ 3,888,778 $ — Liabilities: Swaps $ (13,001 ) $ — $ (13,001 ) $ — Total liabilities $ (13,001 ) $ — $ (13,001 ) $ — (1) Residential MBS are debt securities whose cash flows come from residential mortgage and consumer loans, such as mortgages and HELOCs. A residential MBS is comprised of a pool of mortgage loans created by financial institutions, including governmental agencies. The cash flows from each mortgage loan included in the pool are structured through a special purpose entity into various classes and tranches, which then issues securities backed by those cash flows to investors. (2) CMOs are debt securities that are collateralized by a specific pool of residential mortgage loans, in which the issuer of the CMOs can direct the payments of principal and interest received on the underlying collateral to achieve specific investor cash flow objectives. The Bank generally acquires planned-amortization class securities and CMOs with a sequential pay structure in order to manage the duration and extension risk inherent in these securities. |
Impaired loans measured at estimated fair value on nonrecurring basis | A summary of impaired loans by type that resulted in a charge-off at September 30, 2019 and December 31, 2018 , respectively, is set forth below: September 30, 2019 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 14,718 $ — $ — $ 14,718 Asset-based lending 18,609 — — 18,609 CRE 12,665 — — 12,665 Multi-family 1,194 — — 1,194 Residential mortgage 2,951 — — 2,951 Total impaired loans measured at fair value $ 50,137 $ — $ — $ 50,137 December 31, 2018 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 28,780 $ — $ — $ 28,780 CRE 10,725 — — 10,725 Multi-family 1,210 — — 1,210 Residential mortgage 769 — — 769 Total impaired loans measured at fair value $ 41,484 $ — $ — $ 41,484 |
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 September 30, 2019 : September 30, 2019 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 545,603 $ 545,603 $ — $ — Securities available for sale 3,061,419 — 3,061,419 — Securities held to maturity 1,985,592 — 2,061,887 — Loans held for sale 4,627 — 4,627 — Portfolio loans, net 20,725,428 — — 20,867,041 Accrued interest receivable on securities 33,815 — 33,815 — Accrued interest receivable on loans 71,066 — — 71,066 FHLB stock and FRB stock 276,929 — — — Swaps 84,989 — 84,989 — Financial liabilities: Non-maturity deposits (18,664,876 ) (18,664,876 ) — — Certificates of deposit (2,914,448 ) — (2,910,499 ) — FHLB borrowings (2,800,907 ) — (2,802,337 ) — Other borrowings (26,544 ) — (26,544 ) — Senior Notes (173,652 ) — (174,420 ) — Subordinated Notes (173,121 ) — (182,500 ) — Mortgage escrow funds (84,595 ) — (84,595 ) — Accrued interest payable on deposits (5,417 ) — (5,417 ) — Accrued interest payable on borrowings (14,239 ) — (14,239 ) — Swaps (26,145 ) — (26,145 ) — 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, 2018 : December 31, 2018 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 438,110 $ 438,110 $ — $ — Securities available for sale 3,870,563 — 3,870,563 — Securities held to maturity 2,796,617 — 2,740,522 — Loans held for sale 1,565,979 — 1,565,979 — Portfolio loans, net 19,122,853 — — 19,033,743 Accrued interest receivable on securities 38,722 — 38,722 — Accrued interest receivable on loans 68,389 — — 68,389 FHLB stock and FRB stock 369,690 — — — Swaps 18,215 — 18,215 — Financial liabilities: Non-maturity deposits (18,737,217 ) (18,737,217 ) — — Certificates of deposit (2,476,931 ) — (2,447,534 ) — FHLB borrowings (4,838,772 ) — (4,821,652 ) — Other borrowings (21,338 ) — (21,337 ) — Senior Notes (181,130 ) — (179,786 ) — Subordinated Notes (172,943 ) — (177,481 ) — Mortgage escrow funds (72,891 ) — (64,074 ) — Accrued interest payable on deposits (3,191 ) — (3,191 ) — Accrued interest payable on borrowings (11,823 ) — (11,823 ) — Swaps (13,001 ) — (13,001 ) — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) - (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Components of accumulated other comprehensive income (loss) were as follows as of the dates shown below: September 30, December 31, 2019 2018 Net unrealized holding gain (loss) on available for sale securities $ 59,853 $ (103,756 ) Related income tax (expense) benefit (16,543 ) 28,679 Available for sale securities, net of tax 43,310 (75,077 ) Net unrealized holding loss on securities transferred to held to maturity (861 ) (3,518 ) Related income tax benefit 238 972 Securities transferred to held to maturity, net of tax (623 ) (2,546 ) Net unrealized holding gain on retirement plans 3,381 15,900 Related income tax expense (934 ) (4,222 ) Retirement plans, net of tax 2,447 11,678 Accumulated other comprehensive income (loss) $ 45,134 $ (65,945 ) The following table presents the changes in each component of accumulated other comprehensive income loss (“AOCI”) for the three and nine months ended September 30, 2019 and 2018 : Net unrealized holding gain (loss) on available for sale securities Net unrealized holding (loss) gain on securities transferred to held to maturity Net unrealized holding gain (loss) on retirement plans Total For the three months ended September 30, 2019 Balance beginning of the period $ 27,243 $ (709 ) $ 13,812 $ 40,346 Other comprehensive gain before reclassification 21,047 — — 21,047 Amounts reclassified from AOCI (4,980 ) 86 (11,365 ) (16,259 ) Total other comprehensive income 16,067 86 (11,365 ) 4,788 Balance at end of period $ 43,310 $ (623 ) $ 2,447 $ 45,134 For the three months ended September 30, 2018 Balance beginning of the period $ (95,852 ) $ (2,870 ) $ (859 ) $ (99,581 ) Other comprehensive (loss) before reclassification (19,613 ) — — (19,613 ) Amounts reclassified from AOCI 56 163 300 519 Total other comprehensive (loss) income (19,557 ) 163 300 (19,094 ) Balance at end of period $ (115,409 ) $ (2,707 ) $ (559 ) $ (118,675 ) Location in consolidated income statements where reclassification from accumulated other comprehensive loss is included Net loss on sale of securities Interest income on securities Other non-interest expense Net unrealized holding (loss) gain on available for sale securities Net unrealized holding (loss) gain on securities transferred to held to maturity Net unrealized holding gain (loss) on retirement plans Total For the nine months ended September 30, 2019 Balance beginning of the period $ (75,077 ) $ (2,546 ) $ 11,678 $ (65,945 ) Other comprehensive gain before reclassification 121,992 — — 121,992 Securities reclassified from held to maturity to available for sale (8,548 ) — — (8,548 ) Amounts reclassified from AOCI 4,943 1,923 (9,231 ) (2,365 ) Total other comprehensive income 118,387 1,923 (9,231 ) 111,079 Balance at end of period $ 43,310 $ (623 ) $ 2,447 $ 45,134 For the nine months ended September 30, 2018 Balance beginning of the period $ (22,324 ) $ (2,678 ) $ (1,164 ) $ (26,166 ) Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive loss (4,376 ) (525 ) (228 ) (5,129 ) Other comprehensive loss before reclassification (94,611 ) — — (94,611 ) Amounts reclassified from AOCI 5,902 496 833 7,231 Total other comprehensive loss (93,085 ) (29 ) 605 (92,509 ) Balance at end of period $ (115,409 ) $ (2,707 ) $ (559 ) $ (118,675 ) Location in consolidated income statements where reclassification from AOCI is included Net loss on sale of securities Interest income on securities Other non-interest expense |
Basis of Financial Statement _3
Basis of Financial Statement Presentation - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 113,985 | ||
Operating lease liabilities | 120,700 | ||
Book value of available-for-sale securities transfered from held to maturity | 3,001,566 | $ 3,974,319 | |
Fair value of available-for-sale securities transfered from held to maturity | 3,061,419 | 3,870,563 | |
Book value of held to maturity securities transfered to available-for-sale | 1,985,592 | 2,796,617 | |
Fair value of held to maturity securities transfered to available-for-sale | $ 2,061,887 | 2,740,522 | |
ASU 2017-12 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Book value of available-for-sale securities transfered from held to maturity | $ 720,440 | ||
Fair value of available-for-sale securities transfered from held to maturity | 708,627 | ||
Book value of held to maturity securities transfered to available-for-sale | 720,440 | 720,440 | |
Fair value of held to maturity securities transfered to available-for-sale | $ 708,627 | $ 708,627 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Thousands | Feb. 28, 2019 | Apr. 02, 2018 | Jun. 30, 2018 | Sep. 30, 2019 |
Woodforest National Bank | ||||
Business Acquisition [Line Items] | ||||
Consideration paid | $ 515,692 | |||
Premium paid for loans receivable, percentage of gross loans | 3.75% | |||
Unpaid principal balance of loans acquired | $ 18,674 | |||
Restructuring and integration costs | $ 3,344 | |||
Advantage Funding | ||||
Business Acquisition [Line Items] | ||||
Consideration paid | $ 502,052 | |||
Outstanding loans and leases held by acquiree at acquisition date | $ 457,638 | |||
Premium paid for loans receivable, percentage of gross loans | 4.50% | |||
Restructuring and integration costs | $ 4,396 | |||
Percentage of interest acquired | 100.00% | |||
Loan premium | $ 20,300 | |||
Estimate of Fair Value Measurement | Woodforest National Bank | ||||
Business Acquisition [Line Items] | ||||
Outstanding loans and leases held by acquiree at acquisition date | 471,878 | |||
Estimate of Fair Value Measurement | Advantage Funding | ||||
Business Acquisition [Line Items] | ||||
Outstanding loans and leases held by acquiree at acquisition date | $ 439,622 | |||
Equipment financing | Woodforest National Bank | ||||
Business Acquisition [Line Items] | ||||
Outstanding loans and leases held by acquiree at acquisition date | 166,143 | |||
Asset-based lending | Woodforest National Bank | ||||
Business Acquisition [Line Items] | ||||
Outstanding loans and leases held by acquiree at acquisition date | $ 331,842 |
Securities - Amortized Cost to
Securities - Amortized Cost to Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Available for Sale | ||
Amortized cost | $ 3,001,566 | $ 3,974,319 |
Gross unrealized gains | 61,768 | 3,822 |
Gross unrealized losses | (1,915) | (107,578) |
Available for sale, at fair value | 3,061,419 | 3,870,563 |
Held to Maturity | ||
Amortized cost | 1,985,592 | 2,796,617 |
Gross unrecognized gains | 76,627 | 3,369 |
Gross unrecognized losses | (332) | (59,464) |
Securities held to maturity, fair value | 2,061,887 | 2,740,522 |
Agency-backed | ||
Available for Sale | ||
Amortized cost | 1,581,246 | 2,328,870 |
Gross unrealized gains | 22,923 | 2,347 |
Gross unrealized losses | (1,348) | (62,366) |
Available for sale, at fair value | 1,602,821 | 2,268,851 |
Held to Maturity | ||
Amortized cost | 177,153 | 318,590 |
Gross unrecognized gains | 1,983 | 73 |
Gross unrecognized losses | (92) | (8,605) |
Securities held to maturity, fair value | 179,044 | 310,058 |
CMOs/Other MBS | ||
Available for Sale | ||
Amortized cost | 528,495 | 596,868 |
Gross unrealized gains | 8,924 | 11 |
Gross unrealized losses | (45) | (22,109) |
Available for sale, at fair value | 537,374 | 574,770 |
Held to Maturity | ||
Amortized cost | 0 | 27,780 |
Gross unrecognized gains | 0 | 2 |
Gross unrecognized losses | 0 | (765) |
Securities held to maturity, fair value | 0 | 27,017 |
Total residential MBS | ||
Available for Sale | ||
Amortized cost | 2,109,741 | 2,925,738 |
Gross unrealized gains | 31,847 | 2,358 |
Gross unrealized losses | (1,393) | (84,475) |
Available for sale, at fair value | 2,140,195 | 2,843,621 |
Held to Maturity | ||
Amortized cost | 177,153 | 346,370 |
Gross unrecognized gains | 1,983 | 75 |
Gross unrecognized losses | (92) | (9,370) |
Securities held to maturity, fair value | 179,044 | 337,075 |
Federal agencies | ||
Available for Sale | ||
Amortized cost | 156,815 | 283,825 |
Gross unrealized gains | 6,082 | 0 |
Gross unrealized losses | 0 | (9,852) |
Available for sale, at fair value | 162,897 | 273,973 |
Held to Maturity | ||
Amortized cost | 59,374 | 59,065 |
Gross unrecognized gains | 857 | 160 |
Gross unrecognized losses | 0 | (128) |
Securities held to maturity, fair value | 60,231 | 59,097 |
Corporate | ||
Available for Sale | ||
Amortized cost | 292,064 | 537,210 |
Gross unrealized gains | 12,880 | 1,162 |
Gross unrealized losses | (171) | (10,407) |
Available for sale, at fair value | 304,773 | 527,965 |
Held to Maturity | ||
Amortized cost | 19,917 | 68,512 |
Gross unrecognized gains | 474 | 431 |
Gross unrecognized losses | 0 | (392) |
Securities held to maturity, fair value | 20,391 | 68,551 |
State and municipal | ||
Available for Sale | ||
Amortized cost | 442,946 | 227,546 |
Gross unrealized gains | 10,959 | 302 |
Gross unrealized losses | (351) | (2,844) |
Available for sale, at fair value | 453,554 | 225,004 |
Held to Maturity | ||
Amortized cost | 1,716,398 | 2,305,420 |
Gross unrecognized gains | 73,155 | 2,654 |
Gross unrecognized losses | (141) | (49,562) |
Securities held to maturity, fair value | 1,789,412 | 2,258,512 |
Other | ||
Available for Sale | ||
Amortized cost | 0 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Available for sale, at fair value | 0 | 0 |
Held to Maturity | ||
Amortized cost | 12,750 | 17,250 |
Gross unrecognized gains | 158 | 49 |
Gross unrecognized losses | (99) | (12) |
Securities held to maturity, fair value | 12,809 | 17,287 |
Total other securities | ||
Available for Sale | ||
Amortized cost | 891,825 | 1,048,581 |
Gross unrealized gains | 29,921 | 1,464 |
Gross unrealized losses | (522) | (23,103) |
Available for sale, at fair value | 921,224 | 1,026,942 |
Held to Maturity | ||
Amortized cost | 1,808,439 | 2,450,247 |
Gross unrecognized gains | 74,644 | 3,294 |
Gross unrecognized losses | (240) | (50,094) |
Securities held to maturity, fair value | $ 1,882,843 | $ 2,403,447 |
Securities - Transfered to Avai
Securities - Transfered to Available-For-Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Book value of held to maturity securities transfered to available-for-sale | $ 1,985,592 | $ 2,796,617 | |
Fair value of held to maturity securities transfered to available-for-sale | 2,061,887 | 2,740,522 | |
Agency-backed | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Book value of held to maturity securities transfered to available-for-sale | 177,153 | 318,590 | |
Fair value of held to maturity securities transfered to available-for-sale | 179,044 | 310,058 | |
CMOs/Other MBS | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Book value of held to maturity securities transfered to available-for-sale | 0 | 27,780 | |
Fair value of held to maturity securities transfered to available-for-sale | 0 | 27,017 | |
Total residential MBS | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Book value of held to maturity securities transfered to available-for-sale | 177,153 | 346,370 | |
Fair value of held to maturity securities transfered to available-for-sale | 179,044 | 337,075 | |
Corporate | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Book value of held to maturity securities transfered to available-for-sale | 19,917 | 68,512 | |
Fair value of held to maturity securities transfered to available-for-sale | 20,391 | 68,551 | |
State and municipal | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Book value of held to maturity securities transfered to available-for-sale | 1,716,398 | 2,305,420 | |
Fair value of held to maturity securities transfered to available-for-sale | $ 1,789,412 | 2,258,512 | |
ASU 2017-12 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Book value of held to maturity securities transfered to available-for-sale | $ 720,440 | 720,440 | |
Fair value of held to maturity securities transfered to available-for-sale | 708,627 | $ 708,627 | |
ASU 2017-12 | Agency-backed | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Book value of held to maturity securities transfered to available-for-sale | 125,343 | ||
Fair value of held to maturity securities transfered to available-for-sale | 121,510 | ||
ASU 2017-12 | CMOs/Other MBS | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Book value of held to maturity securities transfered to available-for-sale | 27,780 | ||
Fair value of held to maturity securities transfered to available-for-sale | 27,017 | ||
ASU 2017-12 | Total residential MBS | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Book value of held to maturity securities transfered to available-for-sale | 153,123 | ||
Fair value of held to maturity securities transfered to available-for-sale | 148,527 | ||
ASU 2017-12 | Corporate | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Book value of held to maturity securities transfered to available-for-sale | 49,001 | ||
Fair value of held to maturity securities transfered to available-for-sale | 48,607 | ||
ASU 2017-12 | State and municipal | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Book value of held to maturity securities transfered to available-for-sale | 518,316 | ||
Fair value of held to maturity securities transfered to available-for-sale | $ 511,493 |
Securities - Future Maturity (D
Securities - Future Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Amortized cost | ||
Available-for-sale, one year or less, amortized cost | $ 12,433 | |
Available-for-sale, one to five years, amortized cost | 102,874 | |
Available-for-sale, five to ten years, amortized cost | 598,960 | |
Available-for-sale, greater than ten years, amortized cost | 177,558 | |
Available-for-sale, with a stated maturity date, amortized cost | 891,825 | |
Available-for-sale, without single maturity date, amortized cost | 2,109,741 | |
Amortized cost | 3,001,566 | $ 3,974,319 |
Fair value | ||
Available-for-sale, one year or less, fair value | 12,398 | |
Available-for-sale, one to five years, fair value | 105,669 | |
Available-for-sale, five to ten years, fair value | 620,601 | |
Available-for-sale, greater than ten years, fair value | 182,556 | |
Available-for-sale, with a stated maturity date, fair value | 921,224 | |
Available-for-sale, without single maturity date, fair value | 2,140,195 | |
Securities available for sale | 3,061,419 | 3,870,563 |
Amortized cost | ||
Held-to-maturity, one year or less, amortized cost | 34,943 | |
Held-to-maturity, one to five years, amortized cost | 90,004 | |
Held-to-maturity, five to ten years, amortized cost | 281,286 | |
Held-to-maturity, greater than ten years, amortized cost | 1,402,206 | |
Held-to-maturity, with a stated maturity date, amortized cost | 1,808,439 | |
Held-to-maturity, without single maturity date, amortized cost | 177,153 | |
Amortized cost | 1,985,592 | 2,796,617 |
Fair value | ||
Held-to-maturity, one year or less, fair value | 35,146 | |
Held-to-maturity, one to five years, fair value | 91,778 | |
Held-to-maturity, five to ten years, fair value | 292,768 | |
Held-to-maturity, greater than ten years, fair value | 1,463,151 | |
Held-to-maturity, with a stated maturity date, fair value | 1,882,843 | |
Held-to-maturity, without single maturity date, fair value | 179,044 | |
Held-to-maturity, fair value | $ 2,061,887 | $ 2,740,522 |
Securities - Sale of Securities
Securities - Sale of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Available for sale: | ||||
Proceeds from sales | $ 647,485 | $ 0 | $ 1,386,236 | $ 117,810 |
Gross realized gains | 7,815 | 0 | 12,170 | 82 |
Gross realized losses | (933) | (3) | (19,000) | (5,910) |
Income tax expense (benefit) on realized net gains / losses | 1,445 | (1) | (1,434) | (1,224) |
Held to Maturity | ||||
Proceeds from sale | 0 | 0 | 0 | 254 |
Gross realized loss | 0 | (53) | 0 | (74) |
Income tax expense on realized loss | $ 0 | $ (11) | $ 0 | $ (15) |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019USD ($) | Sep. 30, 2019USD ($)security | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||||
Number of available for sale securities which were in continuous unrealized loss position for less than 12 months | security | 142 | |||
Number of available for sale securities which were in continuous unrealized loss position for 12 months or more | security | 44 | |||
Number of held to maturity securities which were in continuous unrealized loss position for less than 12 months | security | 10 | |||
Number of held to maturity securities which were in continuous unrealized loss position for 12 months or more | security | 48 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Book value of available-for-sale securities transfered from held to maturity | $ 3,001,566 | $ 3,974,319 | ||
Fair value of available-for-sale securities transfered from held to maturity | $ 3,061,419 | $ 3,870,563 | ||
Securities sold to raise liquidity | $ 751,935 | |||
ASU 2017-12 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Book value of available-for-sale securities transfered from held to maturity | $ 720,440 | |||
Fair value of available-for-sale securities transfered from held to maturity | $ 708,627 |
Securities - Available-for-sale
Securities - Available-for-sale Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | $ 238,106 | $ 403,179 |
Unrealized losses, less than 12 months, accumulated loss | (837) | (4,880) |
Fair value, 12 months or longer | 135,656 | 3,098,917 |
Unrealized losses, 12 months or longer | (1,078) | (102,698) |
Fair value, total | 373,762 | 3,502,096 |
Unrealized losses, total | (1,915) | (107,578) |
Agency-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 211,025 | 156,787 |
Unrealized losses, less than 12 months, accumulated loss | (512) | (536) |
Fair value, 12 months or longer | 110,298 | 1,955,056 |
Unrealized losses, 12 months or longer | (836) | (61,830) |
Fair value, total | 321,323 | 2,111,843 |
Unrealized losses, total | (1,348) | (62,366) |
CMOs/Other MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 0 | 94 |
Unrealized losses, less than 12 months, accumulated loss | 0 | (2) |
Fair value, 12 months or longer | 5,991 | 574,053 |
Unrealized losses, 12 months or longer | (45) | (22,107) |
Fair value, total | 5,991 | 574,147 |
Unrealized losses, total | (45) | (22,109) |
Total residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 211,025 | 156,881 |
Unrealized losses, less than 12 months, accumulated loss | (512) | (538) |
Fair value, 12 months or longer | 116,289 | 2,529,109 |
Unrealized losses, 12 months or longer | (881) | (83,937) |
Fair value, total | 327,314 | 2,685,990 |
Unrealized losses, total | (1,393) | (84,475) |
Federal agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 0 | |
Unrealized losses, less than 12 months, accumulated loss | 0 | |
Fair value, 12 months or longer | 273,973 | |
Unrealized losses, 12 months or longer | (9,852) | |
Fair value, total | 273,973 | |
Unrealized losses, total | (9,852) | |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 2,008 | 230,126 |
Unrealized losses, less than 12 months, accumulated loss | (29) | (4,278) |
Fair value, 12 months or longer | 15,588 | 119,869 |
Unrealized losses, 12 months or longer | (142) | (6,129) |
Fair value, total | 17,596 | 349,995 |
Unrealized losses, total | (171) | (10,407) |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 25,073 | 16,172 |
Unrealized losses, less than 12 months, accumulated loss | (296) | (64) |
Fair value, 12 months or longer | 3,779 | 175,966 |
Unrealized losses, 12 months or longer | (55) | (2,780) |
Fair value, total | 28,852 | 192,138 |
Unrealized losses, total | (351) | (2,844) |
Total other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 27,081 | 246,298 |
Unrealized losses, less than 12 months, accumulated loss | (325) | (4,342) |
Fair value, 12 months or longer | 19,367 | 569,808 |
Unrealized losses, 12 months or longer | (197) | (18,761) |
Fair value, total | 46,448 | 816,106 |
Unrealized losses, total | $ (522) | $ (23,103) |
Securities - Held to Maturity S
Securities - Held to Maturity Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | $ 49,725 | $ 204,325 |
Unrecognized losses, less than 12 months | (182) | (1,270) |
Fair value, 12 months or longer | 10,110 | 2,217,967 |
Unrecognized losses, 12 months or longer | (150) | (58,194) |
Fair value, total | 59,835 | 2,422,292 |
Unrecognized losses, total | (332) | (59,464) |
Agency-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 36,823 | 25,003 |
Unrecognized losses, less than 12 months | (80) | (147) |
Fair value, 12 months or longer | 1,751 | 273,974 |
Unrecognized losses, 12 months or longer | (12) | (8,458) |
Fair value, total | 38,574 | 298,977 |
Unrecognized losses, total | (92) | (8,605) |
CMOs/Other MBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 101 | |
Unrecognized losses, less than 12 months | (2) | |
Fair value, 12 months or longer | 25,066 | |
Unrecognized losses, 12 months or longer | (763) | |
Fair value, total | 25,167 | |
Unrecognized losses, total | (765) | |
Total residential MBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 25,104 | |
Unrecognized losses, less than 12 months | (149) | |
Fair value, 12 months or longer | 299,040 | |
Unrecognized losses, 12 months or longer | (9,221) | |
Fair value, total | 324,144 | |
Unrecognized losses, total | (9,370) | |
Federal agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 29,485 | |
Unrecognized losses, less than 12 months | (95) | |
Fair value, 12 months or longer | 4,908 | |
Unrecognized losses, 12 months or longer | (33) | |
Fair value, total | 34,393 | |
Unrecognized losses, total | (128) | |
Corporate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 21,859 | |
Unrecognized losses, less than 12 months | (137) | |
Fair value, 12 months or longer | 16,261 | |
Unrecognized losses, 12 months or longer | (255) | |
Fair value, total | 38,120 | |
Unrecognized losses, total | (392) | |
State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 3,001 | 118,389 |
Unrecognized losses, less than 12 months | (3) | (877) |
Fair value, 12 months or longer | 8,359 | 1,897,758 |
Unrecognized losses, 12 months or longer | (138) | (48,685) |
Fair value, total | 11,360 | 2,016,147 |
Unrecognized losses, total | (141) | (49,562) |
Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 9,901 | 9,488 |
Unrecognized losses, less than 12 months | (99) | (12) |
Fair value, 12 months or longer | 0 | 0 |
Unrecognized losses, 12 months or longer | 0 | 0 |
Fair value, total | 9,901 | 9,488 |
Unrecognized losses, total | (99) | (12) |
Total other securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 12,902 | 179,221 |
Unrecognized losses, less than 12 months | (102) | (1,121) |
Fair value, 12 months or longer | 8,359 | 1,918,927 |
Unrecognized losses, 12 months or longer | (138) | (48,973) |
Fair value, total | 21,261 | 2,098,148 |
Unrecognized losses, total | $ (240) | $ (50,094) |
Securities - Securities Pledged
Securities - Securities Pledged for Borrowings (Details) - Collateral Pledged - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Total securities pledged | $ 2,397,948 | $ 2,203,409 |
Federal Home Loan Bank Borrowings | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale, pledged as collateral | 26,544 | 12,206 |
Held-to-maturity securities pledged as collateral | 914 | 34,996 |
Municipal Deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale, pledged as collateral | 818,763 | 817,306 |
Held-to-maturity securities pledged as collateral | $ 1,551,726 | $ 1,338,901 |
Portfolio Loans - Composition o
Portfolio Loans - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | $ 20,830,163 | $ 19,218,530 | ||||
Allowance for loan losses | (104,735) | $ (104,664) | (95,677) | $ (91,365) | $ (86,026) | $ (77,907) |
Portfolio loans, net | 20,725,428 | 19,122,853 | ||||
Traditional C&I | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (14,466) | (17,649) | (14,201) | (14,716) | (18,075) | (19,072) |
Asset-based lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (13,968) | (11,905) | (7,979) | (6,828) | (5,837) | (6,625) |
Payroll finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (1,937) | (1,391) | (2,738) | (2,183) | (1,658) | (1,565) |
Warehouse lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (547) | (843) | (2,800) | (2,685) | (2,787) | (3,705) |
Factored receivables | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (1,016) | (1,157) | (1,064) | (1,508) | (1,321) | (1,395) |
Equipment financing | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (16,109) | (14,284) | (12,450) | (11,153) | (8,841) | (4,862) |
Public sector finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (1,539) | (1,594) | (1,739) | (1,444) | (1,354) | (1,797) |
ADC | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (4,166) | (2,272) | (1,769) | (1,876) | (2,172) | (1,680) |
Residential mortgage | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (7,372) | (7,109) | (7,454) | (6,800) | (5,917) | (5,819) |
Consumer | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (1,948) | $ (2,254) | (2,843) | $ (3,022) | $ (3,805) | $ (3,181) |
Commercial loans portfolio segment | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 18,204,291 | 16,207,681 | ||||
Commercial loans portfolio segment | Commercial and industrial | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 7,792,569 | 6,533,386 | ||||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 2,376,629 | 2,396,182 | ||||
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 1,174,339 | 792,935 | ||||
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 209,210 | 227,452 | ||||
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 1,457,232 | 782,646 | ||||
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 277,853 | 258,383 | ||||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 1,174,714 | 1,215,042 | ||||
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 1,122,592 | 860,746 | ||||
Commercial loans portfolio segment | Real estate | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 10,411,722 | 9,674,295 | ||||
Commercial loans portfolio segment | Real estate | CRE | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 5,198,407 | 4,642,417 | ||||
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 4,779,432 | 4,764,124 | ||||
Commercial loans portfolio segment | Real estate | ADC | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 433,883 | 267,754 | ||||
Residential mortgage portfolio segment | Residential mortgage | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 2,370,216 | 2,705,226 | ||||
Consumer portfolio segment | Consumer | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 255,656 | 305,623 | ||||
Originated Loan | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 15,014,618 | 12,882,655 | ||||
Allowance for loan losses | (104,735) | (95,677) | ||||
Portfolio loans, net | 14,909,883 | 12,786,978 | ||||
Originated Loan | Commercial loans portfolio segment | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 14,321,549 | 12,107,373 | ||||
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 7,149,148 | 6,157,044 | ||||
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 2,318,325 | 2,321,131 | ||||
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 870,681 | 792,935 | ||||
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 209,210 | 227,452 | ||||
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 1,457,232 | 782,646 | ||||
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Factored receivables | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 277,853 | 258,383 | ||||
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 893,255 | 913,751 | ||||
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 1,122,592 | 860,746 | ||||
Originated Loan | Commercial loans portfolio segment | Real estate | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 7,172,401 | 5,950,329 | ||||
Originated Loan | Commercial loans portfolio segment | Real estate | CRE | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 4,806,054 | 4,154,956 | ||||
Originated Loan | Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 1,932,464 | 1,527,619 | ||||
Originated Loan | Commercial loans portfolio segment | Real estate | ADC | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 433,883 | 267,754 | ||||
Originated Loan | Residential mortgage portfolio segment | Residential mortgage | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 559,685 | 621,471 | ||||
Originated Loan | Consumer portfolio segment | Consumer | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 133,384 | 153,811 | ||||
Acquired Loan | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 5,815,545 | 6,335,875 | ||||
Allowance for loan losses | 0 | 0 | ||||
Portfolio loans, net | 5,815,545 | 6,335,875 | ||||
Acquired Loan | Commercial loans portfolio segment | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 3,882,742 | 4,100,308 | ||||
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 643,421 | 376,342 | ||||
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 58,304 | 75,051 | ||||
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 303,658 | 0 | ||||
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 0 | 0 | ||||
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 0 | 0 | ||||
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Factored receivables | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 0 | 0 | ||||
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 281,459 | 301,291 | ||||
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 0 | 0 | ||||
Acquired Loan | Commercial loans portfolio segment | Real estate | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 3,239,321 | 3,723,966 | ||||
Acquired Loan | Commercial loans portfolio segment | Real estate | CRE | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 392,353 | 487,461 | ||||
Acquired Loan | Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 2,846,968 | 3,236,505 | ||||
Acquired Loan | Commercial loans portfolio segment | Real estate | ADC | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 0 | 0 | ||||
Acquired Loan | Residential mortgage portfolio segment | Residential mortgage | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 1,810,531 | 2,083,755 | ||||
Acquired Loan | Consumer portfolio segment | Consumer | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | $ 122,272 | $ 151,812 |
Portfolio Loans - Narrative (De
Portfolio Loans - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | Dec. 31, 2018USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Net deferred loan origination costs | $ 9,133,000 | $ 9,133,000 | $ 5,581,000 | ||
Discounts on acquired loans | 73,985,000 | 117,222,000 | |||
Bank pledged mortgages | 7,729,593,000 | 7,729,593,000 | 8,526,247,000 | ||
Non accrual loans | 190,011,000 | 190,011,000 | 166,400,000 | ||
Maximum loan balance for credit risk to be evaluated on a homogeneous basis | 750,000 | 750,000 | |||
Loans not individually evaluated for impairment | 93,413,000 | 93,413,000 | 100,998,000 | ||
Impaired loans with an allowance recorded, recorded investment | 0 | 0 | 0 | ||
Impairment reserve | 0 | 0 | 0 | ||
Recorded investment with no related allowance recorded | 93,413,000 | 93,413,000 | 100,998,000 | ||
Impaired loans with no related allowance recorded, cash-basis interest income recognized | 0 | $ 0 | $ 0 | $ 0 | |
Loans modified by TDR | loan | 10 | 20 | |||
TDRs modified and subsequently defaulted | loan | 0 | ||||
PCI Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 41,522,000 | $ 41,522,000 | 53,320,000 | ||
Balance of PCI loans treated under cost recovery method | 3,284,000 | 3,284,000 | 5,202,000 | ||
Residential mortgage | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans formally in process of foreclosure | 40,754,000 | 40,754,000 | 48,107,000 | ||
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 19,634,000 | 19,634,000 | 3,281,000 | ||
Loans not individually evaluated for impairment | 19,634,000 | 19,634,000 | 3,281,000 | ||
Impairment reserve | 0 | 0 | 0 | ||
Recorded investment with no related allowance recorded | 19,634,000 | 19,634,000 | 3,281,000 | ||
Impaired loans with no related allowance recorded, cash-basis interest income recognized | 0 | 0 | $ 0 | $ 0 | |
Loans modified by TDR | loan | 0 | 1 | |||
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | PCI Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 0 | $ 0 | 0 | ||
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans not individually evaluated for impairment | 0 | 0 | 0 | ||
Impairment reserve | 0 | 0 | 0 | ||
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans not individually evaluated for impairment | 0 | 0 | 0 | ||
Impairment reserve | 0 | 0 | 0 | ||
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 740,000 | 740,000 | 881,000 | ||
Loans not individually evaluated for impairment | 0 | 0 | 0 | ||
Impairment reserve | 0 | 0 | 0 | ||
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | PCI Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 0 | 0 | 0 | ||
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans not individually evaluated for impairment | 0 | 0 | 0 | ||
Impairment reserve | 0 | 0 | 0 | ||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 26,665,000 | 26,665,000 | 12,221,000 | ||
Loans not individually evaluated for impairment | 5,171,000 | 5,171,000 | 3,577,000 | ||
Impairment reserve | 0 | 0 | 0 | ||
Recorded investment with no related allowance recorded | 5,171,000 | 5,171,000 | 3,577,000 | ||
Impaired loans with no related allowance recorded, cash-basis interest income recognized | 0 | 0 | $ 0 | $ 0 | |
Loans modified by TDR | loan | 6 | 4 | |||
TDRs modified and subsequently defaulted | loan | 1 | ||||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | PCI Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 0 | $ 0 | 0 | ||
Commercial loans portfolio segment | Real estate | ADC | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 961,000 | 961,000 | 0 | ||
Loans not individually evaluated for impairment | 0 | 0 | 0 | ||
Impairment reserve | 0 | 0 | 0 | ||
Commercial loans portfolio segment | Real estate | ADC | PCI Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 0 | 0 | 0 | ||
Commercial loans portfolio segment | Real estate | CRE | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 34,703,000 | 34,703,000 | 33,012,000 | ||
Loans not individually evaluated for impairment | 31,614,000 | 31,614,000 | 33,284,000 | ||
Impairment reserve | 0 | 0 | 0 | ||
Recorded investment with no related allowance recorded | 31,614,000 | 31,614,000 | 33,284,000 | ||
Impaired loans with no related allowance recorded, cash-basis interest income recognized | 0 | 0 | $ 0 | $ 0 | |
Loans modified by TDR | loan | 0 | 1 | |||
Commercial loans portfolio segment | Real estate | CRE | PCI Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 8,972,000 | $ 8,972,000 | 9,337,000 | ||
Consumer portfolio segment | Consumer | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 12,200,000 | 12,200,000 | 10,045,000 | ||
Loans not individually evaluated for impairment | 2,727,000 | 2,727,000 | 7,249,000 | ||
Impairment reserve | 0 | 0 | 0 | ||
Recorded investment with no related allowance recorded | 2,727,000 | 2,727,000 | 7,249,000 | ||
Impaired loans with no related allowance recorded, cash-basis interest income recognized | 0 | 0 | $ 0 | $ 0 | |
Loans modified by TDR | loan | 0 | 1 | |||
Consumer portfolio segment | Consumer | PCI Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 4,272,000 | $ 4,272,000 | 3,469,000 | ||
Multi-family | Commercial loans portfolio segment | Real estate | Multi-family | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 5,757,000 | 5,757,000 | 2,681,000 | ||
Loans not individually evaluated for impairment | 3,363,000 | 3,363,000 | 1,662,000 | ||
Impairment reserve | 0 | 0 | 0 | ||
Recorded investment with no related allowance recorded | 3,363,000 | 3,363,000 | 1,662,000 | ||
Impaired loans with no related allowance recorded, cash-basis interest income recognized | 0 | $ 0 | 0 | $ 0 | |
Multi-family | Commercial loans portfolio segment | Real estate | Multi-family | PCI Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 1,980,000 | 1,980,000 | 2,199,000 | ||
Originated Loan | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans acquired transferred to originated | 1,064,724,000 | 1,064,724,000 | 1,365,682,000 | ||
Loans acquired transferred to originated, allowance | 8,465,000 | 9,607,000 | |||
Non accrual loans | 155,851,000 | 155,851,000 | 121,232,000 | ||
Loans not classified as TDRs | 48,954,000 | 48,954,000 | 74,885,000 | ||
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 19,634,000 | 19,634,000 | 3,281,000 | ||
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 0 | 0 | 0 | ||
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Public sector finance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 0 | 0 | 0 | ||
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Payroll finance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 740,000 | 740,000 | 881,000 | ||
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Factored receivables | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 0 | 0 | 0 | ||
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Equipment financing | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 24,266,000 | 24,266,000 | 12,221,000 | ||
Originated Loan | Commercial loans portfolio segment | Real estate | ADC | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 961,000 | 961,000 | 0 | ||
Originated Loan | Commercial loans portfolio segment | Real estate | CRE | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 30,668,000 | 30,668,000 | 27,969,000 | ||
Originated Loan | Consumer portfolio segment | Consumer | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | 9,182,000 | 9,182,000 | 7,078,000 | ||
Originated Loan | Multi-family | Commercial loans portfolio segment | Real estate | Multi-family | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Non accrual loans | $ 5,205,000 | $ 5,205,000 | $ 1,691,000 |
Portfolio Loans - Status of Loa
Portfolio Loans - Status of Loans and TDRs (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Non-Performing loans: | ||
Non accrual loans | $ 190,011 | $ 166,400 |
Total portfolio loans | 20,830,163 | 19,218,530 |
Commercial loans portfolio segment | ||
Non-Performing loans: | ||
Total portfolio loans | 18,204,291 | 16,207,681 |
Commercial loans portfolio segment | Commercial and industrial | ||
Non-Performing loans: | ||
Total portfolio loans | 7,792,569 | 6,533,386 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||
Non-Performing loans: | ||
Non accrual loans | 28,501 | 42,298 |
Total portfolio loans | 2,376,629 | 2,396,182 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||
Non-Performing loans: | ||
Non accrual loans | 19,634 | 3,281 |
Total portfolio loans | 1,174,339 | 792,935 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||
Non-Performing loans: | ||
Non accrual loans | 740 | 881 |
Total portfolio loans | 209,210 | 227,452 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||
Non-Performing loans: | ||
Total portfolio loans | 1,457,232 | 782,646 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | ||
Non-Performing loans: | ||
Total portfolio loans | 277,853 | 258,383 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||
Non-Performing loans: | ||
Non accrual loans | 26,665 | 12,221 |
Total portfolio loans | 1,174,714 | 1,215,042 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||
Non-Performing loans: | ||
Total portfolio loans | 1,122,592 | 860,746 |
Commercial loans portfolio segment | Real estate | ||
Non-Performing loans: | ||
Total portfolio loans | 10,411,722 | 9,674,295 |
Commercial loans portfolio segment | Real estate | CRE | ||
Non-Performing loans: | ||
Non accrual loans | 34,703 | 33,012 |
Total portfolio loans | 5,198,407 | 4,642,417 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||
Non-Performing loans: | ||
Non accrual loans | 5,757 | 2,681 |
Total portfolio loans | 4,779,432 | 4,764,124 |
Commercial loans portfolio segment | Real estate | ADC | ||
Non-Performing loans: | ||
Non accrual loans | 961 | 0 |
Total portfolio loans | 433,883 | 267,754 |
Residential mortgage portfolio segment | Residential mortgage | ||
Non-Performing loans: | ||
Non accrual loans | 60,850 | 61,981 |
Total portfolio loans | 2,370,216 | 2,705,226 |
Consumer portfolio segment | Consumer | ||
Non-Performing loans: | ||
Non accrual loans | 12,200 | 10,045 |
Total portfolio loans | 255,656 | 305,623 |
Originated Loan | ||
Non-Performing loans: | ||
Current loans | 14,819,549 | 12,710,626 |
Non accrual loans | 155,851 | 121,232 |
Total portfolio loans | 15,014,618 | 12,882,655 |
Current loans | 24,635 | 34,892 |
Past due TDRs | 48,954 | 74,885 |
Non-Accrual TDRs | 24,061 | 38,947 |
Originated Loan | Nonperforming loans | ||
Non-Performing loans: | ||
Non accrual loans | 155,851 | 121,232 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 396 | 1,777 |
Total non-performing loans | 156,247 | 123,009 |
Originated Loan | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 24,122 | 39,165 |
Past due TDRs | 258 | 215 |
Originated Loan | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 14,700 | 9,855 |
Past due TDRs | 0 | 181 |
Originated Loan | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 396 | 1,777 |
Past due TDRs | 0 | 650 |
Originated Loan | Commercial loans portfolio segment | ||
Non-Performing loans: | ||
Total portfolio loans | 14,321,549 | 12,107,373 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | ||
Non-Performing loans: | ||
Total portfolio loans | 7,149,148 | 6,157,044 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||
Non-Performing loans: | ||
Current loans | 2,281,766 | 2,266,947 |
Non accrual loans | 28,458 | 42,298 |
Total portfolio loans | 2,318,325 | 2,321,131 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 7,460 | 5,747 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 290 | 6,139 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 351 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||
Non-Performing loans: | ||
Current loans | 851,047 | 789,654 |
Non accrual loans | 19,634 | 3,281 |
Total portfolio loans | 870,681 | 792,935 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||
Non-Performing loans: | ||
Current loans | 208,470 | 226,571 |
Non accrual loans | 740 | 881 |
Total portfolio loans | 209,210 | 227,452 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Payroll finance | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Payroll finance | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Payroll finance | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||
Non-Performing loans: | ||
Current loans | 1,457,232 | 782,646 |
Non accrual loans | 0 | 0 |
Total portfolio loans | 1,457,232 | 782,646 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Factored receivables | ||
Non-Performing loans: | ||
Current loans | 277,853 | 258,383 |
Non accrual loans | 0 | 0 |
Total portfolio loans | 277,853 | 258,383 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Factored receivables | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Factored receivables | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Factored receivables | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||
Non-Performing loans: | ||
Current loans | 851,327 | 879,468 |
Non accrual loans | 24,266 | 12,221 |
Total portfolio loans | 893,255 | 913,751 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 10,122 | 20,466 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 7,495 | 1,587 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 45 | 9 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||
Non-Performing loans: | ||
Current loans | 1,122,592 | 860,746 |
Non accrual loans | 0 | 0 |
Total portfolio loans | 1,122,592 | 860,746 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Public sector finance | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Public sector finance | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | Public sector finance | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Real estate | ||
Non-Performing loans: | ||
Total portfolio loans | 7,172,401 | 5,950,329 |
Originated Loan | Commercial loans portfolio segment | Real estate | CRE | ||
Non-Performing loans: | ||
Current loans | 4,765,462 | 4,118,134 |
Non accrual loans | 30,668 | 27,969 |
Total portfolio loans | 4,806,054 | 4,154,956 |
Originated Loan | Commercial loans portfolio segment | Real estate | CRE | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 3,399 | 8,054 |
Originated Loan | Commercial loans portfolio segment | Real estate | CRE | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 6,525 | 0 |
Originated Loan | Commercial loans portfolio segment | Real estate | CRE | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 799 |
Originated Loan | Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||
Non-Performing loans: | ||
Current loans | 1,927,259 | 1,524,914 |
Non accrual loans | 5,205 | 1,691 |
Total portfolio loans | 1,932,464 | 1,527,619 |
Originated Loan | Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 1,014 |
Originated Loan | Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Real estate | ADC | ||
Non-Performing loans: | ||
Current loans | 432,922 | 267,090 |
Non accrual loans | 961 | 0 |
Total portfolio loans | 433,883 | 267,754 |
Originated Loan | Commercial loans portfolio segment | Real estate | ADC | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 230 |
Originated Loan | Commercial loans portfolio segment | Real estate | ADC | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated Loan | Commercial loans portfolio segment | Real estate | ADC | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 434 |
Originated Loan | Residential mortgage portfolio segment | Residential mortgage | ||
Non-Performing loans: | ||
Current loans | 520,303 | 592,563 |
Non accrual loans | 36,737 | 25,813 |
Total portfolio loans | 559,685 | 621,471 |
Originated Loan | Residential mortgage portfolio segment | Residential mortgage | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 2,258 | 1,934 |
Originated Loan | Residential mortgage portfolio segment | Residential mortgage | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 387 | 897 |
Originated Loan | Residential mortgage portfolio segment | Residential mortgage | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 264 |
Originated Loan | Consumer portfolio segment | Consumer | ||
Non-Performing loans: | ||
Current loans | 123,316 | 143,510 |
Non accrual loans | 9,182 | 7,078 |
Total portfolio loans | 133,384 | 153,811 |
Originated Loan | Consumer portfolio segment | Consumer | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 883 | 1,720 |
Originated Loan | Consumer portfolio segment | Consumer | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 3 | 1,232 |
Originated Loan | Consumer portfolio segment | Consumer | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 271 |
Acquired Loan | ||
Non-Performing loans: | ||
Current loans | 5,754,892 | 6,241,881 |
Non accrual loans | 34,160 | 45,168 |
Total portfolio loans | 5,815,545 | 6,335,875 |
Current loans | 0 | 0 |
Past due TDRs | 0 | 0 |
Non-Accrual TDRs | 0 | 0 |
Acquired Loan | Nonperforming loans | ||
Non-Performing loans: | ||
Non accrual loans | 34,160 | 45,168 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 559 | 645 |
Total non-performing loans | 34,719 | 45,813 |
Acquired Loan | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 25,187 | 36,614 |
Past due TDRs | 0 | 0 |
Acquired Loan | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 747 | 11,567 |
Past due TDRs | 0 | 0 |
Acquired Loan | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 559 | 645 |
Past due TDRs | 0 | 0 |
Acquired Loan | Commercial loans portfolio segment | ||
Non-Performing loans: | ||
Total portfolio loans | 3,882,742 | 4,100,308 |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | ||
Non-Performing loans: | ||
Total portfolio loans | 643,421 | 376,342 |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||
Non-Performing loans: | ||
Current loans | 58,261 | 69,690 |
Non accrual loans | 43 | 0 |
Total portfolio loans | 58,304 | 75,051 |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 5,256 |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 105 |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||
Non-Performing loans: | ||
Current loans | 303,658 | |
Non accrual loans | 0 | |
Total portfolio loans | 303,658 | 0 |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||
Non-Performing loans: | ||
Total portfolio loans | 0 | 0 |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||
Non-Performing loans: | ||
Total portfolio loans | 0 | 0 |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Factored receivables | ||
Non-Performing loans: | ||
Total portfolio loans | 0 | 0 |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||
Non-Performing loans: | ||
Current loans | 270,424 | 288,447 |
Non accrual loans | 2,399 | 0 |
Total portfolio loans | 281,459 | 301,291 |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 7,893 | 8,659 |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 743 | 3,998 |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 187 |
Acquired Loan | Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||
Non-Performing loans: | ||
Total portfolio loans | 0 | 0 |
Acquired Loan | Commercial loans portfolio segment | Real estate | ||
Non-Performing loans: | ||
Total portfolio loans | 3,239,321 | 3,723,966 |
Acquired Loan | Commercial loans portfolio segment | Real estate | CRE | ||
Non-Performing loans: | ||
Current loans | 387,560 | 481,583 |
Non accrual loans | 4,035 | 5,043 |
Total portfolio loans | 392,353 | 487,461 |
Acquired Loan | Commercial loans portfolio segment | Real estate | CRE | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 758 | 377 |
Acquired Loan | Commercial loans portfolio segment | Real estate | CRE | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Acquired Loan | Commercial loans portfolio segment | Real estate | CRE | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 458 |
Acquired Loan | Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||
Non-Performing loans: | ||
Current loans | 2,845,849 | 3,233,779 |
Non accrual loans | 552 | 990 |
Total portfolio loans | 2,846,968 | 3,236,505 |
Acquired Loan | Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 313 | 1,736 |
Acquired Loan | Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 4 | 0 |
Acquired Loan | Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 250 | 0 |
Acquired Loan | Commercial loans portfolio segment | Real estate | ADC | ||
Non-Performing loans: | ||
Total portfolio loans | 0 | 0 |
Acquired Loan | Residential mortgage portfolio segment | Residential mortgage | ||
Non-Performing loans: | ||
Current loans | 1,771,628 | 2,022,340 |
Non accrual loans | 24,113 | 36,168 |
Total portfolio loans | 1,810,531 | 2,083,755 |
Acquired Loan | Residential mortgage portfolio segment | Residential mortgage | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 14,481 | 18,734 |
Acquired Loan | Residential mortgage portfolio segment | Residential mortgage | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 6,513 |
Acquired Loan | Residential mortgage portfolio segment | Residential mortgage | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 309 | 0 |
Acquired Loan | Consumer portfolio segment | Consumer | ||
Non-Performing loans: | ||
Current loans | 117,512 | 146,042 |
Non accrual loans | 3,018 | 2,967 |
Total portfolio loans | 122,272 | 151,812 |
Acquired Loan | Consumer portfolio segment | Consumer | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 1,742 | 1,852 |
Acquired Loan | Consumer portfolio segment | Consumer | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 951 |
Acquired Loan | Consumer portfolio segment | Consumer | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | $ 0 | $ 0 |
Portfolio Loans - Nonaccrual Lo
Portfolio Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | $ 190,011 | $ 166,400 |
Non-accrual loans, unpaid principal balance | 238,716 | 198,371 |
Commercial loans portfolio segment | Traditional C&I | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 28,501 | 42,298 |
Non-accrual loans, unpaid principal balance | 39,321 | 50,651 |
Commercial loans portfolio segment | Asset-based lending | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 19,634 | 3,281 |
Non-accrual loans, unpaid principal balance | 35,205 | 3,859 |
Commercial loans portfolio segment | Payroll finance | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 740 | 881 |
Non-accrual loans, unpaid principal balance | 740 | 881 |
Commercial loans portfolio segment | Equipment financing | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 26,665 | 12,221 |
Non-accrual loans, unpaid principal balance | 31,237 | 15,744 |
Commercial loans portfolio segment | CRE | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 34,703 | 33,012 |
Non-accrual loans, unpaid principal balance | 39,287 | 39,440 |
Commercial loans portfolio segment | Multi-family | Multi-family | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 5,757 | 2,681 |
Non-accrual loans, unpaid principal balance | 6,169 | 2,920 |
Commercial loans portfolio segment | ADC | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 961 | 0 |
Non-accrual loans, unpaid principal balance | 961 | 0 |
Residential mortgage portfolio segment | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 60,850 | 61,981 |
Non-accrual loans, unpaid principal balance | 71,619 | 72,706 |
Consumer portfolio segment | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 12,200 | 10,045 |
Non-accrual loans, unpaid principal balance | 14,177 | 12,170 |
Receivables without deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 148,489 | 113,080 |
Receivables without deteriorated credit quality | Commercial loans portfolio segment | Traditional C&I | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 28,458 | 41,625 |
Receivables without deteriorated credit quality | Commercial loans portfolio segment | Asset-based lending | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 19,634 | 3,281 |
Receivables without deteriorated credit quality | Commercial loans portfolio segment | Payroll finance | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 740 | 881 |
Receivables without deteriorated credit quality | Commercial loans portfolio segment | Equipment financing | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 26,665 | 12,221 |
Receivables without deteriorated credit quality | Commercial loans portfolio segment | CRE | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 25,731 | 23,675 |
Receivables without deteriorated credit quality | Commercial loans portfolio segment | Multi-family | Multi-family | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 3,777 | 482 |
Receivables without deteriorated credit quality | Commercial loans portfolio segment | ADC | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 961 | 0 |
Receivables without deteriorated credit quality | Residential mortgage portfolio segment | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 34,595 | 24,339 |
Receivables without deteriorated credit quality | Consumer portfolio segment | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 7,928 | 6,576 |
Receivables acquired with deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 41,522 | 53,320 |
Receivables acquired with deteriorated credit quality | Commercial loans portfolio segment | Traditional C&I | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 43 | 673 |
Receivables acquired with deteriorated credit quality | Commercial loans portfolio segment | Asset-based lending | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Commercial loans portfolio segment | Payroll finance | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Commercial loans portfolio segment | Equipment financing | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Commercial loans portfolio segment | CRE | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 8,972 | 9,337 |
Receivables acquired with deteriorated credit quality | Commercial loans portfolio segment | Multi-family | Multi-family | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 1,980 | 2,199 |
Receivables acquired with deteriorated credit quality | Commercial loans portfolio segment | ADC | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Residential mortgage portfolio segment | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 26,255 | 37,642 |
Receivables acquired with deteriorated credit quality | Consumer portfolio segment | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | $ 4,272 | $ 3,469 |
Portfolio Loans - Loans Evaluat
Portfolio Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | $ 93,413 | $ 100,998 |
Loans evaluated by segment, Collectively evaluated for impairment | 20,611,347 | 18,977,737 |
Total portfolio loans | 20,830,163 | 19,218,530 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 104,735 | 95,677 |
Total allowance for loan losses | 104,735 | 95,677 |
PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 125,403 | 139,795 |
Commercial loans portfolio segment | ||
Loans evaluated for impairment by segment | ||
Total portfolio loans | 18,204,291 | 16,207,681 |
Commercial loans portfolio segment | Commercial and industrial | ||
Loans evaluated for impairment by segment | ||
Total portfolio loans | 7,792,569 | 6,533,386 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 26,279 | 48,735 |
Loans evaluated by segment, Collectively evaluated for impairment | 2,344,853 | 2,338,432 |
Total portfolio loans | 2,376,629 | 2,396,182 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 14,466 | 14,201 |
Total allowance for loan losses | 14,466 | 14,201 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 5,497 | 9,015 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 19,634 | 3,281 |
Loans evaluated by segment, Collectively evaluated for impairment | 1,141,104 | 789,654 |
Total portfolio loans | 1,174,339 | 792,935 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 13,968 | 7,979 |
Total allowance for loan losses | 13,968 | 7,979 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 13,601 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 209,210 | 227,452 |
Total portfolio loans | 209,210 | 227,452 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 1,937 | 2,738 |
Total allowance for loan losses | 1,937 | 2,738 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 1,457,232 | 782,646 |
Total portfolio loans | 1,457,232 | 782,646 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 547 | 2,800 |
Total allowance for loan losses | 547 | 2,800 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 277,853 | 258,383 |
Total portfolio loans | 277,853 | 258,383 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 1,016 | 1,064 |
Total allowance for loan losses | 1,016 | 1,064 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 5,171 | 3,577 |
Loans evaluated by segment, Collectively evaluated for impairment | 1,167,476 | 1,211,465 |
Total portfolio loans | 1,174,714 | 1,215,042 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 16,109 | 12,450 |
Total allowance for loan losses | 16,109 | 12,450 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 2,067 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 1,122,592 | 860,746 |
Total portfolio loans | 1,122,592 | 860,746 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 1,539 | 1,739 |
Total allowance for loan losses | 1,539 | 1,739 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Commercial loans portfolio segment | Real estate | ||
Loans evaluated for impairment by segment | ||
Total portfolio loans | 10,411,722 | 9,674,295 |
Commercial loans portfolio segment | Real estate | CRE | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 31,614 | 33,284 |
Loans evaluated by segment, Collectively evaluated for impairment | 5,145,183 | 4,581,911 |
Total portfolio loans | 5,198,407 | 4,642,417 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 32,111 | 32,285 |
Total allowance for loan losses | 32,111 | 32,285 |
Commercial loans portfolio segment | Real estate | CRE | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 21,610 | 27,222 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 3,363 | 1,662 |
Loans evaluated by segment, Collectively evaluated for impairment | 4,770,446 | 4,754,912 |
Total portfolio loans | 4,779,432 | 4,764,124 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 9,556 | 8,355 |
Total allowance for loan losses | 9,556 | 8,355 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 5,623 | 7,550 |
Commercial loans portfolio segment | Real estate | ADC | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 433,883 | 267,754 |
Total portfolio loans | 433,883 | 267,754 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 4,166 | 1,769 |
Total allowance for loan losses | 4,166 | 1,769 |
Commercial loans portfolio segment | Real estate | ADC | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Residential mortgage portfolio segment | Residential mortgage | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 4,625 | 3,210 |
Loans evaluated by segment, Collectively evaluated for impairment | 2,295,539 | 2,614,046 |
Total portfolio loans | 2,370,216 | 2,705,226 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 7,372 | 7,454 |
Total allowance for loan losses | 7,372 | 7,454 |
Residential mortgage portfolio segment | Residential mortgage | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 70,052 | 87,970 |
Consumer portfolio segment | Consumer | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 2,727 | 7,249 |
Loans evaluated by segment, Collectively evaluated for impairment | 245,976 | 290,336 |
Total portfolio loans | 255,656 | 305,623 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 1,948 | 2,843 |
Total allowance for loan losses | 1,948 | 2,843 |
Consumer portfolio segment | Consumer | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | $ 6,953 | $ 8,038 |
Portfolio Loans - Accretable Yi
Portfolio Loans - Accretable Yield Discount for PCI Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | $ 18,381 | $ 21,711 | $ 16,932 | $ 45,582 |
Balances acquired in the Woodforest Acquisition | 0 | 0 | 2,093 | 0 |
Accretion of income | (2,459) | (4,027) | (6,381) | (10,578) |
Charge-offs | (143) | 0 | (1,082) | 0 |
Reclassification (to) from non-accretable difference | 1,024 | 1,056 | 5,241 | (1,192) |
Other, adjustments | 0 | 0 | 0 | (15,072) |
Balance at end of period | $ 16,803 | $ 18,740 | $ 16,803 | $ 18,740 |
Portfolio Loans - Loans Individ
Portfolio Loans - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | $ 125,236 | $ 128,228 |
Recorded investment with no related allowance recorded | 93,413 | 100,998 |
Residential mortgage portfolio segment | Residential mortgage | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 5,962 | 3,430 |
Recorded investment with no related allowance recorded | 4,625 | 3,210 |
Consumer portfolio segment | Consumer | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 2,727 | 7,249 |
Recorded investment with no related allowance recorded | 2,727 | 7,249 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 37,000 | 64,653 |
Recorded investment with no related allowance recorded | 26,279 | 48,735 |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 35,205 | 3,859 |
Recorded investment with no related allowance recorded | 19,634 | 3,281 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 5,171 | 3,577 |
Recorded investment with no related allowance recorded | 5,171 | 3,577 |
Real estate | Commercial loans portfolio segment | CRE | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 35,476 | 43,119 |
Recorded investment with no related allowance recorded | 31,614 | 33,284 |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 3,695 | 2,341 |
Recorded investment with no related allowance recorded | $ 3,363 | $ 1,662 |
Portfolio Loans - Average Recor
Portfolio Loans - Average Recorded Investment and Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | $ 94,121 | $ 87,696 | $ 95,017 | $ 77,685 |
Interest income recognized with no related allowance | 108 | 550 | 347 | 904 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 26,702 | 36,731 | 32,666 | 35,935 |
Interest income recognized with no related allowance | 5 | 116 | 15 | 149 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 25,334 | 14,639 | 22,511 | 10,980 |
Interest income recognized with no related allowance | 0 | 123 | 0 | 347 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 4,315 | 798 | 3,626 | 598 |
Interest income recognized with no related allowance | 23 | 0 | 92 | 0 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Commercial loans portfolio segment | Real estate | CRE | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 27,337 | 27,149 | 26,580 | 22,704 |
Interest income recognized with no related allowance | 76 | 294 | 227 | 360 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 2,488 | 1,768 | 2,314 | 1,726 |
Interest income recognized with no related allowance | 0 | 17 | 0 | 48 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Residential mortgage portfolio segment | Residential mortgage | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 5,218 | 1,849 | 4,593 | 1,387 |
Interest income recognized with no related allowance | 4 | 0 | 13 | 0 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Consumer portfolio segment | Consumer | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 2,727 | 4,762 | 2,727 | 4,355 |
Interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Cash-basis interest income recognized with no related allowance | $ 0 | $ 0 | $ 0 | $ 0 |
Portfolio Loans - Past Due Stat
Portfolio Loans - Past Due Status (Details) - Financial Asset, Other than Financial Asset Acquired with Credit Deterioration - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | $ 24,635 | $ 34,892 |
Past due TDRs | 48,954 | 74,885 |
Non- accrual | 24,061 | 38,947 |
30-59 days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 258 | 215 |
60-89 days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 181 |
90 days past due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 650 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 475 | 9,011 |
Past due TDRs | 14,424 | 34,683 |
Non- accrual | 13,949 | 25,672 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 0 | 0 |
Past due TDRs | 1,026 | 1,276 |
Non- accrual | 1,026 | 1,276 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 5,615 | 1,905 |
Past due TDRs | 7,558 | 4,281 |
Non- accrual | 1,872 | 2,367 |
Commercial loans portfolio segment | Commercial and industrial | 30-59 days past due | Traditional C&I | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | 30-59 days past due | Asset-based lending | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | 30-59 days past due | Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 71 | 0 |
Commercial loans portfolio segment | Commercial and industrial | 60-89 days past due | Traditional C&I | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | 60-89 days past due | Asset-based lending | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | 60-89 days past due | Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 9 |
Commercial loans portfolio segment | Commercial and industrial | 90 days past due | Traditional C&I | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | 90 days past due | Asset-based lending | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | 90 days past due | Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans portfolio segment | Real estate | CRE | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 8,514 | 11,071 |
Past due TDRs | 13,545 | 18,183 |
Non- accrual | 5,031 | 7,112 |
Commercial loans portfolio segment | Real estate | ADC | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 0 | 0 |
Past due TDRs | 434 | 434 |
Non- accrual | 434 | 0 |
Commercial loans portfolio segment | Real estate | 30-59 days past due | CRE | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans portfolio segment | Real estate | 30-59 days past due | ADC | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans portfolio segment | Real estate | 60-89 days past due | CRE | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans portfolio segment | Real estate | 60-89 days past due | ADC | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans portfolio segment | Real estate | 90 days past due | CRE | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans portfolio segment | Real estate | 90 days past due | ADC | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 434 |
Residential mortgage portfolio segment | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 7,546 | 5,688 |
Past due TDRs | 9,149 | 8,103 |
Non- accrual | 1,416 | 2,312 |
Residential mortgage portfolio segment | 30-59 days past due | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 187 | 0 |
Residential mortgage portfolio segment | 60-89 days past due | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 103 |
Residential mortgage portfolio segment | 90 days past due | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 0 |
Consumer portfolio segment | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Current loans | 2,485 | 7,217 |
Past due TDRs | 2,818 | 7,925 |
Non- accrual | 333 | 208 |
Consumer portfolio segment | 30-59 days past due | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 215 |
Consumer portfolio segment | 60-89 days past due | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | 0 | 69 |
Consumer portfolio segment | 90 days past due | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Past due TDRs | $ 0 | $ 216 |
Portfolio Loans - Loans Modifie
Portfolio Loans - Loans Modified as TDRs (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019USD ($)loan | Sep. 30, 2018USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 10 | 20 |
Recorded investment, Pre-modification | $ 12,174 | $ 46,494 |
Recorded investment, Post-modification | $ 11,339 | $ 45,048 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 1 | 2 |
Recorded investment, Pre-modification | $ 5,026 | $ 11,606 |
Recorded investment, Post-modification | $ 5,026 | $ 10,477 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 0 | 1 |
Recorded investment, Pre-modification | $ 0 | $ 12,766 |
Recorded investment, Post-modification | $ 0 | $ 12,766 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 6 | 4 |
Recorded investment, Pre-modification | $ 5,874 | $ 3,307 |
Recorded investment, Post-modification | $ 5,039 | $ 3,307 |
Commercial loans portfolio segment | Real estate | CRE | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 0 | 1 |
Recorded investment, Pre-modification | $ 0 | $ 12,187 |
Recorded investment, Post-modification | $ 0 | $ 12,187 |
Residential mortgage portfolio segment | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 3 | 11 |
Recorded investment, Pre-modification | $ 1,274 | $ 1,684 |
Recorded investment, Post-modification | $ 1,274 | $ 1,367 |
Consumer portfolio segment | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 0 | 1 |
Recorded investment, Pre-modification | $ 0 | $ 4,944 |
Recorded investment, Post-modification | $ 0 | $ 4,944 |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowance Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning allowance for loan losses | $ 104,664 | $ 86,026 | $ 95,677 | $ 77,907 |
Charge-offs | (14,709) | (5,363) | (29,519) | (24,358) |
Recoveries | 1,080 | 1,202 | 3,177 | 2,316 |
Net charge-offs | (13,629) | (4,161) | (26,342) | (22,042) |
Provision / (credit) | 13,700 | 9,500 | 35,400 | 35,500 |
Ending allowance for Loan Losses | $ 104,735 | $ 91,365 | $ 104,735 | $ 91,365 |
Annualized net charge-offs to average loans outstanding: | 0.27% | 0.08% | 0.17% | 0.15% |
Traditional C&I | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning allowance for loan losses | $ 17,649 | $ 18,075 | $ 14,201 | $ 19,072 |
Charge-offs | (123) | (3,415) | (5,716) | (8,818) |
Recoveries | 136 | 235 | 720 | 674 |
Net charge-offs | 13 | (3,180) | (4,996) | (8,144) |
Provision / (credit) | (3,196) | (179) | 5,261 | 3,788 |
Ending allowance for Loan Losses | 14,466 | 14,716 | 14,466 | 14,716 |
Asset-based lending | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning allowance for loan losses | 11,905 | 5,837 | 7,979 | 6,625 |
Charge-offs | (9,577) | 0 | (13,128) | 0 |
Recoveries | 0 | 0 | 0 | 9 |
Net charge-offs | (9,577) | 0 | (13,128) | 9 |
Provision / (credit) | 11,640 | 991 | 19,117 | 194 |
Ending allowance for Loan Losses | 13,968 | 6,828 | 13,968 | 6,828 |
Payroll finance | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning allowance for loan losses | 1,391 | 1,658 | 2,738 | 1,565 |
Charge-offs | 0 | (2) | (84) | (316) |
Recoveries | 8 | 5 | 12 | 34 |
Net charge-offs | 8 | 3 | (72) | (282) |
Provision / (credit) | 538 | 522 | (729) | 900 |
Ending allowance for Loan Losses | 1,937 | 2,183 | 1,937 | 2,183 |
Warehouse lending | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning allowance for loan losses | 843 | 2,787 | 2,800 | 3,705 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 | 0 |
Provision / (credit) | (296) | (102) | (2,253) | (1,020) |
Ending allowance for Loan Losses | 547 | 2,685 | 547 | 2,685 |
Factored receivables | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning allowance for loan losses | 1,157 | 1,321 | 1,064 | 1,395 |
Charge-offs | (14) | (18) | (73) | (181) |
Recoveries | 3 | 2 | 128 | 7 |
Net charge-offs | (11) | (16) | 55 | (174) |
Provision / (credit) | (130) | 203 | (103) | 287 |
Ending allowance for Loan Losses | 1,016 | 1,508 | 1,016 | 1,508 |
Equipment financing | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning allowance for loan losses | 14,284 | 8,841 | 12,450 | 4,862 |
Charge-offs | (2,711) | (829) | (5,295) | (7,505) |
Recoveries | 422 | 85 | 632 | 347 |
Net charge-offs | (2,289) | (744) | (4,663) | (7,158) |
Provision / (credit) | 4,114 | 3,056 | 8,322 | 13,449 |
Ending allowance for Loan Losses | 16,109 | 11,153 | 16,109 | 11,153 |
Public sector finance | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning allowance for loan losses | 1,594 | 1,354 | 1,739 | 1,797 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 | 0 |
Provision / (credit) | (55) | 90 | (200) | (353) |
Ending allowance for Loan Losses | 1,539 | 1,444 | 1,539 | 1,444 |
Commercial real estate | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning allowance for loan losses | 34,846 | 26,870 | 32,285 | 24,945 |
Charge-offs | (53) | (359) | (308) | (4,878) |
Recoveries | 187 | 612 | 845 | 702 |
Net charge-offs | 134 | 253 | 537 | (4,176) |
Provision / (credit) | (2,869) | 4,345 | (711) | 10,699 |
Ending allowance for Loan Losses | 32,111 | 31,468 | 32,111 | 31,468 |
Multi-family | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning allowance for loan losses | 9,360 | 7,389 | 8,355 | 3,261 |
Charge-offs | 0 | (168) | 0 | (168) |
Recoveries | 90 | 4 | 199 | 7 |
Net charge-offs | 90 | (164) | 199 | (161) |
Provision / (credit) | 106 | 457 | 1,002 | 4,582 |
Ending allowance for Loan Losses | 9,556 | 7,682 | 9,556 | 7,682 |
ADC | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning allowance for loan losses | 2,272 | 2,172 | 1,769 | 1,680 |
Charge-offs | (6) | 0 | (6) | (721) |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | (6) | 0 | (6) | (721) |
Provision / (credit) | 1,900 | (296) | 2,403 | 917 |
Ending allowance for Loan Losses | 4,166 | 1,876 | 4,166 | 1,876 |
Residential mortgage | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning allowance for loan losses | 7,109 | 5,917 | 7,454 | 5,819 |
Charge-offs | (1,984) | (114) | (3,758) | (697) |
Recoveries | 126 | 5 | 128 | 54 |
Net charge-offs | (1,858) | (109) | (3,630) | (643) |
Provision / (credit) | 2,121 | 992 | 3,548 | 1,624 |
Ending allowance for Loan Losses | 7,372 | 6,800 | 7,372 | 6,800 |
Consumer | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning allowance for loan losses | 2,254 | 3,805 | 2,843 | 3,181 |
Charge-offs | (241) | (458) | (1,151) | (1,074) |
Recoveries | 108 | 254 | 513 | 482 |
Net charge-offs | (133) | (204) | (638) | (592) |
Provision / (credit) | (173) | (579) | (257) | 433 |
Ending allowance for Loan Losses | $ 1,948 | $ 3,022 | $ 1,948 | $ 3,022 |
Allowance for Loan Losses - Nar
Allowance for Loan Losses - Narrative (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Maximum loan balance for credit risk to be evaluated on a homogeneous basis | $ 750,000 | |
Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans acquired transferred to originated | 44,278,000 | $ 51,282,000 |
Gross loans by segment | 136,972,000 | 113,180,000 |
Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans acquired transferred to originated | 122,641,000 | 95,575,000 |
Gross loans by segment | 277,975,000 | 266,047,000 |
Doubtful | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Loss | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | 0 |
Consumer | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 92,000 | 2,164,000 |
Consumer | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 12,313,000 | 10,465,000 |
Originated Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans acquired transferred to originated | 1,064,724,000 | 1,365,682,000 |
Originated Loan | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 86,762,000 | 89,955,000 |
Originated Loan | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 243,769,000 | 214,578,000 |
Originated Loan | Consumer | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 92,000 | 1,919,000 |
Originated Loan | Consumer | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | $ 9,294,000 | 7,223,000 |
Originated Loan | Consumer | Doubtful | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | $ 59,000 |
Allowance for Loan Losses - Val
Allowance for Loan Losses - Valuation Allowances Recorded Against Portfolio Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | $ 136,972 | $ 113,180 |
Special mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 15,219 | 12,102 |
Special mention | Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 58,235 | 14,033 |
Special mention | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 201 | 9,682 |
Special mention | Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Special mention | Equipment financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 19,438 | 9,966 |
Special mention | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 32,368 | 14,012 |
Special mention | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 9,177 | 43,811 |
Special mention | ADC | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 1,855 | 0 |
Special mention | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 387 | 7,410 |
Special mention | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 92 | 2,164 |
Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 277,975 | 266,047 |
Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 37,288 | 52,031 |
Substandard | Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 24,922 | 21,865 |
Substandard | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 16,923 | 17,766 |
Substandard | Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 508 | |
Substandard | Equipment financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 44,402 | 21,256 |
Substandard | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 59,594 | 51,462 |
Substandard | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 19,909 | 24,354 |
Substandard | ADC | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 961 | 434 |
Substandard | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 61,663 | 65,906 |
Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 12,313 | 10,465 |
Originated Loan | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 86,762 | 89,955 |
Originated Loan | Special mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 15,159 | 12,003 |
Originated Loan | Special mention | Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 27,931 | 14,033 |
Originated Loan | Special mention | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 201 | 9,682 |
Originated Loan | Special mention | Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Originated Loan | Special mention | Equipment financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 11,956 | 9,966 |
Originated Loan | Special mention | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 22,760 | 3,852 |
Originated Loan | Special mention | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 6,421 | 33,321 |
Originated Loan | Special mention | ADC | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 1,855 | 0 |
Originated Loan | Special mention | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 387 | 5,179 |
Originated Loan | Special mention | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 92 | 1,919 |
Originated Loan | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 243,769 | 214,578 |
Originated Loan | Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 36,409 | 51,903 |
Originated Loan | Substandard | Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 24,922 | 21,865 |
Originated Loan | Substandard | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 16,923 | 17,766 |
Originated Loan | Substandard | Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 508 | |
Originated Loan | Substandard | Equipment financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 44,402 | 21,256 |
Originated Loan | Substandard | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 54,219 | 43,336 |
Originated Loan | Substandard | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 19,181 | 20,812 |
Originated Loan | Substandard | ADC | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 961 | 434 |
Originated Loan | Substandard | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 37,458 | 29,475 |
Originated Loan | Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 9,294 | 7,223 |
Acquired Loan | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 50,210 | 23,225 |
Acquired Loan | Special mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 60 | 99 |
Acquired Loan | Special mention | Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 30,304 | 0 |
Acquired Loan | Special mention | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired Loan | Special mention | Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Acquired Loan | Special mention | Equipment financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 7,482 | 0 |
Acquired Loan | Special mention | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 9,608 | 10,160 |
Acquired Loan | Special mention | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 2,756 | 10,490 |
Acquired Loan | Special mention | ADC | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired Loan | Special mention | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | 2,231 |
Acquired Loan | Special mention | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | 245 |
Acquired Loan | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 34,206 | 51,469 |
Acquired Loan | Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 879 | 128 |
Acquired Loan | Substandard | Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired Loan | Substandard | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired Loan | Substandard | Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | |
Acquired Loan | Substandard | Equipment financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired Loan | Substandard | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 5,375 | 8,126 |
Acquired Loan | Substandard | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 728 | 3,542 |
Acquired Loan | Substandard | ADC | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired Loan | Substandard | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | 24,205 | 36,431 |
Acquired Loan | Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Gross loans by segment | $ 3,019 | $ 3,242 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Balance of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 1,657,814 | $ 1,613,033 |
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 115,149 | 129,545 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 90,507 | 104,263 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 4,142 | 4,740 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 0 | 42 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | $ 20,500 | $ 20,500 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2019 | $ 4,785 |
2020 | 16,800 |
2021 | 15,104 |
2022 | 13,703 |
2023 | 12,322 |
2024 | 10,448 |
Thereafter | 21,487 |
Total | $ 94,649 |
Deposits - Balances (Details)
Deposits - Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Non-interest bearing demand | $ 4,586,632 | $ 4,241,923 |
Interest bearing demand | 4,236,267 | 4,207,392 |
Savings | 2,348,903 | 2,382,520 |
Money market | 7,493,074 | 7,905,382 |
Certificates of deposit | 2,914,448 | 2,476,931 |
Total deposits | $ 21,579,324 | $ 21,214,148 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Municipal deposits | $ 2,234,630 | $ 1,751,670 |
Deposits - Brokered Deposits (D
Deposits - Brokered Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
List of Company's Brokered deposits | ||
Brokered deposits | $ 1,278,428 | $ 1,157,823 |
Interest bearing demand | ||
List of Company's Brokered deposits | ||
Brokered deposits | 22,908 | 23,742 |
Money market | ||
List of Company's Brokered deposits | ||
Brokered deposits | 1,027,549 | 1,134,081 |
Certificates of deposits | ||
List of Company's Brokered deposits | ||
Brokered deposits | $ 227,971 | $ 0 |
Borrowings - Borrowings and Wei
Borrowings - Borrowings and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Mar. 29, 2016 |
By period to maturity: | |||
Total borrowings, amount | $ 3,174,224 | $ 5,214,183 | |
Total borrowings, rate | 2.41% | 2.52% | |
Less than one year, amount | $ 1,900,440 | $ 3,958,635 | |
Less than one year, rate | 2.31% | 2.48% | |
One to two years, amount | $ 1,075,663 | $ 831,889 | |
One to two years, rate | 2.10% | 2.28% | |
Two to three years, amount | $ 25,000 | $ 250,716 | |
Two to three years, rate | 1.71% | 2.04% | |
Greater than five years, amount | $ 173,121 | $ 172,943 | |
Greater than five years, rate | 5.45% | 5.45% | |
FHLB borrowings | |||
By period to maturity: | |||
Total borrowings, amount | $ 2,800,907 | $ 4,838,772 | |
Total borrowings, rate | 2.16% | 2.40% | |
Repurchase agreements | |||
By period to maturity: | |||
Total borrowings, amount | $ 26,544 | $ 21,338 | |
Total borrowings, rate | 1.20% | 1.20% | |
Senior Notes | 3.50% Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.50% | ||
By period to maturity: | |||
Total borrowings, amount | $ 173,652 | $ 181,130 | |
Total borrowings, rate | 3.19% | 3.19% | |
Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.25% | ||
By period to maturity: | |||
Total borrowings, amount | $ 173,121 | $ 172,943 | |
Total borrowings, rate | 5.45% | 5.45% |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | Sep. 02, 2016 | Mar. 29, 2016 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Aug. 27, 2019 | Oct. 02, 2017 |
Debt Instrument [Line Items] | |||||||
Bank pledged mortgages | $ 7,729,593,000 | $ 8,526,247,000 | $ 7,729,593,000 | ||||
Increased borrowing capacity by pledging securities | $ 2,629,582,000 | $ 2,629,582,000 | |||||
Weighted average interest rate on debt | 2.41% | 2.52% | 2.41% | ||||
Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Repurchase agreements maturity | 1 day | ||||||
Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Repurchase agreements maturity | 45 days | ||||||
FHLB Borrowings | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity | $ 4,721,450,000 | $ 4,721,450,000 | |||||
Weighted average interest rate on debt | 2.16% | 2.40% | 2.16% | ||||
Subordinated notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.25% | ||||||
Weighted average interest rate on debt | 5.45% | 5.45% | 5.45% | ||||
Principal amount | $ 65,000,000 | $ 110,000,000 | |||||
Private placement discount rate | 1.25% | 1.25% | |||||
Debt issuance costs | $ 275,000 | $ 500,000 | |||||
Issue premium | 0.50% | ||||||
Unamortized discount | $ 1,879,000 | $ 1,879,000 | |||||
Effective yield | 5.45% | 5.45% | |||||
Subordinated notes | Three-month LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on LIBOR rates | 3.937% | ||||||
Line of Credit | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Revolving line of credit amount | $ 35,000,000 | ||||||
Revolving line of credit balance | $ 0 | $ 0 | $ 0 | ||||
Required balance | $ 0 | $ 0 | |||||
Duration of minimum outstanding balance | 30 days | ||||||
Line of Credit | One-month LIBOR | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on LIBOR rates | 1.25% | ||||||
3.50% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Extinguishment of Debt, Amount | $ 19,627,000 | ||||||
3.50% Senior Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.50% | 3.50% | |||||
Weighted average interest rate on debt | 3.19% | 3.19% | 3.19% | ||||
Astoria Financial Corporation | 3.50% Senior Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.50% | ||||||
Principal amount of debt assumed in merger | $ 200,000,000 | ||||||
Percentage recorded for estimated fair value of debt assumed | 100.76% | ||||||
Weighted average interest rate on debt | 3.19% | 3.19% | |||||
Senior Notes amount repurchased | $ 7,000,000 | $ 7,000,000 | |||||
Gain recognized on debt repurchased | 46,000 | ||||||
Adjustment | Astoria Financial Corporation | 3.50% Senior Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Fair value of debt | $ 279,000 | $ 279,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 113,985 | ||
Operating lease liabilities | $ 120,700 | ||
Operating lease renewal term | 10 years | ||
Operating lease option to terminate term | 2 years | ||
Operating leases rent expense, before Topic 842 adoption | $ 4,572 | $ 13,972 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease remaining lease term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease remaining lease term | 16 years |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 4,913 | $ 14,695 |
Sub-lease income | (845) | (2,002) |
Net lease expense | $ 4,068 | $ 12,693 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Remainder of 2019 | $ 4,968 |
2020 | 19,379 |
2021 | 17,823 |
2022 | 16,109 |
2023 | 14,504 |
2024 | 12,703 |
2025 and thereafter | 54,229 |
Total lease payments | 139,715 |
Interest | 19,015 |
Present value of lease liabilities | $ 120,700 |
Leases - Weighted Average Terms
Leases - Weighted Average Terms and Discount Rates (Details) | Sep. 30, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term (years) | 8 years 2 months 15 days |
Weighted average remaining discount rate | 3.25% |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedges, Assets [Abstract] | ||
Cash Paid as STM | $ 58,844 | $ 5,214 |
Derivatives - Derivative Inform
Derivatives - Derivative Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Other assets | |||
Summary of derivatives | |||
Average maturity (in years) | 5 years 4 months 13 days | 5 years 10 months 24 days | |
Weighted average fixed rate | 4.54% | 4.65% | |
Other liabilities | |||
Summary of derivatives | |||
Average maturity (in years) | 5 years 4 months 13 days | 5 years 10 months 24 days | |
Weighted average fixed rate | 4.54% | 4.65% | |
Interest rate swap | Other assets | |||
Summary of derivatives | |||
Derivative assets, notional amount | $ 1,636,100 | $ 1,073,353 | |
Derivative assets, fair value | $ 84,989 | 18,215 | |
Interest rate swap | Other assets | One-month LIBOR | |||
Summary of derivatives | |||
Basis spread | 2.20% | ||
Interest rate swap | Other liabilities | |||
Summary of derivatives | |||
Derivative liabilities, notional amount | $ (1,636,100) | (1,073,353) | |
Swaps | $ (26,145) | (13,001) | |
Interest rate swap | Other liabilities | One-month LIBOR | |||
Summary of derivatives | |||
Basis spread | 2.20% | ||
Third-party interest rate swap | Other assets | |||
Summary of derivatives | |||
Derivative assets, notional amount | $ 143,241 | 516,419 | |
Derivative assets, fair value | 140 | $ 1,963 | |
Third-party interest rate swap | Other assets | One-month LIBOR | |||
Summary of derivatives | |||
Basis spread | 2.29% | ||
Third-party interest rate swap | Other liabilities | |||
Summary of derivatives | |||
Derivative liabilities, notional amount | (1,492,859) | $ (556,934) | |
Swaps | (26,023) | (4,351) | |
Customer interest rate swap | Other assets | |||
Summary of derivatives | |||
Derivative assets, notional amount | 1,492,859 | 556,934 | |
Derivative assets, fair value | 84,849 | 16,252 | |
Customer interest rate swap | Other liabilities | |||
Summary of derivatives | |||
Derivative liabilities, notional amount | (143,241) | (516,419) | |
Swaps | $ (122) | $ (8,650) | |
Customer interest rate swap | Other liabilities | One-month LIBOR | |||
Summary of derivatives | |||
Basis spread | 2.29% |
Income Taxes - (Details)
Income Taxes - (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Efftective tax rate reconciliation: | |||||
Income before income tax expense | $ 154,996,000 | $ 146,821,000 | $ 405,364,000 | $ 421,305,000 | |
Tax at federal statutory rate of 21% | 32,549,000 | 30,833,000 | 85,126,000 | 88,474,000 | |
State and local income taxes, net of federal tax benefit | 9,469,000 | 7,330,000 | 22,347,000 | 21,284,000 | |
Tax exempt interest, net of disallowed interest | (5,429,000) | (4,970,000) | (15,985,000) | (14,435,000) | |
BOLI income | (2,441,000) | (861,000) | (4,103,000) | (2,406,000) | |
Low income housing tax credits and other benefits | (5,431,000) | (401,000) | (14,592,000) | (2,903,000) | |
Low income housing investment amortization expense | 4,627,000 | 0 | 12,510,000 | 0 | |
Equity-based stock compensation benefit | 0 | 0 | (106,000) | (441,000) | |
FDIC insurance premium limitation | 239,000 | 466,000 | 717,000 | 1,483,000 | |
Other, net | (1,034,000) | (5,226,000) | (894,000) | (2,514,000) | |
Actual income tax expense | $ 32,549,000 | $ 27,171,000 | $ 85,020,000 | $ 88,542,000 | |
Effective income tax rate | 21.00% | 18.50% | 21.00% | 21.00% | |
Net deferred tax liability | $ 13,170,000 | $ 13,170,000 | |||
Net deferred tax asset | $ 53,990,000 | ||||
Valuation allowance | 0 | 0 | 0 | ||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ in Thousands | May 29, 2019shares | Sep. 30, 2019USD ($)Planshares | Sep. 30, 2018shares | May 28, 2019shares | Dec. 31, 2018shares | May 28, 2015shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of active stock-based compensation plans | Plan | 1 | |||||
Shares remaining that are authorized and available for future grant (in shares) | 3,371,609 | 2,318,950 | ||||
Intrinsic value of options outstanding | $ | $ 4,133 | |||||
Grant of share options (in shares) | 0 | 0 | ||||
Stock options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Term of contract | 10 years | |||||
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 | |||||
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 11 months 26 days | |||||
2015 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (in shares) | 4,454,318 | 2,800,000 | ||||
Amended Omnibus Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (in shares) | 7,000,000 | |||||
Number of additional shares authorized (in shares) | 2,545,682 | 2,545,682 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based Compensation Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | May 29, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 |
Share-Based Compensation Arrangement By Share-Based Payment Award, Shares Available For Grant [Roll Forward] | ||||||
Beginning balance (in shares) | 2,318,950 | 2,318,950 | ||||
Granted (in shares) | (1,507,792) | |||||
Stock awards vested (in shares) | (70,353) | (70,353) | ||||
Exercised (in shares) | 0 | |||||
Forfeited (in shares) | 86,622 | |||||
Canceled/expired (in shares) | (1,500) | |||||
Ending balance (in shares) | 3,371,609 | 3,371,609 | ||||
Stock options outstanding - Number of shares | ||||||
Beginning balance (in shares) | 686,539 | 686,539 | ||||
Granted (in shares) | 0 | 0 | ||||
Stock awards vested (in shares) | 0 | |||||
Exercised (in shares) | (215,997) | |||||
Forfeited (in shares) | (1,500) | |||||
Canceled/expired (in shares) | 0 | |||||
Ending balance (in shares) | 469,042 | 469,042 | ||||
Exercisable at end of period (in shares) | 469,042 | 469,042 | ||||
Stock options outstanding - Weighted average exercise price | ||||||
Beginning balance (USD per share) | $ 11.20 | $ 11.20 | ||||
Granted (USD per share) | 0 | |||||
Stock awards vested (USD per share) | 0 | |||||
Exercised (USD per share) | 11.09 | |||||
Forfeited (USD per share) | 10.03 | |||||
Canceled/expired (USD per share) | ||||||
Ending balance (USD per share) | $ 11.25 | 11.25 | ||||
Exercisable at end of period (USD per share) | $ 11.25 | $ 11.25 | ||||
Performance measurement period | 3 years | |||||
Vesting percentage | 150.00% | |||||
Stock-based compensation expense | $ 4,565 | $ 3,115 | $ 14,293 | $ 9,304 | ||
Non-vested stock awards/performance units | ||||||
Stock options outstanding - Weighted average exercise price | ||||||
Stock-based compensation expense | $ 4,565 | $ 3,113 | $ 14,293 | $ 9,299 | ||
Recognition and Retention Plan | Non-vested stock awards/performance units | ||||||
Non-vested stock awards/stock units outstanding - Number of shares | ||||||
Beginning balance (in shares) | 1,333,514 | 1,333,514 | ||||
Granted (in shares) | 1,507,792 | |||||
Stock awards vested (in shares) | (553,432) | |||||
Forfeited (in shares) | (85,122) | |||||
Canceled/expired (in shares) | 0 | |||||
Ending balance (in shares) | 2,202,752 | 2,202,752 | ||||
Non-vested stock awards/stock units outstanding - Weighted average grant date fair value | ||||||
Beginning balance (USD per share) | $ 22.12 | $ 22.12 | ||||
Granted (USD per share) | 19.63 | |||||
Stock awards vested (USD per share) | 19.21 | |||||
Forfeited (USD per share) | 22.30 | |||||
Canceled/expired (USD per share) | 0 | |||||
Ending balance (USD per share) | $ 20.98 | $ 20.98 | ||||
Amended Omnibus Plan | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Shares Available For Grant [Roll Forward] | ||||||
Amended 2015 Omnibus Equity and Incentive Plan | 2,545,682 | 2,545,682 | ||||
February 2016 | Performance Shares | ||||||
Stock options outstanding - Weighted average exercise price | ||||||
Stock-based compensation expense | $ 1,000 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 4,565 | $ 3,115 | $ 14,293 | $ 9,304 |
Stock-based compensation expense, income tax benefit | 959 | 654 | 3,002 | 1,954 |
Proceeds from stock option exercises | 508 | 154 | 2,397 | 556 |
Unrecognized stock-based compensation, stock options | 0 | 0 | ||
Unrecognized stock-based compensation, non-vested stock awards/performance units | 32,405 | 32,405 | ||
Total unrecognized stock-based compensation expense | 32,405 | 32,405 | ||
Stock options | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 0 | 2 | 0 | 5 |
Non-vested stock awards/performance units | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 4,565 | $ 3,113 | $ 14,293 | $ 9,299 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits - Net Pension and Post-retirement Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 3,044 | 2,121 | 8,382 | 6,364 |
Expected return on plan assets | (4,044) | (3,353) | (10,303) | (10,058) |
Net amortization and deferral | 0 | 0 | 0 | 0 |
Net periodic pension and other post-retirement (benefit) expense | (1,000) | (1,232) | (1,921) | (3,694) |
Other Post Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 15 | 20 | 45 | 62 |
Interest cost | 265 | 254 | 835 | 780 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Net amortization and deferral | (82) | 0 | (247) | 0 |
Net periodic pension and other post-retirement (benefit) expense | $ 198 | $ 274 | $ 633 | $ 842 |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer contributions to fund pension and other post retirement benefits | $ 214 | $ 41,825 | $ 897 | $ 42,500 | |
Astoria Bank Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net gain due to plan termination | 12,097 | ||||
Astoria Bank Pension Plan | Other assets | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Plan reversion asset recorded upon plan termination | 16,538 | 16,538 | |||
Overfunded Plan | Astoria Bank Pension Plan | Other assets | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Funded (unfunded) amount | $ 13,608 | ||||
Underfunded Plan | Other liabilities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Funded (unfunded) amount | $ (35,191) | $ (35,191) | $ (35,278) |
Non-Interest Income and Other_3
Non-Interest Income and Other Non-Interest Expense - (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Professional fees | $ 4,438 | $ 2,866 | $ 14,966 | $ 9,269 |
Advertising and promotion | 2,514 | 1,147 | 4,889 | 3,962 |
Telephone | 1,511 | 1,238 | 5,115 | 4,500 |
Operational losses | 536 | 791 | 3,026 | 2,945 |
Insurance & surety bond premium | 982 | 1,299 | 3,050 | 2,680 |
Other | 6,620 | 5,832 | 22,573 | 16,324 |
Total other non-interest expense | $ 16,601 | $ 13,173 | $ 53,619 | $ 39,680 |
Earnings Per Common Share - (De
Earnings Per Common Share - (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income available to common stockholders | $ 120,465 | $ 117,657 | $ 314,386 | $ 326,775 |
Weighted average common shares outstanding for computation of basic EPS (in shares) | 203,090,365 | 225,088,511 | 207,685,051 | 224,969,121 |
Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (in shares) | 476,217 | 534,384 | 423,524 | 535,342 |
Weighted average common shares for computation of diluted EPS (in shares) | 203,566,582 | 225,622,895 | 208,108,575 | 225,504,463 |
EPS(2): | ||||
Basic (USD per share) | $ 0.59 | $ 0.52 | $ 1.51 | $ 1.45 |
Diluted (USD per share) | $ 0.59 | $ 0.52 | $ 1.51 | $ 1.45 |
Weighted average common shares that could be exercised that were anti-dilutive for the period (in shares) | 0 | 0 | 0 | 0 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands | Apr. 24, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Class of Stock [Line Items] | |||
Aggregate dividend capacity without prior regulatory approval | $ 165,000 | ||
Stock repurchased during period (in shares) | 15,312,694 | 0 | |
Additional number of shares authorized to be repurchased (in shares) | 10,000,000 | ||
Shares authorized for repurchase program (in shares) | 20,000,000 | ||
Remaining capacity of shares available for repurchase under the program | 5,572,535 | ||
Sterling National Bank | |||
Class of Stock [Line Items] | |||
Tier 2 capital | $ 173,121 | ||
Sterling Bancorp | |||
Class of Stock [Line Items] | |||
Tier 2 capital | $ 147,186 |
Stockholders' Equity - Complian
Stockholders' Equity - Compliance with Regulatory Capital Requirements (Schedule) (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Sterling National Bank | ||
Common equity tier 1 to RWA: | ||
Tier 1 common equity, actual, capital amount | $ 2,817,082 | $ 2,915,484 |
Tier 1 common equity, actual, ratio | 12.73% | 13.55% |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,371,480 | |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, ratio | 6.375% | |
Tier 1 common equity required for minimum capital adequacy, fully phased-in, capital amount | $ 1,548,458 | $ 1,505,939 |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, ratio | 7.00% | 7.00% |
Tier 1 common equity required to be well capitalized, capital amount | $ 1,437,854 | $ 1,398,372 |
Tier 1 common equity required to be well capitalized, ratio | 6.50% | 6.50% |
Tier 1 capital to RWA: | ||
Tier 1 risk-based capital, actual, capital amount | $ 2,817,082 | $ 2,915,484 |
Tier 1 risk-based capital, ratio | 12.73% | 13.55% |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,694,181 | |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in schedule, ratio | 7.875% | |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,880,270 | $ 1,828,640 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, ratio | 8.50% | 8.50% |
Tier 1 risk-based capital required to be well capitalized, capital amount | $ 1,769,666 | $ 1,721,073 |
Tier 1 risk-based capital required to be well capitalized, ratio | 8.00% | 8.00% |
Total capital to RWA: | ||
Total risk-based capital, actual, capital amount | $ 3,095,592 | $ 3,184,758 |
Total risk-based capital, ratio | 13.99% | 14.80% |
Total risk-based capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 2,124,450 | |
Total risk-based capital required for minimum capital adequacy, phase-in schedule, ratio | 9.875% | |
Total risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,322,687 | $ 2,258,908 |
Total risk-based capital required for minimum capital adequacy, fully phased-in, ratio | 10.50% | 10.50% |
Total risk-based capital required to be well capitalized, capital amount | $ 2,212,083 | $ 2,151,341 |
Total risk-based capital required to be well capitalized, ratio | 10.00% | 10.00% |
Tier 1 leverage ratio: | ||
Tier 1 (core) capital, actual, capital amount | $ 2,817,082 | $ 2,915,484 |
Tier 1 (core) capital, ratio | 10.08% | 9.94% |
Tier 1 (core) capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,172,964 | |
Tier 1 (core) capital required for minimum capital adequacy, phase-in schedule, ratio | 4.00% | |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,117,759 | $ 1,172,964 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, ratio | 4.00% | 4.00% |
Tier 1 (core) capital required to be well capitalized, capital amount | $ 1,397,198 | $ 1,466,206 |
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, actual, capital amount | $ 2,596,901 | $ 2,649,593 |
Tier 1 common equity, actual, ratio | 11.73% | 12.31% |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,372,457 | |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, ratio | 6.375% | |
Tier 1 common equity required for minimum capital adequacy, fully phased-in, capital amount | $ 1,549,838 | $ 1,507,011 |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, ratio | 7.00% | 7.00% |
Tier 1 capital to RWA: | ||
Tier 1 risk-based capital, actual, capital amount | $ 2,734,699 | $ 2,788,016 |
Tier 1 risk-based capital, ratio | 12.35% | 12.95% |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,695,388 | |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in schedule, ratio | 7.875% | |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,881,946 | $ 1,829,942 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, ratio | 8.50% | 8.50% |
Total capital to RWA: | ||
Total risk-based capital, actual, capital amount | $ 2,987,273 | $ 3,027,124 |
Total risk-based capital, ratio | 13.49% | 14.06% |
Total risk-based capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 2,125,963 | |
Total risk-based capital required for minimum capital adequacy, phase-in schedule, ratio | 9.875% | |
Total risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,324,757 | $ 2,260,517 |
Total risk-based capital required for minimum capital adequacy, fully phased-in, ratio | 10.50% | 10.50% |
Tier 1 leverage ratio: | ||
Tier 1 (core) capital, actual, capital amount | $ 2,734,699 | $ 2,788,016 |
Tier 1 (core) capital, ratio | 9.78% | 9.50% |
Tier 1 (core) capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,173,883 | |
Tier 1 (core) capital required for minimum capital adequacy, phase-in schedule, ratio | 4.00% | |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,118,770 | $ 1,173,883 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, ratio | 4.00% | 4.00% |
Commitments and Contingencies_2
Commitments and Contingencies - (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loan origination commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 575,798 | $ 417,027 |
Unused lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | 1,524,355 | 1,737,315 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 308,689 | $ 287,779 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Available for sale, at fair value | $ 3,061,419 | $ 3,870,563 |
Level 1 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
Swaps | 0 | 0 |
Financial liabilities: | ||
Swaps | 0 | 0 |
Level 2 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 3,061,419 | 3,870,563 |
Swaps | 84,989 | 18,215 |
Financial liabilities: | ||
Swaps | 26,145 | 13,001 |
Level 3 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
Swaps | 0 | 0 |
Financial liabilities: | ||
Swaps | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Available for sale, at fair value | 3,061,419 | 3,870,563 |
Swaps | 84,989 | 18,215 |
Total assets | 3,146,408 | 3,888,778 |
Financial liabilities: | ||
Swaps | (26,145) | (13,001) |
Total liabilities | (26,145) | (13,001) |
Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
Swaps | 0 | 0 |
Total assets | 0 | 0 |
Financial liabilities: | ||
Swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 3,061,419 | 3,870,563 |
Swaps | 84,989 | 18,215 |
Total assets | 3,146,408 | 3,888,778 |
Financial liabilities: | ||
Swaps | (26,145) | (13,001) |
Total liabilities | (26,145) | (13,001) |
Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
Swaps | 0 | 0 |
Total assets | 0 | 0 |
Financial liabilities: | ||
Swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Agency-backed | ||
Financial assets: | ||
Available for sale, at fair value | 1,602,821 | 2,268,851 |
Agency-backed | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Available for sale, at fair value | 1,602,821 | 2,268,851 |
Agency-backed | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
Agency-backed | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 1,602,821 | 2,268,851 |
Agency-backed | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
CMOs/Other MBS | ||
Financial assets: | ||
Available for sale, at fair value | 537,374 | 574,770 |
CMOs/Other MBS | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Available for sale, at fair value | 537,374 | 574,770 |
CMOs/Other MBS | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
CMOs/Other MBS | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 537,374 | 574,770 |
CMOs/Other MBS | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
Total residential MBS | ||
Financial assets: | ||
Available for sale, at fair value | 2,140,195 | 2,843,621 |
Total residential MBS | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Available for sale, at fair value | 2,140,195 | 2,843,621 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 2,140,195 | 2,843,621 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
Federal agencies | ||
Financial assets: | ||
Available for sale, at fair value | 162,897 | 273,973 |
Federal agencies | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Available for sale, at fair value | 162,897 | 273,973 |
Federal agencies | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
Federal agencies | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 162,897 | 273,973 |
Federal agencies | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
Corporate | ||
Financial assets: | ||
Available for sale, at fair value | 304,773 | 527,965 |
Corporate | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Available for sale, at fair value | 304,773 | 527,964 |
Corporate | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
Corporate | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 304,773 | 527,964 |
Corporate | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
State and municipal | ||
Financial assets: | ||
Available for sale, at fair value | 453,554 | 225,004 |
State and municipal | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Available for sale, at fair value | 453,554 | 225,004 |
State and municipal | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
State and municipal | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 453,554 | 225,004 |
State and municipal | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
Total other securities | ||
Financial assets: | ||
Available for sale, at fair value | 921,224 | 1,026,942 |
Total other securities | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Available for sale, at fair value | 921,224 | 1,026,942 |
Total other securities | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 0 | 0 |
Total other securities | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Available for sale, at fair value | 921,224 | 1,026,942 |
Total other securities | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Available for sale, at fair value | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
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 | $ 18,220 | $ 10,477 | |
Mortgage servicing rights | $ 8,983 | $ 11,715 | |
Percentage appraisals discounted | 22.00% | 22.00% | |
Assets taken in foreclosure, defaulted loans and facilities held for sale | $ 13,006 | $ 19,377 | |
Changes in fair value recognized through income for foreclosed assets held by the Company | 742 | $ 553 | |
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Portfolio loans, net | $ 93,413 | $ 100,998 | |
Measurement Input, Prepayment Rate | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets and liabilities, measurement input | 8.87% | 7.98% | |
Measurement Input, Prepayment Rate | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets and liabilities, measurement input | 21.33% | 24.07% | |
Measurement Input, Prepayment Rate | Weighted Average | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets and liabilities, measurement input | 10.76% | 8.54% | |
Measurement Input, Discount Rate | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets and liabilities, measurement input | 9.50% | 9.00% | |
Measurement Input, Discount Rate | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets and liabilities, measurement input | 20.00% | 20.00% | |
Measurement Input, Discount Rate | Weighted Average | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets and liabilities, measurement input | 9.85% | 9.60% |
Fair Value Measurements - Impai
Fair Value Measurements - Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | $ 0 | $ 0 |
Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 0 | 0 |
Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 20,867,041 | 19,033,743 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 93,413 | 100,998 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 50,137 | 41,484 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Traditional C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 14,718 | 28,780 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Asset-based lending | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 18,609 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 12,665 | 10,725 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 1,194 | 1,210 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 2,951 | 769 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | Traditional C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | Asset-based lending | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 0 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 1 inputs | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | Traditional C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | Asset-based lending | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 0 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 2 inputs | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 0 | 0 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 50,137 | 41,484 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | Traditional C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 14,718 | 28,780 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | Asset-based lending | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 18,609 | |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 12,665 | 10,725 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | 1,194 | 1,210 |
Collateral Pledged | Fair Value, Measurements, Nonrecurring | Level 3 inputs | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total impaired loans measured at fair value | $ 2,951 | $ 769 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Available for sale, at fair value | $ 3,061,419 | $ 3,870,563 |
Securities held to maturity, fair value | 2,061,887 | 2,740,522 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Senior Notes | (173,652) | (181,130) |
Subordinated Notes | (173,121) | (172,943) |
Carrying amount | ||
Financial assets: | ||
Cash and cash equivalents | 545,603 | 438,110 |
Available for sale, at fair value | 3,061,419 | 3,870,563 |
Securities held to maturity, fair value | 1,985,592 | 2,796,617 |
Loans held for sale | 4,627 | 1,565,979 |
Portfolio loans, net | 20,725,428 | 19,122,853 |
Accrued interest receivable on securities | 33,815 | 38,722 |
Accrued interest receivable on loans | 71,066 | 68,389 |
FHLB stock and FRB stock | 276,929 | 369,690 |
Swaps | 84,989 | 18,215 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Non-maturity deposits | (18,664,876) | (18,737,217) |
Certificates of deposit | (2,914,448) | (2,476,931) |
FHLB borrowings | (2,800,907) | (4,838,772) |
Other borrowings | (26,544) | (21,338) |
Senior Notes | (173,652) | (181,130) |
Subordinated Notes | (173,121) | (172,943) |
Mortgage escrow funds | (84,595) | (72,891) |
Accrued interest payable on deposits | (5,417) | (3,191) |
Accrued interest payable on borrowings | (14,239) | (11,823) |
Swaps | (26,145) | (13,001) |
Level 1 inputs | ||
Financial assets: | ||
Cash and cash equivalents | 545,603 | 438,110 |
Available for sale, at fair value | 0 | 0 |
Securities held to maturity, fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Portfolio loans, net | 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 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Non-maturity deposits | (18,664,876) | (18,737,217) |
Certificates of deposit | 0 | 0 |
FHLB borrowings | 0 | 0 |
Other borrowings | 0 | 0 |
Senior Notes | 0 | 0 |
Subordinated Notes | 0 | 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 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Available for sale, at fair value | 3,061,419 | 3,870,563 |
Securities held to maturity, fair value | 2,061,887 | 2,740,522 |
Loans held for sale | 4,627 | 1,565,979 |
Portfolio loans, net | 0 | 0 |
Accrued interest receivable on securities | 33,815 | 38,722 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 84,989 | 18,215 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Non-maturity deposits | 0 | 0 |
Certificates of deposit | (2,910,499) | (2,447,534) |
FHLB borrowings | (2,802,337) | (4,821,652) |
Other borrowings | (26,544) | (21,337) |
Senior Notes | (174,420) | (179,786) |
Subordinated Notes | (182,500) | (177,481) |
Mortgage escrow funds | (84,595) | (64,074) |
Accrued interest payable on deposits | (5,417) | (3,191) |
Accrued interest payable on borrowings | (14,239) | (11,823) |
Swaps | (26,145) | (13,001) |
Level 3 inputs | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Available for sale, at fair value | 0 | 0 |
Securities held to maturity, fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Portfolio loans, net | 20,867,041 | 19,033,743 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 71,066 | 68,389 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 0 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
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 | 0 |
Mortgage escrow funds | 0 | 0 |
Accrued interest payable on deposits | 0 | 0 |
Accrued interest payable on borrowings | 0 | 0 |
Swaps | $ 0 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Other comprehensive income (loss), before tax | $ 6,616 | $ (26,387) | $ 153,510 | $ (120,758) | ||||||
Other comprehensive income (loss), tax benefit | (1,828) | 7,293 | (42,431) | 33,378 | ||||||
Other comprehensive income (loss), net of tax | 4,788 | $ 46,956 | $ 59,335 | (19,094) | $ (20,537) | $ (47,749) | 111,079 | (87,380) | ||
Total stockholders’ equity | 4,520,967 | 4,459,158 | 4,419,223 | 4,438,303 | 4,352,735 | 4,273,755 | 4,520,967 | 4,438,303 | $ 4,428,853 | $ 4,240,178 |
Net unrealized holding (loss) gain on available for sale securities | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Total stockholders’ equity | 43,310 | 27,243 | (115,409) | (95,852) | 43,310 | (115,409) | (75,077) | (22,324) | ||
Net unrealized holding (loss) gain on available for sale securities | Available-for-sale securities | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Other comprehensive income (loss), before tax | 59,853 | (103,756) | ||||||||
Other comprehensive income (loss), tax benefit | (16,543) | 28,679 | ||||||||
Other comprehensive income (loss), net of tax | 43,310 | (75,077) | ||||||||
Net unrealized holding (loss) gain on available for sale securities | Held-to-maturity securities | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Other comprehensive income (loss), before tax | (861) | (3,518) | ||||||||
Other comprehensive income (loss), tax benefit | 238 | 972 | ||||||||
Other comprehensive income (loss), net of tax | (623) | (2,546) | ||||||||
Net unrealized holding gain (loss) on retirement plans | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Other comprehensive income (loss), before tax | 3,381 | 15,900 | ||||||||
Other comprehensive income (loss), tax benefit | (934) | (4,222) | ||||||||
Other comprehensive income (loss), net of tax | 2,447 | 11,678 | ||||||||
Total stockholders’ equity | 2,447 | 13,812 | (559) | (859) | 2,447 | (559) | 11,678 | (1,164) | ||
Accumulated other comprehensive (loss) | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Other comprehensive income (loss), net of tax | 4,788 | 46,956 | 59,335 | (19,094) | (20,537) | (47,749) | ||||
Total stockholders’ equity | $ 45,134 | $ 40,346 | $ (6,610) | $ (118,675) | $ (99,581) | $ (79,044) | $ 45,134 | $ (118,675) | $ (65,945) | $ (26,166) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, beginning | $ 4,459,158 | $ 4,352,735 | $ 4,240,178 | $ 4,428,853 | $ 4,240,178 |
Other comprehensive gain (loss) before reclassification | 21,047 | (19,613) | 121,992 | (94,611) | |
Securities reclassified from held to maturity to available for sale | (8,548) | ||||
Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act from accumulated other comprehensive (loss) | (5,129) | ||||
Amounts reclassified from AOCI | (16,259) | 519 | (2,365) | 7,231 | |
Total other comprehensive income | 4,788 | (19,094) | 111,079 | (92,509) | |
Balance, ending | 4,520,967 | 4,438,303 | 4,273,755 | 4,520,967 | 4,438,303 |
Net unrealized holding (loss) gain on available for sale securities | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, beginning | 27,243 | (95,852) | (22,324) | (75,077) | (22,324) |
Other comprehensive gain (loss) before reclassification | 21,047 | (19,613) | 121,992 | (94,611) | |
Securities reclassified from held to maturity to available for sale | (8,548) | ||||
Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act from accumulated other comprehensive (loss) | (4,376) | ||||
Amounts reclassified from AOCI | (4,980) | 56 | 4,943 | 5,902 | |
Total other comprehensive income | 16,067 | (19,557) | 118,387 | (93,085) | |
Balance, ending | 43,310 | (115,409) | 43,310 | (115,409) | |
Net unrealized holding (loss) gain on securities transferred to held to maturity | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, beginning | (709) | (2,870) | (2,678) | (2,546) | (2,678) |
Other comprehensive gain (loss) before reclassification | 0 | 0 | 0 | 0 | |
Securities reclassified from held to maturity to available for sale | 0 | ||||
Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act from accumulated other comprehensive (loss) | (525) | ||||
Amounts reclassified from AOCI | 86 | 163 | 1,923 | 496 | |
Total other comprehensive income | 86 | 163 | 1,923 | (29) | |
Balance, ending | (623) | (2,707) | (623) | (2,707) | |
Net unrealized holding gain (loss) on retirement plans | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, beginning | 13,812 | (859) | (1,164) | 11,678 | (1,164) |
Other comprehensive gain (loss) before reclassification | 0 | 0 | 0 | 0 | |
Securities reclassified from held to maturity to available for sale | 0 | ||||
Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act from accumulated other comprehensive (loss) | (228) | ||||
Amounts reclassified from AOCI | (11,365) | 300 | (9,231) | 833 | |
Total other comprehensive income | (11,365) | 300 | (9,231) | 605 | |
Balance, ending | 2,447 | (559) | 2,447 | (559) | |
Accumulated other comprehensive (loss) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, beginning | 40,346 | (99,581) | (26,166) | (65,945) | (26,166) |
Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act from accumulated other comprehensive (loss) | (5,129) | ||||
Balance, ending | $ 45,134 | $ (118,675) | $ (79,044) | $ 45,134 | $ (118,675) |
Recently Issued Accounting St_2
Recently Issued Accounting Standards Not Yet Adopted - Narrative (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Estimate for allowance for credit loss impact from ASU 2016-13 adoption | $ 104,735 | $ 95,677 | |
Minimum | Forecast | ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Estimate for allowance for credit loss impact from ASU 2016-13 adoption | $ 55,000 | ||
Maximum | Forecast | ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Estimate for allowance for credit loss impact from ASU 2016-13 adoption | 75,000 | ||
PCI Loans | Minimum | Forecast | ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Estimate for allowance for credit loss impact from ASU 2016-13 adoption | 25,000 | ||
PCI Loans | Maximum | Forecast | ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Estimate for allowance for credit loss impact from ASU 2016-13 adoption | $ 30,000 |
Subsequent Event - Acquisitio_2
Subsequent Event - Acquisition of Commercial Equipment Finance Loans and Leases Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||
Portfolio loans | $ 20,830,163 | $ 19,218,530 |
Commercial loans portfolio segment | ||
Subsequent Event [Line Items] | ||
Portfolio loans | 18,204,291 | 16,207,681 |
Commercial loans portfolio segment | Commercial and industrial | ||
Subsequent Event [Line Items] | ||
Portfolio loans | 7,792,569 | 6,533,386 |
Commercial loans portfolio segment | Equipment financing | Commercial and industrial | ||
Subsequent Event [Line Items] | ||
Portfolio loans | 1,174,714 | 1,215,042 |
Originated Loan | ||
Subsequent Event [Line Items] | ||
Portfolio loans | 15,014,618 | 12,882,655 |
Originated Loan | Commercial loans portfolio segment | ||
Subsequent Event [Line Items] | ||
Portfolio loans | 14,321,549 | 12,107,373 |
Originated Loan | Commercial loans portfolio segment | Commercial and industrial | ||
Subsequent Event [Line Items] | ||
Portfolio loans | 7,149,148 | 6,157,044 |
Originated Loan | Commercial loans portfolio segment | Equipment financing | Commercial and industrial | ||
Subsequent Event [Line Items] | ||
Portfolio loans | 893,255 | $ 913,751 |
Originated Loan | Commercial loans portfolio segment | Equipment financing | Commercial and industrial | Santander Bank, N.A | ||
Subsequent Event [Line Items] | ||
Portfolio loans | $ 843,000 | |
Tax-equivalent yield | 4.30% | |
Approximate duration | 3 years 6 months | |
Average relationship size | $ 5,000 |