Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 29, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
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 | Two Blue Hill Plaza | |
Entity Address, Address Line Two | 2nd Floor | |
Entity Address, City or Town | Pearl River, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10965 | |
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) | 194,360,590 | |
Entity Central Index Key | 0001070154 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
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, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Cash and due from banks | $ 437,558 | $ 329,151 |
Securities available for sale, at estimated fair value | 2,419,458 | 3,095,648 |
Securities held to maturity (“HTM”), net of allowance for credit losses of $1,499 at September 30, 2020 | 1,781,892 | 1,979,661 |
Loans held for sale | 36,826 | 8,125 |
Portfolio loans | 22,281,940 | 21,440,212 |
Allowance for credit losses - loans | (325,943) | (106,238) |
Portfolio loans, net | 21,955,997 | 21,333,974 |
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock, at cost | 167,293 | 251,805 |
Accrued interest receivable | 102,379 | 100,312 |
Premises and equipment, net | 217,481 | 227,070 |
Goodwill | 1,683,482 | 1,683,482 |
Other intangible assets, net | 97,764 | 110,364 |
Bank owned life insurance (“BOLI”) | 625,236 | 613,848 |
Other real estate owned | 6,919 | 12,189 |
Other assets | 1,085,437 | 840,868 |
Total assets | 30,617,722 | 30,586,497 |
LIABILITIES: | ||
Deposits | 24,255,333 | 22,418,658 |
FHLB and other borrowings | 397,000 | 2,245,653 |
Paycheck Protection Program Lending Facility | 117,497 | 0 |
Repurchase agreements | 35,223 | 22,678 |
Senior Notes | 0 | 173,504 |
Mortgage escrow funds | 84,031 | 58,316 |
Other liabilities | 727,038 | 693,452 |
Total liabilities | 26,059,937 | 26,056,384 |
Commitments and Contingent liabilities (See Note 15. “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, 2020 and December 31, 2019) | 136,917 | 137,581 |
Common stock (par value $0.01 per share; 310,000,000 shares authorized at September 30, 2020 and December 31, 2019; 229,872,925 shares issued at September 30, 2020 and December 31, 2019; 194,458,841 and 198,455,324 shares outstanding at September 30, 2020 and December 31, 2019, respectively) | 2,299 | 2,299 |
Additional paid-in capital | 3,761,216 | 3,766,716 |
Treasury stock, at cost (35,414,120 shares at September 30, 2020 and 31,417,601 shares at December 31, 2019) | (660,312) | (583,408) |
Retained earnings | 1,229,799 | 1,166,709 |
Accumulated other comprehensive income, net of tax expense of $33,563 at September 30, 2020 and $15,361 at December 31, 2019 | 87,866 | 40,216 |
Total stockholders’ equity | 4,557,785 | 4,530,113 |
Total liabilities and stockholders’ equity | 30,617,722 | 30,586,497 |
Sterling National Bank | ||
LIABILITIES: | ||
Subordinated Notes | 173,370 | 173,182 |
Sterling Bancorp | ||
LIABILITIES: | ||
Subordinated Notes | $ 270,445 | $ 270,941 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Debt securities, held-to-maturity, allowance for credit loss | $ 1,499 | $ 0 |
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) | 194,458,841 | 198,455,324 |
Treasury stock, shares (in shares) | 35,414,120 | 31,417,601 |
Accumulated other comprehensive loss, tax expense (benefit) | $ 33,563 | $ 15,361 |
Consolidated Income Statements
Consolidated Income Statements (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest and dividend income: | ||||
Loans and loan fees | $ 213,009 | $ 254,414 | $ 668,352 | $ 772,992 |
Securities taxable | 18,623 | 21,977 | 58,107 | 74,456 |
Securities non-taxable | 12,257 | 13,491 | 38,085 | 42,771 |
Other earning assets | 769 | 5,327 | 6,867 | 16,847 |
Total interest and dividend income | 244,658 | 295,209 | 771,411 | 907,066 |
Interest expense: | ||||
Deposits | 18,251 | 48,330 | 92,142 | 142,454 |
Borrowings | 8,583 | 23,558 | 36,374 | 73,946 |
Total interest expense | 26,834 | 71,888 | 128,516 | 216,400 |
Net interest income | 217,824 | 223,321 | 642,895 | 690,666 |
Provision for credit losses - loans | 31,000 | 13,700 | 224,183 | 35,400 |
Provision for credit losses - held to maturity securities | (1,000) | 0 | 703 | 0 |
Net interest income after provision for credit losses | 187,824 | 209,621 | 418,009 | 655,266 |
Non-interest income: | ||||
Deposit fees and service charges | 5,960 | 6,582 | 17,928 | 19,891 |
Accounts receivable management / factoring commissions and fees | 5,393 | 6,049 | 15,349 | 17,265 |
Bank owned life insurance | 5,363 | 8,066 | 15,331 | 15,900 |
Loan commissions and fees | 7,290 | 6,285 | 26,317 | 15,431 |
Investment management fees | 1,735 | 1,758 | 4,960 | 5,708 |
Net gain (loss) on sale of securities | 642 | 6,882 | 9,539 | (6,830) |
Net gain on called securities | 0 | 0 | 4,880 | 0 |
Gain on termination of pension plan | 0 | 12,097 | 0 | 12,097 |
Gain on sale of residential mortgage loans | 0 | 0 | 0 | 8,313 |
Other | 1,842 | 4,111 | 7,337 | 10,710 |
Total non-interest income | 28,225 | 51,830 | 101,641 | 98,485 |
Non-interest expense: | ||||
Compensation and benefits | 55,960 | 52,850 | 165,504 | 163,313 |
Stock-based compensation plans | 5,869 | 4,565 | 17,788 | 14,293 |
Occupancy and office operations | 14,722 | 15,836 | 44,616 | 48,477 |
Information technology | 8,422 | 8,545 | 23,752 | 26,267 |
Amortization of intangible assets | 4,200 | 4,785 | 12,600 | 14,396 |
FDIC insurance and regulatory assessments | 3,332 | 3,194 | 10,176 | 9,526 |
Other real estate owned expense, net | 151 | 79 | 1,436 | 754 |
Charge for asset write-downs, retention and severance | 0 | 0 | 0 | 3,344 |
Impairment related to financial centers and real estate consolidation strategy | 0 | 0 | 0 | 14,398 |
Loss on extinguishment of borrowings | 6,241 | 0 | 0 | |
Other | 20,465 | 16,601 | 66,371 | 53,619 |
Total non-interest expense | 119,362 | 106,455 | 358,956 | 348,387 |
Income before income tax expense | 96,687 | 154,996 | 160,694 | 405,364 |
Income tax expense | 12,280 | 32,549 | 11,348 | 85,020 |
Net income | 84,407 | 122,447 | 149,346 | 320,344 |
Preferred stock dividend | 1,969 | 1,982 | 5,917 | 5,958 |
Net income available to common stockholders | $ 82,438 | $ 120,465 | $ 143,429 | $ 314,386 |
Weighted average common shares: | ||||
Basic (in shares) | 193,494,929 | 203,090,365 | 194,436,137 | 207,685,051 |
Diluted (in shares) | 193,715,943 | 203,566,582 | 194,677,020 | 208,108,575 |
Earnings per common share: | ||||
Basic (USD per share) | $ 0.43 | $ 0.59 | $ 0.74 | $ 1.51 |
Diluted (USD per share) | $ 0.43 | $ 0.59 | $ 0.74 | $ 1.51 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 84,407 | $ 122,447 | $ 149,346 | $ 320,344 |
Other comprehensive income, before tax: | ||||
Change in unrealized holding gains on securities available for sale | (1,296) | 29,085 | 76,815 | 168,592 |
Unrealized (loss) on transfer of securities held to maturity to available for sale | 0 | 0 | 0 | (11,813) |
Reclassification adjustment for net realized (gains) losses included in net income | (642) | (6,882) | (9,539) | 6,830 |
Accretion of net unrealized loss on securities transferred to held to maturity | 131 | 119 | 288 | 2,658 |
Change in the actuarial loss of defined benefit plan and post-retirement benefit plans | 779 | (15,706) | (1,712) | (12,757) |
Total other comprehensive (loss) income, before tax | (1,028) | 6,616 | 65,852 | 153,510 |
Deferred tax benefit (expense) related to other comprehensive income | 284 | (1,828) | (18,202) | (42,431) |
Other comprehensive (loss) income, net of tax | (744) | 4,788 | 47,650 | 111,079 |
Comprehensive income | $ 83,663 | $ 127,235 | $ 196,996 | $ 431,423 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common stock | Common stockCumulative Effect, Period of Adoption, Adjusted Balance | Preferred stock | Preferred stockCumulative Effect, Period of Adoption, Adjusted Balance | Additional paid-in capital | Additional paid-in capitalCumulative Effect, Period of Adoption, Adjusted Balance | Treasury stock | Treasury stockCumulative Effect, Period of Adoption, Adjusted Balance | Retained earnings | Retained earningsCumulative Effect, Period of Adoption, Adjustment | Retained earningsCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated other comprehensive (loss) income | Accumulated other comprehensive (loss) incomeCumulative Effect, Period of Adoption, Adjusted Balance |
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 | |||||||||||||||
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) | 0 | ||||||||||||
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 | 0 | 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 | |||||||||
Balance (in shares) at Dec. 31, 2019 | 198,455,324 | |||||||||||||||
Balance, beginning at Dec. 31, 2019 | 4,530,113 | $ (54,254) | $ 4,475,859 | $ 2,299 | $ 2,299 | 137,581 | $ 137,581 | 3,766,716 | $ 3,766,716 | (583,408) | $ (583,408) | 1,166,709 | $ (54,254) | $ 1,112,455 | 40,216 | $ 40,216 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 14,147 | 14,147 | ||||||||||||||
Other comprehensive income (loss) | 27,405 | 27,405 | ||||||||||||||
Stock options & other stock transactions, net (in shares) | 41,000 | |||||||||||||||
Stock options & other stock transactions, net | 414 | 346 | 68 | |||||||||||||
Restricted stock awards, net (in shares) | 865,091 | |||||||||||||||
Restricted stock awards, net | 1,593 | (17,208) | 4,025 | 14,776 | ||||||||||||
Cash dividends declared, common | (13,768) | (13,768) | ||||||||||||||
Cash dividends declared, preferred | (2,194) | (218) | (1,976) | |||||||||||||
Purchase of treasury stock (in shares) | (4,900,759) | |||||||||||||||
Purchase of treasury stock | (81,032) | (81,032) | ||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 194,460,656 | |||||||||||||||
Balance, ending at Mar. 31, 2020 | 4,422,424 | $ 2,299 | 137,363 | 3,749,508 | (660,069) | 1,125,702 | 67,621 | |||||||||
Balance (in shares) at Dec. 31, 2019 | 198,455,324 | |||||||||||||||
Balance, beginning at Dec. 31, 2019 | 4,530,113 | $ (54,254) | $ 4,475,859 | $ 2,299 | $ 2,299 | 137,581 | $ 137,581 | 3,766,716 | $ 3,766,716 | (583,408) | $ (583,408) | 1,166,709 | $ (54,254) | $ 1,112,455 | 40,216 | $ 40,216 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 149,346 | |||||||||||||||
Other comprehensive income (loss) | 47,650 | |||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 194,458,842 | |||||||||||||||
Balance, ending at Sep. 30, 2020 | 4,557,785 | $ 2,299 | 136,917 | 3,761,216 | (660,312) | 1,229,799 | 87,866 | |||||||||
Balance (in shares) at Mar. 31, 2020 | 194,460,656 | |||||||||||||||
Balance, beginning at Mar. 31, 2020 | 4,422,424 | $ 2,299 | 137,363 | 3,749,508 | (660,069) | 1,125,702 | 67,621 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 50,792 | 50,792 | ||||||||||||||
Other comprehensive income (loss) | 20,989 | 20,989 | ||||||||||||||
Stock options & other stock transactions, net (in shares) | 10,000 | |||||||||||||||
Stock options & other stock transactions, net | 101 | 95 | 6 | |||||||||||||
Restricted stock awards, net (in shares) | (11,851) | |||||||||||||||
Restricted stock awards, net | 5,722 | 5,966 | (249) | 5 | ||||||||||||
Cash dividends declared, common | (13,648) | (13,648) | ||||||||||||||
Cash dividends declared, preferred | (2,193) | (221) | (1,972) | |||||||||||||
Balance (in shares) at Jun. 30, 2020 | 194,458,805 | |||||||||||||||
Balance, ending at Jun. 30, 2020 | 4,484,187 | $ 2,299 | 137,142 | 3,755,474 | (660,223) | 1,160,885 | 88,610 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 84,407 | 84,407 | ||||||||||||||
Other comprehensive income (loss) | (744) | (744) | ||||||||||||||
Stock options & other stock transactions, net (in shares) | 9,500 | |||||||||||||||
Stock options & other stock transactions, net | 95 | 90 | 5 | |||||||||||||
Restricted stock awards, net (in shares) | (9,463) | |||||||||||||||
Restricted stock awards, net | 5,579 | 5,742 | (179) | 16 | ||||||||||||
Cash dividends declared, common | (13,545) | (13,545) | ||||||||||||||
Cash dividends declared, preferred | (2,194) | (225) | (1,969) | |||||||||||||
Balance (in shares) at Sep. 30, 2020 | 194,458,842 | |||||||||||||||
Balance, ending at Sep. 30, 2020 | $ 4,557,785 | $ 2,299 | $ 136,917 | $ 3,761,216 | $ (660,312) | $ 1,229,799 | $ 87,866 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes In Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
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) | $ 16.25 | $ 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, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 149,346 | $ 320,344 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses - loans | 224,183 | 35,400 |
Provision for credit losses - held to maturity securities | 703 | 0 |
Net loss (gain) from write-downs and sales of other real estate owned | 874 | (268) |
Loss on extinguishment of borrowings | 0 | |
Depreciation of premises and equipment | 14,798 | 14,807 |
Impairment on fixed assets | 0 | 10,751 |
Impairment of early termination of leases | 0 | 3,647 |
Asset write-downs, retention and severance compensation and other restructuring charges | 0 | 3,344 |
Income from termination of defined benefit pension plan | 0 | (12,097) |
Amortization of intangible assets | 12,600 | 14,396 |
Amortization of low income housing tax credits | 24,571 | 12,510 |
Net (gain) loss on sale of securities | (9,539) | 6,830 |
(Gain) on security calls available for sale | (4,897) | 0 |
Loss on security calls held to maturity | 17 | 0 |
Net (gain) on loans held for sale | (2,881) | (8,313) |
Net amortization of premiums on securities | 23,334 | 26,243 |
Amortization of premium on certificates of deposit | (1,654) | (2,977) |
Net accretion of purchase discount and amortization of net deferred loan costs | (29,044) | (66,583) |
Net accretion of debt issuance costs and amortization of premium on borrowings | (342) | (1,211) |
Restricted stock compensation expense | 17,788 | 14,293 |
Originations of loans held for sale | (36,702) | (4,500) |
Proceeds from sales of loans held for sale | 3,501 | 28,685 |
Increase in cash surrender value of bank owned life insurance | (15,331) | (15,900) |
Deferred income tax (benefit) expense | (67,707) | 26,203 |
Other adjustments (principally net changes in other assets and other liabilities) | (115,753) | (62,262) |
Net cash provided by operating activities | 204,578 | 343,296 |
Purchases of securities: | ||
Available for sale | (294,798) | (66,148) |
Held to maturity | (3,454) | (10,214) |
Proceeds from maturities and other principal payments on securities: | ||
Available for sale | 422,942 | 347,103 |
Held to maturity | 88,384 | 93,729 |
Proceeds from sales of securities available for sale | 484,934 | 1,386,236 |
Proceeds from sales of securities held to maturity | 93,036 | 0 |
Proceeds from calls of securities available for sale | 138,872 | 0 |
Proceeds from calls of securities held to maturity | 905 | 0 |
Portfolio loan originations, net | (1,025,418) | (975,741) |
Proceeds from sale of commercial loans | 106,996 | 0 |
Redemptions of FHLB and FRB stock, net | 84,512 | 92,761 |
Proceeds from sales of other real estate owned | 5,379 | 10,749 |
Purchases of premises and equipment | (14,442) | (18,818) |
Proceeds from bank owned life insurance | 3,943 | 63,675 |
Proceeds from sale of premises and equipment | 9,233 | 18,731 |
Purchases of low income housing tax credits | (77,264) | (63,495) |
Cash paid for acquisition, net | 0 | (515,692) |
Net cash provided by investing activities | 59,830 | 1,772,210 |
Cash flows from financing activities: | ||
Net increase (decrease) in transaction, savings and money market deposits | 2,894,767 | (72,341) |
Net (decrease) increase in certificates of deposit | (1,056,438) | 440,494 |
Net (decrease) in short-term FHLB borrowings | (195,000) | (987,000) |
Advances of term FHLB borrowings | 447,000 | 2,200,000 |
Repayments of term FHLB borrowings | (2,100,000) | (3,250,000) |
Advances under the Paycheck Protection Program Liquidity Facility | 568,350 | 0 |
Repayment of Paycheck Protection Program Liquidity Facility | (450,853) | 0 |
Repayment of Senior Notes | (173,373) | (6,954) |
Repayment of subordinated notes - Company | (750) | 0 |
Net increase in other borrowings | 12,545 | 5,206 |
Net increase in mortgage escrow funds | 25,715 | 11,704 |
Proceeds from stock option exercises | 610 | 2,397 |
Treasury shares repurchased | (81,032) | (300,942) |
Cash dividends paid - common stock | (40,961) | (43,995) |
Cash dividends paid - preferred stock | (6,581) | (6,582) |
Net cash (used in) financing activities | (156,001) | (2,008,013) |
Net increase in cash and cash equivalents | 108,407 | 107,493 |
Cash and cash equivalents at beginning of period | 329,151 | 438,110 |
Cash and cash equivalents at end of period | 437,558 | 545,603 |
Supplemental cash flow information: | ||
Interest payments | 133,225 | 211,758 |
Income tax payments | 16,395 | 44,968 |
Real estate acquired in settlement of loans | 983 | 4,110 |
Loans transferred from held for sale to portfolio | 4,500 | 127,883 |
Loans transferred from held for investment to held for sale | 254,564 | 0 |
Securities held to maturity transferred to available for sale | 0 | 708,627 |
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 | 0 | 471,878 |
Accrued interest receivable | 0 | 1,789 |
Goodwill | 0 | 44,781 |
Other assets | 0 | 545 |
Total non-cash assets acquired | 0 | 518,993 |
Liabilities assumed: | ||
Other liabilities | 0 | 3,301 |
Total liabilities assumed | 0 | 3,301 |
Net non-cash assets acquired | 0 | 515,692 |
Total consideration paid | 0 | 515,692 |
Residential mortgage | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses - loans | 20,262 | 3,548 |
Residential mortgage portfolio segment | Residential mortgage | ||
Proceeds from maturities and other principal payments on securities: | ||
Proceeds from sale of residential mortgage loans | 36,070 | 1,409,334 |
Senior Notes | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on extinguishment of borrowings | 0 | (46) |
FHLB Borrowings | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on extinguishment of borrowings | $ 16,713 | $ 0 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | Basis of Financial Statement Presentation and Summary of Significant Accounting Policies (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 Pearl River, New York that owns all of the outstanding shares of common stock of Sterling National Bank (the “Bank”), its principal subsidiary. The Bank is a full-service regional bank specializing in the delivery of services and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers. (b) Basis of Presentation The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of the Company and all other entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies the Company follows conform, in all material respects, to accounting principles generally accepted in the United States (“GAAP”) and to general practices within the banking industry, which 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, 2019, included in our Annual Report on Form 10-K, as filed with the SEC on February 28, 2020 (the “2019 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 credit losses and the status of contingencies, and are subject to change. (d) Risks and Uncertainties - COVID-19 The global pandemic resulting from the outbreak of the novel strain of coronavirus (“COVID-19”) has negatively impacted the global economy, disrupted global supply chains, lowered equity market valuations of many entities, created significant volatility and disruption in financial markets, and increased unemployment levels. In addition, the pandemic resulted in temporary closures of many businesses and the implementation of social distancing and sheltering in place requirements in many states and communities. In particular, COVID-19 has disrupted our normal course of providing services to our clients and adversely impacted our clients. Under the the Coronavirus Aid, Relief and Economic Security (“CARES”) Act financial institutions are permitted to not classify loan modifications as troubled debt restructurings that were related to the impact of COVID-19 if the modifications were made between March 1, 2020 and the earlier of December 31, 2020 or 60 days days after the end of the public health emergency and we have granted conforming loan payment deferrals on outstanding loans totaling $466.2 million at September 30, 2020 and $1.7 billion at June 30, 2020. The continuation of economic and business disruption for an extended period could impair our client’s ability to fulfill their obligations to the Bank. We have thus far successfully managed through the impacts of the pandemic on our colleagues and business operations;however, COVID-19 could negatively impact our business and business continuity plans in the future. We are dependent on the willingness and ability of our colleagues and clients to conduct banking and other financial transactions. If the United States response to COVID-19 is unsuccessful, or results in additional impacts, it is reasonably possible that we could experience a material adverse effect on our business, financial condition, results of operations, and cash flows, including material changes to our significant estimates. While it is not possible to know the full extent that COVID-19, and resulting measures in response thereto, will have on our operations, we are disclosing potentially material items of which we are aware as of the date of this report. In particular, we have continued to review our loan and investment securities portfolios to identify specific exposures and sectors that may be more at risk or impacted by COVID-19. The majority of our loan payment deferrals highlighted above consist mainly of commercial real estate loans, equipment finance loans and residential mortgage loans. Please see Note 4. “Portfolio Loans” for details on loan payment deferrals by asset class. If the COVID-19 impact continues for an extended period, we may need to establish a valuation allowance for deferred tax assets. (e) Accounting Principle Change Effective January 1, 2020, we adopted Accounting Standards Update (“ASU”) 2016-13 “ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” , which replaced the prior incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL” or the “CECL Standard”). The measurement of expected credit losses under the CECL Standard is applicable to financial assets measured at amortized cost, including portfolio loans and investment securities classified as held-to-maturity (“HTM”). It also applies to off-balance sheet credit exposures, including loan commitments, standby letters of credit, financial guarantees and other similar instruments. In addition, the CECL Standard changes the accounting for investment securities classified as available-for-sale (“AFS”), including a requirement that estimated credit losses on AFS securities be presented as an allowance rather than as a direct write-down of the carrying balance of securities which we do not intend to sell, or believe that it is more likely than not, that we will be required to sell. We adopted the CECL Standard using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. As discussed further below, purchase credit deteriorated assets were measured on a prospective basis in accordance with the CECL Standard and all purchase credit impaired loans at December 31, 2019 were considered purchase credit deteriorated loans upon adoption. Results for reporting periods beginning after January 1, 2020 are presented under the CECL Standard while prior period amounts continue to be reported in accordance with previously applicable accounting guidance. The adoption of the CECL Standard resulted in the following adjustments to our consolidated financial statements: Change in consolidated balance sheet Tax effect Change to retained earnings from adoption of new accounting principle Allowance for credit losses (“ACL”) - loans $ 68,088 $ 18,820 $ 49,268 ACL - loans - (adjustment related to purchase credit impaired loan mark) 1 22,496 — — Total ACL - loans 90,584 18,820 49,268 ACL - HTM securities 796 220 576 ACL - off balance sheet credit exposure (recorded in other liabilities) 6,095 1,685 4,410 Total impact of CECL adoption $ 97,475 $ 20,725 $ 54,254 1 This amount represents gross-up of the balance of the amortized cost of purchase credit impaired loans that were considered purchase credit deteriorated loans on adoption of the CECL Standard. The table below presents additional details on the impact of the adoption of the CECL Standard on HTM securities, portfolio loans and off-balance sheet credit exposures as of January 1, 2020: As reported under CECL Prior to CECL Standard adoption Impact of CECL adoption Assets: ACL - HTM securities: Corporate and other $ 108 $ — $ 108 State and municipal 688 — 688 Total ACL - HTM securities 796 — 796 ACL - loans $ 196,822 106,238 $ 90,584 Liabilities: ACL - off-balance sheet credit exposures (recorded in other liabilities) $ 6,749 $ 654 $ 6,095 Under prior GAAP, our allowance for loan and lease losses (“ALLL”) was determined under the incurred loss model, using an average of actual losses incurred over the most recent three-year period and the application of qualitative factors to arrive at an allowance that represented our best estimate of probable credit losses inherent in our loan portfolio. Under the CECL Standard, our ACL is based on an estimate of all amounts that are not expected to be collected over the contractual life of the portfolio loans, which is comprised of quantitative and qualitative factors. As of December 31, 2019, a significant portion of our loans were acquired in business combination transactions that were subject to purchase accounting adjustments, which incorporated life of loan losses estimates at the date of acquisition into the estimate of the fair value of the loan. To the extent the loan continued to perform as expected since the date of acquisition, we generally did not apply amounts from our allowance for loan losses methodology to such loans. At December 31, 2019, our allowance for loan losses of $106.2 million was recorded as a valuation account against $15.4 billion of our portfolio loans. Acquired loans of $6.0 billion did not have an allowance for loan loss allocation as those loans had remaining purchase accounting adjustments. The composition of our portfolio loans at December 31, 2019 was the following: At December 31, 2019 December 31, 2019 Originated Acquired Total ALLL Commercial and industrial $ 6,982,226 $ 1,250,493 $ 8,232,719 $ 52,548 Commercial mortgage (1) 7,788,749 2,974,100 10,762,849 44,137 Residential mortgage 541,681 1,668,431 2,210,112 7,598 Consumer 121,310 113,222 234,532 1,955 Total $ 15,433,966 $ 6,006,246 $ 21,440,212 $ 106,238 (1) Commercial mortgage includes commercial real estate, multi-family and ADC loans. The increase in the ACL - loans from the adoption of the CECL Standard included the following adjustments: ALLL as of December 31, 2019 Adjustments recorded as of January 1, 2020 ACL as of January 1, 2020 CECL Day 1 PCD gross-up Commercial and industrial $ 52,548 $ 44,675 $ 6,624 $ 103,847 Commercial mortgage 44,137 21,384 1,440 66,961 Residential mortgage 7,598 942 13,162 21,702 Consumer 1,955 1,087 1,270 4,312 Total $ 106,238 $ 68,088 $ 22,496 $ 196,822 Loans designated as purchased credit impaired (“PCI”) loans and accounted for under Accounting Standards Codification (“ASC”) 310-30 were designated as purchased with credit deterioration (“PCD”) loans. In accordance with the CECL Standard, we did not reassess whether PCI loans met the criteria of PCD loans as of the date of adoption, and determined all PCI loans were PCD loans. On January 1, 2020, the amortized cost basis of PCD loans totaled $116.3 million. We recorded an increase to the balance of PCD loans and an increase to the ACL - loans of $22.5 million, which represented the expected credit losses for PCD loans. The remaining non-credit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, 2020 over the remaining estimated life of the loans. Also, in accordance with the CECL Standard, we did not reassess whether modifications to individual acquired financial assets were troubled debt restructurings (“TDRs”) as of the date of adoption. Investment Securities: Investment securities are classified as HTM and carried at amortized cost when management has the intent and ability to hold them to maturity. Investment securities not classified as HTM or trading are classified as AFS. Securities AFS are carried at fair value, with unrealized holding gains and losses reported in comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized using the level-yield method without estimating prepayments, except for mortgage-backed securities, where prepayment rates are estimated. Premiums on callable investment securities are amortized to their earliest call date. Gains and losses on sales of securities are recorded on the trade date and determined using the specific identification method. An investment security is placed on non-accrual status when management concludes it will not receive all principal and interest in a timely fashion in accordance with the terms of the security. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. At September 30, 2020 and December 31, 2019, there were no securities placed on non-accrual. ACL - HTM securities: HTM securities include residential mortgage-backed securities issued by government agencies, federal agency securities, corporate securities, state and municipal securities and other securities. We estimate expected credit losses on HTM securities individually using a discounted cash flow methodology. Our expected loss model estimates the probability of default and loss given default based on the security rating, historical loss rates by security ratings, whether the issuer continues to make timely principal and interest payments in accordance with the contractual terms of the security, and reasonable and supportable forecasts. For unrated state and municipal securities, we perform an internal credit evaluation and assign a rating to the security for ACL - HTM securities modeling purposes. The loss given default is estimated by security, and the aggregate amount results in the estimated ACL - HTM securities balance. Included in state and municipal securities at September 30, 2020 were non-rated securities of $102.9 million, which consisted mainly of short-term general obligation securities and bond anticipation notes and tax anticipation notes issued by jurisdictions in New York state. At September 30, 2020 and December 31, 2019, all of our residential mortgage-backed and federal agency securities were issued by U.S. government entities or agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by a nationally recognized statistical rating organization and have had no historical credit defaults. We expect these securities are fully collectible, as these securities are backed by the full faith and credit of, or directly guaranteed by, the U.S. Government. Accordingly, we established no ACL for such securities. Accrued interest receivable on HTM investment securities totaled $18.3 million and $16.5 million at September 30, 2020 and December 31, 2019, respectively, and is excluded from the estimate of ACL. Accrued interest receivable on HTM investment securities is included in accrued interest receivable on the consolidated balance sheets. ACL - AFS securities: For AFS securities which are in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell, the security before recovery of the amortized cost basis. If either of the criteria is met, the amortized cost basis of the security is written down to fair value through income. For AFS securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from an actual or estimated credit loss event or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, changes to the rating of the security, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss is likely, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, an ACL is recorded for the estimated credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. Changes in the ACL are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when we believe the uncollectibility of an AFS security has been confirmed or if either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on AFS securities totaled $13.6 million and $12.8 million at September 30, 2020 and December 31, 2019, respectively, and is excluded from the estimate of credit losses. Accrued interest receivable on AFS securities is included in accrued interest receivable on the consolidated balance sheets. Portfolio loans: Portfolio loans are loans we have the intent and ability to hold for the foreseeable future, or until maturity or payoff, and are reported at amortized cost. The amortized cost is the principal balance outstanding, net of purchase premiums and discounts, including purchase accounting adjustments from prior merger transactions, deferred loan fees and costs. Accrued interest receivable on portfolio loans totaled $70.5 million and $71.0 million at September 30, 2020 and December 31, 2019, respectively, and was reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. For portfolio loans with a term of one year or more, loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Generally, interest income is discontinued on portfolio loans and loans are placed on non-accrual status at the earlier of: (i) when we determine the borrower may likely be unable to meet contractual principal or interest obligations; or (ii) when the loan is 90 days delinquent unless the loan is well secured and in process of collection. Consumer loans are generally charged-off no later than 120 days past due unless the loan is in the process of collection. For other portfolio loans, when we conclude the collateral and/or debt service capacity of the borrower are insufficient to repay the loan, we charge-off the amount that is deemed uncollectible. Past due status is based on the contractual terms of the loan. All interest accrued but not received on loans placed on non-accrual is reversed against interest income. Interest received on such loans is generally accounted for under the cost-recovery method, until the loan qualifies to be returned to accrual status. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. We may elect to account for interest receipts on non-accrual loans on a cash-basis when we have determined we are in a well-secured position. Under the cash basis method, interest income is recorded when cash payments are received. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. PCD Loans: We have acquired loans through direct purchase and, more often, in merger transactions, some of which have experienced more than an insignificant credit deterioration since origination. Criteria we consider to determine whether a loan should be designated PCD includes, but is not limited to, the following: (i) loans delinquent over 60 days as of the date of acquisition; (ii) loans downgraded and rated special mention or worse as of the date of acquisition; (iii) loans on non-accrual; and (iv) loans deemed collateral dependent as of the date of acquisition. PCD loans are recorded at the purchase price paid. An ACL is determined using the same methodology as for other portfolio loans and the sum of the purchase price and ACL represents the initial amortized cost basis of the loan. The difference between the initial amortized cost basis and the par value of the loan represents either a non-credit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the ACL are recorded through provision for credit loss expense. The only loans classified as PCD as of September 30, 2020 are loans that were formerly classified as PCI loans under the incurred loss model at adoption of the CECL Standard. ACL - Loans: The ACL - loans is a valuation account that is deducted from the amortized cost basis of portfolio loans to present the net amount expected to be collected on portfolio loans over their contractual life. Loans are charged-off against the allowance when we believe the uncollectibility of a loan balance has been confirmed, and the expected recoveries do not exceed the aggregate of amounts previously charged-off or expected to be charged-off. We estimate the balance of the ACL - loans using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The methodologies for estimating the ACL - loans apply historical loss information, adjusted for current loan-specific risk characteristics such as differences in underwriting standards, portfolio composition, delinquency levels, loan terms, changes in environmental conditions such as changes in GDP, unemployment rates, credit spreads, property values, and other relevant factors, that are reasonable and supportable, to the identified financial assets for which the historical loss experience was observed. Our methodologies revert back to historical loss information at the individual macro variable level, which begins in two The ACL - loans is measured on a collective (pool) basis when similar risk characteristics exist. We measure our warehouse lending portfolio and certain consumer loans at the loan level. Generally, for all other loan types, the estimated expected credit loss is also calculated at the loan level and pool assignments are only utilized for aggregating the allowance estimates of similar loan types for financial statement disclosure purposes. We have identified the following portfolio segments and estimate our ACL - loans using the following methods: Portfolio segment ACL Methodology Risk characteristics Portfolio composition Traditional Commercial and Industrial Loss rate Actual cash flow varies from amounts estimated, changes in collateral value, business not successful Various types of secured and unsecured traditional C&I loans to small and medium-sized businesses in our market area, including loans collateralized by assets, such as accounts receivable, inventory, marketable securities, other liquid collateral, equipment and other business assets. Asset-based lending (“ABL”) Loss rate Actual cash flow varies from amounts estimated, borrower unable to collect accounts receivable or convert inventory, uncertain value of collateral Loans to mid-size businesses on a national basis. ABL loans are secured with a blanket lien on all business assets and will include direct control and supervision of accounts receivable, inventory, machinery and equipment and real estate collateral. Portfolio segment ACL Methodology Risk characteristics Portfolio composition Payroll finance Loss rate Inability to collect on accounts receivable, delays in accounts receivable turnover Financing and business process outsourcing, including full back-office, technology and tax accounting services, to independently-owned temporary staffing companies nationwide. Loans typically are structured as an advance used by our clients to fund their employee payroll and are outstanding on average for 40 to 45 days. Warehouse lending No historical losses, qualitative overlay Inability to sell underlying mortgage loan collateral into the secondary market Residential mortgage warehouse funding facilities to non-bank mortgage companies. These loans consist of a line of credit used as temporary financing during the period between the closing of a mortgage loan until its sale into the secondary market, which on average occurs 20 days of the original loan closing. Factored receivables Loss rate Inability to collect on accounts receivable, delays in accounts receivable turnover The purchase of a client’s accounts receivable is traditionally known as “factoring” and results in payment by the client of a factoring fee, which is generally a percentage of the factored receivables or sales volume, which is designed to compensate the Bank for the bookkeeping and collection services provided and, if applicable, its credit review of the client’s customer and assumption of customer credit risk. Equipment financing Loss rate Actual cash flow varies from amounts estimated, changes in collateral value Equipment financing loans are offered through direct lending programs, third-party sources and vendor programs nationally. Our equipment finance lending mainly includes full payout term loans and secured loans for various types of business equipment. Public sector finance DCF Municipal tax / revenue receipts insufficient to service debt; loss of access to capital markets Loans to state, municipal and local government entities nationally. Loans are either secured by equipment, or are obligations that are backed by the ability to levy taxes, either generally or associated with a specific project. Commercial real estate/ multi-family (“CRE”) PD/LGD for non-owner occupied and loss rate for owner occupied Actual cash flow varies from amounts estimated, changes in collateral value CRE loans secured mainly by first liens on properties, including retail properties, office buildings, nursing homes, hotels, motels or restaurants, warehouses, schools and industrial complexes. To a lesser extent, we originate CRE loans for recreation, medical use, land, gas stations, not for profit and other categories. These loans are generally secured by properties located in our primary market area. Acquisition, development and construction PD/LGD Construction costs are greater than anticipated, changes in estimated collateral value, project completion Construction loans are made in accordance with a schedule reflecting the cost of construction. Repayment of construction loans on residential subdivisions is normally expected from the sale of units to individual purchasers, except in cases of owner occupied construction loans. In the case of income-producing property, repayment is usually expected from permanent financing upon completion of construction. We provide permanent mortgage financing on most of our construction loans on income-producing property. Residential mortgage and home equity lines of credit PD/LGD Product type, conforming vs. non-conforming, interest only, converted interest only, amortizing, FICO score, LTV Residential mortgage conforming and non-conforming, fixed-rate and adjustable rate mortgage (“ARM”) loans with maturities up to 30 years. Also includes home equity lines of credit. Other consumer loans 8 quarter historical loss FICO, LTV, product type Other consumer loans consist of loans for personal use. Under the loss rate method, expected credit losses are estimated using a loss rate that is multiplied by the amortized cost of the asset at the balance sheet date. For each loan segment identified above, we apply an expected historical loss trend based on third-party loss estimates, correlate them to observed economic metrics and reasonable and supportable forecasts of economic conditions and overlay qualitative factors as determined by management. Under the discounted cash flow method, expected credit losses are determined by comparing the amortized cost of the asset at the balance sheet date to the present value of estimated future principal and interest payments expected to be collected over the remaining life of the asset. Our loss model generates cash flow projections at the loan level based on reasonable and supportable projections, from which we estimate payment collections adjusted for curtailments, recovery time, probability of default and loss given default. Under the probability of default and loss given default method, expected credit losses are calculated by multiplying the probability that the asset will default within a given time frame (“PD”) by the percentage of the asset that is not expected to be collected due to default (“LGD”), and multiplying this factor by the amortized cost of the asset at the balance sheet date. The PD and LGD are calculated based on third party historical information of loan performance, real estate prices and other factors, adjusted for current conditions and reasonable and supportable forecasts. Qualitative loss factors are based on our judgement of company, market, industry or business specific data, loan trends, changes in portfolio segment composition, delinquency and loan rating. When a foreclosure is deemed probable, we estimate the fair value of the collateral at the reporting date to record the net carrying amount of the asset and determine the ACL. When repayment is dependent upon the sale of the collateral, the fair value of the collateral is adjusted for estimated costs to sell. If repayment depends on the operation, rather than the sale, of the collateral, an estimate for cost to sell is not included in the fair value of the collateral. Determining the Contractual Term: Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayment rates when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: we have a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower, or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by us. TDRs: A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a TDR. The ACL on a TDR is measured using the same method as all other portfolio loans, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the ACL is determined by discounting the expected future cash flows at the original interest rate of the loan. ACL on Off-Balance Sheet Credit Exposures: We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation, unless that obligation is unconditionally cancellable by us. The ACL on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Generally, expected credit losses on commitments is based on historical losses on similar portfolio segments, economic conditions, and qualitative factors. Our off-balance sheet credit exposures include mainly loan origination commitments on construction loans, unused committed lines on traditional commercial and industrial loans, asset-based lending loans, equipment finance loans, warehouse lending loans, and standby and performance-based letters of credit. See Note 15 “Commitments and Contingencies” for additional information. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Equipment finance loan and lease portfolio and origination platform acquired from Santander Bank (“Santander”) On November 29, 2019, the Bank acquired an equipment finance loan and lease portfolio consisting of equipment finance loans, sales-type leases and operating leases from Santander (the “Santander Portfolio Acquisition”). In addition, the Bank obtained relationship management and business development personnel who will continue to manage the acquired loan and lease portfolio and originate new loans and leases. The total consideration paid in cash at closing was $846.1 million. We acquired $764.0 million of equipment finance loans and leases (classified as portfolio loans on the consolidated balance sheets), and $74.8 million of operating leases (classified as other assets on the consolidated balance sheets). The fair value of these loans and leases was $820.1 million at the time of acquisition. The Bank paid a premium of 0.75% on the unpaid principal balance of the loans or $6.3 million. The transaction was accounted for as a business combination. We recorded a $5.1 million restructuring charge consisting mainly of 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 business line. 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 $515.7 million. We acquired $166.1 million of equipment finance loans, and $331.8 million of asset-based lending loans, which are mainly variable rate loans. The fair value of these loans and leases was $471.9 million at the time of acquisition. The Bank paid a premium of 3.75% on the unpaid principal balance of the loans or $18.7 million. The transaction was accounted for as a business combination. We recorded a $3.3 million restructuring charge consisting mainly of severance, retention, systems integration expense and facilities consolidation, which is included in charge for asset write-downs, retention and severance on the consolidated income statements. The acquired loans and origination platform have been fully integrated into our asset-based lending and equipment finance business lines. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The following table summarizes our securities as of September 30, 2020, including a summary of the amortized cost fair value and allowance for credit losses related to HTM securities and the amortized cost, fair value of AFS securities. The terms “MBS” refers to mortgage-backed securities and the term “CMOs” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 16. “Fair Value Measurements”: September 30, 2020 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair Allowance for credit losses Residential MBS: Agency-backed $ 978,196 $ 50,269 $ (16) $ 1,028,449 $ 124,448 $ 4,650 $ — $ 129,098 $ — CMOs/Other MBS 399,672 23,283 — 422,955 — — — — — Total residential MBS 1,377,868 73,552 (16) 1,451,404 124,448 4,650 — 129,098 — Other securities: Federal agencies 140,071 6,686 — 146,757 39,716 1,093 — 40,809 — Corporate 405,979 22,658 (1,557) 427,080 19,865 626 — 20,491 70 State and municipal 375,671 18,781 (235) 394,217 1,586,612 111,539 (91) 1,698,060 1,384 Other — — — — 12,750 20 (109) 12,661 45 Total other securities 921,721 48,125 (1,792) 968,054 1,658,943 113,278 (200) 1,772,021 1,499 Total securities $ 2,299,589 $ 121,677 $ (1,808) $ 2,419,458 $ 1,783,391 $ 117,928 $ (200) $ 1,901,119 $ 1,499 A summary of amortized cost and estimated fair value of securities as of December 31, 2019 is presented below: December 31, 2019 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair Residential MBS: Agency-backed $ 1,595,766 $ 20,385 $ (1,032) $ 1,615,119 $ 168,743 $ 1,827 $ (75) $ 170,495 CMOs/Other MBS 508,217 4,104 (44) 512,277 — — — — Total residential MBS 2,103,983 24,489 (1,076) 2,127,396 168,743 1,827 (75) 170,495 Other securities: Federal agencies 196,809 4,582 (253) 201,138 59,475 822 — 60,297 Corporate 307,050 13,917 (45) 320,922 19,904 415 — 20,319 State and municipal 435,213 11,321 (342) 446,192 1,718,789 70,530 (134) 1,789,185 Other — — — — 12,750 147 (2) 12,895 Total other securities 939,072 29,820 (640) 968,252 1,810,918 71,914 (136) 1,882,696 Total securities $ 3,043,055 $ 54,309 $ (1,716) $ 3,095,648 $ 1,979,661 $ 73,741 $ (211) $ 2,053,191 The amortized cost and estimated fair value of securities at September 30, 2020 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, 2020 Available for sale Held to maturity Amortized Fair Amortized Fair Remaining period to contractual maturity: One year or less $ 1,961 $ 1,964 $ 23,732 $ 23,943 One to five years 186,912 199,110 103,657 108,308 Five to ten years 444,411 464,651 340,566 365,042 Greater than ten years 288,437 302,329 1,190,988 1,274,728 Total securities with a stated maturity date 921,721 968,054 1,658,943 1,772,021 Residential MBS 1,377,868 1,451,404 124,448 129,098 Total securities $ 2,299,589 $ 2,419,458 $ 1,783,391 $ 1,901,119 Sales and calls of securities for the periods indicated below were as follows: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Available for sale: Proceeds from sales $ 24,940 $ 647,485 $ 484,934 $ 1,386,236 Gross realized gains — 7,815 8,964 12,170 Gross realized losses (128) (933) (195) (19,000) Income tax expense (benefit) on realized net gains / (losses) (27) 1,445 1,841 (1,434) Proceeds from calls $ 34,839 $ — $ 174,616 $ — Gross realized gains — — 4,909 — Gross realized losses — — (29) — Income tax expense on realized net gains — — 610 — Held to maturity (1) : Proceeds from sales $ 93,036 $ — $ 93,036 $ — Gross realized gains 1,809 — 1,809 — Gross realized losses (1,039) — (1,039) — Income tax expense (benefit) on realized net gains / (losses) 162 — 162 — (1) In the three months ended September 30, 2020, we sold $93.0 million of state and municipal securities that were classified held to maturity at June 30, 2020. Management evaluated the issuer and individual securities and determined that the issuer had demonstrated significant deterioration in its creditworthiness since the acquisition date. 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 HTM to AFS 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 MBS, and debt securities that are callable by the issuer, which are applicable to many of our state and municipal debt securities. We transferred HTM securities with a book value of $720.4 million and a fair value of $708.6 million at December 31, 2018 to AFS effective January 1, 2019. In the first quarter of 2019, we sold securities with a book value of $751.9 million to raise liquidity for the Woodforest Acquisition, and to reduce lower yielding securities as a percentage of total assets. At September 30, 2020 and December 31, 2019, 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 AFS securities with unrealized losses in an unrealized loss position for which an ACL has not been recorded at September 30, 2020 and December 31, 2019 aggregated by major security type and length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair Unrealized losses Fair Unrealized losses Fair Unrealized losses AFS September 30, 2020 Residential MBS: Agency-backed $ — $ — $ 1,994 $ (16) $ 1,994 $ (16) Other securities: Corporate 81,760 (1,518) 1,991 (39) 83,751 (1,557) State and municipal 2,651 (27) 13,551 (208) 16,202 (235) Total other securities 84,411 (1,545) 15,542 (247) 99,953 (1,792) Total securities $ 84,411 $ (1,545) $ 17,536 $ (263) $ 101,947 $ (1,808) December 31, 2019 Residential MBS: Agency-backed $ 98,350 $ (317) $ 108,052 $ (715) $ 206,402 $ (1,032) CMOs/Other MBS — — 5,916 (44) 5,916 (44) Total residential MBS 98,350 (317) 113,968 (759) 212,318 (1,076) Other securities: Federal agencies 39,573 (253) — — 39,573 (253) Corporate — — 12,006 (45) 12,006 (45) State and municipal 12,795 (94) 14,651 (248) 27,446 (342) Total other securities 52,368 (347) 26,657 (293) 79,025 (640) Total securities $ 150,718 $ (664) $ 140,625 $ (1,052) $ 291,343 $ (1,716) The adoption of CECL did not have an impact on our accounting for AFS securities. We regularly review AFS securities for impairment resulting from credit losses using both qualitative and quantitative criteria based on the composition of the portfolio at each reporting period. Unrealized losses on corporate and state and municipal securities have not been recognized into income because the issuers are of high credit quality, we do not intend to sell and it is likely that we will not be required to sell the securities prior to their anticipated recovery. The decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the securities. The fair value is expected to recover as the securities approach maturity. At September 30, 2020, a total of 22 AFS securities were in a continuous unrealized loss position for less than 12 months and 77 AFS securities were in a continuous unrealized loss position for 12 months or longer. The following table summarizes securities HTM 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 Unrecognized losses Fair Unrecognized losses Fair Unrecognized losses HTM September 30, 2020 Other securities: State and municipal $ — $ — $ 6,614 $ (91) $ 6,614 $ (91) Other 12,391 (109) — — 12,391 (109) Total securities $ 12,391 $ (109) $ 6,614 $ (91) $ 19,005 $ (200) December 31, 2019 Residential MBS: Agency-backed $ 39,732 $ (69) $ 1,598 $ (6) $ 41,330 $ (75) Other securities: State and municipal 177 (2) 8,258 (132) 8,435 (134) Other 9,998 (2) — — 9,998 (2) Total other securities 10,175 (4) 8,258 (132) 18,433 (136) Total securities $ 49,907 $ (73) $ 9,856 $ (138) $ 59,763 $ (211) The following table presents the activity in the ACL - HTM securities by type of security for the nine month period ended September 30, 2020: Type of security Corporate and Other State and municipal ACL - HTM: Balance at December 31, 2019 $ — $ — Impact of adoption on January 1, 2020 108 688 Provision for credit loss expense recorded in the nine months ended September 30, 2020 7 696 Total ACL - HTM at September 30, 2020 $ 115 $ 1,384 The ACL - HTM securities was estimated using a discounted cash flow approach. We discounted the expected cash flows using the effective interest rate inherent in the security. For floating rate securities, we projected interest rates using forward interest rate curves. We review the term structures for probability of default, probability of prepayment and loss given default. We estimate a reasonable and supportable term of three years, which was supported by our back testing process. Credit Quality Indicators We monitor the credit quality of HTM investment securities through the use of credit ratings, internal reviews and analysis of financial information and other data, and external reviews from a third-party vendor. We monitor credit quality indicators at least quarterly, and all credit ratings were updated and reviewed as of September 30, 2020. At September 30, 2020, a total of three HTM securities were in a continuous unrealized loss position for less than 12 months and 38 HTM securities were in a continuous unrealized loss position for 12 months or longer. The following table summarizes the amortized cost of HTM securities at September 30, 2020 aggregated by credit quality indicator: Credit Rating: Corporate and other State and municipal AAA $ — $ 1,110,614 AA 12,750 283,100 A — 89,952 Non-rated 19,865 102,946 Total $ 32,615 $ 1,586,612 The majority of state and municipal securities had a rating of A or greater at September 30, 2020. State and municipal securities consist mainly of securities issued by jurisdictions located in the state of New York and securities issued by other states. The non-rated state and municipal securities consist of general obligation securities and short-term bond anticipation notes and tax anticipation notes issued by municipalities in the state of New York. A security is considered to be delinquent once it is 30 days past due under the terms of the agreement. There were no past due securities and there were no securities on non-accrual at September 30, 2020. 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, 2020 2019 AFS securities pledged for borrowings, at fair value $ 35,223 $ 22,678 AFS securities pledged for municipal deposits, at fair value 823,428 866,020 HTM securities pledged for borrowings, at amortized cost — 483 HTM securities pledged for municipal deposits, at amortized cost 1,502,359 1,432,909 Total securities pledged $ 2,361,011 $ 2,322,090 |
Portfolio Loans
Portfolio Loans | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Portfolio Loans | Portfolio Loans At and prior to December 31, 2019, portfolio loans were accounted for under the incurred loss model. On January 1, 2020, portfolio loans began to be accounted for under the expected loss model. Accordingly, some of the information presented below is not comparable from period to period. See Note 1. “Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - (e) Accounting Principle Change” for additional information. The composition of our total portfolio loans, which excludes loans held for sale, was the following for the periods presented below: September 30, 2020 December 31, 2019 Commercial: Commercial & Industrial (“C&I”): Traditional C&I $ 3,318,629 $ 2,355,031 Asset-based lending 875,338 1,082,618 Payroll finance 133,976 226,866 Warehouse lending 1,706,340 1,330,884 Factored receivables 209,982 223,638 Equipment financing 1,567,879 1,800,564 Public sector finance 1,519,573 1,213,118 Total C&I 9,331,717 8,232,719 Commercial mortgage: Commercial real estate (“CRE”) 5,779,695 5,418,648 Multi-family 4,597,587 4,876,870 Acquisition, development and construction (“ADC”) 633,166 467,331 Total commercial mortgage 11,010,448 10,762,849 Total commercial 20,342,165 18,995,568 Residential mortgage 1,739,563 2,210,112 Consumer 200,212 234,532 Total portfolio loans 22,281,940 21,440,212 Allowance for credit losses (325,943) (106,238) Total portfolio loans, net $ 21,955,997 $ 21,333,974 Portfolio loans are shown at amortized cost, which includes deferred fees, deferred costs and purchase accounting adjustments, which were $36.8 million at September 30, 2020 and $79.6 million at December 31, 2019. The balance of portfolio loans excludes accrued interest receivable. Included in traditional C&I loans at September 30, 2020, were $649.0 million principal balance of loans originated under the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”). The CARES Act authorized the SBA to temporarily guarantee loans under a new 7(a) loan program, the PPP. These loans are 100% guaranteed by the SBA and the full principal amount of the loan may qualify for forgiveness. The loans we originated have a maturity of two years, an interest rate of 1.00% and loan payments are deferred for the initial nine months. Some of these loans have been pledged as collateral on borrowings under the FRB Paycheck Protection Program Lending Facility. See Note 8. “Borrowings” for additional information. In the three months ended September 30, 2020, we sold the majority of our non-performing residential mortgage loans which had a carrying value of $53.2 million and our remaining small balance transportation finance loans which had a carrying value of $106.2 million. In the first quarter of 2020, we sold a portion of our small balance transportation finance portfolio which had a carrying value of $95.2 million. At September 30, 2020 and December 31, 2019, the Bank pledged residential mortgage and CRE loans of $6.9 billion and $7.7 billion, respectively, to the FHLB as collateral for certain borrowing arrangements. See Note 8. “Borrowings”. Portfolio loans: An analysis of the aging of portfolio loans, segregated by loan type as of September 30, 2020, is presented below: September 30, 2020 Current 30-59 60-89 90+ Total Traditional C&I $ 3,279,520 $ 13,786 $ 9,085 $ 16,238 $ 3,318,629 Asset-based lending 875,338 — — — 875,338 Payroll finance 133,976 — — — 133,976 Warehouse lending 1,706,340 — — — 1,706,340 Factored receivables 207,912 — — 2,070 209,982 Equipment financing 1,520,596 14,593 7,771 24,919 1,567,879 Public sector finance 1,519,573 — — — 1,519,573 CRE 5,733,189 7,916 24,821 13,769 5,779,695 Multi-family 4,583,281 6,368 3,971 3,967 4,597,587 ADC 602,732 — — 30,434 633,166 Residential mortgage 1,716,606 9,455 1,612 11,890 1,739,563 Consumer 188,073 1,900 322 9,917 200,212 Total loans $ 22,067,136 $ 54,018 $ 47,582 $ 113,204 $ 22,281,940 Total TDRs included above $ 60,799 $ 269 $ 24,270 $ 7,928 $ 93,266 Non-performing loans: Loans 90+ days past due and still accruing $ 56 Non-accrual loans 180,795 Total non-performing loans $ 180,851 The following table represents an analysis of the aging of portfolio loans, segregated by loan type as of December 31, 2019: December 31, 2019 Current 30-59 60-89 90+ Non- Total Traditional C&I $ 2,324,737 $ 961 $ 2,075 $ 110 $ 27,148 $ 2,355,031 Asset-based lending 1,077,652 — — — 4,966 1,082,618 Payroll finance 217,470 — — — 9,396 226,866 Warehouse lending 1,330,884 — — — — 1,330,884 Factored receivables 223,638 — — — — 223,638 Equipment financing 1,739,772 15,678 12,064 — 33,050 1,800,564 Public sector finance 1,213,118 — — — — 1,213,118 CRE 5,391,483 762 190 — 26,213 5,418,648 Multi-family 4,872,379 1,078 13 — 3,400 4,876,870 ADC 466,826 71 — — 434 467,331 Residential mortgage 2,129,840 17,904 93 — 62,275 2,210,112 Consumer 220,372 1,988 3 — 12,169 234,532 Total loans $ 21,208,171 $ 38,442 $ 14,438 $ 110 $ 179,051 $ 21,440,212 Total TDRs included above $ 49,260 $ 547 $ — $ — $ 25,849 $ 75,656 Non-performing loans: Loans 90+ days past due and still accruing $ 110 Non-accrual loans 179,051 Total non-performing loans $ 179,161 The following table presents the amortized cost basis of collateral-dependent loans by loan type and collateral as of September 30, 2020: Collateral type Real estate Business assets Equipment Taxi medallions Total Traditional C&I $ 437 $ — $ 6,844 $ 9,632 $ 16,913 Asset-based lending — 12,349 — — 12,349 Factored receivables — 2,069 — — 2,069 Equipment finance — — 10,421 — 10,421 CRE 61,934 — — — 61,934 Multi-family 16,227 — — — 16,227 ADC 30,434 — — — 30,434 Residential mortgage 5,017 — — — 5,017 Consumer 7,534 — — — 7,534 Total $ 121,583 $ 14,418 $ 17,265 $ 9,632 $ 162,898 There were no payroll finance, warehouse lending, or public sector finance loans that were collateral-dependent at September 30, 2020. Collateral-dependent loans include all loans that were TDRs at September 30, 2020. In the table above, $123.5 million of the total loans were on non-accrual at September 30, 2020. Business assets that secure traditional C&I and asset-based lending loans generally include accounts receivable, inventory, machinery and equipment. The following table provides additional information on our non-accrual loans and loans 90 days past due at September 30, 2020: September 30, 2020 Total Non-accrual Loans Non-accrual loans with no ACL Loans 90 days or more past due still accruing interest Traditional C&I $ 21,469 $ 11,121 $ 23 Asset-based lending 6,055 6,055 — Payroll finance 64 — — Factored receivables 2,070 2,070 — Equipment financing 32,488 10,421 33 CRE 54,382 22,875 — Multi-family 10,260 8,438 — ADC 30,434 434 — Residential mortgage 13,334 1,612 — Consumer 10,239 897 — Total $ 180,795 $ 63,923 $ 56 There were no warehouse lending or public sector fiance loans that were non-accrual or 90 days past due at September 30, 2020. When the ultimate collectability of the total principal of a 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 a 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, 2020 and December 31, 2019, the recorded investment of residential mortgage loans that were in the process of foreclosure was $3.4 million and $38.0 million, respectively, which is included in non-accrual residential mortgage loans above. The following table provides information on accrued interest receivable that was reversed against interest income for the three and nine months ended September 30, 2020: Interest reversed For the three months ended For the nine months ended September 30, 2020 September 30, 2020 Traditional C&I $ 12 $ 61 Asset-based lending — 67 CRE 609 897 Multi-family 14 125 ADC — 297 Residential mortgage 111 290 Consumer 15 22 Total interest reversed $ 761 $ 1,759 The following table sets forth loans evaluated for impairment by segment and the allowance for loan losses evaluated by segment at December 31, 2019: Loans evaluated by segment Allowance evaluated by segment Individually Collectively PCI loans Total Individually Collectively Total allowance for loan losses Traditional C&I $ 29,838 $ 2,320,256 $ 4,937 $ 2,355,031 $ — $ 15,951 $ 15,951 Asset-based lending 4,684 1,064,275 13,659 1,082,618 — 14,272 14,272 Payroll finance 9,396 217,470 — 226,866 — 2,064 2,064 Warehouse lending — 1,330,884 — 1,330,884 — 917 917 Factored receivables — 223,638 — 223,638 — 654 654 Equipment financing 4,971 1,794,036 1,557 1,800,564 — 16,723 16,723 Public sector finance — 1,213,118 — 1,213,118 — 1,967 1,967 CRE 39,882 5,358,023 20,743 5,418,648 — 27,965 27,965 Multi-family 11,159 4,860,246 5,465 4,876,870 — 11,440 11,440 ADC — 467,331 — 467,331 — 4,732 4,732 Residential mortgage 6,364 2,140,650 63,098 2,210,112 — 7,598 7,598 Consumer 2,731 224,986 6,815 234,532 — 1,955 1,955 Total portfolio loans $ 109,025 $ 21,214,913 $ 116,274 $ 21,440,212 $ — $ 106,238 $ 106,238 The following table presents loans individually evaluated for impairment, excluding PCI loans, by segment of loans at December 31, 2019: December 31, 2019 Unpaid principal balance Recorded investment Loans with no related allowance recorded: Traditional C&I $ 39,595 $ 29,838 Asset-based lending 16,181 4,684 Payroll finance 9,396 9,396 Equipment financing 6,409 4,971 CRE 44,526 39,882 Multi-family 11,491 11,159 Residential mortgage 7,728 6,364 Consumer 2,928 2,731 Total $ 138,254 $ 109,025 Our policy generally requires a charge-off of the difference between the present value of the cash flows or the net value of the collateral securing the loan and our recorded investment. As a result, there were no impaired loans with an allowance recorded at December 31, 2019. Short-term Loan Deferrals Under the CARES Act, financial institutions are permitted to not classify loan modifications that were related to the impact of COVID-19 if: • The modifications were made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after the end of the public health emergency, and • The underlying loans were not more than 30 days past due as of December 31, 2019. We implemented a loan modification program in accordance with the CARES Act to provide temporary relief to borrowers that meet the requirements. The program allows for deferral of payments for up to 90 days, which we may extend for an additional 90 days at our option. The deferred payments and accrued interest during the deferral period are due and payable on or before the maturity of the loan. At September 30, 2020, we have temporary deferrals on 890 loans with an outstanding balance of $466.2 million. There was $10.3 million of accrued interest associated with these loans. Under the provisions of the CARES Act, none of these loans were considered a troubled debt restructuring (“TDR”) at September 30, 2020. The table below reflects the balance of deferrals by portfolio: Non-pass rated loans Loan balance outstanding Deferral of principal and interest % Special mention Substandard Commercial C&I: Traditional C&I $ 3,318,629 $ 23,240 0.7 % $ 1,075 $ 12,541 Asset-based lending 875,338 — — — — Payroll finance 133,976 — — — — Warehouse lending 1,706,340 — — — — Factored receivables 209,982 — — — — Equipment finance 1,567,879 76,744 4.9 5,281 7,805 Public sector finance 1,519,573 — — — — Total C&I 9,331,717 99,984 1.1 6,356 20,346 Commercial mortgage: Commercial real estate 5,779,695 139,627 2.4 8,620 7,603 Multi-family 4,597,587 38,502 0.8 — 7,332 ADC 633,166 — — — — Total commercial mortgage 11,010,448 178,129 1.6 8,620 14,935 Total commercial 20,342,165 278,113 1.4 14,976 35,281 Residential 1,739,563 175,601 10.1 — 180 Consumer 200,212 12,436 6.2 — — Total Portfolio loans $ 22,281,940 $ 466,150 2.1 % $ 14,976 $ 35,461 TDRs At September 30, 2020 and December 31, 2019, TDRs were $93.3 million and $75.7 million, respectively. ACL - loans o f $3.1 million at September 30, 2020 and an allowance for loan losses of $2.3 million at December 31, 2019 were related to TDRs. We did not have any outstanding commitments to lend additional amounts to customers with loans classified as TDRs as of September 30, 2020 or December 31, 2019. The modification of the terms of loans that were subject to a TDR in the nine months ended September 30, 2020 and September 30, 2019 consisted mainly of an extension of a loan maturity date, converting a loan to interest only for a defined period of time, deferral of interest payments, waiver of certain covenants, or reducing collateral requirements or interest rates. The following table presents loans by segment modified as TDRs that occurred during the first nine months of 2020 and 2019: September 30, 2020 September 30, 2019 Recorded investment Recorded investment Number Pre- Post- Number Pre- Post- Traditional C&I — $ — $ — 1 $ 5,026 $ 5,026 Asset-based lending 2 10,553 9,822 — — — Equipment financing 1 1,027 773 6 5,874 5,039 CRE 1 24,270 24,270 — — — Residential mortgage — — — 3 1,274 1,274 Total TDRs 4 $ 35,850 $ 34,865 10 $ 12,174 $ 11,339 During the nine months ended September 30, 2020, there were three equipment finance loans, two CRE loans, two residential mortgage loans and two consumer loans that were designated as a TDR that experienced payment defaults within the twelve months following the modification, which totaled $17.1 million. During the nine months ended September 30, 2019, except for certain TDRs that are included in non-accrual loans, there was one TDR 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 on a scheduled payment. TDRs are formal loan modifications which consist mainly of an extension of the loan maturity date, converting a loan to interest only for some defined period of time, deferral of interest payments, waiver of certain covenants, or reducing collateral requirements or interest rates. TDRs during the periods presented above did not significantly impact the determination of the ACL - loans. TDRs that subsequently defaulted described above increased the ACL b y $5.8 million |
Allowance for Credit Losses - L
Allowance for Credit Losses - Loans | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Allowance for Credit Losses - Loans | Allowance for Credit Losses - Loans Activity in our ACL - loans for the three months ended September 30, 2020 is summarized in the table below: For the three months ended September 30, 2020 Beginning Charge-offs Recoveries Net Provision / (credit) Ending balance Traditional C&I $ 44,514 $ (1,089) $ 677 $ (412) $ (4,429) $ 39,673 Asset-based lending 30,853 (1,297) — (1,297) (3,602) 25,954 Payroll finance 1,931 — 262 262 242 2,435 Warehouse lending 668 — — — 838 1,506 Factored receivables 10,586 (6,893) 185 (6,708) 1,266 5,144 Equipment financing 78,172 (42,128) 816 (41,312) (1,315) 35,545 Public sector finance 3,765 — — — 419 4,184 CRE 98,905 (3,650) — (3,650) 29,008 124,263 Multi-family 36,652 — — — 3,056 39,708 ADC 18,195 — — — (350) 17,845 Residential mortgage 33,955 (17,353) — (17,353) 6,235 22,837 Consumer 7,293 (97) 21 (76) (368) 6,849 Total ACL - loans $ 365,489 $ (72,507) $ 1,961 $ (70,546) $ 31,000 $ 325,943 Annualized net charge-offs to average loans outstanding: 1.27 % For the three months ended September 30, 2020, charge-offs on equipment financing loans included $40.4 million of charge-offs recorded on the sale of $106.2 million small balance transportation finance loans. Residential mortgage charge-offs included $17.1 million o charge-offs recorded on the sale of $53.2 million of non-performing residential mortgage loans. These loans were held in portfolio loans prior to sale, and the charge-offs were required to reduce the carrying value of the loans to fair value and were subsequently transferred to held for sale. The table below presents the allowance for loan losses roll forward for the three months ended September 30, 2019 under the former incurred loss methodology. For the three months ended September 30, 2019 Beginning Charge-offs Recoveries Net 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 % The table below presents the ACL - loans roll forward for the nine months ended September 30, 2020. The CECL Day 1 column presents adjustments recorded through retained earnings to adopt the CECL standard and the increase to ACL - loans associated with purchase accounting marks on loans that were classified as PCI at December 31, 2019. For the nine months ended September 30, 2020 Beginning CECL Day 1 Charge-offs Recoveries Net Provision/ (credit) Ending balance Traditional C&I $ 15,951 $ 5,325 $ (5,375) $ 1,268 $ (4,107) $ 22,504 $ 39,673 Asset-based lending 14,272 11,973 (3,782) — (3,782) 3,491 25,954 Payroll finance 2,064 1,334 (560) 272 (288) (675) 2,435 Warehouse lending 917 (362) — — — 951 1,506 Factored receivables 654 795 (10,631) 190 (10,441) 14,136 5,144 Equipment financing 16,723 33,000 (54,784) 2,308 (52,476) 38,298 35,545 Public sector finance 1,967 (766) — — — 2,983 4,184 CRE 27,965 8,037 (4,936) 644 (4,292) 92,553 124,263 Multi-family 11,440 14,906 (154) 1 (153) 13,515 39,708 ADC 4,732 (119) (4) 105 101 13,131 17,845 Residential mortgage 7,598 14,104 (19,127) — (19,127) 20,262 22,837 Consumer 1,955 2,357 (1,674) 1,177 (497) 3,034 6,849 Total ACL - loans $ 106,238 $ 90,584 $ (101,027) $ 5,965 $ (95,062) $ 224,183 $ 325,943 Annualized net charge-offs to average loans outstanding: 0.58 % On January 1, 2020, we adopted CECL, which replaced the incurred loss method we used in prior periods for determining the provision for credit losses and the ACL. Under CECL, we record at the inception of the loan an expected loss of all cash flows we do not expect to collect over the life of the loan. The adoption of CECL resulted in an increase in our ACL of $90.6 million, which did not impact our consolidated income statements. We recorded provision for credit losses - loans of $224.2 million for the nine months ended September 30, 2020. The table below presents the allowance for loan losses roll forward for the nine months ended September 30, 2019 under the former incurred loss methodology. 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 % 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 thousand. 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, 2020 and December 31, 2019, the risk category of non-pass rated loans by segment was as follows: September 30, 2020 December 31, 2019 Special Mention Substandard Special Mention Substandard Traditional C&I $ 16,692 $ 58,532 $ 8,403 $ 39,470 Asset-based lending 69,597 40,620 78,445 24,508 Payroll finance — 64 437 17,156 Factored receivables — 2,242 — — Equipment financing 10,540 50,293 25,897 42,503 CRE 95,760 125,902 26,363 79,992 Multi-family 9,648 39,711 18,463 16,247 ADC 1,845 34,108 1,855 505 Residential mortgage 169 13,618 93 62,771 Consumer 16 10,337 20 12,276 Total $ 204,267 $ 375,427 $ 159,976 $ 295,428 At September 30, 2020 and December 31, 2019, there were no loans rated doubtful or loss and there were no warehouse lending or public sector finance loans rated special mention or substandard. We evaluate whether a modification, extension or renewal of a loan is a current period origination in accordance with GAAP. Generally, loans up for renewal are subject to a full credit evaluation before the renewal is granted and such loans are considered current period originations for purposes of the table below. At September 30, 2020, our loans based on year of origination and risk designation is as follows: Term loans amortized cost basis by origination year Revolving loans converted to term 2020 2019 2018 2017 2016 Prior Revolving loans Total Traditional C&I Pass $ 819,813 $ 297,133 $ 310,452 $ 142,012 $ 87,538 $ 146,517 $ 1,439,940 $ — $ 3,243,405 Special mention — 529 3,151 2,454 1,950 3,119 5,489 — 16,692 Substandard 209 14,449 6,236 4,668 — 11,691 21,279 — 58,532 Total traditional C&I 820,022 312,111 319,839 149,134 89,488 161,327 1,466,708 — 3,318,629 Asset-Based Loans Pass 2,142 3,098 3,100 29,536 32,404 537 694,304 — 765,121 Special mention 8,177 482 89 3,976 3,041 — 53,832 — 69,597 Substandard — — — — 1,211 733 38,676 — 40,620 Total asset-based lending 10,319 3,580 3,189 33,512 36,656 1,270 786,812 — 875,338 Payroll Finance Pass — — 10,250 — — — 123,662 — 133,912 Special mention — — — — — — — — — Substandard — — — — — — 64 — 64 Total payroll finance — — 10,250 — — — 123,726 — 133,976 Warehouse Lending Pass 134,663 90,852 254,398 201,962 435,815 588,650 — — 1,706,340 Special mention — — — — — — — — — Substandard — — — — — — — — — Total warehouse lending 134,663 90,852 254,398 201,962 435,815 588,650 — — 1,706,340 Factored Receivables Pass — — — — — — 207,740 — 207,740 Special mention — — — — — — — — — Substandard — — — — — — 2,242 — 2,242 Total factored receivables — — — — — — 209,982 — 209,982 Equipment Financing Pass 358,008 587,408 280,915 136,859 90,104 53,752 — — 1,507,046 Special mention — 3,139 2,592 3,785 168 856 — — 10,540 Substandard 462 27,089 9,959 8,740 1,792 2,251 — — 50,293 Total equipment financing 358,470 617,636 293,466 149,384 92,064 56,859 — — 1,567,879 Public Sector Finance Pass 348,324 412,572 211,884 290,358 184,240 72,195 — — 1,519,573 Special mention — — — — — — — — — Substandard — — — — — — — — — Total public sector finance 348,324 412,572 211,884 290,358 184,240 72,195 — — 1,519,573 CRE Pass 784,358 1,379,045 980,971 571,134 596,842 1,245,683 — — 5,558,033 Special mention 18,952 1,165 17,926 9,023 17,958 30,736 — — 95,760 Substandard 12,377 16,495 19,666 908 409 76,047 — — 125,902 Total CRE 815,687 1,396,705 1,018,563 581,065 615,209 1,352,466 — — 5,779,695 Multi-family Pass 265,801 750,751 451,613 662,442 674,011 1,651,519 92,091 — 4,548,228 Special mention — — — — — 8,495 1,153 — 9,648 Substandard — — — — 4,537 35,174 — — 39,711 Total multi-family 265,801 750,751 451,613 662,442 678,548 1,695,188 93,244 — 4,597,587 ADC Pass 105,696 255,902 123,008 68,240 23,449 20,918 — — 597,213 Special mention — — — 1,845 — — — — 1,845 Substandard — — — 33,674 — 434 — — 34,108 Total ADC 105,696 255,902 123,008 103,759 23,449 21,352 — — 633,166 Residential Pass 4,336 11,972 42,063 50,937 127,956 1,488,512 — — 1,725,776 Special mention — — — — — 169 — — 169 Substandard — — 260 — 262 13,096 — — 13,618 Total residential 4,336 11,972 42,323 50,937 128,218 1,501,777 — — 1,739,563 Consumer Pass 73 426 509 345 135 5,684 114,728 67,959 189,859 Special mention — — — — — — 16 — 16 Substandard — — — — — 396 3,008 6,933 10,337 Total consumer 73 426 509 345 135 6,080 117,752 74,892 200,212 Total Loans $ 2,863,391 $ 3,852,507 $ 2,729,042 $ 2,222,898 $ 2,283,822 $ 5,457,164 $ 2,798,224 $ 74,892 $ 22,281,940 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 Goodwill $ 1,683,482 $ 1,683,482 Other intangible assets: Core deposits $ 73,837 $ 85,922 Customer lists 3,427 3,942 Trade name 20,500 20,500 Total $ 97,764 $ 110,364 Impairment of goodwill and other intangible assets may exist when the carrying value of goodwill exceeds its fair value. During the quarter ended June 30, 2020, due to macroeconomic and other factors, we concluded a quantitative evaluation of goodwill was required to determine if it was more likely than not that goodwill and other intangible assets were impaired. If the carrying amount of the goodwill exceeds the fair value of goodwill, an impairment loss is recognized in an amount equal to that excess. We engaged an independent third-party to perform a quantitative goodwill impairment test. The third-party relied mainly on a discounted cash flow analysis to estimate fair value, which was approximately 10% greater than carrying value. If we deem our intangible assets to be impaired, in the future, a non-cash charge for the amount of such impairment would be recorded to earnings and would have no impact on tangible capital or our regulatory capital ratios. The decrease in other intangible assets at September 30, 2020 compared to December 31, 2019 was due to amortization of intangibles. The estimated aggregate future amortization expense for intangible assets remaining as of September 30, 2020 was as follows: Amortization expense Remainder of 2020 $ 4,200 2021 15,104 2022 13,703 2023 12,322 2024 10,448 2025 8,722 Thereafter 12,765 Total $ 77,264 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2020 | |
Deposits [Abstract] | |
Deposits | Deposits Deposit balances at September 30, 2020 and December 31, 2019 were as follows: September 30, December 31, 2020 2019 Non-interest bearing demand $ 5,874,554 $ 4,304,943 Interest bearing demand 4,730,335 4,427,012 Savings 2,643,979 2,652,764 Money market 8,616,506 7,585,888 Certificates of deposit 2,389,959 3,448,051 Total deposits $ 24,255,333 $ 22,418,658 Total municipal deposits, which are included in the deposit balances above, were $2.4 billion and $2.0 billion at September 30, 2020 and December 31, 2019, 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, 2020 and December 31, 2019 were as follows: September 30, December 31, 2020 2019 Interest bearing demand $ 144,831 $ 149,566 Money market 1,166,929 944,627 Certificates of deposit 263,027 772,251 Total brokered deposits $ 1,574,787 $ 1,866,444 |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2020 | |
Debt Instruments [Abstract] | |
Borrowings | Borrowings Our borrowings and weighted average interest rates were as follows for the periods presented: September 30, December 31, 2020 2019 Amount Rate Amount Rate By type of borrowing: FHLB borrowings $ 397,000 1.02 % $ 2,245,653 2.04 % Paycheck Protection Program Liquidity Facility 117,497 0.35 — — Repurchase agreements 35,223 0.20 22,678 1.20 3.50% Senior Notes — — 173,504 3.19 Subordinated Notes - Company 270,445 4.17 270,941 4.17 Subordinated Notes - Bank 173,370 5.45 173,182 5.45 Total borrowings $ 993,535 2.54 % $ 2,885,958 2.53 % By remaining period to maturity: Less than one year $ 332,223 0.92 % $ 1,491,446 2.19 % One to two years 217,497 0.68 925,388 2.07 Two to three years — — 25,000 1.71 Greater than five years 443,815 4.67 444,124 4.67 Total borrowings $ 993,535 2.54 % $ 2,885,958 2.53 % 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, 2020 and December 31, 2019, the Bank had total residential mortgage and CRE loans pledged after discount of $6.9 billion and $7.7 billion, 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, 2020, the Bank had unused borrowing capacity at the FHLB of $6.1 billion and may increase such borrowing capacity by pledging securities not required to be pledged for other purposes with a collateral value of approximately $1.8 billion. In the nine months ended September 30, 2020, the Bank redeemed $1.1 billion of FHLB borrowings prior to maturity and incurred a loss of $16.7 million. Paycheck Protection Program (“PPP”) Liquidity Facility. As a participant in the SBA PPP, the Bank may pledge originated PPP loans as collateral at face value to the FRB of New York for term financings. As of September 30, 2020, the Bank has pledged PPP loans equal to the amount borrowed. Revolving line of credit. Effective August 31, 2020, we renewed our $35.0 million revolving line of credit facility (the “Credit Facility”). The Credit Facility, which is with another financial institution, matures on August 31, 2021. The balance was zero at September 30, 2020 and December 31, 2019. 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, 2020. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivatives | Derivatives 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”) and London Clearing House (“LCH”). At September 30, 2020 and December 31, 2019, the OTC derivatives are included in our consolidated 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, 2020 and December 31, 2019, we posted cash collateral under STMs in the amounts of $100.0 million and $43.0 million, respectively, for the net fair value of our CME and LCH 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 our 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, 2020 and December 31, 2019 regarding these derivatives is presented below: Notional Average Weighted Weighted Fair value September 30, 2020 Included in other assets: Third-party interest rate swap $ — $ — Customer interest rate swap 1,954,446 166,095 Total $ 1,954,446 4.58 4.43 % 1 m Libor + 2.19% $ 166,095 Included in other liabilities: Third-party interest rate swap $ 1,954,446 $ 66,061 Customer interest rate swap — — Total $ 1,954,446 4.58 4.43 % 1 m Libor + 2.19% $ 66,061 December 31, 2019 Included in other assets: Third-party interest rate swap $ 116,874 $ 15 Customer interest rate swap 1,738,675 67,303 Total $ 1,855,549 5.18 4.50 % 1 m Libor + 2.23% $ 67,318 Included in other liabilities: Third-party interest rate swap $ 1,738,675 $ 23,998 Customer interest rate swap 116,874 316 Total $ 1,855,549 5.18 4.50 % 1 m Libor + 2.23% $ 24,314 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 2020 2019 Income before income tax expense $ 96,687 $ 154,996 $ 160,694 $ 405,364 Tax at federal statutory rate of 21% 20,305 32,549 33,746 85,126 State and local income taxes, net of federal tax benefit 4,942 9,469 6,622 22,347 Tax exempt interest, net of disallowed interest (7,811) (5,429) (22,713) (15,985) BOLI income (1,122) (2,441) (3,267) (4,103) Low income housing tax credits and other benefits (9,461) (5,431) (28,381) (14,592) Low income housing investment amortization expense 8,183 4,627 24,571 12,510 Tax rate adjustment benefit due to CARES Act NOL carryback — — (21,313) — Uncertain tax position reserve — — 11,480 — Annual effective tax rate adjustment (4,837) — 7,273 — Equity-based stock compensation benefit 192 — 970 (106) FDIC insurance premium limitation 266 239 837 717 Other, net 1,623 (1,034) 1,523 (894) Actual income tax expense (benefit) $ 12,280 $ 32,549 $ 11,348 $ 85,020 Effective income tax rate 12.7 % 21.0 % 7.1 % 21.0 % Net deferred tax liabilities were $63.1 million at September 30, 2020, compared to $67.6 million at December 31, 2019. The change was mainly due to provision for credit loss expense recorded under CECL, which was offset by the removal of the deferred tax asset for the federal net operating loss which is being carried back under the provisions of the CARES Act. 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. As of September 30, 2020, the accrual for unrecognized gross tax benefits was as follows: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Uncertain tax positions beginning of period $ 11,603 $ — $ — $ — Additions for tax positions related to prior tax years — — 11,480 — Decrease due to settlement (1,315) — (1,315) — Interest expense in tax positions — — 123 — Uncertain tax positions at September 30, 2020 $ 10,288 $ — $ 10,288 $ — Significant tax filings that remain open for examination include the following: • Federal for tax years 2016 through present; • New York State tax filings for tax years 2017 through present; • New York City tax filings for tax years 2015 through present; and • New Jersey State tax filings for tax years 2016 through present. We are generally no longer subject to examination by federal, state or local taxing authorities for tax years prior to December 31, 2015. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following table summarizes the activity in our stock-based compensation plan for the nine months ended September 30, 2020: 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, 2020 3,347,036 2,187,197 $ 20.96 427,274 $ 11.15 Granted (1,194,488) 1,194,488 20.52 — — Stock awards vested (1) (39,504) (648,028) 21.79 — — Exercised — — — (60,500) 10.08 Forfeited 157,679 (127,526) 20.63 (30,153) 13.43 Canceled/expired (30,153) — — — 13.43 Balance at September 30, 2020 2,240,570 2,606,131 $ 20.53 336,621 $ 11.14 Exercisable at September 30, 2020 336,621 $ 11.14 (1) The 39,504 shares vested represents performance shares that were granted in February 2017 to certain executives with a three The total intrinsic value of outstanding in-the-money stock options and outstanding in-the-money exercisable stock options was $211 at September 30, 2020. 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, 2020 or September 30, 2019. We incurred no stock option expense during the three and nine month periods ended September 30, 2020 and 2019. Stock-based compensation expense is recognized ratably over the requisite service period for all awards. Stock-based compensation expense associated with non-vested stock awards and the related income tax benefit, and proceeds from stock option exercises are presented below: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Non-vested stock awards/performance units $ 5,868 $ 4,565 $ 17,788 $ 14,293 Income tax benefit 734 959 2,224 3,002 Proceeds from stock option exercises 95 508 610 2,397 Unrecognized stock-based compensation expense as of September 30, 2020 was as follows: September 30, 2020 Stock options $ — Non-vested stock awards/performance units 33,238 Total $ 33,238 The weighted average period over which unrecognized non-vested stock awards/performance units expense is expected to be recognized is 1.70 years. |
Other Non-Interest Expense, Oth
Other Non-Interest Expense, Other Assets and Other Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Other Non-Interest Expense, Other Assets and Other Liabilities | Other Non-Interest Expense, Other Assets and Other Liabilities (a) Other Non-Interest Expense Other non-interest expense items for the nine months ended September 30, 2020 and 2019, respectively, are presented in the following table: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Other non-interest expense: Professional fees $ 6,343 $ 4,438 $ 17,550 $ 14,966 Depreciation expense on operating leases 3,130 — 9,758 — Advertising and promotion 1,291 2,514 4,414 4,889 Communications 1,424 1,511 4,374 5,115 Residential mortgage loans servicing 1,361 1,524 3,984 4,515 Insurance & surety bond premium 942 982 3,191 3,050 Operational losses 597 536 1,812 3,026 Other 5,377 5,096 21,288 18,058 Total other non-interest expense $ 20,465 $ 16,601 $ 66,371 $ 53,619 (b) Other Assets Other assets are presented in the following table. Significant components of the aggregate of other assets are presented separately. September 30, December 31, 2020 2019 Other assets: Low income housing tax credit investments $ 461,658 $ 386,824 Right of use asset for operating leases (see Note 15) 100,635 112,226 Fair value of swaps (see Note 9) 166,095 67,318 Cash on deposit as swap collateral / net of settlement 91,374 93,606 Operating leases - equipment and vehicles leased to others 58,367 72,291 Other asset balances 207,308 108,603 Total other assets $ 1,085,437 $ 840,868 Other asset items include current income tax balances, prepaid insurance, prepaid property taxes, prepaid maintenance, accounts receivable and other miscellaneous assets. (c) Other Liabilities Other liabilities are presented in the following table. Significant components of the aggregate of other liabilities are presented separately. September 30, December 31, 2020 2019 Other liabilities: Commitment to fund low income housing tax credit investments $ 264,719 $ 264,930 Lease liability (see Note 15) 108,152 118,986 Payroll finance and factoring liabilities 117,677 105,972 Swap liabilities (see Note 9) 66,061 24,314 Other liability balances 170,429 179,250 Total other liabilities $ 727,038 $ 693,452 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 2020 2019 Net income available to common stockholders $ 82,438 $ 120,465 $ 143,429 $ 314,386 Weighted average common shares outstanding for computation of basic EPS 193,494,929 203,090,365 194,436,137 207,685,051 Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (1) 221,014 476,217 240,883 423,524 Weighted average common shares for computation of diluted EPS 193,715,943 203,566,582 194,677,020 208,108,575 EPS (2) : Basic $ 0.43 $ 0.59 $ 0.74 $ 1.51 Diluted 0.43 0.59 0.74 1.51 (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted EPS. Anti-dilutive shares were 359,304 and 98,351 for the three and nine months ended September 30, 2020, respectively. There were no anti-dilutive shares in the three and nine months ending September 30, 2019. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
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 ACL and $173.4 million and $131.5 million of the Subordinated Notes - Bank, respectively. Tier 2 capital at the Company also includes $270.4 million of the Subordinated Notes - Company. 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. As permitted by the interim final rule issued on March 27, 2020 by our federal regulatory agency, we elected the option to delay the estimated impact of the adoption of the CECL Standard in our regulatory capital for two years. This two-year delay is in addition to the three-year transition period the agency had already made available. The adoption will delay the effects of CECL on our regulatory capital for the next two years, after which the effects will be phased-in over a three-year period from January 1, 2022 through December 31, 2024. Under the interim final rule, the amount of adjustments to regulatory capital deferred until the phase-in period include both the initial impact of adoption of the CECL Standard at January 1, 2020 and 25% of subsequent changes in our ACL during each quarter of the two-year period ending December 31, 2021. The following tables present actual and required capital ratios as of September 30, 2020 and December 31, 2019 for us and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented as of September 30, 2020 and December 31, 2019 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, 2020 Common equity tier 1 to RWA: Sterling National Bank $ 2,975,443 12.39 % $ 1,681,017 7.00 % $ 1,560,944 6.50 % Sterling Bancorp 2,688,299 11.18 1,683,127 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,975,443 12.39 % 2,041,235 8.50 % 1,921,162 8.00 % Sterling Bancorp 2,825,216 11.75 2,043,797 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,328,305 13.86 % 2,521,526 10.50 % 2,401,453 10.00 % Sterling Bancorp 3,406,498 14.17 2,524,690 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,975,443 10.48 % 1,136,151 4.00 % 1,420,189 5.00 % Sterling Bancorp 2,825,216 9.93 1,137,572 4.00 N/A N/A Actual Minimum capital required - Basel III fully phased-in Required to be considered well- capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2019 Common equity tier 1 to RWA: Sterling National Bank $ 2,882,208 12.32 % $ 1,637,001 7.00 % $ 1,520,073 6.50 % Sterling Bancorp 2,588,975 11.06 1,638,718 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,882,208 12.32 % 1,987,787 8.50 % 1,870,859 8.00 % Sterling Bancorp 2,726,556 11.65 1,989,872 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,162,282 13.52 % 2,455,502 10.50 % 2,338,574 10.00 % Sterling Bancorp 3,252,412 13.89 2,458,077 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,882,208 10.11 % 1,140,570 4.00 % 1,425,713 5.00 % Sterling Bancorp 2,726,556 9.55 1,141,603 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, |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) 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, 2020 2019 Loan origination commitments $ 668,018 $ 565,392 Unused lines of credit 1,713,831 1,532,702 Letters of credit 195,799 307,287 We record ACL - off-balance sheet financial instrument exposures through a charge to other non-interest expense on our consolidated income statements. At September 30, 2020 and December 31, 2019, the ACL - off-balance sheet credit exposures was $6.7 million and $654 thousand, respectively, and was included in other liabilities in our consolidated balance sheets. For the nine months ended September 30, 2020 and 2019, credit loss expense for off balance sheet financial instrument exposures was zero. In connection with the adoption of the CECL Standard, we increased the ACL - off-balance sheet credit exposures by $6.1 million. We did not adjust this amount during the three and nine months ended September 30, 2020 based on our review of quantitative and qualitative factors applicable to these financial instrument exposures. (b) Leases Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2020 were as follows: Remainder of 2020 $ 4,740 2021 18,339 2022 16,576 2023 15,083 2024 13,293 2025 10,670 2026 and thereafter 45,745 Total lease payments 124,446 Interest 16,294 Present value of lease liabilities $ 108,152 (c) Litigation We and the Bank are involved in a number of judicial proceedings concerning matters arising from our and its 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, 2020 and December 31, 2019, we had no significant amounts accrued for litigation. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
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 AFS 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, 2020, management did not believe any of our securities are other-than-temporarily-impaired; however, management reviews all of our securities on at least a quarterly basis to assess whether impairment, if any, is other-than-temporarily-impaired. 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, 2020 and December 31, 2019 consisted of interest rate swaps. See Note 9. “Derivatives” for additional information. A summary of assets and liabilities at September 30, 2020 and December 31, 2019, respectively, measured at estimated fair value on a recurring basis, is as follows: September 30, 2020 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 1,028,449 $ — $ 1,028,449 $ — CMOs/Other MBS 422,955 — 422,955 — Total residential MBS 1,451,404 — 1,451,404 — Other securities: Federal agencies 146,757 — 146,757 — Corporate 427,080 — 427,080 — State and municipal 394,217 — 394,217 — Total other securities 968,054 — 968,054 — Total AFS 2,419,458 — 2,419,458 — Swaps 166,095 — 166,095 — Total assets $ 2,585,553 $ — $ 2,585,553 $ — Liabilities: Swaps $ 66,061 $ — $ 66,061 $ — Total liabilities $ 66,061 $ — $ 66,061 $ — December 31, 2019 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 1,615,119 $ — $ 1,615,119 $ — CMOs/Other MBS 512,277 — 512,277 — Total residential MBS 2,127,396 — 2,127,396 — Federal agencies 201,138 — 201,138 — Corporate 320,922 — 320,922 — State and municipal 446,192 — 446,192 — Total other securities 968,252 — 968,252 — Total AFS 3,095,648 — 3,095,648 — Swaps 67,318 — 67,318 — Total assets $ 3,162,966 $ — $ 3,162,966 $ — Liabilities: Swaps $ 24,314 $ — $ 24,314 $ — Total liabilities $ 24,314 $ — $ 24,314 $ — 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. Collateral Dependent Loans For collateral dependent loans, which are presented in the table below, where we determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and we expect repayment of the loan to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. For real estate loans, the fair value of the loan’s collateral is determined by third party appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. The unobservable inputs may vary depending on the individual assets. We review third party appraisals for appropriateness and adjust the value downward to consider selling and closing costs, which generally range from 4% to 10% of the appraised value. For non-real estate loans, fair value of the loan’s collateral may be determined using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business. September 30, 2020 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 10,563 $ — $ — $ 10,563 Asset-based lending 3,168 — — 3,168 Factored receivables 2,070 — — 2,070 Equipment financing 4,197 — — 4,197 CRE 9,462 — — 9,462 Residential mortgage 2,112 — — 2,112 Consumer 3,318 — — 3,318 Total collateral dependent loans measured at fair value $ 34,890 $ — $ — $ 34,890 Impaired Loans Impaired loans subject to non-recurring fair value measurements were $38.1 million at December 31, 2019. December 31, 2019 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 14,515 $ — $ — $ 14,515 Asset-based lending 3,772 — — 3,772 Equipment financing 1,794 — — 1,794 CRE 12,614 — — 12,614 Multi-family 1,184 — — 1,184 Residential mortgage 2,924 — — 2,924 Consumer 1,300 — — 1,300 Total impaired loans measured at fair value $ 38,103 $ — $ — $ 38,103 Fair Value of Financial Instruments 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, 2020: September 30, 2020 Carrying Financial assets: Cash and cash equivalents $ 437,558 $ 437,558 $ — $ — Securities AFS 2,419,458 — 2,419,458 — Securities HTM, net 1,781,892 — 1,901,119 — Loans held for sale 36,826 — 36,826 — Portfolio loans, net 21,955,997 — — 21,938,405 Accrued interest receivable on securities 31,883 — 31,883 — Accrued interest receivable on loans 70,496 — — 70,496 FHLB stock and FRB stock 167,293 — — — Swaps 166,095 — 166,095 — Financial liabilities: Non-maturity deposits 21,865,374 21,865,374 — — Certificates of deposit 2,389,959 — 2,399,122 — FHLB borrowings 397,000 — 398,706 — Paycheck Protection Program Lending Facility 117,497 — 117,496 — Other borrowings 35,223 — 35,223 — Subordinated Notes - Company 270,445 — 268,140 — Subordinated Notes - Bank 173,370 — 175,635 — Mortgage escrow funds 84,031 — 84,030 — Accrued interest payable on deposits 1,428 — 1,428 — Accrued interest payable on borrowings 7,919 — 7,919 — Swaps 66,061 — 66,061 — 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, 2019: December 31, 2019 Carrying Financial assets: Cash and cash equivalents $ 329,151 $ 329,151 $ — $ — Securities AFS 3,095,648 — 3,095,648 — Securities HTM 1,979,661 — 2,053,191 — Loans held for sale 8,125 — 8,125 — Portfolio loans, net 21,333,974 — — 21,382,990 Accrued interest receivable on securities 29,308 — 29,308 — Accrued interest receivable on loans 71,004 — — 71,004 FHLB stock and FRB stock 251,805 — — — Swaps 67,318 — 67,318 — Financial liabilities: Non-maturity deposits 18,970,607 18,970,607 — — Certificates of deposit 3,448,051 — 3,444,669 — FHLB borrowings 2,245,653 — 2,248,851 — Other borrowings 22,678 — 22,677 — Senior Notes 173,504 — 173,733 — Subordinated Notes 444,123 — 453,512 — Mortgage escrow funds 58,316 — 58,315 — Accrued interest payable on deposits 5,427 — 5,427 — Accrued interest payable on borrowings 8,629 — 8,629 — Swaps 24,314 — 24,314 — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Components of accumulated other comprehensive income were as follows as of the dates shown below: September 30, December 31, 2020 2019 Net unrealized holding gain on available for sale securities $ 119,869 $ 52,593 Related income tax expense (33,132) (14,537) Available for sale securities, net of tax 86,737 38,056 Net unrealized holding loss on securities transferred to held to maturity (456) (744) Related income tax benefit 126 206 Securities transferred to held to maturity, net of tax (330) (538) Net unrealized holding gain on retirement plans 2,016 3,728 Related income tax expense (557) (1,030) Retirement plans, net of tax 1,459 2,698 Accumulated other comprehensive income $ 87,866 $ 40,216 The following table presents the changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended September 30, 2020 and 2019: 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 on retirement plans Total For the three months ended September 30, 2020 Balance beginning of the period $ 88,140 $ (425) $ 895 $ 88,610 Other comprehensive income before reclassification (938) — — (938) Amounts reclassified from AOCI (465) 95 564 194 Total other comprehensive (loss) income (1,403) 95 564 (744) Balance at end of period $ 86,737 $ (330) $ 1,459 $ 87,866 For the three months ended September 30, 2019 Balance beginning of the period $ 27,243 $ (709) $ 13,812 $ 40,346 Other comprehensive income before reclassification 21,047 — — 21,047 Amounts reclassified from AOCI (4,980) 86 (11,365) (16,259) Total other comprehensive income (loss) 16,067 86 (11,365) 4,788 Balance at end of period $ 43,310 $ (623) $ 2,447 $ 45,134 Location in consolidated income statements where reclassification from accumulated other comprehensive loss is included Net gain (loss) on sale of securities Interest income on securities Other non-interest expense The following table presents the changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the nine months ended September 30, 2020 and 2019: 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, 2020 Balance beginning of the period $ 38,056 $ (538) $ 2,698 $ 40,216 Other comprehensive income before reclassification 55,583 — — 55,583 Amounts reclassified from AOCI (6,902) 208 (1,239) (7,933) Total other comprehensive income (loss) 48,681 208 (1,239) 47,650 Balance at end of period $ 86,737 $ (330) $ 1,459 $ 87,866 For the nine months ended September 30, 2019 Balance beginning of the period $ (75,077) $ (2,546) $ 11,678 $ (65,945) Other comprehensive income 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 (loss) 118,387 1,923 (9,231) 111,079 Balance at end of period $ 43,310 $ (623) $ 2,447 $ 45,134 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, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted ASU 2019-12, “Income Taxes (Topic 740)” (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions and improves the consistent application of GAAP by clarifying and amending other existing guidance. ASU 2019-012 will be effective for us on January 1, 2021, and is not expected to have a material impact on our consolidated financial statements. ASU 2020-01 “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)” (“ASU 2020-01”) clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323, and the accounting for certain forward contracts and purchased options accounted for under Topic 815. ASU 2020-01 will be effective for us on January 1, 2021, and is not expected to have a material impact on our consolidated financial statements. ASU 2020-04, “ Reference Rate Reform (Topic 848)” (“ASU 2020-04”) provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered “minor” so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. We may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. We anticipate this ASU will simplify any modifications we execute between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than extinguishment of the old contract resulting in writing off unamortized fees/costs. We are evaluating the impacts of this ASU and have not yet determined whether LIBOR transition and this ASU will have a material effect on our business operations and consolidated financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subordinated Notes issuance. On October 30, 2020, we issued $225.0 million aggregate principal amount of 3.875% fixed-to-floating rate subordinated notes due 2030 (the “Subordinated Notes - 2020”) at par through a public offering at an underwriting discount of 1.25%. Fixed interest equal to 3.875% per annum is due semi-annually in arrears on May 1 and November 1 of each year, commencing on May 1, 2021 until November 1, 2025. From and including November 1, 2025, the Subordinated Notes - 2020 will bear interest at a floating rate per annum equal to a benchmark rate, which is expected to be Three-Month Term SOFR plus 369 basis points, payable quarterly in arrears on February 1, May 1, August 1 and November 1 of each year beginning on February 1, 2026 through maturity on November 1, 2030 or earlier redemption. The subordinated Notes - 2020 are unsecured, subordinated obligations and are subordinated in right to payment of all of our existing and future senior indebtedness, including claims of depositors and general creditors, and are structurally subordinated to Subordinated Notes - Bank, and rank equally to the Subordinated Notes - Company. Subordinated Notes - Company and Subordinated Notes - Bank are more fully described in our Form 10-K for the year ended December 31, 2019. The Subordinated Notes - 2020 qualify as Tier 2 capital for regulatory purposes. Sale of PPP loans. On October 29, 2020, we sold 2,817 PPP loans with an unpaid principal balance of $266.8 million. We recognized a gain on sale of approximately $3.4 million upon closing of the transaction. We fully repaid all borrowings under the PPP Liquidity Facility in October 2020. |
Basis of Financial Statement _2
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of the Company and all other entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies the Company follows conform, in all material respects, to accounting principles generally accepted in the United States (“GAAP”) and to general practices within the banking industry, which 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, 2019, included in our Annual Report on Form 10-K, as filed with the SEC on February 28, 2020 (the “2019 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 credit losses and the status of contingencies, and are subject to change. (d) Risks and Uncertainties - COVID-19 The global pandemic resulting from the outbreak of the novel strain of coronavirus (“COVID-19”) has negatively impacted the global economy, disrupted global supply chains, lowered equity market valuations of many entities, created significant volatility and disruption in financial markets, and increased unemployment levels. In addition, the pandemic resulted in temporary closures of many businesses and the implementation of social distancing and sheltering in place requirements in many states and communities. In particular, COVID-19 has disrupted our normal course of providing services to our clients and adversely impacted our clients. Under the the Coronavirus Aid, Relief and Economic Security (“CARES”) Act financial institutions are permitted to not classify loan modifications as troubled debt restructurings that were related to the impact of COVID-19 if the modifications were made between March 1, 2020 and the earlier of December 31, 2020 or 60 days days after the end of the public health emergency and we have granted conforming loan payment deferrals on outstanding loans totaling $466.2 million at September 30, 2020 and $1.7 billion at June 30, 2020. The continuation of economic and business disruption for an extended period could impair our client’s ability to fulfill their obligations to the Bank. We have thus far successfully managed through the impacts of the pandemic on our colleagues and business operations;however, COVID-19 could negatively impact our business and business continuity plans in the future. We are dependent on the willingness and ability of our colleagues and clients to conduct banking and other financial transactions. If the United States response to COVID-19 is unsuccessful, or results in additional impacts, it is reasonably possible that we could experience a material adverse effect on our business, financial condition, results of operations, and cash flows, including material changes to our significant estimates. While it is not possible to know the full extent that COVID-19, and resulting measures in response thereto, will have on our operations, we are disclosing potentially material items of which we are aware as of the date of this report. In particular, we have continued to review our loan and investment securities portfolios to identify specific exposures and sectors that may be more at risk or impacted by COVID-19. The majority of our loan payment deferrals highlighted above consist mainly of commercial real estate loans, equipment finance loans and residential mortgage loans. Please see Note 4. “Portfolio Loans” for details on loan payment deferrals by asset class. If the COVID-19 impact continues for an extended period, we may need to establish a valuation allowance for deferred tax assets. |
Adoption of New Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Effective January 1, 2020, we adopted Accounting Standards Update (“ASU”) 2016-13 “ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” , which replaced the prior incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL” or the “CECL Standard”). The measurement of expected credit losses under the CECL Standard is applicable to financial assets measured at amortized cost, including portfolio loans and investment securities classified as held-to-maturity (“HTM”). It also applies to off-balance sheet credit exposures, including loan commitments, standby letters of credit, financial guarantees and other similar instruments. In addition, the CECL Standard changes the accounting for investment securities classified as available-for-sale (“AFS”), including a requirement that estimated credit losses on AFS securities be presented as an allowance rather than as a direct write-down of the carrying balance of securities which we do not intend to sell, or believe that it is more likely than not, that we will be required to sell. ASU 2019-12, “Income Taxes (Topic 740)” (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions and improves the consistent application of GAAP by clarifying and amending other existing guidance. ASU 2019-012 will be effective for us on January 1, 2021, and is not expected to have a material impact on our consolidated financial statements. ASU 2020-01 “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)” (“ASU 2020-01”) clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323, and the accounting for certain forward contracts and purchased options accounted for under Topic 815. ASU 2020-01 will be effective for us on January 1, 2021, and is not expected to have a material impact on our consolidated financial statements. ASU 2020-04, “ Reference Rate Reform (Topic 848)” (“ASU 2020-04”) provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered “minor” so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. We may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. We anticipate this ASU will simplify any modifications we execute between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than extinguishment of the old contract resulting in writing off unamortized fees/costs. We are evaluating the impacts of this ASU and have not yet determined whether LIBOR transition and this ASU will have a material effect on our business operations and consolidated financial statements. |
Allowance for Credit Loss | Under prior GAAP, our allowance for loan and lease losses (“ALLL”) was determined under the incurred loss model, using an average of actual losses incurred over the most recent three-year period and the application of qualitative factors to arrive at an allowance that represented our best estimate of probable credit losses inherent in our loan portfolio. Under the CECL Standard, our ACL is based on an estimate of all amounts that are not expected to be collected over the contractual life of the portfolio loans, which is comprised of quantitative and qualitative factors. Loans designated as purchased credit impaired (“PCI”) loans and accounted for under Accounting Standards Codification (“ASC”) 310-30 were designated as purchased with credit deterioration (“PCD”) loans. In accordance with the CECL Standard, we did not reassess whether PCI loans met the criteria of PCD loans as of the date of adoption, and determined all PCI loans were PCD loans. On January 1, 2020, the amortized cost basis of PCD loans totaled $116.3 million. We recorded an increase to the balance of PCD loans and an increase to the ACL - loans of $22.5 million, which represented the expected credit losses for PCD loans. The remaining non-credit discount (based on the adjusted amortized cost basis) will be accreted into interest income at the effective interest rate as of January 1, 2020 over the remaining estimated life of the loans. Also, in accordance with the CECL Standard, we did not reassess whether modifications to individual acquired financial assets were troubled debt restructurings (“TDRs”) as of the date of adoption. Investment Securities: Investment securities are classified as HTM and carried at amortized cost when management has the intent and ability to hold them to maturity. Investment securities not classified as HTM or trading are classified as AFS. Securities AFS are carried at fair value, with unrealized holding gains and losses reported in comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized using the level-yield method without estimating prepayments, except for mortgage-backed securities, where prepayment rates are estimated. Premiums on callable investment securities are amortized to their earliest call date. Gains and losses on sales of securities are recorded on the trade date and determined using the specific identification method. An investment security is placed on non-accrual status when management concludes it will not receive all principal and interest in a timely fashion in accordance with the terms of the security. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. At September 30, 2020 and December 31, 2019, there were no securities placed on non-accrual. ACL - HTM securities: HTM securities include residential mortgage-backed securities issued by government agencies, federal agency securities, corporate securities, state and municipal securities and other securities. We estimate expected credit losses on HTM securities individually using a discounted cash flow methodology. Our expected loss model estimates the probability of default and loss given default based on the security rating, historical loss rates by security ratings, whether the issuer continues to make timely principal and interest payments in accordance with the contractual terms of the security, and reasonable and supportable forecasts. For unrated state and municipal securities, we perform an internal credit evaluation and assign a rating to the security for ACL - HTM securities modeling purposes. The loss given default is estimated by security, and the aggregate amount results in the estimated ACL - HTM securities balance. Included in state and municipal securities at September 30, 2020 were non-rated securities of $102.9 million, which consisted mainly of short-term general obligation securities and bond anticipation notes and tax anticipation notes issued by jurisdictions in New York state. ACL - AFS securities: For AFS securities which are in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell, the security before recovery of the amortized cost basis. If either of the criteria is met, the amortized cost basis of the security is written down to fair value through income. For AFS securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from an actual or estimated credit loss event or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, changes to the rating of the security, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss is likely, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, an ACL is recorded for the estimated credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. Changes in the ACL are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance when we believe the uncollectibility of an AFS security has been confirmed or if either of the criteria regarding intent or requirement to sell is met. Portfolio loans: Portfolio loans are loans we have the intent and ability to hold for the foreseeable future, or until maturity or payoff, and are reported at amortized cost. The amortized cost is the principal balance outstanding, net of purchase premiums and discounts, including purchase accounting adjustments from prior merger transactions, deferred loan fees and costs. Accrued interest receivable on portfolio loans totaled $70.5 million and $71.0 million at September 30, 2020 and December 31, 2019, respectively, and was reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. For portfolio loans with a term of one year or more, loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Generally, interest income is discontinued on portfolio loans and loans are placed on non-accrual status at the earlier of: (i) when we determine the borrower may likely be unable to meet contractual principal or interest obligations; or (ii) when the loan is 90 days delinquent unless the loan is well secured and in process of collection. Consumer loans are generally charged-off no later than 120 days past due unless the loan is in the process of collection. For other portfolio loans, when we conclude the collateral and/or debt service capacity of the borrower are insufficient to repay the loan, we charge-off the amount that is deemed uncollectible. Past due status is based on the contractual terms of the loan. All interest accrued but not received on loans placed on non-accrual is reversed against interest income. Interest received on such loans is generally accounted for under the cost-recovery method, until the loan qualifies to be returned to accrual status. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. We may elect to account for interest receipts on non-accrual loans on a cash-basis when we have determined we are in a well-secured position. Under the cash basis method, interest income is recorded when cash payments are received. Loans are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. PCD Loans: We have acquired loans through direct purchase and, more often, in merger transactions, some of which have experienced more than an insignificant credit deterioration since origination. Criteria we consider to determine whether a loan should be designated PCD includes, but is not limited to, the following: (i) loans delinquent over 60 days as of the date of acquisition; (ii) loans downgraded and rated special mention or worse as of the date of acquisition; (iii) loans on non-accrual; and (iv) loans deemed collateral dependent as of the date of acquisition. PCD loans are recorded at the purchase price paid. An ACL is determined using the same methodology as for other portfolio loans and the sum of the purchase price and ACL represents the initial amortized cost basis of the loan. The difference between the initial amortized cost basis and the par value of the loan represents either a non-credit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the ACL are recorded through provision for credit loss expense. The only loans classified as PCD as of September 30, 2020 are loans that were formerly classified as PCI loans under the incurred loss model at adoption of the CECL Standard. ACL - Loans: The ACL - loans is a valuation account that is deducted from the amortized cost basis of portfolio loans to present the net amount expected to be collected on portfolio loans over their contractual life. Loans are charged-off against the allowance when we believe the uncollectibility of a loan balance has been confirmed, and the expected recoveries do not exceed the aggregate of amounts previously charged-off or expected to be charged-off. We estimate the balance of the ACL - loans using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The methodologies for estimating the ACL - loans apply historical loss information, adjusted for current loan-specific risk characteristics such as differences in underwriting standards, portfolio composition, delinquency levels, loan terms, changes in environmental conditions such as changes in GDP, unemployment rates, credit spreads, property values, and other relevant factors, that are reasonable and supportable, to the identified financial assets for which the historical loss experience was observed. Our methodologies revert back to historical loss information at the individual macro variable level, which begins in two The ACL - loans is measured on a collective (pool) basis when similar risk characteristics exist. We measure our warehouse lending portfolio and certain consumer loans at the loan level. Generally, for all other loan types, the estimated expected credit loss is also calculated at the loan level and pool assignments are only utilized for aggregating the allowance estimates of similar loan types for financial statement disclosure purposes. We have identified the following portfolio segments and estimate our ACL - loans using the following methods: Portfolio segment ACL Methodology Risk characteristics Portfolio composition Traditional Commercial and Industrial Loss rate Actual cash flow varies from amounts estimated, changes in collateral value, business not successful Various types of secured and unsecured traditional C&I loans to small and medium-sized businesses in our market area, including loans collateralized by assets, such as accounts receivable, inventory, marketable securities, other liquid collateral, equipment and other business assets. Asset-based lending (“ABL”) Loss rate Actual cash flow varies from amounts estimated, borrower unable to collect accounts receivable or convert inventory, uncertain value of collateral Loans to mid-size businesses on a national basis. ABL loans are secured with a blanket lien on all business assets and will include direct control and supervision of accounts receivable, inventory, machinery and equipment and real estate collateral. Portfolio segment ACL Methodology Risk characteristics Portfolio composition Payroll finance Loss rate Inability to collect on accounts receivable, delays in accounts receivable turnover Financing and business process outsourcing, including full back-office, technology and tax accounting services, to independently-owned temporary staffing companies nationwide. Loans typically are structured as an advance used by our clients to fund their employee payroll and are outstanding on average for 40 to 45 days. Warehouse lending No historical losses, qualitative overlay Inability to sell underlying mortgage loan collateral into the secondary market Residential mortgage warehouse funding facilities to non-bank mortgage companies. These loans consist of a line of credit used as temporary financing during the period between the closing of a mortgage loan until its sale into the secondary market, which on average occurs 20 days of the original loan closing. Factored receivables Loss rate Inability to collect on accounts receivable, delays in accounts receivable turnover The purchase of a client’s accounts receivable is traditionally known as “factoring” and results in payment by the client of a factoring fee, which is generally a percentage of the factored receivables or sales volume, which is designed to compensate the Bank for the bookkeeping and collection services provided and, if applicable, its credit review of the client’s customer and assumption of customer credit risk. Equipment financing Loss rate Actual cash flow varies from amounts estimated, changes in collateral value Equipment financing loans are offered through direct lending programs, third-party sources and vendor programs nationally. Our equipment finance lending mainly includes full payout term loans and secured loans for various types of business equipment. Public sector finance DCF Municipal tax / revenue receipts insufficient to service debt; loss of access to capital markets Loans to state, municipal and local government entities nationally. Loans are either secured by equipment, or are obligations that are backed by the ability to levy taxes, either generally or associated with a specific project. Commercial real estate/ multi-family (“CRE”) PD/LGD for non-owner occupied and loss rate for owner occupied Actual cash flow varies from amounts estimated, changes in collateral value CRE loans secured mainly by first liens on properties, including retail properties, office buildings, nursing homes, hotels, motels or restaurants, warehouses, schools and industrial complexes. To a lesser extent, we originate CRE loans for recreation, medical use, land, gas stations, not for profit and other categories. These loans are generally secured by properties located in our primary market area. Acquisition, development and construction PD/LGD Construction costs are greater than anticipated, changes in estimated collateral value, project completion Construction loans are made in accordance with a schedule reflecting the cost of construction. Repayment of construction loans on residential subdivisions is normally expected from the sale of units to individual purchasers, except in cases of owner occupied construction loans. In the case of income-producing property, repayment is usually expected from permanent financing upon completion of construction. We provide permanent mortgage financing on most of our construction loans on income-producing property. Residential mortgage and home equity lines of credit PD/LGD Product type, conforming vs. non-conforming, interest only, converted interest only, amortizing, FICO score, LTV Residential mortgage conforming and non-conforming, fixed-rate and adjustable rate mortgage (“ARM”) loans with maturities up to 30 years. Also includes home equity lines of credit. Other consumer loans 8 quarter historical loss FICO, LTV, product type Other consumer loans consist of loans for personal use. Under the loss rate method, expected credit losses are estimated using a loss rate that is multiplied by the amortized cost of the asset at the balance sheet date. For each loan segment identified above, we apply an expected historical loss trend based on third-party loss estimates, correlate them to observed economic metrics and reasonable and supportable forecasts of economic conditions and overlay qualitative factors as determined by management. Under the discounted cash flow method, expected credit losses are determined by comparing the amortized cost of the asset at the balance sheet date to the present value of estimated future principal and interest payments expected to be collected over the remaining life of the asset. Our loss model generates cash flow projections at the loan level based on reasonable and supportable projections, from which we estimate payment collections adjusted for curtailments, recovery time, probability of default and loss given default. Under the probability of default and loss given default method, expected credit losses are calculated by multiplying the probability that the asset will default within a given time frame (“PD”) by the percentage of the asset that is not expected to be collected due to default (“LGD”), and multiplying this factor by the amortized cost of the asset at the balance sheet date. The PD and LGD are calculated based on third party historical information of loan performance, real estate prices and other factors, adjusted for current conditions and reasonable and supportable forecasts. Qualitative loss factors are based on our judgement of company, market, industry or business specific data, loan trends, changes in portfolio segment composition, delinquency and loan rating. When a foreclosure is deemed probable, we estimate the fair value of the collateral at the reporting date to record the net carrying amount of the asset and determine the ACL. When repayment is dependent upon the sale of the collateral, the fair value of the collateral is adjusted for estimated costs to sell. If repayment depends on the operation, rather than the sale, of the collateral, an estimate for cost to sell is not included in the fair value of the collateral. Determining the Contractual Term: Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayment rates when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: we have a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower, or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by us. TDRs: A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a TDR. The ACL on a TDR is measured using the same method as all other portfolio loans, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the ACL is determined by discounting the expected future cash flows at the original interest rate of the loan. ACL on Off-Balance Sheet Credit Exposures: We estimate expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation, unless that obligation is unconditionally cancellable by us. The ACL on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Generally, expected credit losses on commitments is based on historical losses on similar portfolio segments, economic conditions, and qualitative factors. Our off-balance sheet credit exposures include mainly loan origination commitments on construction loans, unused committed lines on traditional commercial and industrial loans, asset-based lending loans, equipment finance loans, warehouse lending loans, and standby and performance-based letters of credit. See Note 15 “Commitments and Contingencies” for additional information. |
Fair Value Measurement | 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 AFS 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, 2020, management did not believe any of our securities are other-than-temporarily-impaired; however, management reviews all of our securities on at least a quarterly basis to assess whether impairment, if any, is other-than-temporarily-impaired. 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 |
Basis of Financial Statement _3
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of CECL standard adoption impact and portfolio segment analysis methodology | The adoption of the CECL Standard resulted in the following adjustments to our consolidated financial statements: Change in consolidated balance sheet Tax effect Change to retained earnings from adoption of new accounting principle Allowance for credit losses (“ACL”) - loans $ 68,088 $ 18,820 $ 49,268 ACL - loans - (adjustment related to purchase credit impaired loan mark) 1 22,496 — — Total ACL - loans 90,584 18,820 49,268 ACL - HTM securities 796 220 576 ACL - off balance sheet credit exposure (recorded in other liabilities) 6,095 1,685 4,410 Total impact of CECL adoption $ 97,475 $ 20,725 $ 54,254 1 This amount represents gross-up of the balance of the amortized cost of purchase credit impaired loans that were considered purchase credit deteriorated loans on adoption of the CECL Standard. The table below presents additional details on the impact of the adoption of the CECL Standard on HTM securities, portfolio loans and off-balance sheet credit exposures as of January 1, 2020: As reported under CECL Prior to CECL Standard adoption Impact of CECL adoption Assets: ACL - HTM securities: Corporate and other $ 108 $ — $ 108 State and municipal 688 — 688 Total ACL - HTM securities 796 — 796 ACL - loans $ 196,822 106,238 $ 90,584 Liabilities: ACL - off-balance sheet credit exposures (recorded in other liabilities) $ 6,749 $ 654 $ 6,095 At December 31, 2019 December 31, 2019 Originated Acquired Total ALLL Commercial and industrial $ 6,982,226 $ 1,250,493 $ 8,232,719 $ 52,548 Commercial mortgage (1) 7,788,749 2,974,100 10,762,849 44,137 Residential mortgage 541,681 1,668,431 2,210,112 7,598 Consumer 121,310 113,222 234,532 1,955 Total $ 15,433,966 $ 6,006,246 $ 21,440,212 $ 106,238 (1) Commercial mortgage includes commercial real estate, multi-family and ADC loans. The increase in the ACL - loans from the adoption of the CECL Standard included the following adjustments: ALLL as of December 31, 2019 Adjustments recorded as of January 1, 2020 ACL as of January 1, 2020 CECL Day 1 PCD gross-up Commercial and industrial $ 52,548 $ 44,675 $ 6,624 $ 103,847 Commercial mortgage 44,137 21,384 1,440 66,961 Residential mortgage 7,598 942 13,162 21,702 Consumer 1,955 1,087 1,270 4,312 Total $ 106,238 $ 68,088 $ 22,496 $ 196,822 Portfolio segment ACL Methodology Risk characteristics Portfolio composition Traditional Commercial and Industrial Loss rate Actual cash flow varies from amounts estimated, changes in collateral value, business not successful Various types of secured and unsecured traditional C&I loans to small and medium-sized businesses in our market area, including loans collateralized by assets, such as accounts receivable, inventory, marketable securities, other liquid collateral, equipment and other business assets. Asset-based lending (“ABL”) Loss rate Actual cash flow varies from amounts estimated, borrower unable to collect accounts receivable or convert inventory, uncertain value of collateral Loans to mid-size businesses on a national basis. ABL loans are secured with a blanket lien on all business assets and will include direct control and supervision of accounts receivable, inventory, machinery and equipment and real estate collateral. Portfolio segment ACL Methodology Risk characteristics Portfolio composition Payroll finance Loss rate Inability to collect on accounts receivable, delays in accounts receivable turnover Financing and business process outsourcing, including full back-office, technology and tax accounting services, to independently-owned temporary staffing companies nationwide. Loans typically are structured as an advance used by our clients to fund their employee payroll and are outstanding on average for 40 to 45 days. Warehouse lending No historical losses, qualitative overlay Inability to sell underlying mortgage loan collateral into the secondary market Residential mortgage warehouse funding facilities to non-bank mortgage companies. These loans consist of a line of credit used as temporary financing during the period between the closing of a mortgage loan until its sale into the secondary market, which on average occurs 20 days of the original loan closing. Factored receivables Loss rate Inability to collect on accounts receivable, delays in accounts receivable turnover The purchase of a client’s accounts receivable is traditionally known as “factoring” and results in payment by the client of a factoring fee, which is generally a percentage of the factored receivables or sales volume, which is designed to compensate the Bank for the bookkeeping and collection services provided and, if applicable, its credit review of the client’s customer and assumption of customer credit risk. Equipment financing Loss rate Actual cash flow varies from amounts estimated, changes in collateral value Equipment financing loans are offered through direct lending programs, third-party sources and vendor programs nationally. Our equipment finance lending mainly includes full payout term loans and secured loans for various types of business equipment. Public sector finance DCF Municipal tax / revenue receipts insufficient to service debt; loss of access to capital markets Loans to state, municipal and local government entities nationally. Loans are either secured by equipment, or are obligations that are backed by the ability to levy taxes, either generally or associated with a specific project. Commercial real estate/ multi-family (“CRE”) PD/LGD for non-owner occupied and loss rate for owner occupied Actual cash flow varies from amounts estimated, changes in collateral value CRE loans secured mainly by first liens on properties, including retail properties, office buildings, nursing homes, hotels, motels or restaurants, warehouses, schools and industrial complexes. To a lesser extent, we originate CRE loans for recreation, medical use, land, gas stations, not for profit and other categories. These loans are generally secured by properties located in our primary market area. Acquisition, development and construction PD/LGD Construction costs are greater than anticipated, changes in estimated collateral value, project completion Construction loans are made in accordance with a schedule reflecting the cost of construction. Repayment of construction loans on residential subdivisions is normally expected from the sale of units to individual purchasers, except in cases of owner occupied construction loans. In the case of income-producing property, repayment is usually expected from permanent financing upon completion of construction. We provide permanent mortgage financing on most of our construction loans on income-producing property. Residential mortgage and home equity lines of credit PD/LGD Product type, conforming vs. non-conforming, interest only, converted interest only, amortizing, FICO score, LTV Residential mortgage conforming and non-conforming, fixed-rate and adjustable rate mortgage (“ARM”) loans with maturities up to 30 years. Also includes home equity lines of credit. Other consumer loans 8 quarter historical loss FICO, LTV, product type Other consumer loans consist of loans for personal use. |
Securities - (Tables)
Securities - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of securities available for sale | The following table summarizes our securities as of September 30, 2020, including a summary of the amortized cost fair value and allowance for credit losses related to HTM securities and the amortized cost, fair value of AFS securities. The terms “MBS” refers to mortgage-backed securities and the term “CMOs” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 16. “Fair Value Measurements”: September 30, 2020 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair Allowance for credit losses Residential MBS: Agency-backed $ 978,196 $ 50,269 $ (16) $ 1,028,449 $ 124,448 $ 4,650 $ — $ 129,098 $ — CMOs/Other MBS 399,672 23,283 — 422,955 — — — — — Total residential MBS 1,377,868 73,552 (16) 1,451,404 124,448 4,650 — 129,098 — Other securities: Federal agencies 140,071 6,686 — 146,757 39,716 1,093 — 40,809 — Corporate 405,979 22,658 (1,557) 427,080 19,865 626 — 20,491 70 State and municipal 375,671 18,781 (235) 394,217 1,586,612 111,539 (91) 1,698,060 1,384 Other — — — — 12,750 20 (109) 12,661 45 Total other securities 921,721 48,125 (1,792) 968,054 1,658,943 113,278 (200) 1,772,021 1,499 Total securities $ 2,299,589 $ 121,677 $ (1,808) $ 2,419,458 $ 1,783,391 $ 117,928 $ (200) $ 1,901,119 $ 1,499 A summary of amortized cost and estimated fair value of securities as of December 31, 2019 is presented below: December 31, 2019 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair Residential MBS: Agency-backed $ 1,595,766 $ 20,385 $ (1,032) $ 1,615,119 $ 168,743 $ 1,827 $ (75) $ 170,495 CMOs/Other MBS 508,217 4,104 (44) 512,277 — — — — Total residential MBS 2,103,983 24,489 (1,076) 2,127,396 168,743 1,827 (75) 170,495 Other securities: Federal agencies 196,809 4,582 (253) 201,138 59,475 822 — 60,297 Corporate 307,050 13,917 (45) 320,922 19,904 415 — 20,319 State and municipal 435,213 11,321 (342) 446,192 1,718,789 70,530 (134) 1,789,185 Other — — — — 12,750 147 (2) 12,895 Total other securities 939,072 29,820 (640) 968,252 1,810,918 71,914 (136) 1,882,696 Total securities $ 3,043,055 $ 54,309 $ (1,716) $ 3,095,648 $ 1,979,661 $ 73,741 $ (211) $ 2,053,191 |
Summary of securities held-to-maturity | The following table summarizes our securities as of September 30, 2020, including a summary of the amortized cost fair value and allowance for credit losses related to HTM securities and the amortized cost, fair value of AFS securities. The terms “MBS” refers to mortgage-backed securities and the term “CMOs” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 16. “Fair Value Measurements”: September 30, 2020 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair Allowance for credit losses Residential MBS: Agency-backed $ 978,196 $ 50,269 $ (16) $ 1,028,449 $ 124,448 $ 4,650 $ — $ 129,098 $ — CMOs/Other MBS 399,672 23,283 — 422,955 — — — — — Total residential MBS 1,377,868 73,552 (16) 1,451,404 124,448 4,650 — 129,098 — Other securities: Federal agencies 140,071 6,686 — 146,757 39,716 1,093 — 40,809 — Corporate 405,979 22,658 (1,557) 427,080 19,865 626 — 20,491 70 State and municipal 375,671 18,781 (235) 394,217 1,586,612 111,539 (91) 1,698,060 1,384 Other — — — — 12,750 20 (109) 12,661 45 Total other securities 921,721 48,125 (1,792) 968,054 1,658,943 113,278 (200) 1,772,021 1,499 Total securities $ 2,299,589 $ 121,677 $ (1,808) $ 2,419,458 $ 1,783,391 $ 117,928 $ (200) $ 1,901,119 $ 1,499 A summary of amortized cost and estimated fair value of securities as of December 31, 2019 is presented below: December 31, 2019 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair Residential MBS: Agency-backed $ 1,595,766 $ 20,385 $ (1,032) $ 1,615,119 $ 168,743 $ 1,827 $ (75) $ 170,495 CMOs/Other MBS 508,217 4,104 (44) 512,277 — — — — Total residential MBS 2,103,983 24,489 (1,076) 2,127,396 168,743 1,827 (75) 170,495 Other securities: Federal agencies 196,809 4,582 (253) 201,138 59,475 822 — 60,297 Corporate 307,050 13,917 (45) 320,922 19,904 415 — 20,319 State and municipal 435,213 11,321 (342) 446,192 1,718,789 70,530 (134) 1,789,185 Other — — — — 12,750 147 (2) 12,895 Total other securities 939,072 29,820 (640) 968,252 1,810,918 71,914 (136) 1,882,696 Total securities $ 3,043,055 $ 54,309 $ (1,716) $ 3,095,648 $ 1,979,661 $ 73,741 $ (211) $ 2,053,191 The following table summarizes securities HTM 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 Unrecognized losses Fair Unrecognized losses Fair Unrecognized losses HTM September 30, 2020 Other securities: State and municipal $ — $ — $ 6,614 $ (91) $ 6,614 $ (91) Other 12,391 (109) — — 12,391 (109) Total securities $ 12,391 $ (109) $ 6,614 $ (91) $ 19,005 $ (200) December 31, 2019 Residential MBS: Agency-backed $ 39,732 $ (69) $ 1,598 $ (6) $ 41,330 $ (75) Other securities: State and municipal 177 (2) 8,258 (132) 8,435 (134) Other 9,998 (2) — — 9,998 (2) Total other securities 10,175 (4) 8,258 (132) 18,433 (136) Total securities $ 49,907 $ (73) $ 9,856 $ (138) $ 59,763 $ (211) |
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, 2020 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, 2020 Available for sale Held to maturity Amortized Fair Amortized Fair Remaining period to contractual maturity: One year or less $ 1,961 $ 1,964 $ 23,732 $ 23,943 One to five years 186,912 199,110 103,657 108,308 Five to ten years 444,411 464,651 340,566 365,042 Greater than ten years 288,437 302,329 1,190,988 1,274,728 Total securities with a stated maturity date 921,721 968,054 1,658,943 1,772,021 Residential MBS 1,377,868 1,451,404 124,448 129,098 Total securities $ 2,299,589 $ 2,419,458 $ 1,783,391 $ 1,901,119 |
Sale of securities | Sales and calls of securities for the periods indicated below were as follows: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Available for sale: Proceeds from sales $ 24,940 $ 647,485 $ 484,934 $ 1,386,236 Gross realized gains — 7,815 8,964 12,170 Gross realized losses (128) (933) (195) (19,000) Income tax expense (benefit) on realized net gains / (losses) (27) 1,445 1,841 (1,434) Proceeds from calls $ 34,839 $ — $ 174,616 $ — Gross realized gains — — 4,909 — Gross realized losses — — (29) — Income tax expense on realized net gains — — 610 — Held to maturity (1) : Proceeds from sales $ 93,036 $ — $ 93,036 $ — Gross realized gains 1,809 — 1,809 — Gross realized losses (1,039) — (1,039) — Income tax expense (benefit) on realized net gains / (losses) 162 — 162 — |
Securities available for sale with unrealized losses, by length of time in continuous unrealized loss position | The following table summarizes AFS securities with unrealized losses in an unrealized loss position for which an ACL has not been recorded at September 30, 2020 and December 31, 2019 aggregated by major security type and length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair Unrealized losses Fair Unrealized losses Fair Unrealized losses AFS September 30, 2020 Residential MBS: Agency-backed $ — $ — $ 1,994 $ (16) $ 1,994 $ (16) Other securities: Corporate 81,760 (1,518) 1,991 (39) 83,751 (1,557) State and municipal 2,651 (27) 13,551 (208) 16,202 (235) Total other securities 84,411 (1,545) 15,542 (247) 99,953 (1,792) Total securities $ 84,411 $ (1,545) $ 17,536 $ (263) $ 101,947 $ (1,808) December 31, 2019 Residential MBS: Agency-backed $ 98,350 $ (317) $ 108,052 $ (715) $ 206,402 $ (1,032) CMOs/Other MBS — — 5,916 (44) 5,916 (44) Total residential MBS 98,350 (317) 113,968 (759) 212,318 (1,076) Other securities: Federal agencies 39,573 (253) — — 39,573 (253) Corporate — — 12,006 (45) 12,006 (45) State and municipal 12,795 (94) 14,651 (248) 27,446 (342) Total other securities 52,368 (347) 26,657 (293) 79,025 (640) Total securities $ 150,718 $ (664) $ 140,625 $ (1,052) $ 291,343 $ (1,716) |
Schedule of debt securities held-for-sale allowance for credit loss rollforward | The following table presents the activity in the ACL - HTM securities by type of security for the nine month period ended September 30, 2020: Type of security Corporate and Other State and municipal ACL - HTM: Balance at December 31, 2019 $ — $ — Impact of adoption on January 1, 2020 108 688 Provision for credit loss expense recorded in the nine months ended September 30, 2020 7 696 Total ACL - HTM at September 30, 2020 $ 115 $ 1,384 |
Schedule of debt securities held-for-sale amortized cost by credit quality indicator | The following table summarizes the amortized cost of HTM securities at September 30, 2020 aggregated by credit quality indicator: Credit Rating: Corporate and other State and municipal AAA $ — $ 1,110,614 AA 12,750 283,100 A — 89,952 Non-rated 19,865 102,946 Total $ 32,615 $ 1,586,612 |
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, 2020 2019 AFS securities pledged for borrowings, at fair value $ 35,223 $ 22,678 AFS securities pledged for municipal deposits, at fair value 823,428 866,020 HTM securities pledged for borrowings, at amortized cost — 483 HTM securities pledged for municipal deposits, at amortized cost 1,502,359 1,432,909 Total securities pledged $ 2,361,011 $ 2,322,090 |
Portfolio Loans - (Tables)
Portfolio Loans - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 December 31, 2019 Commercial: Commercial & Industrial (“C&I”): Traditional C&I $ 3,318,629 $ 2,355,031 Asset-based lending 875,338 1,082,618 Payroll finance 133,976 226,866 Warehouse lending 1,706,340 1,330,884 Factored receivables 209,982 223,638 Equipment financing 1,567,879 1,800,564 Public sector finance 1,519,573 1,213,118 Total C&I 9,331,717 8,232,719 Commercial mortgage: Commercial real estate (“CRE”) 5,779,695 5,418,648 Multi-family 4,597,587 4,876,870 Acquisition, development and construction (“ADC”) 633,166 467,331 Total commercial mortgage 11,010,448 10,762,849 Total commercial 20,342,165 18,995,568 Residential mortgage 1,739,563 2,210,112 Consumer 200,212 234,532 Total portfolio loans 22,281,940 21,440,212 Allowance for credit losses (325,943) (106,238) Total portfolio loans, net $ 21,955,997 $ 21,333,974 |
Schedule of amounts and status of loans and TDRs | Portfolio loans: An analysis of the aging of portfolio loans, segregated by loan type as of September 30, 2020, is presented below: September 30, 2020 Current 30-59 60-89 90+ Total Traditional C&I $ 3,279,520 $ 13,786 $ 9,085 $ 16,238 $ 3,318,629 Asset-based lending 875,338 — — — 875,338 Payroll finance 133,976 — — — 133,976 Warehouse lending 1,706,340 — — — 1,706,340 Factored receivables 207,912 — — 2,070 209,982 Equipment financing 1,520,596 14,593 7,771 24,919 1,567,879 Public sector finance 1,519,573 — — — 1,519,573 CRE 5,733,189 7,916 24,821 13,769 5,779,695 Multi-family 4,583,281 6,368 3,971 3,967 4,597,587 ADC 602,732 — — 30,434 633,166 Residential mortgage 1,716,606 9,455 1,612 11,890 1,739,563 Consumer 188,073 1,900 322 9,917 200,212 Total loans $ 22,067,136 $ 54,018 $ 47,582 $ 113,204 $ 22,281,940 Total TDRs included above $ 60,799 $ 269 $ 24,270 $ 7,928 $ 93,266 Non-performing loans: Loans 90+ days past due and still accruing $ 56 Non-accrual loans 180,795 Total non-performing loans $ 180,851 The following table represents an analysis of the aging of portfolio loans, segregated by loan type as of December 31, 2019: December 31, 2019 Current 30-59 60-89 90+ Non- Total Traditional C&I $ 2,324,737 $ 961 $ 2,075 $ 110 $ 27,148 $ 2,355,031 Asset-based lending 1,077,652 — — — 4,966 1,082,618 Payroll finance 217,470 — — — 9,396 226,866 Warehouse lending 1,330,884 — — — — 1,330,884 Factored receivables 223,638 — — — — 223,638 Equipment financing 1,739,772 15,678 12,064 — 33,050 1,800,564 Public sector finance 1,213,118 — — — — 1,213,118 CRE 5,391,483 762 190 — 26,213 5,418,648 Multi-family 4,872,379 1,078 13 — 3,400 4,876,870 ADC 466,826 71 — — 434 467,331 Residential mortgage 2,129,840 17,904 93 — 62,275 2,210,112 Consumer 220,372 1,988 3 — 12,169 234,532 Total loans $ 21,208,171 $ 38,442 $ 14,438 $ 110 $ 179,051 $ 21,440,212 Total TDRs included above $ 49,260 $ 547 $ — $ — $ 25,849 $ 75,656 Non-performing loans: Loans 90+ days past due and still accruing $ 110 Non-accrual loans 179,051 Total non-performing loans $ 179,161 |
Schedule of collateral-dependent financing receivables | The following table presents the amortized cost basis of collateral-dependent loans by loan type and collateral as of September 30, 2020: Collateral type Real estate Business assets Equipment Taxi medallions Total Traditional C&I $ 437 $ — $ 6,844 $ 9,632 $ 16,913 Asset-based lending — 12,349 — — 12,349 Factored receivables — 2,069 — — 2,069 Equipment finance — — 10,421 — 10,421 CRE 61,934 — — — 61,934 Multi-family 16,227 — — — 16,227 ADC 30,434 — — — 30,434 Residential mortgage 5,017 — — — 5,017 Consumer 7,534 — — — 7,534 Total $ 121,583 $ 14,418 $ 17,265 $ 9,632 $ 162,898 |
Schedule of additional analysis of non-accrual loans | The following table provides additional information on our non-accrual loans and loans 90 days past due at September 30, 2020: September 30, 2020 Total Non-accrual Loans Non-accrual loans with no ACL Loans 90 days or more past due still accruing interest Traditional C&I $ 21,469 $ 11,121 $ 23 Asset-based lending 6,055 6,055 — Payroll finance 64 — — Factored receivables 2,070 2,070 — Equipment financing 32,488 10,421 33 CRE 54,382 22,875 — Multi-family 10,260 8,438 — ADC 30,434 434 — Residential mortgage 13,334 1,612 — Consumer 10,239 897 — Total $ 180,795 $ 63,923 $ 56 |
Schedule of accrued interest receivable reversed against interest income | The following table provides information on accrued interest receivable that was reversed against interest income for the three and nine months ended September 30, 2020: Interest reversed For the three months ended For the nine months ended September 30, 2020 September 30, 2020 Traditional C&I $ 12 $ 61 Asset-based lending — 67 CRE 609 897 Multi-family 14 125 ADC — 297 Residential mortgage 111 290 Consumer 15 22 Total interest reversed $ 761 $ 1,759 |
Impaired financing receivables | The following table sets forth loans evaluated for impairment by segment and the allowance for loan losses evaluated by segment at December 31, 2019: Loans evaluated by segment Allowance evaluated by segment Individually Collectively PCI loans Total Individually Collectively Total allowance for loan losses Traditional C&I $ 29,838 $ 2,320,256 $ 4,937 $ 2,355,031 $ — $ 15,951 $ 15,951 Asset-based lending 4,684 1,064,275 13,659 1,082,618 — 14,272 14,272 Payroll finance 9,396 217,470 — 226,866 — 2,064 2,064 Warehouse lending — 1,330,884 — 1,330,884 — 917 917 Factored receivables — 223,638 — 223,638 — 654 654 Equipment financing 4,971 1,794,036 1,557 1,800,564 — 16,723 16,723 Public sector finance — 1,213,118 — 1,213,118 — 1,967 1,967 CRE 39,882 5,358,023 20,743 5,418,648 — 27,965 27,965 Multi-family 11,159 4,860,246 5,465 4,876,870 — 11,440 11,440 ADC — 467,331 — 467,331 — 4,732 4,732 Residential mortgage 6,364 2,140,650 63,098 2,210,112 — 7,598 7,598 Consumer 2,731 224,986 6,815 234,532 — 1,955 1,955 Total portfolio loans $ 109,025 $ 21,214,913 $ 116,274 $ 21,440,212 $ — $ 106,238 $ 106,238 The following table presents loans individually evaluated for impairment, excluding PCI loans, by segment of loans at December 31, 2019: December 31, 2019 Unpaid principal balance Recorded investment Loans with no related allowance recorded: Traditional C&I $ 39,595 $ 29,838 Asset-based lending 16,181 4,684 Payroll finance 9,396 9,396 Equipment financing 6,409 4,971 CRE 44,526 39,882 Multi-family 11,491 11,159 Residential mortgage 7,728 6,364 Consumer 2,928 2,731 Total $ 138,254 $ 109,025 |
Schedule of financing receivable payment deferrals | The table below reflects the balance of deferrals by portfolio: Non-pass rated loans Loan balance outstanding Deferral of principal and interest % Special mention Substandard Commercial C&I: Traditional C&I $ 3,318,629 $ 23,240 0.7 % $ 1,075 $ 12,541 Asset-based lending 875,338 — — — — Payroll finance 133,976 — — — — Warehouse lending 1,706,340 — — — — Factored receivables 209,982 — — — — Equipment finance 1,567,879 76,744 4.9 5,281 7,805 Public sector finance 1,519,573 — — — — Total C&I 9,331,717 99,984 1.1 6,356 20,346 Commercial mortgage: Commercial real estate 5,779,695 139,627 2.4 8,620 7,603 Multi-family 4,597,587 38,502 0.8 — 7,332 ADC 633,166 — — — — Total commercial mortgage 11,010,448 178,129 1.6 8,620 14,935 Total commercial 20,342,165 278,113 1.4 14,976 35,281 Residential 1,739,563 175,601 10.1 — 180 Consumer 200,212 12,436 6.2 — — Total Portfolio loans $ 22,281,940 $ 466,150 2.1 % $ 14,976 $ 35,461 |
Troubled debt restructurings | The following table presents loans by segment modified as TDRs that occurred during the first nine months of 2020 and 2019: September 30, 2020 September 30, 2019 Recorded investment Recorded investment Number Pre- Post- Number Pre- Post- Traditional C&I — $ — $ — 1 $ 5,026 $ 5,026 Asset-based lending 2 10,553 9,822 — — — Equipment financing 1 1,027 773 6 5,874 5,039 CRE 1 24,270 24,270 — — — Residential mortgage — — — 3 1,274 1,274 Total TDRs 4 $ 35,850 $ 34,865 10 $ 12,174 $ 11,339 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Loans - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Allowance for loan losses activity | Activity in our ACL - loans for the three months ended September 30, 2020 is summarized in the table below: For the three months ended September 30, 2020 Beginning Charge-offs Recoveries Net Provision / (credit) Ending balance Traditional C&I $ 44,514 $ (1,089) $ 677 $ (412) $ (4,429) $ 39,673 Asset-based lending 30,853 (1,297) — (1,297) (3,602) 25,954 Payroll finance 1,931 — 262 262 242 2,435 Warehouse lending 668 — — — 838 1,506 Factored receivables 10,586 (6,893) 185 (6,708) 1,266 5,144 Equipment financing 78,172 (42,128) 816 (41,312) (1,315) 35,545 Public sector finance 3,765 — — — 419 4,184 CRE 98,905 (3,650) — (3,650) 29,008 124,263 Multi-family 36,652 — — — 3,056 39,708 ADC 18,195 — — — (350) 17,845 Residential mortgage 33,955 (17,353) — (17,353) 6,235 22,837 Consumer 7,293 (97) 21 (76) (368) 6,849 Total ACL - loans $ 365,489 $ (72,507) $ 1,961 $ (70,546) $ 31,000 $ 325,943 Annualized net charge-offs to average loans outstanding: 1.27 % The table below presents the allowance for loan losses roll forward for the three months ended September 30, 2019 under the former incurred loss methodology. For the three months ended September 30, 2019 Beginning Charge-offs Recoveries Net 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 % The table below presents the ACL - loans roll forward for the nine months ended September 30, 2020. The CECL Day 1 column presents adjustments recorded through retained earnings to adopt the CECL standard and the increase to ACL - loans associated with purchase accounting marks on loans that were classified as PCI at December 31, 2019. For the nine months ended September 30, 2020 Beginning CECL Day 1 Charge-offs Recoveries Net Provision/ (credit) Ending balance Traditional C&I $ 15,951 $ 5,325 $ (5,375) $ 1,268 $ (4,107) $ 22,504 $ 39,673 Asset-based lending 14,272 11,973 (3,782) — (3,782) 3,491 25,954 Payroll finance 2,064 1,334 (560) 272 (288) (675) 2,435 Warehouse lending 917 (362) — — — 951 1,506 Factored receivables 654 795 (10,631) 190 (10,441) 14,136 5,144 Equipment financing 16,723 33,000 (54,784) 2,308 (52,476) 38,298 35,545 Public sector finance 1,967 (766) — — — 2,983 4,184 CRE 27,965 8,037 (4,936) 644 (4,292) 92,553 124,263 Multi-family 11,440 14,906 (154) 1 (153) 13,515 39,708 ADC 4,732 (119) (4) 105 101 13,131 17,845 Residential mortgage 7,598 14,104 (19,127) — (19,127) 20,262 22,837 Consumer 1,955 2,357 (1,674) 1,177 (497) 3,034 6,849 Total ACL - loans $ 106,238 $ 90,584 $ (101,027) $ 5,965 $ (95,062) $ 224,183 $ 325,943 Annualized net charge-offs to average loans outstanding: 0.58 % On January 1, 2020, we adopted CECL, which replaced the incurred loss method we used in prior periods for determining the provision for credit losses and the ACL. Under CECL, we record at the inception of the loan an expected loss of all cash flows we do not expect to collect over the life of the loan. The adoption of CECL resulted in an increase in our ACL of $90.6 million, which did not impact our consolidated income statements. We recorded provision for credit losses - loans of $224.2 million for the nine months ended September 30, 2020. The table below presents the allowance for loan losses roll forward for the nine months ended September 30, 2019 under the former incurred loss methodology. 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 % |
Financing receivable credit quality indicators | As of September 30, 2020 and December 31, 2019, the risk category of non-pass rated loans by segment was as follows: September 30, 2020 December 31, 2019 Special Mention Substandard Special Mention Substandard Traditional C&I $ 16,692 $ 58,532 $ 8,403 $ 39,470 Asset-based lending 69,597 40,620 78,445 24,508 Payroll finance — 64 437 17,156 Factored receivables — 2,242 — — Equipment financing 10,540 50,293 25,897 42,503 CRE 95,760 125,902 26,363 79,992 Multi-family 9,648 39,711 18,463 16,247 ADC 1,845 34,108 1,855 505 Residential mortgage 169 13,618 93 62,771 Consumer 16 10,337 20 12,276 Total $ 204,267 $ 375,427 $ 159,976 $ 295,428 Term loans amortized cost basis by origination year Revolving loans converted to term 2020 2019 2018 2017 2016 Prior Revolving loans Total Traditional C&I Pass $ 819,813 $ 297,133 $ 310,452 $ 142,012 $ 87,538 $ 146,517 $ 1,439,940 $ — $ 3,243,405 Special mention — 529 3,151 2,454 1,950 3,119 5,489 — 16,692 Substandard 209 14,449 6,236 4,668 — 11,691 21,279 — 58,532 Total traditional C&I 820,022 312,111 319,839 149,134 89,488 161,327 1,466,708 — 3,318,629 Asset-Based Loans Pass 2,142 3,098 3,100 29,536 32,404 537 694,304 — 765,121 Special mention 8,177 482 89 3,976 3,041 — 53,832 — 69,597 Substandard — — — — 1,211 733 38,676 — 40,620 Total asset-based lending 10,319 3,580 3,189 33,512 36,656 1,270 786,812 — 875,338 Payroll Finance Pass — — 10,250 — — — 123,662 — 133,912 Special mention — — — — — — — — — Substandard — — — — — — 64 — 64 Total payroll finance — — 10,250 — — — 123,726 — 133,976 Warehouse Lending Pass 134,663 90,852 254,398 201,962 435,815 588,650 — — 1,706,340 Special mention — — — — — — — — — Substandard — — — — — — — — — Total warehouse lending 134,663 90,852 254,398 201,962 435,815 588,650 — — 1,706,340 Factored Receivables Pass — — — — — — 207,740 — 207,740 Special mention — — — — — — — — — Substandard — — — — — — 2,242 — 2,242 Total factored receivables — — — — — — 209,982 — 209,982 Equipment Financing Pass 358,008 587,408 280,915 136,859 90,104 53,752 — — 1,507,046 Special mention — 3,139 2,592 3,785 168 856 — — 10,540 Substandard 462 27,089 9,959 8,740 1,792 2,251 — — 50,293 Total equipment financing 358,470 617,636 293,466 149,384 92,064 56,859 — — 1,567,879 Public Sector Finance Pass 348,324 412,572 211,884 290,358 184,240 72,195 — — 1,519,573 Special mention — — — — — — — — — Substandard — — — — — — — — — Total public sector finance 348,324 412,572 211,884 290,358 184,240 72,195 — — 1,519,573 CRE Pass 784,358 1,379,045 980,971 571,134 596,842 1,245,683 — — 5,558,033 Special mention 18,952 1,165 17,926 9,023 17,958 30,736 — — 95,760 Substandard 12,377 16,495 19,666 908 409 76,047 — — 125,902 Total CRE 815,687 1,396,705 1,018,563 581,065 615,209 1,352,466 — — 5,779,695 Multi-family Pass 265,801 750,751 451,613 662,442 674,011 1,651,519 92,091 — 4,548,228 Special mention — — — — — 8,495 1,153 — 9,648 Substandard — — — — 4,537 35,174 — — 39,711 Total multi-family 265,801 750,751 451,613 662,442 678,548 1,695,188 93,244 — 4,597,587 ADC Pass 105,696 255,902 123,008 68,240 23,449 20,918 — — 597,213 Special mention — — — 1,845 — — — — 1,845 Substandard — — — 33,674 — 434 — — 34,108 Total ADC 105,696 255,902 123,008 103,759 23,449 21,352 — — 633,166 Residential Pass 4,336 11,972 42,063 50,937 127,956 1,488,512 — — 1,725,776 Special mention — — — — — 169 — — 169 Substandard — — 260 — 262 13,096 — — 13,618 Total residential 4,336 11,972 42,323 50,937 128,218 1,501,777 — — 1,739,563 Consumer Pass 73 426 509 345 135 5,684 114,728 67,959 189,859 Special mention — — — — — — 16 — 16 Substandard — — — — — 396 3,008 6,933 10,337 Total consumer 73 426 509 345 135 6,080 117,752 74,892 200,212 Total Loans $ 2,863,391 $ 3,852,507 $ 2,729,042 $ 2,222,898 $ 2,283,822 $ 5,457,164 $ 2,798,224 $ 74,892 $ 22,281,940 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 Goodwill $ 1,683,482 $ 1,683,482 Other intangible assets: Core deposits $ 73,837 $ 85,922 Customer lists 3,427 3,942 Trade name 20,500 20,500 Total $ 97,764 $ 110,364 |
Future amortization expense | The estimated aggregate future amortization expense for intangible assets remaining as of September 30, 2020 was as follows: Amortization expense Remainder of 2020 $ 4,200 2021 15,104 2022 13,703 2023 12,322 2024 10,448 2025 8,722 Thereafter 12,765 Total $ 77,264 |
Deposits - (Tables)
Deposits - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Deposits [Abstract] | |
Summary of major classification of deposits | Deposit balances at September 30, 2020 and December 31, 2019 were as follows: September 30, December 31, 2020 2019 Non-interest bearing demand $ 5,874,554 $ 4,304,943 Interest bearing demand 4,730,335 4,427,012 Savings 2,643,979 2,652,764 Money market 8,616,506 7,585,888 Certificates of deposit 2,389,959 3,448,051 Total deposits $ 24,255,333 $ 22,418,658 |
List of company's brokered deposits | Brokered deposits at September 30, 2020 and December 31, 2019 were as follows: September 30, December 31, 2020 2019 Interest bearing demand $ 144,831 $ 149,566 Money market 1,166,929 944,627 Certificates of deposit 263,027 772,251 Total brokered deposits $ 1,574,787 $ 1,866,444 |
Borrowings - (Tables)
Borrowings - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Instruments [Abstract] | |
Schedule of debt | Our borrowings and weighted average interest rates were as follows for the periods presented: September 30, December 31, 2020 2019 Amount Rate Amount Rate By type of borrowing: FHLB borrowings $ 397,000 1.02 % $ 2,245,653 2.04 % Paycheck Protection Program Liquidity Facility 117,497 0.35 — — Repurchase agreements 35,223 0.20 22,678 1.20 3.50% Senior Notes — — 173,504 3.19 Subordinated Notes - Company 270,445 4.17 270,941 4.17 Subordinated Notes - Bank 173,370 5.45 173,182 5.45 Total borrowings $ 993,535 2.54 % $ 2,885,958 2.53 % By remaining period to maturity: Less than one year $ 332,223 0.92 % $ 1,491,446 2.19 % One to two years 217,497 0.68 925,388 2.07 Two to three years — — 25,000 1.71 Greater than five years 443,815 4.67 444,124 4.67 Total borrowings $ 993,535 2.54 % $ 2,885,958 2.53 % |
Derivatives - (Tables)
Derivatives - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Summary of derivatives | Summary information as of September 30, 2020 and December 31, 2019 regarding these derivatives is presented below: Notional Average Weighted Weighted Fair value September 30, 2020 Included in other assets: Third-party interest rate swap $ — $ — Customer interest rate swap 1,954,446 166,095 Total $ 1,954,446 4.58 4.43 % 1 m Libor + 2.19% $ 166,095 Included in other liabilities: Third-party interest rate swap $ 1,954,446 $ 66,061 Customer interest rate swap — — Total $ 1,954,446 4.58 4.43 % 1 m Libor + 2.19% $ 66,061 December 31, 2019 Included in other assets: Third-party interest rate swap $ 116,874 $ 15 Customer interest rate swap 1,738,675 67,303 Total $ 1,855,549 5.18 4.50 % 1 m Libor + 2.23% $ 67,318 Included in other liabilities: Third-party interest rate swap $ 1,738,675 $ 23,998 Customer interest rate swap 116,874 316 Total $ 1,855,549 5.18 4.50 % 1 m Libor + 2.23% $ 24,314 |
Income Taxes - (Tables)
Income Taxes - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 2020 2019 Income before income tax expense $ 96,687 $ 154,996 $ 160,694 $ 405,364 Tax at federal statutory rate of 21% 20,305 32,549 33,746 85,126 State and local income taxes, net of federal tax benefit 4,942 9,469 6,622 22,347 Tax exempt interest, net of disallowed interest (7,811) (5,429) (22,713) (15,985) BOLI income (1,122) (2,441) (3,267) (4,103) Low income housing tax credits and other benefits (9,461) (5,431) (28,381) (14,592) Low income housing investment amortization expense 8,183 4,627 24,571 12,510 Tax rate adjustment benefit due to CARES Act NOL carryback — — (21,313) — Uncertain tax position reserve — — 11,480 — Annual effective tax rate adjustment (4,837) — 7,273 — Equity-based stock compensation benefit 192 — 970 (106) FDIC insurance premium limitation 266 239 837 717 Other, net 1,623 (1,034) 1,523 (894) Actual income tax expense (benefit) $ 12,280 $ 32,549 $ 11,348 $ 85,020 Effective income tax rate 12.7 % 21.0 % 7.1 % 21.0 % |
Schedule of unrecognized tax benefits roll forward | As of September 30, 2020, the accrual for unrecognized gross tax benefits was as follows: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Uncertain tax positions beginning of period $ 11,603 $ — $ — $ — Additions for tax positions related to prior tax years — — 11,480 — Decrease due to settlement (1,315) — (1,315) — Interest expense in tax positions — — 123 — Uncertain tax positions at September 30, 2020 $ 10,288 $ — $ 10,288 $ — |
Stock-Based Compensation - (Tab
Stock-Based Compensation - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020: 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, 2020 3,347,036 2,187,197 $ 20.96 427,274 $ 11.15 Granted (1,194,488) 1,194,488 20.52 — — Stock awards vested (1) (39,504) (648,028) 21.79 — — Exercised — — — (60,500) 10.08 Forfeited 157,679 (127,526) 20.63 (30,153) 13.43 Canceled/expired (30,153) — — — 13.43 Balance at September 30, 2020 2,240,570 2,606,131 $ 20.53 336,621 $ 11.14 Exercisable at September 30, 2020 336,621 $ 11.14 three |
Schedule of stock-based compensation expense associated with stock options and non-vested stock awards | Stock-based compensation expense associated with non-vested stock awards and the related income tax benefit, and proceeds from stock option exercises are presented below: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Non-vested stock awards/performance units $ 5,868 $ 4,565 $ 17,788 $ 14,293 Income tax benefit 734 959 2,224 3,002 Proceeds from stock option exercises 95 508 610 2,397 |
Unrecognized stock-based compensation expense | Unrecognized stock-based compensation expense as of September 30, 2020 was as follows: September 30, 2020 Stock options $ — Non-vested stock awards/performance units 33,238 Total $ 33,238 |
Other Non-Interest Expense, O_2
Other Non-Interest Expense, Other Assets and Other Liabilities - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of other non-interest expense | Other non-interest expense items for the nine months ended September 30, 2020 and 2019, respectively, are presented in the following table: For the three months ended For the nine months ended September 30, September 30, 2020 2019 2020 2019 Other non-interest expense: Professional fees $ 6,343 $ 4,438 $ 17,550 $ 14,966 Depreciation expense on operating leases 3,130 — 9,758 — Advertising and promotion 1,291 2,514 4,414 4,889 Communications 1,424 1,511 4,374 5,115 Residential mortgage loans servicing 1,361 1,524 3,984 4,515 Insurance & surety bond premium 942 982 3,191 3,050 Operational losses 597 536 1,812 3,026 Other 5,377 5,096 21,288 18,058 Total other non-interest expense $ 20,465 $ 16,601 $ 66,371 $ 53,619 |
Schedule of other assets | Other assets are presented in the following table. Significant components of the aggregate of other assets are presented separately. September 30, December 31, 2020 2019 Other assets: Low income housing tax credit investments $ 461,658 $ 386,824 Right of use asset for operating leases (see Note 15) 100,635 112,226 Fair value of swaps (see Note 9) 166,095 67,318 Cash on deposit as swap collateral / net of settlement 91,374 93,606 Operating leases - equipment and vehicles leased to others 58,367 72,291 Other asset balances 207,308 108,603 Total other assets $ 1,085,437 $ 840,868 |
Schedule of other liabilities | Other liabilities are presented in the following table. Significant components of the aggregate of other liabilities are presented separately. September 30, December 31, 2020 2019 Other liabilities: Commitment to fund low income housing tax credit investments $ 264,719 $ 264,930 Lease liability (see Note 15) 108,152 118,986 Payroll finance and factoring liabilities 117,677 105,972 Swap liabilities (see Note 9) 66,061 24,314 Other liability balances 170,429 179,250 Total other liabilities $ 727,038 $ 693,452 |
Earnings Per Common Share - (Ta
Earnings Per Common Share - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 2020 2019 Net income available to common stockholders $ 82,438 $ 120,465 $ 143,429 $ 314,386 Weighted average common shares outstanding for computation of basic EPS 193,494,929 203,090,365 194,436,137 207,685,051 Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (1) 221,014 476,217 240,883 423,524 Weighted average common shares for computation of diluted EPS 193,715,943 203,566,582 194,677,020 208,108,575 EPS (2) : Basic $ 0.43 $ 0.59 $ 0.74 $ 1.51 Diluted 0.43 0.59 0.74 1.51 (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted EPS. Anti-dilutive shares were 359,304 and 98,351 for the three and nine months ended September 30, 2020, respectively. There were no anti-dilutive shares in the three and nine months ending September 30, 2019. |
Stockholders' Equity - (Tables)
Stockholders' Equity - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 and December 31, 2019 for us and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented as of September 30, 2020 and December 31, 2019 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, 2020 Common equity tier 1 to RWA: Sterling National Bank $ 2,975,443 12.39 % $ 1,681,017 7.00 % $ 1,560,944 6.50 % Sterling Bancorp 2,688,299 11.18 1,683,127 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,975,443 12.39 % 2,041,235 8.50 % 1,921,162 8.00 % Sterling Bancorp 2,825,216 11.75 2,043,797 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,328,305 13.86 % 2,521,526 10.50 % 2,401,453 10.00 % Sterling Bancorp 3,406,498 14.17 2,524,690 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,975,443 10.48 % 1,136,151 4.00 % 1,420,189 5.00 % Sterling Bancorp 2,825,216 9.93 1,137,572 4.00 N/A N/A Actual Minimum capital required - Basel III fully phased-in Required to be considered well- capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2019 Common equity tier 1 to RWA: Sterling National Bank $ 2,882,208 12.32 % $ 1,637,001 7.00 % $ 1,520,073 6.50 % Sterling Bancorp 2,588,975 11.06 1,638,718 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,882,208 12.32 % 1,987,787 8.50 % 1,870,859 8.00 % Sterling Bancorp 2,726,556 11.65 1,989,872 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,162,282 13.52 % 2,455,502 10.50 % 2,338,574 10.00 % Sterling Bancorp 3,252,412 13.89 2,458,077 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,882,208 10.11 % 1,140,570 4.00 % 1,425,713 5.00 % Sterling Bancorp 2,726,556 9.55 1,141,603 4.00 N/A N/A |
Commitments and Contingencies -
Commitments and Contingencies - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 Loan origination commitments $ 668,018 $ 565,392 Unused lines of credit 1,713,831 1,532,702 Letters of credit 195,799 307,287 |
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, 2020 were as follows: Remainder of 2020 $ 4,740 2021 18,339 2022 16,576 2023 15,083 2024 13,293 2025 10,670 2026 and thereafter 45,745 Total lease payments 124,446 Interest 16,294 Present value of lease liabilities $ 108,152 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Estimated fair value on a recurring basis | A summary of assets and liabilities at September 30, 2020 and December 31, 2019, respectively, measured at estimated fair value on a recurring basis, is as follows: September 30, 2020 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 1,028,449 $ — $ 1,028,449 $ — CMOs/Other MBS 422,955 — 422,955 — Total residential MBS 1,451,404 — 1,451,404 — Other securities: Federal agencies 146,757 — 146,757 — Corporate 427,080 — 427,080 — State and municipal 394,217 — 394,217 — Total other securities 968,054 — 968,054 — Total AFS 2,419,458 — 2,419,458 — Swaps 166,095 — 166,095 — Total assets $ 2,585,553 $ — $ 2,585,553 $ — Liabilities: Swaps $ 66,061 $ — $ 66,061 $ — Total liabilities $ 66,061 $ — $ 66,061 $ — December 31, 2019 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 1,615,119 $ — $ 1,615,119 $ — CMOs/Other MBS 512,277 — 512,277 — Total residential MBS 2,127,396 — 2,127,396 — Federal agencies 201,138 — 201,138 — Corporate 320,922 — 320,922 — State and municipal 446,192 — 446,192 — Total other securities 968,252 — 968,252 — Total AFS 3,095,648 — 3,095,648 — Swaps 67,318 — 67,318 — Total assets $ 3,162,966 $ — $ 3,162,966 $ — Liabilities: Swaps $ 24,314 $ — $ 24,314 $ — Total liabilities $ 24,314 $ — $ 24,314 $ — |
Estimated fair value on nonrecurring basis | September 30, 2020 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 10,563 $ — $ — $ 10,563 Asset-based lending 3,168 — — 3,168 Factored receivables 2,070 — — 2,070 Equipment financing 4,197 — — 4,197 CRE 9,462 — — 9,462 Residential mortgage 2,112 — — 2,112 Consumer 3,318 — — 3,318 Total collateral dependent loans measured at fair value $ 34,890 $ — $ — $ 34,890 December 31, 2019 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 14,515 $ — $ — $ 14,515 Asset-based lending 3,772 — — 3,772 Equipment financing 1,794 — — 1,794 CRE 12,614 — — 12,614 Multi-family 1,184 — — 1,184 Residential mortgage 2,924 — — 2,924 Consumer 1,300 — — 1,300 Total impaired loans measured at fair value $ 38,103 $ — $ — $ 38,103 |
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, 2020: September 30, 2020 Carrying Financial assets: Cash and cash equivalents $ 437,558 $ 437,558 $ — $ — Securities AFS 2,419,458 — 2,419,458 — Securities HTM, net 1,781,892 — 1,901,119 — Loans held for sale 36,826 — 36,826 — Portfolio loans, net 21,955,997 — — 21,938,405 Accrued interest receivable on securities 31,883 — 31,883 — Accrued interest receivable on loans 70,496 — — 70,496 FHLB stock and FRB stock 167,293 — — — Swaps 166,095 — 166,095 — Financial liabilities: Non-maturity deposits 21,865,374 21,865,374 — — Certificates of deposit 2,389,959 — 2,399,122 — FHLB borrowings 397,000 — 398,706 — Paycheck Protection Program Lending Facility 117,497 — 117,496 — Other borrowings 35,223 — 35,223 — Subordinated Notes - Company 270,445 — 268,140 — Subordinated Notes - Bank 173,370 — 175,635 — Mortgage escrow funds 84,031 — 84,030 — Accrued interest payable on deposits 1,428 — 1,428 — Accrued interest payable on borrowings 7,919 — 7,919 — Swaps 66,061 — 66,061 — 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, 2019: December 31, 2019 Carrying Financial assets: Cash and cash equivalents $ 329,151 $ 329,151 $ — $ — Securities AFS 3,095,648 — 3,095,648 — Securities HTM 1,979,661 — 2,053,191 — Loans held for sale 8,125 — 8,125 — Portfolio loans, net 21,333,974 — — 21,382,990 Accrued interest receivable on securities 29,308 — 29,308 — Accrued interest receivable on loans 71,004 — — 71,004 FHLB stock and FRB stock 251,805 — — — Swaps 67,318 — 67,318 — Financial liabilities: Non-maturity deposits 18,970,607 18,970,607 — — Certificates of deposit 3,448,051 — 3,444,669 — FHLB borrowings 2,245,653 — 2,248,851 — Other borrowings 22,678 — 22,677 — Senior Notes 173,504 — 173,733 — Subordinated Notes 444,123 — 453,512 — Mortgage escrow funds 58,316 — 58,315 — Accrued interest payable on deposits 5,427 — 5,427 — Accrued interest payable on borrowings 8,629 — 8,629 — Swaps 24,314 — 24,314 — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income | Components of accumulated other comprehensive income were as follows as of the dates shown below: September 30, December 31, 2020 2019 Net unrealized holding gain on available for sale securities $ 119,869 $ 52,593 Related income tax expense (33,132) (14,537) Available for sale securities, net of tax 86,737 38,056 Net unrealized holding loss on securities transferred to held to maturity (456) (744) Related income tax benefit 126 206 Securities transferred to held to maturity, net of tax (330) (538) Net unrealized holding gain on retirement plans 2,016 3,728 Related income tax expense (557) (1,030) Retirement plans, net of tax 1,459 2,698 Accumulated other comprehensive income $ 87,866 $ 40,216 The following table presents the changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended September 30, 2020 and 2019: 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 on retirement plans Total For the three months ended September 30, 2020 Balance beginning of the period $ 88,140 $ (425) $ 895 $ 88,610 Other comprehensive income before reclassification (938) — — (938) Amounts reclassified from AOCI (465) 95 564 194 Total other comprehensive (loss) income (1,403) 95 564 (744) Balance at end of period $ 86,737 $ (330) $ 1,459 $ 87,866 For the three months ended September 30, 2019 Balance beginning of the period $ 27,243 $ (709) $ 13,812 $ 40,346 Other comprehensive income before reclassification 21,047 — — 21,047 Amounts reclassified from AOCI (4,980) 86 (11,365) (16,259) Total other comprehensive income (loss) 16,067 86 (11,365) 4,788 Balance at end of period $ 43,310 $ (623) $ 2,447 $ 45,134 Location in consolidated income statements where reclassification from accumulated other comprehensive loss is included Net gain (loss) on sale of securities Interest income on securities Other non-interest expense The following table presents the changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the nine months ended September 30, 2020 and 2019: 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, 2020 Balance beginning of the period $ 38,056 $ (538) $ 2,698 $ 40,216 Other comprehensive income before reclassification 55,583 — — 55,583 Amounts reclassified from AOCI (6,902) 208 (1,239) (7,933) Total other comprehensive income (loss) 48,681 208 (1,239) 47,650 Balance at end of period $ 86,737 $ (330) $ 1,459 $ 87,866 For the nine months ended September 30, 2019 Balance beginning of the period $ (75,077) $ (2,546) $ 11,678 $ (65,945) Other comprehensive income 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 (loss) 118,387 1,923 (9,231) 111,079 Balance at end of period $ 43,310 $ (623) $ 2,447 $ 45,134 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 _4
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Period of analysis for incurred loss model prior to CECL adoption | 3 years | |||||
Portfolio loans | $ 22,281,940 | $ 21,440,212 | ||||
ACL - loans | 325,943 | $ 365,489 | 106,238 | $ 104,735 | $ 104,664 | $ 95,677 |
Portfolio loans, net | 21,955,997 | 21,333,974 | ||||
Held to maturity debt securities | 1,783,391 | 1,979,661 | ||||
Accrued interest receivable | $ 102,379 | 100,312 | ||||
Period past due, placed on non-accrual status | 90 days | |||||
Period past due to determine write off | 120 days | |||||
Minimum | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Individual macro variable level, historical loss information, starting period | 2 years | |||||
Maximum | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Individual macro variable level, historical loss information, starting period | 3 years | |||||
Held-to-maturity securities | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Accrued interest receivable | $ 18,300 | 16,500 | ||||
Available-for-sale securities | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Accrued interest receivable | 13,600 | 12,800 | ||||
State and municipal | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Held to maturity debt securities | 1,586,612 | 1,718,789 | ||||
State and municipal | Non Investment Grade | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Held to maturity debt securities | $ 102,946 | |||||
PCI Loans | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Portfolio loans | 116,274 | |||||
Portfolio loans, net | 116,300 | |||||
Period past due to determine write off | 60 days | |||||
Originated | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Portfolio loans | 15,433,966 | |||||
Portfolio loans, net | 15,400,000 | |||||
Acquired | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Portfolio loans | 6,006,246 | |||||
Portfolio loans, net | 6,000,000 | |||||
Financing Receivable | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Accrued interest receivable | $ 70,500 | 71,000 | ||||
Impact of CECL adoption | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
ACL - loans | 90,584 | |||||
Impact of CECL adoption | PCI Loans | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
ACL - loans | $ 22,496 | |||||
Impact of COVID-19 | Payment Deferral | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Portfolio loans | $ 466,150 | $ 1,700,000 |
Basis of Financial Statement _5
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Schedule of CECL Standard Adoption Impact (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Assets: | |||||||
Debt securities, held-to-maturity, allowance for credit loss | $ 0 | $ 1,499 | |||||
ACL - loans | 106,238 | 325,943 | $ 365,489 | $ 104,735 | $ 104,664 | $ 95,677 | |
Liabilities: | |||||||
ACL - off-balance sheet credit exposures (recorded in other liabilities) | 654 | 6,700 | |||||
Portfolio loans | 21,440,212 | 22,281,940 | |||||
Residential mortgage | |||||||
Assets: | |||||||
ACL - loans | 7,598 | 22,837 | 33,955 | 7,372 | 7,109 | 7,454 | |
Liabilities: | |||||||
Portfolio loans | 1,739,563 | ||||||
Consumer | |||||||
Assets: | |||||||
ACL - loans | 1,955 | 6,849 | $ 7,293 | $ 1,948 | $ 2,254 | $ 2,843 | |
Liabilities: | |||||||
Portfolio loans | 200,212 | ||||||
Commercial loans portfolio segment | |||||||
Liabilities: | |||||||
Portfolio loans | 18,995,568 | 20,342,165 | |||||
Residential mortgage portfolio segment | |||||||
Assets: | |||||||
ACL - loans | 7,598 | ||||||
Liabilities: | |||||||
Portfolio loans | 2,210,112 | 1,739,563 | |||||
Residential mortgage portfolio segment | Residential mortgage | |||||||
Assets: | |||||||
ACL - loans | 7,598 | ||||||
Liabilities: | |||||||
Portfolio loans | 2,210,112 | ||||||
Consumer portfolio segment | |||||||
Assets: | |||||||
ACL - loans | 1,955 | ||||||
Liabilities: | |||||||
Portfolio loans | 234,532 | 200,212 | |||||
Consumer portfolio segment | Consumer | |||||||
Assets: | |||||||
ACL - loans | 1,955 | ||||||
Liabilities: | |||||||
Portfolio loans | 234,532 | ||||||
Commercial and industrial | Commercial loans portfolio segment | |||||||
Assets: | |||||||
ACL - loans | 52,548 | ||||||
Liabilities: | |||||||
Portfolio loans | 8,232,719 | 9,331,717 | |||||
Real estate | Commercial loans portfolio segment | |||||||
Assets: | |||||||
ACL - loans | 44,137 | ||||||
Liabilities: | |||||||
Portfolio loans | 10,762,849 | 11,010,448 | |||||
Originated | |||||||
Liabilities: | |||||||
Portfolio loans | 15,433,966 | ||||||
Originated | Residential mortgage portfolio segment | Residential mortgage | |||||||
Liabilities: | |||||||
Portfolio loans | 541,681 | ||||||
Originated | Consumer portfolio segment | Consumer | |||||||
Liabilities: | |||||||
Portfolio loans | 121,310 | ||||||
Originated | Commercial and industrial | Commercial loans portfolio segment | |||||||
Liabilities: | |||||||
Portfolio loans | 6,982,226 | ||||||
Originated | Real estate | Commercial loans portfolio segment | |||||||
Liabilities: | |||||||
Portfolio loans | 7,788,749 | ||||||
Acquired | |||||||
Liabilities: | |||||||
Portfolio loans | 6,006,246 | ||||||
Acquired | Residential mortgage portfolio segment | Residential mortgage | |||||||
Liabilities: | |||||||
Portfolio loans | 1,668,431 | ||||||
Acquired | Consumer portfolio segment | Consumer | |||||||
Liabilities: | |||||||
Portfolio loans | 113,222 | ||||||
Acquired | Commercial and industrial | Commercial loans portfolio segment | |||||||
Liabilities: | |||||||
Portfolio loans | 1,250,493 | ||||||
Acquired | Real estate | Commercial loans portfolio segment | |||||||
Liabilities: | |||||||
Portfolio loans | 2,974,100 | ||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||||
Assets: | |||||||
ACL - loans | 2,300 | 3,100 | |||||
PCI Loans | |||||||
Liabilities: | |||||||
Portfolio loans | 116,274 | ||||||
PCI Loans | Residential mortgage portfolio segment | |||||||
Liabilities: | |||||||
Portfolio loans | 63,098 | ||||||
PCI Loans | Consumer portfolio segment | |||||||
Liabilities: | |||||||
Portfolio loans | 6,815 | ||||||
Corporate | |||||||
Assets: | |||||||
Debt securities, held-to-maturity, allowance for credit loss | 0 | 70 | |||||
State and municipal | |||||||
Assets: | |||||||
Debt securities, held-to-maturity, allowance for credit loss | 0 | $ 1,384 | |||||
As reported under CECL | |||||||
Assets: | |||||||
Debt securities, held-to-maturity, allowance for credit loss | 796 | ||||||
ACL - loans | 196,822 | ||||||
Liabilities: | |||||||
ACL - off-balance sheet credit exposures (recorded in other liabilities) | 6,749 | ||||||
As reported under CECL | Residential mortgage portfolio segment | Residential mortgage | |||||||
Assets: | |||||||
ACL - loans | 21,702 | ||||||
As reported under CECL | Consumer portfolio segment | Consumer | |||||||
Assets: | |||||||
ACL - loans | 4,312 | ||||||
As reported under CECL | Commercial and industrial | Commercial loans portfolio segment | |||||||
Assets: | |||||||
ACL - loans | 103,847 | ||||||
As reported under CECL | Real estate | Commercial loans portfolio segment | |||||||
Assets: | |||||||
ACL - loans | 66,961 | ||||||
As reported under CECL | Corporate | |||||||
Assets: | |||||||
Debt securities, held-to-maturity, allowance for credit loss | 108 | ||||||
As reported under CECL | State and municipal | |||||||
Assets: | |||||||
Debt securities, held-to-maturity, allowance for credit loss | 688 | ||||||
Impact of CECL adoption | |||||||
Assets: | |||||||
ACL - loans | 90,584 | ||||||
Liabilities: | |||||||
ACL - off-balance sheet credit exposures (recorded in other liabilities) | 6,100 | ||||||
Impact of CECL adoption | Accounting Standards Update 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total ACL - loans | 90,584 | ||||||
ACL - HTM securities | 796 | ||||||
ACL - off balance sheet credit exposure (recorded in other liabilities) | 6,095 | ||||||
Total impact of CECL adoption | 97,475 | ||||||
Assets: | |||||||
Debt securities, held-to-maturity, allowance for credit loss | 796 | ||||||
ACL - loans | 90,584 | ||||||
Liabilities: | |||||||
ACL - off-balance sheet credit exposures (recorded in other liabilities) | 6,095 | ||||||
Impact of CECL adoption | Residential mortgage | |||||||
Assets: | |||||||
ACL - loans | 14,104 | ||||||
Impact of CECL adoption | Consumer | |||||||
Assets: | |||||||
ACL - loans | 2,357 | ||||||
Impact of CECL adoption | Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total ACL - loans | $ 49,268 | ||||||
ACL - HTM securities | 576 | ||||||
ACL - off balance sheet credit exposure (recorded in other liabilities) | 4,410 | ||||||
Total impact of CECL adoption | 54,254 | ||||||
Impact of CECL adoption | Tax effect | Accounting Standards Update 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Total ACL - loans | 18,820 | ||||||
ACL - HTM securities | 220 | ||||||
ACL - off balance sheet credit exposure (recorded in other liabilities) | 1,685 | ||||||
Total impact of CECL adoption | 20,725 | ||||||
Impact of CECL adoption | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||||
Assets: | |||||||
ACL - loans | 68,088 | ||||||
Impact of CECL adoption | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Accounting Standards Update 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses (“ACL”) - loans | 68,088 | ||||||
Impact of CECL adoption | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Residential mortgage portfolio segment | Residential mortgage | |||||||
Assets: | |||||||
ACL - loans | 942 | ||||||
Impact of CECL adoption | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer portfolio segment | Consumer | |||||||
Assets: | |||||||
ACL - loans | 1,087 | ||||||
Impact of CECL adoption | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial and industrial | Commercial loans portfolio segment | |||||||
Assets: | |||||||
ACL - loans | 44,675 | ||||||
Impact of CECL adoption | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate | Commercial loans portfolio segment | |||||||
Assets: | |||||||
ACL - loans | 21,384 | ||||||
Impact of CECL adoption | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses (“ACL”) - loans | 49,268 | ||||||
Impact of CECL adoption | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Tax effect | Accounting Standards Update 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses (“ACL”) - loans | 18,820 | ||||||
Impact of CECL adoption | PCI Loans | |||||||
Assets: | |||||||
ACL - loans | 22,496 | ||||||
Impact of CECL adoption | PCI Loans | Accounting Standards Update 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
ACL - loans - (adjustment related to purchase credit impaired loan mark)1 | 22,496 | ||||||
Impact of CECL adoption | PCI Loans | Residential mortgage portfolio segment | Residential mortgage | |||||||
Assets: | |||||||
ACL - loans | 13,162 | ||||||
Impact of CECL adoption | PCI Loans | Consumer portfolio segment | Consumer | |||||||
Assets: | |||||||
ACL - loans | 1,270 | ||||||
Impact of CECL adoption | PCI Loans | Commercial and industrial | Commercial loans portfolio segment | |||||||
Assets: | |||||||
ACL - loans | 6,624 | ||||||
Impact of CECL adoption | PCI Loans | Real estate | Commercial loans portfolio segment | |||||||
Assets: | |||||||
ACL - loans | 1,440 | ||||||
Impact of CECL adoption | PCI Loans | Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
ACL - loans - (adjustment related to purchase credit impaired loan mark)1 | 0 | ||||||
Impact of CECL adoption | PCI Loans | Tax effect | Accounting Standards Update 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
ACL - loans - (adjustment related to purchase credit impaired loan mark)1 | $ 0 | ||||||
Impact of CECL adoption | Corporate | Accounting Standards Update 2016-13 | |||||||
Assets: | |||||||
Debt securities, held-to-maturity, allowance for credit loss | 108 | ||||||
Impact of CECL adoption | State and municipal | |||||||
Assets: | |||||||
Debt securities, held-to-maturity, allowance for credit loss | 688 | ||||||
Impact of CECL adoption | State and municipal | Accounting Standards Update 2016-13 | |||||||
Assets: | |||||||
Debt securities, held-to-maturity, allowance for credit loss | $ 688 |
Acquisitions - Santander Bank N
Acquisitions - Santander Bank Narrative (Details) - Santander Bank, N.A $ in Millions | Nov. 29, 2019USD ($) |
Business Acquisition [Line Items] | |
Consideration paid | $ 846.1 |
Premium paid for loans receivable, percentage of gross loans | 0.75% |
Unpaid principal balance of loans acquired | $ 6.3 |
Restructuring and integration costs | 5.1 |
Estimate of Fair Value Measurement | |
Business Acquisition [Line Items] | |
Outstanding loans and leases held by acquiree at acquisition date | 820.1 |
Equipment financing | |
Business Acquisition [Line Items] | |
Outstanding loans and leases held by acquiree at acquisition date | 764 |
Asset-based lending | |
Business Acquisition [Line Items] | |
Outstanding loans and leases held by acquiree at acquisition date | $ 74.8 |
Acquisitions - Woodforest Natio
Acquisitions - Woodforest National Bank Narrative (Details) - Woodforest National Bank $ in Millions | Feb. 28, 2019USD ($) |
Business Acquisition [Line Items] | |
Consideration paid | $ 515.7 |
Premium paid for loans receivable, percentage of gross loans | 3.75% |
Unpaid principal balance of loans acquired | $ 18.7 |
Restructuring and integration costs | 3.3 |
Estimate of Fair Value Measurement | |
Business Acquisition [Line Items] | |
Outstanding loans and leases held by acquiree at acquisition date | 471.9 |
Equipment financing | |
Business Acquisition [Line Items] | |
Outstanding loans and leases held by acquiree at acquisition date | 166.1 |
Asset-based lending | |
Business Acquisition [Line Items] | |
Outstanding loans and leases held by acquiree at acquisition date | $ 331.8 |
Securities - Amortized Cost to
Securities - Amortized Cost to Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Available for Sale | ||
Amortized cost | $ 2,299,589 | $ 3,043,055 |
Gross unrealized gains | 121,677 | 54,309 |
Gross unrealized losses | (1,808) | (1,716) |
Securities available for sale, at estimated fair value | 2,419,458 | 3,095,648 |
Held to Maturity | ||
Amortized cost | 1,783,391 | 1,979,661 |
Gross unrecognized gains | 117,928 | 73,741 |
Gross unrecognized losses | (200) | (211) |
Held-to-maturity, fair value | 1,901,119 | 2,053,191 |
Debt securities, held-to-maturity, allowance for credit loss | 1,499 | 0 |
Agency-backed | ||
Available for Sale | ||
Amortized cost | 978,196 | 1,595,766 |
Gross unrealized gains | 50,269 | 20,385 |
Gross unrealized losses | (16) | (1,032) |
Securities available for sale, at estimated fair value | 1,028,449 | 1,615,119 |
Held to Maturity | ||
Amortized cost | 124,448 | 168,743 |
Gross unrecognized gains | 4,650 | 1,827 |
Gross unrecognized losses | 0 | (75) |
Held-to-maturity, fair value | 129,098 | 170,495 |
Debt securities, held-to-maturity, allowance for credit loss | 0 | |
CMOs/Other MBS | ||
Available for Sale | ||
Amortized cost | 399,672 | 508,217 |
Gross unrealized gains | 23,283 | 4,104 |
Gross unrealized losses | 0 | (44) |
Securities available for sale, at estimated fair value | 422,955 | 512,277 |
Held to Maturity | ||
Amortized cost | 0 | 0 |
Gross unrecognized gains | 0 | 0 |
Gross unrecognized losses | 0 | 0 |
Held-to-maturity, fair value | 0 | 0 |
Debt securities, held-to-maturity, allowance for credit loss | 0 | |
Total residential MBS | ||
Available for Sale | ||
Amortized cost | 1,377,868 | 2,103,983 |
Gross unrealized gains | 73,552 | 24,489 |
Gross unrealized losses | (16) | (1,076) |
Securities available for sale, at estimated fair value | 1,451,404 | 2,127,396 |
Held to Maturity | ||
Amortized cost | 124,448 | 168,743 |
Gross unrecognized gains | 4,650 | 1,827 |
Gross unrecognized losses | 0 | (75) |
Held-to-maturity, fair value | 129,098 | 170,495 |
Debt securities, held-to-maturity, allowance for credit loss | 0 | |
Federal agencies | ||
Available for Sale | ||
Amortized cost | 140,071 | 196,809 |
Gross unrealized gains | 6,686 | 4,582 |
Gross unrealized losses | 0 | (253) |
Securities available for sale, at estimated fair value | 146,757 | 201,138 |
Held to Maturity | ||
Amortized cost | 39,716 | 59,475 |
Gross unrecognized gains | 1,093 | 822 |
Gross unrecognized losses | 0 | 0 |
Held-to-maturity, fair value | 40,809 | 60,297 |
Debt securities, held-to-maturity, allowance for credit loss | 0 | |
Corporate | ||
Available for Sale | ||
Amortized cost | 405,979 | 307,050 |
Gross unrealized gains | 22,658 | 13,917 |
Gross unrealized losses | (1,557) | (45) |
Securities available for sale, at estimated fair value | 427,080 | 320,922 |
Held to Maturity | ||
Amortized cost | 19,865 | 19,904 |
Gross unrecognized gains | 626 | 415 |
Gross unrecognized losses | 0 | 0 |
Held-to-maturity, fair value | 20,491 | 20,319 |
Debt securities, held-to-maturity, allowance for credit loss | 70 | 0 |
State and municipal | ||
Available for Sale | ||
Amortized cost | 375,671 | 435,213 |
Gross unrealized gains | 18,781 | 11,321 |
Gross unrealized losses | (235) | (342) |
Securities available for sale, at estimated fair value | 394,217 | 446,192 |
Held to Maturity | ||
Amortized cost | 1,586,612 | 1,718,789 |
Gross unrecognized gains | 111,539 | 70,530 |
Gross unrecognized losses | (91) | (134) |
Held-to-maturity, fair value | 1,698,060 | 1,789,185 |
Debt securities, held-to-maturity, allowance for credit loss | 1,384 | 0 |
Other | ||
Available for Sale | ||
Amortized cost | 0 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Securities available for sale, at estimated fair value | 0 | 0 |
Held to Maturity | ||
Amortized cost | 12,750 | 12,750 |
Gross unrecognized gains | 20 | 147 |
Gross unrecognized losses | (109) | (2) |
Held-to-maturity, fair value | 12,661 | 12,895 |
Debt securities, held-to-maturity, allowance for credit loss | 45 | |
Total other securities | ||
Available for Sale | ||
Amortized cost | 921,721 | 939,072 |
Gross unrealized gains | 48,125 | 29,820 |
Gross unrealized losses | (1,792) | (640) |
Securities available for sale, at estimated fair value | 968,054 | 968,252 |
Held to Maturity | ||
Amortized cost | 1,658,943 | 1,810,918 |
Gross unrecognized gains | 113,278 | 71,914 |
Gross unrecognized losses | (200) | (136) |
Held-to-maturity, fair value | 1,772,021 | $ 1,882,696 |
Debt securities, held-to-maturity, allowance for credit loss | $ 1,499 |
Securities - Future Maturity (D
Securities - Future Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Amortized cost | ||
Available-for-sale, one year or less, amortized cost | $ 1,961 | |
Available-for-sale, one to five years, amortized cost | 186,912 | |
Available-for-sale, five to ten years, amortized cost | 444,411 | |
Available-for-sale, greater than ten years, amortized cost | 288,437 | |
Available-for-sale, with a stated maturity date, amortized cost | 921,721 | |
Available-for-sale, without single maturity date, amortized cost | 1,377,868 | |
Amortized cost | 2,299,589 | $ 3,043,055 |
Fair value | ||
Available-for-sale, one year or less, fair value | 1,964 | |
Available-for-sale, one to five years, fair value | 199,110 | |
Available-for-sale, five to ten years, fair value | 464,651 | |
Available-for-sale, greater than ten years, fair value | 302,329 | |
Available-for-sale, with a stated maturity date, fair value | 968,054 | |
Available-for-sale, without single maturity date, fair value | 1,451,404 | |
Securities available for sale | 2,419,458 | 3,095,648 |
Amortized cost | ||
Held-to-maturity, one year or less, amortized cost | 23,732 | |
Held-to-maturity, one to five years, amortized cost | 103,657 | |
Held-to-maturity, five to ten years, amortized cost | 340,566 | |
Held-to-maturity, greater than ten years, amortized cost | 1,190,988 | |
Held-to-maturity, with a stated maturity date, amortized cost | 1,658,943 | |
Held-to-maturity, without single maturity date, amortized cost | 124,448 | |
Amortized cost | 1,783,391 | 1,979,661 |
Fair value | ||
Held-to-maturity, one year or less, fair value | 23,943 | |
Held-to-maturity, one to five years, fair value | 108,308 | |
Held-to-maturity, five to ten years, fair value | 365,042 | |
Held-to-maturity, greater than ten years, fair value | 1,274,728 | |
Held-to-maturity, with a stated maturity date, fair value | 1,772,021 | |
Held-to-maturity, without single maturity date, fair value | 129,098 | |
Held-to-maturity, fair value | $ 1,901,119 | $ 2,053,191 |
Securities - Sales and Calls of
Securities - Sales and Calls of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Available for sale: | ||||
Proceeds from sales | $ 24,940 | $ 647,485 | $ 484,934 | $ 1,386,236 |
Gross realized gains | 0 | 7,815 | 8,964 | 12,170 |
Gross realized losses | (128) | (933) | (195) | (19,000) |
Income tax expense (benefit) on realized net gains / (losses) | (27) | 1,445 | 1,841 | (1,434) |
Proceeds from calls | 34,839 | 0 | 174,616 | 0 |
Gross realized gains | 0 | 0 | 4,909 | 0 |
Gross realized losses | 0 | 0 | (29) | 0 |
Income tax expense on realized net gains | 0 | 0 | 610 | 0 |
Held to Maturity | ||||
Proceeds from sales of securities held to maturity | 93,036 | 0 | 93,036 | 0 |
Gross realized gains | 1,809 | 0 | 1,809 | 0 |
Gross realized losses | (1,039) | 0 | (1,039) | 0 |
Income tax expense on realized net gains | $ 162 | $ 0 | $ 162 | $ 0 |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019USD ($) | Sep. 30, 2020USD ($)security | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Amortized cost | $ 2,299,589 | $ 3,043,055 | ||
Fair value of available-for-sale securities transfered from held to maturity | $ 2,419,458 | $ 3,095,648 | ||
Securities sold to raise liquidity | $ 751,900 | |||
Number of available for sale securities which were in continuous unrealized loss position for less than 12 months | security | 22 | |||
Number of available for sale securities which were in continuous unrealized loss position for 12 months or more | security | 77 | |||
Period used for discounted cash flow approach credit loss analysis | 3 years | |||
Number of held to maturity securities which were in continuous unrealized loss position for less than 12 months | security | 3 | |||
Number of held to maturity securities which were in continuous unrealized loss position for 12 months or more | security | 38 | |||
Threshold period considered past due | 30 days | |||
Accounting Standards Update 2017-12 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Amortized cost | $ 720,400 | |||
Fair value of available-for-sale securities transfered from held to maturity | $ 708,600 |
Securities - Available-for-sale
Securities - Available-for-sale Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | $ 84,411 | $ 150,718 |
Unrealized losses, less than 12 months, accumulated loss | (1,545) | (664) |
Fair value, 12 months or longer | 17,536 | 140,625 |
Unrealized losses, 12 months or longer | (263) | (1,052) |
Fair value, total | 101,947 | 291,343 |
Unrealized losses, total | (1,808) | (1,716) |
Agency-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 0 | 98,350 |
Unrealized losses, less than 12 months, accumulated loss | 0 | (317) |
Fair value, 12 months or longer | 1,994 | 108,052 |
Unrealized losses, 12 months or longer | (16) | (715) |
Fair value, total | 1,994 | 206,402 |
Unrealized losses, total | (16) | (1,032) |
CMOs/Other MBS | ||
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 | 5,916 | |
Unrealized losses, 12 months or longer | (44) | |
Fair value, total | 5,916 | |
Unrealized losses, total | (44) | |
Total residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 98,350 | |
Unrealized losses, less than 12 months, accumulated loss | (317) | |
Fair value, 12 months or longer | 113,968 | |
Unrealized losses, 12 months or longer | (759) | |
Fair value, total | 212,318 | |
Unrealized losses, total | (1,076) | |
Federal agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 39,573 | |
Unrealized losses, less than 12 months, accumulated loss | (253) | |
Fair value, 12 months or longer | 0 | |
Unrealized losses, 12 months or longer | 0 | |
Fair value, total | 39,573 | |
Unrealized losses, total | (253) | |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 81,760 | 0 |
Unrealized losses, less than 12 months, accumulated loss | (1,518) | 0 |
Fair value, 12 months or longer | 1,991 | 12,006 |
Unrealized losses, 12 months or longer | (39) | (45) |
Fair value, total | 83,751 | 12,006 |
Unrealized losses, total | (1,557) | (45) |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 2,651 | 12,795 |
Unrealized losses, less than 12 months, accumulated loss | (27) | (94) |
Fair value, 12 months or longer | 13,551 | 14,651 |
Unrealized losses, 12 months or longer | (208) | (248) |
Fair value, total | 16,202 | 27,446 |
Unrealized losses, total | (235) | (342) |
Total other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 84,411 | 52,368 |
Unrealized losses, less than 12 months, accumulated loss | (1,545) | (347) |
Fair value, 12 months or longer | 15,542 | 26,657 |
Unrealized losses, 12 months or longer | (247) | (293) |
Fair value, total | 99,953 | 79,025 |
Unrealized losses, total | $ (1,792) | $ (640) |
Securities - Held to Maturity S
Securities - Held to Maturity Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | $ 12,391 | $ 49,907 |
Unrecognized losses, less than 12 months | (109) | (73) |
Fair value, 12 months or longer | 6,614 | 9,856 |
Unrecognized losses, 12 months or longer | (91) | (138) |
Fair value, total | 19,005 | 59,763 |
Unrecognized losses, total | (200) | (211) |
State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 0 | 177 |
Unrecognized losses, less than 12 months | 0 | (2) |
Fair value, 12 months or longer | 6,614 | 8,258 |
Unrecognized losses, 12 months or longer | (91) | (132) |
Fair value, total | 6,614 | 8,435 |
Unrecognized losses, total | (91) | (134) |
Agency-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 39,732 | |
Unrecognized losses, less than 12 months | (69) | |
Fair value, 12 months or longer | 1,598 | |
Unrecognized losses, 12 months or longer | (6) | |
Fair value, total | 41,330 | |
Unrecognized losses, total | (75) | |
Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 12,391 | 9,998 |
Unrecognized losses, less than 12 months | (109) | (2) |
Fair value, 12 months or longer | 0 | 0 |
Unrecognized losses, 12 months or longer | 0 | 0 |
Fair value, total | 12,391 | 9,998 |
Unrecognized losses, total | $ (109) | (2) |
Total other securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 10,175 | |
Unrecognized losses, less than 12 months | (4) | |
Fair value, 12 months or longer | 8,258 | |
Unrecognized losses, 12 months or longer | (132) | |
Fair value, total | 18,433 | |
Unrecognized losses, total | $ (136) |
Securities - Allowance for Cred
Securities - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Balance at December 31, 2019 | $ 0 | |||
Provision for credit loss expense recorded in the nine months ended September 30, 2020 | $ (1,000) | $ 0 | 703 | $ 0 |
Total ACL - HTM at September 30, 2020 | 1,499 | 1,499 | ||
Corporate and Other | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Balance at December 31, 2019 | 0 | |||
Provision for credit loss expense recorded in the nine months ended September 30, 2020 | 7 | |||
Total ACL - HTM at September 30, 2020 | 115 | 115 | ||
State and municipal | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Balance at December 31, 2019 | 0 | |||
Provision for credit loss expense recorded in the nine months ended September 30, 2020 | 696 | |||
Total ACL - HTM at September 30, 2020 | $ 1,384 | 1,384 | ||
Impact of CECL adoption | Corporate and Other | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Balance at December 31, 2019 | 108 | |||
Impact of CECL adoption | State and municipal | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Balance at December 31, 2019 | $ 688 |
Securities - Schedule of Held-T
Securities - Schedule of Held-To-Maturity Amortized Cost by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 1,783,391 | $ 1,979,661 |
Corporate and Other | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 32,615 | |
Corporate and Other | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 0 | |
Corporate and Other | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 12,750 | |
Corporate and Other | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 0 | |
Corporate and Other | Non-rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 19,865 | |
State and municipal | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 1,586,612 | $ 1,718,789 |
State and municipal | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 1,110,614 | |
State and municipal | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 283,100 | |
State and municipal | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 89,952 | |
State and municipal | Non-rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 102,946 |
Securities - Securities Pledged
Securities - Securities Pledged for Borrowings (Details) - Collateral - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Total securities pledged | $ 2,361,011 | $ 2,322,090 |
Federal Home Loan Bank Borrowings | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale, pledged as collateral | 35,223 | 22,678 |
Held-to-maturity securities pledged as collateral | 0 | 483 |
Municipal Deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale, pledged as collateral | 823,428 | 866,020 |
Held-to-maturity securities pledged as collateral | $ 1,502,359 | $ 1,432,909 |
Portfolio Loans - Composition o
Portfolio Loans - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | $ 22,281,940 | $ 21,440,212 | ||||
Allowance for credit losses | (325,943) | $ (365,489) | (106,238) | $ (104,735) | $ (104,664) | $ (95,677) |
Portfolio loans, net | 21,955,997 | 21,333,974 | ||||
Traditional C&I | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 3,318,629 | |||||
Allowance for credit losses | (39,673) | (44,514) | (15,951) | (14,466) | (17,649) | (14,201) |
Asset-based lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 875,338 | |||||
Allowance for credit losses | (25,954) | (30,853) | (14,272) | (13,968) | (11,905) | (7,979) |
Payroll finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 133,976 | |||||
Allowance for credit losses | (2,435) | (1,931) | (2,064) | (1,937) | (1,391) | (2,738) |
Warehouse lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 1,706,340 | |||||
Allowance for credit losses | (1,506) | (668) | (917) | (547) | (843) | (2,800) |
Factored receivables | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 209,982 | |||||
Allowance for credit losses | (5,144) | (10,586) | (654) | (1,016) | (1,157) | (1,064) |
Equipment financing | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 1,567,879 | |||||
Allowance for credit losses | (35,545) | (78,172) | (16,723) | (16,109) | (14,284) | (12,450) |
Public sector finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 1,519,573 | |||||
Allowance for credit losses | (4,184) | (3,765) | (1,967) | (1,539) | (1,594) | (1,739) |
Acquisition, development and construction (“ADC”) | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 633,166 | |||||
Allowance for credit losses | (17,845) | $ (18,195) | (4,732) | $ (4,166) | $ (2,272) | $ (1,769) |
Commercial loans portfolio segment | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 20,342,165 | 18,995,568 | ||||
Commercial loans portfolio segment | Commercial and industrial | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 9,331,717 | 8,232,719 | ||||
Allowance for credit losses | (52,548) | |||||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 3,318,629 | 2,355,031 | ||||
Allowance for credit losses | (15,951) | |||||
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 875,338 | 1,082,618 | ||||
Allowance for credit losses | (14,272) | |||||
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 133,976 | 226,866 | ||||
Allowance for credit losses | (2,064) | |||||
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 1,706,340 | 1,330,884 | ||||
Allowance for credit losses | (917) | |||||
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 209,982 | 223,638 | ||||
Allowance for credit losses | (654) | |||||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 1,567,879 | 1,800,564 | ||||
Allowance for credit losses | (16,723) | |||||
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 1,519,573 | 1,213,118 | ||||
Allowance for credit losses | (1,967) | |||||
Commercial loans portfolio segment | Real estate | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 11,010,448 | 10,762,849 | ||||
Allowance for credit losses | (44,137) | |||||
Commercial loans portfolio segment | Real estate | CRE | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 5,779,695 | 5,418,648 | ||||
Allowance for credit losses | (27,965) | |||||
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 4,597,587 | 4,876,870 | ||||
Allowance for credit losses | (11,440) | |||||
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 633,166 | 467,331 | ||||
Allowance for credit losses | (4,732) | |||||
Residential mortgage portfolio segment | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 1,739,563 | 2,210,112 | ||||
Allowance for credit losses | (7,598) | |||||
Consumer portfolio segment | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | $ 200,212 | 234,532 | ||||
Allowance for credit losses | $ (1,955) |
Portfolio Loans - Narrative (De
Portfolio Loans - Narrative (Details) | 9 Months Ended | |||||
Sep. 30, 2020USD ($)security | Sep. 30, 2019USD ($)security | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Deferred fees, deferred costs and purchase counting adjustments | $ (36,800,000) | $ (79,600,000) | ||||
Portfolio loans | 22,281,940,000 | 21,440,212,000 | ||||
Bank pledged mortgages | 6,900,000,000 | 7,700,000,000 | ||||
Non accrual loans | 180,795,000 | 179,051,000 | ||||
Loans 90 days or more past due still accruing interest | 56,000 | |||||
Impaired loans with an allowance recorded, recorded investment | 0 | |||||
Loans classified as TDRs | 93,266,000 | 75,656,000 | ||||
Financing receivable, allowance for credit loss | 325,943,000 | $ 104,735,000 | $ 365,489,000 | 106,238,000 | $ 104,664,000 | $ 95,677,000 |
TDRs modified and subsequently defaulted, number | security | 1 | |||||
TDRs modified and subsequently defaulted | 17,100,000 | |||||
Increase to allowance for credit losses due to TDR's subsequently defaulted | 5,800,000 | |||||
Charge offs from TDR's | 4,900,000 | |||||
Impact of COVID-19 | Payment Deferral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | $ 466,150,000 | 1,700,000,000 | ||||
Number of contracts | security | 890 | |||||
Accrued interest | $ 10,300,000 | |||||
Collateral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 162,898,000 | |||||
Nonperforming loans | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Non accrual loans | 180,795,000 | 179,051,000 | ||||
Loans 90 days or more past due still accruing interest | 56,000 | 110,000 | ||||
Nonperforming loans | Collateral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Non accrual loans | 123,500,000 | |||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Financing receivable, allowance for credit loss | 3,100,000 | 2,300,000 | ||||
Residential mortgage | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 1,739,563,000 | |||||
Loans formally in process of foreclosure | 3,400,000 | 38,000,000 | ||||
Financing receivable, allowance for credit loss | 22,837,000 | $ 7,372,000 | 33,955,000 | 7,598,000 | 7,109,000 | 7,454,000 |
Equipment financing | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 1,567,879,000 | |||||
Financing receivable, allowance for credit loss | 35,545,000 | 16,109,000 | 78,172,000 | 16,723,000 | 14,284,000 | 12,450,000 |
Traditional C&I | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 3,318,629,000 | |||||
Financing receivable, allowance for credit loss | 39,673,000 | 14,466,000 | 44,514,000 | 15,951,000 | 17,649,000 | 14,201,000 |
Warehouse lending | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 1,706,340,000 | |||||
Financing receivable, allowance for credit loss | 1,506,000 | 547,000 | 668,000 | 917,000 | 843,000 | 2,800,000 |
Payroll finance | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 133,976,000 | |||||
Financing receivable, allowance for credit loss | 2,435,000 | 1,937,000 | 1,931,000 | 2,064,000 | 1,391,000 | 2,738,000 |
Public sector finance | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 1,519,573,000 | |||||
Financing receivable, allowance for credit loss | 4,184,000 | $ 1,539,000 | $ 3,765,000 | 1,967,000 | $ 1,594,000 | $ 1,739,000 |
Commercial loans portfolio segment | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 20,342,165,000 | 18,995,568,000 | ||||
Commercial loans portfolio segment | Impact of COVID-19 | Payment Deferral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 278,113,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 9,331,717,000 | 8,232,719,000 | ||||
Financing receivable, allowance for credit loss | 52,548,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | Impact of COVID-19 | Payment Deferral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 99,984,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 1,567,879,000 | 1,800,564,000 | ||||
Non accrual loans | 32,488,000 | 33,050,000 | ||||
Loans 90 days or more past due still accruing interest | $ 33,000 | |||||
Financing receivable, allowance for credit loss | 16,723,000 | |||||
TDRs modified and subsequently defaulted, number | security | 3 | |||||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | Impact of COVID-19 | Payment Deferral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | $ 76,744,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | Collateral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 10,421,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 3,318,629,000 | 2,355,031,000 | ||||
Non accrual loans | 21,469,000 | 27,148,000 | ||||
Loans 90 days or more past due still accruing interest | 23,000 | |||||
Financing receivable, allowance for credit loss | 15,951,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | Small Business Administration Paycheck Protection Program | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 649,000,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | Impact of COVID-19 | Payment Deferral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 23,240,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | Collateral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 16,913,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 1,706,340,000 | 1,330,884,000 | ||||
Non accrual loans | 0 | |||||
Financing receivable, allowance for credit loss | 917,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | Impact of COVID-19 | Payment Deferral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 0 | |||||
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | Collateral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 0 | |||||
Non accrual loans | 0 | |||||
Loans 90 days or more past due still accruing interest | 0 | |||||
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 133,976,000 | 226,866,000 | ||||
Non accrual loans | 64,000 | 9,396,000 | ||||
Loans 90 days or more past due still accruing interest | 0 | |||||
Financing receivable, allowance for credit loss | 2,064,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | Impact of COVID-19 | Payment Deferral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 0 | |||||
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | Collateral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 0 | |||||
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 1,519,573,000 | 1,213,118,000 | ||||
Non accrual loans | 0 | |||||
Financing receivable, allowance for credit loss | 1,967,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | Impact of COVID-19 | Payment Deferral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 0 | |||||
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | Collateral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 0 | |||||
Non accrual loans | 0 | |||||
Loans 90 days or more past due still accruing interest | 0 | |||||
Commercial loans portfolio segment | Real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 11,010,448,000 | 10,762,849,000 | ||||
Financing receivable, allowance for credit loss | 44,137,000 | |||||
Commercial loans portfolio segment | Real estate | Impact of COVID-19 | Payment Deferral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 178,129,000 | |||||
Commercial loans portfolio segment | Real estate | CRE | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 5,779,695,000 | 5,418,648,000 | ||||
Non accrual loans | 54,382,000 | 26,213,000 | ||||
Loans 90 days or more past due still accruing interest | $ 0 | |||||
Financing receivable, allowance for credit loss | 27,965,000 | |||||
TDRs modified and subsequently defaulted, number | security | 2 | |||||
Commercial loans portfolio segment | Real estate | CRE | Impact of COVID-19 | Payment Deferral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | $ 139,627,000 | |||||
Commercial loans portfolio segment | Real estate | CRE | Collateral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 61,934,000 | |||||
Residential mortgage portfolio segment | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 1,739,563,000 | 2,210,112,000 | ||||
Non accrual loans | 13,334,000 | 62,275,000 | ||||
Loans 90 days or more past due still accruing interest | 0 | |||||
Financing receivable, allowance for credit loss | 7,598,000 | |||||
Residential mortgage portfolio segment | Impact of COVID-19 | Payment Deferral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 175,601,000 | |||||
Residential mortgage portfolio segment | Collateral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | $ 5,017,000 | |||||
Residential mortgage portfolio segment | Residential mortgage | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | 2,210,112,000 | |||||
Financing receivable, allowance for credit loss | 7,598,000 | |||||
TDRs modified and subsequently defaulted, number | security | 2 | |||||
Consumer portfolio segment | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | $ 200,212,000 | 234,532,000 | ||||
Non accrual loans | 10,239,000 | 12,169,000 | ||||
Loans 90 days or more past due still accruing interest | $ 0 | |||||
Financing receivable, allowance for credit loss | $ 1,955,000 | |||||
TDRs modified and subsequently defaulted, number | security | 2 | |||||
Consumer portfolio segment | Impact of COVID-19 | Payment Deferral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | $ 12,436,000 | |||||
Consumer portfolio segment | Collateral | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Portfolio loans | $ 7,534,000 |
Portfolio Loans - Status of Loa
Portfolio Loans - Status of Loans and TDRs (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Current loans | $ 22,067,136 | $ 21,208,171 |
Total loans | 22,281,940 | 21,440,212 |
Trouble Debt restructuring current loans | 60,799 | 49,260 |
Past due TDRs | 93,266 | 75,656 |
Non-Accrual TDRs | 25,849 | |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 56 | |
Non accrual loans | 180,795 | 179,051 |
Nonperforming loans | ||
Non-performing loans: | ||
Loans 90 days past due and still accruing | 56 | 110 |
Non accrual loans | 180,795 | 179,051 |
Total non-performing loans | 180,851 | 179,161 |
30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 54,018 | 38,442 |
Past due TDRs | 269 | 547 |
60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 47,582 | 14,438 |
Past due TDRs | 24,270 | 0 |
90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 113,204 | 110 |
Past due TDRs | 7,928 | 0 |
Traditional C&I | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,318,629 | |
Asset-based lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 875,338 | |
Payroll finance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 133,976 | |
Warehouse lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,706,340 | |
Factored receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 209,982 | |
Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,567,879 | |
Public sector finance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,519,573 | |
Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 633,166 | |
Commercial loans portfolio segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 20,342,165 | 18,995,568 |
Commercial loans portfolio segment | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 9,331,717 | 8,232,719 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 3,279,520 | 2,324,737 |
Total loans | 3,318,629 | 2,355,031 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 23 | |
Non accrual loans | 21,469 | 27,148 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 13,786 | 961 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 9,085 | 2,075 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 16,238 | 110 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 875,338 | 1,077,652 |
Total loans | 875,338 | 1,082,618 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | |
Non accrual loans | 6,055 | 4,966 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 133,976 | 217,470 |
Total loans | 133,976 | 226,866 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | |
Non accrual loans | 64 | 9,396 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 1,706,340 | 1,330,884 |
Total loans | 1,706,340 | 1,330,884 |
Non-performing loans: | ||
Non accrual loans | 0 | |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 207,912 | 223,638 |
Total loans | 209,982 | 223,638 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | |
Non accrual loans | 2,070 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 2,070 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 1,520,596 | 1,739,772 |
Total loans | 1,567,879 | 1,800,564 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 33 | |
Non accrual loans | 32,488 | 33,050 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 14,593 | 15,678 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 7,771 | 12,064 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 24,919 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 1,519,573 | 1,213,118 |
Total loans | 1,519,573 | 1,213,118 |
Non-performing loans: | ||
Non accrual loans | 0 | |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 11,010,448 | 10,762,849 |
Commercial loans portfolio segment | Real estate | CRE | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 5,733,189 | 5,391,483 |
Total loans | 5,779,695 | 5,418,648 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | |
Non accrual loans | 54,382 | 26,213 |
Commercial loans portfolio segment | Real estate | CRE | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 7,916 | 762 |
Commercial loans portfolio segment | Real estate | CRE | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 24,821 | 190 |
Commercial loans portfolio segment | Real estate | CRE | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 13,769 | 0 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 4,583,281 | 4,872,379 |
Total loans | 4,597,587 | 4,876,870 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | |
Non accrual loans | 10,260 | 3,400 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 6,368 | 1,078 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 3,971 | 13 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 3,967 | 0 |
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 602,732 | 466,826 |
Total loans | 633,166 | 467,331 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | |
Non accrual loans | 30,434 | 434 |
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 71 |
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 30,434 | 0 |
Residential mortgage portfolio segment | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 1,716,606 | 2,129,840 |
Total loans | 1,739,563 | 2,210,112 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | |
Non accrual loans | 13,334 | 62,275 |
Residential mortgage portfolio segment | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 9,455 | 17,904 |
Residential mortgage portfolio segment | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 1,612 | 93 |
Residential mortgage portfolio segment | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 11,890 | 0 |
Consumer portfolio segment | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 188,073 | 220,372 |
Total loans | 200,212 | 234,532 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | |
Non accrual loans | 10,239 | 12,169 |
Consumer portfolio segment | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 1,900 | 1,988 |
Consumer portfolio segment | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 322 | 3 |
Consumer portfolio segment | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | $ 9,917 | $ 0 |
Portfolio Loans - Schedule of C
Portfolio Loans - Schedule of Collateral-Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | $ 22,281,940 | $ 21,440,212 |
Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 121,583 | |
Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 14,418 | |
Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 17,265 | |
Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 9,632 | |
Collateral | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 162,898 | |
Traditional C&I | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 3,318,629 | |
Asset-based lending | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 875,338 | |
Factored receivables | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 209,982 | |
Equipment financing | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 1,567,879 | |
Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 633,166 | |
Commercial loans portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 20,342,165 | 18,995,568 |
Residential mortgage portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 1,739,563 | 2,210,112 |
Residential mortgage portfolio segment | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 5,017 | |
Residential mortgage portfolio segment | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Residential mortgage portfolio segment | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Residential mortgage portfolio segment | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Residential mortgage portfolio segment | Collateral | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 5,017 | |
Consumer portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 200,212 | 234,532 |
Consumer portfolio segment | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 7,534 | |
Consumer portfolio segment | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Consumer portfolio segment | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Consumer portfolio segment | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Consumer portfolio segment | Collateral | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 7,534 | |
Commercial and industrial | Commercial loans portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 9,331,717 | 8,232,719 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 3,318,629 | 2,355,031 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 437 | |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 6,844 | |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 9,632 | |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Collateral | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 16,913 | |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 875,338 | 1,082,618 |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 12,349 | |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Collateral | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 12,349 | |
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 209,982 | 223,638 |
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 2,069 | |
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | Collateral | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 2,069 | |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 1,567,879 | 1,800,564 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 10,421 | |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Collateral | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 10,421 | |
Real estate | Commercial loans portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 11,010,448 | 10,762,849 |
Real estate | Commercial loans portfolio segment | CRE | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 5,779,695 | 5,418,648 |
Real estate | Commercial loans portfolio segment | CRE | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 61,934 | |
Real estate | Commercial loans portfolio segment | CRE | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | CRE | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | CRE | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | CRE | Collateral | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 61,934 | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 4,597,587 | 4,876,870 |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 16,227 | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Collateral | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 16,227 | |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 633,166 | $ 467,331 |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 30,434 | |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Collateral | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | $ 30,434 |
Portfolio Loans - Nonaccrual Lo
Portfolio Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | $ 180,795 | $ 179,051 |
Non-accrual loans with no ACL | 63,923 | |
Loans 90 days or more past due still accruing interest | 56 | |
Commercial loans portfolio segment | Traditional C&I | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 21,469 | 27,148 |
Non-accrual loans with no ACL | 11,121 | |
Loans 90 days or more past due still accruing interest | 23 | |
Commercial loans portfolio segment | Asset-based lending | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 6,055 | 4,966 |
Non-accrual loans with no ACL | 6,055 | |
Loans 90 days or more past due still accruing interest | 0 | |
Commercial loans portfolio segment | Payroll finance | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 64 | 9,396 |
Non-accrual loans with no ACL | 0 | |
Loans 90 days or more past due still accruing interest | 0 | |
Commercial loans portfolio segment | Factored receivables | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 2,070 | 0 |
Non-accrual loans with no ACL | 2,070 | |
Loans 90 days or more past due still accruing interest | 0 | |
Commercial loans portfolio segment | Equipment financing | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 32,488 | 33,050 |
Non-accrual loans with no ACL | 10,421 | |
Loans 90 days or more past due still accruing interest | 33 | |
Commercial loans portfolio segment | CRE | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 54,382 | 26,213 |
Non-accrual loans with no ACL | 22,875 | |
Loans 90 days or more past due still accruing interest | 0 | |
Commercial loans portfolio segment | Multi-family | Multi-family | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 10,260 | 3,400 |
Non-accrual loans with no ACL | 8,438 | |
Loans 90 days or more past due still accruing interest | 0 | |
Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 30,434 | 434 |
Non-accrual loans with no ACL | 434 | |
Loans 90 days or more past due still accruing interest | 0 | |
Residential mortgage portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 13,334 | 62,275 |
Non-accrual loans with no ACL | 1,612 | |
Loans 90 days or more past due still accruing interest | 0 | |
Consumer portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 10,239 | $ 12,169 |
Non-accrual loans with no ACL | 897 | |
Loans 90 days or more past due still accruing interest | $ 0 |
Portfolio Loans - Schedule of A
Portfolio Loans - Schedule of Accrued Interest Receivable Reversed Against Interest Income (Details) - Interest Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | $ 761 | $ 1,759 |
Residential mortgage portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | 111 | 290 |
Consumer portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | 15 | 22 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | 12 | 61 |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | 0 | 67 |
Real estate | Commercial loans portfolio segment | CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | 609 | 897 |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | 14 | 125 |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | $ 0 | $ 297 |
Portfolio Loans - Loans Evaluat
Portfolio Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | $ 109,025 | |||||
Loans evaluated by segment, Collectively evaluated for impairment | 21,214,913 | |||||
Total loans | $ 22,281,940 | 21,440,212 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | |||||
Allowance evaluated by segment, Collectively evaluated for impairment | 106,238 | |||||
Total allowance for loan losses | 325,943 | $ 365,489 | 106,238 | $ 104,735 | $ 104,664 | $ 95,677 |
PCI Loans | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 116,274 | |||||
Traditional C&I | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 3,318,629 | |||||
Total allowance for loan losses | 39,673 | 44,514 | 15,951 | 14,466 | 17,649 | 14,201 |
Asset-based lending | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 875,338 | |||||
Total allowance for loan losses | 25,954 | 30,853 | 14,272 | 13,968 | 11,905 | 7,979 |
Payroll finance | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 133,976 | |||||
Total allowance for loan losses | 2,435 | 1,931 | 2,064 | 1,937 | 1,391 | 2,738 |
Warehouse lending | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 1,706,340 | |||||
Total allowance for loan losses | 1,506 | 668 | 917 | 547 | 843 | 2,800 |
Factored receivables | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 209,982 | |||||
Total allowance for loan losses | 5,144 | 10,586 | 654 | 1,016 | 1,157 | 1,064 |
Equipment financing | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 1,567,879 | |||||
Total allowance for loan losses | 35,545 | 78,172 | 16,723 | 16,109 | 14,284 | 12,450 |
Public sector finance | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 1,519,573 | |||||
Total allowance for loan losses | 4,184 | 3,765 | 1,967 | 1,539 | 1,594 | 1,739 |
Acquisition, development and construction (“ADC”) | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 633,166 | |||||
Total allowance for loan losses | 17,845 | $ 18,195 | 4,732 | $ 4,166 | $ 2,272 | $ 1,769 |
Commercial loans portfolio segment | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 20,342,165 | 18,995,568 | ||||
Commercial loans portfolio segment | Commercial and industrial | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 9,331,717 | 8,232,719 | ||||
Total allowance for loan losses | 52,548 | |||||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 29,838 | |||||
Loans evaluated by segment, Collectively evaluated for impairment | 2,320,256 | |||||
Total loans | 3,318,629 | 2,355,031 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | |||||
Allowance evaluated by segment, Collectively evaluated for impairment | 15,951 | |||||
Total allowance for loan losses | 15,951 | |||||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | PCI Loans | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 4,937 | |||||
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 4,684 | |||||
Loans evaluated by segment, Collectively evaluated for impairment | 1,064,275 | |||||
Total loans | 875,338 | 1,082,618 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | |||||
Allowance evaluated by segment, Collectively evaluated for impairment | 14,272 | |||||
Total allowance for loan losses | 14,272 | |||||
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | PCI Loans | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 13,659 | |||||
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 9,396 | |||||
Loans evaluated by segment, Collectively evaluated for impairment | 217,470 | |||||
Total loans | 133,976 | 226,866 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | |||||
Allowance evaluated by segment, Collectively evaluated for impairment | 2,064 | |||||
Total allowance for loan losses | 2,064 | |||||
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | PCI Loans | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 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 | |||||
Loans evaluated by segment, Collectively evaluated for impairment | 1,330,884 | |||||
Total loans | 1,706,340 | 1,330,884 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | |||||
Allowance evaluated by segment, Collectively evaluated for impairment | 917 | |||||
Total allowance for loan losses | 917 | |||||
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | PCI Loans | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 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 | |||||
Loans evaluated by segment, Collectively evaluated for impairment | 223,638 | |||||
Total loans | 209,982 | 223,638 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | |||||
Allowance evaluated by segment, Collectively evaluated for impairment | 654 | |||||
Total allowance for loan losses | 654 | |||||
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | PCI Loans | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 0 | |||||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 4,971 | |||||
Loans evaluated by segment, Collectively evaluated for impairment | 1,794,036 | |||||
Total loans | 1,567,879 | 1,800,564 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | |||||
Allowance evaluated by segment, Collectively evaluated for impairment | 16,723 | |||||
Total allowance for loan losses | 16,723 | |||||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | PCI Loans | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 1,557 | |||||
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 | |||||
Loans evaluated by segment, Collectively evaluated for impairment | 1,213,118 | |||||
Total loans | 1,519,573 | 1,213,118 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | |||||
Allowance evaluated by segment, Collectively evaluated for impairment | 1,967 | |||||
Total allowance for loan losses | 1,967 | |||||
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | PCI Loans | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 0 | |||||
Commercial loans portfolio segment | Real estate | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 11,010,448 | 10,762,849 | ||||
Total allowance for loan losses | 44,137 | |||||
Commercial loans portfolio segment | Real estate | CRE | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 39,882 | |||||
Loans evaluated by segment, Collectively evaluated for impairment | 5,358,023 | |||||
Total loans | 5,779,695 | 5,418,648 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | |||||
Allowance evaluated by segment, Collectively evaluated for impairment | 27,965 | |||||
Total allowance for loan losses | 27,965 | |||||
Commercial loans portfolio segment | Real estate | CRE | PCI Loans | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 20,743 | |||||
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 11,159 | |||||
Loans evaluated by segment, Collectively evaluated for impairment | 4,860,246 | |||||
Total loans | 4,597,587 | 4,876,870 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | |||||
Allowance evaluated by segment, Collectively evaluated for impairment | 11,440 | |||||
Total allowance for loan losses | 11,440 | |||||
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | PCI Loans | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 5,465 | |||||
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 0 | |||||
Loans evaluated by segment, Collectively evaluated for impairment | 467,331 | |||||
Total loans | 633,166 | 467,331 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | |||||
Allowance evaluated by segment, Collectively evaluated for impairment | 4,732 | |||||
Total allowance for loan losses | 4,732 | |||||
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | PCI Loans | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 0 | |||||
Residential mortgage portfolio segment | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 6,364 | |||||
Loans evaluated by segment, Collectively evaluated for impairment | 2,140,650 | |||||
Total loans | 1,739,563 | 2,210,112 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | |||||
Allowance evaluated by segment, Collectively evaluated for impairment | 7,598 | |||||
Total allowance for loan losses | 7,598 | |||||
Residential mortgage portfolio segment | PCI Loans | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | 63,098 | |||||
Consumer portfolio segment | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 2,731 | |||||
Loans evaluated by segment, Collectively evaluated for impairment | 224,986 | |||||
Total loans | $ 200,212 | 234,532 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | |||||
Allowance evaluated by segment, Collectively evaluated for impairment | 1,955 | |||||
Total allowance for loan losses | 1,955 | |||||
Consumer portfolio segment | PCI Loans | ||||||
Loans evaluated for impairment by segment | ||||||
Total loans | $ 6,815 |
Portfolio Loans - Loans Individ
Portfolio Loans - Loans Individually Evaluated for Impairment (Details) $ in Thousands | Dec. 31, 2019USD ($) |
With no related allowance recorded: | |
Unpaid principal balance with no related allowance recorded | $ 138,254 |
Recorded investment with no related allowance recorded | 109,025 |
Residential mortgage portfolio segment | |
With no related allowance recorded: | |
Unpaid principal balance with no related allowance recorded | 7,728 |
Recorded investment with no related allowance recorded | 6,364 |
Consumer portfolio segment | |
With no related allowance recorded: | |
Unpaid principal balance with no related allowance recorded | 2,928 |
Recorded investment with no related allowance recorded | 2,731 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | |
With no related allowance recorded: | |
Unpaid principal balance with no related allowance recorded | 39,595 |
Recorded investment with no related allowance recorded | 29,838 |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | |
With no related allowance recorded: | |
Unpaid principal balance with no related allowance recorded | 16,181 |
Recorded investment with no related allowance recorded | 4,684 |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | |
With no related allowance recorded: | |
Unpaid principal balance with no related allowance recorded | 9,396 |
Recorded investment with no related allowance recorded | 9,396 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | |
With no related allowance recorded: | |
Unpaid principal balance with no related allowance recorded | 6,409 |
Recorded investment with no related allowance recorded | 4,971 |
Real estate | Commercial loans portfolio segment | CRE | |
With no related allowance recorded: | |
Unpaid principal balance with no related allowance recorded | 44,526 |
Recorded investment with no related allowance recorded | 39,882 |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | |
With no related allowance recorded: | |
Unpaid principal balance with no related allowance recorded | 11,491 |
Recorded investment with no related allowance recorded | $ 11,159 |
Portfolio Loans - Loan Deferral
Portfolio Loans - Loan Deferrals (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 22,281,940 | $ 21,440,212 | |
Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 2.10% | ||
Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 14,976 | ||
Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 466,150 | $ 1,700,000 | |
Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 35,461 | ||
Traditional C&I | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 3,318,629 | ||
Traditional C&I | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 16,692 | ||
Traditional C&I | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 58,532 | ||
Asset-based lending | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 875,338 | ||
Asset-based lending | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 69,597 | ||
Asset-based lending | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 40,620 | ||
Payroll finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 133,976 | ||
Payroll finance | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Payroll finance | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 64 | ||
Warehouse lending | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 1,706,340 | ||
Warehouse lending | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Warehouse lending | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Factored receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 209,982 | ||
Factored receivables | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Factored receivables | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 2,242 | ||
Equipment financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 1,567,879 | ||
Equipment financing | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 10,540 | ||
Equipment financing | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 50,293 | ||
Public sector finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 1,519,573 | ||
Public sector finance | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Public sector finance | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Acquisition, development and construction (“ADC”) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 633,166 | ||
Acquisition, development and construction (“ADC”) | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 1,845 | ||
Acquisition, development and construction (“ADC”) | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 34,108 | ||
Commercial loans portfolio segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 20,342,165 | 18,995,568 | |
Commercial loans portfolio segment | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 1.40% | ||
Commercial loans portfolio segment | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 14,976 | ||
Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 278,113 | ||
Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 35,281 | ||
Residential mortgage portfolio segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 1,739,563 | 2,210,112 | |
Residential mortgage portfolio segment | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 10.10% | ||
Residential mortgage portfolio segment | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 0 | ||
Residential mortgage portfolio segment | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 175,601 | ||
Residential mortgage portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 180 | ||
Consumer portfolio segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 200,212 | 234,532 | |
Consumer portfolio segment | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 6.20% | ||
Consumer portfolio segment | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 0 | ||
Consumer portfolio segment | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 12,436 | ||
Consumer portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Commercial and industrial | Commercial loans portfolio segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 9,331,717 | 8,232,719 | |
Commercial and industrial | Commercial loans portfolio segment | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 1.10% | ||
Commercial and industrial | Commercial loans portfolio segment | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 6,356 | ||
Commercial and industrial | Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 99,984 | ||
Commercial and industrial | Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 20,346 | ||
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 3,318,629 | 2,355,031 | |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 0.70% | ||
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 1,075 | ||
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 23,240 | ||
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 12,541 | ||
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 875,338 | 1,082,618 | |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 0.00% | ||
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 0 | ||
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 133,976 | 226,866 | |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 0.00% | ||
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 0 | ||
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Commercial and industrial | Commercial loans portfolio segment | Warehouse lending | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 1,706,340 | 1,330,884 | |
Commercial and industrial | Commercial loans portfolio segment | Warehouse lending | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 0.00% | ||
Commercial and industrial | Commercial loans portfolio segment | Warehouse lending | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 0 | ||
Commercial and industrial | Commercial loans portfolio segment | Warehouse lending | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Commercial and industrial | Commercial loans portfolio segment | Warehouse lending | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 209,982 | 223,638 | |
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 0.00% | ||
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 0 | ||
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 1,567,879 | 1,800,564 | |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 4.90% | ||
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 5,281 | ||
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 76,744 | ||
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 7,805 | ||
Commercial and industrial | Commercial loans portfolio segment | Public sector finance | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 1,519,573 | 1,213,118 | |
Commercial and industrial | Commercial loans portfolio segment | Public sector finance | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 0.00% | ||
Commercial and industrial | Commercial loans portfolio segment | Public sector finance | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 0 | ||
Commercial and industrial | Commercial loans portfolio segment | Public sector finance | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Commercial and industrial | Commercial loans portfolio segment | Public sector finance | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Real estate | Commercial loans portfolio segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 11,010,448 | 10,762,849 | |
Real estate | Commercial loans portfolio segment | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 1.60% | ||
Real estate | Commercial loans portfolio segment | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 8,620 | ||
Real estate | Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 178,129 | ||
Real estate | Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 14,935 | ||
Real estate | Commercial loans portfolio segment | CRE | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 5,779,695 | 5,418,648 | |
Real estate | Commercial loans portfolio segment | CRE | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 2.40% | ||
Real estate | Commercial loans portfolio segment | CRE | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 8,620 | ||
Real estate | Commercial loans portfolio segment | CRE | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 139,627 | ||
Real estate | Commercial loans portfolio segment | CRE | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 7,603 | ||
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 4,597,587 | 4,876,870 | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 0.80% | ||
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 0 | ||
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 38,502 | ||
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 7,332 | ||
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 633,166 | $ 467,331 | |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percent of loan balance with deferred payment | 0.00% | ||
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Impact of COVID-19 | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 0 | ||
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Payment Deferral | Impact of COVID-19 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | 0 | ||
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Payment Deferral | Impact of COVID-19 | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Portfolio loans | $ 0 |
Portfolio Loans - Loans Modifie
Portfolio Loans - Loans Modified as TDRs (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 4 | 10 |
Recorded investment, Pre-modification | $ 35,850 | $ 12,174 |
Recorded investment, Post-modification | $ 34,865 | $ 11,339 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 0 | 1 |
Recorded investment, Pre-modification | $ 0 | $ 5,026 |
Recorded investment, Post-modification | $ 0 | $ 5,026 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 2 | 0 |
Recorded investment, Pre-modification | $ 10,553 | $ 0 |
Recorded investment, Post-modification | $ 9,822 | $ 0 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 1 | 6 |
Recorded investment, Pre-modification | $ 1,027 | $ 5,874 |
Recorded investment, Post-modification | $ 773 | $ 5,039 |
Commercial loans portfolio segment | Real estate | CRE | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 1 | 0 |
Recorded investment, Pre-modification | $ 24,270 | $ 0 |
Recorded investment, Post-modification | $ 24,270 | $ 0 |
Residential mortgage portfolio segment | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 0 | 3 |
Recorded investment, Pre-modification | $ 0 | $ 1,274 |
Recorded investment, Post-modification | $ 0 | $ 1,274 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Loans - Allowance Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | $ 365,489 | $ 104,664 | $ 106,238 | $ 95,677 |
Charge-offs | (72,507) | (14,709) | (101,027) | (29,519) |
Recoveries | 1,961 | 1,080 | 5,965 | 3,177 |
Net charge-offs | (70,546) | (13,629) | (95,062) | (26,342) |
Provision / (credit) | 31,000 | 13,700 | 224,183 | 35,400 |
Ending balance | $ 325,943 | $ 104,735 | $ 325,943 | $ 104,735 |
Annualized net charge-offs to average loans outstanding: | 1.27% | 0.27% | 0.58% | 0.17% |
Impact of CECL adoption | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | $ 90,584 | |||
Traditional C&I | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | $ 44,514 | $ 17,649 | 15,951 | $ 14,201 |
Charge-offs | (1,089) | (123) | (5,375) | (5,716) |
Recoveries | 677 | 136 | 1,268 | 720 |
Net charge-offs | (412) | 13 | (4,107) | (4,996) |
Provision / (credit) | (4,429) | (3,196) | 22,504 | 5,261 |
Ending balance | 39,673 | 14,466 | 39,673 | 14,466 |
Traditional C&I | Impact of CECL adoption | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 5,325 | |||
Asset-based lending | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 30,853 | 11,905 | 14,272 | 7,979 |
Charge-offs | (1,297) | (9,577) | (3,782) | (13,128) |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | (1,297) | (9,577) | (3,782) | (13,128) |
Provision / (credit) | (3,602) | 11,640 | 3,491 | 19,117 |
Ending balance | 25,954 | 13,968 | 25,954 | 13,968 |
Asset-based lending | Impact of CECL adoption | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 11,973 | |||
Payroll finance | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 1,931 | 1,391 | 2,064 | 2,738 |
Charge-offs | 0 | 0 | (560) | (84) |
Recoveries | 262 | 8 | 272 | 12 |
Net charge-offs | 262 | 8 | (288) | (72) |
Provision / (credit) | 242 | 538 | (675) | (729) |
Ending balance | 2,435 | 1,937 | 2,435 | 1,937 |
Payroll finance | Impact of CECL adoption | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 1,334 | |||
Warehouse lending | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 668 | 843 | 917 | 2,800 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 | 0 |
Provision / (credit) | 838 | (296) | 951 | (2,253) |
Ending balance | 1,506 | 547 | 1,506 | 547 |
Warehouse lending | Impact of CECL adoption | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | (362) | |||
Factored receivables | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 10,586 | 1,157 | 654 | 1,064 |
Charge-offs | (6,893) | (14) | (10,631) | (73) |
Recoveries | 185 | 3 | 190 | 128 |
Net charge-offs | (6,708) | (11) | (10,441) | 55 |
Provision / (credit) | 1,266 | (130) | 14,136 | (103) |
Ending balance | 5,144 | 1,016 | 5,144 | 1,016 |
Factored receivables | Impact of CECL adoption | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 795 | |||
Equipment financing | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 78,172 | 14,284 | 16,723 | 12,450 |
Charge-offs | (42,128) | (2,711) | (54,784) | (5,295) |
Recoveries | 816 | 422 | 2,308 | 632 |
Net charge-offs | (41,312) | (2,289) | (52,476) | (4,663) |
Provision / (credit) | (1,315) | 4,114 | 38,298 | 8,322 |
Ending balance | 35,545 | 16,109 | 35,545 | 16,109 |
Equipment financing | Impact of CECL adoption | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 33,000 | |||
Public sector finance | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 3,765 | 1,594 | 1,967 | 1,739 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 | 0 |
Provision / (credit) | 419 | (55) | 2,983 | (200) |
Ending balance | 4,184 | 1,539 | 4,184 | 1,539 |
Public sector finance | Impact of CECL adoption | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | (766) | |||
CRE | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 98,905 | 34,846 | 27,965 | 32,285 |
Charge-offs | (3,650) | (53) | (4,936) | (308) |
Recoveries | 0 | 187 | 644 | 845 |
Net charge-offs | (3,650) | 134 | (4,292) | 537 |
Provision / (credit) | 29,008 | (2,869) | 92,553 | (711) |
Ending balance | 124,263 | 32,111 | 124,263 | 32,111 |
CRE | Impact of CECL adoption | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 8,037 | |||
Multi-family | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 36,652 | 9,360 | 11,440 | 8,355 |
Charge-offs | 0 | 0 | (154) | 0 |
Recoveries | 0 | 90 | 1 | 199 |
Net charge-offs | 0 | 90 | (153) | 199 |
Provision / (credit) | 3,056 | 106 | 13,515 | 1,002 |
Ending balance | 39,708 | 9,556 | 39,708 | 9,556 |
Multi-family | Impact of CECL adoption | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 14,906 | |||
Acquisition, development and construction (“ADC”) | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 18,195 | 2,272 | 4,732 | 1,769 |
Charge-offs | 0 | (6) | (4) | (6) |
Recoveries | 0 | 0 | 105 | 0 |
Net charge-offs | 0 | (6) | 101 | (6) |
Provision / (credit) | (350) | 1,900 | 13,131 | 2,403 |
Ending balance | 17,845 | 4,166 | 17,845 | 4,166 |
Acquisition, development and construction (“ADC”) | Impact of CECL adoption | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | (119) | |||
Residential mortgage | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 33,955 | 7,109 | 7,598 | 7,454 |
Charge-offs | (17,353) | (1,984) | (19,127) | (3,758) |
Recoveries | 0 | 126 | 0 | 128 |
Net charge-offs | (17,353) | (1,858) | (19,127) | (3,630) |
Provision / (credit) | 6,235 | 2,121 | 20,262 | 3,548 |
Ending balance | 22,837 | 7,372 | 22,837 | 7,372 |
Residential mortgage | Impact of CECL adoption | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 14,104 | |||
Consumer | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | 7,293 | 2,254 | 1,955 | 2,843 |
Charge-offs | (97) | (241) | (1,674) | (1,151) |
Recoveries | 21 | 108 | 1,177 | 513 |
Net charge-offs | (76) | (133) | (497) | (638) |
Provision / (credit) | (368) | (173) | 3,034 | (257) |
Ending balance | $ 6,849 | $ 1,948 | 6,849 | $ 1,948 |
Consumer | Impact of CECL adoption | ||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | ||||
Beginning balance | $ 2,357 |
Allowance for Credit Losses -_4
Allowance for Credit Losses - Loans - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Financing receivable charge-offs | $ 70,546,000 | $ 13,629,000 | $ 95,062,000 | $ 26,342,000 | |||||
Financing receivable, allowance for credit loss | 325,943,000 | 104,735,000 | 325,943,000 | 104,735,000 | $ 365,489,000 | $ 106,238,000 | $ 104,664,000 | $ 95,677,000 | |
Provision for credit losses - loans | 31,000,000 | 13,700,000 | 224,183,000 | 35,400,000 | |||||
Loan balance threshold for individual credit assessment | 750,000 | 750,000 | |||||||
Portfolio loans, net | 21,955,997,000 | 21,955,997,000 | 21,333,974,000 | ||||||
Equipment financing | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Financing receivable charge-offs | 41,312,000 | 2,289,000 | 52,476,000 | 4,663,000 | |||||
Financing receivable, allowance for credit loss | 35,545,000 | 16,109,000 | 35,545,000 | 16,109,000 | 78,172,000 | 16,723,000 | 14,284,000 | 12,450,000 | |
Provision for credit losses - loans | (1,315,000) | 4,114,000 | 38,298,000 | 8,322,000 | |||||
Equipment financing | Small Balance Transportation Finance Loans Sold | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Financing receivable charge-offs | 40,400,000 | ||||||||
Financing receivables sold | 106,200,000 | $ 95,200,000 | |||||||
Equipment financing | Non-Performing Residential Mortgage Loans Sold | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Financing receivable charge-offs | 17,100,000 | ||||||||
Residential mortgage | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Financing receivable charge-offs | 17,353,000 | 1,858,000 | 19,127,000 | 3,630,000 | |||||
Financing receivable, allowance for credit loss | 22,837,000 | 7,372,000 | 22,837,000 | 7,372,000 | 33,955,000 | 7,598,000 | 7,109,000 | 7,454,000 | |
Provision for credit losses - loans | 6,235,000 | 2,121,000 | 20,262,000 | 3,548,000 | |||||
Residential mortgage | Non-Performing Residential Mortgage Loans Sold | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Financing receivables sold | 53,200,000 | ||||||||
Warehouse lending | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Financing receivable charge-offs | 0 | 0 | 0 | 0 | |||||
Financing receivable, allowance for credit loss | 1,506,000 | 547,000 | 1,506,000 | 547,000 | 668,000 | 917,000 | 843,000 | 2,800,000 | |
Provision for credit losses - loans | 838,000 | (296,000) | 951,000 | (2,253,000) | |||||
Public sector finance | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Financing receivable charge-offs | 0 | 0 | 0 | 0 | |||||
Financing receivable, allowance for credit loss | 4,184,000 | 1,539,000 | 4,184,000 | 1,539,000 | $ 3,765,000 | 1,967,000 | $ 1,594,000 | $ 1,739,000 | |
Provision for credit losses - loans | 419,000 | $ (55,000) | 2,983,000 | $ (200,000) | |||||
Impact of CECL adoption | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Financing receivable, allowance for credit loss | 90,584,000 | ||||||||
Impact of CECL adoption | Equipment financing | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Financing receivable, allowance for credit loss | 33,000,000 | ||||||||
Impact of CECL adoption | Residential mortgage | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Financing receivable, allowance for credit loss | 14,104,000 | ||||||||
Impact of CECL adoption | Warehouse lending | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Financing receivable, allowance for credit loss | (362,000) | ||||||||
Impact of CECL adoption | Public sector finance | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Financing receivable, allowance for credit loss | (766,000) | ||||||||
Doubtful | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net | 0 | 0 | 0 | ||||||
Loss | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net | 0 | 0 | 0 | ||||||
Special mention | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net | 204,267,000 | 204,267,000 | 159,976,000 | ||||||
Special mention | Equipment financing | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net | 10,540,000 | 10,540,000 | 25,897,000 | ||||||
Special mention | Residential mortgage | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net | 169,000 | 169,000 | 93,000 | ||||||
Special mention | Warehouse lending | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net | 0 | 0 | 0 | ||||||
Special mention | Public sector finance | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net | 0 | 0 | 0 | ||||||
Substandard | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net | 375,427,000 | 375,427,000 | 295,428,000 | ||||||
Substandard | Equipment financing | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net | 50,293,000 | 50,293,000 | 42,503,000 | ||||||
Substandard | Residential mortgage | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net | 13,618,000 | 13,618,000 | 62,771,000 | ||||||
Substandard | Warehouse lending | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net | 0 | 0 | 0 | ||||||
Substandard | Public sector finance | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net | $ 0 | $ 0 | $ 0 |
Allowance for Credit Losses -_5
Allowance for Credit Losses - Loans - Valuation Allowances Recorded Against Portfolio Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | $ 21,955,997 | $ 21,333,974 |
Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 204,267 | 159,976 |
Special mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 16,692 | 8,403 |
Special mention | Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 69,597 | 78,445 |
Special mention | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 0 | 437 |
Special mention | Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Special mention | Equipment financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 10,540 | 25,897 |
Special mention | CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 95,760 | 26,363 |
Special mention | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 9,648 | 18,463 |
Special mention | Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 1,845 | 1,855 |
Special mention | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 169 | 93 |
Special mention | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 16 | 20 |
Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 375,427 | 295,428 |
Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 58,532 | 39,470 |
Substandard | Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 40,620 | 24,508 |
Substandard | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 64 | 17,156 |
Substandard | Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 2,242 | 0 |
Substandard | Equipment financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 50,293 | 42,503 |
Substandard | CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 125,902 | 79,992 |
Substandard | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 39,711 | 16,247 |
Substandard | Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 34,108 | 505 |
Substandard | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 13,618 | 62,771 |
Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | $ 10,337 | $ 12,276 |
Allowance for Credit Losses -_6
Allowance for Credit Losses - Loans - Schedule of Term Loans Amortized Cost Basis by Origination Year (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | $ 2,863,391 | |
2019 | 3,852,507 | |
2018 | 2,729,042 | |
2017 | 2,222,898 | |
2016 | 2,283,822 | |
Prior | 5,457,164 | |
Revolving loans | 2,798,224 | |
Revolving loans converted to term | 74,892 | |
Total loans | 22,281,940 | $ 21,440,212 |
Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 820,022 | |
2019 | 312,111 | |
2018 | 319,839 | |
2017 | 149,134 | |
2016 | 89,488 | |
Prior | 161,327 | |
Revolving loans | 1,466,708 | |
Revolving loans converted to term | 0 | |
Total loans | 3,318,629 | |
Traditional C&I | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 819,813 | |
2019 | 297,133 | |
2018 | 310,452 | |
2017 | 142,012 | |
2016 | 87,538 | |
Prior | 146,517 | |
Revolving loans | 1,439,940 | |
Revolving loans converted to term | 0 | |
Total loans | 3,243,405 | |
Traditional C&I | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 529 | |
2018 | 3,151 | |
2017 | 2,454 | |
2016 | 1,950 | |
Prior | 3,119 | |
Revolving loans | 5,489 | |
Revolving loans converted to term | 0 | |
Total loans | 16,692 | |
Traditional C&I | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 209 | |
2019 | 14,449 | |
2018 | 6,236 | |
2017 | 4,668 | |
2016 | 0 | |
Prior | 11,691 | |
Revolving loans | 21,279 | |
Revolving loans converted to term | 0 | |
Total loans | 58,532 | |
Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 10,319 | |
2019 | 3,580 | |
2018 | 3,189 | |
2017 | 33,512 | |
2016 | 36,656 | |
Prior | 1,270 | |
Revolving loans | 786,812 | |
Revolving loans converted to term | 0 | |
Total loans | 875,338 | |
Asset-based lending | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 2,142 | |
2019 | 3,098 | |
2018 | 3,100 | |
2017 | 29,536 | |
2016 | 32,404 | |
Prior | 537 | |
Revolving loans | 694,304 | |
Revolving loans converted to term | 0 | |
Total loans | 765,121 | |
Asset-based lending | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 8,177 | |
2019 | 482 | |
2018 | 89 | |
2017 | 3,976 | |
2016 | 3,041 | |
Prior | 0 | |
Revolving loans | 53,832 | |
Revolving loans converted to term | 0 | |
Total loans | 69,597 | |
Asset-based lending | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 1,211 | |
Prior | 733 | |
Revolving loans | 38,676 | |
Revolving loans converted to term | 0 | |
Total loans | 40,620 | |
Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 10,250 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 123,726 | |
Revolving loans converted to term | 0 | |
Total loans | 133,976 | |
Payroll finance | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 10,250 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 123,662 | |
Revolving loans converted to term | 0 | |
Total loans | 133,912 | |
Payroll finance | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 0 | |
Payroll finance | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 64 | |
Revolving loans converted to term | 0 | |
Total loans | 64 | |
Warehouse lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 134,663 | |
2019 | 90,852 | |
2018 | 254,398 | |
2017 | 201,962 | |
2016 | 435,815 | |
Prior | 588,650 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 1,706,340 | |
Warehouse lending | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 134,663 | |
2019 | 90,852 | |
2018 | 254,398 | |
2017 | 201,962 | |
2016 | 435,815 | |
Prior | 588,650 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 1,706,340 | |
Warehouse lending | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 0 | |
Warehouse lending | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 0 | |
Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 209,982 | |
Revolving loans converted to term | 0 | |
Total loans | 209,982 | |
Factored receivables | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 207,740 | |
Revolving loans converted to term | 0 | |
Total loans | 207,740 | |
Factored receivables | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 0 | |
Factored receivables | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 2,242 | |
Revolving loans converted to term | 0 | |
Total loans | 2,242 | |
Equipment financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 358,470 | |
2019 | 617,636 | |
2018 | 293,466 | |
2017 | 149,384 | |
2016 | 92,064 | |
Prior | 56,859 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 1,567,879 | |
Equipment financing | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 358,008 | |
2019 | 587,408 | |
2018 | 280,915 | |
2017 | 136,859 | |
2016 | 90,104 | |
Prior | 53,752 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 1,507,046 | |
Equipment financing | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 3,139 | |
2018 | 2,592 | |
2017 | 3,785 | |
2016 | 168 | |
Prior | 856 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 10,540 | |
Equipment financing | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 462 | |
2019 | 27,089 | |
2018 | 9,959 | |
2017 | 8,740 | |
2016 | 1,792 | |
Prior | 2,251 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 50,293 | |
Public sector finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 348,324 | |
2019 | 412,572 | |
2018 | 211,884 | |
2017 | 290,358 | |
2016 | 184,240 | |
Prior | 72,195 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 1,519,573 | |
Public sector finance | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 348,324 | |
2019 | 412,572 | |
2018 | 211,884 | |
2017 | 290,358 | |
2016 | 184,240 | |
Prior | 72,195 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 1,519,573 | |
Public sector finance | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 0 | |
Public sector finance | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 0 | |
CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 815,687 | |
2019 | 1,396,705 | |
2018 | 1,018,563 | |
2017 | 581,065 | |
2016 | 615,209 | |
Prior | 1,352,466 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 5,779,695 | |
CRE | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 784,358 | |
2019 | 1,379,045 | |
2018 | 980,971 | |
2017 | 571,134 | |
2016 | 596,842 | |
Prior | 1,245,683 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 5,558,033 | |
CRE | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 18,952 | |
2019 | 1,165 | |
2018 | 17,926 | |
2017 | 9,023 | |
2016 | 17,958 | |
Prior | 30,736 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 95,760 | |
CRE | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 12,377 | |
2019 | 16,495 | |
2018 | 19,666 | |
2017 | 908 | |
2016 | 409 | |
Prior | 76,047 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 125,902 | |
Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 265,801 | |
2019 | 750,751 | |
2018 | 451,613 | |
2017 | 662,442 | |
2016 | 678,548 | |
Prior | 1,695,188 | |
Revolving loans | 93,244 | |
Revolving loans converted to term | 0 | |
Total loans | 4,597,587 | |
Multi-family | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 265,801 | |
2019 | 750,751 | |
2018 | 451,613 | |
2017 | 662,442 | |
2016 | 674,011 | |
Prior | 1,651,519 | |
Revolving loans | 92,091 | |
Revolving loans converted to term | 0 | |
Total loans | 4,548,228 | |
Multi-family | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 8,495 | |
Revolving loans | 1,153 | |
Revolving loans converted to term | 0 | |
Total loans | 9,648 | |
Multi-family | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 4,537 | |
Prior | 35,174 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 39,711 | |
Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 105,696 | |
2019 | 255,902 | |
2018 | 123,008 | |
2017 | 103,759 | |
2016 | 23,449 | |
Prior | 21,352 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 633,166 | |
Acquisition, development and construction (“ADC”) | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 105,696 | |
2019 | 255,902 | |
2018 | 123,008 | |
2017 | 68,240 | |
2016 | 23,449 | |
Prior | 20,918 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 597,213 | |
Acquisition, development and construction (“ADC”) | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 1,845 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 1,845 | |
Acquisition, development and construction (“ADC”) | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 33,674 | |
2016 | 0 | |
Prior | 434 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 34,108 | |
Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 4,336 | |
2019 | 11,972 | |
2018 | 42,323 | |
2017 | 50,937 | |
2016 | 128,218 | |
Prior | 1,501,777 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 1,739,563 | |
Residential mortgage | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 4,336 | |
2019 | 11,972 | |
2018 | 42,063 | |
2017 | 50,937 | |
2016 | 127,956 | |
Prior | 1,488,512 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 1,725,776 | |
Residential mortgage | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 169 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 169 | |
Residential mortgage | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 260 | |
2017 | 0 | |
2016 | 262 | |
Prior | 13,096 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total loans | 13,618 | |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 73 | |
2019 | 426 | |
2018 | 509 | |
2017 | 345 | |
2016 | 135 | |
Prior | 6,080 | |
Revolving loans | 117,752 | |
Revolving loans converted to term | 74,892 | |
Total loans | 200,212 | |
Consumer | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 73 | |
2019 | 426 | |
2018 | 509 | |
2017 | 345 | |
2016 | 135 | |
Prior | 5,684 | |
Revolving loans | 114,728 | |
Revolving loans converted to term | 67,959 | |
Total loans | 189,859 | |
Consumer | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 16 | |
Revolving loans converted to term | 0 | |
Total loans | 16 | |
Consumer | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 396 | |
Revolving loans | 3,008 | |
Revolving loans converted to term | 6,933 | |
Total loans | $ 10,337 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Balance of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 1,683,482 | $ 1,683,482 |
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | $ 97,764 | 110,364 |
Estimated fair value greater than carrying value, percent | 10.00% | |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | $ 73,837 | 85,922 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 3,427 | 3,942 |
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, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2020 | $ 4,200 |
2021 | 15,104 |
2022 | 13,703 |
2023 | 12,322 |
2024 | 10,448 |
2025 | 8,722 |
Thereafter | 12,765 |
Total | $ 77,264 |
Deposits - Balances (Details)
Deposits - Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Non-interest bearing demand | $ 5,874,554 | $ 4,304,943 |
Interest bearing demand | 4,730,335 | 4,427,012 |
Savings | 2,643,979 | 2,652,764 |
Money market | 8,616,506 | 7,585,888 |
Certificates of deposit | 2,389,959 | 3,448,051 |
Total deposits | $ 24,255,333 | $ 22,418,658 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Billions | Sep. 30, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Municipal deposits | $ 2.4 | $ 2 |
Deposits - Brokered Deposits (D
Deposits - Brokered Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
List of Company's Brokered deposits | ||
Brokered deposits | $ 1,574,787 | $ 1,866,444 |
Interest bearing demand | ||
List of Company's Brokered deposits | ||
Brokered deposits | 144,831 | 149,566 |
Money market | ||
List of Company's Brokered deposits | ||
Brokered deposits | 1,166,929 | 944,627 |
Certificates of deposit | ||
List of Company's Brokered deposits | ||
Brokered deposits | $ 263,027 | $ 772,251 |
Borrowings - Borrowings and Wei
Borrowings - Borrowings and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
By period to maturity: | ||
Total borrowings, amount | $ 993,535 | $ 2,885,958 |
Total borrowings, rate | 2.54% | 2.53% |
Less than one year, amount | $ 332,223 | $ 1,491,446 |
Less than one year, rate | 0.92% | 2.19% |
One to two years, amount | $ 217,497 | $ 925,388 |
One to two years, rate | 0.68% | 2.07% |
Two to three years, amount | $ 0 | $ 25,000 |
Two to three years, rate | 0.00% | 1.71% |
Greater than five years, amount | $ 443,815 | $ 444,124 |
Greater than five years, rate | 4.67% | 4.67% |
FHLB borrowings | ||
By period to maturity: | ||
Total borrowings, amount | $ 397,000 | $ 2,245,653 |
Total borrowings, rate | 1.02% | 2.04% |
Paycheck Protection Program Liquidity Facility | Paycheck Protection Program Liquidity Facility | ||
By period to maturity: | ||
Total borrowings, amount | $ 117,497 | |
Total borrowings, rate | 0.35% | |
Repurchase agreements | ||
By period to maturity: | ||
Total borrowings, amount | $ 35,223 | $ 22,678 |
Total borrowings, rate | 0.20% | 1.20% |
Senior Notes | 3.50% Senior Notes | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.50% | |
By period to maturity: | ||
Total borrowings, amount | $ 0 | $ 173,504 |
Total borrowings, rate | 0.00% | 3.19% |
Subordinated Notes | Sterling Bancorp | ||
By period to maturity: | ||
Total borrowings, amount | $ 270,445 | $ 270,941 |
Total borrowings, rate | 4.17% | 4.17% |
Subordinated Notes | Sterling National Bank | ||
By period to maturity: | ||
Total borrowings, amount | $ 173,370 | $ 173,182 |
Total borrowings, rate | 5.45% | 5.45% |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | Aug. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||||
Bank pledged mortgages | $ 6,900,000,000 | $ 6,900,000,000 | $ 7,700,000,000 | |||
Increased borrowing capacity by pledging securities | 1,800,000,000 | 1,800,000,000 | ||||
Loss on extinguishment of borrowings | (6,241,000) | $ 0 | $ 0 | |||
Paycheck Protection Program Lending Facility | 117,497,000 | 117,497,000 | 0 | |||
FHLB Borrowings | ||||||
Debt Instrument [Line Items] | ||||||
Unused borrowing capacity | 6,100,000,000 | 6,100,000,000 | ||||
Federal Home Loan Bank advances | 1,100,000,000 | 1,100,000,000 | ||||
Loss on extinguishment of borrowings | (16,713,000) | $ 0 | ||||
Line of Credit | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 35,000,000 | |||||
Paycheck Protection Program Lending Facility | $ 0 | $ 0 | $ 0 | |||
Line of credit facility, required balance | $ 0 | |||||
Line of credit, required duration for minimum outstanding balance | 30 days | |||||
Line of Credit | Revolving Credit Facility | One-month LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.25% |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedges, Assets [Abstract] | ||
Cash Paid as STM | $ 100 | $ 43 |
Derivatives - Derivative Inform
Derivatives - Derivative Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Summary of derivatives | |||
Derivative assets, fair value | $ 166,095 | $ 67,318 | |
Derivative liabilities, fair value | $ 66,061 | $ 24,314 | |
Other assets | |||
Summary of derivatives | |||
Average maturity (in years) | 5 years 2 months 4 days | 4 years 6 months 29 days | |
Weighted average fixed rate | 4.43% | 4.50% | |
Other liabilities | |||
Summary of derivatives | |||
Average maturity (in years) | 5 years 2 months 4 days | 4 years 6 months 29 days | |
Weighted average fixed rate | 4.43% | 4.50% | |
Interest rate swap | Other assets | |||
Summary of derivatives | |||
Derivative assets, notional amount | $ 1,954,446 | $ 1,855,549 | |
Derivative assets, fair value | $ 166,095 | 67,318 | |
Interest rate swap | Other assets | One-month LIBOR | |||
Summary of derivatives | |||
Basis spread | 2.19% | ||
Interest rate swap | Other liabilities | |||
Summary of derivatives | |||
Derivative liability, notional Amount | $ 1,954,446 | 1,855,549 | |
Derivative liabilities, fair value | $ 66,061 | 24,314 | |
Interest rate swap | Other liabilities | One-month LIBOR | |||
Summary of derivatives | |||
Basis spread | 2.19% | ||
Third-party interest rate swap | Other assets | |||
Summary of derivatives | |||
Derivative assets, notional amount | $ 0 | 116,874 | |
Derivative assets, fair value | 0 | $ 15 | |
Third-party interest rate swap | Other assets | One-month LIBOR | |||
Summary of derivatives | |||
Basis spread | 2.23% | ||
Third-party interest rate swap | Other liabilities | |||
Summary of derivatives | |||
Derivative liability, notional Amount | 1,954,446 | $ 1,738,675 | |
Derivative liabilities, fair value | 66,061 | 23,998 | |
Customer interest rate swap | Other assets | |||
Summary of derivatives | |||
Derivative assets, notional amount | 1,954,446 | 1,738,675 | |
Derivative assets, fair value | 166,095 | 67,303 | |
Customer interest rate swap | Other liabilities | |||
Summary of derivatives | |||
Derivative liability, notional Amount | 0 | 116,874 | |
Derivative liabilities, fair value | $ 0 | $ 316 | |
Customer interest rate swap | Other liabilities | One-month LIBOR | |||
Summary of derivatives | |||
Basis spread | 2.23% |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Efftective tax rate reconciliation: | |||||
Income before income tax expense | $ 96,687,000 | $ 154,996,000 | $ 160,694,000 | $ 405,364,000 | |
Tax at federal statutory rate of 21% | 20,305,000 | 32,549,000 | 33,746,000 | 85,126,000 | |
State and local income taxes, net of federal tax benefit | 4,942,000 | 9,469,000 | 6,622,000 | 22,347,000 | |
Tax exempt interest, net of disallowed interest | (7,811,000) | (5,429,000) | (22,713,000) | (15,985,000) | |
BOLI income | (1,122,000) | (2,441,000) | (3,267,000) | (4,103,000) | |
Low income housing tax credits and other benefits | (9,461,000) | (5,431,000) | (28,381,000) | (14,592,000) | |
Low income housing investment amortization expense | 8,183,000 | 4,627,000 | 24,571,000 | 12,510,000 | |
Tax rate adjustment benefit due to CARES Act NOL carryback | 0 | 0 | (21,313,000) | 0 | |
Uncertain tax position reserve | 0 | 0 | 11,480,000 | 0 | |
Annual effective tax rate adjustment | (4,837,000) | 0 | 7,273,000 | 0 | |
Equity-based stock compensation benefit | 192,000 | 0 | 970,000 | (106,000) | |
FDIC insurance premium limitation | 266,000 | 239,000 | 837,000 | 717,000 | |
Other, net | 1,623,000 | (1,034,000) | 1,523,000 | (894,000) | |
Actual income tax expense (benefit) | $ 12,280,000 | $ 32,549,000 | $ 11,348,000 | $ 85,020,000 | |
Effective income tax rate | 12.70% | 21.00% | 7.10% | 21.00% | |
Net deferred tax liability | $ 63,100,000 | $ 63,100,000 | $ 67,600,000 | ||
Valuation allowance | $ 0 | $ 0 | $ 0 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Uncertain Tax Positions [Roll Forward] | ||||
Uncertain tax positions beginning of period | $ 11,603 | $ 0 | $ 0 | $ 0 |
Additions for tax positions related to prior tax years | 0 | 0 | 11,480 | 0 |
Decrease due to settlement | (1,315) | 0 | (1,315) | 0 |
Interest expense in tax positions | 0 | 0 | 123 | 0 |
Uncertain tax positions at September 30, 2020 | $ 10,288 | $ 0 | $ 10,288 | $ 0 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based Compensation Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Shares Available For Grant [Roll Forward] | |||||
Beginning balance (in shares) | 3,347,036 | 3,347,036 | |||
Granted (in shares) | (1,194,488) | ||||
Stock awards vested (in shares) | (39,504) | ||||
Exercised (in shares) | 0 | ||||
Forfeited (in shares) | 157,679 | ||||
Canceled/expired (in shares) | (30,153) | ||||
Ending balance (in shares) | 2,240,570 | 2,240,570 | |||
Stock options outstanding - Number of shares | |||||
Beginning balance (in shares) | 427,274 | 427,274 | |||
Granted (in shares) | 0 | ||||
Stock awards vested (in shares) | 0 | ||||
Exercised (in shares) | (60,500) | ||||
Forfeited (in shares) | (30,153) | ||||
Canceled/expired (in shares) | 0 | ||||
Ending balance (in shares) | 336,621 | 336,621 | |||
Exercisable at end of period (in shares) | 336,621 | 336,621 | |||
Stock options outstanding - Weighted average exercise price | |||||
Beginning balance (USD per share) | $ 11.15 | $ 11.15 | |||
Granted (USD per share) | 0 | ||||
Stock awards vested (USD per share) | 0 | ||||
Exercised (USD per share) | 10.08 | ||||
Forfeited (USD per share) | 13.43 | ||||
Canceled/expired (USD per share) | 13.43 | ||||
Ending balance (USD per share) | $ 11.14 | 11.14 | |||
Exercisable at end of period (USD per share) | $ 11.14 | $ 11.14 | |||
Performance measurement period | 3 years | ||||
Vesting percentage | 150.00% | ||||
Stock-based compensation expense | $ 5,868 | $ 4,565 | $ 17,788 | $ 14,293 | |
Recognition and Retention Plan | Non-vested stock awards/performance units | |||||
Non-vested stock awards/stock units outstanding - Number of shares | |||||
Beginning balance (in shares) | 2,187,197 | 2,187,197 | |||
Granted (in shares) | 1,194,488 | ||||
Stock awards vested (in shares) | (648,028) | ||||
Forfeited (in shares) | (127,526) | ||||
Canceled/expired (in shares) | 0 | ||||
Ending balance (in shares) | 2,606,131 | 2,606,131 | |||
Non-vested stock awards/stock units outstanding - Weighted average grant date fair value | |||||
Beginning balance (USD per share) | $ 20.96 | $ 20.96 | |||
Granted (USD per share) | 20.52 | ||||
Stock awards vested (USD per share) | 21.79 | ||||
Forfeited (USD per share) | 20.63 | ||||
Canceled/expired (USD per share) | 0 | ||||
Ending balance (USD per share) | $ 20.53 | $ 20.53 | |||
February 2017 | Performance Shares | |||||
Stock options outstanding - Weighted average exercise price | |||||
Stock-based compensation expense | $ 960 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Intrinsic value of options outstanding | $ 211,000 | $ 211,000 | ||
Grant of share options (in shares) | 0 | |||
Stock-based compensation expense | 5,868,000 | $ 4,565,000 | $ 17,788,000 | $ 14,293,000 |
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 8 months 12 days | |||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant of share options (in shares) | 0 | 0 | ||
Stock-based compensation expense | $ 0 | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Retirement Benefits [Abstract] | ||||
Stock-based compensation expense | $ 5,868 | $ 4,565 | $ 17,788 | $ 14,293 |
Stock-based compensation expense, income tax benefit | 734 | 959 | 2,224 | 3,002 |
Proceeds from stock option exercises | 95 | $ 508 | 610 | $ 2,397 |
Unrecognized stock-based compensation, stock options | 0 | 0 | ||
Unrecognized stock-based compensation, non-vested stock awards/performance units | 33,238 | 33,238 | ||
Total unrecognized stock-based compensation expense | $ 33,238 | $ 33,238 |
Other Non-Interest Expense, O_3
Other Non-Interest Expense, Other Assets and Other Liabilities - Schedule of Other Non-Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Other Income and Expenses [Abstract] | ||||
Professional fees | $ 6,343 | $ 4,438 | $ 17,550 | $ 14,966 |
Depreciation expense on operating leases | 3,130 | 0 | 9,758 | 0 |
Advertising and promotion | 1,291 | 2,514 | 4,414 | 4,889 |
Communications | 1,424 | 1,511 | 4,374 | 5,115 |
Residential mortgage loans servicing | 1,361 | 1,524 | 3,984 | 4,515 |
Insurance & surety bond premium | 942 | 982 | 3,191 | 3,050 |
Operational losses | 597 | 536 | 1,812 | 3,026 |
Other | 5,377 | 5,096 | 21,288 | 18,058 |
Total other non-interest expense | $ 20,465 | $ 16,601 | $ 66,371 | $ 53,619 |
Other Non-Interest Expense, O_4
Other Non-Interest Expense, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Other Income and Expenses [Abstract] | ||
Low income housing tax credit investments | $ 461,658 | $ 386,824 |
Right of use asset for operating leases | 100,635 | 112,226 |
Derivative assets, fair value | 166,095 | 67,318 |
Cash on deposit as swap collateral / net of settlement | 91,374 | 93,606 |
Operating leases - equipment and vehicles leased to others | 58,367 | 72,291 |
Other asset balances | 207,308 | 108,603 |
Total other assets | $ 1,085,437 | $ 840,868 |
Other Non-Interest Expense, O_5
Other Non-Interest Expense, Other Assets and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Other Income and Expenses [Abstract] | ||
Commitment to fund low income housing tax credit investments | $ 264,719 | $ 264,930 |
Present value of lease liabilities | 108,152 | 118,986 |
Payroll finance and factoring liabilities | 117,677 | 105,972 |
Swaps | 66,061 | 24,314 |
Other liability balances | 170,429 | 179,250 |
Total other liabilities | $ 727,038 | $ 693,452 |
Earnings Per Common Share - (De
Earnings Per Common Share - (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income available to common stockholders | $ 82,438 | $ 120,465 | $ 143,429 | $ 314,386 |
Weighted average common shares outstanding for computation of basic EPS (in shares) | 193,494,929 | 203,090,365 | 194,436,137 | 207,685,051 |
Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (in shares) | 221,014 | 476,217 | 240,883 | 423,524 |
Weighted average common shares for computation of diluted EPS (in shares) | 193,715,943 | 203,566,582 | 194,677,020 | 208,108,575 |
EPS: | ||||
Basic (USD per share) | $ 0.43 | $ 0.59 | $ 0.74 | $ 1.51 |
Diluted (USD per share) | $ 0.43 | $ 0.59 | $ 0.74 | $ 1.51 |
Weighted average common shares that could be exercised that were anti-dilutive for the period (in shares) | 359,304 | 0 | 98,351 | 0 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||
Long-term debt | $ 993,535 | $ 2,885,958 |
Period of loan term eligible for inclusion in Tier 2 capital decreases | 5 years | |
Sterling National Bank | ||
Class of Stock [Line Items] | ||
Subordinated Notes | $ 173,370 | 173,182 |
Sterling National Bank | Subordinated Notes | ||
Class of Stock [Line Items] | ||
Long-term debt | 173,370 | 173,182 |
Sterling National Bank | Sterling National Bank | ||
Class of Stock [Line Items] | ||
Subordinated Notes | 173,400 | |
Sterling Bancorp | ||
Class of Stock [Line Items] | ||
Subordinated Notes | 270,445 | 270,941 |
Sterling Bancorp | Subordinated Notes | ||
Class of Stock [Line Items] | ||
Long-term debt | 270,445 | $ 270,941 |
Sterling Bancorp | Sterling National Bank | ||
Class of Stock [Line Items] | ||
Subordinated Notes | $ 131,500 |
Stockholders' Equity - Complian
Stockholders' Equity - Compliance with Regulatory Capital Requirements (Schedule) (Details) $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Sterling National Bank | ||
Common equity tier 1 to RWA: | ||
Tier 1 common equity, actual, capital amount | $ 2,975,443 | $ 2,882,208 |
Tier 1 common equity, actual, ratio | 0.1239 | 0.1232 |
Tier 1 common equity required for minimum capital adequacy, fully phased-in, capital amount | $ 1,681,017 | $ 1,637,001 |
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 | $ 1,560,944 | $ 1,520,073 |
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 | $ 2,975,443 | $ 2,882,208 |
Tier 1 risk-based capital, ratio | 0.1239 | 0.1232 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,041,235 | $ 1,987,787 |
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 | $ 1,921,162 | $ 1,870,859 |
Tier 1 risk-based capital required to be well capitalized, ratio | 0.0800 | 0.0800 |
Total capital to RWA: | ||
Total risk-based capital, actual, capital amount | $ 3,328,305 | $ 3,162,282 |
Total risk-based capital, ratio | 0.1386 | 0.1352 |
Total risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,521,526 | $ 2,455,502 |
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 | $ 2,401,453 | $ 2,338,574 |
Total risk-based capital required to be well capitalized, ratio | 0.1000 | 0.1000 |
Tier 1 leverage ratio: | ||
Tier 1 (core) capital, actual, capital amount | $ 2,975,443 | $ 2,882,208 |
Tier 1 (core) capital, ratio | 0.1048 | 0.1011 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,136,151 | $ 1,140,570 |
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 | $ 1,420,189 | $ 1,425,713 |
Tier 1 (core) capital required to be well capitalized, ratio | 0.0500 | 0.0500 |
Sterling Bancorp | ||
Common equity tier 1 to RWA: | ||
Tier 1 common equity, actual, capital amount | $ 2,688,299 | $ 2,588,975 |
Tier 1 common equity, actual, ratio | 0.1118 | 0.1106 |
Tier 1 common equity required for minimum capital adequacy, fully phased-in, capital amount | $ 1,683,127 | $ 1,638,718 |
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 | $ 2,825,216 | $ 2,726,556 |
Tier 1 risk-based capital, ratio | 0.1175 | 0.1165 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,043,797 | $ 1,989,872 |
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 | $ 3,406,498 | $ 3,252,412 |
Total risk-based capital, ratio | 0.1417 | 0.1389 |
Total risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,524,690 | $ 2,458,077 |
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 | $ 2,825,216 | $ 2,726,556 |
Tier 1 (core) capital, ratio | 0.0993 | 0.0955 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,137,572 | $ 1,141,603 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, ratio | 4.00% | 4.00% |
Commitments and Contingencies_2
Commitments and Contingencies - Off-Balance Sheet Financial Information (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Allowance for credit losses - loan commitments | $ 6,700,000 | $ 654,000 | |
Off-balance sheet credit loss | 0 | $ 0 | |
Litigation accrual | 0 | 0 | |
Impact of CECL adoption | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Allowance for credit losses - loan commitments | 6,100,000 | ||
Loan origination commitments | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Lending-related instruments | 668,018,000 | 565,392,000 | |
Unused lines of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Lending-related instruments | 1,713,831,000 | 1,532,702,000 | |
Letters of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Lending-related instruments | $ 195,799,000 | $ 307,287,000 |
Commitment and Contingencies -
Commitment and Contingencies - Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Remainder of 2020 | $ 4,740 | |
2021 | 18,339 | |
2022 | 16,576 | |
2023 | 15,083 | |
2024 | 13,293 | |
2025 | 10,670 | |
2026 and thereafter | 45,745 | |
Total lease payments | 124,446 | |
Interest | 16,294 | |
Present value of lease liabilities | $ 108,152 | $ 118,986 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Securities available for sale, at estimated fair value | $ 2,419,458 | $ 3,095,648 |
Swaps | 166,095 | 67,318 |
Financial liabilities: | ||
Swaps | 66,061 | 24,314 |
Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Swaps | 0 | 0 |
Financial liabilities: | ||
Swaps | 0 | 0 |
Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 2,419,458 | 3,095,648 |
Swaps | 166,095 | 67,318 |
Financial liabilities: | ||
Swaps | 66,061 | 24,314 |
Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Swaps | 0 | 0 |
Financial liabilities: | ||
Swaps | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 2,419,458 | 3,095,648 |
Swaps | 166,095 | 67,318 |
Total assets | 2,585,553 | 3,162,966 |
Financial liabilities: | ||
Swaps | 66,061 | 24,314 |
Total liabilities | 66,061 | 24,314 |
Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated 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: | ||
Securities available for sale, at estimated fair value | 2,419,458 | 3,095,648 |
Swaps | 166,095 | 67,318 |
Total assets | 2,585,553 | 3,162,966 |
Financial liabilities: | ||
Swaps | 66,061 | 24,314 |
Total liabilities | 66,061 | 24,314 |
Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Swaps | 0 | 0 |
Total assets | 0 | 0 |
Financial liabilities: | ||
Swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Agency-backed | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 1,028,449 | 1,615,119 |
Agency-backed | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 1,028,449 | 1,615,119 |
Agency-backed | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Agency-backed | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 1,028,449 | 1,615,119 |
Agency-backed | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
CMOs/Other MBS | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 422,955 | 512,277 |
CMOs/Other MBS | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 422,955 | 512,277 |
CMOs/Other MBS | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
CMOs/Other MBS | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 422,955 | 512,277 |
CMOs/Other MBS | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Total residential MBS | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 1,451,404 | 2,127,396 |
Total residential MBS | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 1,451,404 | 2,127,396 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 1,451,404 | 2,127,396 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Federal agencies | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 146,757 | 201,138 |
Federal agencies | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 146,757 | 201,138 |
Federal agencies | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Federal agencies | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 146,757 | 201,138 |
Federal agencies | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Corporate | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 427,080 | 320,922 |
Corporate | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 427,080 | 320,922 |
Corporate | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Corporate | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 427,080 | 320,922 |
Corporate | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
State and municipal | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 394,217 | 446,192 |
State and municipal | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 394,217 | 446,192 |
State and municipal | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
State and municipal | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 394,217 | 446,192 |
State and municipal | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Total other securities | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 968,054 | 968,252 |
Total other securities | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 968,054 | 968,252 |
Total other securities | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Total other securities | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 968,054 | 968,252 |
Total other securities | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Minimum | Measurement Input, Appraised Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurement input | 0.04 | |
Maximum | Measurement Input, Appraised Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value measurement input | 0.10 | |
Fair Value Measurements, Nonrecurring | Collateral | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | $ 34,890 | $ 38,103 |
Fair Value Measurements - Colla
Fair Value Measurements - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | $ 0 | $ 0 |
Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 21,938,405 | 21,382,990 |
Collateral | Fair Value Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 34,890 | 38,103 |
Collateral | Fair Value Measurements, Nonrecurring | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 34,890 | 38,103 |
Collateral | Fair Value Measurements, Nonrecurring | Traditional C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 10,563 | 14,515 |
Collateral | Fair Value Measurements, Nonrecurring | Traditional C&I | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Traditional C&I | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Traditional C&I | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 10,563 | 14,515 |
Collateral | Fair Value Measurements, Nonrecurring | Asset-based lending | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 3,168 | 3,772 |
Collateral | Fair Value Measurements, Nonrecurring | Asset-based lending | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Asset-based lending | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Asset-based lending | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 3,168 | 3,772 |
Collateral | Fair Value Measurements, Nonrecurring | Factored receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 2,070 | |
Collateral | Fair Value Measurements, Nonrecurring | Factored receivables | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | |
Collateral | Fair Value Measurements, Nonrecurring | Factored receivables | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | |
Collateral | Fair Value Measurements, Nonrecurring | Factored receivables | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 2,070 | |
Collateral | Fair Value Measurements, Nonrecurring | Equipment financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 4,197 | 1,794 |
Collateral | Fair Value Measurements, Nonrecurring | Equipment financing | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Equipment financing | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Equipment financing | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 4,197 | 1,794 |
Collateral | Fair Value Measurements, Nonrecurring | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 9,462 | 12,614 |
Collateral | Fair Value Measurements, Nonrecurring | CRE | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | CRE | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | CRE | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 9,462 | 12,614 |
Collateral | Fair Value Measurements, Nonrecurring | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 2,112 | 2,924 |
Collateral | Fair Value Measurements, Nonrecurring | Residential mortgage | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Residential mortgage | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Residential mortgage | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 2,112 | 2,924 |
Collateral | Fair Value Measurements, Nonrecurring | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 3,318 | 1,300 |
Collateral | Fair Value Measurements, Nonrecurring | Consumer | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Consumer | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Consumer | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | $ 3,318 | $ 1,300 |
Fair Value Measurements - Impai
Fair Value Measurements - Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | $ 0 | $ 0 |
Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 21,938,405 | 21,382,990 |
Collateral | Fair Value Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 34,890 | 38,103 |
Collateral | Fair Value Measurements, Nonrecurring | Traditional C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 10,563 | 14,515 |
Collateral | Fair Value Measurements, Nonrecurring | Asset-based lending | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 3,168 | 3,772 |
Collateral | Fair Value Measurements, Nonrecurring | Equipment financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 4,197 | 1,794 |
Collateral | Fair Value Measurements, Nonrecurring | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 9,462 | 12,614 |
Collateral | Fair Value Measurements, Nonrecurring | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 1,184 | |
Collateral | Fair Value Measurements, Nonrecurring | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 2,112 | 2,924 |
Collateral | Fair Value Measurements, Nonrecurring | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 3,318 | 1,300 |
Collateral | Fair Value Measurements, Nonrecurring | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 1 inputs | Traditional C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 1 inputs | Asset-based lending | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 1 inputs | Equipment financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 1 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 1 inputs | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | |
Collateral | Fair Value Measurements, Nonrecurring | Level 1 inputs | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 1 inputs | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 2 inputs | Traditional C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 2 inputs | Asset-based lending | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 2 inputs | Equipment financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 2 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 2 inputs | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | |
Collateral | Fair Value Measurements, Nonrecurring | Level 2 inputs | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 2 inputs | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Collateral | Fair Value Measurements, Nonrecurring | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 34,890 | 38,103 |
Collateral | Fair Value Measurements, Nonrecurring | Level 3 inputs | Traditional C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 10,563 | 14,515 |
Collateral | Fair Value Measurements, Nonrecurring | Level 3 inputs | Asset-based lending | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 3,168 | 3,772 |
Collateral | Fair Value Measurements, Nonrecurring | Level 3 inputs | Equipment financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 4,197 | 1,794 |
Collateral | Fair Value Measurements, Nonrecurring | Level 3 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 9,462 | 12,614 |
Collateral | Fair Value Measurements, Nonrecurring | Level 3 inputs | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 1,184 | |
Collateral | Fair Value Measurements, Nonrecurring | Level 3 inputs | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 2,112 | 2,924 |
Collateral | Fair Value Measurements, Nonrecurring | Level 3 inputs | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | $ 3,318 | $ 1,300 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Securities available for sale, at estimated fair value | $ 2,419,458 | $ 3,095,648 |
Securities HTM | 1,901,119 | 2,053,191 |
Swaps | 166,095 | 67,318 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Senior Notes | 0 | 173,504 |
Swaps | 66,061 | 24,314 |
Sterling Bancorp | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 270,445 | 270,941 |
Sterling National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 173,370 | 173,182 |
Carrying amount | ||
Financial assets: | ||
Cash and cash equivalents | 437,558 | 329,151 |
Securities available for sale, at estimated fair value | 2,419,458 | 3,095,648 |
Securities HTM | 1,781,892 | 1,979,661 |
Loans held for sale | 36,826 | 8,125 |
Portfolio loans, net | 21,955,997 | 21,333,974 |
Accrued interest receivable on securities | 31,883 | 29,308 |
Accrued interest receivable on loans | 70,496 | 71,004 |
FHLB stock and FRB stock | 167,293 | 251,805 |
Swaps | 166,095 | 67,318 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Non-maturity deposits | 21,865,374 | 18,970,607 |
Certificates of deposit | 2,389,959 | 3,448,051 |
FHLB borrowings | 397,000 | 2,245,653 |
Paycheck Protection Program Lending Facility | 117,497 | |
Other borrowings | 35,223 | 22,678 |
Senior Notes | 173,504 | |
Subordinated Notes | 444,123 | |
Mortgage escrow funds | 84,031 | 58,316 |
Accrued interest payable on deposits | 1,428 | 5,427 |
Accrued interest payable on borrowings | 7,919 | 8,629 |
Swaps | 66,061 | 24,314 |
Carrying amount | Sterling Bancorp | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 270,445 | |
Carrying amount | Sterling National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 173,370 | |
Level 1 inputs | ||
Financial assets: | ||
Cash and cash equivalents | 437,558 | 329,151 |
Securities available for sale, at estimated fair value | 0 | 0 |
Securities HTM | 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 | 21,865,374 | 18,970,607 |
Certificates of deposit | 0 | 0 |
FHLB borrowings | 0 | 0 |
Paycheck Protection Program Lending Facility | 0 | |
Other borrowings | 0 | 0 |
Senior Notes | 0 | |
Subordinated Notes | 0 | |
Mortgage escrow funds | 0 | 0 |
Accrued interest payable on deposits | 0 | 0 |
Accrued interest payable on borrowings | 0 | 0 |
Swaps | 0 | 0 |
Level 1 inputs | Sterling Bancorp | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 0 | |
Level 1 inputs | Sterling National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 0 | |
Level 2 inputs | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at estimated fair value | 2,419,458 | 3,095,648 |
Securities HTM | 1,901,119 | 2,053,191 |
Loans held for sale | 36,826 | 8,125 |
Portfolio loans, net | 0 | 0 |
Accrued interest receivable on securities | 31,883 | 29,308 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 166,095 | 67,318 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Non-maturity deposits | 0 | 0 |
Certificates of deposit | 2,399,122 | 3,444,669 |
FHLB borrowings | 398,706 | 2,248,851 |
Paycheck Protection Program Lending Facility | 117,496 | |
Other borrowings | 35,223 | 22,677 |
Senior Notes | 173,733 | |
Subordinated Notes | 453,512 | |
Mortgage escrow funds | 84,030 | 58,315 |
Accrued interest payable on deposits | 1,428 | 5,427 |
Accrued interest payable on borrowings | 7,919 | 8,629 |
Swaps | 66,061 | 24,314 |
Level 2 inputs | Sterling Bancorp | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 268,140 | |
Level 2 inputs | Sterling National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 175,635 | |
Level 3 inputs | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at estimated fair value | 0 | 0 |
Securities HTM | 0 | 0 |
Loans held for sale | 0 | 0 |
Portfolio loans, net | 21,938,405 | 21,382,990 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 70,496 | 71,004 |
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 |
Paycheck Protection Program Lending Facility | 0 | |
Other borrowings | 0 | 0 |
Senior Notes | 0 | |
Subordinated Notes | 0 | |
Mortgage escrow funds | 0 | 0 |
Accrued interest payable on deposits | 0 | 0 |
Accrued interest payable on borrowings | 0 | 0 |
Swaps | 0 | $ 0 |
Level 3 inputs | Sterling Bancorp | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 0 | |
Level 3 inputs | Sterling National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Components of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Other comprehensive income (loss), before tax | $ (1,028) | $ 6,616 | $ 65,852 | $ 153,510 | ||||||
Other comprehensive income (loss), tax benefit | 284 | (1,828) | (18,202) | (42,431) | ||||||
Other comprehensive income (loss), net of tax | (744) | $ 20,989 | $ 27,405 | 4,788 | $ 46,956 | $ 59,335 | 47,650 | 111,079 | ||
Total stockholders’ equity | 4,557,785 | 4,484,187 | 4,422,424 | 4,520,967 | 4,459,158 | 4,419,223 | 4,557,785 | 4,520,967 | $ 4,530,113 | $ 4,428,853 |
Net unrealized holding (loss) gain on available for sale securities | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Total stockholders’ equity | 86,737 | 88,140 | 43,310 | 27,243 | 86,737 | 43,310 | 38,056 | (75,077) | ||
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 | 119,869 | 52,593 | ||||||||
Other comprehensive income (loss), tax benefit | (33,132) | (14,537) | ||||||||
Other comprehensive income (loss), net of tax | 86,737 | 38,056 | ||||||||
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 | (456) | (744) | ||||||||
Other comprehensive income (loss), tax benefit | 126 | 206 | ||||||||
Other comprehensive income (loss), net of tax | (330) | (538) | ||||||||
Net unrealized holding gain (loss) on retirement plans | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Other comprehensive income (loss), before tax | 2,016 | 3,728 | ||||||||
Other comprehensive income (loss), tax benefit | (557) | (1,030) | ||||||||
Other comprehensive income (loss), net of tax | 1,459 | 2,698 | ||||||||
Total stockholders’ equity | 1,459 | 895 | 2,447 | 13,812 | 1,459 | 2,447 | 2,698 | 11,678 | ||
Accumulated other comprehensive (loss) income | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Other comprehensive income (loss), net of tax | (744) | 20,989 | 27,405 | 4,788 | 46,956 | 59,335 | ||||
Total stockholders’ equity | $ 87,866 | $ 88,610 | $ 67,621 | $ 45,134 | $ 40,346 | $ (6,610) | $ 87,866 | $ 45,134 | $ 40,216 | $ (65,945) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance, beginning | $ 4,484,187 | $ 4,459,158 | $ 4,530,113 | $ 4,428,853 |
Other comprehensive income before reclassification | (938) | 21,047 | 55,583 | 121,992 |
Securities reclassified from held to maturity to available for sale | (8,548) | |||
Amounts reclassified from AOCI | 194 | (16,259) | (7,933) | (2,365) |
Total other comprehensive (loss) income | (744) | 4,788 | 47,650 | 111,079 |
Balance, ending | 4,557,785 | 4,520,967 | 4,557,785 | 4,520,967 |
Net unrealized holding (loss) gain on available for sale securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance, beginning | 88,140 | 27,243 | 38,056 | (75,077) |
Other comprehensive income before reclassification | (938) | 21,047 | 55,583 | 121,992 |
Securities reclassified from held to maturity to available for sale | (8,548) | |||
Amounts reclassified from AOCI | (465) | (4,980) | (6,902) | 4,943 |
Total other comprehensive (loss) income | (1,403) | 16,067 | 48,681 | 118,387 |
Balance, ending | 86,737 | 43,310 | 86,737 | 43,310 |
Net unrealized holding (loss) gain on securities transferred to held to maturity | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance, beginning | (425) | (709) | (538) | (2,546) |
Other comprehensive income before reclassification | 0 | 0 | 0 | 0 |
Securities reclassified from held to maturity to available for sale | 0 | |||
Amounts reclassified from AOCI | 95 | 86 | 208 | 1,923 |
Total other comprehensive (loss) income | 95 | 86 | 208 | 1,923 |
Balance, ending | (330) | (623) | (330) | (623) |
Net unrealized holding gain (loss) on retirement plans | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance, beginning | 895 | 13,812 | 2,698 | 11,678 |
Other comprehensive income before reclassification | 0 | 0 | 0 | 0 |
Securities reclassified from held to maturity to available for sale | 0 | |||
Amounts reclassified from AOCI | 564 | (11,365) | (1,239) | (9,231) |
Total other comprehensive (loss) income | 564 | (11,365) | (1,239) | (9,231) |
Balance, ending | 1,459 | 2,447 | 1,459 | 2,447 |
Accumulated other comprehensive (loss) income | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance, beginning | 88,610 | 40,346 | 40,216 | (65,945) |
Balance, ending | $ 87,866 | $ 45,134 | $ 87,866 | $ 45,134 |
Subsequent Event - Narrative (D
Subsequent Event - Narrative (Details) - Subsequent Event | Oct. 29, 2020USD ($)security |
Small Business Administration Paycheck Protection Program | |
Subsequent Event [Line Items] | |
Number of loans sold | security | 2,817 |
Unpaid balance of loans sold | $ 266,800,000 |
Gain on sale of financing receivable | 3,400,000 |
Subordinated Notes - 2020 | Subordinated Notes | |
Subsequent Event [Line Items] | |
Debt instrument, face amount | $ 225,000,000 |
Interest rate | 3.875% |
Debt issuance discount, percent | 1.25% |
Subordinated Notes - 2020 | Subordinated Notes | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |
Subsequent Event [Line Items] | |
Basis spread on variable rate | 3.69% |
Uncategorized Items - stl-20200
Label | Element | Value |
Operating Lease, Payments | us-gaap_OperatingLeasePayments | $ 15,437,000 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability | $ 2,846,000 |