Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 6-May-14 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'BERKSHIRE HILLS BANCORP INC | ' |
Entity Central Index Key | '0001108134 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 25,108,296 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $60,023 | $56,841 |
Short-term investments | 12,650 | 18,698 |
Total cash and cash equivalents | 72,673 | 75,539 |
Trading security | 14,923 | 14,840 |
Securities available for sale, at fair value | 1,033,637 | 760,048 |
Securities held to maturity (fair values of $44,191 and $45,764) | 43,159 | 44,921 |
Federal Home Loan Bank stock and other restricted securities | 53,124 | 50,282 |
Total securities | 1,144,843 | 870,091 |
Loans held for sale, at fair value | 7,669 | 15,840 |
Residential mortgages | 1,377,771 | 1,384,274 |
Commercial real estate | 1,456,976 | 1,417,120 |
Commercial and industrial loans | 696,895 | 687,293 |
Consumer loans | 710,985 | 691,836 |
Total loans | 4,242,627 | 4,180,523 |
Less: Allowance for loan losses | -33,602 | -33,323 |
Net loans | 4,209,025 | 4,147,200 |
Premises and equipment, net | 87,805 | 84,459 |
Other real estate owned | 2,418 | 2,758 |
Goodwill | 264,770 | 256,871 |
Other intangible assets | 15,035 | 13,791 |
Cash surrender value of bank-owned life insurance policies | 102,343 | 101,530 |
Deferred tax assets, net | 40,202 | 50,711 |
Other assets | 63,548 | 54,009 |
Total assets | 6,010,331 | 5,672,799 |
Liabilities | ' | ' |
Demand deposits | 770,841 | 677,917 |
NOW deposits | 434,833 | 353,612 |
Money market deposits | 1,459,062 | 1,383,856 |
Savings deposits | 478,107 | 431,496 |
Time deposits | 1,075,740 | 1,001,648 |
Total deposits | 4,218,583 | 3,848,529 |
Short-term debt | 914,950 | 872,510 |
Long-term Federal Home Loan Bank advances | 21,797 | 101,918 |
Subordinated borrowings | 89,696 | 89,679 |
Total borrowings | 1,026,443 | 1,064,107 |
Other liabilities | 87,715 | 82,101 |
Total liabilities | 5,332,741 | 4,994,737 |
Stockholders' equity | ' | ' |
Common stock ($.01 par value; 50,000,000 shares authorized and 26,525,466 shares issued and 25,105,207 shares outstanding in 2014; 26,525,466 shares issued and 25,036,169 shares outstanding in 2013) | 265 | 265 |
Additional paid-in capital | 585,342 | 587,247 |
Unearned compensation | -7,811 | -5,563 |
Retained earnings | 135,498 | 141,958 |
Accumulated other comprehensive loss | -631 | -9,057 |
Treasury stock, at cost (1,420,259 shares in 2014 and 1,489,297 shares in 2013) | -35,073 | -36,788 |
Total stockholders' equity | 677,590 | 678,062 |
Total liabilities and stockholders' equity | $6,010,331 | $5,672,799 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ' | ' |
Securities held to maturity, fair values (in dollars) | $44,191 | $45,764 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 26,525,466 | 26,525,466 |
Common stock, shares outstanding | 25,105,207 | 25,036,169 |
Treasury stock, shares | 1,420,259 | 1,489,297 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest and dividend income | ' | ' |
Loans | $42,494 | $47,081 |
Securities and other | 7,301 | 3,800 |
Total interest and dividend income | 49,795 | 50,881 |
Interest expense | ' | ' |
Deposits | 4,721 | 5,363 |
Borrowings | 2,308 | 3,581 |
Total interest expense | 7,029 | 8,944 |
Net interest income | 42,766 | 41,937 |
Non-interest income | ' | ' |
Loan related income | 1,248 | 2,717 |
Mortgage banking income | 372 | 2,217 |
Deposit related fees | 5,439 | 4,259 |
Insurance commissions and fees | 3,049 | 2,997 |
Wealth management fees | 2,549 | 2,264 |
Total fee income | 12,657 | 14,454 |
Other | 524 | 344 |
Gain on sale of securities, net | 34 | ' |
Loss on termination of hedges | -8,792 | ' |
Total non-interest income | 4,423 | 14,798 |
Total net revenue | 47,189 | 56,735 |
Provision for loan losses | 3,396 | 2,400 |
Non-interest expense | ' | ' |
Compensation and benefits | 19,859 | 17,741 |
Occupancy and equipment | 6,814 | 5,768 |
Technology and communications | 3,778 | 2,991 |
Marketing and promotion | 521 | 638 |
Professional services | 1,152 | 1,490 |
FDIC premiums and assessments | 1,009 | 828 |
Other real estate owned and foreclosures | 523 | 23 |
Amortization of intangible assets | 1,306 | 1,377 |
Acquisition, restructuring and conversion related expenses | 6,301 | 5,064 |
Other | 4,097 | 3,563 |
Total non-interest expense | 45,360 | 39,483 |
(Loss) income before income taxes | -1,567 | 14,852 |
Income tax (benefit) expense | -461 | 4,387 |
Net (loss) income | ($1,106) | $10,465 |
(Loss) earnings per share: | ' | ' |
Basic (in dollars per share) | ($0.04) | $0.42 |
Diluted (in dollars per share) | ($0.04) | $0.42 |
Weighted average common shares outstanding: | ' | ' |
Basic (in shares) | 24,698 | 24,948 |
Diluted (in shares) | 24,698 | 25,143 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' |
Net (loss) income | ($1,106) | $10,465 |
Other comprehensive income, before tax: | ' | ' |
Changes in unrealized gains on securities available-for-sale | 6,021 | 733 |
Changes in unrealized gains on derivative hedges | 4,533 | 1,443 |
Changes in unrealized gains on terminated swaps | 3,237 | 236 |
Income taxes related to other comprehensive income: | ' | ' |
Changes in unrealized gains on securities available-for-sale | -2,221 | -321 |
Changes in unrealized gains on derivative hedges | -1,832 | -575 |
Changes in unrealized gains on terminated swaps | -1,312 | -208 |
Total other comprehensive income | 8,426 | 1,308 |
Total comprehensive income | $7,320 | $11,773 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common stock | Additional paid-in capital | Unearned compensation | Retained earnings | Accumulated other comprehensive loss | Treasury stock |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2012 | $667,265 | $265 | $585,360 | ($3,035) | $122,014 | ($2,979) | ($34,360) |
Balance (in shares) at Dec. 31, 2012 | ' | 25,148 | ' | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 10,465 | ' | ' | ' | 10,465 | ' | ' |
Other comprehensive income | 1,308 | ' | ' | ' | ' | 1,308 | ' |
Total comprehensive income | 11,773 | ' | ' | ' | ' | ' | ' |
Cash dividends declared $0.54 and $0.18 for the period ended March 31, 2014 and 2013, respectively | -4,561 | ' | ' | ' | -4,561 | ' | ' |
Treasury stock purchased | -2,434 | ' | ' | ' | ' | ' | -2,434 |
Treasury stock purchased (in shares) | ' | -98 | ' | ' | ' | ' | ' |
Forfeited shares | ' | ' | 8 | 90 | ' | ' | -98 |
Forfeited shares (in shares) | ' | -4 | ' | ' | ' | ' | ' |
Exercise of stock options | 1,827 | ' | ' | ' | -1,488 | ' | 3,315 |
Exercise of stock options (in shares) | ' | 118 | ' | ' | ' | ' | ' |
Restricted stock grants | ' | ' | -691 | -3,485 | ' | ' | 4,176 |
Restricted stock grants (in shares) | ' | 146 | ' | ' | ' | ' | ' |
Stock-based compensation | 881 | ' | 296 | 585 | ' | ' | ' |
Net tax benefit related to stock-based compensation | 479 | ' | 479 | ' | ' | ' | ' |
Other, net | -1,348 | ' | ' | ' | ' | ' | -1,348 |
Other, net (in shares) | ' | -56 | ' | ' | ' | ' | ' |
Balance at Mar. 31, 2013 | 673,882 | 265 | 585,452 | -5,845 | 126,430 | -1,671 | -30,749 |
Balance (in shares) at Mar. 31, 2013 | ' | 25,254 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | 678,062 | 265 | 587,247 | -5,563 | 141,958 | -9,057 | -36,788 |
Balance (in shares) at Dec. 31, 2013 | ' | 25,036 | ' | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -1,106 | ' | ' | ' | -1,106 | ' | ' |
Other comprehensive income | 8,426 | ' | ' | ' | ' | 8,426 | ' |
Total comprehensive income | 7,320 | ' | ' | ' | ' | ' | ' |
Cash dividends declared $0.54 and $0.18 for the period ended March 31, 2014 and 2013, respectively | -4,561 | ' | ' | ' | -4,561 | ' | ' |
Treasury stock purchased | -2,467 | ' | ' | ' | ' | ' | -2,467 |
Treasury stock purchased (in shares) | ' | -100 | ' | ' | ' | ' | ' |
Forfeited shares | ' | ' | 1 | 5 | ' | ' | -6 |
Forfeited shares (in shares) | ' | -1 | ' | ' | ' | ' | ' |
Exercise of stock options | 719 | ' | ' | ' | -793 | ' | 1,512 |
Exercise of stock options (in shares) | ' | 61 | ' | ' | ' | ' | ' |
Restricted stock grants | ' | ' | 37 | -3,144 | ' | ' | 3,107 |
Restricted stock grants (in shares) | ' | 126 | ' | ' | ' | ' | ' |
Stock-based compensation | 932 | ' | 41 | 891 | ' | ' | ' |
Net tax benefit related to stock-based compensation | -1,984 | ' | -1,984 | ' | ' | ' | ' |
Other, net | -431 | ' | ' | ' | ' | ' | -431 |
Other, net (in shares) | ' | -17 | ' | ' | ' | ' | ' |
Balance at Mar. 31, 2014 | $677,590 | $265 | $585,342 | ($7,811) | $135,498 | ($631) | ($35,073) |
Balance (in shares) at Mar. 31, 2014 | ' | 25,105 | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY | ' | ' |
Cash dividends declared, per share | $0.18 | $0.18 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net (loss) income | ($1,106) | $10,465 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 3,396 | 2,400 |
Net amortization of securities | 604 | 354 |
Change in unamortized net loan costs and premiums | 64 | -511 |
Premises and equipment depreciation and amortization expense | 1,944 | 1,725 |
Stock-based compensation expense | 932 | 881 |
Accretion of purchase accounting entries, net | -1,999 | -4,659 |
Amortization of other intangibles | 1,306 | 1,377 |
Write down of other real estate owned | 125 | ' |
Excess tax loss from stock-based payment arrangements | -89 | -479 |
Income from cash surrender value of bank-owned life insurance policies | -813 | -695 |
Gain on sales of securities, net | -34 | -1 |
Net decrease in loans held for sale | 8,171 | 13,020 |
Loss on disposition of assets | 834 | 1,596 |
Loss (gain) on sale of real estate | 208 | -115 |
Loss on termination of hedges | 3,237 | ' |
Net change in other | 238 | -3,072 |
Net cash provided by operating activities | 17,018 | 22,286 |
Cash flows from investing activities: | ' | ' |
Net decrease in trading security | 135 | 128 |
Proceeds from sales of securities available for sale | 3,171 | ' |
Proceeds from maturities, calls and prepayments of securities available for sale | 25,440 | 37,481 |
Purchases of securities available for sale | -291,662 | -129,806 |
Proceeds from maturities, calls and prepayments of securities held to maturity | 1,762 | 882 |
Purchases of securities held to maturity | ' | -329 |
Net change in loans | -59,851 | 100,676 |
Proceeds from sale of Federal Home Loan Bank stock | 78 | 1,915 |
Purchase of Federal Home Loan Bank stock | -2,920 | ' |
Net investment in limited partnership tax credits | -2,500 | ' |
Purchase of premises and equipment, net | -3,130 | -5,094 |
Acquisitions, net of cash paid | 423,416 | ' |
Proceeds from sale of other real estate | 483 | 449 |
Net cash provided by in investing activities | 94,422 | 6,302 |
Cash flows from financing activities: | ' | ' |
Net (decrease) increase in deposits | -70,422 | 1,049 |
Proceeds from Federal Home Loan Bank advances and other borrowings | 900,018 | 90,015 |
Repayments of Federal Home Loan Bank advances and other borrowings | -937,682 | -138,873 |
Purchase of treasury stock | -2,467 | -2,434 |
Exercise of stock options | 719 | 1,827 |
Excess tax (gain) loss from stock-based payment arrangements | 89 | 479 |
Common stock cash dividends paid | -4,561 | -4,564 |
Net cash used in financing activities | -114,306 | -52,501 |
Net change in cash and cash equivalents | -2,866 | -23,913 |
Cash and cash equivalents at beginning of year | 75,539 | 98,244 |
Cash and cash equivalents at end of year | 72,673 | 74,331 |
Supplemental cash flow information: | ' | ' |
Interest paid on deposits | 4,718 | 5,330 |
Interest paid on borrowed funds | 3,145 | 3,440 |
Income taxes paid, net | 146 | 638 |
Acquisition of non-cash assets and liabilities: | ' | ' |
Assets acquired | 18,064 | ' |
Liabilities assumed | -441,550 | -330 |
Other non-cash changes: | ' | ' |
Other net comprehensive loss | 5,189 | ' |
Real estate owned acquired in settlement of loans | $476 | $918 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2014 | |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | ' |
NOTE 1. BASIS OF PRESENTATION | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and contain all adjustments, consisting solely of normal, recurring adjustments, necessary for a fair presentation of results for such periods. | |
In addition, these interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X, and accordingly, certain information and footnote disclosures normally included in financial statements prepared according to U.S. GAAP have been omitted. | |
The results for any interim period are not necessarily indicative of results for the full year. These consolidated financial statements should be read in conjunction with the audited financial statements and note disclosures for Berkshire Hills Bancorp, Inc. (the “Company”) previously filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
Reclassifications | |
Certain items in prior financial statements have been reclassified to conform to the current presentation. | |
Out of Period Adjustments | |
For the quarter ended March 31, 2014, the Company recorded a correction of an error to adjust ($1.4) million in prior period interest income earned on loans acquired in bank acquisitions all of which relates to prior periods. After evaluating the quantitative and qualitative aspects of these adjustments, the Company concluded that its prior period financial statements were not materially misstated. | |
Recently Adopted Accounting Principles | |
On January 1, 2014 we adopted Accounting Standards Update (“ASU”) ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” to eliminate diversity in practice. This ASU requires that companies net their unrecognized tax benefits against all same-jurisdiction net operating losses or tax credit carryforwards that would be used to settle the position with a tax authority. The adoption of this ASU did not have a material effect on our consolidated financial statements. |
ACQUISITION
ACQUISITION | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
ACQUISITION | ' | ||||||||||
ACQUISITION | ' | ||||||||||
NOTE 2. ACQUISITION | |||||||||||
New York Branch Acquisition | |||||||||||
On January 17, 2014, Berkshire Bank purchased twenty branch banking offices located in central and eastern New York State, from Bank of America, National Association. Berkshire Bank received $423.1 million in cash, which was net of $17.4 million cash consideration paid and acquisition costs, and assumed certain related deposit liabilities associated with these branches (the “branch acquisition”). Consideration paid included a 2.25% premium on deposits received. The branch acquisition increased the Bank’s customer base and lending opportunities, and enhanced the Bank’s geographical market presence between Albany and Syracuse, New York. In addition, the acquired deposits augmented the Bank’s sources of liquidity. | |||||||||||
On the acquisition date, the acquired branches had assets with a carrying value of approximately $8.9 million, including loans outstanding with a carrying value of approximately $4.5 million, as well as deposits with a carrying value of approximately $440.5 million. The results from the acquired branch operations are included in the Company’s Consolidated Statement of Operations from the date of acquisition. | |||||||||||
The assets and liabilities obtained and assumed in the branch acquisition were recorded at fair value based on management’s best estimate using information available at the date of acquisition. Consideration paid, and fair values of the assets acquired and liabilities assumed are summarized in the following table: | |||||||||||
Fair Value | As Recorded at | ||||||||||
(in thousands) | As Acquired | Adjustments | Acquisition | ||||||||
Consideration paid: | |||||||||||
Cash consideration paid to Bank of Amercia | $ | 17,105 | |||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value: | |||||||||||
Cash and short-term investments | $ | 440,521 | $ | — | $ | 440,521 | |||||
Loans | 4,541 | (533 | )(a) | 4,008 | |||||||
Premises and equipment | 4,381 | (710 | )(b) | 3,671 | |||||||
Core deposit intangibles | — | 2,550 | (c) | 2,550 | |||||||
Other intangibles | — | (79 | )(d) | (79 | ) | ||||||
Deposits | (440,507 | ) | (15 | )(e) | (440,522 | ) | |||||
Other liabilities | — | (944 | )(f) | (944 | ) | ||||||
Total identifiable net assets | $ | 8,936 | $ | 269 | $ | 9,205 | |||||
Goodwill | $ | 7,900 | |||||||||
Explanation of Certain Fair Value Adjustments | |||||||||||
(a) | The adjustment represents the write down of the book value of loans to their estimated fair value based on current interest rates and expected cash flows, which includes an estimate of expected loan loss inherent in the portfolio. Loans that met the criteria and are being accounted for in accordance with ASC 310-30 had a carrying amount of $201 thousand. Non-impaired loans not accounted for under 310-30 had a carrying value of $4.3 million. | ||||||||||
(b) | The amount represents the adjustment of the book value of buildings, and furniture and equipment, to their estimated fair value based on appraisals and other methods. The adjustments will be depreciated over the estimated economic lives of the assets. | ||||||||||
(c) | The adjustment represents the value of the core deposit base assumed in the acquisition. The core deposit asset was recorded as an identifiable intangible asset and will be amortized over the estimated useful life of the deposit base. | ||||||||||
(d) | Represents an intangible liability related to assumed leases, which was recorded as an identifiable intangible and will be amortized over the remaining life of the leases. | ||||||||||
(e) | The adjustment is necessary because the weighted average interest rate of deposits exceeded the cost of similar funding at the time of acquisition. | ||||||||||
(f) | Represents an establishment of a reserve on certain acquired lines of credit, which were determined to have specific credit risk at the time of acquisition. | ||||||||||
Except for collateral dependent loans with deteriorated credit quality, the fair values for loans acquired were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. For collateral dependent loans with deteriorated credit quality, to estimate the fair value we analyzed the value of the underlying collateral of the loans, assuming the fair values of the loans were derived from the eventual sale of the collateral. Those values were discounted using market derived rates of return, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral. There was no carryover of the seller’s allowance for credit losses associated with the loans that were acquired in the branch acquisition as the loans were initially recorded at fair value. | |||||||||||
Information about the acquired loan portfolio subject to ASC 310-30 as of January 17, 2014 is as follows (in thousands): | |||||||||||
ASC 310-30 Loans | |||||||||||
Contractually required principal and interest at acquisition | $ | 201 | |||||||||
Contractual cash flows not expected to be collected (nonaccretable discount) | (100 | ) | |||||||||
Expected cash flows at acquisition | 101 | ||||||||||
Interest component of expected cash flows (accretable premium) | 20 | ||||||||||
Fair value of acquired loans | $ | 121 | |||||||||
The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately nine years utilizing a straight-line method. Other intangibles consist of leasehold intangible liability, which is amortized over the remaining life of three years using a straight-line method. | |||||||||||
The goodwill, which is not amortized for book purposes, was assigned to our banking segment and is not deductible for tax purposes. | |||||||||||
The fair value of savings and transaction deposit accounts acquired in the branch acquisition was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. | |||||||||||
Direct acquisition and integration costs of the branch acquisition were expensed as incurred, and totaled $3.6 million during the three months ending March 31, 2014, and none during the same period of 2013. | |||||||||||
The following table presents selected unaudited pro forma financial information reflecting the branch acquisition assuming it was completed as of January 1, 2013. The unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the combined financial results of the Company and acquired branches had the transaction actually been completed at the beginning of the periods presented, nor does it indicate future results for any other interim or full-year period. Pro forma basic and diluted earnings per common share were calculated using Berkshire’s actual weighted-average shares outstanding for the periods presented. The unaudited pro forma information is based on the actual financial statements of Berkshire for the periods shown, and on the calculated results of the acquired branches for the 2013 period shown and in 2014 until the date of acquisition, at which time their operations became included in Berkshire’s financial statements. | |||||||||||
The unaudited pro forma information, for the three months ended March 31, 2014 and 2013, set forth below reflects adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to additional investments and borrowing reductions as a result of the branch acquisition. Direct acquisition and integration-related costs incurred by the Company during 2014 are reversed; as those expenses are assumed to have occurred prior to 2013. Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue-enhancing opportunities beyond investment of cash received from deposits, or anticipated cost-savings. | |||||||||||
Information in the following table is shown in thousands, except earnings per share: | |||||||||||
Pro Forma (unaudited) | |||||||||||
Three ended March 31, | |||||||||||
2014 | 2013 | ||||||||||
Net interest income | $ | 43,892 | $ | 43,631 | |||||||
Non-interest income | 4,632 | 16,053 | |||||||||
Net income | 1,487 | 10,229 | |||||||||
Pro forma earnings per share: | |||||||||||
Basic | $ | 0.06 | $ | 0.41 | |||||||
Diluted | $ | 0.06 | $ | 0.41 |
TRADING_SECURITY
TRADING SECURITY | 3 Months Ended |
Mar. 31, 2014 | |
TRADING SECURITY | ' |
TRADING SECURITY | ' |
NOTE 3. TRADING SECURITY | |
The Company holds a tax advantaged economic development bond that is accounted for at fair value. The security had an amortized cost of $13.0 million and $13.1 million, and a fair value of $14.9 million and $14.8 million, at March 31, 2014 and December 31, 2013, respectively. As discussed further in Note 14 - Derivative Financial Instruments and Hedging Activities, the Company has entered into a swap contract to swap-out the fixed rate of the security in exchange for a variable rate. The Company does not purchase securities with the intent of selling them in the near term, and there are no other securities in the trading portfolio at March 31, 2014. |
SECURITIES_AVAILABLE_FOR_SALE_
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY | ' | |||||||||||||||||||
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY | ' | |||||||||||||||||||
NOTE 4. SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY | ||||||||||||||||||||
The following is a summary of securities available for sale and held to maturity: | ||||||||||||||||||||
(In thousands) | Amortized Cost | Gross | Gross | Fair Value | ||||||||||||||||
Unrealized | Unrealized | |||||||||||||||||||
Gains | Losses | |||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Municipal bonds and obligations | $ | 135,382 | $ | 2,949 | $ | (1,139 | ) | $ | 137,192 | |||||||||||
Government-guaranteed residential mortgage-backed securities | 83,299 | 704 | (317 | ) | 83,686 | |||||||||||||||
Government-sponsored residential mortgage-backed securities | 726,195 | 2,217 | (9,514 | ) | 718,898 | |||||||||||||||
Corporate bonds | 40,917 | 116 | (912 | ) | 40,121 | |||||||||||||||
Trust preferred securities | 15,799 | 1,320 | (1,361 | ) | 15,758 | |||||||||||||||
Other bonds and obligations | 3,244 | 1 | (116 | ) | 3,129 | |||||||||||||||
Total debt securities | 1,004,836 | 7,307 | (13,359 | ) | 998,784 | |||||||||||||||
Marketable equity securities | 32,073 | 3,136 | (356 | ) | 34,853 | |||||||||||||||
Total securities available for sale | 1,036,909 | 10,443 | (13,715 | ) | 1,033,637 | |||||||||||||||
Securities held to maturity | ||||||||||||||||||||
Municipal bonds and obligations | 3,881 | — | — | 3,881 | ||||||||||||||||
Government-sponsored residential mortgage-backed securities | 72 | 3 | — | 75 | ||||||||||||||||
Tax advantaged economic development bonds | 38,865 | 1,310 | (281 | ) | 39,894 | |||||||||||||||
Other bonds and obligations | 341 | — | — | 341 | ||||||||||||||||
Total securities held to maturity | 43,159 | 1,313 | (281 | ) | 44,191 | |||||||||||||||
Total | $ | 1,080,068 | $ | 11,756 | $ | (13,996 | ) | $ | 1,077,828 | |||||||||||
December 31, 2013 | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Municipal bonds and obligations | $ | 77,852 | $ | 1,789 | $ | (1,970 | ) | $ | 77,671 | |||||||||||
Government-guaranteed residential mortgage-backed securities | 78,885 | 544 | (658 | ) | 78,771 | |||||||||||||||
Government-sponsored residential mortgage-backed securities | 531,441 | 2,000 | (10,783 | ) | 522,658 | |||||||||||||||
Corporate bonds | 40,945 | 157 | (1,822 | ) | 39,280 | |||||||||||||||
Trust preferred securities | 16,927 | 1,249 | (1,565 | ) | 16,611 | |||||||||||||||
Other bonds and obligations | 3,250 | — | (166 | ) | 3,084 | |||||||||||||||
Total debt securities | 749,300 | 5,739 | (16,964 | ) | 738,075 | |||||||||||||||
Marketable equity securities | 20,042 | 2,266 | (335 | ) | 21,973 | |||||||||||||||
Total securities available for sale | 769,342 | 8,005 | (17,299 | ) | 760,048 | |||||||||||||||
Securities held to maturity | ||||||||||||||||||||
Municipal bonds and obligations | 4,244 | — | — | 4,244 | ||||||||||||||||
Government-sponsored residential mortgage-backed securities | 73 | 2 | — | 75 | ||||||||||||||||
Tax advantaged economic development bonds | 40,260 | 1,255 | (414 | ) | 41,101 | |||||||||||||||
Other bonds and obligations | 344 | — | — | 344 | ||||||||||||||||
Total securities held to maturity | 44,921 | 1,257 | (414 | ) | 45,764 | |||||||||||||||
Total | $ | 814,263 | $ | 9,262 | $ | (17,713 | ) | $ | 805,812 | |||||||||||
The amortized cost and estimated fair value of available for sale (“AFS”) and held to maturity (“HTM”) securities, segregated by contractual maturity at March 31, 2014 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable. Equity securities have no maturity and are also shown in total. | ||||||||||||||||||||
Available for sale | Held to maturity | |||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||
(In thousands) | Cost | Value | Cost | Value | ||||||||||||||||
Within 1 year | $ | 8,070 | $ | 8,072 | $ | 1,047 | $ | 1,047 | ||||||||||||
Over 1 year to 5 years | 7,279 | 7,382 | 17,482 | 18,323 | ||||||||||||||||
Over 5 years to 10 years | 54,031 | 53,397 | 11,389 | 11,292 | ||||||||||||||||
Over 10 years | 125,962 | 127,349 | 13,169 | 13,454 | ||||||||||||||||
Total bonds and obligations | 195,342 | 196,200 | 43,087 | 44,116 | ||||||||||||||||
Marketable equity securities | 32,073 | 34,853 | — | — | ||||||||||||||||
Residential mortgage-backed securities | 809,494 | 802,584 | 72 | 75 | ||||||||||||||||
Total | $ | 1,036,909 | $ | 1,033,637 | $ | 43,159 | $ | 44,191 | ||||||||||||
Securities with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows: | ||||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Total | ||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | |||||||||||||||
(In thousands) | Losses | Value | Losses | Value | Losses | Value | ||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Municipal bonds and obligations | $ | 433 | $ | 17,198 | $ | 706 | $ | 8,798 | $ | 1,139 | $ | 25,996 | ||||||||
Government-guaranteed residential mortgage-backed securities | 130 | 27,758 | 187 | 4,752 | 317 | 32,510 | ||||||||||||||
Government-sponsored residential mortgage-backed securities | 6,890 | 446,031 | 2,624 | 72,307 | 9,514 | 518,338 | ||||||||||||||
Corporate bonds | 535 | 14,552 | 377 | 15,453 | 912 | 30,005 | ||||||||||||||
Trust preferred securities | — | — | 1,361 | 2,203 | 1,361 | 2,203 | ||||||||||||||
Other bonds and obligations | 44 | 1,209 | 72 | 1,916 | 116 | 3,125 | ||||||||||||||
Total debt securities | 8,032 | 506,748 | 5,327 | 105,429 | 13,359 | 612,177 | ||||||||||||||
Marketable equity securities | 136 | 3,459 | 220 | 1,779 | 356 | 5,238 | ||||||||||||||
Total securities available for sale | 8,168 | 510,207 | 5,547 | 107,208 | 13,715 | 617,415 | ||||||||||||||
Securities held to maturity | ||||||||||||||||||||
Tax advantaged economic development bonds | — | — | 281 | 7,916 | 281 | 7,916 | ||||||||||||||
Total securities held to maturity | — | — | 281 | 7,916 | 281 | 7,916 | ||||||||||||||
Total | $ | 8,168 | $ | 510,207 | $ | 5,828 | $ | 115,124 | $ | 13,996 | $ | 625,331 | ||||||||
December 31, 2013 | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Municipal bonds and obligations | $ | 1,657 | $ | 17,776 | $ | 313 | $ | 1,854 | $ | 1,970 | $ | 19,630 | ||||||||
Government guaranteed residential mortgage-backed securities | 658 | 35,631 | — | — | 658 | 35,631 | ||||||||||||||
Government-sponsored residential mortgage-backed securities | 10,783 | 423,203 | — | — | 10,783 | 423,203 | ||||||||||||||
Corporate bonds | 1,822 | 29,124 | — | — | 1,822 | 29,124 | ||||||||||||||
Trust preferred securities | — | — | 1,565 | 2,039 | 1,565 | 2,039 | ||||||||||||||
Other bonds and obligations | 166 | 3,082 | — | — | 166 | 3,082 | ||||||||||||||
Total debt securities | 15,086 | 508,816 | 1,878 | 3,893 | 16,964 | 512,709 | ||||||||||||||
Marketable equity securities | 117 | 1,653 | 218 | 1,782 | 335 | 3,435 | ||||||||||||||
Total securities available for sale | 15,203 | 510,469 | 2,096 | 5,675 | 17,299 | 516,144 | ||||||||||||||
Securities held to maturity | ||||||||||||||||||||
Tax advantaged economic development bonds | 57 | 9,429 | 357 | 7,901 | 414 | 17,330 | ||||||||||||||
Total securities held to maturity | 57 | 9,429 | 357 | 7,901 | 414 | 17,330 | ||||||||||||||
Total | $ | 15,260 | $ | 519,898 | $ | 2,453 | $ | 13,576 | $ | 17,713 | $ | 533,474 | ||||||||
Debt Securities | ||||||||||||||||||||
The Company expects to recover its amortized cost basis on all debt securities in its AFS and HTM portfolios. Furthermore, the Company does not intend to sell nor does it anticipate that it will be required to sell any of its securities in an unrealized loss position as of March 31, 2014, prior to this recovery. The Company’s ability and intent to hold these securities until recovery is supported by the Company’s strong capital and liquidity positions as well as its historically low portfolio turnover. The following summarizes, by investment security type, the basis for the conclusion that the debt securities in an unrealized loss position within the Company’s AFS and HTM portfolios were not other-than-temporarily impaired at March 31, 2014: | ||||||||||||||||||||
AFS municipal bonds and obligations | ||||||||||||||||||||
At March 31, 2014, 38 out of the total 198 securities in the Company’s portfolio of AFS municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 4.2% of the amortized cost of securities in unrealized loss positions. The Company continually monitors the municipal bond sector of the market carefully and periodically evaluates the appropriate level of exposure to the market. At this time, the Company feels the bonds in this portfolio carry minimal risk of default and the Company is appropriately compensated for that risk. There were no material underlying credit downgrades during the first quarter of 2014. All securities are investment grade rated and performing. | ||||||||||||||||||||
AFS residential mortgage-backed securities | ||||||||||||||||||||
At March 31, 2014, 87 out of the total 236 securities in the Company’s portfolios of AFS residential mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 1.75% of the amortized cost of securities in unrealized loss positions within the AFS portfolio. The Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”) and Government National Mortgage Association (“GNMA”) guarantee the contractual cash flows of all of the Company’s residential mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during the first quarter of 2014. All securities are performing. | ||||||||||||||||||||
AFS corporate bonds | ||||||||||||||||||||
At March 31, 2014, 6 out of the total 9 bonds in the Company’s portfolio of AFS corporate bonds were in an unrealized loss position. The aggregate unrealized loss represented 2.95% of the amortized cost of the bonds in unrealized loss positions. The bonds are investment grade rated, and there are no material underlying credit downgrades during the first quarter of 2014. All bonds are performing. | ||||||||||||||||||||
AFS trust preferred securities | ||||||||||||||||||||
At March 31, 2014, 2 out of the total 5 securities in the Company’s portfolio of AFS trust preferred securities were in unrealized loss positions. Aggregate unrealized losses represented 38.19% of the amortized cost of securities in unrealized loss positions. The Company’s evaluation of the present value of expected cash flows on these securities supports its conclusions about the recoverability of the securities’ amortized cost basis. Except for the security discussed below, the aggregated unrealized loss on the other securities in unrealized loss positions represented 9% of their amortized cost. Again, excluding the security below, all trust preferred securities carry at least one investment grade, and had no material downgrades in the first quarter of 2014 and all are performing. | ||||||||||||||||||||
At March 31, 2014, $1.2 million of the total unrealized losses were attributable to a $2.8 million investment in a Mezzanine Class B tranche of a $360 million pooled trust preferred security collateralized by banking and insurance entities. The Company evaluated the security, with a Level 3 fair value of $1.3 million, for potential other-than-temporary-impairment (“OTTI”) at March 31, 2014 and determined that OTTI was not evident based on both the Company’s ability and intent to hold the security until the recovery of its remaining amortized cost and the protection from credit loss afforded by $51 million in excess subordination above current and projected losses. The security is performing. | ||||||||||||||||||||
AFS other bonds and obligations | ||||||||||||||||||||
At March 31, 2014, 6 out of the total 8 securities in the Company’s portfolio of other bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 3.62% of the amortized cost of securities in unrealized loss positions. The securities are investment grade rated, except one security with a book value of less than $1,000, and there were no material underlying credit downgrades during the first quarter of 2014. All securities are performing. | ||||||||||||||||||||
HTM tax advantaged economic development bonds | ||||||||||||||||||||
At March 31, 2014, 1 out of the total 7 securities in the Company’s portfolio of tax advantaged economic development bonds were in an unrealized loss position. Aggregate unrealized losses represented 3.41% of the amortized cost of securities in unrealized loss positions. The Company has the intent of maintaining these bonds to recovery. All securities are considered performing. | ||||||||||||||||||||
Marketable Equity Securities | ||||||||||||||||||||
In evaluating its marketable equity securities portfolio for OTTI, the Company considers its ability to more likely than not hold an equity security to recovery. The Company additionally considers other various factors including the length of time and the extent to which the fair value has been less than cost and the financial condition and near term prospects of the issuer. Any OTTI is recognized immediately through earnings. | ||||||||||||||||||||
At March 31, 2014, 4 out of the total 24 securities in the Company’s portfolio of marketable equity securities were in an unrealized loss position. The unrealized loss represented 6.37% of the amortized cost of the securities. The Company has the ability and intent to hold the securities until a recovery of their cost basis and does not consider the securities other-than-temporarily impaired at March 31, 2014. As new information becomes available in future periods, changes to the Company’s assumptions may be warranted and could lead to a different conclusion regarding the OTTI of these securities. |
LOANS
LOANS | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
LOANS | ' | ||||||||||||||||||||||
LOANS | ' | ||||||||||||||||||||||
NOTE 5. LOANS | |||||||||||||||||||||||
The Company’s loan portfolio is segregated into the following segments: residential mortgage, commercial real estate, commercial and industrial, and consumer. Residential mortgage loans include classes for 1- 4 family owner occupied and construction loans. Commercial real estate loans include construction, single and multi-family, and other commercial real estate classes. Commercial and industrial loans include asset based lending loans, lease financing and other commercial business loan classes. Consumer loans include home equity, direct and indirect auto and other. These portfolio segments each have unique risk characteristics that are considered when determining the appropriate level for the allowance for loan losses. | |||||||||||||||||||||||
A substantial portion of the loan portfolio is secured by real estate in western Massachusetts, southern Vermont, northeastern New York, and in the Bank’s other New England lending areas. The ability of many of the Bank’s borrowers to honor their contracts is dependent, among other things, on the specific economy and real estate markets of these areas. | |||||||||||||||||||||||
Total loans include business activity loans and acquired loans. Acquired loans are those loans acquired from the acquisitions of the 20 acquired branches, Beacon Federal Bancorp, Inc., The Connecticut Bank and Trust Company, Legacy Bancorp, Inc., and Rome Bancorp, Inc. The following is a summary of total loans: | |||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
(In thousands) | Business | Acquired | Total | Business | Acquired | Total | |||||||||||||||||
Activities Loans | Loans | Activities Loans | Loans | ||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
1-4 family | $ | 1,032,170 | $ | 320,848 | $ | 1,353,018 | $ | 1,027,737 | $ | 333,367 | $ | 1,361,104 | |||||||||||
Construction | 19,599 | 5,154 | 24,753 | 18,158 | 5,012 | 23,170 | |||||||||||||||||
Total residential mortgages | 1,051,769 | 326,002 | 1,377,771 | 1,045,895 | 338,379 | 1,384,274 | |||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction | 137,687 | 7,262 | 144,949 | 125,247 | 13,770 | 139,017 | |||||||||||||||||
Single and multi-family | 62,429 | 63,801 | 126,230 | 63,493 | 64,827 | 128,320 | |||||||||||||||||
Other commercial real estate | 925,513 | 260,284 | 1,185,797 | 871,271 | 278,512 | 1,149,783 | |||||||||||||||||
Total commercial real estate | 1,125,629 | 331,347 | 1,456,976 | 1,060,011 | 357,109 | 1,417,120 | |||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Asset based lending | 309,699 | 4,374 | 314,073 | 294,241 | 3,130 | 297,371 | |||||||||||||||||
Other commercial and industrial loans | 316,451 | 66,371 | 382,822 | 323,196 | 66,726 | 389,922 | |||||||||||||||||
Total commercial and industrial loans | 626,150 | 70,745 | 696,895 | 617,437 | 69,856 | 687,293 | |||||||||||||||||
Total commercial loans | 1,751,779 | 402,092 | 2,153,871 | 1,677,448 | 426,965 | 2,104,413 | |||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 233,521 | 71,499 | 305,020 | 232,677 | 74,154 | 306,831 | |||||||||||||||||
Auto and other | 249,776 | 156,189 | 405,965 | 213,171 | 171,834 | 385,005 | |||||||||||||||||
Total consumer loans | 483,297 | 227,688 | 710,985 | 445,848 | 245,988 | 691,836 | |||||||||||||||||
Total loans | $ | 3,286,845 | $ | 955,782 | $ | 4,242,627 | $ | 3,169,191 | $ | 1,011,332 | $ | 4,180,523 | |||||||||||
The carrying amount of the acquired loans at March 31, 2014 totaled $956 million. These loans consisted of loans determined to be impaired at the time of acquisition, which are accounted for in accordance with ASC Topic 310-30, with a carrying amount of $24.5 million and loans that were considered not impaired at the acquisition date with a carrying amount of $931 million. | |||||||||||||||||||||||
The following table summarizes activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30, Accounting for Certain Loans or Debt Securities Acquired in a Transfer. | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||
Balance at beginning of period | $ | 2,559 | $ | 8,247 | |||||||||||||||||||
Reclassification from nonaccretable difference for loans with improved cash flows | 1,540 | — | |||||||||||||||||||||
Accretion | (945 | ) | (2,581 | ) | |||||||||||||||||||
Balance at end of period | $ | 3,154 | $ | 5,666 | |||||||||||||||||||
The following is a summary of past due loans at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||
Business Activities Loans | 30-59 Days | 60-89 Days | Greater | Total Past | Current | Total Loans | Past Due > | ||||||||||||||||
(in thousands) | Past Due | Past Due | Than 90 | Due | 90 days and | ||||||||||||||||||
Days Past | Accruing | ||||||||||||||||||||||
Due | |||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
1-4 family | $ | 2,882 | $ | 101 | $ | 6,240 | $ | 9,223 | $ | 1,022,947 | $ | 1,032,170 | $ | 1,452 | |||||||||
Construction | 127 | — | — | 127 | 19,472 | 19,599 | — | ||||||||||||||||
Total | 3,009 | 101 | 6,240 | 9,350 | 1,042,419 | 1,051,769 | 1,452 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction | — | 174 | 2,558 | 2,732 | 134,955 | 137,687 | — | ||||||||||||||||
Single and multi-family | — | 134 | 1,304 | 1,438 | 60,991 | 62,429 | 685 | ||||||||||||||||
Other commercial real estate | 999 | 2,226 | 7,036 | 10,261 | 915,252 | 925,513 | 639 | ||||||||||||||||
Total | 999 | 2,534 | 10,898 | 14,431 | 1,111,198 | 1,125,629 | 1,324 | ||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Asset based lending | — | — | — | — | 309,699 | 309,699 | — | ||||||||||||||||
Other commercial and industrial loans | 903 | 317 | 1,302 | 2,522 | 313,929 | 316,451 | 62 | ||||||||||||||||
Total | 903 | 317 | 1,302 | 2,522 | 623,628 | 626,150 | 62 | ||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 80 | 502 | 1,646 | 2,228 | 231,293 | 233,521 | 258 | ||||||||||||||||
Auto and other | 487 | 67 | 379 | 933 | 248,843 | 249,776 | 16 | ||||||||||||||||
Total | 567 | 569 | 2,025 | 3,161 | 480,136 | 483,297 | 274 | ||||||||||||||||
Total | $ | 5,478 | $ | 3,521 | $ | 20,465 | $ | 29,464 | $ | 3,257,381 | $ | 3,286,845 | $ | 3,112 | |||||||||
Business Activities Loans | 30-59 Days | 60-89 Days | Greater | Total Past | Current | Total Loans | Past Due > | ||||||||||||||||
(in thousands) | Past Due | Past Due | Than 90 | Due | 90 days and | ||||||||||||||||||
Days Past | Accruing | ||||||||||||||||||||||
Due | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
1-4 family | $ | 2,500 | $ | 623 | $ | 7,382 | $ | 10,505 | $ | 1,017,232 | $ | 1,027,737 | $ | 1,451 | |||||||||
Construction | — | — | 41 | 41 | 18,117 | 18,158 | — | ||||||||||||||||
Total | 2,500 | 623 | 7,423 | 10,546 | 1,035,349 | 1,045,895 | 1,451 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction | 174 | — | 3,176 | 3,350 | 121,897 | 125,247 | — | ||||||||||||||||
Single and multi-family | 139 | 654 | 679 | 1,472 | 62,021 | 63,493 | 168 | ||||||||||||||||
Other commercial real estate | 622 | 4,801 | 6,912 | 12,335 | 858,936 | 871,271 | 865 | ||||||||||||||||
Total | 935 | 5,455 | 10,767 | 17,157 | 1,042,854 | 1,060,011 | 1,033 | ||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Asset based lending | — | — | — | — | 294,241 | 294,241 | — | ||||||||||||||||
Other commercial and industrial loans | 1,136 | 386 | 1,477 | 2,999 | 320,197 | 323,196 | 42 | ||||||||||||||||
Total | 1,136 | 386 | 1,477 | 2,999 | 614,438 | 617,437 | 42 | ||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 732 | 54 | 1,655 | 2,441 | 230,236 | 232,677 | 572 | ||||||||||||||||
Auto and other | 524 | 231 | 390 | 1,145 | 212,026 | 213,171 | 142 | ||||||||||||||||
Total | 1,256 | 285 | 2,045 | 3,586 | 442,262 | 445,848 | 714 | ||||||||||||||||
Total | $ | 5,827 | $ | 6,749 | $ | 21,712 | $ | 34,288 | $ | 3,134,903 | $ | 3,169,191 | $ | 3,240 | |||||||||
Acquired Loans | 30-59 Days | 60-89 Days | Greater | Total Past | Current | Total Loans | Past Due > | ||||||||||||||||
(in thousands) | Past Due | Past Due | Than 90 | Due | 90 days and | ||||||||||||||||||
Days Past | Accruing | ||||||||||||||||||||||
Due | |||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
1-4 family | $ | 1,877 | $ | 733 | $ | 2,308 | $ | 4,918 | $ | 315,930 | $ | 320,848 | $ | 1,025 | |||||||||
Construction | 36 | 16 | 462 | 514 | 4,640 | 5,154 | 462 | ||||||||||||||||
Total | 1,913 | 749 | 2,770 | 5,432 | 320,570 | 326,002 | 1,487 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction | — | — | 805 | 805 | 6,457 | 7,262 | 805 | ||||||||||||||||
Single and multi-family | 580 | 193 | 1,227 | 2,000 | 61,801 | 63,801 | 508 | ||||||||||||||||
Other commercial real estate | 763 | — | 5,349 | 6,112 | 254,172 | 260,284 | 2,606 | ||||||||||||||||
Total | 1,343 | 193 | 7,381 | 8,917 | 322,430 | 331,347 | 3,919 | ||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Asset based lending | — | — | — | — | 4,374 | 4,374 | — | ||||||||||||||||
Other commercial and industrial loans | 71 | 239 | 1,649 | 1,959 | 64,412 | 66,371 | 478 | ||||||||||||||||
Total | 71 | 239 | 1,649 | 1,959 | 68,786 | 70,745 | 478 | ||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 155 | 450 | 635 | 1,240 | 70,259 | 71,499 | 240 | ||||||||||||||||
Auto and other | 1,400 | 169 | 1,769 | 3,338 | 152,851 | 156,189 | 69 | ||||||||||||||||
Total | 1,555 | 619 | 2,404 | 4,578 | 223,110 | 227,688 | 309 | ||||||||||||||||
Total | $ | 4,882 | $ | 1,800 | $ | 14,204 | $ | 20,886 | $ | 934,896 | $ | 955,782 | $ | 6,193 | |||||||||
Acquired Loans | 30-59 Days | 60-89 Days | Greater | Total Past | Current | Total Loans | Past Due > | ||||||||||||||||
(in thousands) | Past Due | Past Due | Than 90 | Due | 90 days and | ||||||||||||||||||
Days Past | Accruing | ||||||||||||||||||||||
Due | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
1-4 family | $ | 1,891 | $ | 437 | $ | 2,577 | $ | 4,905 | $ | 328,462 | $ | 333,367 | $ | 805 | |||||||||
Construction | 134 | 32 | 625 | 791 | 4,221 | 5,012 | 501 | ||||||||||||||||
Total | 2,025 | 469 | 3,202 | 5,696 | 332,683 | 338,379 | 1,306 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction | — | — | 805 | 805 | 12,965 | 13,770 | 805 | ||||||||||||||||
Single and multi-family | 350 | 188 | 1,335 | 1,873 | 62,954 | 64,827 | 512 | ||||||||||||||||
Other commercial real estate | 537 | 518 | 6,108 | 7,163 | 271,349 | 278,512 | 2,925 | ||||||||||||||||
Total | 887 | 706 | 8,248 | 9,841 | 347,268 | 357,109 | 4,242 | ||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Asset based lending | — | — | — | — | 3,130 | 3,130 | — | ||||||||||||||||
Other commercial and industrial loans | 440 | 135 | 1,239 | 1,814 | 64,912 | 66,726 | 318 | ||||||||||||||||
Total | 440 | 135 | 1,239 | 1,814 | 68,042 | 69,856 | 318 | ||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 425 | 545 | 636 | 1,606 | 72,548 | 74,154 | 35 | ||||||||||||||||
Auto and other | 2,606 | 641 | 1,641 | 4,888 | 166,946 | 171,834 | 82 | ||||||||||||||||
Total | 3,031 | 1,186 | 2,277 | 6,494 | 239,494 | 245,988 | 117 | ||||||||||||||||
Total | $ | 6,383 | $ | 2,496 | $ | 14,966 | $ | 23,845 | $ | 987,487 | $ | 1,011,332 | $ | 5,983 | |||||||||
The following is summary information pertaining to non-accrual loans at March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
(In thousands) | Business | Acquired | Total | Business | Acquired | Total | |||||||||||||||||
Activities Loans | Loans | Activities Loans | Loans | ||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
1-4 family | $ | 4,788 | $ | 1,283 | $ | 6,071 | $ | 5,931 | $ | 1,772 | $ | 7,703 | |||||||||||
Construction | — | — | — | 41 | 123 | 164 | |||||||||||||||||
Total | 4,788 | 1,283 | 6,071 | 5,972 | 1,895 | 7,867 | |||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction | 2,558 | — | 2,558 | 3,176 | — | 3,176 | |||||||||||||||||
Single and multi-family | 619 | 719 | 1,338 | 511 | 823 | 1,334 | |||||||||||||||||
Other commercial real estate | 6,397 | 2,743 | 9,140 | 6,047 | 3,183 | 9,230 | |||||||||||||||||
Total | 9,574 | 3,462 | 13,036 | 9,734 | 4,006 | 13,740 | |||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Other commercial and industrial loans | 1,240 | 1,171 | 2,411 | 1,434 | 921 | 2,355 | |||||||||||||||||
Total | 1,240 | 1,171 | 2,411 | 1,434 | 921 | 2,355 | |||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 1,388 | 395 | 1,783 | 1,083 | 602 | 1,685 | |||||||||||||||||
Auto and other | 363 | 1,700 | 2,063 | 249 | 1,559 | 1,808 | |||||||||||||||||
Total | 1,751 | 2,095 | 3,846 | 1,332 | 2,161 | 3,493 | |||||||||||||||||
Total non-accrual loans | $ | 17,353 | $ | 8,011 | $ | 25,364 | $ | 18,472 | $ | 8,983 | $ | 27,455 | |||||||||||
Loans evaluated for impairment as of March 31, 2014 and December 31, 2013 were as follows: | |||||||||||||||||||||||
Business Activities Loans | Residential | Commercial | Commercial and | Consumer | Total | ||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||
Balance at end of period | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,116 | $ | 22,148 | $ | 1,148 | $ | 402 | $ | 28,814 | |||||||||||||
Collectively evaluated | 1,046,653 | 1,103,481 | 625,002 | 482,895 | 3,258,031 | ||||||||||||||||||
Total | $ | 1,051,769 | $ | 1,125,629 | $ | 626,150 | $ | 483,297 | $ | 3,286,845 | |||||||||||||
Business Activities Loans | Residential | Commercial | Commercial and | Consumer | Total | ||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||
Balance at end of year | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 6,237 | $ | 22,429 | $ | 1,380 | $ | 515 | $ | 30,561 | |||||||||||||
Collectively evaluated for impairment | 1,039,658 | 1,037,582 | 616,057 | 445,333 | 3,138,630 | ||||||||||||||||||
Total | $ | 1,045,895 | $ | 1,060,011 | $ | 617,437 | $ | 445,848 | $ | 3,169,191 | |||||||||||||
Acquired Loans | Residential | Commercial | Commercial and | Consumer | Total | ||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||
Balance at end of Period | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,032 | $ | 5,800 | $ | 478 | $ | — | $ | 7,310 | |||||||||||||
Collectively evaluated | 324,970 | 325,547 | 70,267 | 227,668 | 948,472 | ||||||||||||||||||
Total | $ | 326,002 | $ | 331,347 | $ | 70,745 | $ | 227,668 | $ | 955,782 | |||||||||||||
Acquired Loans | Residential | Commercial | Commercial and | Consumer | Total | ||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||
Balance at end of year | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,568 | $ | 6,295 | $ | 367 | $ | 154 | $ | 8,384 | |||||||||||||
Collectively evaluated for impairment | 336,811 | 350,814 | 69,489 | 245,834 | 1,002,948 | ||||||||||||||||||
Total | $ | 338,379 | $ | 357,109 | $ | 69,856 | $ | 245,988 | $ | 1,011,332 | |||||||||||||
The following is a summary of impaired loans at March 31, 2014: | |||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||
Business Activities Loans | Recorded Investment | Unpaid Principal | Related Allowance | ||||||||||||||||||||
(In thousands) | Balance | ||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 3,435 | $ | 3,435 | $ | — | |||||||||||||||||
Other commercial real estate loans | 16,141 | 16,141 | — | ||||||||||||||||||||
Commercial real esate - construction | 1,545 | 1,545 | — | ||||||||||||||||||||
Other commercial and industrial loans | 1,094 | 1,094 | — | ||||||||||||||||||||
Consumer - home equity | 238 | 238 | — | ||||||||||||||||||||
Consumer - other | 123 | 123 | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 1,283 | $ | 1,680 | $ | 397 | |||||||||||||||||
Other commercial real estate loans | 2,200 | 3,450 | 1,250 | ||||||||||||||||||||
Commercial real esate - construction | 705 | 1,013 | 308 | ||||||||||||||||||||
Other commercial and industrial loans | — | 54 | 54 | ||||||||||||||||||||
Consumer - home equity | 32 | 41 | 9 | ||||||||||||||||||||
Total | |||||||||||||||||||||||
Residential mortgages | $ | 4,718 | $ | 5,115 | $ | 397 | |||||||||||||||||
Commercial real estate | 20,591 | 22,149 | 1,558 | ||||||||||||||||||||
Commercial and industrial loans | 1,094 | 1,148 | 54 | ||||||||||||||||||||
Consumer | 393 | 402 | 9 | ||||||||||||||||||||
Total impaired loans | $ | 26,796 | $ | 28,814 | $ | 2,018 | |||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||
Acquired Loans | Recorded Investment | Unpaid Principal | Related Allowance | ||||||||||||||||||||
(In thousands) | Balance | ||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 871 | $ | 871 | $ | — | |||||||||||||||||
Other commercial real estate loans | 4,391 | 4,391 | — | ||||||||||||||||||||
Other commercial and industrial loans | 410 | 410 | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 131 | $ | 161 | $ | 30 | |||||||||||||||||
Other commercial real estate loans | 1,159 | 1,409 | 250 | ||||||||||||||||||||
Other commercial and industrial loans | 47 | 68 | 21 | ||||||||||||||||||||
Total | |||||||||||||||||||||||
Residential mortgages | $ | 1,002 | $ | 1,032 | $ | 30 | |||||||||||||||||
Commercial real estate | 5,550 | 5,800 | 250 | ||||||||||||||||||||
Commercial and industrial loans | 457 | 478 | 21 | ||||||||||||||||||||
Total impaired loans | $ | 7,009 | $ | 7,310 | $ | 301 | |||||||||||||||||
The following is a summary of impaired loans at December 31, 2013: | |||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||
Business Activities Loans | Recorded Investment | Unpaid Principal | Related Allowance | ||||||||||||||||||||
(In thousands) | Balance | ||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 1,575 | $ | 1,575 | $ | — | |||||||||||||||||
Commercial real estate - construction | 3,176 | 3,176 | — | ||||||||||||||||||||
Commercial real estate - single and multifamily | — | — | — | ||||||||||||||||||||
Other commercial real estate loans | 5,587 | 5,587 | — | ||||||||||||||||||||
Other commercial and industrial loans | 8 | 8 | — | ||||||||||||||||||||
Consumer - home equity | 50 | 50 | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 1,926 | $ | 2,831 | $ | 905 | |||||||||||||||||
Commercial real estate - construction | — | — | — | ||||||||||||||||||||
Commercial real estate - single and multifamily | — | — | — | ||||||||||||||||||||
Other commercial real estate loans | (66 | ) | 153 | 219 | |||||||||||||||||||
Other commercial and industrial loans | 514 | 569 | 55 | ||||||||||||||||||||
Consumer - home equity | 142 | 245 | 103 | ||||||||||||||||||||
Total | |||||||||||||||||||||||
Residential mortgages | $ | 3,501 | $ | 4,406 | $ | 905 | |||||||||||||||||
Commercial real estate | 8,697 | 8,916 | 219 | ||||||||||||||||||||
Commercial and industrial loans | 522 | 577 | 55 | ||||||||||||||||||||
Consumer | 192 | 295 | 103 | ||||||||||||||||||||
Total impaired loans | $ | 12,912 | $ | 14,194 | $ | 1,282 | |||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||
Acquired Loans | Recorded Investment | Unpaid Principal | Related Allowance | ||||||||||||||||||||
(In thousands) | Balance | ||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 20 | $ | 20 | $ | — | |||||||||||||||||
Other commercial real estate loans | 1,462 | 1,462 | — | ||||||||||||||||||||
Other commercial and industrial loans | 367 | 367 | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 958 | $ | 1,188 | $ | 230 | |||||||||||||||||
Other commercial real estate loans | 1,954 | 2,442 | 488 | ||||||||||||||||||||
Consumer - home equity | 114 | 153 | 39 | ||||||||||||||||||||
Total | |||||||||||||||||||||||
Residential mortgages | $ | 978 | $ | 1,208 | $ | 230 | |||||||||||||||||
Other commercial real estate loans | 3,416 | 3,904 | 488 | ||||||||||||||||||||
Other commercial and industrial loans | 367 | 367 | — | ||||||||||||||||||||
Consumer - home equity | 114 | 153 | 39 | ||||||||||||||||||||
Total impaired loans | $ | 4,875 | $ | 5,632 | $ | 757 | |||||||||||||||||
The following is a summary of the average recorded investment and interest income recognized on impaired loans as of March 31, 2014 and March 31, 2013: | |||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Business Activities Loans | Average Recorded | Cash Basis | Average Recorded | Cash Basis | |||||||||||||||||||
(in thousands) | Investment | Interest Income | Investment | Interest Income | |||||||||||||||||||
Recognized | Recognized | ||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 4,142 | $ | 23 | $ | 2,141 | $ | 20 | |||||||||||||||
Commercial real estate - construction | 1,957 | — | 2,380 | — | |||||||||||||||||||
Other commercial real estate loans | 16,180 | 154 | 3,295 | 10 | |||||||||||||||||||
Commercial and industrial loans | 1,337 | 7 | 70 | — | |||||||||||||||||||
Consumer - home equity | 348 | 1 | 455 | 4 | |||||||||||||||||||
Consumer - other | 124 | 1 | — | — | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 1,774 | $ | 16 | $ | 2,234 | $ | 1 | |||||||||||||||
Commercial real estate - construction | 1,013 | — | 1,938 | — | |||||||||||||||||||
Other commercial real estate loans | 3,450 | — | 2,765 | — | |||||||||||||||||||
Commercial and industrial loans | 55 | 1 | 1,721 | 14 | |||||||||||||||||||
Consumer - home equity | 41 | — | 558 | — | |||||||||||||||||||
Total | |||||||||||||||||||||||
Residential mortgages | $ | 5,916 | $ | 39 | $ | 4,375 | $ | 21 | |||||||||||||||
Commercial real estate | 22,600 | 154 | 10,378 | 10 | |||||||||||||||||||
Commercial and industrial loans | 1,392 | 8 | 1,791 | 14 | |||||||||||||||||||
Consumer loans | 513 | 2 | 1,013 | 4 | |||||||||||||||||||
Total impaired loans | $ | 30,421 | $ | 203 | $ | 17,557 | $ | 49 | |||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Acquired Loans | Average Recorded | Cash Basis | Average Recorded | Cash Basis | |||||||||||||||||||
(in thousands) | Investment | Interest Income | Investment | Interest Income | |||||||||||||||||||
Recognized | Recognized | ||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 1,303 | $ | 5 | $ | — | $ | — | |||||||||||||||
Other commercial real estate loans | 4,821 | 25 | 803 | 2 | |||||||||||||||||||
Commercial and industrial loans | 562 | 1 | 181 | — | |||||||||||||||||||
Consumer - home equity | 154 | — | — | — | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 162 | $ | — | $ | 861 | $ | — | |||||||||||||||
Other commercial real estate loans | 1,577 | 46 | — | — | |||||||||||||||||||
Commercial and industrial loans | 70 | 2 | — | — | |||||||||||||||||||
Total | |||||||||||||||||||||||
Residential mortgages | $ | 1,465 | $ | 5 | $ | 861 | $ | — | |||||||||||||||
Other commercial real estate loans | 6,398 | 71 | 803 | 2 | |||||||||||||||||||
Commercial and industrial loans | 632 | 3 | 181 | — | |||||||||||||||||||
Consumer loans | 154 | — | — | — | |||||||||||||||||||
Total impaired loans | $ | 8,649 | $ | 79 | $ | 1,845 | $ | 2 | |||||||||||||||
Troubled Debt Restructuring Loans | |||||||||||||||||||||||
The Company’s loan portfolio also includes certain loans that have been modified in a Troubled Debt Restructuring (TDR), where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. TDRs are evaluated individually for impairment and may result in a specific allowance amount allocated to an individual loan. | |||||||||||||||||||||||
The following tables include the recorded investment and number of modifications identified during the three months ended March 31, 2014 and for the three months ended March 31, 2013, respectively. The table includes the recorded investment in the loans prior to a modification and also the recorded investment in the loans after the loans were restructured. The modification for the three months ending March 31, 2014 were attributable to concessions granted as ordered by bankruptcy court. The modifications for the three months ending March 31, 2013 were attributable to maturity date extensions. | |||||||||||||||||||||||
Modifications by Class | |||||||||||||||||||||||
Three months ending March 31, 2014 | |||||||||||||||||||||||
(Dollars in thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||
Modifications | Outstanding Recorded | Outstanding Recorded | |||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||
Residential - 1-4 Family | 1 | $ | 122 | $ | 119 | ||||||||||||||||||
Modifications by Class | |||||||||||||||||||||||
Three months ending March 31, 2013 | |||||||||||||||||||||||
(Dollars in thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||
Modifications | Outstanding Recorded | Outstanding Recorded | |||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||
Residential- 1-4 Family | 5 | $ | 941 | $ | 941 | ||||||||||||||||||
Commercial - Single and multifamily | 1 | — | 40 | ||||||||||||||||||||
Commercial - Other | 5 | 2,022 | 1,590 | ||||||||||||||||||||
11 | $ | 2,963 | $ | 2,571 | |||||||||||||||||||
For the three months ended March 31, 2014 and 2013, there were no loans that were restructured within the last twelve months that have subsequently defaulted during the period. | |||||||||||||||||||||||
The following table presents the Company’s TDR activity for the three months ended March 31, 2014 and March 31, 2013: | |||||||||||||||||||||||
Three Months Ending | |||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||
Balance at beginning of the period | $ | 10,822 | $ | 4,626 | |||||||||||||||||||
Principal Payments | (872 | ) | (22 | ) | |||||||||||||||||||
TDR Status Change (1) | (52 | ) | — | ||||||||||||||||||||
Other Reductions (2) | 95 | (485 | ) | ||||||||||||||||||||
Newly Identified TDRs | 119 | 2,571 | |||||||||||||||||||||
Balance at end of the period | $ | 10,112 | $ | 6,690 | |||||||||||||||||||
-1 | TDR Status change classification represents TDR loans with a specified interest rate equal to or greater than the rate that the Company was willing to accept at the time of the restructuring for a new loan with comparable risk and the loan was on current payment status and not impaired based on the terms specified by the restructuring agreement. | ||||||||||||||||||||||
-2 | Other Reductions classification consists of transfer to other real estate owned and charge-offs and advances to loans. | ||||||||||||||||||||||
The evaluation of certain loans individually for specific impairment includes loans that were previously classified as TDRs or continue to be classified as TDRs. |
LOAN_LOSS_ALLOWANCE
LOAN LOSS ALLOWANCE | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
LOAN LOSS ALLOWANCE | ' | |||||||||||||||||||||||||
LOAN LOSS ALLOWANCE | ' | |||||||||||||||||||||||||
NOTE 6. LOAN LOSS ALLOWANCE | ||||||||||||||||||||||||||
Activity in the allowance for loan losses for the three months ended March 31, 2014 and 2013 was as follows: | ||||||||||||||||||||||||||
Business Activities Loans | Residential | Commercial | Commercial and | Consumer | Unallocated | Total | ||||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | |||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 6,937 | $ | 13,705 | $ | 5,173 | $ | 3,644 | $ | 68 | $ | 29,527 | ||||||||||||||
Charged-off loans | 706 | 660 | 189 | 429 | — | 1,984 | ||||||||||||||||||||
Recoveries on charged-off loans | 7 | 1 | 20 | 79 | — | 107 | ||||||||||||||||||||
Provision for loan losses | (575 | ) | 1,900 | (185 | ) | 836 | (248 | ) | 1,728 | |||||||||||||||||
Balance at end of period | $ | 5,663 | $ | 14,946 | $ | 4,819 | $ | 4,130 | $ | (180 | ) | $ | 29,378 | |||||||||||||
Individually evaluated for impairment | 397 | 1,558 | 54 | 9 | — | 2,018 | ||||||||||||||||||||
Collectively evaluated | 5,266 | 13,388 | 4,765 | 4,121 | (180 | ) | 27,360 | |||||||||||||||||||
Total | $ | 5,663 | $ | 14,946 | $ | 4,819 | $ | 4,130 | $ | (180 | ) | $ | 29,378 | |||||||||||||
Business Activities Loans | Residential | Commercial | Commercial and | Consumer | Unallocated | Total | ||||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | |||||||||||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 5,928 | $ | 18,863 | $ | 5,605 | $ | 1,466 | $ | 29 | $ | 31,891 | ||||||||||||||
Charged-off loans | 190 | 720 | 679 | 250 | — | 1,839 | ||||||||||||||||||||
Recoveries on charged-off loans | 16 | 3 | 71 | 36 | — | 126 | ||||||||||||||||||||
Provision for loan losses | 244 | 402 | 194 | 874 | 148 | 1,862 | ||||||||||||||||||||
Balance at end of period | $ | 5,998 | $ | 18,548 | $ | 5,191 | $ | 2,126 | $ | 177 | $ | 32,040 | ||||||||||||||
Individually evaluated for impairment | 765 | 1,374 | 824 | 272 | — | 3,235 | ||||||||||||||||||||
Collectively evaluated | 5,233 | 17,174 | 4,367 | 1,854 | 177 | 28,805 | ||||||||||||||||||||
Total | $ | 5,998 | $ | 18,548 | $ | 5,191 | $ | 2,126 | $ | 177 | $ | 32,040 | ||||||||||||||
Acquired Loans | Residential | Commercial | Commercial and | Consumer | Unallocated | Total | ||||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | |||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 625 | $ | 2,339 | $ | 597 | $ | 235 | $ | — | $ | 3,796 | ||||||||||||||
Charged-off loans | 429 | 447 | 52 | 405 | — | 1,333 | ||||||||||||||||||||
Recoveries on charged-off loans | 73 | 1 | 5 | 14 | — | 93 | ||||||||||||||||||||
Provision for loan losses | 401 | 231 | 548 | 488 | — | 1,668 | ||||||||||||||||||||
Balance at end of period | $ | 670 | $ | 2,124 | $ | 1,098 | $ | 332 | $ | — | $ | 4,224 | ||||||||||||||
Individually evaluated for impairment | 30 | 250 | 21 | — | — | 301 | ||||||||||||||||||||
Collectively evaluated | 640 | 1,874 | 1,077 | 332 | — | 3,923 | ||||||||||||||||||||
Total | $ | 670 | $ | 2,124 | $ | 1,098 | $ | 332 | $ | — | $ | 4,224 | ||||||||||||||
Acquired Loans | Residential | Commercial | Commercial and | Consumer | Unallocated | Total | ||||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | |||||||||||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 509 | $ | 390 | $ | 96 | $ | 314 | $ | 8 | $ | 1,317 | ||||||||||||||
Charged-off loans | 86 | 235 | 25 | 316 | — | 662 | ||||||||||||||||||||
Recoveries on charged-off loans | — | — | 2 | 28 | — | 30 | ||||||||||||||||||||
Provision for loan losses | 95 | 265 | 27 | 307 | (156 | ) | 538 | |||||||||||||||||||
Balance at end of period | $ | 518 | $ | 420 | $ | 100 | $ | 333 | $ | (148 | ) | $ | 1,223 | |||||||||||||
Individually evaluated for impairment | 113 | — | — | — | — | 113 | ||||||||||||||||||||
Collectively evaluated | 405 | 420 | 100 | 333 | (148 | ) | 1,110 | |||||||||||||||||||
Total | 518 | 420 | 100 | 333 | (148 | ) | 1,223 | |||||||||||||||||||
Credit Quality Information | ||||||||||||||||||||||||||
Business Activities Loans Credit Quality Analysis | ||||||||||||||||||||||||||
The Company monitors the credit quality of its portfolio by using internal risk ratings that are based on regulatory guidance. Loans that are given a Pass rating are not considered a problem credit. Loans that are classified as Special Mention loans are considered to have potential credit problems and are evaluated closely by management. Substandard and non-accruing loans are loans for which a definitive weakness has been identified and which may make full collection of contractual cash flows questionable. Doubtful loans are those with identified weaknesses that make full collection of contractual cash flows, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The Company assigns an internal risk rating at origination and reviews the rating annually, semiannually or quarterly depending on the risk rating. The rating is also reassessed at any point in time when management becomes aware of information that may affect the borrower’s ability to fulfill their obligations. | ||||||||||||||||||||||||||
The Company risk rates its residential mortgages, including 1-4 family and residential construction loans, based on a three rating system: Pass, Special Mention and Substandard. Loans that are current within 59 days are rated Pass. Residential mortgages that are 60-89 days delinquent are rated Special Mention. Loans delinquent for 90 days or greater are rated Substandard and generally placed on non-accrual status. Home equity loans are risk rated based on the same rating system as the Company’s residential mortgages. | ||||||||||||||||||||||||||
Ratings for other consumer loans, including auto loans, are based on a two rating system. Loans that are current within 119 days are rated Performing while loans delinquent for 120 days or more are rated Non-performing. Other consumer loans are placed on non-accrual at such time as they become Non-performing. | ||||||||||||||||||||||||||
Acquired Loans Credit Quality Analysis | ||||||||||||||||||||||||||
Upon acquiring a loan portfolio, our internal loan review function assigns risk ratings to the acquired loans, utilizing the same methodology as it does with business activities loans. This may differ from the risk rating policy of the predecessor bank. Loans which are rated Substandard or worse according to the rating process outlined below are deemed to be credit impaired loans accounted for under ASC 310-30, regardless of whether they are classified as performing or non-performing. | ||||||||||||||||||||||||||
The Bank utilizes an eleven grade internal loan rating system for each of its acquired commercial real estate, construction and commercial loans as outlined in the Credit Quality Information section of this Note. The Company risk rates its residential mortgages, including 1-4 family and residential construction loans, based on a three rating system: Pass, Special Mention and Substandard. Residential mortgages that are current within 59 days are rated Pass. Residential mortgages that are 60 — 89 days delinquent are rated Special Mention. Residential mortgages delinquent for 90 days or greater are rated Substandard. Home equity loans are risk rated based on the same rating system as the Company’s residential mortgages. Other consumer loans are rated based on a two rating system. Other consumer loans that are current within 119 days are rated Performing while loans delinquent for 120 days or more are rated Non-performing. Non-performing other consumer loans are deemed to be credit impaired loans accounted for under ASC 310-30. | ||||||||||||||||||||||||||
The Company subjects loans that do not meet the ASC 310-30 criteria to ASC 450-20 by collectively evaluating these loans for an allowance for loan loss. The Company applies a methodology similar to the methodology prescribed for business activities loans, which includes the application of environmental factors to each category of loans. The methodology to collectively evaluate the acquired loans outside the scope of ASC 310-30 includes the application of a number of environmental factors that reflect management’s best estimate of the level of incremental credit losses that might be recognized given current conditions. This is reviewed as part of the allowance for loan loss adequacy analysis. As the loan portfolio matures and environmental factors change, the loan portfolio will be reassessed each quarter to determine an appropriate reserve allowance. | ||||||||||||||||||||||||||
A decrease in the expected cash flows in subsequent periods requires the establishment of an allowance for loan losses at that time for ASC 310-30 loans. At March 31, 2014, the allowance for loan losses related to acquired loans was $4.2 million using the above mentioned criteria. | ||||||||||||||||||||||||||
The Company presented several tables within this footnote separately for business activity loans and acquired loans in order to distinguish the credit performance of the acquired loans from the business activity loans. | ||||||||||||||||||||||||||
The following table presents the Company’s loans by risk rating at March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||
Business Activities Loans | ||||||||||||||||||||||||||
Residential Mortgages | ||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | ||||||||||||||||||||||||||
1-4 family | Construction | Total residential mortgages | ||||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||
Pass | $ | 1,025,829 | $ | 1,019,732 | $ | 19,599 | $ | 18,117 | $ | 1,045,428 | $ | 1,037,849 | ||||||||||||||
Special mention | 101 | 623 | — | — | 101 | 623 | ||||||||||||||||||||
Substandard | 6,240 | 7,382 | — | 41 | 6,240 | 7,423 | ||||||||||||||||||||
Total | $ | 1,032,170 | $ | 1,027,737 | $ | 19,599 | $ | 18,158 | $ | 1,051,769 | $ | 1,045,895 | ||||||||||||||
Commercial Real Estate | ||||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness Category | ||||||||||||||||||||||||||
Construction | Single and multi-family | Other | Total commercial real estate | |||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, | Dec. 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||
Pass | $ | 132,955 | $ | 120,071 | $ | 58,499 | $ | 59,636 | $ | 857,236 | $ | 800,672 | $ | 1,048,690 | $ | 980,379 | ||||||||||
Special mention | — | — | 138 | 140 | 6,164 | 8,150 | 6,302 | 8,290 | ||||||||||||||||||
Substandard | 4,732 | 5,176 | 3,792 | 3,717 | 62,040 | 61,807 | 70,564 | 70,700 | ||||||||||||||||||
Doubtful | — | — | — | — | 73 | 642 | 73 | 642 | ||||||||||||||||||
Total | $ | 137,687 | $ | 125,247 | $ | 62,429 | $ | 63,493 | $ | 925,513 | $ | 871,271 | $ | 1,125,629 | $ | 1,060,011 | ||||||||||
Commercial and Industrial Loans | ||||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness Category | ||||||||||||||||||||||||||
Asset based lending | Other | Total comm. and industrial loans | ||||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||
Pass | $ | 309,699 | $ | 294,241 | $ | 302,755 | $ | 313,984 | $ | 612,454 | $ | 608,225 | ||||||||||||||
Special mention | — | — | 2,751 | 884 | 2,751 | 884 | ||||||||||||||||||||
Substandard | — | — | 10,857 | 7,725 | 10,857 | 7,725 | ||||||||||||||||||||
Doubtful | — | — | 88 | 603 | 88 | 603 | ||||||||||||||||||||
Total | $ | 309,699 | $ | 294,241 | $ | 316,451 | $ | 323,196 | $ | 626,150 | $ | 617,437 | ||||||||||||||
Consumer Loans | ||||||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | ||||||||||||||||||||||||||
Home equity | Auto and other | Total consumer loans | ||||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Performing | $ | 232,133 | $ | 231,594 | $ | 249,413 | $ | 212,922 | $ | 481,546 | $ | 444,516 | ||||||||||||||
Nonperforming | 1,388 | 1,083 | 363 | 249 | 1,751 | 1,332 | ||||||||||||||||||||
Total | $ | 233,521 | $ | 232,677 | $ | 249,776 | $ | 213,171 | $ | 483,297 | $ | 445,848 | ||||||||||||||
Acquired Loans | ||||||||||||||||||||||||||
Residential Mortgages | ||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | ||||||||||||||||||||||||||
1-4 family | Construction | Total residential mortgages | ||||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||
Pass | $ | 317,806 | $ | 330,353 | $ | 1,056 | $ | 1,081 | $ | 318,862 | $ | 331,434 | ||||||||||||||
Special mention | 734 | 437 | — | — | 734 | 437 | ||||||||||||||||||||
Substandard | 2,308 | 2,577 | 4,098 | 3,931 | 6,406 | 6,508 | ||||||||||||||||||||
Total | $ | 320,848 | $ | 333,367 | $ | 5,154 | $ | 5,012 | $ | 326,002 | $ | 338,379 | ||||||||||||||
Commercial Real Estate | ||||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness Category | ||||||||||||||||||||||||||
Construction | Single and multi-family | Other | Total commercial real estate | |||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, | Dec. 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||
Pass | $ | 4,589 | $ | 7,154 | $ | 46,361 | $ | 46,961 | $ | 237,533 | $ | 254,787 | $ | 288,483 | $ | 308,902 | ||||||||||
Special mention | 347 | — | 4,719 | 4,799 | 8,169 | 9,034 | 13,235 | 13,833 | ||||||||||||||||||
Substandard | 2,326 | 6,616 | 12,721 | 13,067 | 14,582 | 14,691 | 29,629 | 34,374 | ||||||||||||||||||
Total | $ | 7,262 | $ | 13,770 | $ | 63,801 | $ | 64,827 | $ | 260,284 | $ | 278,512 | $ | 331,347 | $ | 357,109 | ||||||||||
Commercial and Industrial Loans | ||||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness Category | ||||||||||||||||||||||||||
Asset based lending | Other | Total comm. and industrial loans | ||||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||
Pass | $ | 4,374 | $ | 3,130 | $ | 58,361 | $ | 59,615 | $ | 62,735 | $ | 62,745 | ||||||||||||||
Special mention | — | — | 3,467 | 2,396 | 3,467 | 2,396 | ||||||||||||||||||||
Substandard | — | — | 4,543 | 4,715 | 4,543 | 4,715 | ||||||||||||||||||||
Total | $ | 4,374 | $ | 3,130 | $ | 66,371 | $ | 66,726 | $ | 70,745 | $ | 69,856 | ||||||||||||||
Consumer Loans | ||||||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | ||||||||||||||||||||||||||
Home equity | Auto and other | Total consumer loans | ||||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Performing | $ | 71,104 | $ | 73,552 | $ | 154,490 | $ | 170,275 | $ | 225,594 | $ | 243,827 | ||||||||||||||
Nonperforming | 395 | 602 | 1,699 | 1,559 | 2,094 | 2,161 | ||||||||||||||||||||
Total | $ | 71,499 | $ | 74,154 | $ | 156,189 | $ | 171,834 | $ | 227,688 | $ | 245,988 | ||||||||||||||
The following table summarizes information about total loans rated Special Mention or lower as of March 31, 2014 and December 31, 2013. The table below includes consumer loans that are special mention and substandard accruing that are classified in the above table as performing based on payment activity. | ||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Business | Acquired | Total | Business | Acquired | Total | ||||||||||||||||||||
Activities Loans | Loans | Activities Loans | Loans | |||||||||||||||||||||||
Non-Accrual | $ | 17,353 | $ | 8,011 | $ | 25,364 | $ | 18,472 | $ | 8,983 | $ | 27,455 | ||||||||||||||
Substandard Accruing | 72,494 | 34,971 | 107,465 | 70,667 | 38,891 | 109,558 | ||||||||||||||||||||
Total Classified | 89,847 | 42,982 | 132,829 | 89,139 | 47,874 | 137,013 | ||||||||||||||||||||
Special Mention | 9,724 | 18,054 | 27,778 | 10,081 | 17,853 | 27,934 | ||||||||||||||||||||
Total Criticized | $ | 99,571 | $ | 61,036 | $ | 160,607 | $ | 99,220 | $ | 65,727 | $ | 164,947 |
DEPOSITS
DEPOSITS | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
DEPOSITS | ' | |||||||
DEPOSITS | ' | |||||||
NOTE 7. DEPOSITS | ||||||||
A summary of time deposits is as follows: | ||||||||
(In thousands) | March 31, 2014 | December 31, 2013 | ||||||
Time less than $100,000 | $ | 535,983 | $ | 490,902 | ||||
Time $100,000 or more | 539,757 | 510,746 | ||||||
Total time deposits | $ | 1,075,740 | $ | 1,001,648 |
BORROWED_FUNDS
BORROWED FUNDS | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
BORROWED FUNDS | ' | |||||||||||
BORROWED FUNDS | ' | |||||||||||
NOTE 8. BORROWED FUNDS | ||||||||||||
Borrowed funds at March 31, 2014 and December 31, 2013 are summarized, as follows: | ||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||
Weighted | Weighted | |||||||||||
Average | Average | |||||||||||
(dollars in thousands) | Principal | Rate | Principal | Rate | ||||||||
Short-term borrowings: | ||||||||||||
Advances from the FHLBB | $ | 914,950 | 0.21 | % | $ | 862,510 | 0.22 | % | ||||
Other Borrowings | — | — | 10,000 | 1.92 | ||||||||
Total short-term borrowings: | 914,950 | 0.21 | 872,510 | 0.24 | ||||||||
Long-term borrowings: | ||||||||||||
Advances from the FHLBB | 21,797 | 2.44 | 101,918 | 1.23 | ||||||||
Subordinated borrowings | 74,232 | 7 | 74,215 | 7 | ||||||||
Junior subordinated borrowings | 15,464 | 2.09 | 15,464 | 2.09 | ||||||||
Total long-term borrowings: | 111,493 | 5.43 | 191,597 | 3.53 | ||||||||
Total | $ | 1,026,443 | 0.78 | % | $ | 1,064,107 | 0.83 | % | ||||
Short-term debt includes Federal Home Loan Bank of Boston (“FHLBB”) advances with an original maturity of less than one year. The Bank also maintains a $3.0 million secured line of credit with the FHLBB that bears a daily adjustable rate calculated by the FHLBB. There was no outstanding balance on the FHLBB line of credit for the periods ended March 31, 2014 and December 31, 2013. | ||||||||||||
The Bank is approved to borrow on a short-term basis from the Federal Reserve Bank of Boston as a non-member bank. The Bank has pledged certain loans and securities to the Federal Reserve Bank to support this arrangement. No borrowings with the Federal Reserve Bank of Boston took place for the periods ended March 31, 2014 and December 31, 2013. | ||||||||||||
Long-term FHLBB advances consist of advances with an original maturity of more than one year. The advances outstanding at March 31, 2014 include callable advances totaling $5.0 million, and amortizing advances totaling $5.4 million. The advances outstanding at December 31, 2013 include callable advances totaling $5.0 million, and amortizing advances totaling $5.5 million. All FHLBB borrowings, including the line of credit, are secured by a blanket security agreement on certain qualified collateral, principally all residential first mortgage loans and certain securities. | ||||||||||||
A summary of maturities of FHLBB advances as of March 31, 2014 and December 31, 2013 is as follows: | ||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||
Weighted | Weighted | |||||||||||
Average | Average | |||||||||||
(in thousands, except rates) | Principal | Rate | Principal | Rate | ||||||||
Fixed rate advances maturing: | ||||||||||||
2014 | $ | 924,900 | 0.22 | % | $ | 882,525 | 0.28 | % | ||||
2015 | — | — | — | — | ||||||||
2016 | 1,567 | 0.88 | 1,583 | 0.79 | ||||||||
2017 | 5,000 | 4.33 | 5,000 | 4.33 | ||||||||
2018 and beyond | 5,280 | 3.83 | 5,320 | 3.83 | ||||||||
Total fixed rate advances | $ | 936,747 | 0.27 | % | $ | 894,428 | 0.35 | % | ||||
Variable rate advances maturing: | ||||||||||||
2014 | $ | — | — | % | $ | 10,000 | 0.32 | % | ||||
2015 | — | — | 20,000 | 0.3 | ||||||||
2016 | — | — | 10,000 | 0.3 | ||||||||
2017 | — | — | — | — | ||||||||
2018 and beyond | — | — | 30,000 | 0.3 | ||||||||
Total variable rate advances | $ | — | — | % | $ | 70,000 | 0.3 | % | ||||
Total FHLBB advances | $ | 936,747 | 0.27 | % | $ | 964,428 | 0.32 | % | ||||
In September 2012, the Company issued fifteen year subordinated notes in the amount of $75.0 million at a discount of 1.15%. The interest rate is fixed at 6.875% for the first ten years. After ten years, the notes become callable and convert to an interest rate of three-month LIBOR rate plus 511.3%. | ||||||||||||
The Company holds 100% of the common stock of Berkshire Hills Capital Trust I (“Trust I”) which is included in other assets with a cost of $0.5 million. The sole asset of Trust I is $15.5 million of the Company’s junior subordinated debentures due in 2035. These debentures bear interest at a variable rate equal to LIBOR plus 1.85% and had a rate of 2.09% and 2.09% at March 31, 2014 and December 31, 2013, respectively. The Company has the right to defer payments of interest for up to five years on the debentures at any time, or from time to time, with certain limitations, including a restriction on the payment of dividends to stockholders while such interest payments on the debentures have been deferred. The Company has not exercised this right to defer payments. The Company has the right to redeem the debentures at par value. Trust I is considered a variable interest entity for which the Company is not the primary beneficiary. Accordingly, Trust I is not consolidated into the Company’s financial statements. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||
NOTE 9. STOCKHOLDERS’ EQUITY | |||||||||||||||||
The Bank’s actual and required capital ratios were as follows: | |||||||||||||||||
FDIC Minimum | |||||||||||||||||
March 31, 2014 | December 31, 2013 | to be Well Capitalized | |||||||||||||||
Total capital to risk weighted assets | 11.2 | % | 11.6 | % | 10 | % | |||||||||||
Tier 1 capital to risk weighted assets | 9.5 | 10 | 6 | ||||||||||||||
Tier 1 capital to average assets | 7.4 | 8 | 5 | ||||||||||||||
At each date shown, Berkshire Bank met the conditions to be classified as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table above. | |||||||||||||||||
Accumulated other comprehensive loss | |||||||||||||||||
Components of accumulated other comprehensive loss are as follows: | |||||||||||||||||
(In thousands) | March 31, 2014 | December 31, 2013 | |||||||||||||||
Other accumulated comprehensive income (loss), before tax: | |||||||||||||||||
Net unrealized holding loss on AFS securities | $ | (3,274 | ) | $ | (9,294 | ) | |||||||||||
Net gain (loss) on effective cash flow hedging derivatives | 2,244 | (2,289 | ) | ||||||||||||||
Net loss on terminated swap | — | (3,237 | ) | ||||||||||||||
Net unrealized holding loss on pension plans | 17 | 17 | |||||||||||||||
Income taxes related to items of accumulated other comprehensive (loss) income: | |||||||||||||||||
Net unrealized holding loss on AFS securities | 1,298 | 3,518 | |||||||||||||||
Net gain (loss) on effective cash flow hedging derivatives | (909 | ) | 923 | ||||||||||||||
Net loss on terminated swap | — | 1,312 | |||||||||||||||
Net unrealized holding loss on pension plans | (7 | ) | (7 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (631 | ) | $ | (9,057 | ) | |||||||||||
The following table presents the components of other comprehensive loss for the three months ended March 31, 2014 and March 31, 2013: | |||||||||||||||||
(In thousands) | Before Tax | Tax Effect | Net of Tax | ||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Net unrealized holding gain on AFS securities: | |||||||||||||||||
Net unrealized gain arising during the period | $ | 6,055 | $ | (2,233 | ) | $ | 3,822 | ||||||||||
Less: reclassification adjustment for (gains) realized in net income | (34 | ) | 12 | (22 | ) | ||||||||||||
Net unrealized holding gain on AFS securities | 6,021 | (2,221 | ) | 3,800 | |||||||||||||
Net gain on cash flow hedging derivatives: | |||||||||||||||||
Net unrealized (losses) arising during the period | (860 | ) | 368 | (492 | ) | ||||||||||||
Less: reclassification adjustment for losses realized in net income | 5,393 | (2,200 | ) | 3,193 | |||||||||||||
Net gain on cash flow hedging derivatives | 4,533 | (1,832 | ) | 2,701 | |||||||||||||
Net gain on terminated swap: | |||||||||||||||||
Net unrealized loss arising during the period | — | — | — | ||||||||||||||
Less: reclassification adjustment for losses realized in net income | 3,237 | (1,312 | ) | 1,925 | |||||||||||||
Net gain on terminated swap | 3,237 | (1,312 | ) | 1,925 | |||||||||||||
Other Comprehensive Loss | $ | 13,791 | $ | (5,365 | ) | $ | 8,426 | ||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
Net unrealized holding gain on AFS securities: | |||||||||||||||||
Net unrealized gain arising during the period | $ | 733 | $ | (321 | ) | $ | 412 | ||||||||||
Less: reclassification adjustment for losses realized in net income | — | — | — | ||||||||||||||
Net unrealized holding gain on AFS securities | 733 | (321 | ) | 412 | |||||||||||||
Net gain on cash flow hedging derivatives: | |||||||||||||||||
Net unrealized gain arising during the period | 431 | (167 | ) | 264 | |||||||||||||
Less: reclassification adjustment for losses realized in net income | 1,012 | (408 | ) | 604 | |||||||||||||
Net gain on cash flow hedging derivatives | 1,443 | (575 | ) | 868 | |||||||||||||
Net gain on terminated swap: | |||||||||||||||||
Net unrealized loss arising during the period | — | — | — | ||||||||||||||
Less: reclassification adjustment for losses realized in net income | 236 | (208 | ) | 28 | |||||||||||||
Net gain on terminated swap | 236 | (208 | ) | 28 | |||||||||||||
Other Comprehensive Loss | $ | 2,412 | $ | (1,104 | ) | $ | 1,308 | ||||||||||
The following table presents the changes in each component of accumulated other comprehensive income, for the three months ended March 31, 2014 and March 31, 2013: | |||||||||||||||||
Net unrealized | Net loss on | Net loss | Net unrealized | ||||||||||||||
holding (loss) gain | effective cash | on | holding loss | ||||||||||||||
on AFS | flow hedging | terminated | on | ||||||||||||||
(in thousands) | Securities | derivatives | swap | pension plans | Total | ||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Balance at Beginning of Period | $ | (5,776 | ) | $ | (1,366 | ) | $ | (1,925 | ) | $ | 10 | $ | (9,057 | ) | |||
Other Comprehensive Loss Before reclassifications | 3,822 | -492 | — | — | 3,330 | ||||||||||||
Amounts Reclassified from Accumulated other comprehensive income | (22 | ) | 3,193 | 1,925 | — | 5,096 | |||||||||||
Total Other Comprehensive Income | 3,800 | 2,701 | 1,925 | — | 8,426 | ||||||||||||
Balance at End of Period | $ | (1,976 | ) | $ | 1,335 | $ | — | $ | 10 | $ | (631 | ) | |||||
Three Months Ended March 31, 2013 | |||||||||||||||||
Balance at Beginning of Period | $ | 6,712 | $ | (6,558 | ) | $ | (2,378 | ) | $ | (755 | ) | $ | (2,979 | ) | |||
Other Comprehensive Loss Before reclassifications | 412 | 264 | — | — | 676 | ||||||||||||
Amounts Reclassified from Accumulated other comprehensive income | — | 604 | 28 | — | 632 | ||||||||||||
Total Other Comprehensive Income | 412 | 868 | 28 | — | 1,308 | ||||||||||||
Balance at End of Period | $ | 7,124 | $ | (5,690 | ) | $ | (2,350 | ) | $ | (755 | ) | $ | (1,671 | ) | |||
The following table presents the amounts reclassified out of each component of accumulated other comprehensive income for the three months ended March 31, 2014 and March 31, 2013: | |||||||||||||||||
Affected Line Item in the | |||||||||||||||||
Three Months Ended March 31, | Statement where Net Income | ||||||||||||||||
(in thousands) | 2014 | 2013 | is Presented | ||||||||||||||
Realized (gains) on AFS securities: | |||||||||||||||||
$ | (34 | ) | $ | — | Non-interest income | ||||||||||||
12 | — | Tax expense | |||||||||||||||
(22 | ) | — | Net of tax | ||||||||||||||
Realized losses on cash flow hedging derivatives: | |||||||||||||||||
5,393 | 1,012 | Non-interest income | |||||||||||||||
(2,200 | ) | (408 | ) | Tax expense | |||||||||||||
3,193 | 604 | Net of tax | |||||||||||||||
Realized losses on terminated swap: | |||||||||||||||||
3,237 | 236 | Non-interest income | |||||||||||||||
(1,312 | ) | (208 | ) | Tax expense | |||||||||||||
1,925 | 28 | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | 5,096 | $ | 632 | Net of tax |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
EARNINGS PER SHARE | ' | |||||||
EARNINGS PER SHARE | ' | |||||||
NOTE 10. EARNINGS PER SHARE | ||||||||
Earnings per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method): | ||||||||
Three Months Ended March 31, | ||||||||
(In thousands, except per share data) | 2014 | 2013 | ||||||
Net (loss) income | $ | (1,106 | ) | $ | 10,465 | |||
Average number of common shares issued | 26,525 | 26,525 | ||||||
Less: average number of treasury shares | 1,425 | 1,260 | ||||||
Less: average number of unvested stock award shares | 402 | 317 | ||||||
Average number of basic common shares outstanding | 24,698 | 24,948 | ||||||
Plus: dilutive effect of unvested stock award shares | — | 73 | ||||||
Plus: dilutive effect of stock options outstanding | — | 122 | ||||||
Average number of diluted common shares outstanding | 24,698 | 25,143 | ||||||
(Loss) earnings per share: | ||||||||
Basic | $ | (0.04 | ) | $ | 0.42 | |||
Diluted | $ | (0.04 | ) | $ | 0.42 | |||
For the three months ended March 31, 2014, 335 thousand shares of restricted stock and 321 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations. For the three months ended March 31, 2013, 251 thousand shares of restricted stock and 499 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations. |
STOCKBASED_COMPENSATION_PLANS
STOCK-BASED COMPENSATION PLANS | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
STOCK-BASED COMPENSATION PLANS | ' | |||||||||||
STOCK-BASED COMPENSATION PLANS | ' | |||||||||||
NOTE 11. STOCK-BASED COMPENSATION PLANS | ||||||||||||
A combined summary of activity in the Company’s stock award and stock option plans for the three months ended March 31, 2014 is presented in the following table: | ||||||||||||
Non-vested Stock | ||||||||||||
Awards Outstanding | Stock Options Outstanding | |||||||||||
Weighted- | Weighted- | |||||||||||
Average | Average | |||||||||||
Number of | Grant Date | Number of | Exercise | |||||||||
(Shares in thousands) | Shares | Fair Value | Shares | Price | ||||||||
Balance, December 31, 2013 | 334 | $ | 23.26 | 442 | $ | 20.41 | ||||||
Granted | 126 | 25 | — | — | ||||||||
Stock options exercised | — | — | (61 | ) | 11.83 | |||||||
Stock awards vested | (62 | ) | 22.75 | — | — | |||||||
Forfeited | (1 | ) | 21.22 | — | — | |||||||
Expired | — | — | (60 | ) | 37.41 | |||||||
Balance, March 31, 2014 | 397 | $ | 24.31 | 321 | $ | 20.16 | ||||||
Exercisable options, March 31, 2014 | 321 | $ | 20.17 | |||||||||
During the three months ended March 31, 2014 and 2013, proceeds from stock option exercises totaled $718 thousand and totaled $1.8 million, respectively. During the three months ended March 31, 2014, there were 62 thousand shares issued in connection with vested stock awards. During the three months ended March 31, 2013, there were 69 thousand shares issued in connection with vested stock awards. All of these shares were issued from available treasury stock. Stock-based compensation expense totaled $932 thousand and $881 thousand during the three months ended March 31, 2014 and 2013, respectively. Stock-based compensation expense is recognized ratably over the requisite service period for all awards. |
OPERATING_SEGMENTS
OPERATING SEGMENTS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
OPERATING SEGMENTS | ' | ||||||||||||||||
OPERATING SEGMENTS | ' | ||||||||||||||||
NOTE 12. OPERATING SEGMENTS | |||||||||||||||||
The Company has two reportable operating segments, Banking and Insurance, which are delineated by the consolidated subsidiaries of Berkshire Hills Bancorp, Inc. Banking includes the activities of the Bank and its subsidiaries, which provide retail and commercial banking, along with wealth management and investment services. Insurance includes the activities of BIG, which provides retail and commercial insurance services. The only other consolidated financial activity of the Company is the Parent, which consists of the transactions of Berkshire Hills Bancorp, Inc. Management fees for corporate services provided by the Bank to BIG and the Parent are eliminated. | |||||||||||||||||
The accounting policies of each reportable segment are the same as those of the Company. The Insurance segment and the Parent reimburse the Bank for administrative services provided to them. Income tax expense for the individual segments is calculated based on the activity of the segments, and the Parent records the tax expense or benefit necessary to reconcile to the consolidated total. The Parent does not allocate capital costs. Average assets include securities available-for-sale based on amortized cost. | |||||||||||||||||
A summary of the Company’s operating segments was as follows: | |||||||||||||||||
(In thousands) | Banking | Insurance | Parent | Eliminations | Total Consolidated | ||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||
Net interest income (expense) | $ | 43,712 | $ | — | $ | (946 | ) | $ | — | $ | 42,766 | ||||||
Provision for loan losses | 3,396 | — | — | — | 3,396 | ||||||||||||
Non-interest income (expense) | 1,374 | 3,049 | (252 | ) | 252 | 4,423 | |||||||||||
Non-interest expense | 42,574 | 2,322 | 464 | — | 45,360 | ||||||||||||
(Loss) income before income taxes | (884 | ) | 727 | (1,662 | ) | 252 | (1,567 | ) | |||||||||
Income tax (benefit) expense | (192 | ) | 287 | (556 | ) | — | (461 | ) | |||||||||
Net (loss) income | $ | (692 | ) | $ | 440 | $ | (1,106 | ) | $ | 252 | $ | (1,106 | ) | ||||
Average assets (in millions) | $ | 5,829 | $ | 26 | $ | 722 | $ | (726 | ) | $ | 5,851 | ||||||
Three months ended March 31, 2013 | |||||||||||||||||
Net interest income | $ | 42,901 | $ | — | $ | 6,036 | $ | (7,000 | ) | $ | 41,937 | ||||||
Provision for loan losses | 2,400 | — | — | — | 2,400 | ||||||||||||
Non-interest income | 11,801 | 2,997 | 4,463 | (4,463 | ) | 14,798 | |||||||||||
Non-interest expense | 36,670 | 2,151 | 662 | — | 39,483 | ||||||||||||
Income before income taxes | 15,632 | 846 | 9,837 | (11,463 | ) | 14,852 | |||||||||||
Income tax expense (benefit) | 4,705 | 310 | (628 | ) | — | 4,387 | |||||||||||
Net income | $ | 10,927 | $ | 536 | $ | 10,465 | $ | (11,463 | ) | $ | 10,465 | ||||||
Average assets (in millions) | $ | 5,203 | $ | 27 | $ | 755 | $ | (745 | ) | $ | 5,240 |
DERIVATIVE_FINANCIAL_INSTRUMEN
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | ' | |||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | ' | |||||||||||||||||||
NOTE 13. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||||||||||
As of March 31, 2014, the Company held derivatives with a total notional amount of $805.4 million. That amount included $315.0 million in interest rate swap derivatives that were designated as cash flow hedges for accounting purposes. The Company also had economic hedges and non-hedging derivatives totaling $468.3 million and $22.1 million, respectively, which are not designated as hedges for accounting purposes and are therefore recorded at fair value. Economic hedges included interest rate swaps totaling $438.0 million, and $30.3 million in forward commitment contracts. | ||||||||||||||||||||
As part of the Company’s risk management strategy, the Company enters into interest rate swap agreements to mitigate the interest rate risk inherent in certain of the Company’s assets and liabilities. Interest rate swap agreements involve the risk of dealing with both Bank customers and institutional derivative counterparties and their ability to meet contractual terms. The agreements are entered into with counterparties that meet established credit standards and contain master netting and collateral provisions protecting the at-risk party. The derivatives program is overseen by the Risk Management Committee of the Company’s Board of Directors. Based on adherence to the Company’s credit standards and the presence of the netting and collateral provisions, the Company believes that the credit risk inherent in these contracts was not significant at March 31, 2014. | ||||||||||||||||||||
The Company pledged collateral to derivative counterparties in the form of cash totaling $1.8 million and securities with an amortized cost of $26.6 million and a fair value of $26.9 million as of March 31, 2014. The Company does not typically require its commercial customers to post cash or securities as collateral on its program of back-to-back economic hedges. However certain language is written into the International Swaps Dealers Association, Inc. (“ISDA”) and loan documents where, in default situations, the Bank is allowed to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. The Company may need to post additional collateral in the future in proportion to potential increases in unrealized loss positions. | ||||||||||||||||||||
Information about derivative assets and liabilities at March 31, 2014, follows: | ||||||||||||||||||||
Weighted | Weighted Average Rate | Estimated | ||||||||||||||||||
Notional | Average | Contract | Fair Value | |||||||||||||||||
Amount | Maturity | Received | pay rate | Asset (Liability) | ||||||||||||||||
(In thousands) | (In years) | (In thousands) | ||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Forward-starting interest rate swaps on FHLBB borrowings | $ | 300,000 | 5 | — | 2.29 | % | $ | 2,319 | ||||||||||||
Interest rate swaps on junior subordinated notes | 15,000 | 0.1 | 2.09 | % | 5.54 | % | (75 | ) | ||||||||||||
Total cash flow hedges | 315,000 | 2,244 | ||||||||||||||||||
Economic hedges: | ||||||||||||||||||||
Interest rate swap on tax advantaged economic development bond | 12,960 | 15.7 | 0.52 | % | 5.09 | % | (2,121 | ) | ||||||||||||
Interest rate swaps on loans with commercial loan customers | 212,530 | 5.3 | 2.37 | % | 4.61 | % | (6,714 | ) | ||||||||||||
Reverse interest rate swaps on loans with commercial loan customers | 212,530 | 5.3 | 4.61 | % | 2.37 | % | 6,717 | |||||||||||||
Forward sale commitments | 30,270 | 0.2 | (108 | ) | ||||||||||||||||
Total economic hedges | 468,290 | (2,226 | ) | |||||||||||||||||
Non-hedging derivatives: | ||||||||||||||||||||
Interest rate lock commitments | 22,075 | 0.2 | 377 | |||||||||||||||||
Total non-hedging derivatives | 22,075 | 377 | ||||||||||||||||||
Total | $ | 805,365 | $ | 395 | ||||||||||||||||
Information about derivative assets and liabilities at December 31, 2013, follows: | ||||||||||||||||||||
Weighted | Weighted Average Rate | Estimated | ||||||||||||||||||
Notional | Average | Contract | Fair Value | |||||||||||||||||
Amount | Maturity | Received | pay rate | Asset (Liability) | ||||||||||||||||
(In thousands) | (In years) | (In thousands) | ||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Interest rate swaps on FHLBB borrowings | $ | 150,000 | 2.5 | 0.25 | % | 2.61 | % | $ | (3,102 | ) | ||||||||||
Forward-starting interest rate swaps on FHLBB borrowings | 260,000 | 4.5 | — | 1.88 | % | 1,015 | ||||||||||||||
Interest rate swaps on junior subordinated notes | 15,000 | 0.4 | 2.09 | % | 5.54 | % | (203 | ) | ||||||||||||
Total cash flow hedges | 425,000 | (2,290 | ) | |||||||||||||||||
Economic hedges: | ||||||||||||||||||||
Interest rate swap on tax advantaged economic development bond | 13,095 | 15.9 | 0.54 | % | 5.09 | % | (1,889 | ) | ||||||||||||
Interest rate swaps on loans with commercial loan customers | 206,933 | 5.4 | 2.44 | % | 4.68 | % | (6,278 | ) | ||||||||||||
Reverse interest rate swaps on loans with commercial loan customers | 206,933 | 5.4 | 4.68 | % | 2.44 | % | 6,286 | |||||||||||||
Forward sale commitments | 32,911 | 0.2 | 261 | |||||||||||||||||
Total economic hedges | 459,872 | (1,620 | ) | |||||||||||||||||
Non-hedging derivatives: | ||||||||||||||||||||
Interest rate lock commitments | 20,199 | 0.2 | 258 | |||||||||||||||||
Total non-hedging derivatives | 20,199 | 258 | ||||||||||||||||||
Total | $ | 905,071 | $ | (3,652 | ) | |||||||||||||||
Cash flow hedges | ||||||||||||||||||||
The effective portion of unrealized changes in the fair value of derivatives accounted for as cash flow hedges is reported in other comprehensive income and subsequently reclassified to earnings in the same period or periods during which the hedged transaction is forecasted to affect earnings. Each quarter, the Company assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged item or transaction. The ineffective portion of changes in the fair value of the derivatives is recognized directly in earnings. | ||||||||||||||||||||
The Company has entered into six forward-starting interest rate swap contracts with a combined notional value of $300.0 million as of March 31, 2014. The six forward starting swaps will become effective in 2016, all have durations of three years. This hedge strategy converts the one month rolling FHLBB borrowings based on the FHLBB’s one month fixed interest rate to fixed interest rates, thereby protecting the Company from floating interest rate variability. | ||||||||||||||||||||
The Company has entered into an interest rate swap with a notional value of $15 million to convert the floating rate of interest on its junior subordinated debentures to a fixed rate of interest. The purpose of the hedge was to protect the Company from the risk of variability arising from the floating rate interest on the debentures. Amounts included in the Consolidated Statements of Income and in the other comprehensive income section of the Consolidated Statements of Comprehensive Income (related to interest rate derivatives designated as hedges of cash flows), were as follows: | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||
Interest rate swaps on FHLBB borrowings: | ||||||||||||||||||||
Unrealized (loss) gain recognized in accumulated other comprehensive loss | $ | (785 | ) | $ | 306 | |||||||||||||||
Reclassification of unrealized (loss) gain from accumulated other comprehensive loss to interest expense | — | 1,011 | ||||||||||||||||||
Reclassification of unrealized loss from accumulated other comprehensive loss to other non-interest income for termination of swaps | 8,630 | 236 | ||||||||||||||||||
Reclassification of unrealized deferred tax benefit from accumulated other comprehensive loss to tax expense for terminated swaps | (3,611 | ) | (208 | ) | ||||||||||||||||
Net tax benefit (expense) on items recognized in accumulated other comprehensive loss | 314 | (522 | ) | |||||||||||||||||
Interest rate swaps on junior subordinated debentures: | ||||||||||||||||||||
Unrealized loss recognized in accumulated other comprehensive loss | (1 | ) | (1 | ) | ||||||||||||||||
Reclassification of unrealized loss from accumulated other comprehensive loss to interest expense | 129 | 127 | ||||||||||||||||||
Net tax expense on items recognized in accumulated other comprehensive loss | (51 | ) | (54 | ) | ||||||||||||||||
Other comprehensive income recorded in accumulated other comprehensive loss, net of reclassification adjustments and tax effects | $ | 4,625 | $ | 895 | ||||||||||||||||
Net interest expense recognized in interest expense on hedged FHLBB borrowings | $ | — | $ | 1,243 | ||||||||||||||||
Net interest expense recognized in interest expense on junior subordinated notes | $ | 129 | $ | 127 | ||||||||||||||||
Hedge ineffectiveness on interest rate swaps designated as cash flow hedges was immaterial to the Company’s financial statements during the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||
Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate liabilities. During the next twelve months, the Company estimates that $0.1 million will be reclassified as an increase to interest expense. | ||||||||||||||||||||
As a result of the branch acquisition, in the first quarter of 2014, the Company initiated and subsequently terminated all of its interest rate swaps, with various institutions, associated with FHLB advances with 3-month LIBOR based floating interest rates with an aggregate notional amount of $30 million, all of its interest rate swaps associated with 90 day rolling FHLB advances issued using the FHLB’s 3-month fixed interest rate with an aggregate notional amount of $145 million and all of its forward-starting interest rate swaps associated with 90 day rolling FHLB advances issued using the FHLB’s 3-month fixed interest rate with an aggregate notional amount of $235 million. In the first quarter of 2014, the Company elected to extinguish $215 million of FHLB advances related to the terminated swaps. As a result the Company reclassified $8.6 million of losses from the effective portion of the unrealized changes in the fair value of the terminated derivatives from other comprehensive income to non-interest income as the forecasted transactions to the related FHLB advances will not occur. | ||||||||||||||||||||
Economic hedges | ||||||||||||||||||||
As of March 31, 2014, the Company has an interest rate swap with a $13.0 million notional amount to swap out the fixed rate of interest on an economic development bond bearing a fixed rate of 5.09%, currently within the Company’s trading portfolio under the fair value option, in exchange for a LIBOR-based floating rate. The intent of the economic hedge is to improve the Company’s asset sensitivity to changing interest rates in anticipation of favorable average floating rates of interest over the 21-year life of the bond. The fair value changes of the economic development bond are mostly offset by fair value changes of the related interest rate swap. | ||||||||||||||||||||
The Company also offers certain derivative products directly to qualified commercial borrowers. The Company economically hedges derivative transactions executed with commercial borrowers by entering into mirror-image, offsetting derivatives with third-party financial institutions. The transaction allows the Company’s customer to convert a variable-rate loan to a fixed rate loan. Because the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts mostly offset each other in earnings. Credit valuation adjustments arising from the difference in credit worthiness of the commercial loan and financial institution counterparties totaled $24.5 thousand as of March 31, 2014. The interest income and expense on these mirror image swaps exactly offset each other. | ||||||||||||||||||||
The Company utilizes forward sale commitments to hedge interest rate risk and the associated effects on the fair value of interest rate lock commitments and loans held for sale. The forward sale commitments are accounted for as derivatives with changes in fair value recorded in current period earnings. | ||||||||||||||||||||
The company uses the following types of forward sale commitments contracts: | ||||||||||||||||||||
· Best efforts loan sales, | ||||||||||||||||||||
· Mandatory delivery loan sales, and | ||||||||||||||||||||
· To Be Announced (“TBA”) mortgage-backed securities sales. | ||||||||||||||||||||
A best efforts contract refers to a loan sale agreement where the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. The Company may enter into a best efforts contract once the price is known, which is shortly after the potential borrower’s interest rate is locked. | ||||||||||||||||||||
A mandatory delivery contract is a loan sale agreement where the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. Generally, the Company may enter into mandatory delivery contracts shortly after the loan closes with a customer. | ||||||||||||||||||||
The Company may sell TBA mortgage-backed securities to hedge the changes in fair value of interest rate lock commitments and held for sale loans, which do not have corresponding best efforts or mandatory delivery contracts. These security sales transactions are closed once mandatory contracts are written. On the closing date the price of the security is locked-in, and the sale is paired-off with a purchase of the same security. Settlement of the security purchase/sale transaction is done with cash on a net-basis. | ||||||||||||||||||||
Non-hedging derivatives | ||||||||||||||||||||
The Company enters into interest rate lock commitments (“IRLCs”) for residential mortgage loans, which commit the Company to lend funds to a potential borrower at a specific interest rate and within a specified period of time. IRLCs that relate to the origination of mortgage loans that will be held for sale are considered derivative financial instruments under applicable accounting guidance. Outstanding IRLCs expose the Company to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan. The IRLCs are free-standing derivatives which are carried at fair value with changes recorded in noninterest income in the Company’s consolidated statements of income. Changes in the fair value of IRLCs subsequent to inception are based on changes in the fair value of the underlying loan resulting from the fulfillment of the commitment and changes in the probability that the loan will fund within the terms of the commitment, which is affected primarily by changes in interest rates and the passage of time. | ||||||||||||||||||||
Amounts included in the Consolidated Statements of Income related to economic hedges and non-hedging derivatives were as follows: | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||
Economic hedges | ||||||||||||||||||||
Interest rate swap on industrial revenue bond: | ||||||||||||||||||||
Unrealized (loss) gain recognized in other non-interest income | $ | (381 | ) | $ | 107 | |||||||||||||||
Interest rate swaps on loans with commercial loan customers: | ||||||||||||||||||||
Unrealized gain recognized in other non-interest income | 187 | 1,554 | ||||||||||||||||||
Reverse interest rate swaps on loans with commercial loan customers: | ||||||||||||||||||||
Unrealized loss recognized in other non-interest income | (187 | ) | (1,554 | ) | ||||||||||||||||
Favorable change in credit valuation adjustment recognized in other non-interest income | 7 | 78 | ||||||||||||||||||
Forward Commitments: | ||||||||||||||||||||
Unrealized loss recognized in other non-interest income | (108 | ) | (550 | ) | ||||||||||||||||
Realized gain in other non-interest income | (164 | ) | 1,055 | |||||||||||||||||
Non-hedging derivatives | ||||||||||||||||||||
Interest rate lock commitments | ||||||||||||||||||||
Unrealized gain recognized in other non-interest income | 377 | 2,758 | ||||||||||||||||||
Realized gain in other non-interest income | $ | 469 | $ | 1,240 | ||||||||||||||||
Assets and Liabilities Subject to Enforceable Master Netting Arrangements | ||||||||||||||||||||
Interest Rate Swap Agreements (“Swap Agreements”) | ||||||||||||||||||||
The Company enters into swap agreements to facilitate the risk management strategies for commercial banking customers. The Company mitigates this risk by entering into equal and offsetting swap agreements with highly rated third party financial institutions. The swap agreements are free-standing derivatives and are recorded at fair value in the Company’s consolidated statements of condition. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral generally in the form of marketable securities is received or posted by the counterparty with net liability positions, respectively, in accordance with contract thresholds. The Company had net asset positions with its commercial banking counterparties totaling $7.1 million and $7.8 million as of March 31, 2014 and December 31, 2013, respectively. The Company had net liability positions with its financial institution counterparties totaling $6.6 million and $11.2 million as of March 31, 2014 and December 31, 2013, respectively. At March 31, 2014, the Company also had a net liability position of $0.4 million with its commercial banking counterparties as compared to a $0.7 million liability at December 31, 2013. The collateral posted by the Company that covered liability positions was $6.6 million and $11.2 million as of March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||
The following table presents the assets and liabilities subject to an enforceable master netting arrangement as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||
Offsetting of Financial Assets and Derivative Assets | ||||||||||||||||||||
Net Amounts | ||||||||||||||||||||
Gross | Gross Amounts | of Assets | Gross Amounts Not Offset in | |||||||||||||||||
Amounts of | Offset in the | Presented in the | the Statements of Condition | |||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | ||||||||||||||||
(in thousands) | Assets | Condition | Condition | Instruments | Collateral Received | Net Amount | ||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||
Institutional counterparties | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Commercial counterparties | 7,140 | — | 7,140 | — | — | 7,140 | ||||||||||||||
Total | $ | 7,140 | $ | — | $ | 7,140 | $ | — | $ | — | $ | 7,140 | ||||||||
Offsetting of Financial Liabilities and Derivative Liabilities | ||||||||||||||||||||
Net Amounts | ||||||||||||||||||||
Gross | Gross Amounts | of Liabilities | Gross Amounts Not Offset in | |||||||||||||||||
Amounts of | Offset in the | Presented in the | the Statements of Condition | |||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | ||||||||||||||||
(in thousands) | Liabilities | Condition | Condition | Instruments | Collateral Pledged | Net Amount | ||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||
Institutional counterparties | $ | (9,396 | ) | $ | 2,794 | $ | (6,602 | ) | $ | 4,902 | $ | 1,700 | $ | — | ||||||
Commercial counterparties | (423 | ) | — | (423 | ) | — | — | (423 | ) | |||||||||||
Total | $ | (9,819 | ) | $ | 2,794 | $ | (7,025 | ) | $ | 4,902 | $ | 1,700 | $ | (423 | ) | |||||
Offsetting of Financial Assets and Derivative Assets | ||||||||||||||||||||
Net Amounts | ||||||||||||||||||||
Gross | Gross Amounts | of Assets | Gross Amounts Not Offset in | |||||||||||||||||
Amounts of | Offset in the | Presented in the | the Statements of Condition | |||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | ||||||||||||||||
(in thousands) | Assets | Condition | Condition | Instruments | Collateral Received | Net Amount | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||
Institutional counterparties | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Commercial counterparties | 7,799 | — | 7,799 | — | — | 7,799 | ||||||||||||||
Total | $ | 7,799 | $ | — | $ | 7,799 | $ | — | $ | — | $ | 7,799 | ||||||||
Offsetting of Financial Liabilities and Derivative Liabilities | ||||||||||||||||||||
Net Amounts | ||||||||||||||||||||
Gross | Gross Amounts | of Liabilities | Gross Amounts Not Offset in | |||||||||||||||||
Amounts of | Offset in the | Presented in the | the Statements of Condition | |||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | ||||||||||||||||
(in thousands) | Liabilities | Condition | Condition | Instruments | Collateral Pledged | Net Amount | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||
Institutional counterparties | $ | (13,157 | ) | $ | 1,913 | $ | (11,244 | ) | $ | 9,544 | $ | 1,700 | $ | — | ||||||
Commercial counterparties | (720 | ) | — | (720 | ) | — | — | (720 | ) | |||||||||||
Total | $ | (13,877 | ) | $ | 1,913 | $ | (11,964 | ) | $ | 9,544 | $ | 1,700 | $ | (720 | ) |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
NOTE 14. FAIR VALUE MEASUREMENTS | |||||||||||||||||
A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities that are carried at fair value. | |||||||||||||||||
Recurring fair value measurements | |||||||||||||||||
The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In thousands) | Inputs | Inputs | Inputs | Fair Value | |||||||||||||
Trading security | $ | — | $ | — | $ | 14,923 | $ | 14,923 | |||||||||
Available-for-sale securities: | |||||||||||||||||
Municipal bonds and obligations | — | 137,192 | — | 137,192 | |||||||||||||
Governmentguaranteed residential mortgage-backed securities | — | 83,686 | — | 83,686 | |||||||||||||
Government-sponsored residential mortgage-backed securities | — | 718,898 | — | 718,898 | |||||||||||||
Corporate bonds | — | 40,121 | — | 40,121 | |||||||||||||
Trust preferred securities | — | 14,418 | 1,340 | 15,758 | |||||||||||||
Other bonds and obligations | — | 3,129 | — | 3,129 | |||||||||||||
Marketable equity securities | 33,790 | 357 | 706 | 34,853 | |||||||||||||
Loans held for sale | — | 7,669 | — | 7,669 | |||||||||||||
Derivative assets | — | 9,934 | 377 | 10,311 | |||||||||||||
Derivative liabilities | 13 | 9,710 | 96 | 9,819 | |||||||||||||
December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In thousands) | Inputs | Inputs | Inputs | Fair Value | |||||||||||||
Trading security | $ | — | $ | — | $ | 14,840 | $ | 14,840 | |||||||||
Available-for-sale securities: | |||||||||||||||||
Municipal bonds and obligations | — | 77,671 | — | 77,671 | |||||||||||||
Government guaranteed residential mortgage-backed securities | — | 78,771 | — | 78,771 | |||||||||||||
Government-sponsored residential mortgage-backed securities | — | 522,658 | — | 522,658 | |||||||||||||
Corporate bonds | — | 39,280 | — | 39,280 | |||||||||||||
Trust preferred securities | — | 15,372 | 1,239 | 16,611 | |||||||||||||
Other bonds and obligations | — | 3,084 | — | 3,084 | |||||||||||||
Marketable equity securities | 20,891 | 357 | 725 | 21,973 | |||||||||||||
Loans Held for Sale | — | 15,840 | — | 15,840 | |||||||||||||
Derivative assets | 242 | 7,799 | 277 | 8,318 | |||||||||||||
Derivative liabilities | — | 11,964 | — | 11,964 | |||||||||||||
There were no transfers between levels during the three months ended March 31, 2014 or 2013. | |||||||||||||||||
Trading Security at Fair Value. The Company holds one security designated as a trading security. It is a tax advantaged economic development bond issued to the Company by a local nonprofit which provides wellness and health programs. The determination of the fair value for this security is determined based on a discounted cash flow methodology. Certain inputs to the fair value calculation are unobservable and there is little to no market activity in the security; therefore, the security meets the definition of a Level 3 security. The discount rate used in the valuation of the security is sensitive to movements in the 3-month LIBOR rate. | |||||||||||||||||
Securities Available for Sale. AFS securities classified as Level 1 consist of publicly-traded equity securities for which the fair values can be obtained through quoted market prices in active exchange markets. AFS securities classified as Level 2 include most of the Company’s debt securities. The pricing on Level 2 was primarily sourced from third party pricing services, overseen by management, and is based on models that consider standard input factors such as 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 bond’s terms and condition, among other things. The Company holds one pooled trust preferred security and one privately owned equity security. Both securities fair values are based on unobservable issuer-provided financial information and the pooled security also utilizes discounted cash flow models derived from the underlying structured pool and therefore both are classified as Level 3. | |||||||||||||||||
Loans held for sale. The Company elected the fair value option for all loans held for sale (HFS) originated on or after May 1, 2012. Loans HFS are classified as Level 2 as the fair value is based on input factors such as quoted prices for similar loans in active markets. | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Aggregate Fair Value | |||||||||||||||||
Aggregate | Aggregate | Less Aggregate | |||||||||||||||
(In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | ||||||||||||||
Loans Held for Sale | $ | 7,669 | $ | 7,430 | $ | 239 | |||||||||||
December 31, 2013 | |||||||||||||||||
Aggregate Fair Value | |||||||||||||||||
Aggregate | Aggregate | Less Aggregate | |||||||||||||||
(In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | ||||||||||||||
Loans Held for Sale | $ | 15,840 | $ | 15,641 | $ | 199 | |||||||||||
The changes in fair value of loans held for sale for the three months ended March 31, 2014, were gains of $40 thousand. The changes in fair value of loans held for sale were losses of $1.0 million for the three months ended March 31, 2013. The changes in fair value are included in mortgage banking income in the Consolidated Statements of Income. | |||||||||||||||||
Derivative Assets and Liabilities. | |||||||||||||||||
Interest Rate Swap. The valuation of the Company’s interest rate swaps is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. | |||||||||||||||||
The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings. | |||||||||||||||||
Although the Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2014, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. | |||||||||||||||||
Interest Rate Lock Commitments. The Company enters into IRLCs for residential mortgage loans, which commit the Company to lend funds to a potential borrower at a specific interest rate and within a specified period of time. The estimated fair value of commitments to originate residential mortgage loans for sale is based on quoted prices for similar loans in active markets. However, this value is adjusted by a factor which considers the likelihood that the loan in a lock position will ultimately close, and by the non-refundable costs of originating the loan. The closing ratio is derived from the Bank’s internal data and is adjusted using significant management judgment. The costs to originate are primarily based on the Company’s internal commission rates that are not observable. As such, IRLCs are classified as Level 3 measurements. | |||||||||||||||||
Forward Sale Commitments. The Company utilizes forward sale commitments as economic hedges against potential changes in the values of the IRLCs and loans held for sale. To Be Announced (“TBA”) mortgage-backed securities forward commitment sales are used as the hedging instrument, are classified as Level 1, and consist of publicly-traded debt securities for which identical fair values can be obtained through quoted market prices in active exchange markets. The fair values of the Company’s best efforts and mandatory delivery loan sale commitments are determined similarly to the IRLCs using quoted prices in the market place that are observable. However, costs to originate and closing ratios included in the calculation are internally generated and are based on management’s judgment and prior experience, which are considered factors that are not observable. As such, best efforts and mandatory forward commitments are classified as Level 3 measurements. | |||||||||||||||||
The table below presents the changes in Level 3 assets and liabilities that were measured at fair value on a recurring basis for the three months ended March 31, 2014 and March 31, 2013. | |||||||||||||||||
Assets (Liabilities) | |||||||||||||||||
Securities | Interest Rate | ||||||||||||||||
Trading | Available | Lock | Forward | ||||||||||||||
(In thousands) | Security | for Sale | Commitments | Commitments | |||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Balance as of December 31, 2013 | $ | 14,840 | $ | 1,964 | $ | 258 | $ | 19 | |||||||||
Purchase of Marketable Equity Security | — | — | — | — | |||||||||||||
Unrealized (loss) gain, net recognized in other non-interest income | 218 | — | 719 | (115 | ) | ||||||||||||
Unrealized gain included in accumulated other comprehensive loss | — | 82 | — | — | |||||||||||||
Paydown of trading security | (135 | ) | — | — | — | ||||||||||||
Transfers to held for sale loans | — | — | (600 | ) | — | ||||||||||||
Balance as of March 31, 2014 | $ | 14,923 | $ | 2,046 | $ | 377 | $ | (96 | ) | ||||||||
Unrealized gains (losses) relating to instruments still held at March 31, 2014 | $ | 1,962 | $ | (1,288 | ) | $ | 377 | $ | (96 | ) | |||||||
Assets (Liabilities) | |||||||||||||||||
Securities | Interest Rate | ||||||||||||||||
Trading | Available | Lock | Forward | ||||||||||||||
(In thousands) | Security | for Sale | Commitments | Commitments | |||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
Balance as of December 31, 2012 | $ | 16,893 | $ | 885 | $ | 6,258 | $ | (1,055 | ) | ||||||||
Greenpark Acquisition | — | 770 | — | — | |||||||||||||
Unrealized (loss) gain recognized in other non-interest income | (280 | ) | — | 3,998 | 538 | ||||||||||||
Unrealized loss included in accumulated other comprehensive loss | — | 13 | — | — | |||||||||||||
Paydown of trading security | (128 | ) | — | — | — | ||||||||||||
Transfers to held for sale loans | — | — | (7,498 | ) | — | ||||||||||||
Balance as of March 31, 2013 | $ | 16,485 | $ | 1,668 | $ | 2,758 | $ | (517 | ) | ||||||||
Unrealized gains (losses) relating to instruments still held at March 31, 2013 | $ | 3,004 | $ | (1,704 | ) | $ | 2,758 | $ | (517 | ) | |||||||
Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities is as follows: | |||||||||||||||||
Fair Value | Significant Unobservable | ||||||||||||||||
(In thousands) | March 31, 2014 | Valuation Techniques | Unobservable Inputs | Input Value | |||||||||||||
Assets (Liabilities) | |||||||||||||||||
Trading Security | $ | 14,923 | Discounted Cash Flow | Discount Rate | 3.14 | % | |||||||||||
Forward Commitments | (96 | ) | Historical Trend | Closing Ratio | 93.06 | % | |||||||||||
Pricing Model | Origination Costs, per loan | $ | 2,500 | ||||||||||||||
Interest Rate Lock Commitment | 377 | Historical Trend | Closing Ratio | 93.06 | % | ||||||||||||
Pricing Model | Origination Costs, per loan | $ | 2,500 | ||||||||||||||
Total | $ | 15,204 | |||||||||||||||
Fair Value | Significant Unobservable | ||||||||||||||||
(In thousands) | December 31, 2013 | Valuation Techniques | Unobservable Inputs | Input Value | |||||||||||||
Assets (Liabilities) | |||||||||||||||||
Trading Security | $ | 14,840 | Discounted Cash Flow | Discount Rate | 3.39 | % | |||||||||||
Forward Commitments | 19 | Historical Trend | Closing Ratio | 94.83 | % | ||||||||||||
Pricing Model | Origination Costs, per loan | $ | 2,500 | ||||||||||||||
Interest Rate Lock Commitment | 258 | Historical Trend | Closing Ratio | 94.83 | % | ||||||||||||
Pricing Model | Origination Costs, per loan | $ | 2,500 | ||||||||||||||
Total | $ | 15,117 | |||||||||||||||
Non-recurring fair value measurements | |||||||||||||||||
The Company is required, on a non-recurring basis, to adjust the carrying value or provide valuation allowances for certain assets using fair value measurements in accordance with GAAP. The following is a summary of applicable non-recurring fair value measurements. There are no liabilities measured at fair value on a non-recurring basis. | |||||||||||||||||
March 31, 2014 | December 31, 2013 | Three months ended | |||||||||||||||
March 31, 2014 | |||||||||||||||||
Level 3 | Level 3 | Total | |||||||||||||||
(In thousands) | Inputs | Inputs | Gains (Losses) | ||||||||||||||
Assets | |||||||||||||||||
Impaired loans | $ | 5,557 | $ | 5,542 | $ | 15 | |||||||||||
Capitalized mortgage servicing rights | 3,922 | 4,112 | — | ||||||||||||||
Other real estate owned | 2,418 | 2,995 | (208 | ) | |||||||||||||
Total | $ | 11,897 | $ | 12,649 | $ | (193 | ) | ||||||||||
Quantitative information about the significant unobservable inputs within Level 3 non-recurring assets is as follows: | |||||||||||||||||
Fair Value | |||||||||||||||||
(in thousands) | March 31, 2014 | Valuation Techniques | Unobservable Inputs | Range (Weighted Average) (a) | |||||||||||||
Assets | |||||||||||||||||
Impaired loans | $ | 5,557 | Fair value of collateral | Loss severity | 5.28% to 100.0% (80.34%) | ||||||||||||
Appraised value | $0 to $690.0 $(389.5) | ||||||||||||||||
Capitalized mortgage servicing rights | 3,922 | Discounted cash flow | Constant prepayment rate (CPR) | 6.7% to 17.45% (8.45%) | |||||||||||||
Discount rate | 10.00% to 13.00% (10.36%) | ||||||||||||||||
Other real estate owned | 2,418 | Fair value of collateral | Appraised value | $0 to $774.0 $(449.5) | |||||||||||||
Total | $ | 11,897 | |||||||||||||||
(a) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties. | |||||||||||||||||
Fair Value | |||||||||||||||||
(in thousands) | December 31, 2013 | Valuation Techniques | Unobservable Inputs | Range (Weighted Average) (a) | |||||||||||||
Assets | |||||||||||||||||
Impaired loans | $ | 5,542 | Fair value of collateral | Loss severity | 4.2% to 100.0% (57.41%) | ||||||||||||
Appraised value | $0 to $900.0 $(505.4) | ||||||||||||||||
Capitalized mortgage servicing rights | 4,112 | Discounted cash flow | Constant prepayment rate (CPR) | 6.96% to 15.97% (8.58%) | |||||||||||||
Discount rate | 10.00% to 13.00% (10.34%) | ||||||||||||||||
Other real estate owned | 2,995 | Fair value of collateral | Appraised value | $0 to $774.0 $(413.4) | |||||||||||||
Total | $ | 12,649 | |||||||||||||||
(a) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties. | |||||||||||||||||
There were no Level 1 or Level 2 nonrecurring fair value measurements for the periods ended March 31, 2014 and December 31, 2013. | |||||||||||||||||
Impaired Loans. Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records non-recurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Non-recurring adjustments can also include certain impairment amounts for collateral-dependent loans calculated when establishing the allowance for credit losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated valuation amount does not necessarily represent the fair value of the loan. Real estate collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace. However, the choice of observable data is subject to significant judgment, and there are often adjustments based on judgment in order to make observable data comparable and to consider the impact of time, the condition of properties, interest rates, and other market factors on current values. Additionally, commercial real estate appraisals frequently involve discounting of projected cash flows, which relies inherently on unobservable data. Therefore, nonrecurring fair value measurement adjustments that relate to real estate collateral have generally been classified as Level 3. Estimates of fair value for other collateral that supports commercial loans are generally based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. | |||||||||||||||||
Capitalized mortgage loan servicing rights. A loan servicing right asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans exceed adequate compensation for performing the servicing. The fair value of servicing rights is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Adjustments are only recorded when the discounted cash flows derived from the valuation model are less than the carrying value of the asset. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy. | |||||||||||||||||
Other real estate owned (“OREO”). OREO results from the foreclosure process on residential or commercial loans issued by the Bank. Upon assuming the real estate, the Company records the property at the fair value of the asset less the estimated sales costs. Thereafter, OREO properties are recorded at the lower of cost or fair value less the estimated sales costs. OREO fair values are primarily determined based on Level 3 data including sales comparables and appraisals. | |||||||||||||||||
Summary of estimated fair values of financial instruments | |||||||||||||||||
The estimated fair values, and related carrying amounts, of the Company’s financial instruments follow. Certain financial instruments and all non-financial instruments are excluded from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein may not necessarily represent the underlying fair value of the Company. | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Carrying | Fair | ||||||||||||||||
(In thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Financial Assets | |||||||||||||||||
Cash and cash equivalents | $ | 72,673 | $ | 72,673 | $ | 72,673 | $ | — | $ | — | |||||||
Trading security | 14,923 | 14,923 | — | — | 14,923 | ||||||||||||
Securities available for sale | 1,033,637 | 1,033,637 | 33,790 | 997,801 | 2,046 | ||||||||||||
Securities held to maturity | 43,159 | 44,191 | — | — | 44,191 | ||||||||||||
Restricted equity securities | 53,124 | 53,124 | — | 53,124 | — | ||||||||||||
Net loans | 4,209,025 | 4,274,758 | — | — | 4,274,758 | ||||||||||||
Loans held for sale | 7,669 | 7,669 | — | 7,669 | — | ||||||||||||
Accrued interest receivable | 15,938 | 15,938 | — | 15,938 | — | ||||||||||||
Cash surrender value of bank-owned life insurance policies | 102,343 | 102,343 | — | 102,343 | — | ||||||||||||
Derivative assets | 10,311 | 10,311 | — | 9,934 | 377 | ||||||||||||
Assets held for sale | 4,018 | 4,018 | — | 4,018 | — | ||||||||||||
Financial Liabilities | |||||||||||||||||
Total deposits | $ | 4,218,583 | $ | 4,219,546 | — | $ | 4,219,546 | $ | — | ||||||||
Short-term debt | 914,950 | 915,066 | — | 915,066 | — | ||||||||||||
Long-term Federal Home Loan Bank advances | 21,797 | 23,472 | — | 23,472 | — | ||||||||||||
Subordinated borrowings | 89,696 | 88,210 | — | 88,210 | — | ||||||||||||
Derivative liabilities | 9,819 | 9,819 | 13 | 9,710 | 96 | ||||||||||||
Liabilities held for sale | 25,093 | 25,093 | — | 25,093 | — | ||||||||||||
December 31, 2013 | |||||||||||||||||
Carrying | Fair | ||||||||||||||||
(In thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Financial Assets | |||||||||||||||||
Cash and cash equivalents | $ | 75,539 | $ | 75,539 | $ | 75,539 | $ | — | $ | — | |||||||
Trading security | 14,840 | 14,840 | — | — | 14,840 | ||||||||||||
Securities available for sale | 760,048 | 760,048 | 20,891 | 737,193 | 1,964 | ||||||||||||
Securities held to maturity | 44,921 | 45,764 | — | — | 45,764 | ||||||||||||
Restricted equity securities | 50,282 | 50,282 | — | 50,282 | — | ||||||||||||
Net loans | 4,147,200 | 4,154,663 | — | — | 4,154,663 | ||||||||||||
Loans held for sale | 15,840 | 15,840 | — | 15,840 | — | ||||||||||||
Accrued interest receivable | 15,072 | 15,072 | — | 15,072 | — | ||||||||||||
Cash surrender value of bank-owned life insurance policies | 101,530 | 101,530 | — | 101,530 | — | ||||||||||||
Derivative assets | 8,318 | 8,318 | 242 | 7,799 | 277 | ||||||||||||
Assets held for sale | 3,969 | 3,969 | — | 3,969 | — | ||||||||||||
Financial Liabilities | |||||||||||||||||
Total deposits | $ | 3,848,529 | $ | 3,848,926 | $ | — | $ | 3,848,926 | $ | — | |||||||
Short-term debt | 872,510 | 872,545 | — | 872,545 | — | ||||||||||||
Long-term Federal Home Loan Bank advances | 101,918 | 103,660 | — | 103,660 | — | ||||||||||||
Subordinated borrowings | 89,679 | 87,882 | — | 87,882 | — | ||||||||||||
Derivative liabilities | 11,964 | 11,964 | — | 11,964 | — | ||||||||||||
Liabilities held for sale | 24,834 | 24,834 | — | 24,834 | — | ||||||||||||
Other than as discussed above, the following methods and assumptions were used by management to estimate the fair value of significant classes of financial instruments for which it is practicable to estimate that value. | |||||||||||||||||
Cash and cash equivalents. Carrying value is assumed to represent fair value for cash and cash equivalents that have original maturities of ninety days or less. | |||||||||||||||||
Restricted equity securities. Carrying value approximates fair value based on the redemption provisions of the issuers. | |||||||||||||||||
Cash surrender value of life insurance policies. Carrying value approximates fair value. | |||||||||||||||||
Loans, net. The carrying value of the loans in the loan portfolio is based on the cash flows of the loans discounted over their respective loan origination rates. The origination rates are adjusted for substandard and special mention loans to factor the impact of declines in the loan’s credit standing. The fair value of the loans is estimated by discounting future cash flows using the current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality. | |||||||||||||||||
Accrued interest receivable. Carrying value approximates fair value. | |||||||||||||||||
Deposits. The fair value of demand, non-interest bearing checking, savings and money market deposits is determined as the amount payable on demand at the reporting date. The fair value of time deposits is estimated by discounting the estimated future cash flows using market rates offered for deposits of similar remaining maturities. | |||||||||||||||||
Borrowed funds. The fair value of borrowed funds is estimated by discounting the future cash flows using market rates for similar borrowings. Such funds include all categories of debt and debentures in the table above. | |||||||||||||||||
Subordinated borrowings. The Company utilizes a pricing service along with internal models to estimate the valuation of its junior subordinated debentures. The junior subordinated debentures re-price every ninety days. | |||||||||||||||||
Off-balance-sheet financial instruments. Off-balance-sheet financial instruments include standby letters of credit and other financial guarantees and commitments considered immaterial to the Company’s financial statements. |
NET_INTEREST_INCOME_AFTER_PROV
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | ' | |||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | ' | |||||||
NOTE 15. NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | ||||||||
Presented below is net interest income after provision for loan losses for the three months ended March 31, 2014 and March 31, 2013, respectively. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Net interest income | $ | 42,766 | $ | 41,937 | ||||
Provision for loan losses | 3,396 | 2,400 | ||||||
Net interest income after provision for loan losses | $ | 39,370 | $ | 39,537 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2014 | |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | ' |
NOTE 16. SUBSEQUENT EVENTS | |
The Company has evaluated subsequent events through May 12, 2014, the date the financial statements were issued, noting no events requiring disclosure. |
BASIS_OF_PRESENTATION_Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
BASIS OF PRESENTATION | ' |
Basis of Presentation | ' |
BASIS OF PRESENTATION | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and contain all adjustments, consisting solely of normal, recurring adjustments, necessary for a fair presentation of results for such periods. | |
In addition, these interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X, and accordingly, certain information and footnote disclosures normally included in financial statements prepared according to U.S. GAAP have been omitted. | |
The results for any interim period are not necessarily indicative of results for the full year. These consolidated financial statements should be read in conjunction with the audited financial statements and note disclosures for Berkshire Hills Bancorp, Inc. (the “Company”) previously filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
Reclassifications | ' |
Reclassifications | |
Certain items in prior financial statements have been reclassified to conform to the current presentation. |
ACQUISITION_Tables
ACQUISITION (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
ACQUISITION | ' | ||||||||||
Summary of consideration paid, and fair values of entity's assets acquired and liabilities assumed | ' | ||||||||||
Fair Value | As Recorded at | ||||||||||
(in thousands) | As Acquired | Adjustments | Acquisition | ||||||||
Consideration paid: | |||||||||||
Cash consideration paid to Bank of Amercia | $ | 17,105 | |||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed, at fair value: | |||||||||||
Cash and short-term investments | $ | 440,521 | $ | — | $ | 440,521 | |||||
Loans | 4,541 | (533 | )(a) | 4,008 | |||||||
Premises and equipment | 4,381 | (710 | )(b) | 3,671 | |||||||
Core deposit intangibles | — | 2,550 | (c) | 2,550 | |||||||
Other intangibles | — | (79 | )(d) | (79 | ) | ||||||
Deposits | (440,507 | ) | (15 | )(e) | (440,522 | ) | |||||
Other liabilities | — | (944 | )(f) | (944 | ) | ||||||
Total identifiable net assets | $ | 8,936 | $ | 269 | $ | 9,205 | |||||
Goodwill | $ | 7,900 | |||||||||
Explanation of Certain Fair Value Adjustments | |||||||||||
(a) | The adjustment represents the write down of the book value of loans to their estimated fair value based on current interest rates and expected cash flows, which includes an estimate of expected loan loss inherent in the portfolio. Loans that met the criteria and are being accounted for in accordance with ASC 310-30 had a carrying amount of $201 thousand. Non-impaired loans not accounted for under 310-30 had a carrying value of $4.3 million. | ||||||||||
(b) | The amount represents the adjustment of the book value of buildings, and furniture and equipment, to their estimated fair value based on appraisals and other methods. The adjustments will be depreciated over the estimated economic lives of the assets. | ||||||||||
(c) | The adjustment represents the value of the core deposit base assumed in the acquisition. The core deposit asset was recorded as an identifiable intangible asset and will be amortized over the estimated useful life of the deposit base. | ||||||||||
(d) | Represents an intangible liability related to assumed leases, which was recorded as an identifiable intangible and will be amortized over the remaining life of the leases. | ||||||||||
(e) | The adjustment is necessary because the weighted average interest rate of deposits exceeded the cost of similar funding at the time of acquisition. | ||||||||||
(f) | Represents an establishment of a reserve on certain acquired lines of credit, which were determined to have specific credit risk at the time of acquisition. | ||||||||||
Schedule of acquired loan portfolio | ' | ||||||||||
Information about the acquired loan portfolio subject to ASC 310-30 as of January 17, 2014 is as follows (in thousands): | |||||||||||
ASC 310-30 Loans | |||||||||||
Contractually required principal and interest at acquisition | $ | 201 | |||||||||
Contractual cash flows not expected to be collected (nonaccretable discount) | (100 | ) | |||||||||
Expected cash flows at acquisition | 101 | ||||||||||
Interest component of expected cash flows (accretable premium) | 20 | ||||||||||
Fair value of acquired loans | $ | 121 | |||||||||
Schedule of unaudited pro forma supplemental information from the combined results of operations | ' | ||||||||||
Pro Forma (unaudited) | |||||||||||
Three ended March 31, | |||||||||||
2014 | 2013 | ||||||||||
Net interest income | $ | 43,892 | $ | 43,631 | |||||||
Non-interest income | 4,632 | 16,053 | |||||||||
Net income | 1,487 | 10,229 | |||||||||
Pro forma earnings per share: | |||||||||||
Basic | $ | 0.06 | $ | 0.41 | |||||||
Diluted | $ | 0.06 | $ | 0.41 |
SECURITIES_AVAILABLE_FOR_SALE_1
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY | ' | |||||||||||||||||||
Summary of securities available for sale and held to maturity | ' | |||||||||||||||||||
(In thousands) | Amortized Cost | Gross | Gross | Fair Value | ||||||||||||||||
Unrealized | Unrealized | |||||||||||||||||||
Gains | Losses | |||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Municipal bonds and obligations | $ | 135,382 | $ | 2,949 | $ | (1,139 | ) | $ | 137,192 | |||||||||||
Government-guaranteed residential mortgage-backed securities | 83,299 | 704 | (317 | ) | 83,686 | |||||||||||||||
Government-sponsored residential mortgage-backed securities | 726,195 | 2,217 | (9,514 | ) | 718,898 | |||||||||||||||
Corporate bonds | 40,917 | 116 | (912 | ) | 40,121 | |||||||||||||||
Trust preferred securities | 15,799 | 1,320 | (1,361 | ) | 15,758 | |||||||||||||||
Other bonds and obligations | 3,244 | 1 | (116 | ) | 3,129 | |||||||||||||||
Total debt securities | 1,004,836 | 7,307 | (13,359 | ) | 998,784 | |||||||||||||||
Marketable equity securities | 32,073 | 3,136 | (356 | ) | 34,853 | |||||||||||||||
Total securities available for sale | 1,036,909 | 10,443 | (13,715 | ) | 1,033,637 | |||||||||||||||
Securities held to maturity | ||||||||||||||||||||
Municipal bonds and obligations | 3,881 | — | — | 3,881 | ||||||||||||||||
Government-sponsored residential mortgage-backed securities | 72 | 3 | — | 75 | ||||||||||||||||
Tax advantaged economic development bonds | 38,865 | 1,310 | (281 | ) | 39,894 | |||||||||||||||
Other bonds and obligations | 341 | — | — | 341 | ||||||||||||||||
Total securities held to maturity | 43,159 | 1,313 | (281 | ) | 44,191 | |||||||||||||||
Total | $ | 1,080,068 | $ | 11,756 | $ | (13,996 | ) | $ | 1,077,828 | |||||||||||
December 31, 2013 | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Municipal bonds and obligations | $ | 77,852 | $ | 1,789 | $ | (1,970 | ) | $ | 77,671 | |||||||||||
Government-guaranteed residential mortgage-backed securities | 78,885 | 544 | (658 | ) | 78,771 | |||||||||||||||
Government-sponsored residential mortgage-backed securities | 531,441 | 2,000 | (10,783 | ) | 522,658 | |||||||||||||||
Corporate bonds | 40,945 | 157 | (1,822 | ) | 39,280 | |||||||||||||||
Trust preferred securities | 16,927 | 1,249 | (1,565 | ) | 16,611 | |||||||||||||||
Other bonds and obligations | 3,250 | — | (166 | ) | 3,084 | |||||||||||||||
Total debt securities | 749,300 | 5,739 | (16,964 | ) | 738,075 | |||||||||||||||
Marketable equity securities | 20,042 | 2,266 | (335 | ) | 21,973 | |||||||||||||||
Total securities available for sale | 769,342 | 8,005 | (17,299 | ) | 760,048 | |||||||||||||||
Securities held to maturity | ||||||||||||||||||||
Municipal bonds and obligations | 4,244 | — | — | 4,244 | ||||||||||||||||
Government-sponsored residential mortgage-backed securities | 73 | 2 | — | 75 | ||||||||||||||||
Tax advantaged economic development bonds | 40,260 | 1,255 | (414 | ) | 41,101 | |||||||||||||||
Other bonds and obligations | 344 | — | — | 344 | ||||||||||||||||
Total securities held to maturity | 44,921 | 1,257 | (414 | ) | 45,764 | |||||||||||||||
Total | $ | 814,263 | $ | 9,262 | $ | (17,713 | ) | $ | 805,812 | |||||||||||
Schedule of amortized cost and estimated fair value of available for sale (AFS) and held to maturity (HTM) securities, segregated by contractual maturity | ' | |||||||||||||||||||
Available for sale | Held to maturity | |||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||
(In thousands) | Cost | Value | Cost | Value | ||||||||||||||||
Within 1 year | $ | 8,070 | $ | 8,072 | $ | 1,047 | $ | 1,047 | ||||||||||||
Over 1 year to 5 years | 7,279 | 7,382 | 17,482 | 18,323 | ||||||||||||||||
Over 5 years to 10 years | 54,031 | 53,397 | 11,389 | 11,292 | ||||||||||||||||
Over 10 years | 125,962 | 127,349 | 13,169 | 13,454 | ||||||||||||||||
Total bonds and obligations | 195,342 | 196,200 | 43,087 | 44,116 | ||||||||||||||||
Marketable equity securities | 32,073 | 34,853 | — | — | ||||||||||||||||
Residential mortgage-backed securities | 809,494 | 802,584 | 72 | 75 | ||||||||||||||||
Total | $ | 1,036,909 | $ | 1,033,637 | $ | 43,159 | $ | 44,191 | ||||||||||||
Schedule of securities with unrealized losses, segregated by the duration of their continuous unrealized loss positions | ' | |||||||||||||||||||
Less Than Twelve Months | Over Twelve Months | Total | ||||||||||||||||||
Gross | Gross | Gross | ||||||||||||||||||
Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | |||||||||||||||
(In thousands) | Losses | Value | Losses | Value | Losses | Value | ||||||||||||||
March 31, 2014 | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Municipal bonds and obligations | $ | 433 | $ | 17,198 | $ | 706 | $ | 8,798 | $ | 1,139 | $ | 25,996 | ||||||||
Government-guaranteed residential mortgage-backed securities | 130 | 27,758 | 187 | 4,752 | 317 | 32,510 | ||||||||||||||
Government-sponsored residential mortgage-backed securities | 6,890 | 446,031 | 2,624 | 72,307 | 9,514 | 518,338 | ||||||||||||||
Corporate bonds | 535 | 14,552 | 377 | 15,453 | 912 | 30,005 | ||||||||||||||
Trust preferred securities | — | — | 1,361 | 2,203 | 1,361 | 2,203 | ||||||||||||||
Other bonds and obligations | 44 | 1,209 | 72 | 1,916 | 116 | 3,125 | ||||||||||||||
Total debt securities | 8,032 | 506,748 | 5,327 | 105,429 | 13,359 | 612,177 | ||||||||||||||
Marketable equity securities | 136 | 3,459 | 220 | 1,779 | 356 | 5,238 | ||||||||||||||
Total securities available for sale | 8,168 | 510,207 | 5,547 | 107,208 | 13,715 | 617,415 | ||||||||||||||
Securities held to maturity | ||||||||||||||||||||
Tax advantaged economic development bonds | — | — | 281 | 7,916 | 281 | 7,916 | ||||||||||||||
Total securities held to maturity | — | — | 281 | 7,916 | 281 | 7,916 | ||||||||||||||
Total | $ | 8,168 | $ | 510,207 | $ | 5,828 | $ | 115,124 | $ | 13,996 | $ | 625,331 | ||||||||
December 31, 2013 | ||||||||||||||||||||
Securities available for sale | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Municipal bonds and obligations | $ | 1,657 | $ | 17,776 | $ | 313 | $ | 1,854 | $ | 1,970 | $ | 19,630 | ||||||||
Government guaranteed residential mortgage-backed securities | 658 | 35,631 | — | — | 658 | 35,631 | ||||||||||||||
Government-sponsored residential mortgage-backed securities | 10,783 | 423,203 | — | — | 10,783 | 423,203 | ||||||||||||||
Corporate bonds | 1,822 | 29,124 | — | — | 1,822 | 29,124 | ||||||||||||||
Trust preferred securities | — | — | 1,565 | 2,039 | 1,565 | 2,039 | ||||||||||||||
Other bonds and obligations | 166 | 3,082 | — | — | 166 | 3,082 | ||||||||||||||
Total debt securities | 15,086 | 508,816 | 1,878 | 3,893 | 16,964 | 512,709 | ||||||||||||||
Marketable equity securities | 117 | 1,653 | 218 | 1,782 | 335 | 3,435 | ||||||||||||||
Total securities available for sale | 15,203 | 510,469 | 2,096 | 5,675 | 17,299 | 516,144 | ||||||||||||||
Securities held to maturity | ||||||||||||||||||||
Tax advantaged economic development bonds | 57 | 9,429 | 357 | 7,901 | 414 | 17,330 | ||||||||||||||
Total securities held to maturity | 57 | 9,429 | 357 | 7,901 | 414 | 17,330 | ||||||||||||||
Total | $ | 15,260 | $ | 519,898 | $ | 2,453 | $ | 13,576 | $ | 17,713 | $ | 533,474 |
LOANS_Tables
LOANS (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
LOANS | ' | ||||||||||||||||||||||
Schedule of loans | ' | ||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
(In thousands) | Business | Acquired | Total | Business | Acquired | Total | |||||||||||||||||
Activities Loans | Loans | Activities Loans | Loans | ||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
1-4 family | $ | 1,032,170 | $ | 320,848 | $ | 1,353,018 | $ | 1,027,737 | $ | 333,367 | $ | 1,361,104 | |||||||||||
Construction | 19,599 | 5,154 | 24,753 | 18,158 | 5,012 | 23,170 | |||||||||||||||||
Total residential mortgages | 1,051,769 | 326,002 | 1,377,771 | 1,045,895 | 338,379 | 1,384,274 | |||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction | 137,687 | 7,262 | 144,949 | 125,247 | 13,770 | 139,017 | |||||||||||||||||
Single and multi-family | 62,429 | 63,801 | 126,230 | 63,493 | 64,827 | 128,320 | |||||||||||||||||
Other commercial real estate | 925,513 | 260,284 | 1,185,797 | 871,271 | 278,512 | 1,149,783 | |||||||||||||||||
Total commercial real estate | 1,125,629 | 331,347 | 1,456,976 | 1,060,011 | 357,109 | 1,417,120 | |||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Asset based lending | 309,699 | 4,374 | 314,073 | 294,241 | 3,130 | 297,371 | |||||||||||||||||
Other commercial and industrial loans | 316,451 | 66,371 | 382,822 | 323,196 | 66,726 | 389,922 | |||||||||||||||||
Total commercial and industrial loans | 626,150 | 70,745 | 696,895 | 617,437 | 69,856 | 687,293 | |||||||||||||||||
Total commercial loans | 1,751,779 | 402,092 | 2,153,871 | 1,677,448 | 426,965 | 2,104,413 | |||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 233,521 | 71,499 | 305,020 | 232,677 | 74,154 | 306,831 | |||||||||||||||||
Auto and other | 249,776 | 156,189 | 405,965 | 213,171 | 171,834 | 385,005 | |||||||||||||||||
Total consumer loans | 483,297 | 227,688 | 710,985 | 445,848 | 245,988 | 691,836 | |||||||||||||||||
Total loans | $ | 3,286,845 | $ | 955,782 | $ | 4,242,627 | $ | 3,169,191 | $ | 1,011,332 | $ | 4,180,523 | |||||||||||
Schedule of activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30, Accounting for Certain Loans or Debt Securities Acquired in a Transfer | ' | ||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||
Balance at beginning of period | $ | 2,559 | $ | 8,247 | |||||||||||||||||||
Reclassification from nonaccretable difference for loans with improved cash flows | 1,540 | — | |||||||||||||||||||||
Accretion | (945 | ) | (2,581 | ) | |||||||||||||||||||
Balance at end of period | $ | 3,154 | $ | 5,666 | |||||||||||||||||||
Summary of past due loans | ' | ||||||||||||||||||||||
Business Activities Loans | 30-59 Days | 60-89 Days | Greater | Total Past | Current | Total Loans | Past Due > | ||||||||||||||||
(in thousands) | Past Due | Past Due | Than 90 | Due | 90 days and | ||||||||||||||||||
Days Past | Accruing | ||||||||||||||||||||||
Due | |||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
1-4 family | $ | 2,882 | $ | 101 | $ | 6,240 | $ | 9,223 | $ | 1,022,947 | $ | 1,032,170 | $ | 1,452 | |||||||||
Construction | 127 | — | — | 127 | 19,472 | 19,599 | — | ||||||||||||||||
Total | 3,009 | 101 | 6,240 | 9,350 | 1,042,419 | 1,051,769 | 1,452 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction | — | 174 | 2,558 | 2,732 | 134,955 | 137,687 | — | ||||||||||||||||
Single and multi-family | — | 134 | 1,304 | 1,438 | 60,991 | 62,429 | 685 | ||||||||||||||||
Other commercial real estate | 999 | 2,226 | 7,036 | 10,261 | 915,252 | 925,513 | 639 | ||||||||||||||||
Total | 999 | 2,534 | 10,898 | 14,431 | 1,111,198 | 1,125,629 | 1,324 | ||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Asset based lending | — | — | — | — | 309,699 | 309,699 | — | ||||||||||||||||
Other commercial and industrial loans | 903 | 317 | 1,302 | 2,522 | 313,929 | 316,451 | 62 | ||||||||||||||||
Total | 903 | 317 | 1,302 | 2,522 | 623,628 | 626,150 | 62 | ||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 80 | 502 | 1,646 | 2,228 | 231,293 | 233,521 | 258 | ||||||||||||||||
Auto and other | 487 | 67 | 379 | 933 | 248,843 | 249,776 | 16 | ||||||||||||||||
Total | 567 | 569 | 2,025 | 3,161 | 480,136 | 483,297 | 274 | ||||||||||||||||
Total | $ | 5,478 | $ | 3,521 | $ | 20,465 | $ | 29,464 | $ | 3,257,381 | $ | 3,286,845 | $ | 3,112 | |||||||||
Business Activities Loans | 30-59 Days | 60-89 Days | Greater | Total Past | Current | Total Loans | Past Due > | ||||||||||||||||
(in thousands) | Past Due | Past Due | Than 90 | Due | 90 days and | ||||||||||||||||||
Days Past | Accruing | ||||||||||||||||||||||
Due | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
1-4 family | $ | 2,500 | $ | 623 | $ | 7,382 | $ | 10,505 | $ | 1,017,232 | $ | 1,027,737 | $ | 1,451 | |||||||||
Construction | — | — | 41 | 41 | 18,117 | 18,158 | — | ||||||||||||||||
Total | 2,500 | 623 | 7,423 | 10,546 | 1,035,349 | 1,045,895 | 1,451 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction | 174 | — | 3,176 | 3,350 | 121,897 | 125,247 | — | ||||||||||||||||
Single and multi-family | 139 | 654 | 679 | 1,472 | 62,021 | 63,493 | 168 | ||||||||||||||||
Other commercial real estate | 622 | 4,801 | 6,912 | 12,335 | 858,936 | 871,271 | 865 | ||||||||||||||||
Total | 935 | 5,455 | 10,767 | 17,157 | 1,042,854 | 1,060,011 | 1,033 | ||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Asset based lending | — | — | — | — | 294,241 | 294,241 | — | ||||||||||||||||
Other commercial and industrial loans | 1,136 | 386 | 1,477 | 2,999 | 320,197 | 323,196 | 42 | ||||||||||||||||
Total | 1,136 | 386 | 1,477 | 2,999 | 614,438 | 617,437 | 42 | ||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 732 | 54 | 1,655 | 2,441 | 230,236 | 232,677 | 572 | ||||||||||||||||
Auto and other | 524 | 231 | 390 | 1,145 | 212,026 | 213,171 | 142 | ||||||||||||||||
Total | 1,256 | 285 | 2,045 | 3,586 | 442,262 | 445,848 | 714 | ||||||||||||||||
Total | $ | 5,827 | $ | 6,749 | $ | 21,712 | $ | 34,288 | $ | 3,134,903 | $ | 3,169,191 | $ | 3,240 | |||||||||
Acquired Loans | 30-59 Days | 60-89 Days | Greater | Total Past | Current | Total Loans | Past Due > | ||||||||||||||||
(in thousands) | Past Due | Past Due | Than 90 | Due | 90 days and | ||||||||||||||||||
Days Past | Accruing | ||||||||||||||||||||||
Due | |||||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
1-4 family | $ | 1,877 | $ | 733 | $ | 2,308 | $ | 4,918 | $ | 315,930 | $ | 320,848 | $ | 1,025 | |||||||||
Construction | 36 | 16 | 462 | 514 | 4,640 | 5,154 | 462 | ||||||||||||||||
Total | 1,913 | 749 | 2,770 | 5,432 | 320,570 | 326,002 | 1,487 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction | — | — | 805 | 805 | 6,457 | 7,262 | 805 | ||||||||||||||||
Single and multi-family | 580 | 193 | 1,227 | 2,000 | 61,801 | 63,801 | 508 | ||||||||||||||||
Other commercial real estate | 763 | — | 5,349 | 6,112 | 254,172 | 260,284 | 2,606 | ||||||||||||||||
Total | 1,343 | 193 | 7,381 | 8,917 | 322,430 | 331,347 | 3,919 | ||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Asset based lending | — | — | — | — | 4,374 | 4,374 | — | ||||||||||||||||
Other commercial and industrial loans | 71 | 239 | 1,649 | 1,959 | 64,412 | 66,371 | 478 | ||||||||||||||||
Total | 71 | 239 | 1,649 | 1,959 | 68,786 | 70,745 | 478 | ||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 155 | 450 | 635 | 1,240 | 70,259 | 71,499 | 240 | ||||||||||||||||
Auto and other | 1,400 | 169 | 1,769 | 3,338 | 152,851 | 156,189 | 69 | ||||||||||||||||
Total | 1,555 | 619 | 2,404 | 4,578 | 223,110 | 227,688 | 309 | ||||||||||||||||
Total | $ | 4,882 | $ | 1,800 | $ | 14,204 | $ | 20,886 | $ | 934,896 | $ | 955,782 | $ | 6,193 | |||||||||
Acquired Loans | 30-59 Days | 60-89 Days | Greater | Total Past | Current | Total Loans | Past Due > | ||||||||||||||||
(in thousands) | Past Due | Past Due | Than 90 | Due | 90 days and | ||||||||||||||||||
Days Past | Accruing | ||||||||||||||||||||||
Due | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
1-4 family | $ | 1,891 | $ | 437 | $ | 2,577 | $ | 4,905 | $ | 328,462 | $ | 333,367 | $ | 805 | |||||||||
Construction | 134 | 32 | 625 | 791 | 4,221 | 5,012 | 501 | ||||||||||||||||
Total | 2,025 | 469 | 3,202 | 5,696 | 332,683 | 338,379 | 1,306 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction | — | — | 805 | 805 | 12,965 | 13,770 | 805 | ||||||||||||||||
Single and multi-family | 350 | 188 | 1,335 | 1,873 | 62,954 | 64,827 | 512 | ||||||||||||||||
Other commercial real estate | 537 | 518 | 6,108 | 7,163 | 271,349 | 278,512 | 2,925 | ||||||||||||||||
Total | 887 | 706 | 8,248 | 9,841 | 347,268 | 357,109 | 4,242 | ||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Asset based lending | — | — | — | — | 3,130 | 3,130 | — | ||||||||||||||||
Other commercial and industrial loans | 440 | 135 | 1,239 | 1,814 | 64,912 | 66,726 | 318 | ||||||||||||||||
Total | 440 | 135 | 1,239 | 1,814 | 68,042 | 69,856 | 318 | ||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 425 | 545 | 636 | 1,606 | 72,548 | 74,154 | 35 | ||||||||||||||||
Auto and other | 2,606 | 641 | 1,641 | 4,888 | 166,946 | 171,834 | 82 | ||||||||||||||||
Total | 3,031 | 1,186 | 2,277 | 6,494 | 239,494 | 245,988 | 117 | ||||||||||||||||
Total | $ | 6,383 | $ | 2,496 | $ | 14,966 | $ | 23,845 | $ | 987,487 | $ | 1,011,332 | $ | 5,983 | |||||||||
Summary of information pertaining to non-accrual loans | ' | ||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
(In thousands) | Business | Acquired | Total | Business | Acquired | Total | |||||||||||||||||
Activities Loans | Loans | Activities Loans | Loans | ||||||||||||||||||||
Residential mortgages: | |||||||||||||||||||||||
1-4 family | $ | 4,788 | $ | 1,283 | $ | 6,071 | $ | 5,931 | $ | 1,772 | $ | 7,703 | |||||||||||
Construction | — | — | — | 41 | 123 | 164 | |||||||||||||||||
Total | 4,788 | 1,283 | 6,071 | 5,972 | 1,895 | 7,867 | |||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction | 2,558 | — | 2,558 | 3,176 | — | 3,176 | |||||||||||||||||
Single and multi-family | 619 | 719 | 1,338 | 511 | 823 | 1,334 | |||||||||||||||||
Other commercial real estate | 6,397 | 2,743 | 9,140 | 6,047 | 3,183 | 9,230 | |||||||||||||||||
Total | 9,574 | 3,462 | 13,036 | 9,734 | 4,006 | 13,740 | |||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Other commercial and industrial loans | 1,240 | 1,171 | 2,411 | 1,434 | 921 | 2,355 | |||||||||||||||||
Total | 1,240 | 1,171 | 2,411 | 1,434 | 921 | 2,355 | |||||||||||||||||
Consumer loans: | |||||||||||||||||||||||
Home equity | 1,388 | 395 | 1,783 | 1,083 | 602 | 1,685 | |||||||||||||||||
Auto and other | 363 | 1,700 | 2,063 | 249 | 1,559 | 1,808 | |||||||||||||||||
Total | 1,751 | 2,095 | 3,846 | 1,332 | 2,161 | 3,493 | |||||||||||||||||
Total non-accrual loans | $ | 17,353 | $ | 8,011 | $ | 25,364 | $ | 18,472 | $ | 8,983 | $ | 27,455 | |||||||||||
Schedule of loans evaluated for impairment | ' | ||||||||||||||||||||||
Business Activities Loans | Residential | Commercial | Commercial and | Consumer | Total | ||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||
Balance at end of period | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,116 | $ | 22,148 | $ | 1,148 | $ | 402 | $ | 28,814 | |||||||||||||
Collectively evaluated | 1,046,653 | 1,103,481 | 625,002 | 482,895 | 3,258,031 | ||||||||||||||||||
Total | $ | 1,051,769 | $ | 1,125,629 | $ | 626,150 | $ | 483,297 | $ | 3,286,845 | |||||||||||||
Business Activities Loans | Residential | Commercial | Commercial and | Consumer | Total | ||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||
Balance at end of year | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 6,237 | $ | 22,429 | $ | 1,380 | $ | 515 | $ | 30,561 | |||||||||||||
Collectively evaluated for impairment | 1,039,658 | 1,037,582 | 616,057 | 445,333 | 3,138,630 | ||||||||||||||||||
Total | $ | 1,045,895 | $ | 1,060,011 | $ | 617,437 | $ | 445,848 | $ | 3,169,191 | |||||||||||||
Acquired Loans | Residential | Commercial | Commercial and | Consumer | Total | ||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||
Balance at end of Period | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,032 | $ | 5,800 | $ | 478 | $ | — | $ | 7,310 | |||||||||||||
Collectively evaluated | 324,970 | 325,547 | 70,267 | 227,668 | 948,472 | ||||||||||||||||||
Total | $ | 326,002 | $ | 331,347 | $ | 70,745 | $ | 227,668 | $ | 955,782 | |||||||||||||
Acquired Loans | Residential | Commercial | Commercial and | Consumer | Total | ||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||
Balance at end of year | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,568 | $ | 6,295 | $ | 367 | $ | 154 | $ | 8,384 | |||||||||||||
Collectively evaluated for impairment | 336,811 | 350,814 | 69,489 | 245,834 | 1,002,948 | ||||||||||||||||||
Total | $ | 338,379 | $ | 357,109 | $ | 69,856 | $ | 245,988 | $ | 1,011,332 | |||||||||||||
Summary of impaired loans | ' | ||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||
Business Activities Loans | Recorded Investment | Unpaid Principal | Related Allowance | ||||||||||||||||||||
(In thousands) | Balance | ||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 3,435 | $ | 3,435 | $ | — | |||||||||||||||||
Other commercial real estate loans | 16,141 | 16,141 | — | ||||||||||||||||||||
Commercial real esate - construction | 1,545 | 1,545 | — | ||||||||||||||||||||
Other commercial and industrial loans | 1,094 | 1,094 | — | ||||||||||||||||||||
Consumer - home equity | 238 | 238 | — | ||||||||||||||||||||
Consumer - other | 123 | 123 | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 1,283 | $ | 1,680 | $ | 397 | |||||||||||||||||
Other commercial real estate loans | 2,200 | 3,450 | 1,250 | ||||||||||||||||||||
Commercial real esate - construction | 705 | 1,013 | 308 | ||||||||||||||||||||
Other commercial and industrial loans | — | 54 | 54 | ||||||||||||||||||||
Consumer - home equity | 32 | 41 | 9 | ||||||||||||||||||||
Total | |||||||||||||||||||||||
Residential mortgages | $ | 4,718 | $ | 5,115 | $ | 397 | |||||||||||||||||
Commercial real estate | 20,591 | 22,149 | 1,558 | ||||||||||||||||||||
Commercial and industrial loans | 1,094 | 1,148 | 54 | ||||||||||||||||||||
Consumer | 393 | 402 | 9 | ||||||||||||||||||||
Total impaired loans | $ | 26,796 | $ | 28,814 | $ | 2,018 | |||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||
Acquired Loans | Recorded Investment | Unpaid Principal | Related Allowance | ||||||||||||||||||||
(In thousands) | Balance | ||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 871 | $ | 871 | $ | — | |||||||||||||||||
Other commercial real estate loans | 4,391 | 4,391 | — | ||||||||||||||||||||
Other commercial and industrial loans | 410 | 410 | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 131 | $ | 161 | $ | 30 | |||||||||||||||||
Other commercial real estate loans | 1,159 | 1,409 | 250 | ||||||||||||||||||||
Other commercial and industrial loans | 47 | 68 | 21 | ||||||||||||||||||||
Total | |||||||||||||||||||||||
Residential mortgages | $ | 1,002 | $ | 1,032 | $ | 30 | |||||||||||||||||
Commercial real estate | 5,550 | 5,800 | 250 | ||||||||||||||||||||
Commercial and industrial loans | 457 | 478 | 21 | ||||||||||||||||||||
Total impaired loans | $ | 7,009 | $ | 7,310 | $ | 301 | |||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||
Business Activities Loans | Recorded Investment | Unpaid Principal | Related Allowance | ||||||||||||||||||||
(In thousands) | Balance | ||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 1,575 | $ | 1,575 | $ | — | |||||||||||||||||
Commercial real estate - construction | 3,176 | 3,176 | — | ||||||||||||||||||||
Commercial real estate - single and multifamily | — | — | — | ||||||||||||||||||||
Other commercial real estate loans | 5,587 | 5,587 | — | ||||||||||||||||||||
Other commercial and industrial loans | 8 | 8 | — | ||||||||||||||||||||
Consumer - home equity | 50 | 50 | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 1,926 | $ | 2,831 | $ | 905 | |||||||||||||||||
Commercial real estate - construction | — | — | — | ||||||||||||||||||||
Commercial real estate - single and multifamily | — | — | — | ||||||||||||||||||||
Other commercial real estate loans | (66 | ) | 153 | 219 | |||||||||||||||||||
Other commercial and industrial loans | 514 | 569 | 55 | ||||||||||||||||||||
Consumer - home equity | 142 | 245 | 103 | ||||||||||||||||||||
Total | |||||||||||||||||||||||
Residential mortgages | $ | 3,501 | $ | 4,406 | $ | 905 | |||||||||||||||||
Commercial real estate | 8,697 | 8,916 | 219 | ||||||||||||||||||||
Commercial and industrial loans | 522 | 577 | 55 | ||||||||||||||||||||
Consumer | 192 | 295 | 103 | ||||||||||||||||||||
Total impaired loans | $ | 12,912 | $ | 14,194 | $ | 1,282 | |||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||
Acquired Loans | Recorded Investment | Unpaid Principal | Related Allowance | ||||||||||||||||||||
(In thousands) | Balance | ||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 20 | $ | 20 | $ | — | |||||||||||||||||
Other commercial real estate loans | 1,462 | 1,462 | — | ||||||||||||||||||||
Other commercial and industrial loans | 367 | 367 | — | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 958 | $ | 1,188 | $ | 230 | |||||||||||||||||
Other commercial real estate loans | 1,954 | 2,442 | 488 | ||||||||||||||||||||
Consumer - home equity | 114 | 153 | 39 | ||||||||||||||||||||
Total | |||||||||||||||||||||||
Residential mortgages | $ | 978 | $ | 1,208 | $ | 230 | |||||||||||||||||
Other commercial real estate loans | 3,416 | 3,904 | 488 | ||||||||||||||||||||
Other commercial and industrial loans | 367 | 367 | — | ||||||||||||||||||||
Consumer - home equity | 114 | 153 | 39 | ||||||||||||||||||||
Total impaired loans | $ | 4,875 | $ | 5,632 | $ | 757 | |||||||||||||||||
Summary of the average recorded investment and interest income recognized on impaired loans | ' | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Business Activities Loans | Average Recorded | Cash Basis | Average Recorded | Cash Basis | |||||||||||||||||||
(in thousands) | Investment | Interest Income | Investment | Interest Income | |||||||||||||||||||
Recognized | Recognized | ||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 4,142 | $ | 23 | $ | 2,141 | $ | 20 | |||||||||||||||
Commercial real estate - construction | 1,957 | — | 2,380 | — | |||||||||||||||||||
Other commercial real estate loans | 16,180 | 154 | 3,295 | 10 | |||||||||||||||||||
Commercial and industrial loans | 1,337 | 7 | 70 | — | |||||||||||||||||||
Consumer - home equity | 348 | 1 | 455 | 4 | |||||||||||||||||||
Consumer - other | 124 | 1 | — | — | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 1,774 | $ | 16 | $ | 2,234 | $ | 1 | |||||||||||||||
Commercial real estate - construction | 1,013 | — | 1,938 | — | |||||||||||||||||||
Other commercial real estate loans | 3,450 | — | 2,765 | — | |||||||||||||||||||
Commercial and industrial loans | 55 | 1 | 1,721 | 14 | |||||||||||||||||||
Consumer - home equity | 41 | — | 558 | — | |||||||||||||||||||
Total | |||||||||||||||||||||||
Residential mortgages | $ | 5,916 | $ | 39 | $ | 4,375 | $ | 21 | |||||||||||||||
Commercial real estate | 22,600 | 154 | 10,378 | 10 | |||||||||||||||||||
Commercial and industrial loans | 1,392 | 8 | 1,791 | 14 | |||||||||||||||||||
Consumer loans | 513 | 2 | 1,013 | 4 | |||||||||||||||||||
Total impaired loans | $ | 30,421 | $ | 203 | $ | 17,557 | $ | 49 | |||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | ||||||||||||||||||||||
Acquired Loans | Average Recorded | Cash Basis | Average Recorded | Cash Basis | |||||||||||||||||||
(in thousands) | Investment | Interest Income | Investment | Interest Income | |||||||||||||||||||
Recognized | Recognized | ||||||||||||||||||||||
With no related allowance: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 1,303 | $ | 5 | $ | — | $ | — | |||||||||||||||
Other commercial real estate loans | 4,821 | 25 | 803 | 2 | |||||||||||||||||||
Commercial and industrial loans | 562 | 1 | 181 | — | |||||||||||||||||||
Consumer - home equity | 154 | — | — | — | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||
Residential mortgages - 1-4 family | $ | 162 | $ | — | $ | 861 | $ | — | |||||||||||||||
Other commercial real estate loans | 1,577 | 46 | — | — | |||||||||||||||||||
Commercial and industrial loans | 70 | 2 | — | — | |||||||||||||||||||
Total | |||||||||||||||||||||||
Residential mortgages | $ | 1,465 | $ | 5 | $ | 861 | $ | — | |||||||||||||||
Other commercial real estate loans | 6,398 | 71 | 803 | 2 | |||||||||||||||||||
Commercial and industrial loans | 632 | 3 | 181 | — | |||||||||||||||||||
Consumer loans | 154 | — | — | — | |||||||||||||||||||
Total impaired loans | $ | 8,649 | $ | 79 | $ | 1,845 | $ | 2 | |||||||||||||||
Schedule of recorded investment and number of modifications for TDRs identified during the period | ' | ||||||||||||||||||||||
Modifications by Class | |||||||||||||||||||||||
Three months ending March 31, 2014 | |||||||||||||||||||||||
(Dollars in thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||
Modifications | Outstanding Recorded | Outstanding Recorded | |||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||
Residential - 1-4 Family | 1 | $ | 122 | $ | 119 | ||||||||||||||||||
Modifications by Class | |||||||||||||||||||||||
Three months ending March 31, 2013 | |||||||||||||||||||||||
(Dollars in thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||
Modifications | Outstanding Recorded | Outstanding Recorded | |||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||
Residential- 1-4 Family | 5 | $ | 941 | $ | 941 | ||||||||||||||||||
Commercial - Single and multifamily | 1 | — | 40 | ||||||||||||||||||||
Commercial - Other | 5 | 2,022 | 1,590 | ||||||||||||||||||||
11 | $ | 2,963 | $ | 2,571 | |||||||||||||||||||
Schedule of TDR activity | ' | ||||||||||||||||||||||
Three Months Ending | |||||||||||||||||||||||
March 31, | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | |||||||||||||||||||||
Balance at beginning of the period | $ | 10,822 | $ | 4,626 | |||||||||||||||||||
Principal Payments | (872 | ) | (22 | ) | |||||||||||||||||||
TDR Status Change (1) | (52 | ) | — | ||||||||||||||||||||
Other Reductions (2) | 95 | (485 | ) | ||||||||||||||||||||
Newly Identified TDRs | 119 | 2,571 | |||||||||||||||||||||
Balance at end of the period | $ | 10,112 | $ | 6,690 | |||||||||||||||||||
-1 | TDR Status change classification represents TDR loans with a specified interest rate equal to or greater than the rate that the Company was willing to accept at the time of the restructuring for a new loan with comparable risk and the loan was on current payment status and not impaired based on the terms specified by the restructuring agreement. | ||||||||||||||||||||||
-2 | Other Reductions classification consists of transfer to other real estate owned and charge-offs and advances to loans. |
LOAN_LOSS_ALLOWANCE_Tables
LOAN LOSS ALLOWANCE (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
LOAN LOSS ALLOWANCE | ' | |||||||||||||||||||||||||
Schedule of activity in the allowance for loan losses | ' | |||||||||||||||||||||||||
Business Activities Loans | Residential | Commercial | Commercial and | Consumer | Unallocated | Total | ||||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | |||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 6,937 | $ | 13,705 | $ | 5,173 | $ | 3,644 | $ | 68 | $ | 29,527 | ||||||||||||||
Charged-off loans | 706 | 660 | 189 | 429 | — | 1,984 | ||||||||||||||||||||
Recoveries on charged-off loans | 7 | 1 | 20 | 79 | — | 107 | ||||||||||||||||||||
Provision for loan losses | (575 | ) | 1,900 | (185 | ) | 836 | (248 | ) | 1,728 | |||||||||||||||||
Balance at end of period | $ | 5,663 | $ | 14,946 | $ | 4,819 | $ | 4,130 | $ | (180 | ) | $ | 29,378 | |||||||||||||
Individually evaluated for impairment | 397 | 1,558 | 54 | 9 | — | 2,018 | ||||||||||||||||||||
Collectively evaluated | 5,266 | 13,388 | 4,765 | 4,121 | (180 | ) | 27,360 | |||||||||||||||||||
Total | $ | 5,663 | $ | 14,946 | $ | 4,819 | $ | 4,130 | $ | (180 | ) | $ | 29,378 | |||||||||||||
Business Activities Loans | Residential | Commercial | Commercial and | Consumer | Unallocated | Total | ||||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | |||||||||||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 5,928 | $ | 18,863 | $ | 5,605 | $ | 1,466 | $ | 29 | $ | 31,891 | ||||||||||||||
Charged-off loans | 190 | 720 | 679 | 250 | — | 1,839 | ||||||||||||||||||||
Recoveries on charged-off loans | 16 | 3 | 71 | 36 | — | 126 | ||||||||||||||||||||
Provision for loan losses | 244 | 402 | 194 | 874 | 148 | 1,862 | ||||||||||||||||||||
Balance at end of period | $ | 5,998 | $ | 18,548 | $ | 5,191 | $ | 2,126 | $ | 177 | $ | 32,040 | ||||||||||||||
Individually evaluated for impairment | 765 | 1,374 | 824 | 272 | — | 3,235 | ||||||||||||||||||||
Collectively evaluated | 5,233 | 17,174 | 4,367 | 1,854 | 177 | 28,805 | ||||||||||||||||||||
Total | $ | 5,998 | $ | 18,548 | $ | 5,191 | $ | 2,126 | $ | 177 | $ | 32,040 | ||||||||||||||
Acquired Loans | Residential | Commercial | Commercial and | Consumer | Unallocated | Total | ||||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | |||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 625 | $ | 2,339 | $ | 597 | $ | 235 | $ | — | $ | 3,796 | ||||||||||||||
Charged-off loans | 429 | 447 | 52 | 405 | — | 1,333 | ||||||||||||||||||||
Recoveries on charged-off loans | 73 | 1 | 5 | 14 | — | 93 | ||||||||||||||||||||
Provision for loan losses | 401 | 231 | 548 | 488 | — | 1,668 | ||||||||||||||||||||
Balance at end of period | $ | 670 | $ | 2,124 | $ | 1,098 | $ | 332 | $ | — | $ | 4,224 | ||||||||||||||
Individually evaluated for impairment | 30 | 250 | 21 | — | — | 301 | ||||||||||||||||||||
Collectively evaluated | 640 | 1,874 | 1,077 | 332 | — | 3,923 | ||||||||||||||||||||
Total | $ | 670 | $ | 2,124 | $ | 1,098 | $ | 332 | $ | — | $ | 4,224 | ||||||||||||||
Acquired Loans | Residential | Commercial | Commercial and | Consumer | Unallocated | Total | ||||||||||||||||||||
(In thousands) | mortgages | real estate | industrial loans | |||||||||||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||||
Balance at beginning of period | $ | 509 | $ | 390 | $ | 96 | $ | 314 | $ | 8 | $ | 1,317 | ||||||||||||||
Charged-off loans | 86 | 235 | 25 | 316 | — | 662 | ||||||||||||||||||||
Recoveries on charged-off loans | — | — | 2 | 28 | — | 30 | ||||||||||||||||||||
Provision for loan losses | 95 | 265 | 27 | 307 | (156 | ) | 538 | |||||||||||||||||||
Balance at end of period | $ | 518 | $ | 420 | $ | 100 | $ | 333 | $ | (148 | ) | $ | 1,223 | |||||||||||||
Individually evaluated for impairment | 113 | — | — | — | — | 113 | ||||||||||||||||||||
Collectively evaluated | 405 | 420 | 100 | 333 | (148 | ) | 1,110 | |||||||||||||||||||
Total | 518 | 420 | 100 | 333 | (148 | ) | 1,223 | |||||||||||||||||||
Schedule of loans by risk rating | ' | |||||||||||||||||||||||||
Business Activities Loans | ||||||||||||||||||||||||||
Residential Mortgages | ||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | ||||||||||||||||||||||||||
1-4 family | Construction | Total residential mortgages | ||||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||
Pass | $ | 1,025,829 | $ | 1,019,732 | $ | 19,599 | $ | 18,117 | $ | 1,045,428 | $ | 1,037,849 | ||||||||||||||
Special mention | 101 | 623 | — | — | 101 | 623 | ||||||||||||||||||||
Substandard | 6,240 | 7,382 | — | 41 | 6,240 | 7,423 | ||||||||||||||||||||
Total | $ | 1,032,170 | $ | 1,027,737 | $ | 19,599 | $ | 18,158 | $ | 1,051,769 | $ | 1,045,895 | ||||||||||||||
Commercial Real Estate | ||||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness Category | ||||||||||||||||||||||||||
Construction | Single and multi-family | Other | Total commercial real estate | |||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, | Dec. 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||
Pass | $ | 132,955 | $ | 120,071 | $ | 58,499 | $ | 59,636 | $ | 857,236 | $ | 800,672 | $ | 1,048,690 | $ | 980,379 | ||||||||||
Special mention | — | — | 138 | 140 | 6,164 | 8,150 | 6,302 | 8,290 | ||||||||||||||||||
Substandard | 4,732 | 5,176 | 3,792 | 3,717 | 62,040 | 61,807 | 70,564 | 70,700 | ||||||||||||||||||
Doubtful | — | — | — | — | 73 | 642 | 73 | 642 | ||||||||||||||||||
Total | $ | 137,687 | $ | 125,247 | $ | 62,429 | $ | 63,493 | $ | 925,513 | $ | 871,271 | $ | 1,125,629 | $ | 1,060,011 | ||||||||||
Commercial and Industrial Loans | ||||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness Category | ||||||||||||||||||||||||||
Asset based lending | Other | Total comm. and industrial loans | ||||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||
Pass | $ | 309,699 | $ | 294,241 | $ | 302,755 | $ | 313,984 | $ | 612,454 | $ | 608,225 | ||||||||||||||
Special mention | — | — | 2,751 | 884 | 2,751 | 884 | ||||||||||||||||||||
Substandard | — | — | 10,857 | 7,725 | 10,857 | 7,725 | ||||||||||||||||||||
Doubtful | — | — | 88 | 603 | 88 | 603 | ||||||||||||||||||||
Total | $ | 309,699 | $ | 294,241 | $ | 316,451 | $ | 323,196 | $ | 626,150 | $ | 617,437 | ||||||||||||||
Consumer Loans | ||||||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | ||||||||||||||||||||||||||
Home equity | Auto and other | Total consumer loans | ||||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Performing | $ | 232,133 | $ | 231,594 | $ | 249,413 | $ | 212,922 | $ | 481,546 | $ | 444,516 | ||||||||||||||
Nonperforming | 1,388 | 1,083 | 363 | 249 | 1,751 | 1,332 | ||||||||||||||||||||
Total | $ | 233,521 | $ | 232,677 | $ | 249,776 | $ | 213,171 | $ | 483,297 | $ | 445,848 | ||||||||||||||
Acquired Loans | ||||||||||||||||||||||||||
Residential Mortgages | ||||||||||||||||||||||||||
Credit Risk Profile by Internally Assigned Grade | ||||||||||||||||||||||||||
1-4 family | Construction | Total residential mortgages | ||||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||
Pass | $ | 317,806 | $ | 330,353 | $ | 1,056 | $ | 1,081 | $ | 318,862 | $ | 331,434 | ||||||||||||||
Special mention | 734 | 437 | — | — | 734 | 437 | ||||||||||||||||||||
Substandard | 2,308 | 2,577 | 4,098 | 3,931 | 6,406 | 6,508 | ||||||||||||||||||||
Total | $ | 320,848 | $ | 333,367 | $ | 5,154 | $ | 5,012 | $ | 326,002 | $ | 338,379 | ||||||||||||||
Commercial Real Estate | ||||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness Category | ||||||||||||||||||||||||||
Construction | Single and multi-family | Other | Total commercial real estate | |||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, | Dec. 31, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||
Pass | $ | 4,589 | $ | 7,154 | $ | 46,361 | $ | 46,961 | $ | 237,533 | $ | 254,787 | $ | 288,483 | $ | 308,902 | ||||||||||
Special mention | 347 | — | 4,719 | 4,799 | 8,169 | 9,034 | 13,235 | 13,833 | ||||||||||||||||||
Substandard | 2,326 | 6,616 | 12,721 | 13,067 | 14,582 | 14,691 | 29,629 | 34,374 | ||||||||||||||||||
Total | $ | 7,262 | $ | 13,770 | $ | 63,801 | $ | 64,827 | $ | 260,284 | $ | 278,512 | $ | 331,347 | $ | 357,109 | ||||||||||
Commercial and Industrial Loans | ||||||||||||||||||||||||||
Credit Risk Profile by Creditworthiness Category | ||||||||||||||||||||||||||
Asset based lending | Other | Total comm. and industrial loans | ||||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||
Pass | $ | 4,374 | $ | 3,130 | $ | 58,361 | $ | 59,615 | $ | 62,735 | $ | 62,745 | ||||||||||||||
Special mention | — | — | 3,467 | 2,396 | 3,467 | 2,396 | ||||||||||||||||||||
Substandard | — | — | 4,543 | 4,715 | 4,543 | 4,715 | ||||||||||||||||||||
Total | $ | 4,374 | $ | 3,130 | $ | 66,371 | $ | 66,726 | $ | 70,745 | $ | 69,856 | ||||||||||||||
Consumer Loans | ||||||||||||||||||||||||||
Credit Risk Profile Based on Payment Activity | ||||||||||||||||||||||||||
Home equity | Auto and other | Total consumer loans | ||||||||||||||||||||||||
(In thousands) | Mar. 31, | Dec. 31, | Mar. 31, | Dec. 31, | Mar. 31, 2014 | Dec. 31, 2013 | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Performing | $ | 71,104 | $ | 73,552 | $ | 154,490 | $ | 170,275 | $ | 225,594 | $ | 243,827 | ||||||||||||||
Nonperforming | 395 | 602 | 1,699 | 1,559 | 2,094 | 2,161 | ||||||||||||||||||||
Total | $ | 71,499 | $ | 74,154 | $ | 156,189 | $ | 171,834 | $ | 227,688 | $ | 245,988 | ||||||||||||||
Summary of information about total loans rated special mention or lower | ' | |||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Business | Acquired | Total | Business | Acquired | Total | ||||||||||||||||||||
Activities Loans | Loans | Activities Loans | Loans | |||||||||||||||||||||||
Non-Accrual | $ | 17,353 | $ | 8,011 | $ | 25,364 | $ | 18,472 | $ | 8,983 | $ | 27,455 | ||||||||||||||
Substandard Accruing | 72,494 | 34,971 | 107,465 | 70,667 | 38,891 | 109,558 | ||||||||||||||||||||
Total Classified | 89,847 | 42,982 | 132,829 | 89,139 | 47,874 | 137,013 | ||||||||||||||||||||
Special Mention | 9,724 | 18,054 | 27,778 | 10,081 | 17,853 | 27,934 | ||||||||||||||||||||
Total Criticized | $ | 99,571 | $ | 61,036 | $ | 160,607 | $ | 99,220 | $ | 65,727 | $ | 164,947 |
DEPOSITS_Tables
DEPOSITS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
DEPOSITS | ' | |||||||
Summary of time deposits | ' | |||||||
(In thousands) | March 31, 2014 | December 31, 2013 | ||||||
Time less than $100,000 | $ | 535,983 | $ | 490,902 | ||||
Time $100,000 or more | 539,757 | 510,746 | ||||||
Total time deposits | $ | 1,075,740 | $ | 1,001,648 |
BORROWED_FUNDS_Tables
BORROWED FUNDS (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
BORROWED FUNDS | ' | |||||||||||
Schedule of borrowed funds | ' | |||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||
Weighted | Weighted | |||||||||||
Average | Average | |||||||||||
(dollars in thousands) | Principal | Rate | Principal | Rate | ||||||||
Short-term borrowings: | ||||||||||||
Advances from the FHLBB | $ | 914,950 | 0.21 | % | $ | 862,510 | 0.22 | % | ||||
Other Borrowings | — | — | 10,000 | 1.92 | ||||||||
Total short-term borrowings: | 914,950 | 0.21 | 872,510 | 0.24 | ||||||||
Long-term borrowings: | ||||||||||||
Advances from the FHLBB | 21,797 | 2.44 | 101,918 | 1.23 | ||||||||
Subordinated borrowings | 74,232 | 7 | 74,215 | 7 | ||||||||
Junior subordinated borrowings | 15,464 | 2.09 | 15,464 | 2.09 | ||||||||
Total long-term borrowings: | 111,493 | 5.43 | 191,597 | 3.53 | ||||||||
Total | $ | 1,026,443 | 0.78 | % | $ | 1,064,107 | 0.83 | % | ||||
Summary of maturities of FHLBB advances | ' | |||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||
Weighted | Weighted | |||||||||||
Average | Average | |||||||||||
(in thousands, except rates) | Principal | Rate | Principal | Rate | ||||||||
Fixed rate advances maturing: | ||||||||||||
2014 | $ | 924,900 | 0.22 | % | $ | 882,525 | 0.28 | % | ||||
2015 | — | — | — | — | ||||||||
2016 | 1,567 | 0.88 | 1,583 | 0.79 | ||||||||
2017 | 5,000 | 4.33 | 5,000 | 4.33 | ||||||||
2018 and beyond | 5,280 | 3.83 | 5,320 | 3.83 | ||||||||
Total fixed rate advances | $ | 936,747 | 0.27 | % | $ | 894,428 | 0.35 | % | ||||
Variable rate advances maturing: | ||||||||||||
2014 | $ | — | — | % | $ | 10,000 | 0.32 | % | ||||
2015 | — | — | 20,000 | 0.3 | ||||||||
2016 | — | — | 10,000 | 0.3 | ||||||||
2017 | — | — | — | — | ||||||||
2018 and beyond | — | — | 30,000 | 0.3 | ||||||||
Total variable rate advances | $ | — | — | % | $ | 70,000 | 0.3 | % | ||||
Total FHLBB advances | $ | 936,747 | 0.27 | % | $ | 964,428 | 0.32 | % |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||
Schedule of actual and required capital ratios | ' | ||||||||||||||||
FDIC Minimum | |||||||||||||||||
March 31, 2014 | December 31, 2013 | to be Well Capitalized | |||||||||||||||
Total capital to risk weighted assets | 11.2 | % | 11.6 | % | 10 | % | |||||||||||
Tier 1 capital to risk weighted assets | 9.5 | 10 | 6 | ||||||||||||||
Tier 1 capital to average assets | 7.4 | 8 | 5 | ||||||||||||||
Schedule of components of accumulated other comprehensive loss | ' | ||||||||||||||||
(In thousands) | March 31, 2014 | December 31, 2013 | |||||||||||||||
Other accumulated comprehensive income (loss), before tax: | |||||||||||||||||
Net unrealized holding loss on AFS securities | $ | (3,274 | ) | $ | (9,294 | ) | |||||||||||
Net gain (loss) on effective cash flow hedging derivatives | 2,244 | (2,289 | ) | ||||||||||||||
Net loss on terminated swap | — | (3,237 | ) | ||||||||||||||
Net unrealized holding loss on pension plans | 17 | 17 | |||||||||||||||
Income taxes related to items of accumulated other comprehensive (loss) income: | |||||||||||||||||
Net unrealized holding loss on AFS securities | 1,298 | 3,518 | |||||||||||||||
Net gain (loss) on effective cash flow hedging derivatives | (909 | ) | 923 | ||||||||||||||
Net loss on terminated swap | — | 1,312 | |||||||||||||||
Net unrealized holding loss on pension plans | (7 | ) | (7 | ) | |||||||||||||
Accumulated other comprehensive loss | $ | (631 | ) | $ | (9,057 | ) | |||||||||||
Schedule of components of other comprehensive loss | ' | ||||||||||||||||
(In thousands) | Before Tax | Tax Effect | Net of Tax | ||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Net unrealized holding gain on AFS securities: | |||||||||||||||||
Net unrealized gain arising during the period | $ | 6,055 | $ | (2,233 | ) | $ | 3,822 | ||||||||||
Less: reclassification adjustment for (gains) realized in net income | (34 | ) | 12 | (22 | ) | ||||||||||||
Net unrealized holding gain on AFS securities | 6,021 | (2,221 | ) | 3,800 | |||||||||||||
Net gain on cash flow hedging derivatives: | |||||||||||||||||
Net unrealized (losses) arising during the period | (860 | ) | 368 | (492 | ) | ||||||||||||
Less: reclassification adjustment for losses realized in net income | 5,393 | (2,200 | ) | 3,193 | |||||||||||||
Net gain on cash flow hedging derivatives | 4,533 | (1,832 | ) | 2,701 | |||||||||||||
Net gain on terminated swap: | |||||||||||||||||
Net unrealized loss arising during the period | — | — | — | ||||||||||||||
Less: reclassification adjustment for losses realized in net income | 3,237 | (1,312 | ) | 1,925 | |||||||||||||
Net gain on terminated swap | 3,237 | (1,312 | ) | 1,925 | |||||||||||||
Other Comprehensive Loss | $ | 13,791 | $ | (5,365 | ) | $ | 8,426 | ||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
Net unrealized holding gain on AFS securities: | |||||||||||||||||
Net unrealized gain arising during the period | $ | 733 | $ | (321 | ) | $ | 412 | ||||||||||
Less: reclassification adjustment for losses realized in net income | — | — | — | ||||||||||||||
Net unrealized holding gain on AFS securities | 733 | (321 | ) | 412 | |||||||||||||
Net gain on cash flow hedging derivatives: | |||||||||||||||||
Net unrealized gain arising during the period | 431 | (167 | ) | 264 | |||||||||||||
Less: reclassification adjustment for losses realized in net income | 1,012 | (408 | ) | 604 | |||||||||||||
Net gain on cash flow hedging derivatives | 1,443 | (575 | ) | 868 | |||||||||||||
Net gain on terminated swap: | |||||||||||||||||
Net unrealized loss arising during the period | — | — | — | ||||||||||||||
Less: reclassification adjustment for losses realized in net income | 236 | (208 | ) | 28 | |||||||||||||
Net gain on terminated swap | 236 | (208 | ) | 28 | |||||||||||||
Other Comprehensive Loss | $ | 2,412 | $ | (1,104 | ) | $ | 1,308 | ||||||||||
Schedule of gross changes in each component of accumulated other comprehensive income | ' | ||||||||||||||||
Net unrealized | Net loss on | Net loss | Net unrealized | ||||||||||||||
holding (loss) gain | effective cash | on | holding loss | ||||||||||||||
on AFS | flow hedging | terminated | on | ||||||||||||||
(in thousands) | Securities | derivatives | swap | pension plans | Total | ||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Balance at Beginning of Period | $ | (5,776 | ) | $ | (1,366 | ) | $ | (1,925 | ) | $ | 10 | $ | (9,057 | ) | |||
Other Comprehensive Loss Before reclassifications | 3,822 | -492 | — | — | 3,330 | ||||||||||||
Amounts Reclassified from Accumulated other comprehensive income | (22 | ) | 3,193 | 1,925 | — | 5,096 | |||||||||||
Total Other Comprehensive Income | 3,800 | 2,701 | 1,925 | — | 8,426 | ||||||||||||
Balance at End of Period | $ | (1,976 | ) | $ | 1,335 | $ | — | $ | 10 | $ | (631 | ) | |||||
Three Months Ended March 31, 2013 | |||||||||||||||||
Balance at Beginning of Period | $ | 6,712 | $ | (6,558 | ) | $ | (2,378 | ) | $ | (755 | ) | $ | (2,979 | ) | |||
Other Comprehensive Loss Before reclassifications | 412 | 264 | — | — | 676 | ||||||||||||
Amounts Reclassified from Accumulated other comprehensive income | — | 604 | 28 | — | 632 | ||||||||||||
Total Other Comprehensive Income | 412 | 868 | 28 | — | 1,308 | ||||||||||||
Balance at End of Period | $ | 7,124 | $ | (5,690 | ) | $ | (2,350 | ) | $ | (755 | ) | $ | (1,671 | ) | |||
Schedule of amounts reclassified out of each component of accumulated other comprehensive income | ' | ||||||||||||||||
Affected Line Item in the | |||||||||||||||||
Three Months Ended March 31, | Statement where Net Income | ||||||||||||||||
(in thousands) | 2014 | 2013 | is Presented | ||||||||||||||
Realized (gains) on AFS securities: | |||||||||||||||||
$ | (34 | ) | $ | — | Non-interest income | ||||||||||||
12 | — | Tax expense | |||||||||||||||
(22 | ) | — | Net of tax | ||||||||||||||
Realized losses on cash flow hedging derivatives: | |||||||||||||||||
5,393 | 1,012 | Non-interest income | |||||||||||||||
(2,200 | ) | (408 | ) | Tax expense | |||||||||||||
3,193 | 604 | Net of tax | |||||||||||||||
Realized losses on terminated swap: | |||||||||||||||||
3,237 | 236 | Non-interest income | |||||||||||||||
(1,312 | ) | (208 | ) | Tax expense | |||||||||||||
1,925 | 28 | Net of tax | |||||||||||||||
Total reclassifications for the period | $ | 5,096 | $ | 632 | Net of tax |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
EARNINGS PER SHARE | ' | |||||||
Schedule of earnings per share | ' | |||||||
Three Months Ended March 31, | ||||||||
(In thousands, except per share data) | 2014 | 2013 | ||||||
Net (loss) income | $ | (1,106 | ) | $ | 10,465 | |||
Average number of common shares issued | 26,525 | 26,525 | ||||||
Less: average number of treasury shares | 1,425 | 1,260 | ||||||
Less: average number of unvested stock award shares | 402 | 317 | ||||||
Average number of basic common shares outstanding | 24,698 | 24,948 | ||||||
Plus: dilutive effect of unvested stock award shares | — | 73 | ||||||
Plus: dilutive effect of stock options outstanding | — | 122 | ||||||
Average number of diluted common shares outstanding | 24,698 | 25,143 | ||||||
(Loss) earnings per share: | ||||||||
Basic | $ | (0.04 | ) | $ | 0.42 | |||
Diluted | $ | (0.04 | ) | $ | 0.42 |
STOCKBASED_COMPENSATION_PLANS_
STOCK-BASED COMPENSATION PLANS (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
STOCK-BASED COMPENSATION PLANS | ' | |||||||||||
Summary of activity in the stock award and stock option plans | ' | |||||||||||
Non-vested Stock | ||||||||||||
Awards Outstanding | Stock Options Outstanding | |||||||||||
Weighted- | Weighted- | |||||||||||
Average | Average | |||||||||||
Number of | Grant Date | Number of | Exercise | |||||||||
(Shares in thousands) | Shares | Fair Value | Shares | Price | ||||||||
Balance, December 31, 2013 | 334 | $ | 23.26 | 442 | $ | 20.41 | ||||||
Granted | 126 | 25 | — | — | ||||||||
Stock options exercised | — | — | (61 | ) | 11.83 | |||||||
Stock awards vested | (62 | ) | 22.75 | — | — | |||||||
Forfeited | (1 | ) | 21.22 | — | — | |||||||
Expired | — | — | (60 | ) | 37.41 | |||||||
Balance, March 31, 2014 | 397 | $ | 24.31 | 321 | $ | 20.16 | ||||||
Exercisable options, March 31, 2014 | 321 | $ | 20.17 | |||||||||
OPERATING_SEGMENTS_Tables
OPERATING SEGMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
OPERATING SEGMENTS | ' | ||||||||||||||||
Summary of the operating segments | ' | ||||||||||||||||
(In thousands) | Banking | Insurance | Parent | Eliminations | Total Consolidated | ||||||||||||
Three months ended March 31, 2014 | |||||||||||||||||
Net interest income (expense) | $ | 43,712 | $ | — | $ | (946 | ) | $ | — | $ | 42,766 | ||||||
Provision for loan losses | 3,396 | — | — | — | 3,396 | ||||||||||||
Non-interest income (expense) | 1,374 | 3,049 | (252 | ) | 252 | 4,423 | |||||||||||
Non-interest expense | 42,574 | 2,322 | 464 | — | 45,360 | ||||||||||||
(Loss) income before income taxes | (884 | ) | 727 | (1,662 | ) | 252 | (1,567 | ) | |||||||||
Income tax (benefit) expense | (192 | ) | 287 | (556 | ) | — | (461 | ) | |||||||||
Net (loss) income | $ | (692 | ) | $ | 440 | $ | (1,106 | ) | $ | 252 | $ | (1,106 | ) | ||||
Average assets (in millions) | $ | 5,829 | $ | 26 | $ | 722 | $ | (726 | ) | $ | 5,851 | ||||||
Three months ended March 31, 2013 | |||||||||||||||||
Net interest income | $ | 42,901 | $ | — | $ | 6,036 | $ | (7,000 | ) | $ | 41,937 | ||||||
Provision for loan losses | 2,400 | — | — | — | 2,400 | ||||||||||||
Non-interest income | 11,801 | 2,997 | 4,463 | (4,463 | ) | 14,798 | |||||||||||
Non-interest expense | 36,670 | 2,151 | 662 | — | 39,483 | ||||||||||||
Income before income taxes | 15,632 | 846 | 9,837 | (11,463 | ) | 14,852 | |||||||||||
Income tax expense (benefit) | 4,705 | 310 | (628 | ) | — | 4,387 | |||||||||||
Net income | $ | 10,927 | $ | 536 | $ | 10,465 | $ | (11,463 | ) | $ | 10,465 | ||||||
Average assets (in millions) | $ | 5,203 | $ | 27 | $ | 755 | $ | (745 | ) | $ | 5,240 |
DERIVATIVE_FINANCIAL_INSTRUMEN1
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | ' | |||||||||||||||||||
Schedule of derivative assets and liabilities | ' | |||||||||||||||||||
Information about derivative assets and liabilities at March 31, 2014, follows: | ||||||||||||||||||||
Weighted | Weighted Average Rate | Estimated | ||||||||||||||||||
Notional | Average | Contract | Fair Value | |||||||||||||||||
Amount | Maturity | Received | pay rate | Asset (Liability) | ||||||||||||||||
(In thousands) | (In years) | (In thousands) | ||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Forward-starting interest rate swaps on FHLBB borrowings | $ | 300,000 | 5 | — | 2.29 | % | $ | 2,319 | ||||||||||||
Interest rate swaps on junior subordinated notes | 15,000 | 0.1 | 2.09 | % | 5.54 | % | (75 | ) | ||||||||||||
Total cash flow hedges | 315,000 | 2,244 | ||||||||||||||||||
Economic hedges: | ||||||||||||||||||||
Interest rate swap on tax advantaged economic development bond | 12,960 | 15.7 | 0.52 | % | 5.09 | % | (2,121 | ) | ||||||||||||
Interest rate swaps on loans with commercial loan customers | 212,530 | 5.3 | 2.37 | % | 4.61 | % | (6,714 | ) | ||||||||||||
Reverse interest rate swaps on loans with commercial loan customers | 212,530 | 5.3 | 4.61 | % | 2.37 | % | 6,717 | |||||||||||||
Forward sale commitments | 30,270 | 0.2 | (108 | ) | ||||||||||||||||
Total economic hedges | 468,290 | (2,226 | ) | |||||||||||||||||
Non-hedging derivatives: | ||||||||||||||||||||
Interest rate lock commitments | 22,075 | 0.2 | 377 | |||||||||||||||||
Total non-hedging derivatives | 22,075 | 377 | ||||||||||||||||||
Total | $ | 805,365 | $ | 395 | ||||||||||||||||
Information about derivative assets and liabilities at December 31, 2013, follows: | ||||||||||||||||||||
Weighted | Weighted Average Rate | Estimated | ||||||||||||||||||
Notional | Average | Contract | Fair Value | |||||||||||||||||
Amount | Maturity | Received | pay rate | Asset (Liability) | ||||||||||||||||
(In thousands) | (In years) | (In thousands) | ||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Interest rate swaps on FHLBB borrowings | $ | 150,000 | 2.5 | 0.25 | % | 2.61 | % | $ | (3,102 | ) | ||||||||||
Forward-starting interest rate swaps on FHLBB borrowings | 260,000 | 4.5 | — | 1.88 | % | 1,015 | ||||||||||||||
Interest rate swaps on junior subordinated notes | 15,000 | 0.4 | 2.09 | % | 5.54 | % | (203 | ) | ||||||||||||
Total cash flow hedges | 425,000 | (2,290 | ) | |||||||||||||||||
Economic hedges: | ||||||||||||||||||||
Interest rate swap on tax advantaged economic development bond | 13,095 | 15.9 | 0.54 | % | 5.09 | % | (1,889 | ) | ||||||||||||
Interest rate swaps on loans with commercial loan customers | 206,933 | 5.4 | 2.44 | % | 4.68 | % | (6,278 | ) | ||||||||||||
Reverse interest rate swaps on loans with commercial loan customers | 206,933 | 5.4 | 4.68 | % | 2.44 | % | 6,286 | |||||||||||||
Forward sale commitments | 32,911 | 0.2 | 261 | |||||||||||||||||
Total economic hedges | 459,872 | (1,620 | ) | |||||||||||||||||
Non-hedging derivatives: | ||||||||||||||||||||
Interest rate lock commitments | 20,199 | 0.2 | 258 | |||||||||||||||||
Total non-hedging derivatives | 20,199 | 258 | ||||||||||||||||||
Total | $ | 905,071 | $ | (3,652 | ) | |||||||||||||||
Schedule of amounts included in the consolidated statements of income and in the other comprehensive income section of the consolidated statements of comprehensive income (related to interest rate derivatives designated as hedges of cash flows), | ' | |||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||
Interest rate swaps on FHLBB borrowings: | ||||||||||||||||||||
Unrealized (loss) gain recognized in accumulated other comprehensive loss | $ | (785 | ) | $ | 306 | |||||||||||||||
Reclassification of unrealized (loss) gain from accumulated other comprehensive loss to interest expense | — | 1,011 | ||||||||||||||||||
Reclassification of unrealized loss from accumulated other comprehensive loss to other non-interest income for termination of swaps | 8,630 | 236 | ||||||||||||||||||
Reclassification of unrealized deferred tax benefit from accumulated other comprehensive loss to tax expense for terminated swaps | (3,611 | ) | (208 | ) | ||||||||||||||||
Net tax benefit (expense) on items recognized in accumulated other comprehensive loss | 314 | (522 | ) | |||||||||||||||||
Interest rate swaps on junior subordinated debentures: | ||||||||||||||||||||
Unrealized loss recognized in accumulated other comprehensive loss | (1 | ) | (1 | ) | ||||||||||||||||
Reclassification of unrealized loss from accumulated other comprehensive loss to interest expense | 129 | 127 | ||||||||||||||||||
Net tax expense on items recognized in accumulated other comprehensive loss | (51 | ) | (54 | ) | ||||||||||||||||
Other comprehensive income recorded in accumulated other comprehensive loss, net of reclassification adjustments and tax effects | $ | 4,625 | $ | 895 | ||||||||||||||||
Net interest expense recognized in interest expense on hedged FHLBB borrowings | $ | — | $ | 1,243 | ||||||||||||||||
Net interest expense recognized in interest expense on junior subordinated notes | $ | 129 | $ | 127 | ||||||||||||||||
Schedule of amounts included in the consolidated statements of income related to economic hedges and non-hedging derivatives | ' | |||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
(In thousands) | 2014 | 2013 | ||||||||||||||||||
Economic hedges | ||||||||||||||||||||
Interest rate swap on industrial revenue bond: | ||||||||||||||||||||
Unrealized (loss) gain recognized in other non-interest income | $ | (381 | ) | $ | 107 | |||||||||||||||
Interest rate swaps on loans with commercial loan customers: | ||||||||||||||||||||
Unrealized gain recognized in other non-interest income | 187 | 1,554 | ||||||||||||||||||
Reverse interest rate swaps on loans with commercial loan customers: | ||||||||||||||||||||
Unrealized loss recognized in other non-interest income | (187 | ) | (1,554 | ) | ||||||||||||||||
Favorable change in credit valuation adjustment recognized in other non-interest income | 7 | 78 | ||||||||||||||||||
Forward Commitments: | ||||||||||||||||||||
Unrealized loss recognized in other non-interest income | (108 | ) | (550 | ) | ||||||||||||||||
Realized gain in other non-interest income | (164 | ) | 1,055 | |||||||||||||||||
Non-hedging derivatives | ||||||||||||||||||||
Interest rate lock commitments | ||||||||||||||||||||
Unrealized gain recognized in other non-interest income | 377 | 2,758 | ||||||||||||||||||
Realized gain in other non-interest income | $ | 469 | $ | 1,240 | ||||||||||||||||
Schedule of assets subject to an enforceable master netting arrangement | ' | |||||||||||||||||||
Net Amounts | ||||||||||||||||||||
Gross | Gross Amounts | of Assets | Gross Amounts Not Offset in | |||||||||||||||||
Amounts of | Offset in the | Presented in the | the Statements of Condition | |||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | ||||||||||||||||
(in thousands) | Assets | Condition | Condition | Instruments | Collateral Received | Net Amount | ||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||
Institutional counterparties | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Commercial counterparties | 7,140 | — | 7,140 | — | — | 7,140 | ||||||||||||||
Total | $ | 7,140 | $ | — | $ | 7,140 | $ | — | $ | — | $ | 7,140 | ||||||||
Net Amounts | ||||||||||||||||||||
Gross | Gross Amounts | of Assets | Gross Amounts Not Offset in | |||||||||||||||||
Amounts of | Offset in the | Presented in the | the Statements of Condition | |||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | ||||||||||||||||
(in thousands) | Assets | Condition | Condition | Instruments | Collateral Received | Net Amount | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||
Institutional counterparties | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Commercial counterparties | 7,799 | — | 7,799 | — | — | 7,799 | ||||||||||||||
Total | $ | 7,799 | $ | — | $ | 7,799 | $ | — | $ | — | $ | 7,799 | ||||||||
Schedule of liabilities subject to an enforceable master netting arrangement | ' | |||||||||||||||||||
Net Amounts | ||||||||||||||||||||
Gross | Gross Amounts | of Liabilities | Gross Amounts Not Offset in | |||||||||||||||||
Amounts of | Offset in the | Presented in the | the Statements of Condition | |||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | ||||||||||||||||
(in thousands) | Liabilities | Condition | Condition | Instruments | Collateral Pledged | Net Amount | ||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||
Institutional counterparties | $ | (9,396 | ) | $ | 2,794 | $ | (6,602 | ) | $ | 4,902 | $ | 1,700 | $ | — | ||||||
Commercial counterparties | (423 | ) | — | (423 | ) | — | — | (423 | ) | |||||||||||
Total | $ | (9,819 | ) | $ | 2,794 | $ | (7,025 | ) | $ | 4,902 | $ | 1,700 | $ | (423 | ) | |||||
Net Amounts | ||||||||||||||||||||
Gross | Gross Amounts | of Liabilities | Gross Amounts Not Offset in | |||||||||||||||||
Amounts of | Offset in the | Presented in the | the Statements of Condition | |||||||||||||||||
Recognized | Statements of | Statements of | Financial | Cash | ||||||||||||||||
(in thousands) | Liabilities | Condition | Condition | Instruments | Collateral Pledged | Net Amount | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||
Interest Rate Swap Agreements: | ||||||||||||||||||||
Institutional counterparties | $ | (13,157 | ) | $ | 1,913 | $ | (11,244 | ) | $ | 9,544 | $ | 1,700 | $ | — | ||||||
Commercial counterparties | (720 | ) | — | (720 | ) | — | — | (720 | ) | |||||||||||
Total | $ | (13,877 | ) | $ | 1,913 | $ | (11,964 | ) | $ | 9,544 | $ | 1,700 | $ | (720 | ) |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
Summary of financial assets and financial liabilities measured at fair value on a recurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value | ' | ||||||||||||||||
March 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In thousands) | Inputs | Inputs | Inputs | Fair Value | |||||||||||||
Trading security | $ | — | $ | — | $ | 14,923 | $ | 14,923 | |||||||||
Available-for-sale securities: | |||||||||||||||||
Municipal bonds and obligations | — | 137,192 | — | 137,192 | |||||||||||||
Governmentguaranteed residential mortgage-backed securities | — | 83,686 | — | 83,686 | |||||||||||||
Government-sponsored residential mortgage-backed securities | — | 718,898 | — | 718,898 | |||||||||||||
Corporate bonds | — | 40,121 | — | 40,121 | |||||||||||||
Trust preferred securities | — | 14,418 | 1,340 | 15,758 | |||||||||||||
Other bonds and obligations | — | 3,129 | — | 3,129 | |||||||||||||
Marketable equity securities | 33,790 | 357 | 706 | 34,853 | |||||||||||||
Loans held for sale | — | 7,669 | — | 7,669 | |||||||||||||
Derivative assets | — | 9,934 | 377 | 10,311 | |||||||||||||
Derivative liabilities | 13 | 9,710 | 96 | 9,819 | |||||||||||||
December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(In thousands) | Inputs | Inputs | Inputs | Fair Value | |||||||||||||
Trading security | $ | — | $ | — | $ | 14,840 | $ | 14,840 | |||||||||
Available-for-sale securities: | |||||||||||||||||
Municipal bonds and obligations | — | 77,671 | — | 77,671 | |||||||||||||
Government guaranteed residential mortgage-backed securities | — | 78,771 | — | 78,771 | |||||||||||||
Government-sponsored residential mortgage-backed securities | — | 522,658 | — | 522,658 | |||||||||||||
Corporate bonds | — | 39,280 | — | 39,280 | |||||||||||||
Trust preferred securities | — | 15,372 | 1,239 | 16,611 | |||||||||||||
Other bonds and obligations | — | 3,084 | — | 3,084 | |||||||||||||
Marketable equity securities | 20,891 | 357 | 725 | 21,973 | |||||||||||||
Loans Held for Sale | — | 15,840 | — | 15,840 | |||||||||||||
Derivative assets | 242 | 7,799 | 277 | 8,318 | |||||||||||||
Derivative liabilities | — | 11,964 | — | 11,964 | |||||||||||||
Schedule of loans held for sale | ' | ||||||||||||||||
March 31, 2014 | |||||||||||||||||
Aggregate Fair Value | |||||||||||||||||
Aggregate | Aggregate | Less Aggregate | |||||||||||||||
(In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | ||||||||||||||
Loans Held for Sale | $ | 7,669 | $ | 7,430 | $ | 239 | |||||||||||
December 31, 2013 | |||||||||||||||||
Aggregate Fair Value | |||||||||||||||||
Aggregate | Aggregate | Less Aggregate | |||||||||||||||
(In thousands) | Fair Value | Unpaid Principal | Unpaid Principal | ||||||||||||||
Loans Held for Sale | $ | 15,840 | $ | 15,641 | $ | 199 | |||||||||||
Schedule of changes in level 3 assets and liabilities that were measured at fair value on a recurring basis | ' | ||||||||||||||||
Assets (Liabilities) | |||||||||||||||||
Securities | Interest Rate | ||||||||||||||||
Trading | Available | Lock | Forward | ||||||||||||||
(In thousands) | Security | for Sale | Commitments | Commitments | |||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Balance as of December 31, 2013 | $ | 14,840 | $ | 1,964 | $ | 258 | $ | 19 | |||||||||
Purchase of Marketable Equity Security | — | — | — | — | |||||||||||||
Unrealized (loss) gain, net recognized in other non-interest income | 218 | — | 719 | (115 | ) | ||||||||||||
Unrealized gain included in accumulated other comprehensive loss | — | 82 | — | — | |||||||||||||
Paydown of trading security | (135 | ) | — | — | — | ||||||||||||
Transfers to held for sale loans | — | — | (600 | ) | — | ||||||||||||
Balance as of March 31, 2014 | $ | 14,923 | $ | 2,046 | $ | 377 | $ | (96 | ) | ||||||||
Unrealized gains (losses) relating to instruments still held at March 31, 2014 | $ | 1,962 | $ | (1,288 | ) | $ | 377 | $ | (96 | ) | |||||||
Assets (Liabilities) | |||||||||||||||||
Securities | Interest Rate | ||||||||||||||||
Trading | Available | Lock | Forward | ||||||||||||||
(In thousands) | Security | for Sale | Commitments | Commitments | |||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
Balance as of December 31, 2012 | $ | 16,893 | $ | 885 | $ | 6,258 | $ | (1,055 | ) | ||||||||
Greenpark Acquisition | — | 770 | — | — | |||||||||||||
Unrealized (loss) gain recognized in other non-interest income | (280 | ) | — | 3,998 | 538 | ||||||||||||
Unrealized loss included in accumulated other comprehensive loss | — | 13 | — | — | |||||||||||||
Paydown of trading security | (128 | ) | — | — | — | ||||||||||||
Transfers to held for sale loans | — | — | (7,498 | ) | — | ||||||||||||
Balance as of March 31, 2013 | $ | 16,485 | $ | 1,668 | $ | 2,758 | $ | (517 | ) | ||||||||
Unrealized gains (losses) relating to instruments still held at March 31, 2013 | $ | 3,004 | $ | (1,704 | ) | $ | 2,758 | $ | (517 | ) | |||||||
Summary of applicable non-recurring fair value measurements | ' | ||||||||||||||||
March 31, 2014 | December 31, 2013 | Three months ended | |||||||||||||||
March 31, 2014 | |||||||||||||||||
Level 3 | Level 3 | Total | |||||||||||||||
(In thousands) | Inputs | Inputs | Gains (Losses) | ||||||||||||||
Assets | |||||||||||||||||
Impaired loans | $ | 5,557 | $ | 5,542 | $ | 15 | |||||||||||
Capitalized mortgage servicing rights | 3,922 | 4,112 | — | ||||||||||||||
Other real estate owned | 2,418 | 2,995 | (208 | ) | |||||||||||||
Total | $ | 11,897 | $ | 12,649 | $ | (193 | ) | ||||||||||
Summary of estimated fair values, and related carrying amounts, of financial instruments | ' | ||||||||||||||||
March 31, 2014 | |||||||||||||||||
Carrying | Fair | ||||||||||||||||
(In thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Financial Assets | |||||||||||||||||
Cash and cash equivalents | $ | 72,673 | $ | 72,673 | $ | 72,673 | $ | — | $ | — | |||||||
Trading security | 14,923 | 14,923 | — | — | 14,923 | ||||||||||||
Securities available for sale | 1,033,637 | 1,033,637 | 33,790 | 997,801 | 2,046 | ||||||||||||
Securities held to maturity | 43,159 | 44,191 | — | — | 44,191 | ||||||||||||
Restricted equity securities | 53,124 | 53,124 | — | 53,124 | — | ||||||||||||
Net loans | 4,209,025 | 4,274,758 | — | — | 4,274,758 | ||||||||||||
Loans held for sale | 7,669 | 7,669 | — | 7,669 | — | ||||||||||||
Accrued interest receivable | 15,938 | 15,938 | — | 15,938 | — | ||||||||||||
Cash surrender value of bank-owned life insurance policies | 102,343 | 102,343 | — | 102,343 | — | ||||||||||||
Derivative assets | 10,311 | 10,311 | — | 9,934 | 377 | ||||||||||||
Assets held for sale | 4,018 | 4,018 | — | 4,018 | — | ||||||||||||
Financial Liabilities | |||||||||||||||||
Total deposits | $ | 4,218,583 | $ | 4,219,546 | — | $ | 4,219,546 | $ | — | ||||||||
Short-term debt | 914,950 | 915,066 | — | 915,066 | — | ||||||||||||
Long-term Federal Home Loan Bank advances | 21,797 | 23,472 | — | 23,472 | — | ||||||||||||
Subordinated borrowings | 89,696 | 88,210 | — | 88,210 | — | ||||||||||||
Derivative liabilities | 9,819 | 9,819 | 13 | 9,710 | 96 | ||||||||||||
Liabilities held for sale | 25,093 | 25,093 | — | 25,093 | — | ||||||||||||
December 31, 2013 | |||||||||||||||||
Carrying | Fair | ||||||||||||||||
(In thousands) | Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Financial Assets | |||||||||||||||||
Cash and cash equivalents | $ | 75,539 | $ | 75,539 | $ | 75,539 | $ | — | $ | — | |||||||
Trading security | 14,840 | 14,840 | — | — | 14,840 | ||||||||||||
Securities available for sale | 760,048 | 760,048 | 20,891 | 737,193 | 1,964 | ||||||||||||
Securities held to maturity | 44,921 | 45,764 | — | — | 45,764 | ||||||||||||
Restricted equity securities | 50,282 | 50,282 | — | 50,282 | — | ||||||||||||
Net loans | 4,147,200 | 4,154,663 | — | — | 4,154,663 | ||||||||||||
Loans held for sale | 15,840 | 15,840 | — | 15,840 | — | ||||||||||||
Accrued interest receivable | 15,072 | 15,072 | — | 15,072 | — | ||||||||||||
Cash surrender value of bank-owned life insurance policies | 101,530 | 101,530 | — | 101,530 | — | ||||||||||||
Derivative assets | 8,318 | 8,318 | 242 | 7,799 | 277 | ||||||||||||
Assets held for sale | 3,969 | 3,969 | — | 3,969 | — | ||||||||||||
Financial Liabilities | |||||||||||||||||
Total deposits | $ | 3,848,529 | $ | 3,848,926 | $ | — | $ | 3,848,926 | $ | — | |||||||
Short-term debt | 872,510 | 872,545 | — | 872,545 | — | ||||||||||||
Long-term Federal Home Loan Bank advances | 101,918 | 103,660 | — | 103,660 | — | ||||||||||||
Subordinated borrowings | 89,679 | 87,882 | — | 87,882 | — | ||||||||||||
Derivative liabilities | 11,964 | 11,964 | — | 11,964 | — | ||||||||||||
Liabilities held for sale | 24,834 | 24,834 | — | 24,834 | — | ||||||||||||
Recurring | ' | ||||||||||||||||
Quantitative information about the significant unobservable inputs within Level 3 | ' | ||||||||||||||||
Schedule of quantitative information about the significant unobservable inputs within Level 3 | ' | ||||||||||||||||
Fair Value | Significant Unobservable | ||||||||||||||||
(In thousands) | March 31, 2014 | Valuation Techniques | Unobservable Inputs | Input Value | |||||||||||||
Assets (Liabilities) | |||||||||||||||||
Trading Security | $ | 14,923 | Discounted Cash Flow | Discount Rate | 3.14 | % | |||||||||||
Forward Commitments | (96 | ) | Historical Trend | Closing Ratio | 93.06 | % | |||||||||||
Pricing Model | Origination Costs, per loan | $ | 2,500 | ||||||||||||||
Interest Rate Lock Commitment | 377 | Historical Trend | Closing Ratio | 93.06 | % | ||||||||||||
Pricing Model | Origination Costs, per loan | $ | 2,500 | ||||||||||||||
Total | $ | 15,204 | |||||||||||||||
Fair Value | Significant Unobservable | ||||||||||||||||
(In thousands) | December 31, 2013 | Valuation Techniques | Unobservable Inputs | Input Value | |||||||||||||
Assets (Liabilities) | |||||||||||||||||
Trading Security | $ | 14,840 | Discounted Cash Flow | Discount Rate | 3.39 | % | |||||||||||
Forward Commitments | 19 | Historical Trend | Closing Ratio | 94.83 | % | ||||||||||||
Pricing Model | Origination Costs, per loan | $ | 2,500 | ||||||||||||||
Interest Rate Lock Commitment | 258 | Historical Trend | Closing Ratio | 94.83 | % | ||||||||||||
Pricing Model | Origination Costs, per loan | $ | 2,500 | ||||||||||||||
Total | $ | 15,117 | |||||||||||||||
Non-recurring | ' | ||||||||||||||||
Quantitative information about the significant unobservable inputs within Level 3 | ' | ||||||||||||||||
Schedule of quantitative information about the significant unobservable inputs within Level 3 | ' | ||||||||||||||||
Fair Value | |||||||||||||||||
(in thousands) | March 31, 2014 | Valuation Techniques | Unobservable Inputs | Range (Weighted Average) (a) | |||||||||||||
Assets | |||||||||||||||||
Impaired loans | $ | 5,557 | Fair value of collateral | Loss severity | 5.28% to 100.0% (80.34%) | ||||||||||||
Appraised value | $0 to $690.0 $(389.5) | ||||||||||||||||
Capitalized mortgage servicing rights | 3,922 | Discounted cash flow | Constant prepayment rate (CPR) | 6.7% to 17.45% (8.45%) | |||||||||||||
Discount rate | 10.00% to 13.00% (10.36%) | ||||||||||||||||
Other real estate owned | 2,418 | Fair value of collateral | Appraised value | $0 to $774.0 $(449.5) | |||||||||||||
Total | $ | 11,897 | |||||||||||||||
(a) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties. | |||||||||||||||||
Fair Value | |||||||||||||||||
(in thousands) | December 31, 2013 | Valuation Techniques | Unobservable Inputs | Range (Weighted Average) (a) | |||||||||||||
Assets | |||||||||||||||||
Impaired loans | $ | 5,542 | Fair value of collateral | Loss severity | 4.2% to 100.0% (57.41%) | ||||||||||||
Appraised value | $0 to $900.0 $(505.4) | ||||||||||||||||
Capitalized mortgage servicing rights | 4,112 | Discounted cash flow | Constant prepayment rate (CPR) | 6.96% to 15.97% (8.58%) | |||||||||||||
Discount rate | 10.00% to 13.00% (10.34%) | ||||||||||||||||
Other real estate owned | 2,995 | Fair value of collateral | Appraised value | $0 to $774.0 $(413.4) | |||||||||||||
Total | $ | 12,649 | |||||||||||||||
(a) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties. |
NET_INTEREST_INCOME_AFTER_PROV1
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | ' | |||||||
Schedule of net interest income after provision for loan losses | ' | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2014 | 2013 | ||||||
Net interest income | $ | 42,766 | $ | 41,937 | ||||
Provision for loan losses | 3,396 | 2,400 | ||||||
Net interest income after provision for loan losses | $ | 39,370 | $ | 39,537 |
BASIS_OF_PRESENTATION_Details
BASIS OF PRESENTATION (Details) (Revision in interest income with an income tax adjustment, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Revision in interest income with an income tax adjustment | ' |
Out of Period Adjustments | ' |
Increase in net income due to out of period adjustments | ($1.40) |
ACQUISITION_Details
ACQUISITION (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 17, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 17, 2014 | Jan. 17, 2014 | Jan. 17, 2014 | Jan. 17, 2014 |
Acquisition of Bank of America Branches | Acquisition of Bank of America Branches | Acquisition of Bank of America Branches | Acquisition of Bank of America Branches | Acquisition of Bank of America Branches | Acquisition of Bank of America Branches | Acquisition of Bank of America Branches | |||
item | Core deposit intangible asset | All other intangible assets | As Acquired | Fair Value Adjustments | |||||
ACQUISITION | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of banking subsidiaries | ' | ' | 20 | ' | ' | ' | ' | ' | ' |
Cash received | ' | ' | $423,100,000 | ' | ' | ' | ' | ' | ' |
Cash consideration paid and acquisition costs | ' | ' | 17,400,000 | ' | ' | ' | ' | ' | ' |
Percentage of premium on deposits received included in consideration paid | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' |
Consideration Paid: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration paid | ' | ' | 17,105,000 | ' | ' | ' | ' | ' | ' |
Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and short term investments | ' | ' | 440,521,000 | ' | ' | ' | ' | 440,521,000 | ' |
Loans | ' | ' | 4,008,000 | ' | ' | ' | ' | 4,541,000 | -533,000 |
Premises and equipment | ' | ' | 3,671,000 | ' | ' | ' | ' | 4,381,000 | -710,000 |
Core deposit intangibles | ' | ' | 2,550,000 | ' | ' | ' | ' | ' | 2,550,000 |
Other intangibles | ' | ' | -79,000 | ' | ' | ' | ' | ' | -79,000 |
Deposits | ' | ' | -440,522,000 | ' | ' | ' | ' | -440,507,000 | -15,000 |
Other Liabilities | ' | ' | -944,000 | ' | ' | ' | ' | ' | -944,000 |
Total identifiable net assets | ' | ' | 9,205,000 | ' | ' | ' | ' | 8,936,000 | 269,000 |
Goodwill | 264,770,000 | 256,871,000 | 7,900,000 | ' | ' | ' | ' | ' | ' |
Carrying amount of impaired loans | ' | ' | 201,000 | ' | ' | ' | ' | ' | ' |
Carrying amount of nonimpaired loans | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' |
Information about the acquired loan portfolio | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractually required principal and interest at acquisition | ' | ' | 201,000 | ' | ' | ' | ' | ' | ' |
Contractually cash flows not expected to be collected (nonaccretable discount) | ' | ' | -100,000 | ' | ' | ' | ' | ' | ' |
Expected cash flows at acquisition | ' | ' | 101,000 | ' | ' | ' | ' | ' | ' |
Interest component of expected cash flows (accretable premium) | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' |
Fair value of acquired loans | ' | ' | 121,000 | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | '9 years | '3 years | ' | ' |
Acquisition related cost incurred | ' | ' | ' | 3,600,000 | 0 | ' | ' | ' | ' |
Unaudited pro forma supplemental information | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma net interest income | ' | ' | ' | 43,892,000 | 43,631,000 | ' | ' | ' | ' |
Pro forma non-interest income | ' | ' | ' | 4,632,000 | 16,053,000 | ' | ' | ' | ' |
Pro forma net income | ' | ' | ' | $1,487,000 | $10,229,000 | ' | ' | ' | ' |
Pro forma earnings per share, basic (in dollars per share) | ' | ' | ' | $0.06 | $0.41 | ' | ' | ' | ' |
Pro forma earnings per share, diluted (in dollars per share) | ' | ' | ' | $0.06 | $0.41 | ' | ' | ' | ' |
TRADING_SECURITY_Details
TRADING SECURITY (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
TRADING SECURITY | ' | ' |
Amortized cost | $13,000,000 | $13,100,000 |
Fair value | 14,923,000 | 14,840,000 |
Amount of other securities in the trading portfolio | $0 | ' |
SECURITIES_AVAILABLE_FOR_SALE_2
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities available for sale: | ' | ' |
Amortized Cost | $1,036,909 | $769,342 |
Gross Unrealized Gains | 10,443 | 8,005 |
Gross Unrealized Losses | -13,715 | -17,299 |
Fair Value | 1,033,637 | 760,048 |
Securities held to maturity | ' | ' |
Amortized Cost | 43,159 | 44,921 |
Gross Unrealized Gains | 1,313 | 1,257 |
Gross Unrealized Losses | -281 | -414 |
Fair Value | 44,191 | 45,764 |
Securities | ' | ' |
Total Amortized Cost | 1,080,068 | 814,263 |
Total Gross Unrealized Gains | 11,756 | 9,262 |
Total Gross Unrealized Losses | -13,996 | -17,713 |
Total Fair Value | 1,077,828 | 805,812 |
Debt securities | ' | ' |
Securities available for sale: | ' | ' |
Amortized Cost | 1,004,836 | 749,300 |
Gross Unrealized Gains | 7,307 | 5,739 |
Gross Unrealized Losses | -13,359 | -16,964 |
Fair Value | 998,784 | 738,075 |
Debt securities | Municipal bonds and obligations | ' | ' |
Securities available for sale: | ' | ' |
Amortized Cost | 135,382 | 77,852 |
Gross Unrealized Gains | 2,949 | 1,789 |
Gross Unrealized Losses | -1,139 | -1,970 |
Fair Value | 137,192 | 77,671 |
Securities held to maturity | ' | ' |
Amortized Cost | 3,881 | 4,244 |
Fair Value | 3,881 | 4,244 |
Debt securities | Government guaranteed residential mortgage-backed securities | ' | ' |
Securities available for sale: | ' | ' |
Amortized Cost | 83,299 | 78,885 |
Gross Unrealized Gains | 704 | 544 |
Gross Unrealized Losses | -317 | -658 |
Fair Value | 83,686 | 78,771 |
Debt securities | Government-sponsored residential mortgage-backed securities | ' | ' |
Securities available for sale: | ' | ' |
Amortized Cost | 726,195 | 531,441 |
Gross Unrealized Gains | 2,217 | 2,000 |
Gross Unrealized Losses | -9,514 | -10,783 |
Fair Value | 718,898 | 522,658 |
Securities held to maturity | ' | ' |
Amortized Cost | 72 | 73 |
Gross Unrealized Gains | 3 | 2 |
Fair Value | 75 | 75 |
Debt securities | Corporate bonds | ' | ' |
Securities available for sale: | ' | ' |
Amortized Cost | 40,917 | 40,945 |
Gross Unrealized Gains | 116 | 157 |
Gross Unrealized Losses | -912 | -1,822 |
Fair Value | 40,121 | 39,280 |
Debt securities | Trust preferred securities | ' | ' |
Securities available for sale: | ' | ' |
Amortized Cost | 15,799 | 16,927 |
Gross Unrealized Gains | 1,320 | 1,249 |
Gross Unrealized Losses | -1,361 | -1,565 |
Fair Value | 15,758 | 16,611 |
Debt securities | Tax advantaged economic development bonds | ' | ' |
Securities held to maturity | ' | ' |
Amortized Cost | 38,865 | 40,260 |
Gross Unrealized Gains | 1,310 | 1,255 |
Gross Unrealized Losses | -281 | -414 |
Fair Value | 39,894 | 41,101 |
Debt securities | Other bonds and obligations | ' | ' |
Securities available for sale: | ' | ' |
Amortized Cost | 3,244 | 3,250 |
Gross Unrealized Gains | 1 | ' |
Gross Unrealized Losses | -116 | -166 |
Fair Value | 3,129 | 3,084 |
Securities held to maturity | ' | ' |
Amortized Cost | 341 | 344 |
Fair Value | 341 | 344 |
Marketable equity securities | ' | ' |
Securities available for sale: | ' | ' |
Amortized Cost | 32,073 | 20,042 |
Gross Unrealized Gains | 3,136 | 2,266 |
Gross Unrealized Losses | -356 | -335 |
Fair Value | $34,853 | $21,973 |
SECURITIES_AVAILABLE_FOR_SALE_3
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available for sale, Amortized Cost | ' | ' |
Within 1 year | $8,070 | ' |
Over 1 year to 5 years | 7,279 | ' |
Over 5 years to 10 years | 54,031 | ' |
Over 10 years | 125,962 | ' |
Total bonds and obligations | 195,342 | ' |
Marketable equity securities | 32,073 | ' |
Residential mortgage-backed securities | 809,494 | ' |
Amortized Cost | 1,036,909 | 769,342 |
Available for sale, Fair Value | ' | ' |
Within 1 year | 8,072 | ' |
Over 1 year to 5 years | 7,382 | ' |
Over 5 years to 10 years | 53,397 | ' |
Over 10 years | 127,349 | ' |
Total bonds and obligations | 196,200 | ' |
Marketable equity securities | 34,853 | ' |
Residential mortgage-backed securities | 802,584 | ' |
Fair Value | 1,033,637 | 760,048 |
Held to maturity, Amortized Cost | ' | ' |
Within 1 year | 1,047 | ' |
Over 1 year to 5 years | 17,482 | ' |
Over 5 years to 10 years | 11,389 | ' |
Over 10 years | 13,169 | ' |
Total bonds and obligations | 43,087 | ' |
Residential mortgage-backed securities | 72 | ' |
Amortized Cost | 43,159 | 44,921 |
Held to maturity, Fair Value | ' | ' |
Within 1 year | 1,047 | ' |
Over 1 year to 5 years | 18,323 | ' |
Over 5 years to 10 years | 11,292 | ' |
Over 10 years | 13,454 | ' |
Total bonds and obligations | 44,116 | ' |
Residential mortgage-backed securities | 75 | ' |
Fair Value | $44,191 | $45,764 |
SECURITIES_AVAILABLE_FOR_SALE_4
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY (Details 3) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
item | ||
Securities available for sale | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | $8,168,000 | $15,203,000 |
Less Than Twelve Months, Fair Value | 510,207,000 | 510,469,000 |
Over Twelve Months, Gross Unrealized Losses | 5,547,000 | 2,096,000 |
Over Twelve Months, Fair Value | 107,208,000 | 5,675,000 |
Total Gross Unrealized Losses | 13,715,000 | 17,299,000 |
Total Fair Value | 617,415,000 | 516,144,000 |
Securities held to maturity | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | ' | 57,000 |
Less Than Twelve Months, Fair Value | ' | 9,429,000 |
Over Twelve Months, Gross Unrealized Losses | 281,000 | 357,000 |
Over Twelve Months, Fair Value | 7,916,000 | 7,901,000 |
Total Gross Unrealized Losses | 281,000 | 414,000 |
Total Fair Value | 7,916,000 | 17,330,000 |
Securities available for sale and held to maturity | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | 8,168,000 | 15,260,000 |
Less Than Twelve Months, Fair Value | 510,207,000 | 519,898,000 |
Over Twelve Months, Gross Unrealized Losses | 5,828,000 | 2,453,000 |
Over Twelve Months, Fair Value | 115,124,000 | 13,576,000 |
Total Gross Unrealized Losses | 13,996,000 | 17,713,000 |
Total Fair Value | 625,331,000 | 533,474,000 |
Debt Securities | ' | ' |
Total unrealized losses | 13,715,000 | 17,299,000 |
Fair value of investment | 1,033,637,000 | 760,048,000 |
Level 3 | ' | ' |
Debt Securities | ' | ' |
Fair value of investment | 2,046,000 | 1,964,000 |
Trust preferred securities | Level 3 | ' | ' |
Debt Securities | ' | ' |
Fair value of investment | 1,300,000 | ' |
Debt securities | ' | ' |
Securities available for sale | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | 8,032,000 | 15,086,000 |
Less Than Twelve Months, Fair Value | 506,748,000 | 508,816,000 |
Over Twelve Months, Gross Unrealized Losses | 5,327,000 | 1,878,000 |
Over Twelve Months, Fair Value | 105,429,000 | 3,893,000 |
Total Gross Unrealized Losses | 13,359,000 | 16,964,000 |
Total Fair Value | 612,177,000 | 512,709,000 |
Debt Securities | ' | ' |
Total unrealized losses | 13,359,000 | 16,964,000 |
Fair value of investment | 998,784,000 | 738,075,000 |
Debt securities | Municipal bonds and obligations | ' | ' |
Securities available for sale | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | 433,000 | 1,657,000 |
Less Than Twelve Months, Fair Value | 17,198,000 | 17,776,000 |
Over Twelve Months, Gross Unrealized Losses | 706,000 | 313,000 |
Over Twelve Months, Fair Value | 8,798,000 | 1,854,000 |
Total Gross Unrealized Losses | 1,139,000 | 1,970,000 |
Total Fair Value | 25,996,000 | 19,630,000 |
Debt Securities | ' | ' |
Number of securities in the portfolio of AFS | 198 | ' |
Number of AFS investment securities in unrealized loss positions | 38 | ' |
Aggregate unrealized losses as a percentage of the amortized cost of the securities in unrealized loss positions | 4.20% | ' |
Total unrealized losses | 1,139,000 | 1,970,000 |
Fair value of investment | 137,192,000 | 77,671,000 |
Debt securities | Residential mortgage-backed securities | ' | ' |
Debt Securities | ' | ' |
Number of securities in the portfolio of AFS | 236 | ' |
Number of AFS investment securities in unrealized loss positions | 87 | ' |
Aggregate unrealized losses as a percentage of the amortized cost of the securities in unrealized loss positions | 1.75% | ' |
Debt securities | Government guaranteed residential mortgage-backed securities | ' | ' |
Securities available for sale | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | 130,000 | 658,000 |
Less Than Twelve Months, Fair Value | 27,758,000 | 35,631,000 |
Over Twelve Months, Gross Unrealized Losses | 187,000 | ' |
Over Twelve Months, Fair Value | 4,752,000 | ' |
Total Gross Unrealized Losses | 317,000 | 658,000 |
Total Fair Value | 32,510,000 | 35,631,000 |
Debt Securities | ' | ' |
Total unrealized losses | 317,000 | 658,000 |
Fair value of investment | 83,686,000 | 78,771,000 |
Debt securities | Government-sponsored residential mortgage-backed securities | ' | ' |
Securities available for sale | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | 6,890,000 | 10,783,000 |
Less Than Twelve Months, Fair Value | 446,031,000 | 423,203,000 |
Over Twelve Months, Gross Unrealized Losses | 2,624,000 | ' |
Over Twelve Months, Fair Value | 72,307,000 | ' |
Total Gross Unrealized Losses | 9,514,000 | 10,783,000 |
Total Fair Value | 518,338,000 | 423,203,000 |
Debt Securities | ' | ' |
Total unrealized losses | 9,514,000 | 10,783,000 |
Fair value of investment | 718,898,000 | 522,658,000 |
Debt securities | Corporate bonds | ' | ' |
Securities available for sale | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | 535,000 | 1,822,000 |
Less Than Twelve Months, Fair Value | 14,552,000 | 29,124,000 |
Over Twelve Months, Gross Unrealized Losses | 377,000 | ' |
Over Twelve Months, Fair Value | 15,453,000 | ' |
Total Gross Unrealized Losses | 912,000 | 1,822,000 |
Total Fair Value | 30,005,000 | 29,124,000 |
Debt Securities | ' | ' |
Number of securities in the portfolio of AFS | 9 | ' |
Number of AFS investment securities in unrealized loss positions | 6 | ' |
Aggregate unrealized losses as a percentage of the amortized cost of the securities in unrealized loss positions | 2.95% | ' |
Total unrealized losses | 912,000 | 1,822,000 |
Fair value of investment | 40,121,000 | 39,280,000 |
Debt securities | Trust preferred securities | ' | ' |
Securities available for sale | ' | ' |
Over Twelve Months, Gross Unrealized Losses | 1,361,000 | 1,565,000 |
Over Twelve Months, Fair Value | 2,203,000 | 2,039,000 |
Total Gross Unrealized Losses | 1,361,000 | 1,565,000 |
Total Fair Value | 2,203,000 | 2,039,000 |
Debt Securities | ' | ' |
Number of securities in the portfolio of AFS | 5 | ' |
Number of AFS investment securities in unrealized loss positions | 2 | ' |
Aggregate unrealized losses as a percentage of the amortized cost of the securities in unrealized loss positions | 38.19% | ' |
Total unrealized losses | 1,361,000 | 1,565,000 |
Fair value of investment | 15,758,000 | 16,611,000 |
Amount of security issued by banking and insurance entities | 360,000,000 | ' |
Protection from credit loss afforded in excess subordination above current and projected losses | 51,000,000 | ' |
Debt securities | Other bonds and obligations | ' | ' |
Securities available for sale | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | 44,000 | 166,000 |
Less Than Twelve Months, Fair Value | 1,209,000 | 3,082,000 |
Over Twelve Months, Gross Unrealized Losses | 72,000 | ' |
Over Twelve Months, Fair Value | 1,916,000 | ' |
Total Gross Unrealized Losses | 116,000 | 166,000 |
Total Fair Value | 3,125,000 | 3,082,000 |
Debt Securities | ' | ' |
Number of securities in the portfolio of AFS | 8 | ' |
Number of AFS investment securities in unrealized loss positions | 6 | ' |
Aggregate unrealized losses as a percentage of the amortized cost of the securities in unrealized loss positions | 3.62% | ' |
Total unrealized losses | 116,000 | 166,000 |
Fair value of investment | 3,129,000 | 3,084,000 |
Number of securities with book value less than $1,000 | 1 | ' |
Book value of securities below investment grade rate | 1,000 | ' |
Debt securities | Tax advantaged economic development bonds | ' | ' |
Securities held to maturity | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | ' | 57,000 |
Less Than Twelve Months, Fair Value | ' | 9,429,000 |
Over Twelve Months, Gross Unrealized Losses | 281,000 | 357,000 |
Over Twelve Months, Fair Value | 7,916,000 | 7,901,000 |
Total Gross Unrealized Losses | 281,000 | 414,000 |
Total Fair Value | 7,916,000 | 17,330,000 |
Debt Securities | ' | ' |
Aggregate unrealized losses as a percentage of the amortized cost of the securities in unrealized loss positions | 3.41% | ' |
Number of HTM investment securities in unrealized loss positions | 1 | ' |
Number of securities in the portfolio of HTM | 7 | ' |
Debt securities | Trust preferred securities except Mezzanine Class B tranche | ' | ' |
Debt Securities | ' | ' |
Aggregate unrealized losses as a percentage of the amortized cost of the securities in unrealized loss positions | 9.00% | ' |
Debt securities | Mezzanine Class B tranche | ' | ' |
Debt Securities | ' | ' |
Total unrealized losses | 1,200,000 | ' |
Fair value of investment | 2,800,000 | ' |
Marketable equity securities | ' | ' |
Securities available for sale | ' | ' |
Less Than Twelve Months, Gross Unrealized Losses | 136,000 | 117,000 |
Less Than Twelve Months, Fair Value | 3,459,000 | 1,653,000 |
Over Twelve Months, Gross Unrealized Losses | 220,000 | 218,000 |
Over Twelve Months, Fair Value | 1,779,000 | 1,782,000 |
Total Gross Unrealized Losses | 356,000 | 335,000 |
Total Fair Value | 5,238,000 | 3,435,000 |
Debt Securities | ' | ' |
Number of securities in the portfolio of AFS | 24 | ' |
Number of AFS investment securities in unrealized loss positions | 4 | ' |
Aggregate unrealized losses as a percentage of the amortized cost of the securities in unrealized loss positions | 6.37% | ' |
Total unrealized losses | 356,000 | 335,000 |
Fair value of investment | $34,853,000 | $21,973,000 |
LOANS_Details
LOANS (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Loans | ' | ' | ' |
Loans | $4,242,627,000 | ' | $4,180,523,000 |
Activity in the accretable yield for the acquired loan portfolio | ' | ' | ' |
Balance at beginning of period | 2,559,000 | 8,247,000 | ' |
Reclassification from nonaccretable difference for loans with improved cash flows | 1,540,000 | ' | ' |
Accretion | -945,000 | -2,581,000 | ' |
Balance at end of period | 3,154,000 | 5,666,000 | ' |
Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 3,286,845,000 | ' | 3,169,191,000 |
Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Number of branches | 20 | ' | ' |
Loans | 955,782,000 | ' | 1,011,332,000 |
Carrying amount of loans considered impaired at the acquisition date | 24,500,000 | ' | ' |
Carrying amount of loans not considered impaired at the acquisition date | 931,000,000 | ' | ' |
Residential | Mortgages | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 1,377,771,000 | ' | 1,384,274,000 |
Residential | Mortgages | Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 1,051,769,000 | ' | 1,045,895,000 |
Residential | Mortgages | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 326,002,000 | ' | 338,379,000 |
Residential | Mortgages | 1-4 family | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 1,353,018,000 | ' | 1,361,104,000 |
Residential | Mortgages | 1-4 family | Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 1,032,170,000 | ' | 1,027,737,000 |
Residential | Mortgages | 1-4 family | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 320,848,000 | ' | 333,367,000 |
Residential | Mortgages | Construction | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 24,753,000 | ' | 23,170,000 |
Residential | Mortgages | Construction | Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 19,599,000 | ' | 18,158,000 |
Residential | Mortgages | Construction | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 5,154,000 | ' | 5,012,000 |
Commercial real estate | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 1,456,976,000 | ' | 1,417,120,000 |
Commercial real estate | Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 1,125,629,000 | ' | 1,060,011,000 |
Commercial real estate | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 331,347,000 | ' | 357,109,000 |
Commercial real estate | Commercial and industrial loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 1,185,797,000 | ' | 1,149,783,000 |
Commercial real estate | Commercial and industrial loans | Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 925,513,000 | ' | 871,271,000 |
Commercial real estate | Commercial and industrial loans | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 260,284,000 | ' | 278,512,000 |
Commercial real estate | Construction | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 144,949,000 | ' | 139,017,000 |
Commercial real estate | Construction | Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 137,687,000 | ' | 125,247,000 |
Commercial real estate | Construction | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 7,262,000 | ' | 13,770,000 |
Commercial real estate | Single and multi-family | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 126,230,000 | ' | 128,320,000 |
Commercial real estate | Single and multi-family | Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 62,429,000 | ' | 63,493,000 |
Commercial real estate | Single and multi-family | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 63,801,000 | ' | 64,827,000 |
Commercial real estate | Other commercial real estate | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 260,284,000 | ' | 278,512,000 |
Commercial real estate | Business loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 696,895,000 | ' | 687,293,000 |
Commercial real estate | Business loans | Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 626,150,000 | ' | 617,437,000 |
Commercial real estate | Business loans | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 70,745,000 | ' | 69,856,000 |
Commercial real estate | Business loans | Asset based lending | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 314,073,000 | ' | 297,371,000 |
Commercial real estate | Business loans | Asset based lending | Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 309,699,000 | ' | 294,241,000 |
Commercial real estate | Business loans | Asset based lending | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 4,374,000 | ' | 3,130,000 |
Commercial real estate | Business loans | Commercial and industrial loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 382,822,000 | ' | 389,922,000 |
Commercial real estate | Business loans | Commercial and industrial loans | Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 316,451,000 | ' | 323,196,000 |
Commercial real estate | Business loans | Commercial and industrial loans | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 66,371,000 | ' | 66,726,000 |
Consumer | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 710,985,000 | ' | 691,836,000 |
Consumer | Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 483,297,000 | ' | 445,848,000 |
Consumer | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 227,688,000 | ' | 245,988,000 |
Consumer | Home equity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 305,020,000 | ' | 306,831,000 |
Consumer | Home equity | Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 233,521,000 | ' | 232,677,000 |
Consumer | Home equity | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 71,499,000 | ' | 74,154,000 |
Consumer | Auto and other | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 405,965,000 | ' | 385,005,000 |
Consumer | Auto and other | Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 249,776,000 | ' | 213,171,000 |
Consumer | Auto and other | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 156,189,000 | ' | 171,834,000 |
Commercial | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 2,153,871,000 | ' | 2,104,413,000 |
Commercial | Business Activity | ' | ' | ' |
Loans | ' | ' | ' |
Loans | 1,751,779,000 | ' | 1,677,448,000 |
Commercial | Acquired Loans | ' | ' | ' |
Loans | ' | ' | ' |
Loans | $402,092,000 | ' | $426,965,000 |
LOANS_Details_2
LOANS (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Past due loans | ' | ' |
Total loans | $4,242,627 | $4,180,523 |
Business Activity | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 5,478 | 5,827 |
60-89 Days Past Due | 3,521 | 6,749 |
Greater Than 90 Days Past Due | 20,465 | 21,712 |
Total Past Due | 29,464 | 34,288 |
Current | 3,257,381 | 3,134,903 |
Total loans | 3,286,845 | 3,169,191 |
Past Due > 90 days and Accruing | 3,112 | 3,240 |
Acquired Loans | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 4,882 | 6,383 |
60-89 Days Past Due | 1,800 | 2,496 |
Greater Than 90 Days Past Due | 14,204 | 14,966 |
Total Past Due | 20,886 | 23,845 |
Current | 934,896 | 987,487 |
Total loans | 955,782 | 1,011,332 |
Past Due > 90 days and Accruing | 6,193 | 5,983 |
Residential | Mortgages | ' | ' |
Past due loans | ' | ' |
Total loans | 1,377,771 | 1,384,274 |
Residential | Mortgages | Business Activity | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 3,009 | 2,500 |
60-89 Days Past Due | 101 | 623 |
Greater Than 90 Days Past Due | 6,240 | 7,423 |
Total Past Due | 9,350 | 10,546 |
Current | 1,042,419 | 1,035,349 |
Total loans | 1,051,769 | 1,045,895 |
Past Due > 90 days and Accruing | 1,452 | 1,451 |
Residential | Mortgages | Acquired Loans | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 1,913 | 2,025 |
60-89 Days Past Due | 749 | 469 |
Greater Than 90 Days Past Due | 2,770 | 3,202 |
Total Past Due | 5,432 | 5,696 |
Current | 320,570 | 332,683 |
Total loans | 326,002 | 338,379 |
Past Due > 90 days and Accruing | 1,487 | 1,306 |
Residential | Mortgages | 1-4 family | ' | ' |
Past due loans | ' | ' |
Total loans | 1,353,018 | 1,361,104 |
Residential | Mortgages | 1-4 family | Business Activity | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 2,882 | 2,500 |
60-89 Days Past Due | 101 | 623 |
Greater Than 90 Days Past Due | 6,240 | 7,382 |
Total Past Due | 9,223 | 10,505 |
Current | 1,022,947 | 1,017,232 |
Total loans | 1,032,170 | 1,027,737 |
Past Due > 90 days and Accruing | 1,452 | 1,451 |
Residential | Mortgages | 1-4 family | Acquired Loans | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 1,877 | 1,891 |
60-89 Days Past Due | 733 | 437 |
Greater Than 90 Days Past Due | 2,308 | 2,577 |
Total Past Due | 4,918 | 4,905 |
Current | 315,930 | 328,462 |
Total loans | 320,848 | 333,367 |
Past Due > 90 days and Accruing | 1,025 | 805 |
Residential | Mortgages | Construction | ' | ' |
Past due loans | ' | ' |
Total loans | 24,753 | 23,170 |
Residential | Mortgages | Construction | Business Activity | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 127 | ' |
Greater Than 90 Days Past Due | ' | 41 |
Total Past Due | 127 | 41 |
Current | 19,472 | 18,117 |
Total loans | 19,599 | 18,158 |
Residential | Mortgages | Construction | Acquired Loans | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 36 | 134 |
60-89 Days Past Due | 16 | 32 |
Greater Than 90 Days Past Due | 462 | 625 |
Total Past Due | 514 | 791 |
Current | 4,640 | 4,221 |
Total loans | 5,154 | 5,012 |
Past Due > 90 days and Accruing | 462 | 501 |
Commercial real estate | ' | ' |
Past due loans | ' | ' |
Total loans | 1,456,976 | 1,417,120 |
Commercial real estate | Business Activity | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 999 | 935 |
60-89 Days Past Due | 2,534 | 5,455 |
Greater Than 90 Days Past Due | 10,898 | 10,767 |
Total Past Due | 14,431 | 17,157 |
Current | 1,111,198 | 1,042,854 |
Total loans | 1,125,629 | 1,060,011 |
Past Due > 90 days and Accruing | 1,324 | 1,033 |
Commercial real estate | Acquired Loans | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 1,343 | 887 |
60-89 Days Past Due | 193 | 706 |
Greater Than 90 Days Past Due | 7,381 | 8,248 |
Total Past Due | 8,917 | 9,841 |
Current | 322,430 | 347,268 |
Total loans | 331,347 | 357,109 |
Past Due > 90 days and Accruing | 3,919 | 4,242 |
Commercial real estate | Other commercial business loans | ' | ' |
Past due loans | ' | ' |
Total loans | 1,185,797 | 1,149,783 |
Commercial real estate | Other commercial business loans | Business Activity | ' | ' |
Past due loans | ' | ' |
Total loans | 925,513 | 871,271 |
Commercial real estate | Other commercial business loans | Acquired Loans | ' | ' |
Past due loans | ' | ' |
Total loans | 260,284 | 278,512 |
Commercial real estate | Construction | ' | ' |
Past due loans | ' | ' |
Total loans | 144,949 | 139,017 |
Commercial real estate | Construction | Business Activity | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | ' | 174 |
60-89 Days Past Due | 174 | ' |
Greater Than 90 Days Past Due | 2,558 | 3,176 |
Total Past Due | 2,732 | 3,350 |
Current | 134,955 | 121,897 |
Total loans | 137,687 | 125,247 |
Commercial real estate | Construction | Acquired Loans | ' | ' |
Past due loans | ' | ' |
Greater Than 90 Days Past Due | 805 | 805 |
Total Past Due | 805 | 805 |
Current | 6,457 | 12,965 |
Total loans | 7,262 | 13,770 |
Past Due > 90 days and Accruing | 805 | 805 |
Commercial real estate | Single and multi-family | ' | ' |
Past due loans | ' | ' |
Total loans | 126,230 | 128,320 |
Commercial real estate | Single and multi-family | Business Activity | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | ' | 139 |
60-89 Days Past Due | 134 | 654 |
Greater Than 90 Days Past Due | 1,304 | 679 |
Total Past Due | 1,438 | 1,472 |
Current | 60,991 | 62,021 |
Total loans | 62,429 | 63,493 |
Past Due > 90 days and Accruing | 685 | 168 |
Commercial real estate | Single and multi-family | Acquired Loans | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 580 | 350 |
60-89 Days Past Due | 193 | 188 |
Greater Than 90 Days Past Due | 1,227 | 1,335 |
Total Past Due | 2,000 | 1,873 |
Current | 61,801 | 62,954 |
Total loans | 63,801 | 64,827 |
Past Due > 90 days and Accruing | 508 | 512 |
Commercial real estate | Other commercial real estate | Business Activity | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 999 | 622 |
60-89 Days Past Due | 2,226 | 4,801 |
Greater Than 90 Days Past Due | 7,036 | 6,912 |
Total Past Due | 10,261 | 12,335 |
Current | 915,252 | 858,936 |
Past Due > 90 days and Accruing | 639 | 865 |
Commercial real estate | Other commercial real estate | Acquired Loans | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 763 | 537 |
60-89 Days Past Due | ' | 518 |
Greater Than 90 Days Past Due | 5,349 | 6,108 |
Total Past Due | 6,112 | 7,163 |
Current | 254,172 | 271,349 |
Total loans | 260,284 | 278,512 |
Past Due > 90 days and Accruing | 2,606 | 2,925 |
Commercial real estate | Business loans | ' | ' |
Past due loans | ' | ' |
Total loans | 696,895 | 687,293 |
Commercial real estate | Business loans | Business Activity | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 903 | 1,136 |
60-89 Days Past Due | 317 | 386 |
Greater Than 90 Days Past Due | 1,302 | 1,477 |
Total Past Due | 2,522 | 2,999 |
Current | 623,628 | 614,438 |
Total loans | 626,150 | 617,437 |
Past Due > 90 days and Accruing | 62 | 42 |
Commercial real estate | Business loans | Acquired Loans | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 71 | 440 |
60-89 Days Past Due | 239 | 135 |
Greater Than 90 Days Past Due | 1,649 | 1,239 |
Total Past Due | 1,959 | 1,814 |
Current | 68,786 | 68,042 |
Total loans | 70,745 | 69,856 |
Past Due > 90 days and Accruing | 478 | 318 |
Commercial real estate | Business loans | Asset based lending | ' | ' |
Past due loans | ' | ' |
Total loans | 314,073 | 297,371 |
Commercial real estate | Business loans | Asset based lending | Business Activity | ' | ' |
Past due loans | ' | ' |
Current | 309,699 | 294,241 |
Total loans | 309,699 | 294,241 |
Commercial real estate | Business loans | Asset based lending | Acquired Loans | ' | ' |
Past due loans | ' | ' |
Current | 4,374 | 3,130 |
Total loans | 4,374 | 3,130 |
Commercial real estate | Business loans | Other commercial business loans | ' | ' |
Past due loans | ' | ' |
Total loans | 382,822 | 389,922 |
Commercial real estate | Business loans | Other commercial business loans | Business Activity | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 903 | 1,136 |
60-89 Days Past Due | 317 | 386 |
Greater Than 90 Days Past Due | 1,302 | 1,477 |
Total Past Due | 2,522 | 2,999 |
Current | 313,929 | 320,197 |
Total loans | 316,451 | 323,196 |
Past Due > 90 days and Accruing | 62 | 42 |
Commercial real estate | Business loans | Other commercial business loans | Acquired Loans | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 71 | 440 |
60-89 Days Past Due | 239 | 135 |
Greater Than 90 Days Past Due | 1,649 | 1,239 |
Total Past Due | 1,959 | 1,814 |
Current | 64,412 | 64,912 |
Total loans | 66,371 | 66,726 |
Past Due > 90 days and Accruing | 478 | 318 |
Consumer | ' | ' |
Past due loans | ' | ' |
Total loans | 710,985 | 691,836 |
Consumer | Business Activity | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 567 | 1,256 |
60-89 Days Past Due | 569 | 285 |
Greater Than 90 Days Past Due | 2,025 | 2,045 |
Total Past Due | 3,161 | 3,586 |
Current | 480,136 | 442,262 |
Total loans | 483,297 | 445,848 |
Past Due > 90 days and Accruing | 274 | 714 |
Consumer | Acquired Loans | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 1,555 | 3,031 |
60-89 Days Past Due | 619 | 1,186 |
Greater Than 90 Days Past Due | 2,404 | 2,277 |
Total Past Due | 4,578 | 6,494 |
Current | 223,110 | 239,494 |
Total loans | 227,688 | 245,988 |
Past Due > 90 days and Accruing | 309 | 117 |
Consumer | Home equity | ' | ' |
Past due loans | ' | ' |
Total loans | 305,020 | 306,831 |
Consumer | Home equity | Business Activity | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 80 | 732 |
60-89 Days Past Due | 502 | 54 |
Greater Than 90 Days Past Due | 1,646 | 1,655 |
Total Past Due | 2,228 | 2,441 |
Current | 231,293 | 230,236 |
Total loans | 233,521 | 232,677 |
Past Due > 90 days and Accruing | 258 | 572 |
Consumer | Home equity | Acquired Loans | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 155 | 425 |
60-89 Days Past Due | 450 | 545 |
Greater Than 90 Days Past Due | 635 | 636 |
Total Past Due | 1,240 | 1,606 |
Current | 70,259 | 72,548 |
Total loans | 71,499 | 74,154 |
Past Due > 90 days and Accruing | 240 | 35 |
Consumer | Auto and other | ' | ' |
Past due loans | ' | ' |
Total loans | 405,965 | 385,005 |
Consumer | Auto and other | Business Activity | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 487 | 524 |
60-89 Days Past Due | 67 | 231 |
Greater Than 90 Days Past Due | 379 | 390 |
Total Past Due | 933 | 1,145 |
Current | 248,843 | 212,026 |
Total loans | 249,776 | 213,171 |
Past Due > 90 days and Accruing | 16 | 142 |
Consumer | Auto and other | Acquired Loans | ' | ' |
Past due loans | ' | ' |
30-59 Days Past Due | 1,400 | 2,606 |
60-89 Days Past Due | 169 | 641 |
Greater Than 90 Days Past Due | 1,769 | 1,641 |
Total Past Due | 3,338 | 4,888 |
Current | 152,851 | 166,946 |
Total loans | 156,189 | 171,834 |
Past Due > 90 days and Accruing | $69 | $82 |
LOANS_Details_3
LOANS (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Non-accrual loans | ' | ' |
Non-accrual loans | $25,364 | $27,455 |
Business Activity | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 17,353 | 18,472 |
Acquired Loans | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 8,011 | 8,983 |
Residential | Mortgages | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 6,071 | 7,867 |
Residential | Mortgages | Business Activity | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 4,788 | 5,972 |
Residential | Mortgages | Acquired Loans | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 1,283 | 1,895 |
Residential | Mortgages | 1-4 family | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 6,071 | 7,703 |
Residential | Mortgages | 1-4 family | Business Activity | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 4,788 | 5,931 |
Residential | Mortgages | 1-4 family | Acquired Loans | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 1,283 | 1,772 |
Residential | Mortgages | Construction | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | ' | 164 |
Residential | Mortgages | Construction | Business Activity | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | ' | 41 |
Residential | Mortgages | Construction | Acquired Loans | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | ' | 123 |
Commercial real estate | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 13,036 | 13,740 |
Commercial real estate | Business Activity | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 9,574 | 9,734 |
Commercial real estate | Acquired Loans | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 3,462 | 4,006 |
Commercial real estate | Construction | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 2,558 | 3,176 |
Commercial real estate | Construction | Business Activity | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 2,558 | 3,176 |
Commercial real estate | Single and multi-family | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 1,338 | 1,334 |
Commercial real estate | Single and multi-family | Business Activity | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 619 | 511 |
Commercial real estate | Single and multi-family | Acquired Loans | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 719 | 823 |
Commercial real estate | Other commercial real estate | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 9,140 | 9,230 |
Commercial real estate | Other commercial real estate | Business Activity | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 6,397 | 6,047 |
Commercial real estate | Other commercial real estate | Acquired Loans | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 2,743 | 3,183 |
Commercial real estate | Business loans | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 2,411 | 2,355 |
Commercial real estate | Business loans | Business Activity | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 1,240 | 1,434 |
Commercial real estate | Business loans | Acquired Loans | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 1,171 | 921 |
Commercial real estate | Business loans | Other commercial business loans | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 2,411 | 2,355 |
Commercial real estate | Business loans | Other commercial business loans | Business Activity | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 1,240 | 1,434 |
Commercial real estate | Business loans | Other commercial business loans | Acquired Loans | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 1,171 | 921 |
Consumer | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 3,846 | 3,493 |
Consumer | Business Activity | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 1,751 | 1,332 |
Consumer | Acquired Loans | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 2,095 | 2,161 |
Consumer | Home equity | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 1,783 | 1,685 |
Consumer | Home equity | Business Activity | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 1,388 | 1,083 |
Consumer | Home equity | Acquired Loans | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 395 | 602 |
Consumer | Auto and other | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 2,063 | 1,808 |
Consumer | Auto and other | Business Activity | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | 363 | 249 |
Consumer | Auto and other | Acquired Loans | ' | ' |
Non-accrual loans | ' | ' |
Non-accrual loans | $1,700 | $1,559 |
LOANS_Details_4
LOANS (Details 4) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans receivable: balance at end of period | ' | ' |
Total loans | $4,242,627 | $4,180,523 |
Business Activity | ' | ' |
Loans receivable: balance at end of period | ' | ' |
Individually evaluated for impairment | 28,814 | 30,561 |
Collectively evaluated | 3,258,031 | 3,138,630 |
Total loans | 3,286,845 | 3,169,191 |
Acquired Loans | ' | ' |
Loans receivable: balance at end of period | ' | ' |
Individually evaluated for impairment | 7,310 | 8,384 |
Collectively evaluated | 948,472 | 1,002,948 |
Total loans | 955,782 | 1,011,332 |
Residential | Mortgages | ' | ' |
Loans receivable: balance at end of period | ' | ' |
Total loans | 1,377,771 | 1,384,274 |
Residential | Mortgages | Business Activity | ' | ' |
Loans receivable: balance at end of period | ' | ' |
Individually evaluated for impairment | 5,116 | 6,237 |
Collectively evaluated | 1,046,653 | 1,039,658 |
Total loans | 1,051,769 | 1,045,895 |
Residential | Mortgages | Acquired Loans | ' | ' |
Loans receivable: balance at end of period | ' | ' |
Individually evaluated for impairment | 1,032 | 1,568 |
Collectively evaluated | 324,970 | 336,811 |
Total loans | 326,002 | 338,379 |
Commercial real estate | ' | ' |
Loans receivable: balance at end of period | ' | ' |
Total loans | 1,456,976 | 1,417,120 |
Commercial real estate | Business Activity | ' | ' |
Loans receivable: balance at end of period | ' | ' |
Individually evaluated for impairment | 22,148 | 22,429 |
Collectively evaluated | 1,103,481 | 1,037,582 |
Total loans | 1,125,629 | 1,060,011 |
Commercial real estate | Acquired Loans | ' | ' |
Loans receivable: balance at end of period | ' | ' |
Individually evaluated for impairment | 5,800 | 6,295 |
Collectively evaluated | 325,547 | 350,814 |
Total loans | 331,347 | 357,109 |
Commercial real estate | Business loans | ' | ' |
Loans receivable: balance at end of period | ' | ' |
Total loans | 696,895 | 687,293 |
Commercial real estate | Business loans | Business Activity | ' | ' |
Loans receivable: balance at end of period | ' | ' |
Individually evaluated for impairment | 1,148 | 1,380 |
Collectively evaluated | 625,002 | 616,057 |
Total loans | 626,150 | 617,437 |
Commercial real estate | Business loans | Acquired Loans | ' | ' |
Loans receivable: balance at end of period | ' | ' |
Individually evaluated for impairment | 478 | 367 |
Collectively evaluated | 70,267 | 69,489 |
Total loans | 70,745 | 69,856 |
Consumer | ' | ' |
Loans receivable: balance at end of period | ' | ' |
Total loans | 710,985 | 691,836 |
Consumer | Business Activity | ' | ' |
Loans receivable: balance at end of period | ' | ' |
Individually evaluated for impairment | 402 | 515 |
Collectively evaluated | 482,895 | 445,333 |
Total loans | 483,297 | 445,848 |
Consumer | Acquired Loans | ' | ' |
Loans receivable: balance at end of period | ' | ' |
Individually evaluated for impairment | ' | 154 |
Collectively evaluated | 227,668 | 245,834 |
Total loans | $227,688 | $245,988 |
LOANS_Details_5
LOANS (Details 5) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Business Activity | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Total | $26,796 | ' | $12,912 |
Unpaid Principal Balance | ' | ' | ' |
Total | 28,814 | ' | 14,194 |
Related Allowance | ' | ' | ' |
With an allowance recorded | 2,018 | ' | 1,282 |
Average Recorded Investment | ' | ' | ' |
Total | 30,421 | 17,557 | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
Total | 203 | 49 | ' |
Acquired Loans | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Total | 7,009 | ' | 4,875 |
Unpaid Principal Balance | ' | ' | ' |
Total | 7,310 | ' | 5,632 |
Related Allowance | ' | ' | ' |
With an allowance recorded | 301 | ' | 757 |
Average Recorded Investment | ' | ' | ' |
Total | 8,649 | 1,845 | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
Total | 79 | 2 | ' |
Other commercial business loans | Acquired Loans | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Total | ' | ' | 367 |
Unpaid Principal Balance | ' | ' | ' |
Total | ' | ' | 367 |
Residential | Mortgages | Business Activity | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Total | 4,718 | ' | 3,501 |
Unpaid Principal Balance | ' | ' | ' |
Total | 5,115 | ' | 4,406 |
Related Allowance | ' | ' | ' |
With an allowance recorded | 397 | ' | 905 |
Average Recorded Investment | ' | ' | ' |
Total | 5,916 | 4,375 | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
Total | 39 | 21 | ' |
Residential | Mortgages | Acquired Loans | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Total | 1,002 | ' | 978 |
Unpaid Principal Balance | ' | ' | ' |
Total | 1,032 | ' | 1,208 |
Related Allowance | ' | ' | ' |
With an allowance recorded | 30 | ' | 230 |
Average Recorded Investment | ' | ' | ' |
Total | 1,465 | 861 | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
Total | 5 | ' | ' |
Residential | Mortgages | 1-4 family | Business Activity | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance | 3,435 | ' | 1,575 |
With an allowance recorded | 1,283 | ' | 1,926 |
Unpaid Principal Balance | ' | ' | ' |
With no related allowance | 3,435 | ' | 1,575 |
With an allowance recorded | 1,680 | ' | 2,831 |
Related Allowance | ' | ' | ' |
With an allowance recorded | 397 | ' | 905 |
Average Recorded Investment | ' | ' | ' |
With no related allowance | 4,142 | 2,141 | ' |
With an allowance recorded | 1,774 | 2,234 | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance | 23 | 20 | ' |
With an allowance recorded | 16 | 1 | ' |
Residential | Mortgages | 1-4 family | Acquired Loans | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance | 871 | ' | 20 |
With an allowance recorded | 131 | ' | 958 |
Unpaid Principal Balance | ' | ' | ' |
With no related allowance | 871 | ' | 20 |
With an allowance recorded | 161 | ' | 1,188 |
Related Allowance | ' | ' | ' |
With an allowance recorded | 30 | ' | 230 |
Average Recorded Investment | ' | ' | ' |
With no related allowance | 1,303 | ' | ' |
With an allowance recorded | 162 | 861 | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance | 5 | ' | ' |
Commercial real estate | Business Activity | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Total | 20,591 | ' | 8,697 |
Unpaid Principal Balance | ' | ' | ' |
Total | 22,149 | ' | 8,916 |
Related Allowance | ' | ' | ' |
With an allowance recorded | 1,558 | ' | 219 |
Average Recorded Investment | ' | ' | ' |
Total | 22,600 | 10,378 | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
Total | 154 | 10 | ' |
Commercial real estate | Acquired Loans | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Total | 5,550 | ' | 3,416 |
Unpaid Principal Balance | ' | ' | ' |
Total | 5,800 | ' | 3,904 |
Related Allowance | ' | ' | ' |
With an allowance recorded | 250 | ' | 488 |
Average Recorded Investment | ' | ' | ' |
Total | 6,398 | 803 | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
Total | 71 | 2 | ' |
Commercial real estate | Other commercial business loans | Business Activity | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance | ' | ' | 5,587 |
Unpaid Principal Balance | ' | ' | ' |
With no related allowance | ' | ' | 5,587 |
Commercial real estate | Construction | Business Activity | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance | 1,545 | ' | 3,176 |
With an allowance recorded | 705 | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
With no related allowance | 1,545 | ' | 3,176 |
With an allowance recorded | 1,013 | ' | ' |
Related Allowance | ' | ' | ' |
With an allowance recorded | 308 | ' | ' |
Average Recorded Investment | ' | ' | ' |
With no related allowance | 1,957 | 2,380 | ' |
With an allowance recorded | 1,013 | 1,938 | ' |
Commercial real estate | Construction | Other commercial business loans | Business Activity | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance | ' | ' | 8 |
Unpaid Principal Balance | ' | ' | ' |
With no related allowance | ' | ' | 8 |
Commercial real estate | Other commercial real estate | Business Activity | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance | 16,141 | ' | ' |
With an allowance recorded | 2,200 | ' | -66 |
Unpaid Principal Balance | ' | ' | ' |
With no related allowance | 16,141 | ' | ' |
With an allowance recorded | 3,450 | ' | 153 |
Related Allowance | ' | ' | ' |
With an allowance recorded | 1,250 | ' | 219 |
Average Recorded Investment | ' | ' | ' |
With no related allowance | 16,180 | 3,295 | ' |
With an allowance recorded | 3,450 | 2,765 | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance | 154 | 10 | ' |
Commercial real estate | Other commercial real estate | Acquired Loans | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance | 4,391 | ' | 1,462 |
With an allowance recorded | 1,159 | ' | 1,954 |
Unpaid Principal Balance | ' | ' | ' |
With no related allowance | 4,391 | ' | 1,462 |
With an allowance recorded | 1,409 | ' | 2,442 |
Related Allowance | ' | ' | ' |
With an allowance recorded | 250 | ' | 488 |
Average Recorded Investment | ' | ' | ' |
With no related allowance | 4,821 | 803 | ' |
With an allowance recorded | 1,577 | ' | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance | 25 | 2 | ' |
With an allowance recorded | 46 | ' | ' |
Commercial real estate | Business loans | Business Activity | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Total | 1,094 | ' | 522 |
Unpaid Principal Balance | ' | ' | ' |
Total | 1,148 | ' | 577 |
Related Allowance | ' | ' | ' |
With an allowance recorded | 54 | ' | 55 |
Average Recorded Investment | ' | ' | ' |
With no related allowance | 1,337 | 70 | ' |
With an allowance recorded | 55 | 1,721 | ' |
Total | 1,392 | 1,791 | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance | 7 | ' | ' |
With an allowance recorded | 1 | 14 | ' |
Total | 8 | 14 | ' |
Commercial real estate | Business loans | Acquired Loans | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
With no related allowance | 562 | 181 | ' |
With an allowance recorded | 70 | ' | ' |
Total | 632 | 181 | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance | 1 | ' | ' |
With an allowance recorded | 2 | ' | ' |
Total | 3 | ' | ' |
Commercial real estate | Business loans | Other commercial business loans | Business Activity | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance | 1,094 | ' | ' |
With an allowance recorded | ' | ' | 514 |
Unpaid Principal Balance | ' | ' | ' |
With no related allowance | 1,094 | ' | ' |
With an allowance recorded | 54 | ' | 569 |
Related Allowance | ' | ' | ' |
With an allowance recorded | 54 | ' | 55 |
Commercial real estate | Business loans | Other commercial business loans | Acquired Loans | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance | 410 | ' | 367 |
With an allowance recorded | 47 | ' | ' |
Total | 457 | ' | ' |
Unpaid Principal Balance | ' | ' | ' |
With no related allowance | 410 | ' | 367 |
With an allowance recorded | 68 | ' | ' |
Total | 478 | ' | ' |
Related Allowance | ' | ' | ' |
With an allowance recorded | 21 | ' | ' |
Consumer | Business Activity | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Total | 393 | ' | 192 |
Unpaid Principal Balance | ' | ' | ' |
Total | 402 | ' | 295 |
Related Allowance | ' | ' | ' |
With an allowance recorded | 9 | ' | 103 |
Average Recorded Investment | ' | ' | ' |
Total | 513 | 1,013 | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
Total | 2 | 4 | ' |
Consumer | Acquired Loans | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
Total | 154 | ' | ' |
Consumer | Home equity | Business Activity | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance | 238 | ' | 50 |
With an allowance recorded | 32 | ' | 142 |
Unpaid Principal Balance | ' | ' | ' |
With no related allowance | 238 | ' | 50 |
With an allowance recorded | 41 | ' | 245 |
Related Allowance | ' | ' | ' |
With an allowance recorded | 9 | ' | 103 |
Average Recorded Investment | ' | ' | ' |
With no related allowance | 348 | 455 | ' |
With an allowance recorded | 41 | 558 | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance | 1 | 4 | ' |
Consumer | Home equity | Acquired Loans | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With an allowance recorded | ' | ' | 114 |
Total | ' | ' | 114 |
Unpaid Principal Balance | ' | ' | ' |
With an allowance recorded | ' | ' | 153 |
Total | ' | ' | 153 |
Related Allowance | ' | ' | ' |
With an allowance recorded | ' | ' | 39 |
Average Recorded Investment | ' | ' | ' |
With no related allowance | 154 | ' | ' |
Consumer | Other | Business Activity | ' | ' | ' |
Recorded Investment | ' | ' | ' |
With no related allowance | 123 | ' | 50 |
Unpaid Principal Balance | ' | ' | ' |
With no related allowance | 123 | ' | 50 |
Consumer | Other | Acquired Loans | ' | ' | ' |
Average Recorded Investment | ' | ' | ' |
With no related allowance | 124 | ' | ' |
Cash Basis Interest Income Recognized | ' | ' | ' |
With no related allowance | $1 | ' | ' |
LOANS_Details_6
LOANS (Details 6) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
item | item | |
Troubled Debt Restructuring | ' | ' |
Number of Modifications | ' | 11 |
Pre-Modification Outstanding Recorded Investment | ' | $2,963 |
Post-Modification Outstanding Recorded Investment | ' | 2,571 |
Number of loans restructured within the last twelve months, which subsequently defaulted | 0 | 0 |
TDR activity | ' | ' |
Balance at beginning of the period | 10,822 | 4,626 |
Principal payments | -872 | -22 |
TDR status change | -52 | ' |
Other reductions | 95 | -485 |
Newly identified TDRs | 119 | 2,571 |
Balance at end of the period | 10,112 | 6,690 |
Residential | Mortgages | 1-4 family | ' | ' |
Troubled Debt Restructuring | ' | ' |
Number of Modifications | 1 | 5 |
Pre-Modification Outstanding Recorded Investment | 122 | 941 |
Post-Modification Outstanding Recorded Investment | 119 | 941 |
Commercial real estate | Other | ' | ' |
Troubled Debt Restructuring | ' | ' |
Number of Modifications | ' | 5 |
Pre-Modification Outstanding Recorded Investment | ' | 2,022 |
Post-Modification Outstanding Recorded Investment | ' | 1,590 |
Commercial real estate | Single and multi-family | ' | ' |
Troubled Debt Restructuring | ' | ' |
Number of Modifications | ' | 1 |
Post-Modification Outstanding Recorded Investment | ' | $40 |
LOAN_LOSS_ALLOWANCE_Details
LOAN LOSS ALLOWANCE (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Activity in the allowance for loan losses | ' | ' |
Balance at beginning of period | $33,323 | ' |
Provision for loan losses | 3,396 | 2,400 |
Balance at end of period | 33,602 | ' |
Allowance For Loan Losses | ' | ' |
Total | 33,602 | ' |
Business Activity | ' | ' |
Activity in the allowance for loan losses | ' | ' |
Balance at beginning of period | 29,527 | 31,891 |
Charged-off loans | 1,984 | 1,839 |
Recoveries on charged-off loans | 107 | 126 |
Provision for loan losses | 1,728 | 1,862 |
Balance at end of period | 29,378 | 32,040 |
Allowance For Loan Losses | ' | ' |
Individually evaluated for impairment | 2,018 | 3,235 |
Collectively evaluated | 27,360 | 28,805 |
Total | 29,378 | 32,040 |
Acquired Loans | ' | ' |
Activity in the allowance for loan losses | ' | ' |
Balance at beginning of period | 3,796 | 1,317 |
Charged-off loans | 1,333 | 662 |
Recoveries on charged-off loans | 93 | 30 |
Provision for loan losses | 1,668 | 538 |
Balance at end of period | 4,224 | 1,223 |
Allowance For Loan Losses | ' | ' |
Individually evaluated for impairment | 301 | 113 |
Collectively evaluated | 3,923 | 1,110 |
Total | 4,224 | 1,223 |
Residential | Mortgages | Business Activity | ' | ' |
Activity in the allowance for loan losses | ' | ' |
Balance at beginning of period | 6,937 | 5,928 |
Charged-off loans | 706 | 190 |
Recoveries on charged-off loans | 7 | 16 |
Provision for loan losses | -575 | 244 |
Balance at end of period | 5,663 | 5,998 |
Allowance For Loan Losses | ' | ' |
Individually evaluated for impairment | 397 | 765 |
Collectively evaluated | 5,266 | 5,233 |
Total | 5,663 | 5,998 |
Residential | Mortgages | Acquired Loans | ' | ' |
Activity in the allowance for loan losses | ' | ' |
Balance at beginning of period | 625 | 509 |
Charged-off loans | 429 | 86 |
Recoveries on charged-off loans | 73 | ' |
Provision for loan losses | 401 | 95 |
Balance at end of period | 670 | 518 |
Allowance For Loan Losses | ' | ' |
Individually evaluated for impairment | 30 | 113 |
Collectively evaluated | 640 | 405 |
Total | 670 | 518 |
Commercial real estate | Business Activity | ' | ' |
Activity in the allowance for loan losses | ' | ' |
Balance at beginning of period | 13,705 | 18,863 |
Charged-off loans | 660 | 720 |
Recoveries on charged-off loans | 1 | 3 |
Provision for loan losses | 1,900 | 402 |
Balance at end of period | 14,946 | 18,548 |
Allowance For Loan Losses | ' | ' |
Individually evaluated for impairment | 1,558 | 1,374 |
Collectively evaluated | 13,388 | 17,174 |
Total | 14,946 | 18,548 |
Commercial real estate | Acquired Loans | ' | ' |
Activity in the allowance for loan losses | ' | ' |
Balance at beginning of period | 2,339 | 390 |
Charged-off loans | 447 | 235 |
Recoveries on charged-off loans | 1 | ' |
Provision for loan losses | 231 | 265 |
Balance at end of period | 2,124 | 420 |
Allowance For Loan Losses | ' | ' |
Individually evaluated for impairment | 250 | ' |
Collectively evaluated | 1,874 | 420 |
Total | 2,124 | 420 |
Commercial real estate | Business loans | Business Activity | ' | ' |
Activity in the allowance for loan losses | ' | ' |
Balance at beginning of period | 5,173 | 5,605 |
Charged-off loans | 189 | 679 |
Recoveries on charged-off loans | 20 | 71 |
Provision for loan losses | -185 | 194 |
Balance at end of period | 4,819 | 5,191 |
Allowance For Loan Losses | ' | ' |
Individually evaluated for impairment | 54 | 824 |
Collectively evaluated | 4,765 | 4,367 |
Total | 4,819 | 5,191 |
Commercial real estate | Business loans | Acquired Loans | ' | ' |
Activity in the allowance for loan losses | ' | ' |
Balance at beginning of period | 597 | 96 |
Charged-off loans | 52 | 25 |
Recoveries on charged-off loans | 5 | 2 |
Provision for loan losses | 548 | 27 |
Balance at end of period | 1,098 | 100 |
Allowance For Loan Losses | ' | ' |
Individually evaluated for impairment | 21 | ' |
Collectively evaluated | 1,077 | 100 |
Total | 1,098 | 100 |
Consumer | Business Activity | ' | ' |
Activity in the allowance for loan losses | ' | ' |
Balance at beginning of period | 3,644 | 1,466 |
Charged-off loans | 429 | 250 |
Recoveries on charged-off loans | 79 | 36 |
Provision for loan losses | 836 | 874 |
Balance at end of period | 4,130 | 2,126 |
Allowance For Loan Losses | ' | ' |
Individually evaluated for impairment | 9 | 272 |
Collectively evaluated | 4,121 | 1,854 |
Total | 4,130 | 2,126 |
Consumer | Acquired Loans | ' | ' |
Activity in the allowance for loan losses | ' | ' |
Balance at beginning of period | 235 | 314 |
Charged-off loans | 405 | 316 |
Recoveries on charged-off loans | 14 | 28 |
Provision for loan losses | 488 | 307 |
Balance at end of period | 332 | 333 |
Allowance For Loan Losses | ' | ' |
Collectively evaluated | 332 | 333 |
Total | 332 | 333 |
Unallocated | Business Activity | ' | ' |
Activity in the allowance for loan losses | ' | ' |
Balance at beginning of period | 68 | 29 |
Provision for loan losses | -248 | 148 |
Balance at end of period | -180 | 177 |
Allowance For Loan Losses | ' | ' |
Collectively evaluated | -180 | 177 |
Total | -180 | 177 |
Unallocated | Acquired Loans | ' | ' |
Activity in the allowance for loan losses | ' | ' |
Balance at beginning of period | ' | 8 |
Provision for loan losses | ' | -156 |
Balance at end of period | ' | -148 |
Allowance For Loan Losses | ' | ' |
Collectively evaluated | ' | -148 |
Total | ' | ($148) |
LOAN_LOSS_ALLOWANCE_Details_2
LOAN LOSS ALLOWANCE (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Business Activity | Business Activity | Acquired Loans | Acquired Loans | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Special mention | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Substandard | Doubtful | Doubtful | Doubtful | Doubtful | Doubtful | Doubtful | Doubtful | Doubtful | Performing | Performing | Performing | Performing | Performing | Performing | Performing | Performing | Performing | Performing | Performing | Performing | Performing | Performing | Nonperforming | Nonperforming | Nonperforming | Nonperforming | Nonperforming | Nonperforming | Nonperforming | Nonperforming | Nonperforming | Nonperforming | Nonperforming | Nonperforming | Nonperforming | Nonperforming | Non-Accrual | Non-Accrual | Non-Accrual | Non-Accrual | Non-Accrual | Non-Accrual | Classified | Classified | Classified | Classified | Classified | Classified | Criticized | Criticized | Criticized | Criticized | Criticized | Criticized | |||
item | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Construction | Construction | Construction | Construction | Construction | Construction | Single and multi-family | Single and multi-family | Single and multi-family | Single and multi-family | Single and multi-family | Single and multi-family | Real estate | Real estate | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Home equity | Home equity | Home equity | Home equity | Home equity | Home equity | Auto and other | Auto and other | Auto and other | Auto and other | Auto and other | Auto and other | Other | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Residential | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Commercial real estate | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Consumer | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | ||||||||||||||||||||
item | Business Activity | Business Activity | Acquired Loans | Acquired Loans | 1-4 family | 1-4 family | 1-4 family | 1-4 family | 1-4 family | 1-4 family | Construction | Construction | Construction | Construction | Construction | Construction | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Asset based lending | Asset based lending | Asset based lending | Asset based lending | Asset based lending | Asset based lending | Other commercial business loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | item | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Construction | Construction | Construction | Construction | Single and multi-family | Single and multi-family | Single and multi-family | Single and multi-family | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Construction | Single and multi-family | Single and multi-family | Single and multi-family | Single and multi-family | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Mortgages | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Construction | Construction | Construction | Construction | Single and multi-family | Single and multi-family | Single and multi-family | Single and multi-family | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business loans | Business Activity | Business Activity | Other commercial business loans | Other commercial business loans | Business loans | Business loans | Business loans | Business loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Home equity | Home equity | Home equity | Home equity | Auto and other | Auto and other | Auto and other | Auto and other | Other | Other | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Home equity | Home equity | Home equity | Home equity | Auto and other | Auto and other | Auto and other | Auto and other | Other | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Maximum | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Acquired Loans | 1-4 family | 1-4 family | 1-4 family | 1-4 family | Construction | Construction | Construction | Construction | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Asset based lending | Asset based lending | Asset based lending | Asset based lending | Other commercial business loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Minimum | Maximum | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Acquired Loans | Acquired Loans | 1-4 family | 1-4 family | 1-4 family | 1-4 family | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Minimum | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Acquired Loans | 1-4 family | 1-4 family | 1-4 family | 1-4 family | Construction | Construction | Construction | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Other commercial business loans | Business Activity | Business Activity | Business Activity | Business Activity | Other commercial business loans | Other commercial business loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Maximum | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Minimum | Acquired Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Minimum | Maximum | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Minimum | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Acquired Loans | Acquired Loans | Business Activity | Business Activity | Maximum | Minimum | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of grades in internal loan rating system | ' | ' | ' | ' | 11 | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Delinquency period of loans based on which risk rating is assigned to loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '59 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | '89 days | ' | ' | ' | ' | '60 days | '89 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period within which loans are current, based on which risk rating is assigned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '59 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '119 days | '119 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for losses on acquired loans under Subtopic ASC 310-30 | ' | ' | ' | ' | $4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans | $4,242,627,000 | $4,180,523,000 | $3,286,845,000 | $3,169,191,000 | $955,782,000 | $1,011,332,000 | $1,377,771,000 | $1,384,274,000 | $1,051,769,000 | $1,045,895,000 | $326,002,000 | $338,379,000 | $1,353,018,000 | $1,361,104,000 | $1,032,170,000 | $1,027,737,000 | $320,848,000 | $333,367,000 | $24,753,000 | $23,170,000 | $19,599,000 | $18,158,000 | $5,154,000 | $5,012,000 | $1,456,976,000 | $1,417,120,000 | $1,125,629,000 | $1,060,011,000 | $331,347,000 | $357,109,000 | $1,185,797,000 | $1,149,783,000 | $925,513,000 | $871,271,000 | $260,284,000 | $278,512,000 | $144,949,000 | $139,017,000 | $137,687,000 | $125,247,000 | $7,262,000 | $13,770,000 | $126,230,000 | $128,320,000 | $62,429,000 | $63,493,000 | $63,801,000 | $64,827,000 | $260,284,000 | $278,512,000 | $696,895,000 | $687,293,000 | $626,150,000 | $617,437,000 | $70,745,000 | $69,856,000 | $314,073,000 | $297,371,000 | $309,699,000 | $294,241,000 | $4,374,000 | $3,130,000 | $382,822,000 | $389,922,000 | $316,451,000 | $323,196,000 | $66,371,000 | $66,726,000 | $710,985,000 | $691,836,000 | $483,297,000 | $445,848,000 | $227,688,000 | $245,988,000 | $305,020,000 | $306,831,000 | $233,521,000 | $232,677,000 | $71,499,000 | $74,154,000 | $405,965,000 | $385,005,000 | $249,776,000 | $213,171,000 | $156,189,000 | $171,834,000 | ' | ' | $1,045,428,000 | $1,037,849,000 | $318,862,000 | $331,434,000 | ' | $1,025,829,000 | $1,019,732,000 | $317,806,000 | $330,353,000 | $19,599,000 | $18,117,000 | $1,056,000 | $1,081,000 | $1,048,690,000 | $980,379,000 | $288,483,000 | $308,902,000 | $857,236,000 | $800,672,000 | $237,533,000 | $254,787,000 | $132,955,000 | $120,071,000 | $4,589,000 | $7,154,000 | $58,499,000 | $59,636,000 | $46,361,000 | $46,961,000 | $612,454,000 | $608,225,000 | $62,735,000 | $62,745,000 | $309,699,000 | $294,241,000 | $4,374,000 | $3,130,000 | $302,755,000 | $313,984,000 | $58,361,000 | $59,615,000 | $27,778,000 | $27,934,000 | $9,724,000 | $10,081,000 | $18,054,000 | $17,853,000 | ' | ' | $101,000 | $623,000 | $734,000 | $437,000 | ' | ' | $101,000 | $623,000 | $734,000 | $437,000 | $6,302,000 | $8,290,000 | $13,235,000 | $13,833,000 | $6,164,000 | $8,150,000 | $8,169,000 | $9,034,000 | $347,000 | $138,000 | $140,000 | $4,719,000 | $4,799,000 | $2,751,000 | $884,000 | $3,467,000 | $2,396,000 | $2,751,000 | $884,000 | $3,467,000 | $2,396,000 | $107,465,000 | $109,558,000 | $72,494,000 | $70,667,000 | $34,971,000 | $38,891,000 | ' | $6,240,000 | $7,423,000 | $6,406,000 | $6,508,000 | ' | $6,240,000 | $7,382,000 | $2,308,000 | $2,577,000 | $41,000 | $4,098,000 | $3,931,000 | $70,564,000 | $70,700,000 | $29,629,000 | $34,374,000 | $62,040,000 | $61,807,000 | $14,582,000 | $14,691,000 | $4,732,000 | $5,176,000 | $2,326,000 | $6,616,000 | $3,792,000 | $3,717,000 | $12,721,000 | $13,067,000 | $10,857,000 | $7,725,000 | $4,543,000 | $4,715,000 | $10,857,000 | $7,725,000 | $4,543,000 | $4,715,000 | $73,000 | $642,000 | $73,000 | $642,000 | $88,000 | $603,000 | $88,000 | $603,000 | $481,546,000 | $444,516,000 | $225,594,000 | $243,827,000 | $232,133,000 | $231,594,000 | $71,104,000 | $73,552,000 | $249,413,000 | $212,922,000 | $154,490,000 | $170,275,000 | ' | ' | $1,751,000 | $1,332,000 | $2,094,000 | $2,161,000 | $1,388,000 | $1,083,000 | $395,000 | $602,000 | $363,000 | $249,000 | $1,699,000 | $1,559,000 | ' | ' | $25,364,000 | $27,455,000 | $17,353,000 | $18,472,000 | $8,011,000 | $8,983,000 | $132,829,000 | $137,013,000 | $89,847,000 | $89,139,000 | $42,982,000 | $47,874,000 | $160,607,000 | $164,947,000 | $99,571,000 | $99,220,000 | $61,036,000 | $65,727,000 |
DEPOSITS_Details
DEPOSITS (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Account balances | ' | ' |
Time less than $100,000 | $535,983 | $490,902 |
Time $100,000 or more | 539,757 | 510,746 |
Total time deposits | $1,075,740 | $1,001,648 |
BORROWED_FUNDS_Details
BORROWED FUNDS (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Borrowings and junior subordinated debentures | ' | ' |
Short-term borrowings | $914,950,000 | $872,510,000 |
Long-term borrowings | 111,493,000 | 191,597,000 |
Total borrowings | 1,026,443,000 | 1,064,107,000 |
Weighted average rate on short-term borrowings (as a percent) | 0.21% | 0.24% |
Weighted average rate on long-term borrowings (as a percent) | 5.43% | 3.53% |
Weighted Average Rate (as a percent) | 0.78% | 0.83% |
Secured line of credit | 3,000,000 | ' |
Advances from the FHLB | ' | ' |
Borrowings and junior subordinated debentures | ' | ' |
Short-term borrowings | 914,950,000 | 862,510,000 |
Long-term borrowings | 21,797,000 | 101,918,000 |
Weighted average rate on short-term borrowings (as a percent) | 0.21% | 0.22% |
Weighted average rate on long-term borrowings (as a percent) | 2.44% | 1.23% |
Outstanding balance on FHLBB line of credit | 0 | 0 |
Advances from the FHLB, callable advances | ' | ' |
Borrowings and junior subordinated debentures | ' | ' |
Long-term borrowings | 5,000,000 | 5,000,000 |
Advances from the FHLB, amortizing advances | ' | ' |
Borrowings and junior subordinated debentures | ' | ' |
Long-term borrowings | 5,400,000 | 5,500,000 |
Federal Reserve Bank Advances | ' | ' |
Borrowings and junior subordinated debentures | ' | ' |
Short-term borrowings | 0 | 0 |
Subordinated borrowings | ' | ' |
Borrowings and junior subordinated debentures | ' | ' |
Long-term borrowings | 74,232,000 | 74,215,000 |
Weighted average rate on long-term borrowings (as a percent) | 7.00% | 7.00% |
Junior subordinated borrowings | ' | ' |
Borrowings and junior subordinated debentures | ' | ' |
Long-term borrowings | 15,464,000 | 15,464,000 |
Weighted average rate on long-term borrowings (as a percent) | 2.09% | 2.09% |
Other Borrowings | ' | ' |
Borrowings and junior subordinated debentures | ' | ' |
Short-term borrowings | ' | $10,000,000 |
Weighted average rate on short-term borrowings (as a percent) | ' | 1.92% |
BORROWED_FUNDS_Details_2
BORROWED FUNDS (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Principal | ' | ' |
Total | $936,747 | $964,428 |
Weighted Average Rate (as a percent) | ' | ' |
Total | 0.27% | 0.32% |
Fixed rate advances | ' | ' |
Principal | ' | ' |
2014 | 924,900 | ' |
2014 | ' | 882,525 |
2016 | 1,567 | 1,583 |
2017 | 5,000 | 5,000 |
2018 and beyond | 5,280 | 5,320 |
Total | 936,747 | 894,428 |
Weighted Average Rate (as a percent) | ' | ' |
2014 | 0.22% | ' |
2014 | ' | 0.28% |
2016 | 0.88% | 0.79% |
2017 | 4.33% | 4.33% |
2018 and beyond | 3.83% | 3.83% |
Total | 0.27% | 0.35% |
Variable rate advances | ' | ' |
Principal | ' | ' |
2014 | ' | 10,000 |
2015 | ' | 20,000 |
2016 | ' | 10,000 |
2018 and beyond | ' | 30,000 |
Total | ' | $70,000 |
Weighted Average Rate (as a percent) | ' | ' |
2014 | ' | 0.32% |
2015 | ' | 0.30% |
2016 | ' | 0.30% |
2018 and beyond | ' | 0.30% |
Total | ' | 0.30% |
BORROWED_FUNDS_Details_3
BORROWED FUNDS (Details 3) (USD $) | 1 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Notes | Notes | Junior subordinated debentures | Junior subordinated debentures | Junior subordinated debentures | Junior subordinated debentures | |
Three-month LIBOR rate | Trust I | Trust I | Trust I | LIBOR | ||
Maximum | Trust I | |||||
Borrowings and junior subordinated debentures | ' | ' | ' | ' | ' | ' |
Maturity period | '15 years | ' | ' | ' | ' | ' |
Principal amount of debt issued | $75 | ' | ' | ' | ' | ' |
Discount rate (as a percent) | 1.15% | ' | ' | ' | ' | ' |
Fixed interest rate (as a percent) | 6.88% | ' | ' | ' | ' | ' |
Maturity period with fixed interest rate | '10 years | ' | ' | ' | ' | ' |
Variable interest rate base | ' | 'three-month LIBOR | ' | ' | ' | 'LIBOR |
Interest rate margin (as a percent) | ' | 511.30% | ' | ' | ' | 1.85% |
Common stock of trust (as a percent) | ' | ' | 100.00% | ' | ' | ' |
Common stock of trust included in other asset | ' | ' | 0.5 | ' | ' | ' |
Sole asset of trust in form of debt | ' | ' | $15.50 | ' | ' | ' |
Variable interest rate (as a percent) | ' | ' | 2.09% | 2.09% | ' | ' |
Period up to which interest payments can be deferred | ' | ' | ' | ' | '5 years | ' |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (Bank) | Mar. 31, 2014 | Dec. 31, 2013 |
Bank | ' | ' |
Tier 1 capital to risk-weighted assets | ' | ' |
Total capital to risk weighted assets (as a percent) | 11.20% | 11.60% |
Tier 1 capital to risk weighted assets (as a percent) | 9.50% | 10.00% |
Tier 1 capital to average assets (as a percent) | 7.40% | 8.00% |
FDIC Minimum to be Well Capitalized, Total capital to risk weighted assets (as a percent) | 10.00% | 10.00% |
FDIC Minimum to be Well Capitalized, Tier 1 capital to risk weighted assets (as a percent) | 6.00% | 6.00% |
FDIC Minimum to be Well Capitalized, Tier 1 capital to average assets (as a percent) | 5.00% | 5.00% |
STOCKHOLDERS_EQUITY_Details_2
STOCKHOLDERS' EQUITY (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Accumulated other comprehensive loss | ($631) | ($9,057) | ($1,671) | ($2,979) |
Net unrealized holding loss on AFS securities | ' | ' | ' | ' |
Other accumulated comprehensive income (loss), before tax: | -3,274 | -9,294 | ' | ' |
Income taxes related to items of accumulated other comprehensive (loss) income: | 1,298 | 3,518 | ' | ' |
Accumulated other comprehensive loss | -1,976 | -5,776 | 7,124 | 6,712 |
Net gain (loss) on effective cash flow hedging derivatives | ' | ' | ' | ' |
Other accumulated comprehensive income (loss), before tax: | 2,244 | -2,289 | ' | ' |
Income taxes related to items of accumulated other comprehensive (loss) income: | -909 | 923 | ' | ' |
Accumulated other comprehensive loss | 1,335 | -1,366 | -5,690 | -6,558 |
Net loss on terminated swap | ' | ' | ' | ' |
Other accumulated comprehensive income (loss), before tax: | ' | -3,237 | ' | ' |
Income taxes related to items of accumulated other comprehensive (loss) income: | ' | 1,312 | ' | ' |
Accumulated other comprehensive loss | ' | -1,925 | -2,350 | -2,378 |
Net unrealized holding loss on pension plans | ' | ' | ' | ' |
Other accumulated comprehensive income (loss), before tax: | 17 | 17 | ' | ' |
Income taxes related to items of accumulated other comprehensive (loss) income: | -7 | -7 | ' | ' |
Accumulated other comprehensive loss | $10 | $10 | ($755) | ($755) |
STOCKHOLDERS_EQUITY_Details_3
STOCKHOLDERS' EQUITY (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net unrealized gain (losses) arising during the period | ' | ' |
Other Comprehensive Loss before reclassifications | $3,330 | $676 |
Less: reclassification adjustment for (gains) losses realized in net income | ' | ' |
Net of Tax | 5,096 | 632 |
Other Comprehensive Loss | ' | ' |
Before Tax | 13,791 | 2,412 |
Tax Effect | -5,365 | -1,104 |
Total other comprehensive income | 8,426 | 1,308 |
Net unrealized holding (loss) gain on AFS securities | ' | ' |
Net unrealized gain (losses) arising during the period | ' | ' |
Before Tax | 6,055 | 733 |
Tax Effect | -2,233 | -321 |
Other Comprehensive Loss before reclassifications | 3,822 | 412 |
Less: reclassification adjustment for (gains) losses realized in net income | ' | ' |
Before Tax | -34 | ' |
Tax Effect | 12 | ' |
Net of Tax | -22 | ' |
Other Comprehensive Loss | ' | ' |
Before Tax | 6,021 | 733 |
Tax Effect | -2,221 | -321 |
Total other comprehensive income | 3,800 | 412 |
Net gain on cash flow hedging derivatives | ' | ' |
Net unrealized gain (losses) arising during the period | ' | ' |
Before Tax | -860 | 431 |
Tax Effect | 368 | -167 |
Other Comprehensive Loss before reclassifications | -492 | 264 |
Less: reclassification adjustment for (gains) losses realized in net income | ' | ' |
Before Tax | 5,393 | 1,012 |
Tax Effect | -2,200 | -408 |
Net of Tax | 3,193 | 604 |
Other Comprehensive Loss | ' | ' |
Before Tax | 4,533 | 1,443 |
Tax Effect | -1,832 | -575 |
Total other comprehensive income | 2,701 | 868 |
Net gain on terminated swap | ' | ' |
Less: reclassification adjustment for (gains) losses realized in net income | ' | ' |
Before Tax | 3,237 | 236 |
Tax Effect | -1,312 | -208 |
Net of Tax | 1,925 | 28 |
Other Comprehensive Loss | ' | ' |
Before Tax | 3,237 | 236 |
Tax Effect | -1,312 | -208 |
Total other comprehensive income | $1,925 | $28 |
STOCKHOLDERS_EQUITY_Details_4
STOCKHOLDERS' EQUITY (Details 4) (USD $) | 3 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Net unrealized holding (loss) gain on AFS securities | Net unrealized holding (loss) gain on AFS securities | Net loss on effective cash flow hedging derivatives | Net loss on effective cash flow hedging derivatives | Net loss on terminated swap | Net loss on terminated swap | Net unrealized holding loss on pension plans | Net unrealized holding loss on pension plans | Net unrealized holding loss on pension plans | Net unrealized holding loss on pension plans | |||
Accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ($9,057) | ($2,979) | ($5,776) | $6,712 | ($1,366) | ($6,558) | ($1,925) | ($2,378) | $10 | $10 | ($755) | ($755) |
Reclassification from accumulated other comprehensive income, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Loss before reclassifications | 3,330 | 676 | 3,822 | 412 | -492 | 264 | ' | ' | ' | ' | ' | ' |
Amounts Reclassified from Accumulated other comprehensive income | 5,096 | 632 | -22 | ' | 3,193 | 604 | 1,925 | 28 | ' | ' | ' | ' |
Total other comprehensive income | 8,426 | 1,308 | 3,800 | 412 | 2,701 | 868 | 1,925 | 28 | ' | ' | ' | ' |
Balance at the end of the period | ($631) | ($1,671) | ($1,976) | $7,124 | $1,335 | ($5,690) | ' | ($2,350) | $10 | $10 | ($755) | ($755) |
STOCKHOLDERS_EQUITY_Details_5
STOCKHOLDERS' EQUITY (Details 5) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Amounts reclassified out of each component of accumulated other comprehensive income | ' | ' |
Non-interest income | $4,423 | $14,798 |
Tax expense | 461 | -4,387 |
Net (loss) income | -1,106 | 10,465 |
Amount Reclassified From Accumulated Other Comprehensive Income | ' | ' |
Amounts reclassified out of each component of accumulated other comprehensive income | ' | ' |
Net (loss) income | 5,096 | 632 |
Realized (gains) on AFS securities | Amount Reclassified From Accumulated Other Comprehensive Income | ' | ' |
Amounts reclassified out of each component of accumulated other comprehensive income | ' | ' |
Non-interest income | -34 | ' |
Tax expense | 12 | ' |
Net (loss) income | -22 | ' |
Realized losses on cash flow hedging derivatives: | Amount Reclassified From Accumulated Other Comprehensive Income | ' | ' |
Amounts reclassified out of each component of accumulated other comprehensive income | ' | ' |
Non-interest income | 5,393 | 1,012 |
Tax expense | -2,200 | -408 |
Net (loss) income | 3,193 | 604 |
Realized losses on terminated swap | Amount Reclassified From Accumulated Other Comprehensive Income | ' | ' |
Amounts reclassified out of each component of accumulated other comprehensive income | ' | ' |
Non-interest income | 3,237 | 236 |
Tax expense | -1,312 | -208 |
Net (loss) income | $1,925 | $28 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings per share | ' | ' |
Net (loss) income | ($1,106) | $10,465 |
Average number of common shares issued | 26,525 | 26,525 |
Less: average number of treasury shares | 1,425 | 1,260 |
Less: average number of unvested stock award shares | 402 | 317 |
Average number of basic common shares outstanding | 24,698 | 24,948 |
Average number of diluted common shares outstanding | 24,698 | 25,143 |
(Loss) earnings per share: | ' | ' |
Basic (in dollars per share) | ($0.04) | $0.42 |
Diluted (in dollars per share) | ($0.04) | $0.42 |
Unvested stock award shares | ' | ' |
Earnings per share | ' | ' |
Plus: dilutive effect of share-based payment arrangements (in shares) | ' | 73 |
Stock Options | ' | ' |
Earnings per share | ' | ' |
Plus: dilutive effect of share-based payment arrangements (in shares) | ' | 122 |
EARNINGS_PER_SHARE_Details_2
EARNINGS PER SHARE (Details 2) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Restricted stock | ' | ' |
Anti-dilutive securities | ' | ' |
Securities excluded from the earnings per share calculations (in shares) | 335 | 251 |
Options | ' | ' |
Anti-dilutive securities | ' | ' |
Securities excluded from the earnings per share calculations (in shares) | 321 | 499 |
STOCKBASED_COMPENSATION_PLANS_1
STOCK-BASED COMPENSATION PLANS (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stock-based compensation plans, additional disclosures | ' | ' |
Stock-based compensation expense | $932 | $881 |
Non-vested Stock Awards | ' | ' |
Non-vested Stock Awards Outstanding, Number of Shares | ' | ' |
Balance at the beginning of the period (in shares) | 334 | ' |
Granted (in shares) | 126 | ' |
Stock awards vested (in shares) | -62 | -69 |
Forfeited (in shares) | -1 | ' |
Balance at the end of the period (in shares) | 397 | ' |
Non-vested Stock Awards Outstanding, Weighted-Average Grant Date Fair Value | ' | ' |
Balance at the beginning of the period (in dollars per share) | $23.26 | ' |
Granted (in dollars per share) | $25 | ' |
Stock awards vested (in dollars per share) | $22.75 | ' |
Forfeited (in dollars per share) | $21.22 | ' |
Balance at the end of the period (in dollars per share) | $24.31 | ' |
Stock Options | ' | ' |
Stock Options Outstanding, Number of Shares | ' | ' |
Balance at the beginning of the period (in shares) | 442 | ' |
Stock options exercised (in shares) | -61 | ' |
Expired (in shares) | -60 | ' |
Balance at the end of the period (in shares) | 321 | ' |
Exercisable options at the end of the period (in shares) | 321 | ' |
Stock Options Outstanding, Weighted-Average Exercise Price | ' | ' |
Balance at the beginning of the period (in dollars per share) | $20.41 | ' |
Stock options exercised (in dollars per share) | $11.83 | ' |
Expired (in dollars per share) | $37.41 | ' |
Balance at the end of the period (in dollars per share) | $20.16 | ' |
Exercisable options at the end of the period (in dollars per share) | $20.17 | ' |
Stock-based compensation plans, additional disclosures | ' | ' |
Proceeds from stock option exercises | $718 | $1,800 |
OPERATING_SEGMENTS_Details
OPERATING SEGMENTS (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
item | ||
OPERATING SEGMENTS | ' | ' |
Number of reportable operating segments | 2 | ' |
Operating segments | ' | ' |
Net interest income (expense) | $42,766 | $41,937 |
Provision for loan losses | 3,396 | 2,400 |
Non-interest income (expense) | 4,423 | 14,798 |
Non-interest expense | 45,360 | 39,483 |
(Loss) income before income taxes | -1,567 | 14,852 |
Income tax (benefit) expense | -461 | 4,387 |
Net (loss) income | -1,106 | 10,465 |
Average assets | 5,851 | 5,240 |
Operating segment | Banking | ' | ' |
Operating segments | ' | ' |
Net interest income (expense) | 43,712 | 42,901 |
Provision for loan losses | 3,396 | 2,400 |
Non-interest income (expense) | 1,374 | 11,801 |
Non-interest expense | 42,574 | 36,670 |
(Loss) income before income taxes | -884 | 15,632 |
Income tax (benefit) expense | -192 | 4,705 |
Net (loss) income | -692 | 10,927 |
Average assets | 5,829 | 5,203 |
Operating segment | Insurance | ' | ' |
Operating segments | ' | ' |
Non-interest income (expense) | 3,049 | 2,997 |
Non-interest expense | 2,322 | 2,151 |
(Loss) income before income taxes | 727 | 846 |
Income tax (benefit) expense | 287 | 310 |
Net (loss) income | 440 | 536 |
Average assets | 26 | 27 |
Reportable legal entity | Parent | ' | ' |
Operating segments | ' | ' |
Net interest income (expense) | -946 | 6,036 |
Non-interest income (expense) | -252 | 4,463 |
Non-interest expense | 464 | 662 |
(Loss) income before income taxes | -1,662 | 9,837 |
Income tax (benefit) expense | -556 | -628 |
Net (loss) income | -1,106 | 10,465 |
Average assets | 722 | 755 |
Eliminations | ' | ' |
Operating segments | ' | ' |
Net interest income (expense) | ' | -7,000 |
Non-interest income (expense) | 252 | -4,463 |
(Loss) income before income taxes | 252 | -11,463 |
Net (loss) income | 252 | -11,463 |
Average assets | ($726) | ($745) |
DERIVATIVE_FINANCIAL_INSTRUMEN2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
FHLBB borrowings | Cash flow hedges | Cash flow hedges | Economic hedges | Economic hedges | Economic hedges | Non-hedging derivatives | Non-hedging derivatives | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Interest rate swaps | Forward-starting interest rate swaps | Forward-starting interest rate swaps | Forward-starting interest rate swaps | Forward-starting interest rate swaps | Forward-starting interest rate swaps | Forward-starting interest rate swaps | Reverse interest rate swaps | Reverse interest rate swaps | Reverse interest rate swaps | Reverse interest rate swaps | Reverse interest rate swaps | Interest rate lock commitments | Interest rate lock commitments | Interest rate lock commitments | Interest rate lock commitments | Interest rate lock commitments | Forward sale commitments | Forward sale commitments | Forward sale commitments | Forward sale commitments | Forward sale commitments | ||||
Tax advantaged economic development bonds | FHLBB borrowings | 90 day rolling FHLB advances | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | 90 day rolling FHLB advances | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Cash flow hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Non-hedging derivatives | Non-hedging derivatives | Non-hedging derivatives | Non-hedging derivatives | Non-hedging derivatives | Economic hedges | Economic hedges | Economic hedges | Economic hedges | Economic hedges | |||||||||||
FHLBB borrowings | FHLBB borrowings | FHLBB borrowings | FHLBB borrowings | Junior subordinated notes | Junior subordinated notes | Junior subordinated notes | Junior subordinated notes | Junior subordinated notes | Tax advantaged economic development bonds | Tax advantaged economic development bonds | Tax advantaged economic development bonds | Tax advantaged economic development bonds | Loans with commercial loan customers | Loans with commercial loan customers | Loans with commercial loan customers | Loans with commercial loan customers | Loans with commercial loan customers | Industrial revenue bond | Industrial revenue bond | item | FHLBB borrowings | FHLBB borrowings | FHLBB borrowings | FHLBB borrowings | Loans with commercial loan customers | Loans with commercial loan customers | Loans with commercial loan customers | Loans with commercial loan customers | Loans with commercial loan customers | Weighted Average | Weighted Average | Weighted Average | Weighted Average | ||||||||||||||||||||||||
Weighted Average | Weighted Average | Weighted Average | Weighted Average | Weighted Average | Weighted Average | Weighted Average | Weighted Average | Weighted Average | Weighted Average | Weighted Average | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative instruments and hedging activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash pledged as collateral to derivative counterparties | $1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost of securities pledged as collateral to derivative counterparties | 26,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of securities as pledged collateral to derivative counterparties | 26,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap agreements and non-hedging derivative assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional Amount | 805,400,000 | ' | 905,071,000 | ' | 315,000,000 | 425,000,000 | 468,290,000 | 459,872,000 | ' | 22,075,000 | 20,199,000 | ' | ' | ' | ' | 100,000,000 | ' | 150,000,000 | ' | 15,000,000 | ' | 15,000,000 | ' | ' | 438,000,000 | 12,960,000 | 13,095,000 | ' | ' | 212,530,000 | ' | 206,933,000 | ' | ' | ' | ' | ' | ' | 300,000,000 | 260,000,000 | ' | ' | 212,530,000 | ' | 206,933,000 | ' | ' | 22,075,000 | ' | 20,199,000 | ' | ' | 30,270,000 | ' | 32,911,000 | ' | ' |
Weighted Average Maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 6 months | ' | ' | ' | '1 month 6 days | '4 months 24 days | ' | ' | ' | '15 years 8 months 12 days | '15 years 10 months 24 days | ' | ' | ' | '5 years 3 months 18 days | '5 years 4 months 24 days | ' | ' | ' | ' | ' | ' | '5 years | '4 years 6 months | ' | ' | ' | '5 years 3 months 18 days | '5 years 4 months 24 days | ' | ' | ' | '2 months 12 days | '2 months 12 days | ' | ' | ' | '2 months 12 days | '2 months 12 days |
Weighted Average Rate, Received (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | 2.09% | ' | 2.09% | ' | ' | ' | 0.52% | 0.54% | ' | ' | 2.37% | ' | 2.44% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.61% | ' | 4.68% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Rate, Contract pay rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.61% | ' | 5.54% | ' | 5.54% | ' | ' | ' | 5.09% | 5.09% | ' | ' | 4.61% | ' | 4.68% | ' | ' | ' | ' | ' | ' | 2.29% | 1.88% | ' | ' | 2.37% | ' | 2.44% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Fair Value Asset (Liability) | 395,000 | ' | -3,652,000 | ' | 2,244,000 | -2,290,000 | -2,226,000 | -1,620,000 | ' | 377,000 | 258,000 | ' | ' | ' | ' | ' | ' | -3,102,000 | ' | -75,000 | ' | -203,000 | ' | ' | ' | -2,121,000 | -1,889,000 | ' | ' | -6,714,000 | ' | -6,278,000 | ' | ' | ' | ' | ' | ' | 2,319,000 | 1,015,000 | ' | ' | 6,717,000 | ' | 6,286,000 | ' | ' | 377,000 | ' | 258,000 | ' | ' | -108,000 | ' | 261,000 | ' | ' |
Cash flow hedges: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Durations of derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swaps on FHLBB borrowings: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized (loss) gain recognized in accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -785,000 | 306,000 | ' | ' | -1,000 | -1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of unrealized (loss) gain from accumulated other comprehensive loss to interest expense | 7,029,000 | 8,944,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,011,000 | ' | ' | 129,000 | 127,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of unrealized loss from accumulated other comprehensive loss to other non-interest income for termination of swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,630,000 | 236,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of unrealized deferred tax benefit from accumulated other comprehensive loss to tax expense for terminated swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,611,000 | -208,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net tax benefit (expense) on items recognized in accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 314,000 | -522,000 | ' | ' | -51,000 | -54,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income recorded in accumulated other comprehensive loss, net of reclassification adjustments and tax effects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,625,000 | 895,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest expense recognized in interest expense | 2,308,000 | 3,581,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,243,000 | ' | ' | 129,000 | 127,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount reclassified as an increase to interest expense during the next twelve months | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of derivative contract terminated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | 145,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 235,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of FHLB advances | ' | ' | ' | 215,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss reclassified from the effective portion of the unrealized changes in the fair value of the derivatives | ' | ' | ' | 8,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate of interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 5.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Life of the bond | ' | ' | ' | ' | ' | ' | ' | ' | '21 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit valuation adjustments | ' | ' | ' | ' | ' | ' | 24,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Economic hedges and non-hedging derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized (loss) gain recognized in other non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 187,000 | 1,554,000 | ' | ' | ' | -381,000 | 107,000 | ' | ' | ' | ' | ' | ' | -187,000 | -1,554,000 | ' | ' | ' | 377,000 | 2,758,000 | ' | ' | ' | -108,000 | -550,000 | ' | ' | ' |
Favorable change in credit valuation adjustment recognized in other non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000 | 78,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized gain in other non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $469,000 | $1,240,000 | ' | ' | ' | ($164,000) | $1,055,000 | ' | ' | ' |
DERIVATIVE_FINANCIAL_INSTRUMEN3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Offsetting of Financial Assets and Derivative Assets | ' | ' |
Gross Amounts of Recognized Assets | $7,140,000 | $7,799,000 |
Net Amounts of Assets Presented in the Statements of Condition | 7,140,000 | 7,799,000 |
Net Amount | 7,140,000 | 7,799,000 |
Offsetting of Financial Liabilities and Derivative Liabilities | ' | ' |
Gross Amounts of Recognized Liabilities | -9,819,000 | -13,877,000 |
Gross Amounts Offset in the Statements of Condition | 2,794,000 | 1,913,000 |
Net Amounts of Liabilities Presented in the Statements of Condition | -7,025,000 | -11,964,000 |
Gross Amounts Not Offset in the Statements of Condition | ' | ' |
Financial Instruments | 4,902,000 | 9,544,000 |
Securities and Cash Collateral Pledged | 1,700,000 | 1,700,000 |
Net Amount | -423,000 | -720,000 |
Institutional counterparties | ' | ' |
Offsetting of Financial Liabilities and Derivative Liabilities | ' | ' |
Gross Amounts of Recognized Liabilities | -9,396,000 | -13,157,000 |
Gross Amounts Offset in the Statements of Condition | 2,794,000 | 1,913,000 |
Net Amounts of Liabilities Presented in the Statements of Condition | -6,602,000 | -11,244,000 |
Gross Amounts Not Offset in the Statements of Condition | ' | ' |
Financial Instruments | 4,902,000 | 9,544,000 |
Securities and Cash Collateral Pledged | 1,700,000 | 1,700,000 |
Commercial counterparties | ' | ' |
Offsetting of Financial Assets and Derivative Assets | ' | ' |
Gross Amounts of Recognized Assets | 7,140,000 | 7,799,000 |
Net Amounts of Assets Presented in the Statements of Condition | 7,140,000 | 7,799,000 |
Net Amount | 7,140,000 | 7,799,000 |
Offsetting of Financial Liabilities and Derivative Liabilities | ' | ' |
Gross Amounts of Recognized Liabilities | -423,000 | -720,000 |
Net Amounts of Liabilities Presented in the Statements of Condition | -423,000 | -720,000 |
Gross Amounts Not Offset in the Statements of Condition | ' | ' |
Net Amount | -423,000 | -720,000 |
Interest Rate Swap Agreements | ' | ' |
Assets and liabilities subject to an enforceable master netting arrangement | ' | ' |
Amount of collateral posted for the net liability positions | $6,600,000 | $11,200,000 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Marketable equity securities | Marketable equity securities | Level 1 Inputs | Level 1 Inputs | Level 2 Inputs | Level 2 Inputs | Level 3 Inputs | Level 3 Inputs | Level 3 Inputs | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | ||
Municipal bonds and obligations | Municipal bonds and obligations | Government-guaranteed residential mortgage-backed securities | Government-guaranteed residential mortgage-backed securities | Government-sponsored residential mortgage-backed securities | Government-sponsored residential mortgage-backed securities | Corporate bonds | Corporate bonds | Trust preferred securities | Trust preferred securities | Other bonds and obligations | Other bonds and obligations | Trust preferred securities | Level 1 Inputs | Level 1 Inputs | Level 1 Inputs | Level 1 Inputs | Level 2 Inputs | Level 2 Inputs | Level 2 Inputs | Level 2 Inputs | Level 2 Inputs | Level 2 Inputs | Level 2 Inputs | Level 2 Inputs | Level 2 Inputs | Level 2 Inputs | Level 2 Inputs | Level 2 Inputs | Level 2 Inputs | Level 2 Inputs | Level 2 Inputs | Level 2 Inputs | Level 3 Inputs | Level 3 Inputs | Level 3 Inputs | Level 3 Inputs | Level 3 Inputs | Level 3 Inputs | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | Total Fair Value | |||||||||||||||
Marketable equity securities | Marketable equity securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Marketable equity securities | Marketable equity securities | Debt securities | Debt securities | Marketable equity securities | Marketable equity securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Debt securities | Marketable equity securities | Marketable equity securities | ||||||||||||||||||||||||||||||||||||
Municipal bonds and obligations | Municipal bonds and obligations | Government-guaranteed residential mortgage-backed securities | Government-guaranteed residential mortgage-backed securities | Government-sponsored residential mortgage-backed securities | Government-sponsored residential mortgage-backed securities | Corporate bonds | Corporate bonds | Trust preferred securities | Trust preferred securities | Other bonds and obligations | Other bonds and obligations | Trust preferred securities | Trust preferred securities | Municipal bonds and obligations | Municipal bonds and obligations | Government-guaranteed residential mortgage-backed securities | Government-guaranteed residential mortgage-backed securities | Government-sponsored residential mortgage-backed securities | Government-sponsored residential mortgage-backed securities | Corporate bonds | Corporate bonds | Trust preferred securities | Trust preferred securities | Other bonds and obligations | Other bonds and obligations | ||||||||||||||||||||||||||||||||||||||||||||
Assets and financial liabilities measured at fair value on a recurring basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers between Level 1, 2, and 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading security | 14,923 | 14,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,923 | 14,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,923 | 14,840 | ' | ' | ' | ' | 14,923 | 14,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale securities | 1,033,637 | 760,048 | 998,784 | 738,075 | 137,192 | 77,671 | 83,686 | 78,771 | 718,898 | 522,658 | 40,121 | 39,280 | 15,758 | 16,611 | 3,129 | 3,084 | 34,853 | 21,973 | 33,790 | 20,891 | 997,801 | 737,193 | 2,046 | 1,964 | 1,300 | ' | ' | ' | ' | 33,790 | 20,891 | ' | ' | 137,192 | 77,671 | 83,686 | 78,771 | 718,898 | 522,658 | 40,121 | 39,280 | 14,418 | 15,372 | 3,129 | 3,084 | 357 | 357 | ' | ' | 1,340 | 1,239 | 706 | 725 | ' | ' | 137,192 | 77,671 | 83,686 | 78,771 | 718,898 | 522,658 | 40,121 | 39,280 | 15,758 | 16,611 | 3,129 | 3,084 | 34,853 | 21,973 |
Loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,669 | 15,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,669 | 15,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,669 | 15,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 242 | 9,934 | 7,799 | 377 | 277 | ' | ' | ' | ' | 242 | ' | ' | 9,934 | 7,799 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 377 | 277 | ' | ' | ' | ' | 10,311 | 8,318 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative liabilities | $9,819 | $13,877 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13 | ' | $9,710 | $11,964 | $96 | ' | ' | ' | ' | $13 | ' | ' | ' | $9,710 | $11,964 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $96 | ' | ' | ' | ' | ' | $9,819 | $11,964 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_MEASUREMENTS_Detail1
FAIR VALUE MEASUREMENTS (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Level 2 | Level 2 | Loans Held for Sale | Loans Held for Sale | Recurring basis | Recurring basis | Recurring basis | Recurring basis |
Level 2 | Level 2 | Loans Held for Sale | Loans Held for Sale | |||||
Level 2 | Level 2 | |||||||
Loans Held for Sale | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Fair Value | $7,669 | $15,840 | ' | ' | $7,669 | $15,840 | $7,669 | $15,840 |
Aggregate Unpaid Principal | 4,018 | 3,969 | ' | ' | ' | ' | 7,430 | 15,641 |
Aggregate Fair Value Less Aggregate Unpaid Principal | ' | ' | ' | ' | ' | ' | 239 | 199 |
Gain (losses) in fair value of loans held for sale included in earnings | ' | ' | $40 | ($1,000) | ' | ' | ' | ' |
FAIR_VALUE_MEASUREMENTS_Detail2
FAIR VALUE MEASUREMENTS (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Changes in Level 3 assets that were measured at fair value on a recurring basis | ' | ' |
Paydown of trading security | $604 | $354 |
Forward Commitments | ' | ' |
Changes in Level 3 assets that were measured at fair value on a recurring basis | ' | ' |
Unrealized gains (losses) relating to instruments still held at the end of the period | -96 | -517 |
Liabilities | ' | ' |
Balance at the beginning of the period | 19 | -1,055 |
Unrealized (loss) gain recognized in other non-interest income | -115 | 538 |
Balance at the end of the period | -96 | -517 |
Trading Security | ' | ' |
Changes in Level 3 assets and liabilities that were measured at fair value on a recurring basis | ' | ' |
Number of securities in the portfolio | 1 | ' |
Changes in Level 3 assets that were measured at fair value on a recurring basis | ' | ' |
Balance at the beginning of the period | 14,840 | 16,893 |
Unrealized (loss) gain, net recognized in other non-interest income | 218 | -280 |
Paydown of trading security | -135 | -128 |
Balance at the end of the period | 14,923 | 16,485 |
Unrealized gains (losses) relating to instruments still held at the end of the period | 1,962 | 3,004 |
Securities Available for Sale | ' | ' |
Changes in Level 3 assets that were measured at fair value on a recurring basis | ' | ' |
Balance at the beginning of the period | 1,964 | 885 |
Greenpark Acquisition | ' | 770 |
Unrealized gain included in accumulated other comprehensive loss | 82 | 13 |
Balance at the end of the period | 2,046 | 1,668 |
Unrealized gains (losses) relating to instruments still held at the end of the period | -1,288 | -1,704 |
Securities Available for Sale | Pooled trust preferred security | ' | ' |
Changes in Level 3 assets and liabilities that were measured at fair value on a recurring basis | ' | ' |
Number of securities in the portfolio | 1 | ' |
Securities Available for Sale | Privately owned equity security | ' | ' |
Changes in Level 3 assets and liabilities that were measured at fair value on a recurring basis | ' | ' |
Number of securities in the portfolio | 1 | ' |
Interest Rate Lock Commitments | ' | ' |
Changes in Level 3 assets that were measured at fair value on a recurring basis | ' | ' |
Balance at the beginning of the period | 258 | 6,258 |
Unrealized (loss) gain, net recognized in other non-interest income | 719 | 3,998 |
Transfers to held for sale loans | 600 | -7,498 |
Balance at the end of the period | 377 | 2,758 |
Unrealized gains (losses) relating to instruments still held at the end of the period | $377 | $2,758 |
FAIR_VALUE_MEASUREMENTS_Detail3
FAIR VALUE MEASUREMENTS (Details 4) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Other real estate owned | $2,418,000 | $2,758,000 |
Non-recurring | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Liabilities measured at fair value | 0 | 0 |
Non-recurring | Total Gains (Losses) | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Impaired loans | 15,000 | ' |
Other real estate owned | -208,000 | ' |
Total | -193,000 | ' |
Level 3 Inputs | Recurring | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Assets measured on recurring basis | 15,204,000 | 15,117,000 |
Level 3 Inputs | Recurring | Trading Security | Discounted Cash Flow | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Assets measured on recurring basis | 14,923,000 | 14,840,000 |
Discount Rate (as percent) | 3.14% | 3.39% |
Level 3 Inputs | Recurring | Forward Commitments | Historical Trend | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Assets measured on recurring basis | -96,000 | 19,000 |
Closing Ratio (as percent) | 93.06% | 94.83% |
Level 3 Inputs | Recurring | Forward Commitments | Pricing Model | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Origination Costs | 2,500,000 | 2,500,000 |
Level 3 Inputs | Recurring | Interest Rate Lock Commitments | Historical Trend | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Assets measured on recurring basis | 377,000 | 258,000 |
Closing Ratio (as percent) | 93.06% | 94.83% |
Level 3 Inputs | Recurring | Interest Rate Lock Commitments | Pricing Model | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Origination Costs | 2,500,000 | 2,500,000 |
Level 3 Inputs | Non-recurring | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Impaired loans | 5,557,000 | 5,542,000 |
Capitalized mortgage servicing rights | 3,922,000 | 4,112,000 |
Other real estate owned | 2,418,000 | 2,995,000 |
Total | 11,897,000 | 12,649,000 |
Liabilities measured on non-recurring basis | 0 | ' |
Level 3 Inputs | Non-recurring | Minimum | Impaired loans | Fair value of collateral | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Loss severity (as percent) | 5.28% | 4.20% |
Appraised value | 0 | 0 |
Level 3 Inputs | Non-recurring | Minimum | Capitalized mortgage servicing rights | Discounted Cash Flow | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Discount Rate (as percent) | 10.00% | 10.00% |
Constant prepayment rate (CPR) (as percent) | 6.70% | 6.96% |
Level 3 Inputs | Non-recurring | Minimum | Other real estate owned | Fair value of collateral | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Appraised value | 0 | 0 |
Level 3 Inputs | Non-recurring | Maximum | Impaired loans | Fair value of collateral | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Loss severity (as percent) | 100.00% | 100.00% |
Appraised value | 690 | 900 |
Level 3 Inputs | Non-recurring | Maximum | Capitalized mortgage servicing rights | Discounted Cash Flow | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Discount Rate (as percent) | 13.00% | 13.00% |
Constant prepayment rate (CPR) (as percent) | 17.45% | 15.97% |
Level 3 Inputs | Non-recurring | Maximum | Other real estate owned | Fair value of collateral | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Appraised value | 774 | 774 |
Level 3 Inputs | Non-recurring | Weighted Average | Impaired loans | Fair value of collateral | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Loss severity (as percent) | 80.34% | 57.41% |
Appraised value | 398.5 | 505.4 |
Level 3 Inputs | Non-recurring | Weighted Average | Capitalized mortgage servicing rights | Discounted Cash Flow | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Discount Rate (as percent) | 10.36% | 10.34% |
Constant prepayment rate (CPR) (as percent) | 8.45% | 8.58% |
Level 3 Inputs | Non-recurring | Weighted Average | Other real estate owned | Fair value of collateral | ' | ' |
Quantitative information about the significant unobservable inputs within Level 3 | ' | ' |
Appraised value | $449.50 | $413.40 |
FAIR_VALUE_MEASUREMENTS_Detail4
FAIR VALUE MEASUREMENTS (Details 5) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Financial Assets | ' | ' |
Trading security | $14,923 | $14,840 |
Securities available for sale | 1,033,637 | 760,048 |
Securities held to maturity | 44,191 | 45,764 |
Financial Liabilities | ' | ' |
Derivative liabilities | 9,819 | 13,877 |
Methods and assumptions used to estimate the fair value of significant classes of financial instruments | ' | ' |
Junior subordinated debentures re-price period | '90 days | ' |
Level 1 | ' | ' |
Financial Assets | ' | ' |
Cash and cash equivalents | 72,673 | 75,539 |
Securities available for sale | 33,790 | 20,891 |
Derivative assets | ' | 242 |
Financial Liabilities | ' | ' |
Derivative liabilities | 13 | ' |
Level 2 | ' | ' |
Financial Assets | ' | ' |
Securities available for sale | 997,801 | 737,193 |
Restricted equity securities | 53,124 | 50,282 |
Loans held for sale | 7,669 | 15,840 |
Accrued interest receivable | 15,938 | 15,072 |
Cash surrender value of bank-owned life insurance policies | 102,343 | 101,530 |
Derivative assets | 9,934 | 7,799 |
Assets held for sale | 4,018 | 3,969 |
Financial Liabilities | ' | ' |
Total deposits | 4,219,546 | 3,848,926 |
Short-term debt | 915,066 | 872,545 |
Long-term Federal Home Loan Bank advances | 23,472 | 103,660 |
Subordinated borrowings | 88,210 | 87,882 |
Derivative liabilities | 9,710 | 11,964 |
Liabilities held for sale | 25,093 | 24,834 |
Level 3 | ' | ' |
Financial Assets | ' | ' |
Trading security | 14,923 | 14,840 |
Securities available for sale | 2,046 | 1,964 |
Securities held to maturity | 44,191 | 45,764 |
Net loans | 4,274,758 | 4,154,663 |
Derivative assets | 377 | 277 |
Financial Liabilities | ' | ' |
Derivative liabilities | 96 | ' |
Carrying Amount | ' | ' |
Financial Assets | ' | ' |
Cash and cash equivalents | 72,673 | 75,539 |
Trading security | 14,923 | 14,840 |
Securities available for sale | 1,033,637 | 760,048 |
Securities held to maturity | 43,159 | 44,921 |
Restricted equity securities | 53,124 | 50,282 |
Net loans | 4,209,025 | 4,147,200 |
Loans held for sale | 7,669 | 15,840 |
Accrued interest receivable | 15,938 | 15,072 |
Cash surrender value of bank-owned life insurance policies | 102,343 | 101,530 |
Derivative assets | 10,311 | 8,318 |
Assets held for sale | 4,018 | 3,969 |
Financial Liabilities | ' | ' |
Total deposits | 4,218,583 | 3,848,529 |
Short-term debt | 914,950 | 872,510 |
Long-term Federal Home Loan Bank advances | 21,797 | 101,918 |
Subordinated borrowings | 89,696 | 89,679 |
Derivative liabilities | 9,819 | 11,964 |
Liabilities held for sale | 25,093 | 24,834 |
Fair Value | ' | ' |
Financial Assets | ' | ' |
Cash and cash equivalents | 72,673 | 75,539 |
Trading security | 14,923 | 14,840 |
Securities available for sale | 1,033,637 | 760,048 |
Securities held to maturity | 44,191 | 45,764 |
Restricted equity securities | 53,124 | 50,282 |
Net loans | 4,274,758 | 4,154,663 |
Loans held for sale | 7,669 | 15,840 |
Accrued interest receivable | 15,938 | 15,072 |
Cash surrender value of bank-owned life insurance policies | 102,343 | 101,530 |
Derivative assets | 10,311 | 8,318 |
Assets held for sale | 4,018 | 3,969 |
Financial Liabilities | ' | ' |
Total deposits | 4,219,546 | 3,848,926 |
Short-term debt | 915,066 | 872,545 |
Long-term Federal Home Loan Bank advances | 23,472 | 103,660 |
Subordinated borrowings | 88,210 | 87,882 |
Derivative liabilities | 9,819 | 11,964 |
Liabilities held for sale | $25,093 | $24,834 |
NET_INTEREST_INCOME_AFTER_PROV2
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | ' | ' |
Net interest income | $42,766 | $41,937 |
Provision for loan losses | 3,396 | 2,400 |
Net interest income after provision for loan losses | $39,370 | $39,537 |