Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 07, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | BERKSHIRE HILLS BANCORP INC | |
Entity Central Index Key | 1,108,134 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 40,423,077 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 78,407 | $ 71,494 |
Short-term investments | 23,426 | 41,581 |
Total cash and cash equivalents | 101,833 | 113,075 |
Trading security, at fair value | 12,837 | 13,229 |
Securities available for sale, at fair value | 1,329,993 | 1,209,537 |
Securities held to maturity (fair values of $358,398 and $337,680) | 350,992 | 334,368 |
Federal Home Loan Bank stock and other restricted securities | 78,874 | 71,112 |
Total securities | 1,772,696 | 1,628,246 |
Loans held for sale, at fair value | 146,482 | 120,673 |
Commercial real estate | 2,689,522 | 2,616,438 |
Commercial and industrial loans | 1,227,936 | 1,062,038 |
Residential mortgages | 1,934,068 | 1,893,131 |
Consumer loans | 1,012,956 | 978,180 |
Total loans | 6,864,482 | 6,549,787 |
Less: Allowance for loan losses | (47,359) | (43,998) |
Net loans | 6,817,123 | 6,505,789 |
Premises and equipment, net | 94,354 | 93,215 |
Other real estate owned | 279 | 151 |
Goodwill | 403,106 | 403,106 |
Other intangible assets | 17,874 | 19,445 |
Cash surrender value of bank-owned life insurance policies | 140,135 | 139,257 |
Deferred tax assets, net | 40,948 | 41,128 |
Other assets | 92,441 | 98,457 |
Total assets | 9,627,271 | 9,162,542 |
Liabilities | ||
Demand deposits | 1,179,456 | 1,278,875 |
NOW deposits | 574,661 | 570,583 |
Money market deposits | 1,790,173 | 1,781,605 |
Savings deposits | 669,617 | 657,486 |
Time deposits | 2,500,947 | 2,333,543 |
Total deposits | 6,714,854 | 6,622,092 |
Short-term debt | 1,081,600 | 1,082,044 |
Long-term Federal Home Loan Bank advances | 301,374 | 142,792 |
Subordinated borrowings | 89,250 | 89,161 |
Total borrowings | 1,472,224 | 1,313,997 |
Other liabilities | 171,999 | 133,155 |
Total liabilities | 8,359,077 | 8,069,244 |
Shareholders’ equity | ||
Common stock ($.01 par value; 50,000,000 shares authorized and 41,369,819 shares issued and 40,427,624 shares outstanding in 2017; 36,732,129 shares issued and 35,672,817 shares outstanding in 2016) | 412 | 366 |
Additional paid-in capital | 1,053,493 | 898,989 |
Unearned compensation | (9,051) | (6,374) |
Retained earnings | 237,470 | 217,494 |
Accumulated other comprehensive income | 10,331 | 9,766 |
Treasury stock, at cost (942,195 shares in 2017 and 1,059,312 shares in 2016) | (24,461) | (26,943) |
Total shareholders’ equity | 1,268,194 | 1,093,298 |
Total liabilities and shareholders’ equity | $ 9,627,271 | $ 9,162,542 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair value | $ 358,398 | $ 337,680 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 41,369,819 | 36,732,129 |
Common stock, shares outstanding (in shares) | 40,427,624 | 35,672,817 |
Treasury stock (in shares) | 942,195 | 1,059,312 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest and dividend income | ||||
Loans | $ 71,983 | $ 59,703 | $ 140,926 | $ 118,145 |
Securities and other | 12,683 | 9,315 | 24,449 | 19,349 |
Total interest and dividend income | 84,666 | 69,018 | 165,375 | 137,494 |
Interest expense | ||||
Deposits | 9,971 | 7,378 | 19,069 | 14,537 |
Borrowings | 5,150 | 4,199 | 9,875 | 7,819 |
Total interest expense | 15,121 | 11,577 | 28,944 | 22,356 |
Net interest income | 69,545 | 57,441 | 136,431 | 115,138 |
Non-interest income | ||||
Loan related income | 16,281 | 1,335 | 28,959 | 2,156 |
Mortgage banking originations | 5,275 | 2,898 | 9,454 | 5,944 |
Deposit related fees | 6,645 | 6,291 | 12,849 | 12,400 |
Insurance commissions and fees | 2,588 | 2,660 | 5,724 | 5,553 |
Wealth management fees | 2,286 | 2,235 | 4,812 | 4,737 |
Total fee income | 33,075 | 15,419 | 61,798 | 30,790 |
Other, net | (276) | (851) | (183) | (628) |
(Loss) Gain on sale of securities, net | (1) | (13) | 12,569 | 23 |
Loss on termination of hedges | 0 | 0 | (6,629) | 0 |
Total non-interest income | 32,798 | 14,555 | 67,555 | 30,185 |
Total net revenue | 102,343 | 71,996 | 203,986 | 145,323 |
Provision for loan losses | 4,889 | 4,522 | 9,984 | 8,528 |
Non-interest expense | ||||
Compensation and benefits | 36,997 | 24,664 | 73,116 | 50,378 |
Occupancy and equipment | 8,678 | 6,560 | 17,704 | 13,250 |
Technology and communications | 6,883 | 4,814 | 12,970 | 9,671 |
Marketing and promotion | 3,177 | 737 | 5,176 | 1,410 |
Professional services | 2,190 | 1,509 | 4,641 | 2,789 |
FDIC premiums and assessments | 1,588 | 1,203 | 2,886 | 2,436 |
Other real estate owned and foreclosures | 30 | 393 | 58 | 656 |
Amortization of intangible assets | 770 | 787 | 1,571 | 1,606 |
Acquisition, restructuring, and other expenses | 2,903 | 878 | 14,585 | 1,658 |
Other | 6,307 | 4,723 | 11,142 | 9,514 |
Total non-interest expense | 69,523 | 46,268 | 143,849 | 93,368 |
Income before income taxes | 27,931 | 21,206 | 50,153 | 43,427 |
Income tax expense | 8,237 | 5,249 | 14,999 | 11,469 |
Net income | $ 19,694 | $ 15,957 | $ 35,154 | $ 31,958 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.53 | $ 0.52 | $ 0.97 | $ 1.05 |
Diluted (in dollars per share) | $ 0.53 | $ 0.52 | $ 0.96 | $ 1.04 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 37,324 | 30,605 | 36,305 | 30,561 |
Diluted (in shares) | 37,474 | 30,765 | 36,466 | 30,725 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 19,694 | $ 15,957 | $ 35,154 | $ 31,958 |
Other comprehensive income, before tax: | ||||
Changes in unrealized gain on securities available-for-sale | 3,927 | 9,586 | (5,505) | 27,293 |
Changes in unrealized loss on cash flow hedging derivatives | 0 | (884) | 6,573 | (5,390) |
Income taxes related to other comprehensive income: | ||||
Changes in unrealized gain on securities available-for-sale | (1,455) | (3,691) | 2,086 | (10,548) |
Changes in unrealized loss on cash flow hedging derivatives | 0 | 355 | (2,589) | 2,163 |
Total other comprehensive income | 2,472 | 5,366 | 565 | 13,518 |
Total comprehensive income | $ 22,166 | $ 21,323 | $ 35,719 | $ 45,476 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | 44 Business Capital | Common stock | Common stock44 Business Capital | Additional paid-in capital | Unearned compensation | Retained earnings | Accumulated other comprehensive (loss) income | Treasury stock | Treasury stock44 Business Capital | |
Balance (in shares) at Dec. 31, 2015 | 30,974 | ||||||||||
Balance at Beginning of Period at Dec. 31, 2015 | $ 887,189 | $ 322 | $ 742,619 | $ (6,997) | $ 183,885 | $ (3,305) | $ (29,335) | ||||
Comprehensive income: | |||||||||||
Net income | 31,958 | 31,958 | |||||||||
Other comprehensive income | 13,518 | 13,518 | |||||||||
Total comprehensive income | 45,476 | ||||||||||
Acquisition of 44 Business Capital (in shares) | 45 | ||||||||||
Acquisition of 44 Business Capital | $ 1,217 | $ 1,217 | |||||||||
Cash dividends declared | (12,442) | (12,442) | |||||||||
Treasury stock adjustment | [1] | 0 | 1,645 | (1,645) | |||||||
Forfeited shares (in shares) | (22) | ||||||||||
Forfeited shares | 0 | 68 | 526 | (594) | |||||||
Exercise of stock options (in shares) | 2 | ||||||||||
Exercise of stock options | 36 | (19) | 55 | ||||||||
Restricted stock grants (in shares) | 180 | ||||||||||
Restricted stock grants | 0 | 496 | (4,923) | 4,427 | |||||||
Stock-based compensation | 2,596 | 2,596 | |||||||||
Net tax benefit related to stock-based compensation | (1) | (1) | |||||||||
Other, net (in shares) | (23) | ||||||||||
Other, net | (651) | (17) | (634) | ||||||||
Balance (in shares) at Jun. 30, 2016 | 31,156 | ||||||||||
Balance at End of Period at Jun. 30, 2016 | 923,420 | $ 322 | 744,810 | (8,798) | 203,382 | 10,213 | (26,509) | ||||
Balance at Beginning of Period at Mar. 31, 2016 | 4,847 | ||||||||||
Comprehensive income: | |||||||||||
Net income | 15,957 | ||||||||||
Other comprehensive income | 5,366 | ||||||||||
Total comprehensive income | 21,323 | ||||||||||
Balance (in shares) at Jun. 30, 2016 | 31,156 | ||||||||||
Balance at End of Period at Jun. 30, 2016 | 923,420 | $ 322 | 744,810 | (8,798) | 203,382 | 10,213 | (26,509) | ||||
Balance (in shares) at Dec. 31, 2016 | 35,673 | ||||||||||
Balance at Beginning of Period at Dec. 31, 2016 | 1,093,298 | $ 366 | 898,989 | (6,374) | 217,494 | 9,766 | (26,943) | ||||
Comprehensive income: | |||||||||||
Net income | 35,154 | 35,154 | |||||||||
Other comprehensive income | 565 | 565 | |||||||||
Total comprehensive income | 35,719 | ||||||||||
Common stock issued (in shares) | 4,638 | ||||||||||
Common stock issued | 152,925 | $ 46 | 152,879 | ||||||||
Cash dividends declared | (15,024) | (15,024) | |||||||||
Forfeited shares (in shares) | (10) | ||||||||||
Forfeited shares | 0 | 63 | 304 | (367) | |||||||
Exercise of stock options (in shares) | 7 | ||||||||||
Exercise of stock options | 111 | (85) | 196 | ||||||||
Restricted stock grants (in shares) | 154 | ||||||||||
Restricted stock grants | 0 | 1,566 | (5,505) | 3,939 | |||||||
Stock-based compensation | 2,524 | 2,524 | |||||||||
Other, net (in shares) | (34) | ||||||||||
Other, net | (1,359) | (4) | (69) | (1,286) | |||||||
Balance (in shares) at Jun. 30, 2017 | 40,428 | ||||||||||
Balance at End of Period at Jun. 30, 2017 | 1,268,194 | $ 412 | 1,053,493 | (9,051) | 237,470 | 10,331 | (24,461) | ||||
Balance at Beginning of Period at Mar. 31, 2017 | 7,859 | ||||||||||
Comprehensive income: | |||||||||||
Net income | 19,694 | ||||||||||
Other comprehensive income | 2,472 | ||||||||||
Total comprehensive income | 22,166 | ||||||||||
Balance (in shares) at Jun. 30, 2017 | 40,428 | ||||||||||
Balance at End of Period at Jun. 30, 2017 | $ 1,268,194 | $ 412 | $ 1,053,493 | $ (9,051) | $ 237,470 | $ 10,331 | $ (24,461) | ||||
[1] | Treasury stock adjustment represents the extinguishment of 168,931 shares of Berkshire Hills Bancorp stock held by the Company's subsidiary. |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Treasury stock purchased (in shares) | 168,931 | |
Cash dividends declared (in dollars per share) | $ 0.42 | $ 0.40 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 35,154 | $ 31,958 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 9,984 | 8,528 |
Net amortization of securities | 1,332 | 2,003 |
Change in unamortized net loan costs and premiums | (158) | (3,268) |
Premises and equipment depreciation and amortization expense | 4,961 | 4,237 |
Stock-based compensation expense | 2,524 | 2,596 |
Accretion of purchase accounting entries, net | (7,971) | (4,801) |
Amortization of other intangibles | 1,571 | 1,606 |
Write down of other real estate owned | 0 | 365 |
Excess tax loss from stock-based payment arrangements | 0 | (105) |
Income from cash surrender value of bank-owned life insurance policies | (1,188) | (2,025) |
Gain on sales of securities, net | (12,570) | (23) |
Net decrease (increase) in loans held for sale | (25,809) | (9,259) |
Loss on disposition of assets | 912 | 15 |
(Gain) loss on sale of real estate | (12) | 57 |
Amortization of interest in tax-advantaged projects | 2,782 | 2,929 |
Net change in other | 16,187 | (5,134) |
Net cash provided by operating activities | 27,699 | 29,679 |
Cash flows from investing activities: | ||
Net decrease in trading security | 311 | 296 |
Proceeds from sales of securities available for sale | 36,779 | 187,519 |
Proceeds from maturities, calls and prepayments of securities available for sale | 88,821 | 83,883 |
Purchases of securities available for sale | (241,714) | (164,943) |
Proceeds from maturities, calls and prepayments of securities held to maturity | 6,076 | 4,288 |
Purchases of securities held to maturity | (23,582) | (4,786) |
Net change in loans | (279,723) | (250,002) |
Proceeds from surrender of bank-owned life insurance | 310 | 258 |
Proceeds from sale of Federal Home Loan Bank stock | 68,672 | 11,578 |
Purchase of Federal Home Loan Bank stock | (76,433) | (8,803) |
Net investment in limited partnership tax credits | (756) | (4,122) |
Proceeds from the sale of premises and equipment | 0 | 226 |
Purchase of premises and equipment, net | (6,921) | (2,839) |
Acquisitions, net of cash (paid) acquired | 0 | (55,542) |
Proceeds from sale of other real estate | 274 | 933 |
Net cash (used) by investing activities | (427,886) | (202,056) |
Cash flows from financing activities: | ||
Net increase in deposits | 94,324 | 98,604 |
Proceeds from Federal Home Loan Bank advances and other borrowings | 3,841,600 | 4,449,120 |
Repayments of Federal Home Loan Bank advances and other borrowings | (3,683,292) | (4,391,925) |
Exercise of stock options | 111 | 37 |
Common stock cash dividends paid | (15,023) | (12,442) |
Common stock issued, net | 152,925 | 0 |
Acquisition contingent consideration paid | (1,700) | 0 |
Net cash provided by financing activities | 388,945 | 143,394 |
Net change in cash and cash equivalents | (11,242) | (28,983) |
Cash and cash equivalents at beginning of period | 113,075 | 103,562 |
Cash and cash equivalents at end of period | 101,833 | 74,579 |
Supplemental cash flow information: | ||
Interest paid on deposits | 19,398 | 14,573 |
Interest paid on borrowed funds | 10,021 | 7,497 |
Income taxes paid, net | 6,339 | 7,278 |
Acquisition of non-cash assets and liabilities: | ||
Assets acquired | 0 | 56,976 |
Liabilities assumed | 0 | (108) |
Other non-cash changes: | ||
Other net comprehensive income | 565 | 13,518 |
Real estate owned acquired in settlement of loans | $ 390 | $ 225 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The consolidated financial statements (the “financial statements”) of Berkshire Hills Bancorp, Inc. and its subsidiaries (the “Company” or “Berkshire”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company is a Delaware corporation and the holding company for Berkshire Bank (the “Bank”), a Massachusetts-chartered trust company headquartered in Pittsfield, Massachusetts, and Berkshire Insurance Group, Inc. These financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Bank’s consolidated subsidiaries. In consolidation, all significant intercompany accounts and transactions are eliminated. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these consolidated financial statements were issued. 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 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. previously filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. In management’s opinion, all adjustment’s necessary for a fair statement are reflected in the interim periods presented. Reclassifications Certain items in prior financial statements have been reclassified to conform to the current presentation. Recently Adopted Accounting Principles Effective January 1, 2017, the following new accounting guidance was adopted by the Company: • ASU No. 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships; • ASU No. 2016-06, Contingent Put and Call Options in Debt Instruments; • ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting • ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments; and • ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities The adoption of these accounting standards did not have a material impact on the Company's financial statements. Future Application of Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This ASU provides a revenue recognition framework for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other accounting standards. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period with early adoption not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. In August 2015, ASU No. 2015-14, “Deferral of the Effective Date” was issued and delayed the effective date of ASU 2014-09 to annual and interim periods in fiscal years beginning after December 15, 2017. While the assessment of the provisions of ASU No. 2014-09 is not complete, the timing of the Company’s revenue recognition is not expected to materially change. This ASU impacts the Company’s wealth management services, administrative services for customer deposit accounts, interchange fees, and sale of owned real estate properties. The extent of this ASU on these revenue lines is being evaluated by the Company. The Company intends to adopt the ASU for the first quarter of 2018. Adoption is not anticipated to have a material impact on the Company’s financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” This ASU requires an entity to: i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in other comprehensive income the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of available-for-sale debt securities in combination with other deferred tax assets. The guidance provides an election to subsequently measure certain non-marketable equity investments at cost less any impairment and adjusted for certain observable price changes. The guidance also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. The guidance is effective for annual periods beginning after December 15, 2017. Early adoption is only permitted for the provision related to instrument specific credit risk. While the Company has performed a preliminary evaluation of the provisions of ASU No. 2016-01, the effect of the adoption will depend on the Company’s portfolio at the time of transition. The Company will continue to closely monitor developments and additional guidance. In February 2016, the FASB issued ASU No. 2016-02, “Leases”. The new pronouncement improves the transparency and comparability of financial reporting around leasing transactions and more closely aligns accounting for leases with the recently issued International Financial Reporting Standard. The pronouncement affects all entities that are participants to leasing agreements. From a lessee accounting perspective, the ASU requires a lessee to recognize assets and liabilities on the balance sheet for operating leases and changes many key definitions, including the definition of a lease. The ASU includes a short-term lease exception for leases with a term of twelve months or less, in which a lessee can make an accounting policy election not to recognize lease assets and lease liabilities. Lessees will continue to differentiate between finance leases (previously referred to as capital leases) and operating leases, using classification criteria that are substantially similar to the previous guidance. For lessees, the recognition, measurement, and presentation of expenses and cash flows arising from a lease have not significantly changed from previous GAAP. From a lessor accounting perspective, the guidance is largely unchanged, except for targeted improvements to align with new terminology under lessee accounting and with the updated revenue recognition guidance in Topic 606. For sale-leaseback transactions, for a sale to occur the transfer must meet the sale criteria under the new revenue standard, ASC 606. Entities will not be required to reassess transactions previously accounted under then existing guidance. Additionally, the ASU includes additional quantitative and qualitative disclosures required by lessees and lessors to help users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU No. 2016-02 is effective for fiscal years beginning after December 31, 2018, and interim periods within those fiscal years. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply as well as transition guidance specific to nonstandard leasing transactions. The Company is currently evaluating the provisions of ASU No. 2016-02 to determine the potential impact the new standard will have on the Company's consolidated financial statements. It is expected that assets and liabilities will increase based on the present value of remaining lease payments for leases in place at the adoption date; however, this is not expected to be material to the Company's results of operations or financial position. The Company continues to evaluate the extent of potential impact the new guidance will have on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU improves financial reporting by requiring timelier recording of credit losses on loans and other financial instruments. The ASU requires companies to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Forward-looking information will now be used in credit loss estimates. The ASU requires enhanced disclosures to provide better understanding surrounding significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of a company’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. Most debt instruments will require a cumulative-effect adjustment to retained earnings on the statement of financial position as of the beginning of the first reporting period in which the guidance is adopted (modified retrospective approach). However, there is instrument-specific transition guidance. ASU No. 2016-13 is effective for interim and annual periods beginning after December 15, 2019. Early application will be permitted for interim and annual periods beginning after December 15, 2018. The Company is evaluating the provisions of ASU No. 2016-13, and will closely monitor developments and additional guidance to determine the potential impact on the Company's consolidated financial statements. The Company expects the primary changes to be the application of the expected credit loss model to the financial statements. In addition, the Company expects the guidance to change the presentation of credit losses within the available-for-sale fixed maturities portfolio through an allowance method rather than as a direct write-down. The expected credit loss model will require a financial asset to be presented at the net amount expected to be collected. The allowance method for available-for-sale debt securities will allow the Company to record reversals of credit losses if the estimate of credit losses declines. The Company is in the process of identifying and implementing required changes to loan loss estimation models and processes and evaluating the impact of this new accounting guidance, which at the date of adoption is expected to increase the allowance for credit losses with a resulting negative adjustment to retained earnings. |
TRADING SECURITY
TRADING SECURITY | 6 Months Ended |
Jun. 30, 2017 | |
Trading Securities [Abstract] | |
TRADING SECURITY | TRADING SECURITY The Company holds a tax advantaged economic development bond accounted for at fair value. The security had an amortized cost of $11.1 million and $11.4 million , and a fair value of $12.8 million and $13.2 million , at June 30, 2017 and December 31, 2016 , respectively. As discussed further in Note 11 - Derivative Financial Instruments and Hedging Activities, the Company 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 were no other securities in the trading portfolio at June 30, 2017 . |
SECURITIES AVAILABLE FOR SALE A
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY | 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 Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2017 Securities available for sale Debt securities: Municipal bonds and obligations $ 120,379 $ 4,933 $ (662 ) $ 124,650 Agency collateralized mortgage obligations 782,263 3,251 (2,620 ) 782,894 Agency mortgage-backed securities 227,295 746 (1,844 ) 226,197 Agency commercial mortgage-backed securities 64,515 154 (1,356 ) 63,313 Corporate bonds 66,326 834 (312 ) 66,848 Trust preferred securities 11,360 478 — 11,838 Other bonds and obligations 10,424 198 (9 ) 10,613 Total debt securities 1,282,562 10,594 (6,803 ) 1,286,353 Marketable equity securities 36,085 7,977 (422 ) 43,640 Total securities available for sale 1,318,647 18,571 (7,225 ) 1,329,993 Securities held to maturity Municipal bonds and obligations 223,689 5,940 (1,148 ) 228,481 Agency collateralized mortgage obligations 74,775 1,837 (366 ) 76,246 Agency mortgage-backed securities 8,464 — (187 ) 8,277 Agency commercial mortgage-backed securities 10,513 — (177 ) 10,336 Tax advantaged economic development bonds 33,229 1,507 — 34,736 Other bonds and obligations 322 — — 322 Total securities held to maturity 350,992 9,284 (1,878 ) 358,398 Total $ 1,669,639 $ 27,855 $ (9,103 ) $ 1,688,391 December 31, 2016 Securities available for sale Debt securities: Municipal bonds and obligations $ 117,910 $ 2,955 $ (1,049 ) $ 119,816 Agency collateralized mortgage obligations 652,680 2,522 (3,291 ) 651,911 Agency mortgage-backed securities 230,308 557 (2,181 ) 228,684 Agency commercial mortgage-backed securities 65,673 229 (1,368 ) 64,534 Corporate bonds 56,320 408 (722 ) 56,006 Trust preferred securities 11,578 368 (59 ) 11,887 Other bonds and obligations 10,979 195 (16 ) 11,158 Total debt securities 1,145,448 7,234 (8,686 ) 1,143,996 Marketable equity securities 47,858 19,296 (1,613 ) 65,541 Total securities available for sale 1,193,306 26,530 (10,299 ) 1,209,537 Securities held to maturity Municipal bonds and obligations 203,463 3,939 (2,416 ) 204,986 Agency collateralized mortgage obligations 75,655 1,281 (411 ) 76,525 Agency mortgage-backed securities 9,102 — (243 ) 8,859 Agency commercial mortgage-backed securities 10,545 — (434 ) 10,111 Tax advantaged economic development bonds 35,278 1,596 — 36,874 Other bonds and obligations 325 — — 325 Total securities held to maturity 334,368 6,816 (3,504 ) 337,680 Total $ 1,527,674 $ 33,346 $ (13,803 ) $ 1,547,217 The amortized cost and estimated fair value of available for sale (“AFS”) and held to maturity (“HTM”) securities, segregated by contractual maturity at June 30, 2017 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 $ 528 $ 531 $ 1,184 $ 1,185 Over 1 year to 5 years 31,474 32,042 18,992 19,719 Over 5 years to 10 years 54,724 56,120 15,795 16,269 Over 10 years 121,763 125,256 221,269 226,366 Total bonds and obligations 208,489 213,949 257,240 263,539 Marketable equity securities 36,085 43,640 — — Mortgage-backed securities 1,074,073 1,072,404 93,752 94,859 Total $ 1,318,647 $ 1,329,993 $ 350,992 $ 358,398 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 June 30, 2017 Securities available for sale Debt securities: Municipal bonds and obligations $ 662 $ 14,622 $ — $ — $ 662 $ 14,622 Agency collateralized mortgage obligations 2,286 371,163 334 16,034 2,620 387,197 Agency mortgage-backed securities 1,820 130,879 24 1,430 1,844 132,309 Agency commercial mortgage-backed securities 1,356 50,075 — — 1,356 50,075 Corporate bonds — — 312 16,139 312 16,139 Other bonds and obligations 9 3,123 — — 9 3,123 Total debt securities 6,133 569,862 670 33,603 6,803 603,465 Marketable equity securities 422 5,238 — — 422 5,238 Total securities available for sale 6,555 575,100 670 33,603 7,225 608,703 Securities held to maturity Municipal bonds and obligations 1,148 47,481 — — 1,148 47,481 Agency collateralized mortgage obligations 366 13,993 — — 366 13,993 Agency mortgage-backed securities 187 8,277 — — 187 8,277 Agency commercial mortgage-backed securities 177 10,336 — — 177 10,336 Total securities held to maturity 1,878 80,087 — — 1,878 80,087 Total $ 8,433 $ 655,187 $ 670 $ 33,603 $ 9,103 $ 688,790 December 31, 2016 Securities available for sale Debt securities: Municipal bonds and obligations $ 1,049 $ 13,839 $ — $ — $ 1,049 $ 13,839 Agency collateralized mortgage obligations 3,291 319,448 — — 3,291 319,448 Agency mortgage-backed securities 2,153 130,766 28 2,061 2,181 132,827 Agency commercial mortgage-backed securities 1,368 44,860 — — 1,368 44,860 Corporate bonds 11 4,780 711 19,655 722 24,435 Trust preferred securities — — 59 1,204 59 1,204 Other bonds and obligations 15 3,014 1 27 16 3,041 Total debt securities 7,887 516,707 799 22,947 8,686 539,654 Marketable equity securities 157 6,600 1,456 5,927 1,613 12,527 Total securities available for sale 8,044 523,307 2,255 28,874 10,299 552,181 Securities held to maturity Municipal bonds and obligations 2,416 69,308 — — 2,416 69,308 Agency collateralized mortgage obligations 411 14,724 — — 411 14,724 Agency mortgage-backed securities 243 8,859 — — 243 8,859 Agency commercial mortgage-backed securities 434 10,111 — — 434 10,111 Total securities held to maturity 3,504 103,002 — — 3,504 103,002 Total $ 11,548 $ 626,309 $ 2,255 $ 28,874 $ 13,803 $ 655,183 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 June 30, 2017 , 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 June 30, 2017 : AFS municipal bonds and obligations At June 30, 2017, 9 of the total 270 securities in the Company’s portfolio of AFS municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 4.3% 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 quarter. All securities are performing. AFS collateralized mortgage obligations At June 30, 2017 , 76 out of the total 233 securities in the Company’s portfolios of AFS collateralized mortgage obligations were in unrealized loss positions. Aggregate unrealized losses represented 0.7% of the amortized cost of securities in unrealized loss positions. 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 collateralized mortgage obligations. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing. AFS commercial and residential mortgage-backed securities At June 30, 2017 , 49 out of the total 103 securities in the Company’s portfolios of AFS mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 1.7% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of all of the Company’s mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing. AFS corporate bonds At June 30, 2017 , 1 out of 14 securities in the Company’s portfolio of AFS corporate bonds were in an unrealized loss position. The aggregate unrealized loss represents 1.9% of the amortized cost of bonds in unrealized loss positions. The Company reviews the financial strength of all of these bonds and has concluded that the amortized cost remains supported by the expected future cash flows of these securities. At June 30, 2017 , $312 thousand of the total unrealized losses was attributable to a $16.5 million investment. The Company evaluated this security, with a Level 2 fair value of $16.1 million , for potential other-than-temporary impairment (“OTTI”) at June 30, 2017 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. AFS other bonds and obligations At June 30, 2017 , 6 of the 9 securities in the Company’s portfolio of other bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 0.3% of the amortized cost of securities in unrealized loss positions. The securities are all investment grade rated, and there were no material underlying credit downgrades during the quarter. All securities are performing. HTM Municipal bonds and obligations At June 30, 2017 , 35 of the 201 securities in the Company’s portfolio of other bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 2.4% of the amortized cost of securities in unrealized loss positions. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing. HTM collateralized mortgage obligations At June 30, 2017 , 1 of the 9 securities in the Company’s portfolio of HTM collateralized mortgage obligations was in an unrealized loss position. Aggregate unrealized losses represented 2.2% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of all of the Company's collateralized residential mortgage obligations. The securities are investment grade rated, and there were no material underlying credit downgrades during the quarter. All securities are performing. HTM commercial and residential mortgage-backed securities At June 30, 2017 , 2 out of a total of 2 securities in the Company’s portfolio of HTM mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 1.9% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of the Company’s residential mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are 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 June 30, 2017 , 4 out of the total 19 securities in the Company’s portfolio of marketable equity securities were in an unrealized loss position. The unrealized loss represented 7.1% of the amortized cost of the securities. The Company has the ability and intent to hold the securities until recovery of their cost basis and does not consider the securities other-than-temporarily impaired at June 30, 2017 . 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 | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
LOANS | LOANS The Company’s loan portfolio is segregated into the following segments: commercial real estate, commercial and industrial, residential mortgage, and consumer. 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 and other commercial business loan classes. Residential mortgage loans include classes for 1-4 family owner occupied and construction loans. 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 First Choice Bank, Parke Bank, Firestone Financial Corp., Hampden Bancorp, Inc., the New York branch acquisition, Beacon Federal Bancorp, Inc., The Connecticut Bank and Trust Company, Legacy Bancorp, Inc., and Rome Bancorp, Inc. Business activity and acquired loans are serviced, managed, and accounted for under the Company's same control environment. The following is a summary of total loans: June 30, 2017 December 31, 2016 (In thousands) Business Acquired Total Business Acquired Total Commercial real estate: Construction $ 266,859 $ 24,568 $ 291,427 $ 253,302 $ 34,207 $ 287,509 Single and multi-family 356,771 97,950 454,721 191,819 125,672 317,491 Other commercial real estate 1,436,091 507,283 1,943,374 1,481,223 530,215 2,011,438 Total commercial real estate 2,059,721 629,801 2,689,522 1,926,344 690,094 2,616,438 Commercial and industrial loans: Asset based lending 336,698 10,361 347,059 321,270 — 321,270 Other commercial and industrial loans 773,839 107,038 880,877 586,832 153,936 740,768 Total commercial and industrial loans 1,110,537 117,399 1,227,936 908,102 153,936 1,062,038 Total commercial loans 3,170,258 747,200 3,917,458 2,834,446 844,030 3,678,476 Residential mortgages: 1-4 family 1,651,980 271,857 1,923,837 1,583,794 297,355 1,881,149 Construction 9,977 254 10,231 11,178 804 11,982 Total residential mortgages 1,661,957 272,111 1,934,068 1,594,972 298,159 1,893,131 Consumer loans: Home equity 287,732 100,490 388,222 313,521 80,279 393,800 Auto and other 561,916 62,818 624,734 478,368 106,012 584,380 Total consumer loans 849,648 163,308 1,012,956 791,889 186,291 978,180 Total loans $ 5,681,863 $ 1,182,619 $ 6,864,482 $ 5,221,307 $ 1,328,480 $ 6,549,787 The carrying amount of the acquired loans at June 30, 2017 totaled $1.2 billion . A subset of these loans was determined to have evidence of credit deterioration at acquisition date, which is accounted for in accordance with ASC 310-30. These purchased credit-impaired loans presently maintain a carrying value of $40.2 million (and a note balance of $69.3 million). These loans are evaluated for impairment through the periodic reforecasting of expected cash flows. Loans considered not impaired at acquisition date had a carrying amount of $1.1 billion . At December 31, 2016, acquired loans maintained a carrying value of $1.3 billion and purchased credit-impaired loans totaled $46.8 million (note balance of $86.6 million). Loans considered not impaired at acquisition date had a carrying amount of $1.3 billion . The following table summarizes activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality : Three Months Ended June 30, (In thousands) 2017 2016 Balance at beginning of period $ 7,363 $ 6,464 Acquisitions — 708 Reclassification from nonaccretable difference for loans with improved cash flows (85 ) 522 Change in cash flows that do not affect nonaccretable difference (506 ) — Reclassification to TDR — — Accretion (1,005 ) (1,481 ) Balance at end of period $ 5,767 $ 6,213 Six Months Ended June 30, (In thousands) 2017 2016 Balance at beginning of period $ 8,738 $ 6,925 Acquisitions — 708 Reclassification from nonaccretable difference for loans with improved cash flows 333 1,418 Change in cash flows that do not affect nonaccretable difference (1,253 ) — Reclassification to TDR — (185 ) Accretion (2,051 ) (2,653 ) Balance at end of period $ 5,767 $ 6,213 The following is a summary of past due loans at June 30, 2017 and December 31, 2016: Business Activities Loans (In thousands) 30-59 Days 60-89 Days 90 Total Past Current Total Loans Past Due > June 30, 2017 Commercial real estate: Construction $ — $ — $ — $ — $ 266,859 $ 266,859 $ — Single and multi-family 106 — 471 577 356,194 356,771 67 Other commercial real estate 1,932 — 6,443 8,375 1,427,716 1,436,091 168 Total 2,038 — 6,914 8,952 2,050,769 2,059,721 235 Commercial and industrial loans: Asset based lending — — — — 336,698 336,698 — Other commercial and industrial loans 1,470 1,089 7,179 9,738 764,101 773,839 135 Total 1,470 1,089 7,179 9,738 1,100,799 1,110,537 135 Residential mortgages: 1-4 family 1,147 291 2,327 3,765 1,648,215 1,651,980 320 Construction — — — — 9,977 9,977 — Total 1,147 291 2,327 3,765 1,658,192 1,661,957 320 Consumer loans: Home equity 212 86 2,314 2,612 285,120 287,732 184 Auto and other 2,192 329 1,180 3,701 558,215 561,916 6 Total 2,404 415 3,494 6,313 843,335 849,648 190 Total $ 7,059 $ 1,795 $ 19,914 $ 28,768 $ 5,653,095 $ 5,681,863 $ 880 Business Activities Loans (In thousands) 30-59 Days 60-89 Days 90 Total Past Current Total Loans Past Due > December 31, 2016 Commercial real estate: Construction $ — $ — $ — $ — $ 253,302 $ 253,302 $ — Single and multi-family 618 110 624 1,352 190,467 191,819 155 Other commercial real estate 481 2,243 4,212 6,936 1,474,287 1,481,223 — Total 1,099 2,353 4,836 8,288 1,918,056 1,926,344 155 Commercial and industrial loans: Asset based lending — — — — 321,270 321,270 — Other commercial and industrial loans 3,090 1,301 6,290 10,681 576,151 586,832 5 Total 3,090 1,301 6,290 10,681 897,421 908,102 5 Residential mortgages: 1-4 family 1,393 701 4,179 6,273 1,577,521 1,583,794 1,956 Construction 10 — — 10 11,168 11,178 — Total 1,403 701 4,179 6,283 1,588,689 1,594,972 1,956 Consumer loans: Home equity 99 — 2,981 3,080 310,441 313,521 306 Auto and other 2,483 494 968 3,945 474,423 478,368 16 Total 2,582 494 3,949 7,025 784,864 791,889 322 Total $ 8,174 $ 4,849 $ 19,254 $ 32,277 $ 5,189,030 $ 5,221,307 $ 2,438 Acquired Loans (In thousands) 30-59 Days 60-89 Days 90 Total Past Acquired Total Loans Past Due > June 30, 2017 Commercial real estate: Construction $ — $ — $ — $ — $ — $ 24,568 $ — Single and multi-family 577 — 408 985 3,381 97,950 — Other commercial real estate 682 982 500 2,164 26,454 507,283 — Total 1,259 982 908 3,149 29,835 629,801 — Commercial and industrial loans: Asset based lending — — — — — 10,361 — Other commercial and industrial loans 57 76 1,343 1,476 1,850 107,038 — Total 57 76 1,343 1,476 1,850 117,399 — Residential mortgages: 1-4 family 183 14 1,264 1,461 7,213 271,857 26 Construction — — — — — 254 — Total 183 14 1,264 1,461 7,213 272,111 26 Consumer loans: Home equity 50 — 1,220 1,270 935 100,490 4 Auto and other 612 355 457 1,424 369 62,818 — Total 662 355 1,677 2,694 1,304 163,308 4 Total $ 2,161 $ 1,427 $ 5,192 $ 8,780 $ 40,202 $ 1,182,619 $ 30 Acquired Loans (In thousands) 30-59 Days 60-89 Days 90 Total Past Acquired Total Loans Past Due > December 31, 2016 Commercial real estate: — Construction $ — $ — $ — $ — $ 47 $ 34,207 $ — Single and multi-family 2 — 437 439 4,726 125,672 — Other commercial real estate 1,555 — 765 2,320 30,047 530,215 — Total 1,557 — 1,202 2,759 34,820 690,094 — Commercial and industrial loans: Asset based lending — — — — — — — Other commercial and industrial loans 1,850 15 1,262 3,127 3,369 153,936 24 Total 1,850 15 1,262 3,127 3,369 153,936 24 Residential mortgages: 1-4 family 321 343 2,015 2,679 7,283 297,355 443 Construction — — — — — 804 — Total 321 343 2,015 2,679 7,283 298,159 443 Consumer loans: Home equity 753 — 870 1,623 957 80,279 353 Auto and other 542 314 1,686 2,542 387 106,012 791 Total 1,295 314 2,556 4,165 1,344 186,291 1,144 Total $ 5,023 $ 672 $ 7,035 $ 12,730 $ 46,816 $ 1,328,480 $ 1,611 The following is summary information pertaining to non-accrual loans at June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 (In thousands) Business Acquired Total Business Acquired Total Commercial real estate: Construction $ — $ — $ — $ — $ — $ — Single and multi-family 404 408 812 469 437 906 Other commercial real estate 6,275 500 6,775 4,212 765 4,977 Total 6,679 908 7,587 4,681 1,202 5,883 Commercial and industrial loans: Other commercial and industrial loans 7,044 1,260 8,304 6,285 1,155 7,440 Total 7,044 1,260 8,304 6,285 1,155 7,440 Residential mortgages: 1-4 family 2,007 1,225 3,232 2,223 1,572 3,795 Construction — — — — — — Total 2,007 1,225 3,232 2,223 1,572 3,795 Consumer loans: Home equity 2,130 1,216 3,346 2,675 517 3,192 Auto and other 1,174 457 1,631 952 895 1,847 Total 3,304 1,673 4,977 3,627 1,412 5,039 Total non-accrual loans $ 19,034 $ 5,066 $ 24,100 $ 16,816 $ 5,341 $ 22,157 _______________________________________ (1) At quarter end June 30, 2017 , acquired credit impaired loans accounted for $96 thousand of loans greater than 90 days past due that are not presented in the above table. (2) At December 31, 2016, acquired credit impaired loans accounted for $83 thousand of loans greater than 90 days past due that are not presented in the above table. Loans evaluated for impairment as of June 30, 2017 and December 31, 2016 were as follows: Business Activities Loans (In thousands) Commercial Commercial and Residential Consumer Total June 30, 2017 Loans receivable: Balance at end of period Individually evaluated for impairment $ 36,769 $ 7,944 $ 2,225 $ 2,369 $ 49,307 Collectively evaluated for impairment 2,022,952 1,102,593 1,659,732 847,279 5,632,556 Total $ 2,059,721 $ 1,110,537 $ 1,661,957 $ 849,648 $ 5,681,863 Business Activities Loans (In thousands) Commercial Commercial and Residential Consumer Total December 31, 2016 Loans receivable: Balance at end of year Individually evaluated for impairment $ 25,549 $ 5,705 $ 2,775 $ 2,703 $ 36,732 Collectively evaluated for impairment 1,900,795 902,397 1,592,197 789,186 5,184,575 Total $ 1,926,344 $ 908,102 $ 1,594,972 $ 791,889 $ 5,221,307 Acquired Loans (In thousands) Commercial Commercial and Residential Consumer Total June 30, 2017 Loans receivable: Balance at end of Period Individually evaluated for impairment $ 2,909 $ 611 $ 484 $ 981 $ 4,985 Purchased credit-impaired loans 29,835 1,850 7,213 1,304 40,202 Collectively evaluated for impairment 597,057 114,938 264,414 161,023 1,137,432 Total $ 629,801 $ 117,399 $ 272,111 $ 163,308 $ 1,182,619 Acquired Loans (In thousands) Commercial Commercial and Residential Consumer Total December 31, 2016 Loans receivable: Balance at end of year Individually evaluated for impairment $ 4,256 $ 635 $ 308 $ 406 $ 5,605 Purchased credit-impaired loans 34,820 3,369 7,283 1,344 46,816 Collectively evaluated for impairment 651,018 149,932 290,568 184,541 1,276,059 Total $ 690,094 $ 153,936 $ 298,159 $ 186,291 $ 1,328,480 The following is a summary of impaired loans at June 30, 2017 and December 31, 2016: Business Activities Loans June 30, 2017 (In thousands) Recorded Investment Unpaid Principal Related Allowance With no related allowance: Commercial real estate - construction $ — $ — $ — Commercial real estate - single and multifamily — — — Other commercial real estate loans 21,630 21,630 — Other commercial and industrial loans 1,174 1,174 — Residential mortgages - 1-4 family 1,591 1,591 — Consumer - home equity — — — Consumer - other — — — With an allowance recorded: Commercial real estate - construction $ — $ — $ — Commercial real estate - single and multifamily 165 166 1 Other commercial real estate loans 14,847 14,973 126 Other commercial and industrial loans 6,642 6,770 128 Residential mortgages - 1-4 family 555 634 79 Consumer - home equity 2,011 2,369 358 Consumer - other — — — Total Commercial real estate $ 36,642 $ 36,769 $ 127 Commercial and industrial loans 7,816 7,944 128 Residential mortgages 2,146 2,225 79 Consumer 2,011 2,369 358 Total impaired loans $ 48,615 $ 49,307 $ 692 Business Activities Loans December 31, 2016 (In thousands) Recorded Investment Unpaid Principal Related Allowance With no related allowance: Commercial real estate - construction $ — $ — $ — Commercial real estate - single and multifamily — — — Other commercial real estate loans 18,905 18,905 — Other commercial and industrial loans 382 382 — Residential mortgages - 1-4 family 2,101 2,101 — Consumer - home equity 1,605 1,605 — Consumer - other — — — With an allowance recorded: Commercial real estate - construction $ — $ — $ — Commercial real estate - single and multifamily 179 181 2 Other commercial real estate loans 6,306 6,462 156 Other commercial and industrial loans 5,060 5,324 264 Residential mortgages - 1-4 family 538 674 136 Consumer - home equity 942 1,098 156 Consumer - other — — — Total Commercial real estate $ 25,390 $ 25,548 $ 158 Commercial and industrial loans 5,442 5,706 264 Residential mortgages 2,639 2,775 136 Consumer 2,547 2,703 156 Total impaired loans $ 36,018 $ 36,732 $ 714 Acquired Loans June 30, 2017 (In thousands) Recorded Investment Unpaid Principal Related Allowance With no related allowance: Commercial real estate - single and multifamily $ 326 $ 326 $ — Other commercial real estate loans 202 202 — Other commercial and industrial loans 296 296 — Residential mortgages - 1-4 family 391 391 — Consumer - home equity 606 606 — Consumer - other — — — With an allowance recorded: Commercial real estate - single and multifamily $ 878 $ 902 $ 24 Other commercial real estate loans 1,449 1,479 30 Other commercial and industrial loans 311 315 4 Residential mortgages - 1-4 family 89 93 4 Consumer - home equity 339 375 36 Total x Commercial real estate $ 2,855 $ 2,909 $ 54 Commercial and industrial loans 607 611 4 Residential mortgages 480 484 4 Consumer 945 981 36 Total impaired loans $ 4,887 $ 4,985 $ 98 Acquired Loans December 31, 2016 (In thousands) Recorded Investment Unpaid Principal Related Allowance With no related allowance: Commercial real estate - single and multifamily $ — $ — $ — Other commercial real estate loans 547 547 — Other commercial and industrial loans — — — Residential mortgages - 1-4 family 208 208 — With an allowance recorded: Commercial real estate - single and multifamily $ 1,250 $ 1,358 $ 108 Other commercial real estate loans 2,209 2,351 142 Other commercial and industrial loans 576 635 59 Residential mortgages - 1-4 family 89 100 11 Consumer - home equity 292 406 114 Total Commercial real estate $ 4,006 $ 4,256 $ 250 Commercial and industrial loans 576 635 59 Residential mortgages 297 308 11 Consumer 292 406 114 Total impaired loans $ 5,171 $ 5,605 $ 434 The following is a summary of the average recorded investment and interest income recognized on impaired loans as of June 30, 2017 and 2016: Business Activities Loans Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (In thousands) Average Recorded Cash Basis Interest Average Recorded Cash Basis Interest With no related allowance: Commercial real estate - single and multifamily $ 99 $ — $ 72 $ 1 Other commercial real estate loans 22,362 473 2,690 3 Other commercial and industrial loans 1,251 16 707 16 Residential mortgages - 1-4 family 1,870 11 1,409 3 Consumer - home equity 90 — 792 5 Consumer - other — — 1 — With an allowance recorded: Commercial real estate - single and multifamily $ 171 $ 8 $ — $ — Other commercial real estate loans 10,056 119 10,144 240 Other commercial and industrial loans 6,902 131 5,576 119 Residential mortgages - 1-4 family 636 7 1,609 36 Consumer - home equity 2,371 17 999 17 Total Commercial real estate $ 32,688 $ 600 $ 12,906 $ 244 Commercial and industrial loans 8,153 147 6,283 135 Residential mortgages 2,506 18 3,018 39 Consumer loans 2,461 17 1,897 24 Total impaired loans $ 45,808 $ 782 $ 24,104 $ 442 Acquired Loans Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (In thousands) Average Recorded Cash Basis Interest Average Recorded Cash Basis Interest With no related allowance: Commercial real estate - construction $ — $ — $ — $ — Commercial real estate - single and multifamily 396 43 125 4 Other commercial real estate loans 269 49 596 — Other commercial and industrial loans 298 1 154 — Residential mortgages - 1-4 family 393 6 100 — Consumer - home equity 771 — — — Consumer - other — — 160 1 With an allowance recorded: Commercial real estate - construction $ — $ — $ — $ — Commercial real estate - single and multifamily 905 12 822 21 Other commercial real estate loans 1,482 19 2,598 77 Other commercial and industrial loans 328 8 233 2 Residential mortgages - 1-4 family 94 1 333 6 Consumer - home equity 390 5 326 6 Consumer - other — — — — Total Other commercial real estate loans $ 3,052 $ 123 $ 4,141 $ 102 Commercial and industrial loans 626 9 387 2 Residential mortgages 487 7 433 6 Consumer loans 1,161 5 486 7 Total impaired loans $ 5,326 $ 144 $ 5,447 $ 117 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 and six months ended June 30, 2017 . 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 modifications for the three and six months ended June 30, 2017 were attributable to interest rate concessions, maturity date extensions, modified payment terms, reamortization, and accelerated maturity. The modifications for the three and six months ending June 30, 2016 were attributable to interest rate concessions, maturity date extensions, modified payment terms, reamortization, and accelerated maturity. Three Months Ended June 30, 2017 (Dollars in thousands) Number of Pre-Modification Post-Modification Troubled Debt Restructurings Commercial - Other 9 $ 10,613 $ 9,385 Commercial and industrial - Other 4 1,793 1,793 Residential - 1-4 Family — — — Consumer - Home Equity — — — Total 13 $ 12,406 $ 11,178 Six Months Ended June 30, 2017 (Dollars in thousands) Number of Pre-Modification Post-Modification Troubled Debt Restructurings Commercial - Other 15 $ 13,445 $ 11,718 Commercial and industrial - Other 5 1,817 1,817 Residential - 1-4 Family 2 205 188 Consumer - Home Equity 1 53 53 Total 23 $ 15,520 $ 13,776 Three Months Ended June 30, 2016 (Dollars in thousands) Number of Pre-Modification Post-Modification Troubled Debt Restructurings Consumer - Home Equity 1 117 117 Total 1 $ 117 $ 117 Six Months Ended June 30, 2016 (Dollars in thousands) Number of Pre-Modification Post-Modification Troubled Debt Restructurings Commercial - Other 2 $ 1,049 $ 1,049 Commercial and industrial - Other 2 151 151 Consumer - Home Equity 1 117 117 Total 5 $ 1,317 $ 1,317 The following table discloses the recorded investments and numbers of modifications for TDRs where a concession has been made, that then defaulted in the respective reporting period. For the three months ended June 30, 2017, there were no loans that were restructured that had subsequently defaulted during the period. For the six months ended June 30, 2017, there was one loan that was restructured that had subsequently defaulted during the period. Modifications that Subsequently Defaulted Three Months Ended June 30, 2017 (Dollars in thousands) Number of Contracts Recorded Investment Troubled Debt Restructurings Commercial - Other — $ — Commercial and industrial- Other — $ — Modifications that Subsequently Defaulted Six Months Ended June 30, 2017 (Dollars in thousands) Number of Contracts Recorded Investment Troubled Debt Restructurings Commercial - Other 1 $ 113 Commercial and industrial- Other 1 $ 101 The following table presents the Company’s TDR activity for the three and six months ended June 30, 2017 and 2016: Three Months Ended June 30, (In thousands) 2017 2016 Balance at beginning of the period $ 34,699 $ 23,654 Principal payments (266 ) (768 ) TDR status change (1) — — Other reductions/increases (2) (1,055 ) (881 ) Newly identified TDRs 11,178 117 Balance at end of the period $ 44,556 $ 22,122 Six Months Ended June 30, (In thousands) 2017 2016 Balance at beginning of the period $ 33,829 $ 22,048 Principal payments (1,154 ) (1,109 ) TDR status change (1) — 2,236 Other reductions/increases (2) (1,895 ) (2,370 ) Newly identified TDRs 13,776 1,317 Balance at end of the period $ 44,556 $ 22,122 _________________________________ (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. As of June 30, 2017 , the Company maintained foreclosed residential real estate property with a fair value of $279 thousand . Additionally, residential mortgage loans collateralized by real estate property that are in the process of foreclosure as of June 30, 2017 and December 31, 2016 totaled $4.8 million at the end of each period. As of December 31, 2016, foreclosed residential real estate property totaled $151 thousand . |
LOAN LOSS ALLOWANCE
LOAN LOSS ALLOWANCE | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
LOAN LOSS ALLOWANCE | LOAN LOSS ALLOWANCE Activity in the allowance for loan losses for the three and six months ended June 30, 2017 and 2016 was as follows: At or for the three months ended June 30, 2017 Business Activities Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 16,115 $ 11,733 $ 7,776 $ 5,414 $ 425 $ 41,463 Charged-off loans 1,393 581 278 631 — 2,883 Recoveries on charged-off loans — 55 14 87 — 156 Provision/(releases) for loan losses 1,445 1,535 701 1,428 (950 ) 4,159 Balance at end of period $ 16,167 $ 12,742 $ 8,213 $ 6,298 $ (525 ) $ 42,895 Individually evaluated for impairment 127 128 79 358 — 692 Collectively evaluated for impairment 16,040 12,614 8,134 5,940 (525 ) 42,203 Total $ 16,167 $ 12,742 $ 8,213 $ 6,298 $ (525 ) $ 42,895 At or for the six months ended June 30, 2017 Business Activities Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 16,405 $ 9,371 $ 7,752 $ 5,447 $ 254 $ 39,229 Charged-off loans 1,516 1,851 513 1,317 — 5,197 Recoveries on charged-off loans 57 71 29 172 — 329 Provision/(releases) for loan losses 1,221 5,151 945 1,996 (779 ) 8,534 Balance at end of period $ 16,167 $ 12,742 $ 8,213 $ 6,298 $ (525 ) $ 42,895 Individually evaluated for impairment 127 128 79 358 — 692 Collectively evaluated for impairment 16,040 12,614 8,134 5,940 (525 ) 42,203 Total $ 16,167 $ 12,742 $ 8,213 $ 6,298 $ (525 ) $ 42,895 At or for the three months ended June 30, 2016 Business Activities Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 16,043 $ 8,629 $ 7,061 $ 4,069 $ (304 ) $ 35,498 Charged-off loans 534 1,581 540 340 — 2,995 Recoveries on charged-off loans — 3 5 55 — 63 Provision/(releases) for loan losses 1,386 1,245 1,000 985 (58 ) 4,558 Balance at end of period $ 16,895 $ 8,296 $ 7,526 $ 4,769 $ (362 ) $ 37,124 Individually evaluated for impairment 324 113 150 55 — 642 Collectively evaluated for impairment 16,571 8,183 7,376 4,714 (362 ) 36,482 Total $ 16,895 $ 8,296 $ 7,526 $ 4,769 $ (362 ) $ 37,124 At or for the six months ended June 30, 2016 Business Activities Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 14,508 $ 7,317 $ 7,566 $ 4,956 $ 227 $ 34,574 Charged-off loans 1,578 2,546 1,087 741 — 5,952 Recoveries on charged-off loans 128 77 5 122 — 332 Provision/(releases) for loan losses 3,837 3,448 1,042 432 (589 ) 8,170 Balance at end of period $ 16,895 $ 8,296 $ 7,526 $ 4,769 $ (362 ) $ 37,124 Individually evaluated for impairment 324 113 150 55 — 642 Collectively evaluated for impairment 16,571 8,183 7,376 4,714 (362 ) 36,482 Total $ 16,895 $ 8,296 $ 7,526 $ 4,769 $ (362 ) $ 37,124 At or for the three months ended June 30, 2017 Acquired Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 2,128 $ 1,054 $ 706 $ 453 $ — $ 4,341 Charged-off loans 94 43 71 340 — 548 Recoveries on charged-off loans 13 (56 ) (2 ) (14 ) — (59 ) Provision for loan losses 309 59 57 305 — 730 Balance at end of period $ 2,356 $ 1,014 $ 690 $ 404 $ — $ 4,464 Individually evaluated for impairment 54 4 4 36 — 98 Purchased credit-impaired loans — — — — — — Collectively evaluated for impairment 2,302 1,010 686 368 — 4,366 Total $ 2,356 $ 1,014 $ 690 $ 404 $ — $ 4,464 At or for the six months ended June 30, 2017 Acquired Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 2,303 $ 1,164 $ 766 $ 536 $ — $ 4,769 Charged-off loans 670 481 215 491 — 1,857 Recoveries on charged-off loans 22 1 38 41 — 102 Provision for loan losses 701 330 101 318 — 1,450 Balance at end of period $ 2,356 $ 1,014 $ 690 $ 404 $ — $ 4,464 Individually evaluated for impairment 54 4 4 36 — 98 Purchased credit-impaired loans — — — — — — Collectively evaluated for impairment 2,302 1,010 686 368 — 4,366 Total $ 2,356 $ 1,014 $ 690 $ 404 $ — $ 4,464 At or for the three months ended June 30, 2016 Acquired Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 1,963 $ 1,275 $ 894 $ 425 $ — $ 4,557 Charged-off loans — 250 54 94 — 398 Recoveries on charged-off loans 1 107 21 21 — 150 Provision for loan losses 176 (356 ) 20 124 — (36 ) Balance at end of period $ 2,140 $ 776 $ 881 $ 476 $ — $ 4,273 Individually evaluated for impairment 177 42 35 32 — 286 Purchased credit-impaired loans — — — — — — Collectively evaluated for impairment 1,963 734 846 444 — 3,987 Total $ 2,140 $ 776 $ 881 $ 476 $ — $ 4,273 At or for the six months ended June 30, 2016 Acquired Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 1,903 $ 1,330 $ 976 $ 525 $ — $ 4,734 Charged-off loans 126 275 364 380 — 1,145 Recoveries on charged-off loans — 176 104 46 — 326 Provision for loan losses 363 (455 ) 165 285 — 358 Balance at end of period $ 2,140 $ 776 $ 881 $ 476 $ — $ 4,273 Individually evaluated for impairment 177 42 35 32 — 286 Purchased credit-impaired loans — — — — — — Collectively evaluated for impairment 1,963 734 846 444 — 3,987 Total $ 2,140 $ 776 $ 881 $ 476 $ — $ 4,273 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. For commercial credits, 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, the Company's 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 ratings system is similar to loans originated through business activities. The Company subjects loans that do not meet the ASC 310-30 criteria to ASC 450-20 ( Loss Contingencies ) 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. Additionally, the Company considers the need for an additional reserve for acquired loans accounted for outside of the scope of ASC 310-30 under ASC 310-20. At acquisition date, the Bank determined a fair value mark with credit and interest rate components. Under the Company’s model, the impairment evaluation process involves comparing the carrying value of acquired loans, including the entire unamortized premium or discount, to the recorded reserve allowance. If necessary, the Company books an additional reserve to account for shortfalls identified through this calculation. Fair value marks are not bifurcated when evaluating for impairment. 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 June 30, 2017 , the allowance for loan losses related to acquired loans under ASC 310-30 and ASC 310-20 was $4.5 million using the above mentioned criteria. The following tables present the Company’s loans by risk rating at June 30, 2017 and December 31, 2016: Business Activities Loans Commercial Real Estate Credit Risk Profile by Creditworthiness Category Construction Single and multi-family Other Total commercial real estate (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Grade: Pass $ 266,859 $ 253,302 $ 354,007 $ 189,310 $ 1,389,386 $ 1,434,762 $ 2,010,252 $ 1,877,374 Special mention — — 549 334 12,367 5,827 12,916 6,161 Substandard — — 2,215 2,175 34,338 40,598 36,553 42,773 Doubtful — — — — — 36 — 36 Total $ 266,859 $ 253,302 $ 356,771 $ 191,819 $ 1,436,091 $ 1,481,223 $ 2,059,721 $ 1,926,344 Commercial and Industrial Loans Credit Risk Profile by Creditworthiness Category Asset based lending Other Total comm. and industrial loans (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Grade: Pass $ 331,390 $ 321,270 $ 752,861 $ 569,704 $ 1,084,251 $ 890,974 Special mention 4,776 — 1,224 123 6,000 123 Substandard 532 — 16,707 13,825 17,239 13,825 Doubtful — — 3,047 3,180 3,047 3,180 Total $ 336,698 $ 321,270 $ 773,839 $ 586,832 $ 1,110,537 $ 908,102 Residential Mortgages Credit Risk Profile by Internally Assigned Grade 1-4 family Construction Total residential mortgages (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Grade: Pass $ 1,649,361 $ 1,578,913 $ 9,977 $ 11,178 $ 1,659,338 $ 1,590,091 Special mention 291 701 — — 291 701 Substandard 2,328 4,179 — — 2,328 4,179 Total $ 1,651,980 $ 1,583,793 $ 9,977 $ 11,178 $ 1,661,957 $ 1,594,971 Consumer Loans Credit Risk Profile Based on Payment Activity Home equity Auto and other Total consumer loans (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Performing $ 285,602 $ 310,846 $ 560,742 $ 477,416 $ 846,344 $ 788,262 Nonperforming 2,130 2,675 1,174 952 3,304 3,627 Total $ 287,732 $ 313,521 $ 561,916 $ 478,368 $ 849,648 $ 791,889 Acquired Loans Commercial Real Estate Credit Risk Profile by Creditworthiness Category Construction Single and multi-family Other Total commercial real estate (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Grade: Pass $ 23,868 $ 33,461 $ 94,963 $ 119,414 $ 463,569 $ 496,562 $ 582,400 $ 649,437 Special mention — — 612 907 9,619 1,622 10,231 2,529 Substandard 700 746 2,375 5,351 34,095 32,031 37,170 38,128 Total $ 24,568 $ 34,207 $ 97,950 $ 125,672 $ 507,283 $ 530,215 $ 629,801 $ 690,094 Commercial and Industrial Loans Credit Risk Profile by Creditworthiness Category Asset based lending Other Total comm. and industrial loans (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Grade: Pass $ 10,361 $ — $ 101,730 $ 147,102 $ 112,091 $ 147,102 Special mention — — 296 1,260 296 1,260 Substandard — — 5,012 5,574 5,012 5,574 Total $ 10,361 $ — $ 107,038 $ 153,936 $ 117,399 $ 153,936 Residential Mortgages Credit Risk Profile by Internally Assigned Grade 1-4 family Construction Total residential mortgages (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Grade: Pass $ 269,288 $ 294,983 $ 254 $ 804 $ 269,542 $ 295,787 Special mention 36 343 — — 36 343 Substandard 2,533 2,029 — — 2,533 2,029 Total $ 271,857 $ 297,355 $ 254 $ 804 $ 272,111 $ 298,159 Consumer Loans Credit Risk Profile Based on Payment Activity Home equity Auto and other Total consumer loans (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Performing $ 99,274 $ 79,762 $ 62,361 $ 105,117 $ 161,635 $ 184,879 Nonperforming 1,216 517 457 895 1,673 1,412 Total $ 100,490 $ 80,279 $ 62,818 $ 106,012 $ 163,308 $ 186,291 The following table summarizes information about total loans rated Special Mention or lower as of June 30, 2017 and December 31, 2016. 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. June 30, 2017 December 31, 2016 (In thousands) Business Acquired Loans Total Business Acquired Loans Total Non-Accrual $ 19,034 $ 5,162 $ 24,196 $ 16,816 $ 5,424 $ 22,240 Substandard Accruing 43,627 41,330 84,957 51,125 44,177 95,302 Total Classified 62,661 46,492 109,153 67,941 49,601 117,542 Special Mention 19,622 10,691 30,313 7,479 4,323 11,802 Total Criticized $ 82,283 $ 57,183 $ 139,466 $ 75,420 $ 53,924 $ 129,344 |
DEPOSITS
DEPOSITS | 6 Months Ended |
Jun. 30, 2017 | |
Deposits [Abstract] | |
DEPOSITS | DEPOSITS A summary of time deposits is as follows: (In thousands) June 30, December 31, Time less than $250,000 $ 2,166,004 $ 2,015,332 Time $250,000 or more 334,943 318,211 Total time deposits $ 2,500,947 $ 2,333,543 Included in total deposits are brokered deposits of $1.1 billion and $0.9 billion at June 30, 2017 and December 31, 2016 , respectively. Included in total brokered deposits are reciprocal deposits of $107.6 million and $113.4 million at June 30, 2017 and December 31, 2016 , respectively. |
BORROWED FUNDS
BORROWED FUNDS | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
BORROWED FUNDS | BORROWED FUNDS Borrowed funds at June 30, 2017 and December 31, 2016 are summarized, as follows: June 30, 2017 December 31, 2016 Weighted Weighted Average Average (Dollars in thousands) Principal Rate Principal Rate Short-term borrowings: Advances from the FHLB $ 1,081,600 1.20 % $ 1,072,044 0.71 % Other borrowings — — 10,000 2.42 Total short-term borrowings: 1,081,600 1.20 1,082,044 0.72 Long-term borrowings: Advances from the FHLB and other borrowings 301,374 1.49 142,792 1.53 Subordinated borrowings 73,786 7.00 73,697 7.00 Junior subordinated borrowings 15,464 3.04 15,464 2.77 Total long-term borrowings: 390,624 2.59 231,953 3.35 Total $ 1,472,224 1.57 % $ 1,313,997 1.19 % Short-term debt includes Federal Home Loan Bank (“FHLB”) advances with an original maturity of less than one year and a short-term line-of-credit drawdown through a correspondent bank. The Bank also maintains a $3.0 million secured line of credit with the FHLB that bears a daily adjustable rate calculated by the FHLB. There was no outstanding balance on the FHLB line of credit for the periods ended June 30, 2017 and December 31, 2016 . 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 took place for the periods ended June 30, 2017 and December 31, 2016 . Long-term FHLB advances consist of advances with an original maturity of more than one year. The advances outstanding at June 30, 2017 include callable advances totaling $4.0 million , and amortizing advances totaling $1.1 million . The advances outstanding at December 31, 2016 include callable advances totaling $11.0 million , and amortizing advances totaling $1.2 million . All FHLB 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 FHLB advances as of June 30, 2017 is as follows: June 30, 2017 Weighted Average (In thousands, except rates) Principal Rate Fixed rate advances maturing: 2017 $ 1,101,540 1.22 % 2018 168,857 1.25 2019 100,000 1.67 2020 4,825 1.94 2021 and beyond 7,752 2.70 Total FHLB advances $ 1,382,974 1.27 % The Company did not have variable-rate FHLB advances for the periods ended June 30, 2017 and December 31, 2016 . 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 5.113% . The subordinated note includes reduction to the note principal balance of $645 thousand and $706 thousand for unamortized debt issuance costs as of June 30, 2017 and December 31 2016, respectively. 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 3.04% and 2.77% at June 30, 2017 and December 31, 2016 , 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 shareholders 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. |
CAPITAL RATIOS AND SHAREHOLDERS
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
CAPITAL RATIOS AND STOCKHOLDERS' EQUITY | CAPITAL RATIOS AND SHAREHOLDERS’ EQUITY The actual and required capital ratios were as follows: June 30, Regulatory December 31, Regulatory Company (consolidated) Total capital to risk weighted assets 14.0 % 10.0 % 11.9 % 10.0 % Common equity tier 1 capital to risk weighted assets 12.1 6.5 9.9 6.5 Tier 1 capital to risk weighted assets 12.3 8.0 10.1 8.0 Tier 1 capital to average assets 9.6 5.0 7.9 5.0 Bank Total capital to risk weighted assets 11.4 % 10.0 % 11.2 % 10.0 % Common equity tier 1 capital to risk weighted assets 10.2 6.5 10.0 6.5 Tier 1 capital to risk weighted assets 10.2 8.0 10.0 8.0 Tier 1 capital to average assets 8.0 5.0 7.8 5.0 At each date shown, the Company and the Bank met the conditions to be classified as “well capitalized” under the relevant regulatory framework. 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. Effective January 1, 2015, the Company and the Bank became subject to the Basel III rule that requires the Company and the Bank to assess their Common equity Tier 1 capital to risk weighted assets and the Company and the Bank each exceed the minimum to be well capitalized. In addition, the final capital rules added a requirement to maintain a minimum conservation buffer, composed of Common equity Tier 1 capital, of 2.5% of risk-weighted assets, to be phased in over three years and applied to the Common equity Tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio, and the Total risk-based capital ratio. Accordingly, banking organizations, on a fully phased in basis no later than January 1, 2019, must maintain a minimum Common equity Tier 1 risk-based capital ratio of 7.0% , a minimum Tier 1 risk-based capital ratio of 8.5% , and a minimum Total risk-based capital ratio of 10.5% . The required minimum conservation buffer began to be phased in incrementally, starting at 0.625% on January 1, 2016, increased to 1.25% on January 1, 2017, and will increase to 1.875% on January 1, 2018 and 2.5% on January 1, 2019. The final capital rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the minimum capital conservation buffer is not met. At June 30, 2017 , the capital levels of both the Company and the Bank exceeded all regulatory capital requirements and their regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes. The capital levels of both the Company and the Bank at June 30, 2017 also exceeded the minimum capital requirements including the currently applicable capital conservation buffer of 1.25% . Accumulated other comprehensive income (loss) Components of accumulated other comprehensive income is as follows: (In thousands) June 30, December 31, Other accumulated comprehensive income, before tax: Net unrealized holding gain on AFS securities $ 19,671 $ 25,176 Net unrealized loss on cash flow hedging derivatives — (6,573 ) Net unrealized holding loss on pension plans (2,954 ) (2,954 ) Income taxes related to items of accumulated other comprehensive income: Net unrealized holding gain on AFS securities (7,550 ) (9,636 ) Net unrealized loss on cash flow hedging derivatives — 2,589 Net unrealized holding loss on pension plans 1,164 1,164 Accumulated other comprehensive income $ 10,331 $ 9,766 The following table presents the components of other comprehensive income for the three and six months ended June 30, 2017 and 2016 : (In thousands) Before Tax Tax Effect Net of Tax Three Months Ended June 30, 2017 Net unrealized holding gain on AFS securities: x Net unrealized gains arising during the period $ 3,926 $ (1,455 ) $ 2,471 Less: reclassification adjustment for gains realized in net income (1 ) — (1 ) Net unrealized holding gain on AFS securities 3,927 (1,455 ) 2,472 Net unrealized loss on cash flow hedging derivatives: Net unrealized (loss) arising during the period — — — Less: reclassification adjustment for (losses) realized in net income — — — Net unrealized gain on cash flow hedging derivatives — — — Other comprehensive income $ 3,927 $ (1,455 ) $ 2,472 Three Months Ended June 30, 2016 Net unrealized holding gain on AFS securities: Net unrealized gains arising during the period $ 9,573 $ (3,686 ) $ 5,887 Less: reclassification adjustment for losses realized in net income (13 ) 5 (8 ) Net unrealized holding gain on AFS securities 9,586 (3,691 ) 5,895 Net unrealized loss on cash flow hedging derivatives: Net unrealized (loss) arising during the period (1,771 ) 711 (1,060 ) Less: reclassification adjustment for (losses) realized in net income (887 ) 356 (531 ) Net unrealized (loss) on cash flow hedging derivatives (884 ) 355 (529 ) Other comprehensive income $ 8,702 $ (3,336 ) $ 5,366 (In thousands) Before Tax Tax Effect Net of Tax Six Months Ended June 30, 2017 Net unrealized holding gain on AFS securities: x Net unrealized gains arising during the period $ 7,064 $ (2,627 ) $ 4,437 Less: reclassification adjustment for gains realized in net income 12,569 (4,713 ) 7,856 Net unrealized holding (loss) on AFS securities (5,505 ) 2,086 (3,419 ) Net unrealized loss on cash flow hedging derivatives: Net unrealized (loss) arising during the period (449 ) 180 (269 ) Less: reclassification adjustment for (losses) realized in net income (7,022 ) 2,769 (4,253 ) Net unrealized gain on cash flow hedging derivatives 6,573 (2,589 ) 3,984 Other comprehensive income $ 1,068 $ (503 ) $ 565 Six Months Ended June 30, 2016 Net unrealized holding gain on AFS securities: Net unrealized gains arising during the period $ 27,315 $ (10,556 ) $ 16,759 Less: reclassification adjustment for losses realized in net income 22 (8 ) 14 Net unrealized holding gain on AFS securities 27,293 (10,548 ) 16,745 Net unrealized loss on cash flow hedging derivatives: Net unrealized (loss) arising during the period (6,684 ) 2,683 (4,001 ) Less: reclassification adjustment for (losses) realized in net income (1,294 ) 520 (774 ) Net unrealized (loss) on cash flow hedging derivatives (5,390 ) 2,163 (3,227 ) Other comprehensive income $ 21,903 $ (8,385 ) $ 13,518 The following table presents the changes in each component of accumulated other comprehensive income (loss), for the three and six months ended June 30, 2017 and 2016 : (In thousands) Net unrealized holding gain on AFS Securities Net loss on effective cash flow hedging derivatives Net unrealized holding loss on pension plans Total Three Months Ended June 30, 2017 Balance at Beginning of Period $ 9,649 $ — $ (1,790 ) $ 7,859 Other comprehensive gain before reclassifications 2,471 — — 2,471 Less: amounts reclassified from accumulated other comprehensive income (loss) (1 ) — — (1 ) Total other comprehensive income 2,472 — — 2,472 Balance at End of Period $ 12,121 $ — $ (1,790 ) $ 10,331 Three Months Ended June 30, 2016 Balance at Beginning of Period $ 14,730 $ (7,806 ) $ (2,077 ) $ 4,847 Other comprehensive gain (loss) before reclassifications 5,887 (1,060 ) — 4,827 Less: amounts reclassified from accumulated other comprehensive income (loss) (8 ) (531 ) — (539 ) Total other comprehensive income (loss) 5,895 (529 ) — 5,366 Balance at End of Period $ 20,625 $ (8,335 ) $ (2,077 ) $ 10,213 (In thousands) Net unrealized holding gain on AFS Securities Net loss on effective cash flow hedging derivatives Net unrealized holding loss on pension plans Total Six Months Ended June 30, 2017 Balance at Beginning of Period $ 15,540 $ (3,984 ) $ (1,790 ) $ 9,766 Other comprehensive gain (loss) before reclassifications 4,437 (269 ) — 4,168 Less: amounts reclassified from accumulated other comprehensive income (loss) 7,856 (4,253 ) — 3,603 Total other comprehensive (loss) income (3,419 ) 3,984 — 565 Balance at End of Period $ 12,121 $ — $ (1,790 ) $ 10,331 Six Months Ended June 30, 2016 Balance at Beginning of Period $ 3,880 $ (5,108 ) $ (2,077 ) $ (3,305 ) Other comprehensive gain (loss) before reclassifications 16,759 (4,001 ) — 12,758 Less: amounts reclassified from accumulated other comprehensive income (loss) 14 (774 ) — (760 ) Total other comprehensive income (loss) 16,745 (3,227 ) — 13,518 Balance at End of Period $ 20,625 $ (8,335 ) $ (2,077 ) $ 10,213 The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2017 and 2016 : Affected Line Item in the Three Months Ended June 30, Statement where Net Income (In thousands) 2017 2016 is Presented Realized (losses) on AFS securities: $ (1 ) $ (13 ) Non-interest income — 5 Tax expense (1 ) (8 ) Net of tax Realized (losses) on cash flow hedging derivatives: — (887 ) Non-interest income — 356 Tax expense — (531 ) Net of tax Total reclassifications for the period $ (1 ) $ (539 ) Net of tax Affected Line Item in the Six Months Ended June 30, Statement where Net Income (In thousands) 2017 2016 is Presented Realized gains on AFS securities: $ 12,569 $ 23 Non-interest income (4,713 ) (9 ) Tax expense 7,856 14 Net of tax Realized (losses) on cash flow hedging derivatives: (393 ) — Interest expense (6,629 ) (1,295 ) Non-interest expense 2,769 521 Tax benefit (4,253 ) (774 ) Net of tax Total reclassifications for the period $ 3,603 $ (760 ) Net of tax |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 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 June 30, Six Months Ended June 30, (In thousands, except per share data) 2017 2016 2017 2016 Net income $ 19,694 $ 15,957 $ 35,154 $ 31,958 Average number of common shares issued 38,720 32,213 37,731 32,188 Less: average number of treasury shares 943 1,075 981 1,107 Less: average number of unvested stock award shares 453 533 445 520 Average number of basic common shares outstanding 37,324 30,605 36,305 30,561 Plus: dilutive effect of unvested stock award shares 106 102 116 99 Plus: dilutive effect of stock options outstanding 44 58 45 65 Average number of diluted common shares outstanding 37,474 30,765 36,466 30,725 Earnings per share: Basic $ 0.53 $ 0.52 $ 0.97 $ 1.05 Diluted $ 0.53 $ 0.52 $ 0.96 $ 1.04 For the six months ended June 30, 2017 , 327 thousand shares of restricted stock and 48 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations. For the six months ended June 30, 2016 , 407 thousand shares of restricted stock and 204 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations. |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION PLANS | STOCK-BASED COMPENSATION PLANS A combined summary of activity in the Company’s stock award and stock option plans for the six months ended June 30, 2017 is presented in the following table: Non-Vested Stock Awards Outstanding Stock Options Outstanding (Shares in thousands) Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Exercise Price December 31, 2016 448 $ 26.28 109 $ 15.72 Granted 154 35.75 — — Stock options exercised — — (7 ) 15.01 Stock awards vested (133 ) 25.84 — — Forfeited (10 ) 29.26 — — Expired — — (10 ) 33.46 June 30, 2017 459 $ 29.46 92 $ 13.86 Exercisable options at June 30, 2017 92 $ 13.86 During the six months ended June 30, 2017 and 2016 , proceeds from stock option exercises totaled $111 thousand and $37 thousand , respectively. During the six months ended June 30, 2017 , there were 133 thousand shares issued in connection with vested stock awards. During the six months ended June 30, 2016 , there were 100 thousand shares issued in connection with vested stock awards. All of these shares were issued from available treasury stock. Stock-based compensation expense totaled $2.5 million and $2.6 million during the six months ended June 30, 2017 and 2016 , respectively. Stock-based compensation expense is recognized over the requisite service period for all awards. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES As of June 30, 2017 , the Company held derivatives with a total notional amount of $2.4 billion . The Company had economic hedges and non-hedging derivatives totaling $2.1 billion and $333.1 million , respectively, which are not designated as hedges for accounting purposes with changes in fair value recorded directly through earnings. Economic hedges included interest rate swaps totaling $1.5 billion , risk participation agreements with dealer banks of $103.2 million , and $428.4 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/Capital 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 June 30, 2017 . The Company pledged collateral to derivative counterparties in the form of securities with an amortized cost of $27.3 million and a fair value of $27.3 million as of June 30, 2017 . 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 June 30, 2017 , 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 FHLB borrowings $ — 0 — % — % $ — Total cash flow hedges — — Economic hedges: Interest rate swap on tax advantaged economic development bond 11,074 12.4 1.42 % 5.09 % (1,897 ) Interest rate swaps on loans with commercial loan customers 763,443 6.2 2.83 % 4.19 % (8,434 ) Reverse interest rate swaps on loans with commercial loan customers 763,443 6.2 4.19 % 2.83 % 8,484 Risk participation agreements with dealer banks 103,173 11.3 10 Forward sale commitments 428,425 0.2 975 Total economic hedges 2,069,558 (862 ) Non-hedging derivatives: Commitments to lend 333,081 0.2 7,375 Total non-hedging derivatives 333,081 7,375 Total $ 2,402,639 $ 6,513 Information about derivative assets and liabilities at December 31, 2016 , 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 FHLB borrowings $ 300,000 2.3 0.63 % 2.29 % $ (6,573 ) Total cash flow hedges 300,000 (6,573 ) Economic hedges: Interest rate swap on tax advantaged economic development bond 11,386 12.9 0.98 % 5.09 % (2,021 ) Interest rate swaps on loans with commercial loan customers 668,541 6.2 2.43 % 4.21 % (6,752 ) Reverse interest rate swaps on loans with commercial loan customers 668,541 6.2 4.21 % 2.43 % 7,077 Risk participation agreements with dealer banks 83,360 11.6 5 Forward sale commitments 259,889 0.2 722 Total economic hedges 1,691,717 (969 ) Non-hedging derivatives: Commitments to lend 208,145 0.2 4,738 Total non-hedging derivatives 208,145 4,738 Total $ 2,199,862 $ (2,804 ) Cash flow hedges In the first quarter of 2017, the Company maintained six interest rate swap contracts with an aggregate notional value of $300 million with original durations of three years. This hedge strategy converted one month rolling FHLB borrowings based on the FHLB’s one month fixed interest rate to fixed interest rates, thereby protecting the Company from floating interest rate variability. On February 7, 2017, the Company initiated and subsequently terminated all of its interest rate swaps associated with FHLB advances with 1-month LIBOR based floating interest rates of an aggregate notional amount of $300 million. As of March 31, 2017, the Company no longer held the FHLB advances associated with the interest rate swaps. As a result, the Company reclassified $6.6 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. For the periods presented prior to the termination, the effective portion of unrealized changes in the fair value of derivatives accounted for as cash flow hedges was reported in other comprehensive income. Each quarter, the Company assessed 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. Hedge ineffectiveness on interest rate swaps designated as cash flow hedges was immaterial to the Company’s financial statements during the three and six months ended June 30, 2017 and 2016 . 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 June 30, Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Interest rate swaps on FHLB borrowings: Unrealized (loss) recognized in accumulated other comprehensive loss $ — $ (1,771 ) $ (449 ) $ (6,684 ) Less: reclassification of unrealized (loss) from accumulated other comprehensive income to interest expense — (887 ) (393 ) (1,295 ) Less: reclassification of unrealized (loss) from accumulated other comprehensive income to other non-interest expense — — (6,629 ) — Net tax (expense) benefit on items recognized in accumulated other comprehensive income — 355 (2,589 ) 2,162 Other comprehensive gain (loss) recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects $ — $ (529 ) $ 3,984 $ (3,227 ) Economic hedges As of June 30, 2017 , the Company has an interest rate swap with a $11.1 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 $(114) thousand as of June 30, 2017 . The interest income and expense on these mirror image swaps exactly offset each other. The Company has risk participation agreements with dealer banks. Risk participation agreements occur when the Company participates on a loan and a swap where another bank is the lead. The Company gets paid a fee to take on the risk associated with having to make the lead bank whole on Berkshire’s portion of the pro-rated swap should the borrower default. Changes in fair value are recorded in current period earnings. 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 originated 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 June 30, Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Economic hedges Interest rate swap on industrial revenue bond: Unrealized gain (loss) recognized in other non-interest income $ 2 $ (292 ) $ 124 $ (831 ) Interest rate swaps on loans with commercial loan customers: Unrealized (loss) recognized in other non-interest income (3,810 ) (7,725 ) (1,682 ) (21,322 ) Reverse interest rate swaps on loans with commercial loan customers: Unrealized gain recognized in other non-interest income 3,810 7,725 1,682 21,322 (Unfavorable) Favorable change in credit valuation adjustment recognized in other non-interest income (114 ) 372 (276 ) (433 ) Risk participation agreements: Unrealized gain recognized in other non-interest income 23 33 5 116 Forward commitments: Unrealized gain (loss) recognized in other non-interest income 975 (869 ) (276 ) (1,316 ) Realized gain (loss) in other non-interest income 238 50 (2,668 ) (333 ) Non-hedging derivatives Commitments to lend Unrealized gain recognized in other non-interest income $ 7,375 $ 1,259 $ 15,436 $ 2,061 Realized gain in other non-interest income 7,693 896 16,467 1,745 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 $12.3 million and $11.5 million as of June 30, 2017 and December 31, 2016 , respectively. The Company had net liability positions with its financial institution counterparties totaling $10.4 million and $15.4 million as of June 30, 2017 and December 31, 2016 , respectively. The Company had net liability positions with its commercial banking counterparties totaling $3.7 million and $4.4 million as of June 30, 2017 and December 31, 2016 . The collateral posted by the Company that covered liability positions was $10.4 million and $19.8 million as of June 30, 2017 and December 31, 2016 , respectively. The following table presents the assets and liabilities subject to an enforceable master netting arrangement as of June 30, 2017 and December 31, 2016 : Offsetting of Financial Assets and Derivative Assets Gross Amounts of Gross Amounts Offset in the Net Amounts of Assets Presented in the Gross Amounts Not Offset in the Statements of Condition Recognized Statements of Statements of Financial Cash (In thousands) Assets Condition Condition Instruments Collateral Received Net Amount June 30, 2017 Interest Rate Swap Agreements: Institutional counterparties $ 66 $ — $ 66 $ — $ — $ 66 Commercial counterparties 12,195 (2 ) 12,193 — — 12,193 Total $ 12,261 $ (2 ) $ 12,259 $ — $ — $ 12,259 Offsetting of Financial Liabilities and Derivative Liabilities Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented in the Gross Amounts Not Offset in the Statements of Condition Recognized Statements of Statements of Financial Cash (In thousands) Liabilities Condition Condition Instruments Collateral Pledged Net Amount June 30, 2017 Interest Rate Swap Agreements: Institutional counterparties $ (14,219 ) $ 3,833 $ (10,386 ) $ 10,386 $ — $ — Commercial counterparties (3,710 ) 1 (3,709 ) — — (3,709 ) Total $ (17,929 ) $ 3,834 $ (14,095 ) $ 10,386 $ — $ (3,709 ) Offsetting of Financial Assets and Derivative Assets Gross Amounts of Gross Amounts Offset in the Net Amounts of Assets Presented in the Gross Amounts Not Offset in the Statements of Condition Recognized Statements of Statements of Financial Cash (In thousands) Assets Condition Condition Instruments Collateral Received Net Amount December 31, 2016 Interest Rate Swap Agreements: Institutional counterparties $ 49 $ — $ 49 $ — $ — $ 49 Commercial counterparties 11,461 — 11,461 — — 11,461 Total $ 11,510 $ — $ 11,510 $ — $ — $ 11,510 Offsetting of Financial Liabilities and Derivative Liabilities Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented in the Gross Amounts Not Offset in the Statements of Condition Recognized Statements of Statements of Financial Cash (In thousands) Liabilities Condition Condition Instruments Collateral Pledged Net Amount December 31, 2016 Interest Rate Swap Agreements: Institutional counterparties $ (20,077 ) $ 4,689 $ (15,388 ) $ 14,738 $ 650 $ — Commercial counterparties (4,407 ) 23 (4,384 ) — — (4,384 ) Total $ (24,484 ) $ 4,712 $ (19,772 ) $ 14,738 $ 650 $ (4,384 ) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 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 June 30, 2017 and December 31, 2016 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. June 30, 2017 Level 1 Level 2 Level 3 Total (In thousands) Inputs Inputs Inputs Fair Value Trading security $ — $ — $ 12,837 $ 12,837 Available-for-sale securities: Municipal bonds and obligations — 124,650 — 124,650 Agency collateralized mortgage obligations — 782,894 — 782,894 Agency residential mortgage-backed securities — 226,197 — 226,197 Agency commercial mortgage-backed securities — 63,313 — 63,313 Corporate bonds — 66,848 — 66,848 Trust preferred securities — 11,838 — 11,838 Other bonds and obligations — 10,613 — 10,613 Marketable equity securities 43,306 334 — 43,640 Loans held for sale — 146,482 — 146,482 Derivative assets 964 16,017 7,386 24,367 Other assets — — 1,568 1,568 Derivative liabilities — 17,853 — 17,853 December 31, 2016 Level 1 Level 2 Level 3 Total (In thousands) Inputs Inputs Inputs Fair Value Trading security $ — $ — $ 13,229 $ 13,229 Available-for-sale securities: Municipal bonds and obligations — 119,816 — 119,816 Agency collateralized mortgage obligations — 651,911 — 651,911 Agency residential mortgage-backed securities — 228,684 — 228,684 Agency commercial mortgage-backed securities — 64,534 — 64,534 Corporate bonds — 56,006 — 56,006 Trust preferred securities — 11,887 — 11,887 Other bonds and obligations — 11,158 — 11,158 Marketable equity securities 62,284 3,257 — 65,541 Loans held for sale — 120,673 — 120,673 Derivative assets 622 16,157 4,838 21,617 Other assets — — 798 798 Derivative liabilities — 24,420 — 24,420 There were no transfers between levels during the three months ended June 30, 2017 . During the six months ended June 30, 2016, the Company had one transfer of $708 thousand in marketable equity securities from Level 3 to Level 2 based on a change in valuation technique driven by the availability of market data. 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. Loans Held for Sale. The Company elected the fair value option for all loans held for sale (HFS) originated for sale 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. Aggregate Fair Value June 30, 2017 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans Held for Sale $ 146,482 $ 141,672 $ 4,810 Aggregate Fair Value December 31, 2016 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans Held for Sale $ 120,673 $ 118,178 $ 2,495 The changes in fair value of loans held for sale for the three and six months ended June 30, 2017 , were gains of $1.7 million and $2.3 million , respectively. The changes in fair value for the three and six months ended June 30, 2016, were gains of $369 thousand and $584 thousand , respectively.The changes in fair value are included in mortgage banking originations in the Consolidated Statements of Income. Interest Rate Swaps. 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 June 30, 2017 , the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Commitments to Lend. The Company enters into commitments to lend for residential mortgage loans intended for sale, 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, these commitments 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 commitments to lend and loans originated 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 commitments to lend 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. Capitalized Servicing Rights. The Company accounts for certain capitalized servicing rights at fair value in its Consolidated Financial Statements, as the Company is permitted to elect the fair value option for each specific instrument. 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. 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. 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 and six months ended June 30, 2017 and 2016 . Assets (Liabilities) Securities Capitalized Trading Available Commitments Forward Servicing (In thousands) Security for Sale to Lend Commitments Rights Three Months Ended June 30, 2017 March 31, 2017 $ 12,966 $ — $ 8,061 $ (22 ) $ 976 Unrealized (loss) gain, net recognized in other non-interest income 27 — 16,515 34 (68 ) Paydown of trading security (156 ) — — — — Transfers to held for sale loans — — (17,202 ) — — Additions to servicing rights — — — — 660 June 30, 2017 $ 12,837 $ — $ 7,374 $ 12 $ 1,568 Six Months Ended June 30, 2017 December 31, 2016 $ 13,229 $ — $ 4,738 $ 100 $ 798 Unrealized gain, net recognized in other non-interest income (79 ) — 33,817 (88 ) (70 ) Paydown of trading security (313 ) — — — — Transfers to held for sale loans — — (31,181 ) — — Additions to servicing rights — — — — 840 June 30, 2017 $ 12,837 $ — $ 7,374 $ 12 $ 1,568 Unrealized gains (losses) relating to instruments still held at June 30, 2017. $ 1,736 $ — $ 7,374 $ 12 $ — Assets (Liabilities) Securities Capitalized Trading Available Commitments Forward Servicing (In thousands) Security for Sale to Lend Commitments Rights Three Months Ended June 30, 2016 March 31, 2016 $ 14,474 $ — $ 802 $ (143 ) $ — Unrealized (loss) gain, net recognized in other non-interest income 153 — 1,711 — — Unrealized gain included in accumulated other comprehensive loss — — — (46 ) — Paydown of trading security (148 ) — — — — Transfers to held for sale loans — — (1,254 ) — — June 30, 2016 $ 14,479 $ — $ 1,259 $ (189 ) $ — Six Months Ended June 30, 2016 December 31, 2015 $ 14,189 $ 708 $ 323 $ 9 $ — Unrealized gain, net recognized in other non-interest income 585 — 2,917 — — Paydown of trading security (295 ) — — — — Transfers to Level 2 — (708 ) — (198 ) — Transfers to held for sale loans — — (1,981 ) — — June 30, 2016 $ 14,479 $ — $ 1,259 $ (189 ) $ — Unrealized gains (losses) relating to instruments still held at June 30, 2016 $ 2,790 $ — $ 1,259 $ (189 ) $ — Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities is as follows: Fair Value Significant Unobservable Input (In thousands) June 30, 2017 Valuation Techniques Unobservable Inputs Value Assets (Liabilities) Trading Security $ 12,837 Discounted Cash Flow Discount Rate 2.57 % Commitments to Lend 7,374 Historical Trend Closing Ratio 79.08 % Pricing Model Origination Costs, per loan $ 3,692 Forward Commitments 12 Historical Trend Closing Ratio 79.08 % Pricing Model Origination Costs, per loan $ 3,692 Capitalized Servicing Rights 1,568 Discounted Cash Flow Constant Prepayment rate (CPR) 10.90 % Discount Rate 11.00 % Total $ 21,791 Fair Value Significant Unobservable Input (In thousands) December 31, 2016 Valuation Techniques Unobservable Inputs Value Assets (Liabilities) Trading Security $ 13,229 Discounted Cash Flow Discount Rate 2.62 % Commitments to Lend 4,738 Historical Trend Closing Ratio 80.36 % Pricing Model Origination Costs, per loan $ 3,692 Forward Commitments 100 Historical Trend Closing Ratio 80.36 % Pricing Model Origination Costs, per loan $ 3,692 Capitalized Servicing Rights 798 Discounted Cash Flow Constant Prepayment rate (CPR) 10.40 % Discount Rate 11.00 % Total $ 18,865 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. June 30, 2017 December 31, 2016 Fair Value Measurement Date as of June 30, 2017 Level 3 Level 3 Level 3 (In thousands) Inputs Inputs Inputs Assets Impaired loans $ 27,286 $ 17,761 June 2017 Capitalized servicing rights 11,731 10,726 May/June 2017 Other real estate owned 279 151 April 2016 - Oct. 2016 Total $ 39,296 $ 28,638 Quantitative information about the significant unobservable inputs within Level 3 non-recurring assets is as follows: Fair Value (In thousands) June 30, 2017 Valuation Techniques Unobservable Inputs Range (Weighted Average) (a) Assets Impaired loans $ 27,286 Appraised value of collateral Discounted cash flow - loss severity 0.16% to 21.99% (3.30%) Appraised value $21 to $6,040 ($2,133) Capitalized servicing rights 11,731 Discounted cash flow Constant prepayment rate (CPR) 6.59% to 13.48% (9.87%) Discount rate 10.00% to 12.50% (10.76%) Other real estate owned 279 Appraised value of collateral Appraised value $94 to $215 ($193) Total $ 39,296 (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, 2016 Valuation Techniques Unobservable Inputs Range (Weighted Average) (a) Assets Impaired loans $ 17,761 Appraised value of collateral Discounted cash flow - loss severity 0.00% to 88.70% (9.73%) Appraised value $0 to $2,192 ($1,026) Capitalized servicing rights 10,726 Discounted cash flow Constant prepayment rate (CPR) 7.35% to 14.28% (10.44%) Discount rate 10.00% to 14.00 (11.77%) Other real estate owned 151 Appraised value of collateral Appraised value $101 to $129 ($122) Total $ 28,638 (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 June 30, 2017 and December 31, 2016 . 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 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 comparable sales and appraisals. Summary of Estimated Fair Values of Financial Instruments The following tables summarize the estimated fair values, and related carrying amounts, of the Company’s financial instruments. Certain financial instruments and all non-financial instruments are excluded. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. June 30, 2017 Carrying Fair (In thousands) Amount Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 101,833 $ 101,833 $ 101,833 $ — $ — Trading security 12,837 12,837 — — 12,837 Securities available for sale 1,329,993 1,329,993 43,306 1,286,687 — Securities held to maturity 350,992 358,398 — 323,662 34,736 FHLB bank stock and restricted securities 78,874 78,874 — 78,874 — Net loans 6,817,123 6,850,718 — 6,850,718 — Loans held for sale 146,482 146,482 — 146,482 — Accrued interest receivable 27,005 27,005 — 27,005 — Cash surrender value of bank-owned life insurance policies 46,343 46,343 — 46,343 — Derivative assets 24,367 24,367 964 16,017 7,386 Assets held for sale 322 322 — 322 — Financial Liabilities Total deposits $ 6,714,854 $ 6,710,596 $ — $ 6,710,596 $ — Short-term debt 1,081,600 1,081,453 — 1,081,453 — Long-term Federal Home Loan Bank advances 301,374 301,075 — 301,075 — Subordinated borrowings 89,250 98,011 — 98,011 — Derivative liabilities 17,853 17,853 — 17,853 — December 31, 2016 Carrying Fair (In thousands) Amount Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 113,075 $ 113,075 $ 113,075 $ — $ — Trading security 13,229 13,229 — — 13,229 Securities available for sale 1,209,537 1,209,537 62,284 1,147,253 — Securities held to maturity 334,368 337,680 — 300,806 36,874 FHLB bank stock and restricted securities 71,112 71,112 — 71,112 — Net loans 6,505,789 6,532,745 — — 6,532,745 Loans held for sale 120,673 120,673 — 120,673 — Accrued interest receivable 26,113 26,113 — 26,113 — Cash surrender value of bank-owned life insurance policies 139,257 139,257 — 139,257 — Derivative assets 21,617 21,617 622 16,157 4,838 Assets held for sale 322 322 — 322 — Financial Liabilities Total deposits $ 6,622,092 $ 6,624,108 $ — $ 6,624,108 $ — Short-term debt 1,082,044 1,081,996 — 1,081,996 — Long-term Federal Home Loan Bank advances 142,792 143,151 — 143,151 — Subordinated borrowings 89,161 96,973 — 96,973 — Derivative liabilities 24,420 24,420 — 24,420 — 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. FHLB bank stock and restricted 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 cash flows 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 PROVI
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift, Interest [Abstract] | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES Presented below is net interest income after provision for loan losses for the three and six months ended June 30, 2017 and 2016, respectively. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Net interest income $ 69,545 $ 57,441 $ 136,431 $ 115,138 Provision for loan losses 4,889 4,522 9,984 8,528 Net interest income after provision for loan losses $ 64,656 $ 52,919 $ 126,447 $ 106,610 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On May 22, 2017, the Company entered into an agreement and plan of merger with Commerce Bancshares Corp. ("Commerce"), the parent company of Commerce Bank & Trust Company ("Commerce Bank"), pursuant to which Commerce will merge with and into the Company in a transaction to be accounted for as a business combination. It is expected that Commerce Bank will also merge with and into Berkshire Bank. Headquartered in Worcester, Mass., Commerce Bank had $1.9 billion in assets as of June 30, 2017 (unaudited) and operates 16 branch banking offices providing a range of services in Central Massachusetts and greater Boston. As established by the merger agreement, if the merger is completed, each of the 6.238 million outstanding shares of Commerce common stock will be converted into the right to receive 0.93 shares of the Company's common stock, or under limited conditions established by the agreement, 0.465 shares of new Series B preferred stock (non-voting) issued by the Company. The preferred stock is convertible into two shares of the Company's common stock under specified conditions. The transaction is subject to closing conditions, including the receipt of regulatory approvals and approval by the shareholders of Commerce. It is currently expected that the merger may be completed as early as mid-October 2017. However, because completion of the merger is subject to various conditions, the actual timing is uncertain. If the merger is not consummated under specified circumstances, Commerce has agreed to pay the Company a termination fee of $8.6 million . This agreement and plan of merger had no significant effect on the Company’s financial statements for the periods presented. Expenses related to the proposed merger are included in the financial statement line item Acquisition, Restructuring, and Other Expenses of the Consolidated Statements of Income for the three and six months ended June 30, 2017. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The consolidated financial statements (the “financial statements”) of Berkshire Hills Bancorp, Inc. and its subsidiaries (the “Company” or “Berkshire”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company is a Delaware corporation and the holding company for Berkshire Bank (the “Bank”), a Massachusetts-chartered trust company headquartered in Pittsfield, Massachusetts, and Berkshire Insurance Group, Inc. These financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Bank’s consolidated subsidiaries. In consolidation, all significant intercompany accounts and transactions are eliminated. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise. |
Reclassifications | Reclassifications Certain items in prior financial statements have been reclassified to conform to the current presentation. |
Recently Adopted Accounting Principles and Future Application of Accounting Pronouncements | Recently Adopted Accounting Principles Effective January 1, 2017, the following new accounting guidance was adopted by the Company: • ASU No. 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships; • ASU No. 2016-06, Contingent Put and Call Options in Debt Instruments; • ASU No. 2016-07, Simplifying the Transition to the Equity Method of Accounting • ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments; and • ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities The adoption of these accounting standards did not have a material impact on the Company's financial statements. Future Application of Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” This ASU provides a revenue recognition framework for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other accounting standards. ASU 2014-09 is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period with early adoption not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. In August 2015, ASU No. 2015-14, “Deferral of the Effective Date” was issued and delayed the effective date of ASU 2014-09 to annual and interim periods in fiscal years beginning after December 15, 2017. While the assessment of the provisions of ASU No. 2014-09 is not complete, the timing of the Company’s revenue recognition is not expected to materially change. This ASU impacts the Company’s wealth management services, administrative services for customer deposit accounts, interchange fees, and sale of owned real estate properties. The extent of this ASU on these revenue lines is being evaluated by the Company. The Company intends to adopt the ASU for the first quarter of 2018. Adoption is not anticipated to have a material impact on the Company’s financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” This ASU requires an entity to: i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in other comprehensive income the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of available-for-sale debt securities in combination with other deferred tax assets. The guidance provides an election to subsequently measure certain non-marketable equity investments at cost less any impairment and adjusted for certain observable price changes. The guidance also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. The guidance is effective for annual periods beginning after December 15, 2017. Early adoption is only permitted for the provision related to instrument specific credit risk. While the Company has performed a preliminary evaluation of the provisions of ASU No. 2016-01, the effect of the adoption will depend on the Company’s portfolio at the time of transition. The Company will continue to closely monitor developments and additional guidance. In February 2016, the FASB issued ASU No. 2016-02, “Leases”. The new pronouncement improves the transparency and comparability of financial reporting around leasing transactions and more closely aligns accounting for leases with the recently issued International Financial Reporting Standard. The pronouncement affects all entities that are participants to leasing agreements. From a lessee accounting perspective, the ASU requires a lessee to recognize assets and liabilities on the balance sheet for operating leases and changes many key definitions, including the definition of a lease. The ASU includes a short-term lease exception for leases with a term of twelve months or less, in which a lessee can make an accounting policy election not to recognize lease assets and lease liabilities. Lessees will continue to differentiate between finance leases (previously referred to as capital leases) and operating leases, using classification criteria that are substantially similar to the previous guidance. For lessees, the recognition, measurement, and presentation of expenses and cash flows arising from a lease have not significantly changed from previous GAAP. From a lessor accounting perspective, the guidance is largely unchanged, except for targeted improvements to align with new terminology under lessee accounting and with the updated revenue recognition guidance in Topic 606. For sale-leaseback transactions, for a sale to occur the transfer must meet the sale criteria under the new revenue standard, ASC 606. Entities will not be required to reassess transactions previously accounted under then existing guidance. Additionally, the ASU includes additional quantitative and qualitative disclosures required by lessees and lessors to help users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU No. 2016-02 is effective for fiscal years beginning after December 31, 2018, and interim periods within those fiscal years. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply as well as transition guidance specific to nonstandard leasing transactions. The Company is currently evaluating the provisions of ASU No. 2016-02 to determine the potential impact the new standard will have on the Company's consolidated financial statements. It is expected that assets and liabilities will increase based on the present value of remaining lease payments for leases in place at the adoption date; however, this is not expected to be material to the Company's results of operations or financial position. The Company continues to evaluate the extent of potential impact the new guidance will have on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU improves financial reporting by requiring timelier recording of credit losses on loans and other financial instruments. The ASU requires companies to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Forward-looking information will now be used in credit loss estimates. The ASU requires enhanced disclosures to provide better understanding surrounding significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of a company’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. Additionally, the ASU amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. Most debt instruments will require a cumulative-effect adjustment to retained earnings on the statement of financial position as of the beginning of the first reporting period in which the guidance is adopted (modified retrospective approach). However, there is instrument-specific transition guidance. ASU No. 2016-13 is effective for interim and annual periods beginning after December 15, 2019. Early application will be permitted for interim and annual periods beginning after December 15, 2018. The Company is evaluating the provisions of ASU No. 2016-13, and will closely monitor developments and additional guidance to determine the potential impact on the Company's consolidated financial statements. The Company expects the primary changes to be the application of the expected credit loss model to the financial statements. In addition, the Company expects the guidance to change the presentation of credit losses within the available-for-sale fixed maturities portfolio through an allowance method rather than as a direct write-down. The expected credit loss model will require a financial asset to be presented at the net amount expected to be collected. The allowance method for available-for-sale debt securities will allow the Company to record reversals of credit losses if the estimate of credit losses declines. The Company is in the process of identifying and implementing required changes to loan loss estimation models and processes and evaluating the impact of this new accounting guidance, which at the date of adoption is expected to increase the allowance for credit losses with a resulting negative adjustment to retained earnings. |
SECURITIES AVAILABLE FOR SALE24
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of securities available for sale ("AFS") and held to maturity | The following is a summary of securities available for sale and held to maturity: (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2017 Securities available for sale Debt securities: Municipal bonds and obligations $ 120,379 $ 4,933 $ (662 ) $ 124,650 Agency collateralized mortgage obligations 782,263 3,251 (2,620 ) 782,894 Agency mortgage-backed securities 227,295 746 (1,844 ) 226,197 Agency commercial mortgage-backed securities 64,515 154 (1,356 ) 63,313 Corporate bonds 66,326 834 (312 ) 66,848 Trust preferred securities 11,360 478 — 11,838 Other bonds and obligations 10,424 198 (9 ) 10,613 Total debt securities 1,282,562 10,594 (6,803 ) 1,286,353 Marketable equity securities 36,085 7,977 (422 ) 43,640 Total securities available for sale 1,318,647 18,571 (7,225 ) 1,329,993 Securities held to maturity Municipal bonds and obligations 223,689 5,940 (1,148 ) 228,481 Agency collateralized mortgage obligations 74,775 1,837 (366 ) 76,246 Agency mortgage-backed securities 8,464 — (187 ) 8,277 Agency commercial mortgage-backed securities 10,513 — (177 ) 10,336 Tax advantaged economic development bonds 33,229 1,507 — 34,736 Other bonds and obligations 322 — — 322 Total securities held to maturity 350,992 9,284 (1,878 ) 358,398 Total $ 1,669,639 $ 27,855 $ (9,103 ) $ 1,688,391 December 31, 2016 Securities available for sale Debt securities: Municipal bonds and obligations $ 117,910 $ 2,955 $ (1,049 ) $ 119,816 Agency collateralized mortgage obligations 652,680 2,522 (3,291 ) 651,911 Agency mortgage-backed securities 230,308 557 (2,181 ) 228,684 Agency commercial mortgage-backed securities 65,673 229 (1,368 ) 64,534 Corporate bonds 56,320 408 (722 ) 56,006 Trust preferred securities 11,578 368 (59 ) 11,887 Other bonds and obligations 10,979 195 (16 ) 11,158 Total debt securities 1,145,448 7,234 (8,686 ) 1,143,996 Marketable equity securities 47,858 19,296 (1,613 ) 65,541 Total securities available for sale 1,193,306 26,530 (10,299 ) 1,209,537 Securities held to maturity Municipal bonds and obligations 203,463 3,939 (2,416 ) 204,986 Agency collateralized mortgage obligations 75,655 1,281 (411 ) 76,525 Agency mortgage-backed securities 9,102 — (243 ) 8,859 Agency commercial mortgage-backed securities 10,545 — (434 ) 10,111 Tax advantaged economic development bonds 35,278 1,596 — 36,874 Other bonds and obligations 325 — — 325 Total securities held to maturity 334,368 6,816 (3,504 ) 337,680 Total $ 1,527,674 $ 33,346 $ (13,803 ) $ 1,547,217 |
Schedule of amortized cost and estimated fair value of available for sale (AFS) and held to maturity (HTM) securities, segregated by contractual maturity | The amortized cost and estimated fair value of available for sale (“AFS”) and held to maturity (“HTM”) securities, segregated by contractual maturity at June 30, 2017 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 $ 528 $ 531 $ 1,184 $ 1,185 Over 1 year to 5 years 31,474 32,042 18,992 19,719 Over 5 years to 10 years 54,724 56,120 15,795 16,269 Over 10 years 121,763 125,256 221,269 226,366 Total bonds and obligations 208,489 213,949 257,240 263,539 Marketable equity securities 36,085 43,640 — — Mortgage-backed securities 1,074,073 1,072,404 93,752 94,859 Total $ 1,318,647 $ 1,329,993 $ 350,992 $ 358,398 |
Schedule of securities with unrealized losses, segregated by the duration of their continuous unrealized loss positions | 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 June 30, 2017 Securities available for sale Debt securities: Municipal bonds and obligations $ 662 $ 14,622 $ — $ — $ 662 $ 14,622 Agency collateralized mortgage obligations 2,286 371,163 334 16,034 2,620 387,197 Agency mortgage-backed securities 1,820 130,879 24 1,430 1,844 132,309 Agency commercial mortgage-backed securities 1,356 50,075 — — 1,356 50,075 Corporate bonds — — 312 16,139 312 16,139 Other bonds and obligations 9 3,123 — — 9 3,123 Total debt securities 6,133 569,862 670 33,603 6,803 603,465 Marketable equity securities 422 5,238 — — 422 5,238 Total securities available for sale 6,555 575,100 670 33,603 7,225 608,703 Securities held to maturity Municipal bonds and obligations 1,148 47,481 — — 1,148 47,481 Agency collateralized mortgage obligations 366 13,993 — — 366 13,993 Agency mortgage-backed securities 187 8,277 — — 187 8,277 Agency commercial mortgage-backed securities 177 10,336 — — 177 10,336 Total securities held to maturity 1,878 80,087 — — 1,878 80,087 Total $ 8,433 $ 655,187 $ 670 $ 33,603 $ 9,103 $ 688,790 December 31, 2016 Securities available for sale Debt securities: Municipal bonds and obligations $ 1,049 $ 13,839 $ — $ — $ 1,049 $ 13,839 Agency collateralized mortgage obligations 3,291 319,448 — — 3,291 319,448 Agency mortgage-backed securities 2,153 130,766 28 2,061 2,181 132,827 Agency commercial mortgage-backed securities 1,368 44,860 — — 1,368 44,860 Corporate bonds 11 4,780 711 19,655 722 24,435 Trust preferred securities — — 59 1,204 59 1,204 Other bonds and obligations 15 3,014 1 27 16 3,041 Total debt securities 7,887 516,707 799 22,947 8,686 539,654 Marketable equity securities 157 6,600 1,456 5,927 1,613 12,527 Total securities available for sale 8,044 523,307 2,255 28,874 10,299 552,181 Securities held to maturity Municipal bonds and obligations 2,416 69,308 — — 2,416 69,308 Agency collateralized mortgage obligations 411 14,724 — — 411 14,724 Agency mortgage-backed securities 243 8,859 — — 243 8,859 Agency commercial mortgage-backed securities 434 10,111 — — 434 10,111 Total securities held to maturity 3,504 103,002 — — 3,504 103,002 Total $ 11,548 $ 626,309 $ 2,255 $ 28,874 $ 13,803 $ 655,183 |
LOANS (Tables)
LOANS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Loans | The following is a summary of total loans: June 30, 2017 December 31, 2016 (In thousands) Business Acquired Total Business Acquired Total Commercial real estate: Construction $ 266,859 $ 24,568 $ 291,427 $ 253,302 $ 34,207 $ 287,509 Single and multi-family 356,771 97,950 454,721 191,819 125,672 317,491 Other commercial real estate 1,436,091 507,283 1,943,374 1,481,223 530,215 2,011,438 Total commercial real estate 2,059,721 629,801 2,689,522 1,926,344 690,094 2,616,438 Commercial and industrial loans: Asset based lending 336,698 10,361 347,059 321,270 — 321,270 Other commercial and industrial loans 773,839 107,038 880,877 586,832 153,936 740,768 Total commercial and industrial loans 1,110,537 117,399 1,227,936 908,102 153,936 1,062,038 Total commercial loans 3,170,258 747,200 3,917,458 2,834,446 844,030 3,678,476 Residential mortgages: 1-4 family 1,651,980 271,857 1,923,837 1,583,794 297,355 1,881,149 Construction 9,977 254 10,231 11,178 804 11,982 Total residential mortgages 1,661,957 272,111 1,934,068 1,594,972 298,159 1,893,131 Consumer loans: Home equity 287,732 100,490 388,222 313,521 80,279 393,800 Auto and other 561,916 62,818 624,734 478,368 106,012 584,380 Total consumer loans 849,648 163,308 1,012,956 791,889 186,291 978,180 Total loans $ 5,681,863 $ 1,182,619 $ 6,864,482 $ 5,221,307 $ 1,328,480 $ 6,549,787 |
Schedule of Activity in the Accretable Yield for the Acquired Loan Portfolio that Falls Under the Review of ASC 310-30, Accounting for Certain Loans or Debt Securities Acquired in a Transfer | The following table summarizes activity in the accretable yield for the acquired loan portfolio that falls under the purview of ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality : Three Months Ended June 30, (In thousands) 2017 2016 Balance at beginning of period $ 7,363 $ 6,464 Acquisitions — 708 Reclassification from nonaccretable difference for loans with improved cash flows (85 ) 522 Change in cash flows that do not affect nonaccretable difference (506 ) — Reclassification to TDR — — Accretion (1,005 ) (1,481 ) Balance at end of period $ 5,767 $ 6,213 Six Months Ended June 30, (In thousands) 2017 2016 Balance at beginning of period $ 8,738 $ 6,925 Acquisitions — 708 Reclassification from nonaccretable difference for loans with improved cash flows 333 1,418 Change in cash flows that do not affect nonaccretable difference (1,253 ) — Reclassification to TDR — (185 ) Accretion (2,051 ) (2,653 ) Balance at end of period $ 5,767 $ 6,213 |
Summary of Past Due Loans | The following is a summary of past due loans at June 30, 2017 and December 31, 2016: Business Activities Loans (In thousands) 30-59 Days 60-89 Days 90 Total Past Current Total Loans Past Due > June 30, 2017 Commercial real estate: Construction $ — $ — $ — $ — $ 266,859 $ 266,859 $ — Single and multi-family 106 — 471 577 356,194 356,771 67 Other commercial real estate 1,932 — 6,443 8,375 1,427,716 1,436,091 168 Total 2,038 — 6,914 8,952 2,050,769 2,059,721 235 Commercial and industrial loans: Asset based lending — — — — 336,698 336,698 — Other commercial and industrial loans 1,470 1,089 7,179 9,738 764,101 773,839 135 Total 1,470 1,089 7,179 9,738 1,100,799 1,110,537 135 Residential mortgages: 1-4 family 1,147 291 2,327 3,765 1,648,215 1,651,980 320 Construction — — — — 9,977 9,977 — Total 1,147 291 2,327 3,765 1,658,192 1,661,957 320 Consumer loans: Home equity 212 86 2,314 2,612 285,120 287,732 184 Auto and other 2,192 329 1,180 3,701 558,215 561,916 6 Total 2,404 415 3,494 6,313 843,335 849,648 190 Total $ 7,059 $ 1,795 $ 19,914 $ 28,768 $ 5,653,095 $ 5,681,863 $ 880 Business Activities Loans (In thousands) 30-59 Days 60-89 Days 90 Total Past Current Total Loans Past Due > December 31, 2016 Commercial real estate: Construction $ — $ — $ — $ — $ 253,302 $ 253,302 $ — Single and multi-family 618 110 624 1,352 190,467 191,819 155 Other commercial real estate 481 2,243 4,212 6,936 1,474,287 1,481,223 — Total 1,099 2,353 4,836 8,288 1,918,056 1,926,344 155 Commercial and industrial loans: Asset based lending — — — — 321,270 321,270 — Other commercial and industrial loans 3,090 1,301 6,290 10,681 576,151 586,832 5 Total 3,090 1,301 6,290 10,681 897,421 908,102 5 Residential mortgages: 1-4 family 1,393 701 4,179 6,273 1,577,521 1,583,794 1,956 Construction 10 — — 10 11,168 11,178 — Total 1,403 701 4,179 6,283 1,588,689 1,594,972 1,956 Consumer loans: Home equity 99 — 2,981 3,080 310,441 313,521 306 Auto and other 2,483 494 968 3,945 474,423 478,368 16 Total 2,582 494 3,949 7,025 784,864 791,889 322 Total $ 8,174 $ 4,849 $ 19,254 $ 32,277 $ 5,189,030 $ 5,221,307 $ 2,438 Acquired Loans (In thousands) 30-59 Days 60-89 Days 90 Total Past Acquired Total Loans Past Due > June 30, 2017 Commercial real estate: Construction $ — $ — $ — $ — $ — $ 24,568 $ — Single and multi-family 577 — 408 985 3,381 97,950 — Other commercial real estate 682 982 500 2,164 26,454 507,283 — Total 1,259 982 908 3,149 29,835 629,801 — Commercial and industrial loans: Asset based lending — — — — — 10,361 — Other commercial and industrial loans 57 76 1,343 1,476 1,850 107,038 — Total 57 76 1,343 1,476 1,850 117,399 — Residential mortgages: 1-4 family 183 14 1,264 1,461 7,213 271,857 26 Construction — — — — — 254 — Total 183 14 1,264 1,461 7,213 272,111 26 Consumer loans: Home equity 50 — 1,220 1,270 935 100,490 4 Auto and other 612 355 457 1,424 369 62,818 — Total 662 355 1,677 2,694 1,304 163,308 4 Total $ 2,161 $ 1,427 $ 5,192 $ 8,780 $ 40,202 $ 1,182,619 $ 30 Acquired Loans (In thousands) 30-59 Days 60-89 Days 90 Total Past Acquired Total Loans Past Due > December 31, 2016 Commercial real estate: — Construction $ — $ — $ — $ — $ 47 $ 34,207 $ — Single and multi-family 2 — 437 439 4,726 125,672 — Other commercial real estate 1,555 — 765 2,320 30,047 530,215 — Total 1,557 — 1,202 2,759 34,820 690,094 — Commercial and industrial loans: Asset based lending — — — — — — — Other commercial and industrial loans 1,850 15 1,262 3,127 3,369 153,936 24 Total 1,850 15 1,262 3,127 3,369 153,936 24 Residential mortgages: 1-4 family 321 343 2,015 2,679 7,283 297,355 443 Construction — — — — — 804 — Total 321 343 2,015 2,679 7,283 298,159 443 Consumer loans: Home equity 753 — 870 1,623 957 80,279 353 Auto and other 542 314 1,686 2,542 387 106,012 791 Total 1,295 314 2,556 4,165 1,344 186,291 1,144 Total $ 5,023 $ 672 $ 7,035 $ 12,730 $ 46,816 $ 1,328,480 $ 1,611 |
Summary of Information Pertaining to Non-Accrual Loans | The following is summary information pertaining to non-accrual loans at June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 (In thousands) Business Acquired Total Business Acquired Total Commercial real estate: Construction $ — $ — $ — $ — $ — $ — Single and multi-family 404 408 812 469 437 906 Other commercial real estate 6,275 500 6,775 4,212 765 4,977 Total 6,679 908 7,587 4,681 1,202 5,883 Commercial and industrial loans: Other commercial and industrial loans 7,044 1,260 8,304 6,285 1,155 7,440 Total 7,044 1,260 8,304 6,285 1,155 7,440 Residential mortgages: 1-4 family 2,007 1,225 3,232 2,223 1,572 3,795 Construction — — — — — — Total 2,007 1,225 3,232 2,223 1,572 3,795 Consumer loans: Home equity 2,130 1,216 3,346 2,675 517 3,192 Auto and other 1,174 457 1,631 952 895 1,847 Total 3,304 1,673 4,977 3,627 1,412 5,039 Total non-accrual loans $ 19,034 $ 5,066 $ 24,100 $ 16,816 $ 5,341 $ 22,157 _______________________________________ (1) At quarter end June 30, 2017 , acquired credit impaired loans accounted for $96 thousand of loans greater than 90 days past due that are not presented in the above table. (2) At December 31, 2016, acquired credit impaired loans accounted for $83 thousand of loans greater than 90 days past due that are not presented in the above table. |
Schedule of Loans Evaluated for Impairment | Loans evaluated for impairment as of June 30, 2017 and December 31, 2016 were as follows: Business Activities Loans (In thousands) Commercial Commercial and Residential Consumer Total June 30, 2017 Loans receivable: Balance at end of period Individually evaluated for impairment $ 36,769 $ 7,944 $ 2,225 $ 2,369 $ 49,307 Collectively evaluated for impairment 2,022,952 1,102,593 1,659,732 847,279 5,632,556 Total $ 2,059,721 $ 1,110,537 $ 1,661,957 $ 849,648 $ 5,681,863 Business Activities Loans (In thousands) Commercial Commercial and Residential Consumer Total December 31, 2016 Loans receivable: Balance at end of year Individually evaluated for impairment $ 25,549 $ 5,705 $ 2,775 $ 2,703 $ 36,732 Collectively evaluated for impairment 1,900,795 902,397 1,592,197 789,186 5,184,575 Total $ 1,926,344 $ 908,102 $ 1,594,972 $ 791,889 $ 5,221,307 Acquired Loans (In thousands) Commercial Commercial and Residential Consumer Total June 30, 2017 Loans receivable: Balance at end of Period Individually evaluated for impairment $ 2,909 $ 611 $ 484 $ 981 $ 4,985 Purchased credit-impaired loans 29,835 1,850 7,213 1,304 40,202 Collectively evaluated for impairment 597,057 114,938 264,414 161,023 1,137,432 Total $ 629,801 $ 117,399 $ 272,111 $ 163,308 $ 1,182,619 Acquired Loans (In thousands) Commercial Commercial and Residential Consumer Total December 31, 2016 Loans receivable: Balance at end of year Individually evaluated for impairment $ 4,256 $ 635 $ 308 $ 406 $ 5,605 Purchased credit-impaired loans 34,820 3,369 7,283 1,344 46,816 Collectively evaluated for impairment 651,018 149,932 290,568 184,541 1,276,059 Total $ 690,094 $ 153,936 $ 298,159 $ 186,291 $ 1,328,480 |
Summary of Impaired Loans | The following is a summary of impaired loans at June 30, 2017 and December 31, 2016: Business Activities Loans June 30, 2017 (In thousands) Recorded Investment Unpaid Principal Related Allowance With no related allowance: Commercial real estate - construction $ — $ — $ — Commercial real estate - single and multifamily — — — Other commercial real estate loans 21,630 21,630 — Other commercial and industrial loans 1,174 1,174 — Residential mortgages - 1-4 family 1,591 1,591 — Consumer - home equity — — — Consumer - other — — — With an allowance recorded: Commercial real estate - construction $ — $ — $ — Commercial real estate - single and multifamily 165 166 1 Other commercial real estate loans 14,847 14,973 126 Other commercial and industrial loans 6,642 6,770 128 Residential mortgages - 1-4 family 555 634 79 Consumer - home equity 2,011 2,369 358 Consumer - other — — — Total Commercial real estate $ 36,642 $ 36,769 $ 127 Commercial and industrial loans 7,816 7,944 128 Residential mortgages 2,146 2,225 79 Consumer 2,011 2,369 358 Total impaired loans $ 48,615 $ 49,307 $ 692 Business Activities Loans December 31, 2016 (In thousands) Recorded Investment Unpaid Principal Related Allowance With no related allowance: Commercial real estate - construction $ — $ — $ — Commercial real estate - single and multifamily — — — Other commercial real estate loans 18,905 18,905 — Other commercial and industrial loans 382 382 — Residential mortgages - 1-4 family 2,101 2,101 — Consumer - home equity 1,605 1,605 — Consumer - other — — — With an allowance recorded: Commercial real estate - construction $ — $ — $ — Commercial real estate - single and multifamily 179 181 2 Other commercial real estate loans 6,306 6,462 156 Other commercial and industrial loans 5,060 5,324 264 Residential mortgages - 1-4 family 538 674 136 Consumer - home equity 942 1,098 156 Consumer - other — — — Total Commercial real estate $ 25,390 $ 25,548 $ 158 Commercial and industrial loans 5,442 5,706 264 Residential mortgages 2,639 2,775 136 Consumer 2,547 2,703 156 Total impaired loans $ 36,018 $ 36,732 $ 714 Acquired Loans June 30, 2017 (In thousands) Recorded Investment Unpaid Principal Related Allowance With no related allowance: Commercial real estate - single and multifamily $ 326 $ 326 $ — Other commercial real estate loans 202 202 — Other commercial and industrial loans 296 296 — Residential mortgages - 1-4 family 391 391 — Consumer - home equity 606 606 — Consumer - other — — — With an allowance recorded: Commercial real estate - single and multifamily $ 878 $ 902 $ 24 Other commercial real estate loans 1,449 1,479 30 Other commercial and industrial loans 311 315 4 Residential mortgages - 1-4 family 89 93 4 Consumer - home equity 339 375 36 Total x Commercial real estate $ 2,855 $ 2,909 $ 54 Commercial and industrial loans 607 611 4 Residential mortgages 480 484 4 Consumer 945 981 36 Total impaired loans $ 4,887 $ 4,985 $ 98 Acquired Loans December 31, 2016 (In thousands) Recorded Investment Unpaid Principal Related Allowance With no related allowance: Commercial real estate - single and multifamily $ — $ — $ — Other commercial real estate loans 547 547 — Other commercial and industrial loans — — — Residential mortgages - 1-4 family 208 208 — With an allowance recorded: Commercial real estate - single and multifamily $ 1,250 $ 1,358 $ 108 Other commercial real estate loans 2,209 2,351 142 Other commercial and industrial loans 576 635 59 Residential mortgages - 1-4 family 89 100 11 Consumer - home equity 292 406 114 Total Commercial real estate $ 4,006 $ 4,256 $ 250 Commercial and industrial loans 576 635 59 Residential mortgages 297 308 11 Consumer 292 406 114 Total impaired loans $ 5,171 $ 5,605 $ 434 |
Summary of the Average Recorded Investment and Interest Income Recognized on Impaired Loans | The following is a summary of the average recorded investment and interest income recognized on impaired loans as of June 30, 2017 and 2016: Business Activities Loans Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (In thousands) Average Recorded Cash Basis Interest Average Recorded Cash Basis Interest With no related allowance: Commercial real estate - single and multifamily $ 99 $ — $ 72 $ 1 Other commercial real estate loans 22,362 473 2,690 3 Other commercial and industrial loans 1,251 16 707 16 Residential mortgages - 1-4 family 1,870 11 1,409 3 Consumer - home equity 90 — 792 5 Consumer - other — — 1 — With an allowance recorded: Commercial real estate - single and multifamily $ 171 $ 8 $ — $ — Other commercial real estate loans 10,056 119 10,144 240 Other commercial and industrial loans 6,902 131 5,576 119 Residential mortgages - 1-4 family 636 7 1,609 36 Consumer - home equity 2,371 17 999 17 Total Commercial real estate $ 32,688 $ 600 $ 12,906 $ 244 Commercial and industrial loans 8,153 147 6,283 135 Residential mortgages 2,506 18 3,018 39 Consumer loans 2,461 17 1,897 24 Total impaired loans $ 45,808 $ 782 $ 24,104 $ 442 Acquired Loans Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 (In thousands) Average Recorded Cash Basis Interest Average Recorded Cash Basis Interest With no related allowance: Commercial real estate - construction $ — $ — $ — $ — Commercial real estate - single and multifamily 396 43 125 4 Other commercial real estate loans 269 49 596 — Other commercial and industrial loans 298 1 154 — Residential mortgages - 1-4 family 393 6 100 — Consumer - home equity 771 — — — Consumer - other — — 160 1 With an allowance recorded: Commercial real estate - construction $ — $ — $ — $ — Commercial real estate - single and multifamily 905 12 822 21 Other commercial real estate loans 1,482 19 2,598 77 Other commercial and industrial loans 328 8 233 2 Residential mortgages - 1-4 family 94 1 333 6 Consumer - home equity 390 5 326 6 Consumer - other — — — — Total Other commercial real estate loans $ 3,052 $ 123 $ 4,141 $ 102 Commercial and industrial loans 626 9 387 2 Residential mortgages 487 7 433 6 Consumer loans 1,161 5 486 7 Total impaired loans $ 5,326 $ 144 $ 5,447 $ 117 |
Schedule of Recorded Investment and Number of Modifications for TDRs Identified During the Period | The following tables include the recorded investment and number of modifications identified during the three and six months ended June 30, 2017 . 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 modifications for the three and six months ended June 30, 2017 were attributable to interest rate concessions, maturity date extensions, modified payment terms, reamortization, and accelerated maturity. The modifications for the three and six months ending June 30, 2016 were attributable to interest rate concessions, maturity date extensions, modified payment terms, reamortization, and accelerated maturity. Three Months Ended June 30, 2017 (Dollars in thousands) Number of Pre-Modification Post-Modification Troubled Debt Restructurings Commercial - Other 9 $ 10,613 $ 9,385 Commercial and industrial - Other 4 1,793 1,793 Residential - 1-4 Family — — — Consumer - Home Equity — — — Total 13 $ 12,406 $ 11,178 Six Months Ended June 30, 2017 (Dollars in thousands) Number of Pre-Modification Post-Modification Troubled Debt Restructurings Commercial - Other 15 $ 13,445 $ 11,718 Commercial and industrial - Other 5 1,817 1,817 Residential - 1-4 Family 2 205 188 Consumer - Home Equity 1 53 53 Total 23 $ 15,520 $ 13,776 Three Months Ended June 30, 2016 (Dollars in thousands) Number of Pre-Modification Post-Modification Troubled Debt Restructurings Consumer - Home Equity 1 117 117 Total 1 $ 117 $ 117 Six Months Ended June 30, 2016 (Dollars in thousands) Number of Pre-Modification Post-Modification Troubled Debt Restructurings Commercial - Other 2 $ 1,049 $ 1,049 Commercial and industrial - Other 2 151 151 Consumer - Home Equity 1 117 117 Total 5 $ 1,317 $ 1,317 The following table discloses the recorded investments and numbers of modifications for TDRs where a concession has been made, that then defaulted in the respective reporting period. For the three months ended June 30, 2017, there were no loans that were restructured that had subsequently defaulted during the period. For the six months ended June 30, 2017, there was one loan that was restructured that had subsequently defaulted during the period. Modifications that Subsequently Defaulted Three Months Ended June 30, 2017 (Dollars in thousands) Number of Contracts Recorded Investment Troubled Debt Restructurings Commercial - Other — $ — Commercial and industrial- Other — $ — Modifications that Subsequently Defaulted Six Months Ended June 30, 2017 (Dollars in thousands) Number of Contracts Recorded Investment Troubled Debt Restructurings Commercial - Other 1 $ 113 Commercial and industrial- Other 1 $ 101 |
Schedule of TDR Activity | The following table presents the Company’s TDR activity for the three and six months ended June 30, 2017 and 2016: Three Months Ended June 30, (In thousands) 2017 2016 Balance at beginning of the period $ 34,699 $ 23,654 Principal payments (266 ) (768 ) TDR status change (1) — — Other reductions/increases (2) (1,055 ) (881 ) Newly identified TDRs 11,178 117 Balance at end of the period $ 44,556 $ 22,122 Six Months Ended June 30, (In thousands) 2017 2016 Balance at beginning of the period $ 33,829 $ 22,048 Principal payments (1,154 ) (1,109 ) TDR status change (1) — 2,236 Other reductions/increases (2) (1,895 ) (2,370 ) Newly identified TDRs 13,776 1,317 Balance at end of the period $ 44,556 $ 22,122 _________________________________ (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) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Activity in the Allowance for Loan Losses | Activity in the allowance for loan losses for the three and six months ended June 30, 2017 and 2016 was as follows: At or for the three months ended June 30, 2017 Business Activities Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 16,115 $ 11,733 $ 7,776 $ 5,414 $ 425 $ 41,463 Charged-off loans 1,393 581 278 631 — 2,883 Recoveries on charged-off loans — 55 14 87 — 156 Provision/(releases) for loan losses 1,445 1,535 701 1,428 (950 ) 4,159 Balance at end of period $ 16,167 $ 12,742 $ 8,213 $ 6,298 $ (525 ) $ 42,895 Individually evaluated for impairment 127 128 79 358 — 692 Collectively evaluated for impairment 16,040 12,614 8,134 5,940 (525 ) 42,203 Total $ 16,167 $ 12,742 $ 8,213 $ 6,298 $ (525 ) $ 42,895 At or for the six months ended June 30, 2017 Business Activities Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 16,405 $ 9,371 $ 7,752 $ 5,447 $ 254 $ 39,229 Charged-off loans 1,516 1,851 513 1,317 — 5,197 Recoveries on charged-off loans 57 71 29 172 — 329 Provision/(releases) for loan losses 1,221 5,151 945 1,996 (779 ) 8,534 Balance at end of period $ 16,167 $ 12,742 $ 8,213 $ 6,298 $ (525 ) $ 42,895 Individually evaluated for impairment 127 128 79 358 — 692 Collectively evaluated for impairment 16,040 12,614 8,134 5,940 (525 ) 42,203 Total $ 16,167 $ 12,742 $ 8,213 $ 6,298 $ (525 ) $ 42,895 At or for the three months ended June 30, 2016 Business Activities Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 16,043 $ 8,629 $ 7,061 $ 4,069 $ (304 ) $ 35,498 Charged-off loans 534 1,581 540 340 — 2,995 Recoveries on charged-off loans — 3 5 55 — 63 Provision/(releases) for loan losses 1,386 1,245 1,000 985 (58 ) 4,558 Balance at end of period $ 16,895 $ 8,296 $ 7,526 $ 4,769 $ (362 ) $ 37,124 Individually evaluated for impairment 324 113 150 55 — 642 Collectively evaluated for impairment 16,571 8,183 7,376 4,714 (362 ) 36,482 Total $ 16,895 $ 8,296 $ 7,526 $ 4,769 $ (362 ) $ 37,124 At or for the six months ended June 30, 2016 Business Activities Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 14,508 $ 7,317 $ 7,566 $ 4,956 $ 227 $ 34,574 Charged-off loans 1,578 2,546 1,087 741 — 5,952 Recoveries on charged-off loans 128 77 5 122 — 332 Provision/(releases) for loan losses 3,837 3,448 1,042 432 (589 ) 8,170 Balance at end of period $ 16,895 $ 8,296 $ 7,526 $ 4,769 $ (362 ) $ 37,124 Individually evaluated for impairment 324 113 150 55 — 642 Collectively evaluated for impairment 16,571 8,183 7,376 4,714 (362 ) 36,482 Total $ 16,895 $ 8,296 $ 7,526 $ 4,769 $ (362 ) $ 37,124 At or for the three months ended June 30, 2017 Acquired Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 2,128 $ 1,054 $ 706 $ 453 $ — $ 4,341 Charged-off loans 94 43 71 340 — 548 Recoveries on charged-off loans 13 (56 ) (2 ) (14 ) — (59 ) Provision for loan losses 309 59 57 305 — 730 Balance at end of period $ 2,356 $ 1,014 $ 690 $ 404 $ — $ 4,464 Individually evaluated for impairment 54 4 4 36 — 98 Purchased credit-impaired loans — — — — — — Collectively evaluated for impairment 2,302 1,010 686 368 — 4,366 Total $ 2,356 $ 1,014 $ 690 $ 404 $ — $ 4,464 At or for the six months ended June 30, 2017 Acquired Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 2,303 $ 1,164 $ 766 $ 536 $ — $ 4,769 Charged-off loans 670 481 215 491 — 1,857 Recoveries on charged-off loans 22 1 38 41 — 102 Provision for loan losses 701 330 101 318 — 1,450 Balance at end of period $ 2,356 $ 1,014 $ 690 $ 404 $ — $ 4,464 Individually evaluated for impairment 54 4 4 36 — 98 Purchased credit-impaired loans — — — — — — Collectively evaluated for impairment 2,302 1,010 686 368 — 4,366 Total $ 2,356 $ 1,014 $ 690 $ 404 $ — $ 4,464 At or for the three months ended June 30, 2016 Acquired Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 1,963 $ 1,275 $ 894 $ 425 $ — $ 4,557 Charged-off loans — 250 54 94 — 398 Recoveries on charged-off loans 1 107 21 21 — 150 Provision for loan losses 176 (356 ) 20 124 — (36 ) Balance at end of period $ 2,140 $ 776 $ 881 $ 476 $ — $ 4,273 Individually evaluated for impairment 177 42 35 32 — 286 Purchased credit-impaired loans — — — — — — Collectively evaluated for impairment 1,963 734 846 444 — 3,987 Total $ 2,140 $ 776 $ 881 $ 476 $ — $ 4,273 At or for the six months ended June 30, 2016 Acquired Loans (In thousands) Commercial real estate Commercial and industrial loans Residential mortgages Consumer Unallocated Total Balance at beginning of period $ 1,903 $ 1,330 $ 976 $ 525 $ — $ 4,734 Charged-off loans 126 275 364 380 — 1,145 Recoveries on charged-off loans — 176 104 46 — 326 Provision for loan losses 363 (455 ) 165 285 — 358 Balance at end of period $ 2,140 $ 776 $ 881 $ 476 $ — $ 4,273 Individually evaluated for impairment 177 42 35 32 — 286 Purchased credit-impaired loans — — — — — — Collectively evaluated for impairment 1,963 734 846 444 — 3,987 Total $ 2,140 $ 776 $ 881 $ 476 $ — $ 4,273 |
Schedule of Loans by Risk Rating | The following tables present the Company’s loans by risk rating at June 30, 2017 and December 31, 2016: Business Activities Loans Commercial Real Estate Credit Risk Profile by Creditworthiness Category Construction Single and multi-family Other Total commercial real estate (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Grade: Pass $ 266,859 $ 253,302 $ 354,007 $ 189,310 $ 1,389,386 $ 1,434,762 $ 2,010,252 $ 1,877,374 Special mention — — 549 334 12,367 5,827 12,916 6,161 Substandard — — 2,215 2,175 34,338 40,598 36,553 42,773 Doubtful — — — — — 36 — 36 Total $ 266,859 $ 253,302 $ 356,771 $ 191,819 $ 1,436,091 $ 1,481,223 $ 2,059,721 $ 1,926,344 Commercial and Industrial Loans Credit Risk Profile by Creditworthiness Category Asset based lending Other Total comm. and industrial loans (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Grade: Pass $ 331,390 $ 321,270 $ 752,861 $ 569,704 $ 1,084,251 $ 890,974 Special mention 4,776 — 1,224 123 6,000 123 Substandard 532 — 16,707 13,825 17,239 13,825 Doubtful — — 3,047 3,180 3,047 3,180 Total $ 336,698 $ 321,270 $ 773,839 $ 586,832 $ 1,110,537 $ 908,102 Residential Mortgages Credit Risk Profile by Internally Assigned Grade 1-4 family Construction Total residential mortgages (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Grade: Pass $ 1,649,361 $ 1,578,913 $ 9,977 $ 11,178 $ 1,659,338 $ 1,590,091 Special mention 291 701 — — 291 701 Substandard 2,328 4,179 — — 2,328 4,179 Total $ 1,651,980 $ 1,583,793 $ 9,977 $ 11,178 $ 1,661,957 $ 1,594,971 Consumer Loans Credit Risk Profile Based on Payment Activity Home equity Auto and other Total consumer loans (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Performing $ 285,602 $ 310,846 $ 560,742 $ 477,416 $ 846,344 $ 788,262 Nonperforming 2,130 2,675 1,174 952 3,304 3,627 Total $ 287,732 $ 313,521 $ 561,916 $ 478,368 $ 849,648 $ 791,889 Acquired Loans Commercial Real Estate Credit Risk Profile by Creditworthiness Category Construction Single and multi-family Other Total commercial real estate (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Grade: Pass $ 23,868 $ 33,461 $ 94,963 $ 119,414 $ 463,569 $ 496,562 $ 582,400 $ 649,437 Special mention — — 612 907 9,619 1,622 10,231 2,529 Substandard 700 746 2,375 5,351 34,095 32,031 37,170 38,128 Total $ 24,568 $ 34,207 $ 97,950 $ 125,672 $ 507,283 $ 530,215 $ 629,801 $ 690,094 Commercial and Industrial Loans Credit Risk Profile by Creditworthiness Category Asset based lending Other Total comm. and industrial loans (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Grade: Pass $ 10,361 $ — $ 101,730 $ 147,102 $ 112,091 $ 147,102 Special mention — — 296 1,260 296 1,260 Substandard — — 5,012 5,574 5,012 5,574 Total $ 10,361 $ — $ 107,038 $ 153,936 $ 117,399 $ 153,936 Residential Mortgages Credit Risk Profile by Internally Assigned Grade 1-4 family Construction Total residential mortgages (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Grade: Pass $ 269,288 $ 294,983 $ 254 $ 804 $ 269,542 $ 295,787 Special mention 36 343 — — 36 343 Substandard 2,533 2,029 — — 2,533 2,029 Total $ 271,857 $ 297,355 $ 254 $ 804 $ 272,111 $ 298,159 Consumer Loans Credit Risk Profile Based on Payment Activity Home equity Auto and other Total consumer loans (In thousands) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Performing $ 99,274 $ 79,762 $ 62,361 $ 105,117 $ 161,635 $ 184,879 Nonperforming 1,216 517 457 895 1,673 1,412 Total $ 100,490 $ 80,279 $ 62,818 $ 106,012 $ 163,308 $ 186,291 |
Summary of Information About Total Loans Rated Special Mention or Lower | The following table summarizes information about total loans rated Special Mention or lower as of June 30, 2017 and December 31, 2016. 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. June 30, 2017 December 31, 2016 (In thousands) Business Acquired Loans Total Business Acquired Loans Total Non-Accrual $ 19,034 $ 5,162 $ 24,196 $ 16,816 $ 5,424 $ 22,240 Substandard Accruing 43,627 41,330 84,957 51,125 44,177 95,302 Total Classified 62,661 46,492 109,153 67,941 49,601 117,542 Special Mention 19,622 10,691 30,313 7,479 4,323 11,802 Total Criticized $ 82,283 $ 57,183 $ 139,466 $ 75,420 $ 53,924 $ 129,344 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Deposits [Abstract] | |
Summary of Time Deposits | A summary of time deposits is as follows: (In thousands) June 30, December 31, Time less than $250,000 $ 2,166,004 $ 2,015,332 Time $250,000 or more 334,943 318,211 Total time deposits $ 2,500,947 $ 2,333,543 |
BORROWED FUNDS (Tables)
BORROWED FUNDS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds | Borrowed funds at June 30, 2017 and December 31, 2016 are summarized, as follows: June 30, 2017 December 31, 2016 Weighted Weighted Average Average (Dollars in thousands) Principal Rate Principal Rate Short-term borrowings: Advances from the FHLB $ 1,081,600 1.20 % $ 1,072,044 0.71 % Other borrowings — — 10,000 2.42 Total short-term borrowings: 1,081,600 1.20 1,082,044 0.72 Long-term borrowings: Advances from the FHLB and other borrowings 301,374 1.49 142,792 1.53 Subordinated borrowings 73,786 7.00 73,697 7.00 Junior subordinated borrowings 15,464 3.04 15,464 2.77 Total long-term borrowings: 390,624 2.59 231,953 3.35 Total $ 1,472,224 1.57 % $ 1,313,997 1.19 % |
Summary of Maturities of FHLBB Advances | A summary of maturities of FHLB advances as of June 30, 2017 is as follows: June 30, 2017 Weighted Average (In thousands, except rates) Principal Rate Fixed rate advances maturing: 2017 $ 1,101,540 1.22 % 2018 168,857 1.25 2019 100,000 1.67 2020 4,825 1.94 2021 and beyond 7,752 2.70 Total FHLB advances $ 1,382,974 1.27 % |
CAPITAL RATIOS AND SHAREHOLDE29
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Actual and Required Capital Ratios | The actual and required capital ratios were as follows: June 30, Regulatory December 31, Regulatory Company (consolidated) Total capital to risk weighted assets 14.0 % 10.0 % 11.9 % 10.0 % Common equity tier 1 capital to risk weighted assets 12.1 6.5 9.9 6.5 Tier 1 capital to risk weighted assets 12.3 8.0 10.1 8.0 Tier 1 capital to average assets 9.6 5.0 7.9 5.0 Bank Total capital to risk weighted assets 11.4 % 10.0 % 11.2 % 10.0 % Common equity tier 1 capital to risk weighted assets 10.2 6.5 10.0 6.5 Tier 1 capital to risk weighted assets 10.2 8.0 10.0 8.0 Tier 1 capital to average assets 8.0 5.0 7.8 5.0 |
Schedule of Components of Accumulated Other Comprehensive Income | Components of accumulated other comprehensive income is as follows: (In thousands) June 30, December 31, Other accumulated comprehensive income, before tax: Net unrealized holding gain on AFS securities $ 19,671 $ 25,176 Net unrealized loss on cash flow hedging derivatives — (6,573 ) Net unrealized holding loss on pension plans (2,954 ) (2,954 ) Income taxes related to items of accumulated other comprehensive income: Net unrealized holding gain on AFS securities (7,550 ) (9,636 ) Net unrealized loss on cash flow hedging derivatives — 2,589 Net unrealized holding loss on pension plans 1,164 1,164 Accumulated other comprehensive income $ 10,331 $ 9,766 |
Schedule of Components of Other Comprehensive Income | The following table presents the components of other comprehensive income for the three and six months ended June 30, 2017 and 2016 : (In thousands) Before Tax Tax Effect Net of Tax Three Months Ended June 30, 2017 Net unrealized holding gain on AFS securities: x Net unrealized gains arising during the period $ 3,926 $ (1,455 ) $ 2,471 Less: reclassification adjustment for gains realized in net income (1 ) — (1 ) Net unrealized holding gain on AFS securities 3,927 (1,455 ) 2,472 Net unrealized loss on cash flow hedging derivatives: Net unrealized (loss) arising during the period — — — Less: reclassification adjustment for (losses) realized in net income — — — Net unrealized gain on cash flow hedging derivatives — — — Other comprehensive income $ 3,927 $ (1,455 ) $ 2,472 Three Months Ended June 30, 2016 Net unrealized holding gain on AFS securities: Net unrealized gains arising during the period $ 9,573 $ (3,686 ) $ 5,887 Less: reclassification adjustment for losses realized in net income (13 ) 5 (8 ) Net unrealized holding gain on AFS securities 9,586 (3,691 ) 5,895 Net unrealized loss on cash flow hedging derivatives: Net unrealized (loss) arising during the period (1,771 ) 711 (1,060 ) Less: reclassification adjustment for (losses) realized in net income (887 ) 356 (531 ) Net unrealized (loss) on cash flow hedging derivatives (884 ) 355 (529 ) Other comprehensive income $ 8,702 $ (3,336 ) $ 5,366 (In thousands) Before Tax Tax Effect Net of Tax Six Months Ended June 30, 2017 Net unrealized holding gain on AFS securities: x Net unrealized gains arising during the period $ 7,064 $ (2,627 ) $ 4,437 Less: reclassification adjustment for gains realized in net income 12,569 (4,713 ) 7,856 Net unrealized holding (loss) on AFS securities (5,505 ) 2,086 (3,419 ) Net unrealized loss on cash flow hedging derivatives: Net unrealized (loss) arising during the period (449 ) 180 (269 ) Less: reclassification adjustment for (losses) realized in net income (7,022 ) 2,769 (4,253 ) Net unrealized gain on cash flow hedging derivatives 6,573 (2,589 ) 3,984 Other comprehensive income $ 1,068 $ (503 ) $ 565 Six Months Ended June 30, 2016 Net unrealized holding gain on AFS securities: Net unrealized gains arising during the period $ 27,315 $ (10,556 ) $ 16,759 Less: reclassification adjustment for losses realized in net income 22 (8 ) 14 Net unrealized holding gain on AFS securities 27,293 (10,548 ) 16,745 Net unrealized loss on cash flow hedging derivatives: Net unrealized (loss) arising during the period (6,684 ) 2,683 (4,001 ) Less: reclassification adjustment for (losses) realized in net income (1,294 ) 520 (774 ) Net unrealized (loss) on cash flow hedging derivatives (5,390 ) 2,163 (3,227 ) Other comprehensive income $ 21,903 $ (8,385 ) $ 13,518 |
Schedule of Gross Changes in Each Component of Accumulated Other Comprehensive Income | The following table presents the changes in each component of accumulated other comprehensive income (loss), for the three and six months ended June 30, 2017 and 2016 : (In thousands) Net unrealized holding gain on AFS Securities Net loss on effective cash flow hedging derivatives Net unrealized holding loss on pension plans Total Three Months Ended June 30, 2017 Balance at Beginning of Period $ 9,649 $ — $ (1,790 ) $ 7,859 Other comprehensive gain before reclassifications 2,471 — — 2,471 Less: amounts reclassified from accumulated other comprehensive income (loss) (1 ) — — (1 ) Total other comprehensive income 2,472 — — 2,472 Balance at End of Period $ 12,121 $ — $ (1,790 ) $ 10,331 Three Months Ended June 30, 2016 Balance at Beginning of Period $ 14,730 $ (7,806 ) $ (2,077 ) $ 4,847 Other comprehensive gain (loss) before reclassifications 5,887 (1,060 ) — 4,827 Less: amounts reclassified from accumulated other comprehensive income (loss) (8 ) (531 ) — (539 ) Total other comprehensive income (loss) 5,895 (529 ) — 5,366 Balance at End of Period $ 20,625 $ (8,335 ) $ (2,077 ) $ 10,213 (In thousands) Net unrealized holding gain on AFS Securities Net loss on effective cash flow hedging derivatives Net unrealized holding loss on pension plans Total Six Months Ended June 30, 2017 Balance at Beginning of Period $ 15,540 $ (3,984 ) $ (1,790 ) $ 9,766 Other comprehensive gain (loss) before reclassifications 4,437 (269 ) — 4,168 Less: amounts reclassified from accumulated other comprehensive income (loss) 7,856 (4,253 ) — 3,603 Total other comprehensive (loss) income (3,419 ) 3,984 — 565 Balance at End of Period $ 12,121 $ — $ (1,790 ) $ 10,331 Six Months Ended June 30, 2016 Balance at Beginning of Period $ 3,880 $ (5,108 ) $ (2,077 ) $ (3,305 ) Other comprehensive gain (loss) before reclassifications 16,759 (4,001 ) — 12,758 Less: amounts reclassified from accumulated other comprehensive income (loss) 14 (774 ) — (760 ) Total other comprehensive income (loss) 16,745 (3,227 ) — 13,518 Balance at End of Period $ 20,625 $ (8,335 ) $ (2,077 ) $ 10,213 |
Schedule of Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income | The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2017 and 2016 : Affected Line Item in the Three Months Ended June 30, Statement where Net Income (In thousands) 2017 2016 is Presented Realized (losses) on AFS securities: $ (1 ) $ (13 ) Non-interest income — 5 Tax expense (1 ) (8 ) Net of tax Realized (losses) on cash flow hedging derivatives: — (887 ) Non-interest income — 356 Tax expense — (531 ) Net of tax Total reclassifications for the period $ (1 ) $ (539 ) Net of tax Affected Line Item in the Six Months Ended June 30, Statement where Net Income (In thousands) 2017 2016 is Presented Realized gains on AFS securities: $ 12,569 $ 23 Non-interest income (4,713 ) (9 ) Tax expense 7,856 14 Net of tax Realized (losses) on cash flow hedging derivatives: (393 ) — Interest expense (6,629 ) (1,295 ) Non-interest expense 2,769 521 Tax benefit (4,253 ) (774 ) Net of tax Total reclassifications for the period $ 3,603 $ (760 ) Net of tax |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of 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 June 30, Six Months Ended June 30, (In thousands, except per share data) 2017 2016 2017 2016 Net income $ 19,694 $ 15,957 $ 35,154 $ 31,958 Average number of common shares issued 38,720 32,213 37,731 32,188 Less: average number of treasury shares 943 1,075 981 1,107 Less: average number of unvested stock award shares 453 533 445 520 Average number of basic common shares outstanding 37,324 30,605 36,305 30,561 Plus: dilutive effect of unvested stock award shares 106 102 116 99 Plus: dilutive effect of stock options outstanding 44 58 45 65 Average number of diluted common shares outstanding 37,474 30,765 36,466 30,725 Earnings per share: Basic $ 0.53 $ 0.52 $ 0.97 $ 1.05 Diluted $ 0.53 $ 0.52 $ 0.96 $ 1.04 |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Activity in the Stock Award and Stock Option Plans | A combined summary of activity in the Company’s stock award and stock option plans for the six months ended June 30, 2017 is presented in the following table: Non-Vested Stock Awards Outstanding Stock Options Outstanding (Shares in thousands) Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Exercise Price December 31, 2016 448 $ 26.28 109 $ 15.72 Granted 154 35.75 — — Stock options exercised — — (7 ) 15.01 Stock awards vested (133 ) 25.84 — — Forfeited (10 ) 29.26 — — Expired — — (10 ) 33.46 June 30, 2017 459 $ 29.46 92 $ 13.86 Exercisable options at June 30, 2017 92 $ 13.86 |
DERIVATIVE INSTRUMENTS AND HE32
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Swap Agreements and Non-Hedging Derivative Assets and Liabilities | Information about derivative assets and liabilities at June 30, 2017 , 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 FHLB borrowings $ — 0 — % — % $ — Total cash flow hedges — — Economic hedges: Interest rate swap on tax advantaged economic development bond 11,074 12.4 1.42 % 5.09 % (1,897 ) Interest rate swaps on loans with commercial loan customers 763,443 6.2 2.83 % 4.19 % (8,434 ) Reverse interest rate swaps on loans with commercial loan customers 763,443 6.2 4.19 % 2.83 % 8,484 Risk participation agreements with dealer banks 103,173 11.3 10 Forward sale commitments 428,425 0.2 975 Total economic hedges 2,069,558 (862 ) Non-hedging derivatives: Commitments to lend 333,081 0.2 7,375 Total non-hedging derivatives 333,081 7,375 Total $ 2,402,639 $ 6,513 Information about derivative assets and liabilities at December 31, 2016 , 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 FHLB borrowings $ 300,000 2.3 0.63 % 2.29 % $ (6,573 ) Total cash flow hedges 300,000 (6,573 ) Economic hedges: Interest rate swap on tax advantaged economic development bond 11,386 12.9 0.98 % 5.09 % (2,021 ) Interest rate swaps on loans with commercial loan customers 668,541 6.2 2.43 % 4.21 % (6,752 ) Reverse interest rate swaps on loans with commercial loan customers 668,541 6.2 4.21 % 2.43 % 7,077 Risk participation agreements with dealer banks 83,360 11.6 5 Forward sale commitments 259,889 0.2 722 Total economic hedges 1,691,717 (969 ) Non-hedging derivatives: Commitments to lend 208,145 0.2 4,738 Total non-hedging derivatives 208,145 4,738 Total $ 2,199,862 $ (2,804 ) |
Schedule of Amounts Included in the Consolidated Statements of Income and in the Other Comprehensive Income Section of the Consolidated Statements of Comprehensive Income | 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 June 30, Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Interest rate swaps on FHLB borrowings: Unrealized (loss) recognized in accumulated other comprehensive loss $ — $ (1,771 ) $ (449 ) $ (6,684 ) Less: reclassification of unrealized (loss) from accumulated other comprehensive income to interest expense — (887 ) (393 ) (1,295 ) Less: reclassification of unrealized (loss) from accumulated other comprehensive income to other non-interest expense — — (6,629 ) — Net tax (expense) benefit on items recognized in accumulated other comprehensive income — 355 (2,589 ) 2,162 Other comprehensive gain (loss) recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects $ — $ (529 ) $ 3,984 $ (3,227 ) |
Schedule of Amounts Included in the Consolidated Statements of Income Related to Economic Hedges and Non-Hedging Derivatives | Amounts included in the Consolidated Statements of Income related to economic hedges and non-hedging derivatives were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Economic hedges Interest rate swap on industrial revenue bond: Unrealized gain (loss) recognized in other non-interest income $ 2 $ (292 ) $ 124 $ (831 ) Interest rate swaps on loans with commercial loan customers: Unrealized (loss) recognized in other non-interest income (3,810 ) (7,725 ) (1,682 ) (21,322 ) Reverse interest rate swaps on loans with commercial loan customers: Unrealized gain recognized in other non-interest income 3,810 7,725 1,682 21,322 (Unfavorable) Favorable change in credit valuation adjustment recognized in other non-interest income (114 ) 372 (276 ) (433 ) Risk participation agreements: Unrealized gain recognized in other non-interest income 23 33 5 116 Forward commitments: Unrealized gain (loss) recognized in other non-interest income 975 (869 ) (276 ) (1,316 ) Realized gain (loss) in other non-interest income 238 50 (2,668 ) (333 ) Non-hedging derivatives Commitments to lend Unrealized gain recognized in other non-interest income $ 7,375 $ 1,259 $ 15,436 $ 2,061 Realized gain in other non-interest income 7,693 896 16,467 1,745 |
Schedule of Assets Subject to an Enforceable Master Netting Arrangement | Offsetting of Financial Assets and Derivative Assets Gross Amounts of Gross Amounts Offset in the Net Amounts of Assets Presented in the Gross Amounts Not Offset in the Statements of Condition Recognized Statements of Statements of Financial Cash (In thousands) Assets Condition Condition Instruments Collateral Received Net Amount December 31, 2016 Interest Rate Swap Agreements: Institutional counterparties $ 49 $ — $ 49 $ — $ — $ 49 Commercial counterparties 11,461 — 11,461 — — 11,461 Total $ 11,510 $ — $ 11,510 $ — $ — $ 11,510 Offsetting of Financial Assets and Derivative Assets Gross Amounts of Gross Amounts Offset in the Net Amounts of Assets Presented in the Gross Amounts Not Offset in the Statements of Condition Recognized Statements of Statements of Financial Cash (In thousands) Assets Condition Condition Instruments Collateral Received Net Amount June 30, 2017 Interest Rate Swap Agreements: Institutional counterparties $ 66 $ — $ 66 $ — $ — $ 66 Commercial counterparties 12,195 (2 ) 12,193 — — 12,193 Total $ 12,261 $ (2 ) $ 12,259 $ — $ — $ 12,259 |
Schedule of Liabilities Subject to an Enforceable Master Netting Arrangement | Offsetting of Financial Liabilities and Derivative Liabilities Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented in the Gross Amounts Not Offset in the Statements of Condition Recognized Statements of Statements of Financial Cash (In thousands) Liabilities Condition Condition Instruments Collateral Pledged Net Amount June 30, 2017 Interest Rate Swap Agreements: Institutional counterparties $ (14,219 ) $ 3,833 $ (10,386 ) $ 10,386 $ — $ — Commercial counterparties (3,710 ) 1 (3,709 ) — — (3,709 ) Total $ (17,929 ) $ 3,834 $ (14,095 ) $ 10,386 $ — $ (3,709 ) Offsetting of Financial Liabilities and Derivative Liabilities Gross Amounts of Gross Amounts Offset in the Net Amounts of Liabilities Presented in the Gross Amounts Not Offset in the Statements of Condition Recognized Statements of Statements of Financial Cash (In thousands) Liabilities Condition Condition Instruments Collateral Pledged Net Amount December 31, 2016 Interest Rate Swap Agreements: Institutional counterparties $ (20,077 ) $ 4,689 $ (15,388 ) $ 14,738 $ 650 $ — Commercial counterparties (4,407 ) 23 (4,384 ) — — (4,384 ) Total $ (24,484 ) $ 4,712 $ (19,772 ) $ 14,738 $ 650 $ (4,384 ) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Quantitative information about the significant unobservable inputs within Level 3 | |
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 | The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 , segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. June 30, 2017 Level 1 Level 2 Level 3 Total (In thousands) Inputs Inputs Inputs Fair Value Trading security $ — $ — $ 12,837 $ 12,837 Available-for-sale securities: Municipal bonds and obligations — 124,650 — 124,650 Agency collateralized mortgage obligations — 782,894 — 782,894 Agency residential mortgage-backed securities — 226,197 — 226,197 Agency commercial mortgage-backed securities — 63,313 — 63,313 Corporate bonds — 66,848 — 66,848 Trust preferred securities — 11,838 — 11,838 Other bonds and obligations — 10,613 — 10,613 Marketable equity securities 43,306 334 — 43,640 Loans held for sale — 146,482 — 146,482 Derivative assets 964 16,017 7,386 24,367 Other assets — — 1,568 1,568 Derivative liabilities — 17,853 — 17,853 December 31, 2016 Level 1 Level 2 Level 3 Total (In thousands) Inputs Inputs Inputs Fair Value Trading security $ — $ — $ 13,229 $ 13,229 Available-for-sale securities: Municipal bonds and obligations — 119,816 — 119,816 Agency collateralized mortgage obligations — 651,911 — 651,911 Agency residential mortgage-backed securities — 228,684 — 228,684 Agency commercial mortgage-backed securities — 64,534 — 64,534 Corporate bonds — 56,006 — 56,006 Trust preferred securities — 11,887 — 11,887 Other bonds and obligations — 11,158 — 11,158 Marketable equity securities 62,284 3,257 — 65,541 Loans held for sale — 120,673 — 120,673 Derivative assets 622 16,157 4,838 21,617 Other assets — — 798 798 Derivative liabilities — 24,420 — 24,420 |
Schedule of Loans Held for Sale | Aggregate Fair Value June 30, 2017 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans Held for Sale $ 146,482 $ 141,672 $ 4,810 Aggregate Fair Value December 31, 2016 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans Held for Sale $ 120,673 $ 118,178 $ 2,495 |
Schedule of Changes in Level 3 Assets and Liabilities That Were Measured at Fair Value on a Recurring Basis | 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 and six months ended June 30, 2017 and 2016 . Assets (Liabilities) Securities Capitalized Trading Available Commitments Forward Servicing (In thousands) Security for Sale to Lend Commitments Rights Three Months Ended June 30, 2017 March 31, 2017 $ 12,966 $ — $ 8,061 $ (22 ) $ 976 Unrealized (loss) gain, net recognized in other non-interest income 27 — 16,515 34 (68 ) Paydown of trading security (156 ) — — — — Transfers to held for sale loans — — (17,202 ) — — Additions to servicing rights — — — — 660 June 30, 2017 $ 12,837 $ — $ 7,374 $ 12 $ 1,568 Six Months Ended June 30, 2017 December 31, 2016 $ 13,229 $ — $ 4,738 $ 100 $ 798 Unrealized gain, net recognized in other non-interest income (79 ) — 33,817 (88 ) (70 ) Paydown of trading security (313 ) — — — — Transfers to held for sale loans — — (31,181 ) — — Additions to servicing rights — — — — 840 June 30, 2017 $ 12,837 $ — $ 7,374 $ 12 $ 1,568 Unrealized gains (losses) relating to instruments still held at June 30, 2017. $ 1,736 $ — $ 7,374 $ 12 $ — Assets (Liabilities) Securities Capitalized Trading Available Commitments Forward Servicing (In thousands) Security for Sale to Lend Commitments Rights Three Months Ended June 30, 2016 March 31, 2016 $ 14,474 $ — $ 802 $ (143 ) $ — Unrealized (loss) gain, net recognized in other non-interest income 153 — 1,711 — — Unrealized gain included in accumulated other comprehensive loss — — — (46 ) — Paydown of trading security (148 ) — — — — Transfers to held for sale loans — — (1,254 ) — — June 30, 2016 $ 14,479 $ — $ 1,259 $ (189 ) $ — Six Months Ended June 30, 2016 December 31, 2015 $ 14,189 $ 708 $ 323 $ 9 $ — Unrealized gain, net recognized in other non-interest income 585 — 2,917 — — Paydown of trading security (295 ) — — — — Transfers to Level 2 — (708 ) — (198 ) — Transfers to held for sale loans — — (1,981 ) — — June 30, 2016 $ 14,479 $ — $ 1,259 $ (189 ) $ — Unrealized gains (losses) relating to instruments still held at June 30, 2016 $ 2,790 $ — $ 1,259 $ (189 ) $ — |
Summary of Applicable Non-Recurring Fair Value Measurements | Quantitative information about the significant unobservable inputs within Level 3 non-recurring assets is as follows: Fair Value (In thousands) June 30, 2017 Valuation Techniques Unobservable Inputs Range (Weighted Average) (a) Assets Impaired loans $ 27,286 Appraised value of collateral Discounted cash flow - loss severity 0.16% to 21.99% (3.30%) Appraised value $21 to $6,040 ($2,133) Capitalized servicing rights 11,731 Discounted cash flow Constant prepayment rate (CPR) 6.59% to 13.48% (9.87%) Discount rate 10.00% to 12.50% (10.76%) Other real estate owned 279 Appraised value of collateral Appraised value $94 to $215 ($193) Total $ 39,296 (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, 2016 Valuation Techniques Unobservable Inputs Range (Weighted Average) (a) Assets Impaired loans $ 17,761 Appraised value of collateral Discounted cash flow - loss severity 0.00% to 88.70% (9.73%) Appraised value $0 to $2,192 ($1,026) Capitalized servicing rights 10,726 Discounted cash flow Constant prepayment rate (CPR) 7.35% to 14.28% (10.44%) Discount rate 10.00% to 14.00 (11.77%) Other real estate owned 151 Appraised value of collateral Appraised value $101 to $129 ($122) Total $ 28,638 (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. |
Summary of Estimated Fair Values, and Related Carrying Amounts, of Financial Instruments | The following tables summarize the estimated fair values, and related carrying amounts, of the Company’s financial instruments. Certain financial instruments and all non-financial instruments are excluded. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. June 30, 2017 Carrying Fair (In thousands) Amount Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 101,833 $ 101,833 $ 101,833 $ — $ — Trading security 12,837 12,837 — — 12,837 Securities available for sale 1,329,993 1,329,993 43,306 1,286,687 — Securities held to maturity 350,992 358,398 — 323,662 34,736 FHLB bank stock and restricted securities 78,874 78,874 — 78,874 — Net loans 6,817,123 6,850,718 — 6,850,718 — Loans held for sale 146,482 146,482 — 146,482 — Accrued interest receivable 27,005 27,005 — 27,005 — Cash surrender value of bank-owned life insurance policies 46,343 46,343 — 46,343 — Derivative assets 24,367 24,367 964 16,017 7,386 Assets held for sale 322 322 — 322 — Financial Liabilities Total deposits $ 6,714,854 $ 6,710,596 $ — $ 6,710,596 $ — Short-term debt 1,081,600 1,081,453 — 1,081,453 — Long-term Federal Home Loan Bank advances 301,374 301,075 — 301,075 — Subordinated borrowings 89,250 98,011 — 98,011 — Derivative liabilities 17,853 17,853 — 17,853 — December 31, 2016 Carrying Fair (In thousands) Amount Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 113,075 $ 113,075 $ 113,075 $ — $ — Trading security 13,229 13,229 — — 13,229 Securities available for sale 1,209,537 1,209,537 62,284 1,147,253 — Securities held to maturity 334,368 337,680 — 300,806 36,874 FHLB bank stock and restricted securities 71,112 71,112 — 71,112 — Net loans 6,505,789 6,532,745 — — 6,532,745 Loans held for sale 120,673 120,673 — 120,673 — Accrued interest receivable 26,113 26,113 — 26,113 — Cash surrender value of bank-owned life insurance policies 139,257 139,257 — 139,257 — Derivative assets 21,617 21,617 622 16,157 4,838 Assets held for sale 322 322 — 322 — Financial Liabilities Total deposits $ 6,622,092 $ 6,624,108 $ — $ 6,624,108 $ — Short-term debt 1,082,044 1,081,996 — 1,081,996 — Long-term Federal Home Loan Bank advances 142,792 143,151 — 143,151 — Subordinated borrowings 89,161 96,973 — 96,973 — Derivative liabilities 24,420 24,420 — 24,420 — |
Recurring | |
Quantitative information about the significant unobservable inputs within Level 3 | |
Schedule of Quantitative Information About the Significant Unobservable Inputs Within Level 3 | Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities is as follows: Fair Value Significant Unobservable Input (In thousands) June 30, 2017 Valuation Techniques Unobservable Inputs Value Assets (Liabilities) Trading Security $ 12,837 Discounted Cash Flow Discount Rate 2.57 % Commitments to Lend 7,374 Historical Trend Closing Ratio 79.08 % Pricing Model Origination Costs, per loan $ 3,692 Forward Commitments 12 Historical Trend Closing Ratio 79.08 % Pricing Model Origination Costs, per loan $ 3,692 Capitalized Servicing Rights 1,568 Discounted Cash Flow Constant Prepayment rate (CPR) 10.90 % Discount Rate 11.00 % Total $ 21,791 Fair Value Significant Unobservable Input (In thousands) December 31, 2016 Valuation Techniques Unobservable Inputs Value Assets (Liabilities) Trading Security $ 13,229 Discounted Cash Flow Discount Rate 2.62 % Commitments to Lend 4,738 Historical Trend Closing Ratio 80.36 % Pricing Model Origination Costs, per loan $ 3,692 Forward Commitments 100 Historical Trend Closing Ratio 80.36 % Pricing Model Origination Costs, per loan $ 3,692 Capitalized Servicing Rights 798 Discounted Cash Flow Constant Prepayment rate (CPR) 10.40 % Discount Rate 11.00 % Total $ 18,865 |
Non-recurring | |
Quantitative information about the significant unobservable inputs within Level 3 | |
Schedule of Quantitative Information About the Significant Unobservable Inputs Within Level 3 | 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. June 30, 2017 December 31, 2016 Fair Value Measurement Date as of June 30, 2017 Level 3 Level 3 Level 3 (In thousands) Inputs Inputs Inputs Assets Impaired loans $ 27,286 $ 17,761 June 2017 Capitalized servicing rights 11,731 10,726 May/June 2017 Other real estate owned 279 151 April 2016 - Oct. 2016 Total $ 39,296 $ 28,638 |
NET INTEREST INCOME AFTER PRO34
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Net Interest Income After Provision for Loan Losses | Presented below is net interest income after provision for loan losses for the three and six months ended June 30, 2017 and 2016, respectively. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2017 2016 2017 2016 Net interest income $ 69,545 $ 57,441 $ 136,431 $ 115,138 Provision for loan losses 4,889 4,522 9,984 8,528 Net interest income after provision for loan losses $ 64,656 $ 52,919 $ 126,447 $ 106,610 |
TRADING SECURITY (Details)
TRADING SECURITY (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Trading Securities [Abstract] | ||
Amortized cost | $ 11,100,000 | $ 11,400,000 |
Fair value | 12,837,000 | $ 13,229,000 |
Amount of other securities in the trading portfolio | $ 0 |
SECURITIES AVAILABLE FOR SALE36
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY - Summary of Securities Available for Sale and Held to Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Available-for-sale debt securities, amortized cost basis | $ 1,282,562 | $ 1,145,448 |
Available-for-sale debt securities, accumulated gross unrealized gain | 10,594 | 7,234 |
Available-for-sale debt securities, accumulated gross unrealized loss | (6,803) | (8,686) |
Available-for-sale securities, debt securities | 1,286,353 | 1,143,996 |
Available-for-sale Equity Securities, Amortized Cost Basis [Abstract] | ||
Available-for-sale equity securities, amortized cost basis | 36,085 | 47,858 |
Available-for-sale equity securities, accumulated gross unrealized gain | 7,977 | 19,296 |
Available-for-sale equity securities, accumulated gross unrealized loss | (422) | (1,613) |
Available-for-sale securities, equity securities | 43,640 | 65,541 |
Available-for-sale Securities, Fair Value to Amortized Cost Basis [Abstract] | ||
Available-for-sale securities, amortized cost basis | 1,318,647 | 1,193,306 |
Available-for-sale securities, accumulated gross unrealized gain | 18,571 | 26,530 |
Available-for-sale securities, accumulated gross unrealized loss | (7,225) | (10,299) |
Available for sale securities | 1,329,993 | 1,209,537 |
Securities held to maturity | ||
Held to maturity, amortized cost basis | 350,992 | 334,368 |
Held to maturity securities accumulated unrecognized holding gains | 9,284 | 6,816 |
Held to maturity securities, accumulated unrecognized holding loss | (1,878) | (3,504) |
Securities held to maturity, fair value | 358,398 | 337,680 |
Available-for-sale Securities and Held-to-maturity Securities [Abstract] | ||
Held to maturity and available for sale securities, amortized cost basis | 1,669,639 | 1,527,674 |
Held to maturity and available for sale securities, gross unrealized gain | 27,855 | 33,346 |
Held to maturity and available for sale securities, gross unrealized loss | (9,103) | (13,803) |
Held to maturity and available for sale securities, fair value | 1,688,391 | 1,547,217 |
Municipal bonds and obligations | ||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Available-for-sale debt securities, amortized cost basis | 120,379 | 117,910 |
Available-for-sale debt securities, accumulated gross unrealized gain | 4,933 | 2,955 |
Available-for-sale debt securities, accumulated gross unrealized loss | (662) | (1,049) |
Available-for-sale securities, debt securities | 124,650 | 119,816 |
Securities held to maturity | ||
Held to maturity, amortized cost basis | 223,689 | 203,463 |
Held to maturity securities accumulated unrecognized holding gains | 5,940 | 3,939 |
Held to maturity securities, accumulated unrecognized holding loss | (1,148) | (2,416) |
Securities held to maturity, fair value | 228,481 | 204,986 |
Agency collateralized mortgage obligations | ||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Available-for-sale debt securities, amortized cost basis | 782,263 | 652,680 |
Available-for-sale debt securities, accumulated gross unrealized gain | 3,251 | 2,522 |
Available-for-sale debt securities, accumulated gross unrealized loss | (2,620) | (3,291) |
Available-for-sale securities, debt securities | 782,894 | 651,911 |
Securities held to maturity | ||
Held to maturity, amortized cost basis | 74,775 | 75,655 |
Held to maturity securities accumulated unrecognized holding gains | 1,837 | 1,281 |
Held to maturity securities, accumulated unrecognized holding loss | (366) | (411) |
Securities held to maturity, fair value | 76,246 | 76,525 |
Agency mortgage-backed securities | ||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Available-for-sale debt securities, amortized cost basis | 227,295 | 230,308 |
Available-for-sale debt securities, accumulated gross unrealized gain | 746 | 557 |
Available-for-sale debt securities, accumulated gross unrealized loss | (1,844) | (2,181) |
Available-for-sale securities, debt securities | 226,197 | 228,684 |
Securities held to maturity | ||
Held to maturity, amortized cost basis | 8,464 | 9,102 |
Held to maturity securities accumulated unrecognized holding gains | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss | (187) | (243) |
Securities held to maturity, fair value | 8,277 | 8,859 |
Agency commercial mortgage-backed securities | ||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Available-for-sale debt securities, amortized cost basis | 64,515 | 65,673 |
Available-for-sale debt securities, accumulated gross unrealized gain | 154 | 229 |
Available-for-sale debt securities, accumulated gross unrealized loss | (1,356) | (1,368) |
Available-for-sale securities, debt securities | 63,313 | 64,534 |
Securities held to maturity | ||
Held to maturity, amortized cost basis | 10,513 | 10,545 |
Held to maturity securities accumulated unrecognized holding gains | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss | (177) | (434) |
Securities held to maturity, fair value | 10,336 | 10,111 |
Tax advantaged economic development bonds | ||
Securities held to maturity | ||
Held to maturity, amortized cost basis | 33,229 | 35,278 |
Held to maturity securities accumulated unrecognized holding gains | 1,507 | 1,596 |
Held to maturity securities, accumulated unrecognized holding loss | 0 | 0 |
Securities held to maturity, fair value | 34,736 | 36,874 |
Corporate bonds | ||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Available-for-sale debt securities, amortized cost basis | 66,326 | 56,320 |
Available-for-sale debt securities, accumulated gross unrealized gain | 834 | 408 |
Available-for-sale debt securities, accumulated gross unrealized loss | (312) | (722) |
Available-for-sale securities, debt securities | 66,848 | 56,006 |
Trust preferred securities | ||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Available-for-sale debt securities, amortized cost basis | 11,360 | 11,578 |
Available-for-sale debt securities, accumulated gross unrealized gain | 478 | 368 |
Available-for-sale debt securities, accumulated gross unrealized loss | 0 | (59) |
Available-for-sale securities, debt securities | 11,838 | 11,887 |
Other bonds and obligations | ||
Available-for-sale Debt Securities, Amortized Cost Basis [Abstract] | ||
Available-for-sale debt securities, amortized cost basis | 10,424 | 10,979 |
Available-for-sale debt securities, accumulated gross unrealized gain | 198 | 195 |
Available-for-sale debt securities, accumulated gross unrealized loss | (9) | (16) |
Available-for-sale securities, debt securities | 10,613 | 11,158 |
Securities held to maturity | ||
Held to maturity, amortized cost basis | 322 | 325 |
Held to maturity securities accumulated unrecognized holding gains | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss | 0 | 0 |
Securities held to maturity, fair value | $ 322 | $ 325 |
SECURITIES AVAILABLE FOR SALE37
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY - Schedule of Maturity of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available for sale, Amortized Cost | ||
Within 1 year | $ 528 | |
Over 1 year to 5 years | 31,474 | |
Over 5 years to 10 years | 54,724 | |
Over 10 years | 121,763 | |
Total bonds and obligations | 208,489 | |
Marketable equity securities | 36,085 | $ 47,858 |
Mortgage-backed securities | 1,074,073 | |
Available-for-sale securities, amortized cost basis | 1,318,647 | 1,193,306 |
Available for sale, Fair Value | ||
Within 1 year | 531 | |
Over 1 year to 5 years | 32,042 | |
Over 5 years to 10 years | 56,120 | |
Over 10 years | 125,256 | |
Total bonds and obligations | 213,949 | |
Marketable equity securities | 43,640 | 65,541 |
Mortgage-backed securities | 1,072,404 | |
Available for sale securities | 1,329,993 | 1,209,537 |
Held to maturity, Amortized Cost | ||
Within 1 year | 1,184 | |
Over 1 year to 5 years | 18,992 | |
Over 5 years to 10 years | 15,795 | |
Over 10 years | 221,269 | |
Total bonds and obligations | 257,240 | |
Mortgage-backed securities | 93,752 | |
Held to maturity, amortized cost basis | 350,992 | 334,368 |
Held to maturity, Fair Value | ||
Within 1 year | 1,185 | |
Over 1 year to 5 years | 19,719 | |
Over 5 years to 10 years | 16,269 | |
Over 10 years | 226,366 | |
Total bonds and obligations | 263,539 | |
Total bonds and obligations | 94,859 | |
Fair Value | $ 358,398 | $ 337,680 |
SECURITIES AVAILABLE FOR SALE38
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY - Summary of Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale securities, less than twelve months, gross unrealized losses | $ 6,555 | $ 8,044 |
Available for sale securities, over twelve months, gross unrealized losses | 670 | 2,255 |
Available for sale securities, continuous unrealized loss position, accumulated loss | 7,225 | 10,299 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 575,100 | 523,307 |
Available for sale securities, continuous unrealized loss position, over twelve months, fair value | 33,603 | 28,874 |
Available for sale securities, continuous unrealized loss position, fair value | 608,703 | 552,181 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 1,878 | 3,504 |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss | 1,878 | 3,504 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 80,087 | 103,002 |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss, fair value | 80,087 | 103,002 |
Securities available for sale and held to maturity | ||
Held to maturity and available for sale securities continuous unrealized loss position, less than twelve months, aggregate losses | 8,433 | 11,548 |
Held to maturity and available for sale securities continuous unrealized loss position, less than twelve months, fair value | 655,187 | 626,309 |
Held to maturity and available for sale securities continuous unrealized loss position, over twelve months, aggregate losses | 670 | 2,255 |
Held to maturity and available for sale securities continuous unrealized loss position, over twelve months, fair value | 33,603 | 28,874 |
Held to maturity and available for sale securities continuous unrealized loss position, aggregate losses | 9,103 | 13,803 |
Held to maturity and available for sale securities continuous unrealized loss position, fair value | 688,790 | 655,183 |
Debt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale securities, less than twelve months, gross unrealized losses | 6,133 | 7,887 |
Available for sale securities, over twelve months, gross unrealized losses | 670 | 799 |
Available for sale securities, continuous unrealized loss position, accumulated loss | 6,803 | 8,686 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 569,862 | 516,707 |
Available for sale securities, continuous unrealized loss position, over twelve months, fair value | 33,603 | 22,947 |
Available for sale securities, continuous unrealized loss position, fair value | 603,465 | 539,654 |
Debt securities | Municipal bonds and obligations | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale securities, less than twelve months, gross unrealized losses | 662 | 1,049 |
Available for sale securities, over twelve months, gross unrealized losses | 0 | 0 |
Available for sale securities, continuous unrealized loss position, accumulated loss | 662 | 1,049 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 14,622 | 13,839 |
Available for sale securities, continuous unrealized loss position, over twelve months, fair value | 0 | 0 |
Available for sale securities, continuous unrealized loss position, fair value | 14,622 | 13,839 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 1,148 | 2,416 |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss | 1,148 | 2,416 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 47,481 | 69,308 |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss, fair value | 47,481 | 69,308 |
Debt securities | Agency collateralized mortgage obligations | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale securities, less than twelve months, gross unrealized losses | 2,286 | 3,291 |
Available for sale securities, over twelve months, gross unrealized losses | 334 | 0 |
Available for sale securities, continuous unrealized loss position, accumulated loss | 2,620 | 3,291 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 371,163 | 319,448 |
Available for sale securities, continuous unrealized loss position, over twelve months, fair value | 16,034 | 0 |
Available for sale securities, continuous unrealized loss position, fair value | 387,197 | 319,448 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 366 | 411 |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss | 366 | 411 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 13,993 | 14,724 |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss, fair value | 13,993 | 14,724 |
Debt securities | Agency mortgage-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale securities, less than twelve months, gross unrealized losses | 1,820 | 2,153 |
Available for sale securities, over twelve months, gross unrealized losses | 24 | 28 |
Available for sale securities, continuous unrealized loss position, accumulated loss | 1,844 | 2,181 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 130,879 | 130,766 |
Available for sale securities, continuous unrealized loss position, over twelve months, fair value | 1,430 | 2,061 |
Available for sale securities, continuous unrealized loss position, fair value | 132,309 | 132,827 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 187 | 243 |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss | 187 | 243 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 8,277 | 8,859 |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss, fair value | 8,277 | 8,859 |
Debt securities | Agency commercial mortgage-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale securities, less than twelve months, gross unrealized losses | 1,356 | 1,368 |
Available for sale securities, over twelve months, gross unrealized losses | 0 | 0 |
Available for sale securities, continuous unrealized loss position, accumulated loss | 1,356 | 1,368 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 50,075 | 44,860 |
Available for sale securities, continuous unrealized loss position, over twelve months, fair value | 0 | 0 |
Available for sale securities, continuous unrealized loss position, fair value | 50,075 | 44,860 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 177 | 434 |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss | 177 | 434 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 10,336 | 10,111 |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss, fair value | 10,336 | 10,111 |
Debt securities | Corporate bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale securities, less than twelve months, gross unrealized losses | 0 | 11 |
Available for sale securities, over twelve months, gross unrealized losses | 312 | 711 |
Available for sale securities, continuous unrealized loss position, accumulated loss | 312 | 722 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 0 | 4,780 |
Available for sale securities, continuous unrealized loss position, over twelve months, fair value | 16,139 | 19,655 |
Available for sale securities, continuous unrealized loss position, fair value | 16,139 | 24,435 |
Debt securities | Trust preferred securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale securities, less than twelve months, gross unrealized losses | 0 | |
Available for sale securities, over twelve months, gross unrealized losses | 59 | |
Available for sale securities, continuous unrealized loss position, accumulated loss | 59 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 0 | |
Available for sale securities, continuous unrealized loss position, over twelve months, fair value | 1,204 | |
Available for sale securities, continuous unrealized loss position, fair value | 1,204 | |
Debt securities | Other bonds and obligations | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale securities, less than twelve months, gross unrealized losses | 9 | 15 |
Available for sale securities, over twelve months, gross unrealized losses | 0 | 1 |
Available for sale securities, continuous unrealized loss position, accumulated loss | 9 | 16 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 3,123 | 3,014 |
Available for sale securities, continuous unrealized loss position, over twelve months, fair value | 0 | 27 |
Available for sale securities, continuous unrealized loss position, fair value | 3,123 | 3,041 |
Marketable equity securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale securities, less than twelve months, gross unrealized losses | 422 | 157 |
Available for sale securities, over twelve months, gross unrealized losses | 0 | 1,456 |
Available for sale securities, continuous unrealized loss position, accumulated loss | 422 | 1,613 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 5,238 | 6,600 |
Available for sale securities, continuous unrealized loss position, over twelve months, fair value | 0 | 5,927 |
Available for sale securities, continuous unrealized loss position, fair value | $ 5,238 | $ 12,527 |
SECURITIES AVAILABLE FOR SALE39
SECURITIES AVAILABLE FOR SALE AND HELD TO MATURITY - Narrative (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017USD ($)security | Dec. 31, 2016USD ($) | |
Investment Holdings [Line Items] | ||
Securities available for sale, at fair value | $ | $ 1,329,993 | $ 1,209,537 |
Level 2 | ||
Investment Holdings [Line Items] | ||
Securities available for sale, at fair value | $ | $ 1,286,687 | $ 1,147,253 |
Marketable equity securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, securities in unrealized loss positions (security) | 4 | |
Available for sale securities portfolio, number of securities (security) | 19 | |
Available for sale and held to maturity securities, continuous unrealized loss position, aggregate losses (as percent) | 7.10% | |
Municipal bonds and obligations | ||
Investment Holdings [Line Items] | ||
Available for sale and held to maturity securities, continuous unrealized loss position, aggregate losses (as percent) | 2.40% | |
Held-to-maturity, securities in unrealized loss positions (security) | 35 | |
Held-to-maturity securities portfolio, number of securities (security) | 201 | |
Municipal bonds and obligations | Debt securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, securities in unrealized loss positions (security) | 9 | |
Available for sale securities portfolio, number of securities (security) | 270 | |
Available for sale and held to maturity securities, continuous unrealized loss position, aggregate losses (as percent) | 4.30% | |
Agency collateralized mortgage obligations | ||
Investment Holdings [Line Items] | ||
Available for sale and held to maturity securities, continuous unrealized loss position, aggregate losses (as percent) | 2.20% | |
Held-to-maturity, securities in unrealized loss positions (security) | 1 | |
Held-to-maturity securities portfolio, number of securities (security) | 9 | |
Agency collateralized mortgage obligations | Debt securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, securities in unrealized loss positions (security) | 76 | |
Available for sale securities portfolio, number of securities (security) | 233 | |
Available for sale and held to maturity securities, continuous unrealized loss position, aggregate losses (as percent) | 0.70% | |
Mortgage-backed securities | ||
Investment Holdings [Line Items] | ||
Available for sale and held to maturity securities, continuous unrealized loss position, aggregate losses (as percent) | 1.90% | |
Held-to-maturity, securities in unrealized loss positions (security) | 2 | |
Held-to-maturity securities portfolio, number of securities (security) | 2 | |
Mortgage-backed securities | Debt securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, securities in unrealized loss positions (security) | 49 | |
Available for sale securities portfolio, number of securities (security) | 103 | |
Available for sale and held to maturity securities, continuous unrealized loss position, aggregate losses (as percent) | 1.70% | |
Corporate bonds | One Investment | Level 2 | ||
Investment Holdings [Line Items] | ||
Securities available for sale, at fair value | $ | $ 16,100 | |
Corporate bonds | Debt securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, securities in unrealized loss positions (security) | 1 | |
Available for sale securities portfolio, number of securities (security) | 14 | |
Available for sale and held to maturity securities, continuous unrealized loss position, aggregate losses (as percent) | 1.90% | |
Corporate bonds | Debt securities | One Investment | ||
Investment Holdings [Line Items] | ||
Available for sale securities gross unrealized loss accumulated in investments | $ | $ 312 | |
Securities available for sale, at fair value | $ | $ 16,500 | |
Other bonds and obligations | Debt securities | ||
Investment Holdings [Line Items] | ||
Available-for-sale, securities in unrealized loss positions (security) | 6 | |
Available for sale securities portfolio, number of securities (security) | 9 | |
Available for sale and held to maturity securities, continuous unrealized loss position, aggregate losses (as percent) | 0.30% |
LOANS - Summary of Total Loans
LOANS - Summary of Total Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 6,864,482 | $ 6,549,787 |
Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 5,681,863 | 5,221,307 |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,182,619 | 1,328,480 |
Total commercial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,917,458 | 3,678,476 |
Total commercial loans | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,170,258 | 2,834,446 |
Total commercial loans | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 747,200 | 844,030 |
Commercial Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,689,522 | 2,616,438 |
Commercial Real Estate | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,059,721 | 1,926,344 |
Commercial Real Estate | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 629,801 | 690,094 |
Commercial Real Estate | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 291,427 | 287,509 |
Commercial Real Estate | Construction | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 266,859 | 253,302 |
Commercial Real Estate | Construction | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 24,568 | 34,207 |
Commercial Real Estate | Single and multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 454,721 | 317,491 |
Commercial Real Estate | Single and multi-family | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 356,771 | 191,819 |
Commercial Real Estate | Single and multi-family | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 97,950 | 125,672 |
Commercial Real Estate | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,943,374 | 2,011,438 |
Commercial Real Estate | Other | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,436,091 | 1,481,223 |
Commercial Real Estate | Other | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 507,283 | 530,215 |
Commercial and industrial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,227,936 | 1,062,038 |
Commercial and industrial loans | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,110,537 | 908,102 |
Commercial and industrial loans | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 117,399 | 153,936 |
Commercial and industrial loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 880,877 | 740,768 |
Commercial and industrial loans | Other | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 773,839 | 586,832 |
Commercial and industrial loans | Other | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 107,038 | 153,936 |
Commercial and industrial loans | Asset based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 347,059 | 321,270 |
Commercial and industrial loans | Asset based lending | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 336,698 | 321,270 |
Commercial and industrial loans | Asset based lending | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 10,361 | 0 |
Residential Mortgages | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,934,068 | 1,893,131 |
Residential Mortgages | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,661,957 | 1,594,972 |
Residential Mortgages | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 272,111 | 298,159 |
Residential Mortgages | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 10,231 | 11,982 |
Residential Mortgages | Construction | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 9,977 | 11,178 |
Residential Mortgages | Construction | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 254 | 804 |
Residential Mortgages | 1-4 family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,923,837 | 1,881,149 |
Residential Mortgages | 1-4 family | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,651,980 | 1,583,794 |
Residential Mortgages | 1-4 family | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 271,857 | 297,355 |
Consumer Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,012,956 | 978,180 |
Consumer Loans | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 849,648 | 791,889 |
Consumer Loans | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 163,308 | 186,291 |
Consumer Loans | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 388,222 | 393,800 |
Consumer Loans | Home equity | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 287,732 | 313,521 |
Consumer Loans | Home equity | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 100,490 | 80,279 |
Consumer Loans | Auto and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 624,734 | 584,380 |
Consumer Loans | Auto and other | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 561,916 | 478,368 |
Consumer Loans | Auto and other | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 62,818 | $ 106,012 |
LOANS - Narrative (Details)
LOANS - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017USD ($)contract | Jun. 30, 2017USD ($)contract | Dec. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 6,864,482 | $ 6,864,482 | $ 6,549,787 |
Borrower's sustained repayment performance period | 6 months | ||
Modifications that subsequently defaulted, number of contracts | contract | 0 | 1 | |
Residential Mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 1,934,068 | $ 1,934,068 | 1,893,131 |
Foreclosed property | 279 | 279 | 151 |
Residential Mortgages | Mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Process of foreclosure | 4,800 | 4,800 | |
Acquired Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 1,182,619 | 1,182,619 | 1,328,480 |
Acquired Credit Impaired | 40,202 | 40,202 | 46,816 |
Certain loans acquired in transfer not accounted for as debt securities, note balance, net | 69,300 | 69,300 | 86,600 |
Financing receivable not considered impaired at time of acquisition | 1,100,000 | 1,100,000 | 1,300,000 |
Acquired Loans | Residential Mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 272,111 | 272,111 | 298,159 |
Acquired Credit Impaired | 7,213 | 7,213 | 7,283 |
Acquired Loans | Residential Mortgages | Mortgages | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 272,111 | $ 272,111 | $ 298,159 |
LOANS - Accretable Yield Activi
LOANS - Accretable Yield Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | $ 7,363 | $ 6,464 | $ 8,738 | $ 6,925 |
Acquisitions | 0 | 708 | 0 | 708 |
Reclassification from nonaccretable difference for loans with improved cash flows | (85) | 522 | 333 | 1,418 |
Change in cash flows that do not affect nonaccretable difference | (506) | 0 | (1,253) | 0 |
Reclassification to TDR | 0 | 0 | 0 | (185) |
Accretion | (1,005) | (1,481) | (2,051) | (2,653) |
Balance at end of period | $ 5,767 | $ 6,213 | $ 5,767 | $ 6,213 |
LOANS - Summary of Past Due Loa
LOANS - Summary of Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 6,864,482 | $ 6,549,787 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 2,689,522 | 2,616,438 |
Commercial Real Estate | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 291,427 | 287,509 |
Commercial Real Estate | Single and multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 454,721 | 317,491 |
Commercial Real Estate | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,943,374 | 2,011,438 |
Commercial and industrial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,227,936 | 1,062,038 |
Commercial and industrial loans | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 880,877 | 740,768 |
Commercial and industrial loans | Asset based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 347,059 | 321,270 |
Residential Mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,934,068 | 1,893,131 |
Residential Mortgages | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 10,231 | 11,982 |
Residential Mortgages | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,923,837 | 1,881,149 |
Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,012,956 | 978,180 |
Consumer Loans | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 388,222 | 393,800 |
Consumer Loans | Auto and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 624,734 | 584,380 |
Business Activities Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 28,768 | 32,277 |
Current | 5,653,095 | 5,189,030 |
Total loans | 5,681,863 | 5,221,307 |
Past Due 90 days and Accruing | 880 | 2,438 |
Business Activities Loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,059 | 8,174 |
Business Activities Loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,795 | 4,849 |
Business Activities Loans | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,914 | 19,254 |
Business Activities Loans | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,952 | 8,288 |
Current | 2,050,769 | 1,918,056 |
Total loans | 2,059,721 | 1,926,344 |
Past Due 90 days and Accruing | 235 | 155 |
Business Activities Loans | Commercial Real Estate | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 266,859 | 253,302 |
Total loans | 266,859 | 253,302 |
Past Due 90 days and Accruing | 0 | 0 |
Business Activities Loans | Commercial Real Estate | Single and multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 577 | 1,352 |
Current | 356,194 | 190,467 |
Total loans | 356,771 | 191,819 |
Past Due 90 days and Accruing | 67 | 155 |
Business Activities Loans | Commercial Real Estate | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,375 | 6,936 |
Current | 1,427,716 | 1,474,287 |
Total loans | 1,436,091 | 1,481,223 |
Past Due 90 days and Accruing | 168 | 0 |
Business Activities Loans | Commercial Real Estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,038 | 1,099 |
Business Activities Loans | Commercial Real Estate | 30-59 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Business Activities Loans | Commercial Real Estate | 30-59 Days Past Due | Single and multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 106 | 618 |
Business Activities Loans | Commercial Real Estate | 30-59 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,932 | 481 |
Business Activities Loans | Commercial Real Estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 2,353 |
Business Activities Loans | Commercial Real Estate | 60-89 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Business Activities Loans | Commercial Real Estate | 60-89 Days Past Due | Single and multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 110 |
Business Activities Loans | Commercial Real Estate | 60-89 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 2,243 |
Business Activities Loans | Commercial Real Estate | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,914 | 4,836 |
Business Activities Loans | Commercial Real Estate | 90 Days or Greater Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Business Activities Loans | Commercial Real Estate | 90 Days or Greater Past Due | Single and multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 471 | 624 |
Business Activities Loans | Commercial Real Estate | 90 Days or Greater Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,443 | 4,212 |
Business Activities Loans | Commercial and industrial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,738 | 10,681 |
Current | 1,100,799 | 897,421 |
Total loans | 1,110,537 | 908,102 |
Past Due 90 days and Accruing | 135 | 5 |
Business Activities Loans | Commercial and industrial loans | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,738 | 10,681 |
Current | 764,101 | 576,151 |
Total loans | 773,839 | 586,832 |
Past Due 90 days and Accruing | 135 | 5 |
Business Activities Loans | Commercial and industrial loans | Asset based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 336,698 | 321,270 |
Total loans | 336,698 | 321,270 |
Past Due 90 days and Accruing | 0 | 0 |
Business Activities Loans | Commercial and industrial loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,470 | 3,090 |
Business Activities Loans | Commercial and industrial loans | 30-59 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,470 | 3,090 |
Business Activities Loans | Commercial and industrial loans | 30-59 Days Past Due | Asset based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Business Activities Loans | Commercial and industrial loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,089 | 1,301 |
Business Activities Loans | Commercial and industrial loans | 60-89 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,089 | 1,301 |
Business Activities Loans | Commercial and industrial loans | 60-89 Days Past Due | Asset based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Business Activities Loans | Commercial and industrial loans | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,179 | 6,290 |
Business Activities Loans | Commercial and industrial loans | 90 Days or Greater Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,179 | 6,290 |
Business Activities Loans | Commercial and industrial loans | 90 Days or Greater Past Due | Asset based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Business Activities Loans | Residential Mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,765 | 6,283 |
Current | 1,658,192 | 1,588,689 |
Total loans | 1,661,957 | 1,594,972 |
Past Due 90 days and Accruing | 320 | 1,956 |
Business Activities Loans | Residential Mortgages | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 10 |
Current | 9,977 | 11,168 |
Total loans | 9,977 | 11,178 |
Past Due 90 days and Accruing | 0 | 0 |
Business Activities Loans | Residential Mortgages | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,765 | 6,273 |
Current | 1,648,215 | 1,577,521 |
Total loans | 1,651,980 | 1,583,794 |
Past Due 90 days and Accruing | 320 | 1,956 |
Business Activities Loans | Residential Mortgages | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,147 | 1,403 |
Business Activities Loans | Residential Mortgages | 30-59 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 10 |
Business Activities Loans | Residential Mortgages | 30-59 Days Past Due | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,147 | 1,393 |
Business Activities Loans | Residential Mortgages | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 291 | 701 |
Business Activities Loans | Residential Mortgages | 60-89 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Business Activities Loans | Residential Mortgages | 60-89 Days Past Due | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 291 | 701 |
Business Activities Loans | Residential Mortgages | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,327 | 4,179 |
Business Activities Loans | Residential Mortgages | 90 Days or Greater Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Business Activities Loans | Residential Mortgages | 90 Days or Greater Past Due | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,327 | 4,179 |
Business Activities Loans | Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,313 | 7,025 |
Current | 843,335 | 784,864 |
Total loans | 849,648 | 791,889 |
Past Due 90 days and Accruing | 190 | 322 |
Business Activities Loans | Consumer Loans | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,612 | 3,080 |
Current | 285,120 | 310,441 |
Total loans | 287,732 | 313,521 |
Past Due 90 days and Accruing | 184 | 306 |
Business Activities Loans | Consumer Loans | Auto and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,701 | 3,945 |
Current | 558,215 | 474,423 |
Total loans | 561,916 | 478,368 |
Past Due 90 days and Accruing | 6 | 16 |
Business Activities Loans | Consumer Loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,404 | 2,582 |
Business Activities Loans | Consumer Loans | 30-59 Days Past Due | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 212 | 99 |
Business Activities Loans | Consumer Loans | 30-59 Days Past Due | Auto and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,192 | 2,483 |
Business Activities Loans | Consumer Loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 415 | 494 |
Business Activities Loans | Consumer Loans | 60-89 Days Past Due | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 86 | 0 |
Business Activities Loans | Consumer Loans | 60-89 Days Past Due | Auto and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 329 | 494 |
Business Activities Loans | Consumer Loans | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,494 | 3,949 |
Business Activities Loans | Consumer Loans | 90 Days or Greater Past Due | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,314 | 2,981 |
Business Activities Loans | Consumer Loans | 90 Days or Greater Past Due | Auto and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,180 | 968 |
Acquired Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,780 | 12,730 |
Acquired Credit Impaired | 40,202 | 46,816 |
Total loans | 1,182,619 | 1,328,480 |
Past Due 90 days and Accruing | 30 | 1,611 |
Acquired Loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,161 | 5,023 |
Acquired Loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,427 | 672 |
Acquired Loans | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,192 | 7,035 |
Acquired Loans | Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,149 | 2,759 |
Acquired Credit Impaired | 29,835 | 34,820 |
Total loans | 629,801 | 690,094 |
Past Due 90 days and Accruing | 0 | 0 |
Acquired Loans | Commercial Real Estate | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Acquired Credit Impaired | 0 | 47 |
Total loans | 24,568 | 34,207 |
Past Due 90 days and Accruing | 0 | 0 |
Acquired Loans | Commercial Real Estate | Single and multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 985 | 439 |
Acquired Credit Impaired | 3,381 | 4,726 |
Total loans | 97,950 | 125,672 |
Past Due 90 days and Accruing | 0 | 0 |
Acquired Loans | Commercial Real Estate | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,164 | 2,320 |
Acquired Credit Impaired | 26,454 | 30,047 |
Total loans | 507,283 | 530,215 |
Past Due 90 days and Accruing | 0 | 0 |
Acquired Loans | Commercial Real Estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,259 | 1,557 |
Acquired Loans | Commercial Real Estate | 30-59 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Acquired Loans | Commercial Real Estate | 30-59 Days Past Due | Single and multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 577 | 2 |
Acquired Loans | Commercial Real Estate | 30-59 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 682 | 1,555 |
Acquired Loans | Commercial Real Estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 982 | 0 |
Acquired Loans | Commercial Real Estate | 60-89 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Acquired Loans | Commercial Real Estate | 60-89 Days Past Due | Single and multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Acquired Loans | Commercial Real Estate | 60-89 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 982 | 0 |
Acquired Loans | Commercial Real Estate | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 908 | 1,202 |
Acquired Loans | Commercial Real Estate | 90 Days or Greater Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Acquired Loans | Commercial Real Estate | 90 Days or Greater Past Due | Single and multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 408 | 437 |
Acquired Loans | Commercial Real Estate | 90 Days or Greater Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 500 | 765 |
Acquired Loans | Commercial and industrial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,476 | 3,127 |
Acquired Credit Impaired | 1,850 | 3,369 |
Total loans | 117,399 | 153,936 |
Past Due 90 days and Accruing | 0 | 24 |
Acquired Loans | Commercial and industrial loans | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,476 | 3,127 |
Acquired Credit Impaired | 1,850 | 3,369 |
Total loans | 107,038 | 153,936 |
Past Due 90 days and Accruing | 0 | 24 |
Acquired Loans | Commercial and industrial loans | Asset based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Acquired Credit Impaired | 0 | 0 |
Total loans | 10,361 | 0 |
Past Due 90 days and Accruing | 0 | 0 |
Acquired Loans | Commercial and industrial loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 57 | 1,850 |
Acquired Loans | Commercial and industrial loans | 30-59 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 57 | 1,850 |
Acquired Loans | Commercial and industrial loans | 30-59 Days Past Due | Asset based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Acquired Loans | Commercial and industrial loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 76 | 15 |
Acquired Loans | Commercial and industrial loans | 60-89 Days Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 76 | 15 |
Acquired Loans | Commercial and industrial loans | 60-89 Days Past Due | Asset based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Acquired Loans | Commercial and industrial loans | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,343 | 1,262 |
Acquired Loans | Commercial and industrial loans | 90 Days or Greater Past Due | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,343 | 1,262 |
Acquired Loans | Commercial and industrial loans | 90 Days or Greater Past Due | Asset based lending | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Acquired Loans | Residential Mortgages | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,461 | 2,679 |
Acquired Credit Impaired | 7,213 | 7,283 |
Total loans | 272,111 | 298,159 |
Past Due 90 days and Accruing | 26 | 443 |
Acquired Loans | Residential Mortgages | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Acquired Credit Impaired | 0 | 0 |
Total loans | 254 | 804 |
Past Due 90 days and Accruing | 0 | 0 |
Acquired Loans | Residential Mortgages | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,461 | 2,679 |
Acquired Credit Impaired | 7,213 | 7,283 |
Total loans | 271,857 | 297,355 |
Past Due 90 days and Accruing | 26 | 443 |
Acquired Loans | Residential Mortgages | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 183 | 321 |
Acquired Loans | Residential Mortgages | 30-59 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Acquired Loans | Residential Mortgages | 30-59 Days Past Due | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 183 | 321 |
Acquired Loans | Residential Mortgages | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14 | 343 |
Acquired Loans | Residential Mortgages | 60-89 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Acquired Loans | Residential Mortgages | 60-89 Days Past Due | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14 | 343 |
Acquired Loans | Residential Mortgages | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,264 | 2,015 |
Acquired Loans | Residential Mortgages | 90 Days or Greater Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Acquired Loans | Residential Mortgages | 90 Days or Greater Past Due | 1-4 family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,264 | 2,015 |
Acquired Loans | Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,694 | 4,165 |
Acquired Credit Impaired | 1,304 | 1,344 |
Total loans | 163,308 | 186,291 |
Past Due 90 days and Accruing | 4 | 1,144 |
Acquired Loans | Consumer Loans | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,270 | 1,623 |
Acquired Credit Impaired | 935 | 957 |
Total loans | 100,490 | 80,279 |
Past Due 90 days and Accruing | 4 | 353 |
Acquired Loans | Consumer Loans | Auto and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,424 | 2,542 |
Acquired Credit Impaired | 369 | 387 |
Total loans | 62,818 | 106,012 |
Past Due 90 days and Accruing | 0 | 791 |
Acquired Loans | Consumer Loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 662 | 1,295 |
Acquired Loans | Consumer Loans | 30-59 Days Past Due | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 50 | 753 |
Acquired Loans | Consumer Loans | 30-59 Days Past Due | Auto and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 612 | 542 |
Acquired Loans | Consumer Loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 355 | 314 |
Acquired Loans | Consumer Loans | 60-89 Days Past Due | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Acquired Loans | Consumer Loans | 60-89 Days Past Due | Auto and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 355 | 314 |
Acquired Loans | Consumer Loans | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,677 | 2,556 |
Acquired Loans | Consumer Loans | 90 Days or Greater Past Due | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,220 | 870 |
Acquired Loans | Consumer Loans | 90 Days or Greater Past Due | Auto and other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 457 | $ 1,686 |
LOANS - Summary Information Per
LOANS - Summary Information Pertaining to Non-accrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Non-accrual loans | ||
Non-accrual loans | $ 24,100 | $ 22,157 |
Business Activities Loans | ||
Non-accrual loans | ||
Non-accrual loans | 19,034 | 16,816 |
Acquired Loans | ||
Non-accrual loans | ||
Non-accrual loans | 5,066 | 5,341 |
Acquired Credit Impaired Loans | ||
Non-accrual loans | ||
Non-accrual loans | 96 | 83 |
Commercial Real Estate | ||
Non-accrual loans | ||
Non-accrual loans | 7,587 | 5,883 |
Commercial Real Estate | Business Activities Loans | ||
Non-accrual loans | ||
Non-accrual loans | 6,679 | 4,681 |
Commercial Real Estate | Acquired Loans | ||
Non-accrual loans | ||
Non-accrual loans | 908 | 1,202 |
Commercial Real Estate | Construction | ||
Non-accrual loans | ||
Non-accrual loans | 0 | 0 |
Commercial Real Estate | Construction | Business Activities Loans | ||
Non-accrual loans | ||
Non-accrual loans | 0 | 0 |
Commercial Real Estate | Construction | Acquired Loans | ||
Non-accrual loans | ||
Non-accrual loans | 0 | 0 |
Commercial Real Estate | Single and multi-family | ||
Non-accrual loans | ||
Non-accrual loans | 812 | 906 |
Commercial Real Estate | Single and multi-family | Business Activities Loans | ||
Non-accrual loans | ||
Non-accrual loans | 404 | 469 |
Commercial Real Estate | Single and multi-family | Acquired Loans | ||
Non-accrual loans | ||
Non-accrual loans | 408 | 437 |
Commercial Real Estate | Other | ||
Non-accrual loans | ||
Non-accrual loans | 6,775 | 4,977 |
Commercial Real Estate | Other | Business Activities Loans | ||
Non-accrual loans | ||
Non-accrual loans | 6,275 | 4,212 |
Commercial Real Estate | Other | Acquired Loans | ||
Non-accrual loans | ||
Non-accrual loans | 500 | 765 |
Commercial and industrial loans | ||
Non-accrual loans | ||
Non-accrual loans | 8,304 | 7,440 |
Commercial and industrial loans | Business Activities Loans | ||
Non-accrual loans | ||
Non-accrual loans | 7,044 | 6,285 |
Commercial and industrial loans | Acquired Loans | ||
Non-accrual loans | ||
Non-accrual loans | 1,260 | 1,155 |
Commercial and industrial loans | Other | ||
Non-accrual loans | ||
Non-accrual loans | 8,304 | 7,440 |
Commercial and industrial loans | Other | Business Activities Loans | ||
Non-accrual loans | ||
Non-accrual loans | 7,044 | 6,285 |
Commercial and industrial loans | Other | Acquired Loans | ||
Non-accrual loans | ||
Non-accrual loans | 1,260 | 1,155 |
Residential Mortgages | ||
Non-accrual loans | ||
Non-accrual loans | 3,232 | 3,795 |
Residential Mortgages | Business Activities Loans | ||
Non-accrual loans | ||
Non-accrual loans | 2,007 | 2,223 |
Residential Mortgages | Acquired Loans | ||
Non-accrual loans | ||
Non-accrual loans | 1,225 | 1,572 |
Residential Mortgages | Construction | ||
Non-accrual loans | ||
Non-accrual loans | 0 | 0 |
Residential Mortgages | Construction | Business Activities Loans | ||
Non-accrual loans | ||
Non-accrual loans | 0 | 0 |
Residential Mortgages | Construction | Acquired Loans | ||
Non-accrual loans | ||
Non-accrual loans | 0 | 0 |
Residential Mortgages | 1-4 family | ||
Non-accrual loans | ||
Non-accrual loans | 3,232 | 3,795 |
Residential Mortgages | 1-4 family | Business Activities Loans | ||
Non-accrual loans | ||
Non-accrual loans | 2,007 | 2,223 |
Residential Mortgages | 1-4 family | Acquired Loans | ||
Non-accrual loans | ||
Non-accrual loans | 1,225 | 1,572 |
Consumer Loans | ||
Non-accrual loans | ||
Non-accrual loans | 4,977 | 5,039 |
Consumer Loans | Business Activities Loans | ||
Non-accrual loans | ||
Non-accrual loans | 3,304 | 3,627 |
Consumer Loans | Acquired Loans | ||
Non-accrual loans | ||
Non-accrual loans | 1,673 | 1,412 |
Consumer Loans | Home equity | ||
Non-accrual loans | ||
Non-accrual loans | 3,346 | 3,192 |
Consumer Loans | Home equity | Business Activities Loans | ||
Non-accrual loans | ||
Non-accrual loans | 2,130 | 2,675 |
Consumer Loans | Home equity | Acquired Loans | ||
Non-accrual loans | ||
Non-accrual loans | 1,216 | 517 |
Consumer Loans | Auto and other | ||
Non-accrual loans | ||
Non-accrual loans | 1,631 | 1,847 |
Consumer Loans | Auto and other | Business Activities Loans | ||
Non-accrual loans | ||
Non-accrual loans | 1,174 | 952 |
Consumer Loans | Auto and other | Acquired Loans | ||
Non-accrual loans | ||
Non-accrual loans | $ 457 | $ 895 |
LOANS - Loans Evaluated for Imp
LOANS - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Loans receivable: balance at end of period | ||
Total loans | $ 6,864,482 | $ 6,549,787 |
Commercial Real Estate | ||
Loans receivable: balance at end of period | ||
Total loans | 2,689,522 | 2,616,438 |
Commercial and industrial loans | ||
Loans receivable: balance at end of period | ||
Total loans | 1,227,936 | 1,062,038 |
Residential Mortgages | ||
Loans receivable: balance at end of period | ||
Total loans | 1,934,068 | 1,893,131 |
Consumer Loans | ||
Loans receivable: balance at end of period | ||
Total loans | 1,012,956 | 978,180 |
Business Activities Loans | ||
Loans receivable: balance at end of period | ||
Individually evaluated for impairment | 49,307 | 36,732 |
Collectively evaluated for impairment | 5,632,556 | 5,184,575 |
Total loans | 5,681,863 | 5,221,307 |
Business Activities Loans | Commercial Real Estate | ||
Loans receivable: balance at end of period | ||
Individually evaluated for impairment | 36,769 | 25,549 |
Collectively evaluated for impairment | 2,022,952 | 1,900,795 |
Total loans | 2,059,721 | 1,926,344 |
Business Activities Loans | Commercial and industrial loans | ||
Loans receivable: balance at end of period | ||
Individually evaluated for impairment | 7,944 | 5,705 |
Collectively evaluated for impairment | 1,102,593 | 902,397 |
Total loans | 1,110,537 | 908,102 |
Business Activities Loans | Residential Mortgages | ||
Loans receivable: balance at end of period | ||
Individually evaluated for impairment | 2,225 | 2,775 |
Collectively evaluated for impairment | 1,659,732 | 1,592,197 |
Total loans | 1,661,957 | 1,594,972 |
Business Activities Loans | Consumer Loans | ||
Loans receivable: balance at end of period | ||
Individually evaluated for impairment | 2,369 | 2,703 |
Collectively evaluated for impairment | 847,279 | 789,186 |
Total loans | 849,648 | 791,889 |
Acquired Loans | ||
Loans receivable: balance at end of period | ||
Individually evaluated for impairment | 4,985 | 5,605 |
Purchased credit-impaired loans | 40,202 | 46,816 |
Collectively evaluated for impairment | 1,137,432 | 1,276,059 |
Total loans | 1,182,619 | 1,328,480 |
Acquired Loans | Commercial Real Estate | ||
Loans receivable: balance at end of period | ||
Individually evaluated for impairment | 2,909 | 4,256 |
Purchased credit-impaired loans | 29,835 | 34,820 |
Collectively evaluated for impairment | 597,057 | 651,018 |
Total loans | 629,801 | 690,094 |
Acquired Loans | Commercial and industrial loans | ||
Loans receivable: balance at end of period | ||
Individually evaluated for impairment | 611 | 635 |
Purchased credit-impaired loans | 1,850 | 3,369 |
Collectively evaluated for impairment | 114,938 | 149,932 |
Total loans | 117,399 | 153,936 |
Acquired Loans | Residential Mortgages | ||
Loans receivable: balance at end of period | ||
Individually evaluated for impairment | 484 | 308 |
Purchased credit-impaired loans | 7,213 | 7,283 |
Collectively evaluated for impairment | 264,414 | 290,568 |
Total loans | 272,111 | 298,159 |
Acquired Loans | Consumer Loans | ||
Loans receivable: balance at end of period | ||
Individually evaluated for impairment | 981 | 406 |
Purchased credit-impaired loans | 1,304 | 1,344 |
Collectively evaluated for impairment | 161,023 | 184,541 |
Total loans | $ 163,308 | $ 186,291 |
LOANS - Summary of Impaired Loa
LOANS - Summary of Impaired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Business Activities Loans | ||
Recorded Investment | ||
Total | $ 48,615 | $ 36,018 |
Unpaid Principal Balance | ||
Total | 49,307 | 36,732 |
Related Allowance | ||
With an allowance recorded | 692 | 714 |
Business Activities Loans | Commercial Real Estate | ||
Recorded Investment | ||
Total | 36,642 | 25,390 |
Unpaid Principal Balance | ||
Total | 36,769 | 25,548 |
Related Allowance | ||
With an allowance recorded | 127 | 158 |
Business Activities Loans | Commercial Real Estate | Construction | ||
Recorded Investment | ||
With no related allowance | 0 | 0 |
With an allowance recorded | 0 | 0 |
Unpaid Principal Balance | ||
With no related allowance | 0 | 0 |
With an allowance recorded | 0 | 0 |
Related Allowance | ||
With an allowance recorded | 0 | 0 |
Business Activities Loans | Commercial Real Estate | Single and multi-family | ||
Recorded Investment | ||
With no related allowance | 0 | 0 |
With an allowance recorded | 165 | 179 |
Unpaid Principal Balance | ||
With no related allowance | 0 | 0 |
With an allowance recorded | 166 | 181 |
Related Allowance | ||
With an allowance recorded | 1 | 2 |
Business Activities Loans | Commercial Real Estate | Other | ||
Recorded Investment | ||
With no related allowance | 21,630 | 18,905 |
With an allowance recorded | 14,847 | 6,306 |
Unpaid Principal Balance | ||
With no related allowance | 21,630 | 18,905 |
With an allowance recorded | 14,973 | 6,462 |
Related Allowance | ||
With an allowance recorded | 126 | 156 |
Business Activities Loans | Commercial and industrial loans | ||
Recorded Investment | ||
Total | 7,816 | 5,442 |
Unpaid Principal Balance | ||
Total | 7,944 | 5,706 |
Related Allowance | ||
With an allowance recorded | 128 | 264 |
Business Activities Loans | Commercial and industrial loans | Other | ||
Recorded Investment | ||
With no related allowance | 1,174 | 382 |
With an allowance recorded | 6,642 | 5,060 |
Unpaid Principal Balance | ||
With no related allowance | 1,174 | 382 |
With an allowance recorded | 6,770 | 5,324 |
Related Allowance | ||
With an allowance recorded | 128 | 264 |
Business Activities Loans | Residential Mortgages | ||
Recorded Investment | ||
Total | 2,146 | 2,639 |
Unpaid Principal Balance | ||
Total | 2,225 | 2,775 |
Related Allowance | ||
With an allowance recorded | 79 | 136 |
Business Activities Loans | Residential Mortgages | 1-4 Family | ||
Recorded Investment | ||
With no related allowance | 1,591 | 2,101 |
With an allowance recorded | 555 | 538 |
Unpaid Principal Balance | ||
With no related allowance | 1,591 | 2,101 |
With an allowance recorded | 634 | 674 |
Related Allowance | ||
With an allowance recorded | 79 | 136 |
Business Activities Loans | Consumer Loans | ||
Recorded Investment | ||
Total | 2,011 | 2,547 |
Unpaid Principal Balance | ||
Total | 2,369 | 2,703 |
Related Allowance | ||
With an allowance recorded | 358 | 156 |
Business Activities Loans | Consumer Loans | Other | ||
Recorded Investment | ||
With no related allowance | 0 | 0 |
With an allowance recorded | 0 | 0 |
Unpaid Principal Balance | ||
With no related allowance | 0 | 0 |
With an allowance recorded | 0 | 0 |
Related Allowance | ||
With an allowance recorded | 0 | 0 |
Business Activities Loans | Consumer Loans | Home equity | ||
Recorded Investment | ||
With no related allowance | 0 | 1,605 |
With an allowance recorded | 2,011 | 942 |
Unpaid Principal Balance | ||
With no related allowance | 0 | 1,605 |
With an allowance recorded | 2,369 | 1,098 |
Related Allowance | ||
With an allowance recorded | 358 | 156 |
Acquired Loans | ||
Recorded Investment | ||
Total | 4,887 | 5,171 |
Unpaid Principal Balance | ||
Total | 4,985 | 5,605 |
Related Allowance | ||
With an allowance recorded | 98 | 434 |
Acquired Loans | Commercial Real Estate | ||
Recorded Investment | ||
Total | 2,855 | 4,006 |
Unpaid Principal Balance | ||
Total | 2,909 | 4,256 |
Related Allowance | ||
With an allowance recorded | 54 | 250 |
Acquired Loans | Commercial Real Estate | Single and multi-family | ||
Recorded Investment | ||
With no related allowance | 326 | 0 |
With an allowance recorded | 878 | 1,250 |
Unpaid Principal Balance | ||
With no related allowance | 326 | 0 |
With an allowance recorded | 902 | 1,358 |
Related Allowance | ||
With an allowance recorded | 24 | 108 |
Acquired Loans | Commercial Real Estate | Other | ||
Recorded Investment | ||
With no related allowance | 202 | 547 |
With an allowance recorded | 1,449 | 2,209 |
Unpaid Principal Balance | ||
With no related allowance | 202 | 547 |
With an allowance recorded | 1,479 | 2,351 |
Related Allowance | ||
With an allowance recorded | 30 | 142 |
Acquired Loans | Commercial and industrial loans | ||
Recorded Investment | ||
Total | 607 | 576 |
Unpaid Principal Balance | ||
Total | 611 | 635 |
Related Allowance | ||
With an allowance recorded | 4 | 59 |
Acquired Loans | Commercial and industrial loans | Other | ||
Recorded Investment | ||
With no related allowance | 296 | 0 |
With an allowance recorded | 311 | 576 |
Unpaid Principal Balance | ||
With no related allowance | 296 | 0 |
With an allowance recorded | 315 | 635 |
Related Allowance | ||
With an allowance recorded | 4 | 59 |
Acquired Loans | Residential Mortgages | ||
Recorded Investment | ||
Total | 480 | 297 |
Unpaid Principal Balance | ||
Total | 484 | 308 |
Related Allowance | ||
With an allowance recorded | 4 | 11 |
Acquired Loans | Residential Mortgages | 1-4 Family | ||
Recorded Investment | ||
With no related allowance | 391 | 208 |
With an allowance recorded | 89 | 89 |
Unpaid Principal Balance | ||
With no related allowance | 391 | 208 |
With an allowance recorded | 93 | 100 |
Related Allowance | ||
With an allowance recorded | 4 | 11 |
Acquired Loans | Consumer Loans | ||
Recorded Investment | ||
Total | 945 | 292 |
Unpaid Principal Balance | ||
Total | 981 | 406 |
Related Allowance | ||
With an allowance recorded | 36 | 114 |
Acquired Loans | Consumer Loans | Other | ||
Recorded Investment | ||
With no related allowance | 0 | |
Unpaid Principal Balance | ||
With no related allowance | 0 | |
Acquired Loans | Consumer Loans | Home equity | ||
Recorded Investment | ||
With no related allowance | 606 | |
With an allowance recorded | 339 | 292 |
Unpaid Principal Balance | ||
With no related allowance | 606 | |
With an allowance recorded | 375 | 406 |
Related Allowance | ||
With an allowance recorded | $ 36 | $ 114 |
LOANS - Average Recorded Invest
LOANS - Average Recorded Investment and Interest Income Recognized on Impaired Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | $ 45,808 | $ 24,104 |
Interest income, cash basis method | 782 | 442 |
Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 5,326 | 5,447 |
Interest income, cash basis method | 144 | 117 |
Commercial Real Estate | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 32,688 | 12,906 |
Interest income, cash basis method | 600 | 244 |
Commercial Real Estate | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 3,052 | 4,141 |
Interest income, cash basis method | 123 | 102 |
Commercial Real Estate | Construction | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment, with no related allowance | 0 | 0 |
Cash basis interest income recognized, with no related allowance | 0 | 0 |
Recorded investment with related allowance | 0 | 0 |
Cash basis interest income recognized, with related allowance | 0 | 0 |
Commercial Real Estate | Single and multi-family | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment, with no related allowance | 99 | 72 |
Cash basis interest income recognized, with no related allowance | 0 | 1 |
Recorded investment with related allowance | 171 | 0 |
Cash basis interest income recognized, with related allowance | 8 | 0 |
Commercial Real Estate | Single and multi-family | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment, with no related allowance | 396 | 125 |
Cash basis interest income recognized, with no related allowance | 43 | 4 |
Recorded investment with related allowance | 905 | 822 |
Cash basis interest income recognized, with related allowance | 12 | 21 |
Commercial Real Estate | Other | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment, with no related allowance | 22,362 | 2,690 |
Cash basis interest income recognized, with no related allowance | 473 | 3 |
Recorded investment with related allowance | 10,056 | 10,144 |
Cash basis interest income recognized, with related allowance | 119 | 240 |
Commercial Real Estate | Other | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment, with no related allowance | 269 | 596 |
Cash basis interest income recognized, with no related allowance | 49 | 0 |
Recorded investment with related allowance | 1,482 | 2,598 |
Cash basis interest income recognized, with related allowance | 19 | 77 |
Commercial and industrial loans | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 8,153 | 6,283 |
Interest income, cash basis method | 147 | 135 |
Commercial and industrial loans | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 626 | 387 |
Interest income, cash basis method | 9 | 2 |
Commercial and industrial loans | Other | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment, with no related allowance | 1,251 | 707 |
Cash basis interest income recognized, with no related allowance | 16 | 16 |
Recorded investment with related allowance | 6,902 | 5,576 |
Cash basis interest income recognized, with related allowance | 131 | 119 |
Commercial and industrial loans | Other | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment, with no related allowance | 298 | 154 |
Cash basis interest income recognized, with no related allowance | 1 | 0 |
Recorded investment with related allowance | 328 | 233 |
Cash basis interest income recognized, with related allowance | 8 | 2 |
Residential Mortgages | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 2,506 | 3,018 |
Interest income, cash basis method | 18 | 39 |
Residential Mortgages | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 487 | 433 |
Interest income, cash basis method | 7 | 6 |
Residential Mortgages | 1-4 Family | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment, with no related allowance | 1,870 | 1,409 |
Cash basis interest income recognized, with no related allowance | 11 | 3 |
Recorded investment with related allowance | 636 | 1,609 |
Cash basis interest income recognized, with related allowance | 7 | 36 |
Residential Mortgages | 1-4 Family | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment, with no related allowance | 393 | 100 |
Cash basis interest income recognized, with no related allowance | 6 | 0 |
Recorded investment with related allowance | 94 | 333 |
Cash basis interest income recognized, with related allowance | 1 | 6 |
Consumer Loans | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 2,461 | 1,897 |
Interest income, cash basis method | 17 | 24 |
Consumer Loans | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment | 1,161 | 486 |
Interest income, cash basis method | 5 | 7 |
Consumer Loans | Other | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment, with no related allowance | 0 | 1 |
Cash basis interest income recognized, with no related allowance | 0 | 0 |
Consumer Loans | Other | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment, with no related allowance | 0 | 160 |
Cash basis interest income recognized, with no related allowance | 0 | 1 |
Recorded investment with related allowance | 0 | 0 |
Cash basis interest income recognized, with related allowance | 0 | 0 |
Consumer Loans | Home equity | Business Activities Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment, with no related allowance | 90 | 792 |
Cash basis interest income recognized, with no related allowance | 0 | 5 |
Recorded investment with related allowance | 2,371 | 999 |
Cash basis interest income recognized, with related allowance | 17 | 17 |
Consumer Loans | Home equity | Acquired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Average recorded investment, with no related allowance | 771 | 0 |
Cash basis interest income recognized, with no related allowance | 0 | 0 |
Recorded investment with related allowance | 390 | 326 |
Cash basis interest income recognized, with related allowance | $ 5 | $ 6 |
LOANS - Recorded Investment and
LOANS - Recorded Investment and Number of Modifications (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)modification | Jun. 30, 2016USD ($)modification | Jun. 30, 2017USD ($)modification | Jun. 30, 2016USD ($)modification | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Modifications | modification | 13 | 1 | 23 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 12,406 | $ 117 | $ 15,520 | $ 1,317 |
Post-Modification Outstanding Recorded Investment | $ 11,178 | $ 117 | $ 13,776 | $ 1,317 |
Total commercial loans | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Modifications | modification | 9 | 15 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 10,613 | $ 13,445 | $ 1,049 | |
Post-Modification Outstanding Recorded Investment | $ 9,385 | $ 11,718 | $ 1,049 | |
Commercial and industrial loans | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Modifications | modification | 4 | 5 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 1,793 | $ 1,817 | $ 151 | |
Post-Modification Outstanding Recorded Investment | $ 1,793 | $ 1,817 | $ 151 | |
Residential Mortgages | 1-4 Family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Modifications | modification | 0 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 205 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 188 | ||
Consumer Loans | Home equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Modifications | modification | 0 | 1 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 117 | $ 53 | $ 117 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 117 | $ 53 | $ 117 |
LOANS - Troubled Debt Restructu
LOANS - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017USD ($)contract | Jun. 30, 2017USD ($)contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Modifications that subsequently defaulted, number of contracts | 0 | 1 |
Total commercial loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Modifications that subsequently defaulted, number of contracts | 0 | 1 |
Modifications that subsequently defaulted, recorded investment | $ | $ 0 | $ 113 |
Commercial and industrial loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Modifications that subsequently defaulted, number of contracts | 0 | 1 |
Modifications that subsequently defaulted, recorded investment | $ | $ 0 | $ 101 |
LOANS - Troubled Debt Restruc50
LOANS - Troubled Debt Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at beginning of the period | $ 34,699 | $ 23,654 | $ 33,829 | $ 22,048 |
Principal payments | (266) | (768) | (1,154) | (1,109) |
TDR status change | 0 | 0 | 0 | 2,236 |
Other reductions/increases | (1,055) | (881) | (1,895) | (2,370) |
Newly identified TDRs | 11,178 | 117 | 13,776 | 1,317 |
Balance at end of the period | $ 44,556 | $ 22,122 | $ 44,556 | $ 22,122 |
LOAN LOSS ALLOWANCE - Allowance
LOAN LOSS ALLOWANCE - Allowance Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Activity in the allowance for loan losses | ||||||
Balance at beginning of period | $ 43,998 | |||||
Provision/(releases) for loan losses | $ 4,889 | $ 4,522 | 9,984 | $ 8,528 | ||
Balance at end of period | 47,359 | 47,359 | ||||
Allowance For Loan Losses | ||||||
Total | 47,359 | 43,998 | $ 47,359 | |||
Business Activities Loans | ||||||
Activity in the allowance for loan losses | ||||||
Balance at beginning of period | 41,463 | 35,498 | 39,229 | 34,574 | ||
Charged-off loans | 2,883 | 2,995 | 5,197 | 5,952 | ||
Recoveries on charged-off loans | 156 | 63 | 329 | 332 | ||
Provision/(releases) for loan losses | 4,159 | 4,558 | 8,534 | 8,170 | ||
Balance at end of period | 42,895 | 37,124 | 42,895 | 37,124 | ||
Allowance For Loan Losses | ||||||
Individually evaluated for impairment | 692 | $ 642 | ||||
Collectively evaluated for impairment | 42,203 | 36,482 | ||||
Total | 41,463 | 35,498 | 39,229 | 34,574 | 42,895 | 37,124 |
Business Activities Loans | Commercial real estate | ||||||
Activity in the allowance for loan losses | ||||||
Balance at beginning of period | 16,115 | 16,043 | 16,405 | 14,508 | ||
Charged-off loans | 1,393 | 534 | 1,516 | 1,578 | ||
Recoveries on charged-off loans | 0 | 0 | 57 | 128 | ||
Provision/(releases) for loan losses | 1,445 | 1,386 | 1,221 | 3,837 | ||
Balance at end of period | 16,167 | 16,895 | 16,167 | 16,895 | ||
Allowance For Loan Losses | ||||||
Individually evaluated for impairment | 127 | 324 | ||||
Collectively evaluated for impairment | 16,040 | 16,571 | ||||
Total | 16,115 | 16,043 | 16,405 | 14,508 | 16,167 | 16,895 |
Business Activities Loans | Commercial and industrial loans | ||||||
Activity in the allowance for loan losses | ||||||
Balance at beginning of period | 11,733 | 8,629 | 9,371 | 7,317 | ||
Charged-off loans | 581 | 1,581 | 1,851 | 2,546 | ||
Recoveries on charged-off loans | 55 | 3 | 71 | 77 | ||
Provision/(releases) for loan losses | 1,535 | 1,245 | 5,151 | 3,448 | ||
Balance at end of period | 12,742 | 8,296 | 12,742 | 8,296 | ||
Allowance For Loan Losses | ||||||
Individually evaluated for impairment | 128 | 113 | ||||
Collectively evaluated for impairment | 12,614 | 8,183 | ||||
Total | 11,733 | 8,629 | 9,371 | 7,317 | 12,742 | 8,296 |
Business Activities Loans | Residential mortgages | ||||||
Activity in the allowance for loan losses | ||||||
Balance at beginning of period | 7,776 | 7,061 | 7,752 | 7,566 | ||
Charged-off loans | 278 | 540 | 513 | 1,087 | ||
Recoveries on charged-off loans | 14 | 5 | 29 | 5 | ||
Provision/(releases) for loan losses | 701 | 1,000 | 945 | 1,042 | ||
Balance at end of period | 8,213 | 7,526 | 8,213 | 7,526 | ||
Allowance For Loan Losses | ||||||
Individually evaluated for impairment | 79 | 150 | ||||
Collectively evaluated for impairment | 8,134 | 7,376 | ||||
Total | 7,776 | 7,061 | 7,752 | 7,566 | 8,213 | 7,526 |
Business Activities Loans | Consumer | ||||||
Activity in the allowance for loan losses | ||||||
Balance at beginning of period | 5,414 | 4,069 | 5,447 | 4,956 | ||
Charged-off loans | 631 | 340 | 1,317 | 741 | ||
Recoveries on charged-off loans | 87 | 55 | 172 | 122 | ||
Provision/(releases) for loan losses | 1,428 | 985 | 1,996 | 432 | ||
Balance at end of period | 6,298 | 4,769 | 6,298 | 4,769 | ||
Allowance For Loan Losses | ||||||
Individually evaluated for impairment | 358 | 55 | ||||
Collectively evaluated for impairment | 5,940 | 4,714 | ||||
Total | 5,414 | 4,069 | 5,447 | 4,956 | 6,298 | 4,769 |
Business Activities Loans | Unallocated | ||||||
Activity in the allowance for loan losses | ||||||
Balance at beginning of period | 425 | (304) | 254 | 227 | ||
Charged-off loans | 0 | 0 | 0 | 0 | ||
Recoveries on charged-off loans | 0 | 0 | 0 | 0 | ||
Provision/(releases) for loan losses | (950) | (58) | (779) | (589) | ||
Balance at end of period | (525) | (362) | (525) | (362) | ||
Allowance For Loan Losses | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | (525) | (362) | ||||
Total | 425 | (304) | 254 | 227 | (525) | (362) |
Acquired Loans | ||||||
Activity in the allowance for loan losses | ||||||
Balance at beginning of period | 4,341 | 4,557 | 4,769 | 4,734 | ||
Charged-off loans | 548 | 398 | 1,857 | 1,145 | ||
Recoveries on charged-off loans | (59) | 150 | 102 | 326 | ||
Provision/(releases) for loan losses | 730 | (36) | 1,450 | 358 | ||
Balance at end of period | 4,464 | 4,273 | 4,464 | 4,273 | ||
Allowance For Loan Losses | ||||||
Individually evaluated for impairment | 98 | 286 | ||||
Purchased credit-impaired loans | 0 | 0 | ||||
Collectively evaluated for impairment | 4,366 | 3,987 | ||||
Total | 4,341 | 4,557 | 4,769 | 4,734 | 4,464 | 4,273 |
Acquired Loans | Commercial real estate | ||||||
Activity in the allowance for loan losses | ||||||
Balance at beginning of period | 2,128 | 1,963 | 2,303 | 1,903 | ||
Charged-off loans | 94 | 0 | 670 | 126 | ||
Recoveries on charged-off loans | 13 | 1 | 22 | 0 | ||
Provision/(releases) for loan losses | 309 | 176 | 701 | 363 | ||
Balance at end of period | 2,356 | 2,140 | 2,356 | 2,140 | ||
Allowance For Loan Losses | ||||||
Individually evaluated for impairment | 54 | 177 | ||||
Purchased credit-impaired loans | 0 | 0 | ||||
Collectively evaluated for impairment | 2,302 | 1,963 | ||||
Total | 2,128 | 1,963 | 2,303 | 1,903 | 2,356 | 2,140 |
Acquired Loans | Commercial and industrial loans | ||||||
Activity in the allowance for loan losses | ||||||
Balance at beginning of period | 1,054 | 1,275 | 1,164 | 1,330 | ||
Charged-off loans | 43 | 250 | 481 | 275 | ||
Recoveries on charged-off loans | (56) | 107 | 1 | 176 | ||
Provision/(releases) for loan losses | 59 | (356) | 330 | (455) | ||
Balance at end of period | 1,014 | 776 | 1,014 | 776 | ||
Allowance For Loan Losses | ||||||
Individually evaluated for impairment | 4 | 42 | ||||
Purchased credit-impaired loans | 0 | 0 | ||||
Collectively evaluated for impairment | 1,010 | 734 | ||||
Total | 1,054 | 1,275 | 1,164 | 1,330 | 1,014 | 776 |
Acquired Loans | Residential mortgages | ||||||
Activity in the allowance for loan losses | ||||||
Balance at beginning of period | 706 | 894 | 766 | 976 | ||
Charged-off loans | 71 | 54 | 215 | 364 | ||
Recoveries on charged-off loans | (2) | 21 | 38 | 104 | ||
Provision/(releases) for loan losses | 57 | 20 | 101 | 165 | ||
Balance at end of period | 690 | 881 | 690 | 881 | ||
Allowance For Loan Losses | ||||||
Individually evaluated for impairment | 4 | 35 | ||||
Purchased credit-impaired loans | 0 | 0 | ||||
Collectively evaluated for impairment | 686 | 846 | ||||
Total | 706 | 894 | 766 | 976 | 690 | 881 |
Acquired Loans | Consumer | ||||||
Activity in the allowance for loan losses | ||||||
Balance at beginning of period | 453 | 425 | 536 | 525 | ||
Charged-off loans | 340 | 94 | 491 | 380 | ||
Recoveries on charged-off loans | (14) | 21 | 41 | 46 | ||
Provision/(releases) for loan losses | 305 | 124 | 318 | 285 | ||
Balance at end of period | 404 | 476 | 404 | 476 | ||
Allowance For Loan Losses | ||||||
Individually evaluated for impairment | 36 | 32 | ||||
Purchased credit-impaired loans | 0 | 0 | ||||
Collectively evaluated for impairment | 368 | 444 | ||||
Total | 453 | 425 | 536 | 525 | 404 | 476 |
Acquired Loans | Unallocated | ||||||
Activity in the allowance for loan losses | ||||||
Balance at beginning of period | 0 | 0 | 0 | 0 | ||
Charged-off loans | 0 | 0 | 0 | 0 | ||
Recoveries on charged-off loans | 0 | 0 | 0 | 0 | ||
Provision/(releases) for loan losses | 0 | 0 | 0 | 0 | ||
Balance at end of period | 0 | 0 | 0 | 0 | ||
Allowance For Loan Losses | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Purchased credit-impaired loans | 0 | 0 | ||||
Collectively evaluated for impairment | 0 | 0 | ||||
Total | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
LOAN LOSS ALLOWANCE - Narrative
LOAN LOSS ALLOWANCE - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($)grade | |
Credit quality information | |
Allowance for losses on acquired loans under Subtopic ASC 310-30 | $ | $ 4.5 |
Acquired Loans | |
Credit quality information | |
Number of grades in internal loan rating system (grade) | 11 |
Residential Mortgages | Mortgages | |
Credit quality information | |
Number of grades in internal loan rating system (grade) | 3 |
Residential Mortgages | Mortgages | Pass | Maximum | |
Credit quality information | |
Delinquency period of loans based on which risk rating is assigned to loans (in days) | 59 days |
Residential Mortgages | Mortgages | Special mention | Minimum | |
Credit quality information | |
Delinquency period of loans based on which risk rating is assigned to loans (in days) | 60 days |
Residential Mortgages | Mortgages | Special mention | Maximum | |
Credit quality information | |
Delinquency period of loans based on which risk rating is assigned to loans (in days) | 89 days |
Residential Mortgages | Mortgages | Substandard | Minimum | |
Credit quality information | |
Delinquency period of loans based on which risk rating is assigned to loans (in days) | 90 days |
Consumer Loans | Other | |
Credit quality information | |
Number of grades in internal loan rating system (grade) | 2 |
Consumer Loans | Performing | Maximum | Other | |
Credit quality information | |
Period within which loans are current, based on which risk rating is assigned (in days) | 119 days |
Consumer Loans | Nonperforming | Minimum | Other | |
Credit quality information | |
Delinquency period of loans based on which risk rating is assigned to loans (in days) | 120 days |
LOAN LOSS ALLOWANCE - Loans by
LOAN LOSS ALLOWANCE - Loans by Credit Risk Rating (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Credit quality information | ||
Total Loans | $ 6,864,482 | $ 6,549,787 |
Special mention | ||
Credit quality information | ||
Total Loans | 30,313 | 11,802 |
Substandard | ||
Credit quality information | ||
Total Loans | 84,957 | 95,302 |
Non Accrual | ||
Credit quality information | ||
Total Loans | 24,196 | 22,240 |
Classified | ||
Credit quality information | ||
Total Loans | 109,153 | 117,542 |
Criticized | ||
Credit quality information | ||
Total Loans | 139,466 | 129,344 |
Commercial Real Estate | ||
Credit quality information | ||
Total Loans | 2,689,522 | 2,616,438 |
Commercial Real Estate | Construction | ||
Credit quality information | ||
Total Loans | 291,427 | 287,509 |
Commercial Real Estate | Single and multi-family | ||
Credit quality information | ||
Total Loans | 454,721 | 317,491 |
Commercial Real Estate | Other | ||
Credit quality information | ||
Total Loans | 1,943,374 | 2,011,438 |
Commercial and industrial loans | ||
Credit quality information | ||
Total Loans | 1,227,936 | 1,062,038 |
Commercial and industrial loans | Other | ||
Credit quality information | ||
Total Loans | 880,877 | 740,768 |
Commercial and industrial loans | Asset based lending | ||
Credit quality information | ||
Total Loans | 347,059 | 321,270 |
Residential Mortgages | ||
Credit quality information | ||
Total Loans | 1,934,068 | 1,893,131 |
Residential Mortgages | Construction | ||
Credit quality information | ||
Total Loans | 10,231 | 11,982 |
Residential Mortgages | 1-4 family | ||
Credit quality information | ||
Total Loans | 1,923,837 | 1,881,149 |
Consumer Loans | ||
Credit quality information | ||
Total Loans | 1,012,956 | 978,180 |
Consumer Loans | Home equity | ||
Credit quality information | ||
Total Loans | 388,222 | 393,800 |
Consumer Loans | Auto and other | ||
Credit quality information | ||
Total Loans | 624,734 | 584,380 |
Business Activities Loans | ||
Credit quality information | ||
Total Loans | 5,681,863 | 5,221,307 |
Business Activities Loans | Special mention | ||
Credit quality information | ||
Total Loans | 19,622 | 7,479 |
Business Activities Loans | Substandard | ||
Credit quality information | ||
Total Loans | 43,627 | 51,125 |
Business Activities Loans | Non Accrual | ||
Credit quality information | ||
Total Loans | 19,034 | 16,816 |
Business Activities Loans | Classified | ||
Credit quality information | ||
Total Loans | 62,661 | 67,941 |
Business Activities Loans | Criticized | ||
Credit quality information | ||
Total Loans | 82,283 | 75,420 |
Business Activities Loans | Commercial Real Estate | ||
Credit quality information | ||
Total Loans | 2,059,721 | 1,926,344 |
Business Activities Loans | Commercial Real Estate | Pass | ||
Credit quality information | ||
Total Loans | 2,010,252 | 1,877,374 |
Business Activities Loans | Commercial Real Estate | Special mention | ||
Credit quality information | ||
Total Loans | 12,916 | 6,161 |
Business Activities Loans | Commercial Real Estate | Substandard | ||
Credit quality information | ||
Total Loans | 36,553 | 42,773 |
Business Activities Loans | Commercial Real Estate | Doubtful | ||
Credit quality information | ||
Total Loans | 0 | 36 |
Business Activities Loans | Commercial Real Estate | Construction | ||
Credit quality information | ||
Total Loans | 266,859 | 253,302 |
Business Activities Loans | Commercial Real Estate | Construction | Pass | ||
Credit quality information | ||
Total Loans | 266,859 | 253,302 |
Business Activities Loans | Commercial Real Estate | Construction | Special mention | ||
Credit quality information | ||
Total Loans | 0 | 0 |
Business Activities Loans | Commercial Real Estate | Construction | Substandard | ||
Credit quality information | ||
Total Loans | 0 | 0 |
Business Activities Loans | Commercial Real Estate | Construction | Doubtful | ||
Credit quality information | ||
Total Loans | 0 | 0 |
Business Activities Loans | Commercial Real Estate | Single and multi-family | ||
Credit quality information | ||
Total Loans | 356,771 | 191,819 |
Business Activities Loans | Commercial Real Estate | Single and multi-family | Pass | ||
Credit quality information | ||
Total Loans | 354,007 | 189,310 |
Business Activities Loans | Commercial Real Estate | Single and multi-family | Special mention | ||
Credit quality information | ||
Total Loans | 549 | 334 |
Business Activities Loans | Commercial Real Estate | Single and multi-family | Substandard | ||
Credit quality information | ||
Total Loans | 2,215 | 2,175 |
Business Activities Loans | Commercial Real Estate | Single and multi-family | Doubtful | ||
Credit quality information | ||
Total Loans | 0 | 0 |
Business Activities Loans | Commercial Real Estate | Other | ||
Credit quality information | ||
Total Loans | 1,436,091 | 1,481,223 |
Business Activities Loans | Commercial Real Estate | Other | Pass | ||
Credit quality information | ||
Total Loans | 1,389,386 | 1,434,762 |
Business Activities Loans | Commercial Real Estate | Other | Special mention | ||
Credit quality information | ||
Total Loans | 12,367 | 5,827 |
Business Activities Loans | Commercial Real Estate | Other | Substandard | ||
Credit quality information | ||
Total Loans | 34,338 | 40,598 |
Business Activities Loans | Commercial Real Estate | Other | Doubtful | ||
Credit quality information | ||
Total Loans | 0 | 36 |
Business Activities Loans | Commercial and industrial loans | ||
Credit quality information | ||
Total Loans | 1,110,537 | 908,102 |
Business Activities Loans | Commercial and industrial loans | Other | ||
Credit quality information | ||
Total Loans | 773,839 | 586,832 |
Business Activities Loans | Commercial and industrial loans | Asset based lending | ||
Credit quality information | ||
Total Loans | 336,698 | 321,270 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | ||
Credit quality information | ||
Total Loans | 1,110,537 | 908,102 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | Pass | ||
Credit quality information | ||
Total Loans | 1,084,251 | 890,974 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | Special mention | ||
Credit quality information | ||
Total Loans | 6,000 | 123 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | Substandard | ||
Credit quality information | ||
Total Loans | 17,239 | 13,825 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | Doubtful | ||
Credit quality information | ||
Total Loans | 3,047 | 3,180 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | Other | ||
Credit quality information | ||
Total Loans | 773,839 | 586,832 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | Other | Pass | ||
Credit quality information | ||
Total Loans | 752,861 | 569,704 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | Other | Special mention | ||
Credit quality information | ||
Total Loans | 1,224 | 123 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | Other | Substandard | ||
Credit quality information | ||
Total Loans | 16,707 | 13,825 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | Other | Doubtful | ||
Credit quality information | ||
Total Loans | 3,047 | 3,180 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | Asset based lending | ||
Credit quality information | ||
Total Loans | 336,698 | 321,270 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | Asset based lending | Pass | ||
Credit quality information | ||
Total Loans | 331,390 | 321,270 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | Asset based lending | Special mention | ||
Credit quality information | ||
Total Loans | 4,776 | 0 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | Asset based lending | Substandard | ||
Credit quality information | ||
Total Loans | 532 | 0 |
Business Activities Loans | Commercial and industrial loans | Commercial Loan | Asset based lending | Doubtful | ||
Credit quality information | ||
Total Loans | 0 | 0 |
Business Activities Loans | Residential Mortgages | ||
Credit quality information | ||
Total Loans | 1,661,957 | 1,594,972 |
Business Activities Loans | Residential Mortgages | Construction | ||
Credit quality information | ||
Total Loans | 9,977 | 11,178 |
Business Activities Loans | Residential Mortgages | 1-4 family | ||
Credit quality information | ||
Total Loans | 1,651,980 | 1,583,794 |
Business Activities Loans | Residential Mortgages | Mortgages | ||
Credit quality information | ||
Total Loans | 1,661,957 | 1,594,971 |
Business Activities Loans | Residential Mortgages | Mortgages | Pass | ||
Credit quality information | ||
Total Loans | 1,659,338 | 1,590,091 |
Business Activities Loans | Residential Mortgages | Mortgages | Special mention | ||
Credit quality information | ||
Total Loans | 291 | 701 |
Business Activities Loans | Residential Mortgages | Mortgages | Substandard | ||
Credit quality information | ||
Total Loans | 2,328 | 4,179 |
Business Activities Loans | Residential Mortgages | Mortgages | Construction | ||
Credit quality information | ||
Total Loans | 9,977 | 11,178 |
Business Activities Loans | Residential Mortgages | Mortgages | Construction | Pass | ||
Credit quality information | ||
Total Loans | 9,977 | 11,178 |
Business Activities Loans | Residential Mortgages | Mortgages | Construction | Special mention | ||
Credit quality information | ||
Total Loans | 0 | 0 |
Business Activities Loans | Residential Mortgages | Mortgages | Construction | Substandard | ||
Credit quality information | ||
Total Loans | 0 | 0 |
Business Activities Loans | Residential Mortgages | Mortgages | 1-4 family | ||
Credit quality information | ||
Total Loans | 1,651,980 | 1,583,793 |
Business Activities Loans | Residential Mortgages | Mortgages | 1-4 family | Pass | ||
Credit quality information | ||
Total Loans | 1,649,361 | 1,578,913 |
Business Activities Loans | Residential Mortgages | Mortgages | 1-4 family | Special mention | ||
Credit quality information | ||
Total Loans | 291 | 701 |
Business Activities Loans | Residential Mortgages | Mortgages | 1-4 family | Substandard | ||
Credit quality information | ||
Total Loans | 2,328 | 4,179 |
Business Activities Loans | Consumer Loans | ||
Credit quality information | ||
Total Loans | 849,648 | 791,889 |
Business Activities Loans | Consumer Loans | Performing | ||
Credit quality information | ||
Total Loans | 846,344 | 788,262 |
Business Activities Loans | Consumer Loans | Nonperforming | ||
Credit quality information | ||
Total Loans | 3,304 | 3,627 |
Business Activities Loans | Consumer Loans | Home equity | ||
Credit quality information | ||
Total Loans | 287,732 | 313,521 |
Business Activities Loans | Consumer Loans | Home equity | Performing | ||
Credit quality information | ||
Total Loans | 285,602 | 310,846 |
Business Activities Loans | Consumer Loans | Home equity | Nonperforming | ||
Credit quality information | ||
Total Loans | 2,130 | 2,675 |
Business Activities Loans | Consumer Loans | Auto and other | ||
Credit quality information | ||
Total Loans | 561,916 | 478,368 |
Business Activities Loans | Consumer Loans | Auto and other | Performing | ||
Credit quality information | ||
Total Loans | 560,742 | 477,416 |
Business Activities Loans | Consumer Loans | Auto and other | Nonperforming | ||
Credit quality information | ||
Total Loans | 1,174 | 952 |
Acquired Loans | ||
Credit quality information | ||
Total Loans | 1,182,619 | 1,328,480 |
Acquired Loans | Special mention | ||
Credit quality information | ||
Total Loans | 10,691 | 4,323 |
Acquired Loans | Substandard | ||
Credit quality information | ||
Total Loans | 41,330 | 44,177 |
Acquired Loans | Non Accrual | ||
Credit quality information | ||
Total Loans | 5,162 | 5,424 |
Acquired Loans | Classified | ||
Credit quality information | ||
Total Loans | 46,492 | 49,601 |
Acquired Loans | Criticized | ||
Credit quality information | ||
Total Loans | 57,183 | 53,924 |
Acquired Loans | Commercial Real Estate | ||
Credit quality information | ||
Total Loans | 629,801 | 690,094 |
Acquired Loans | Commercial Real Estate | Pass | ||
Credit quality information | ||
Total Loans | 582,400 | 649,437 |
Acquired Loans | Commercial Real Estate | Special mention | ||
Credit quality information | ||
Total Loans | 10,231 | 2,529 |
Acquired Loans | Commercial Real Estate | Substandard | ||
Credit quality information | ||
Total Loans | 37,170 | 38,128 |
Acquired Loans | Commercial Real Estate | Construction | ||
Credit quality information | ||
Total Loans | 24,568 | 34,207 |
Acquired Loans | Commercial Real Estate | Construction | Pass | ||
Credit quality information | ||
Total Loans | 23,868 | 33,461 |
Acquired Loans | Commercial Real Estate | Construction | Special mention | ||
Credit quality information | ||
Total Loans | 0 | 0 |
Acquired Loans | Commercial Real Estate | Construction | Substandard | ||
Credit quality information | ||
Total Loans | 700 | 746 |
Acquired Loans | Commercial Real Estate | Single and multi-family | ||
Credit quality information | ||
Total Loans | 97,950 | 125,672 |
Acquired Loans | Commercial Real Estate | Single and multi-family | Pass | ||
Credit quality information | ||
Total Loans | 94,963 | 119,414 |
Acquired Loans | Commercial Real Estate | Single and multi-family | Special mention | ||
Credit quality information | ||
Total Loans | 612 | 907 |
Acquired Loans | Commercial Real Estate | Single and multi-family | Substandard | ||
Credit quality information | ||
Total Loans | 2,375 | 5,351 |
Acquired Loans | Commercial Real Estate | Other | ||
Credit quality information | ||
Total Loans | 507,283 | 530,215 |
Acquired Loans | Commercial Real Estate | Other | Pass | ||
Credit quality information | ||
Total Loans | 463,569 | 496,562 |
Acquired Loans | Commercial Real Estate | Other | Special mention | ||
Credit quality information | ||
Total Loans | 9,619 | 1,622 |
Acquired Loans | Commercial Real Estate | Other | Substandard | ||
Credit quality information | ||
Total Loans | 34,095 | 32,031 |
Acquired Loans | Commercial Real Estate | Commercial Loan | ||
Credit quality information | ||
Total Loans | 117,399 | 153,936 |
Acquired Loans | Commercial Real Estate | Commercial Loan | Pass | ||
Credit quality information | ||
Total Loans | 112,091 | 147,102 |
Acquired Loans | Commercial Real Estate | Commercial Loan | Special mention | ||
Credit quality information | ||
Total Loans | 296 | 1,260 |
Acquired Loans | Commercial Real Estate | Commercial Loan | Substandard | ||
Credit quality information | ||
Total Loans | 5,012 | 5,574 |
Acquired Loans | Commercial Real Estate | Commercial Loan | Other | ||
Credit quality information | ||
Total Loans | 107,038 | 153,936 |
Acquired Loans | Commercial Real Estate | Commercial Loan | Other | Pass | ||
Credit quality information | ||
Total Loans | 101,730 | 147,102 |
Acquired Loans | Commercial Real Estate | Commercial Loan | Other | Special mention | ||
Credit quality information | ||
Total Loans | 296 | 1,260 |
Acquired Loans | Commercial Real Estate | Commercial Loan | Other | Substandard | ||
Credit quality information | ||
Total Loans | 5,012 | 5,574 |
Acquired Loans | Commercial Real Estate | Commercial Loan | Asset based lending | ||
Credit quality information | ||
Total Loans | 10,361 | 0 |
Acquired Loans | Commercial Real Estate | Commercial Loan | Asset based lending | Pass | ||
Credit quality information | ||
Total Loans | 10,361 | 0 |
Acquired Loans | Commercial Real Estate | Commercial Loan | Asset based lending | Special mention | ||
Credit quality information | ||
Total Loans | 0 | 0 |
Acquired Loans | Commercial Real Estate | Commercial Loan | Asset based lending | Substandard | ||
Credit quality information | ||
Total Loans | 0 | 0 |
Acquired Loans | Commercial and industrial loans | ||
Credit quality information | ||
Total Loans | 117,399 | 153,936 |
Acquired Loans | Commercial and industrial loans | Other | ||
Credit quality information | ||
Total Loans | 107,038 | 153,936 |
Acquired Loans | Commercial and industrial loans | Asset based lending | ||
Credit quality information | ||
Total Loans | 10,361 | 0 |
Acquired Loans | Residential Mortgages | ||
Credit quality information | ||
Total Loans | 272,111 | 298,159 |
Acquired Loans | Residential Mortgages | Construction | ||
Credit quality information | ||
Total Loans | 254 | 804 |
Acquired Loans | Residential Mortgages | 1-4 family | ||
Credit quality information | ||
Total Loans | 271,857 | 297,355 |
Acquired Loans | Residential Mortgages | Mortgages | ||
Credit quality information | ||
Total Loans | 272,111 | 298,159 |
Acquired Loans | Residential Mortgages | Mortgages | Pass | ||
Credit quality information | ||
Total Loans | 269,542 | 295,787 |
Acquired Loans | Residential Mortgages | Mortgages | Special mention | ||
Credit quality information | ||
Total Loans | 36 | 343 |
Acquired Loans | Residential Mortgages | Mortgages | Substandard | ||
Credit quality information | ||
Total Loans | 2,533 | 2,029 |
Acquired Loans | Residential Mortgages | Mortgages | Construction | ||
Credit quality information | ||
Total Loans | 254 | 804 |
Acquired Loans | Residential Mortgages | Mortgages | Construction | Pass | ||
Credit quality information | ||
Total Loans | 254 | 804 |
Acquired Loans | Residential Mortgages | Mortgages | Construction | Special mention | ||
Credit quality information | ||
Total Loans | 0 | 0 |
Acquired Loans | Residential Mortgages | Mortgages | Construction | Substandard | ||
Credit quality information | ||
Total Loans | 0 | 0 |
Acquired Loans | Residential Mortgages | Mortgages | 1-4 family | ||
Credit quality information | ||
Total Loans | 271,857 | 297,355 |
Acquired Loans | Residential Mortgages | Mortgages | 1-4 family | Pass | ||
Credit quality information | ||
Total Loans | 269,288 | 294,983 |
Acquired Loans | Residential Mortgages | Mortgages | 1-4 family | Special mention | ||
Credit quality information | ||
Total Loans | 36 | 343 |
Acquired Loans | Residential Mortgages | Mortgages | 1-4 family | Substandard | ||
Credit quality information | ||
Total Loans | 2,533 | 2,029 |
Acquired Loans | Consumer Loans | ||
Credit quality information | ||
Total Loans | 163,308 | 186,291 |
Acquired Loans | Consumer Loans | Performing | ||
Credit quality information | ||
Total Loans | 161,635 | 184,879 |
Acquired Loans | Consumer Loans | Nonperforming | ||
Credit quality information | ||
Total Loans | 1,673 | 1,412 |
Acquired Loans | Consumer Loans | Home equity | ||
Credit quality information | ||
Total Loans | 100,490 | 80,279 |
Acquired Loans | Consumer Loans | Home equity | Performing | ||
Credit quality information | ||
Total Loans | 99,274 | 79,762 |
Acquired Loans | Consumer Loans | Home equity | Nonperforming | ||
Credit quality information | ||
Total Loans | 1,216 | 517 |
Acquired Loans | Consumer Loans | Auto and other | ||
Credit quality information | ||
Total Loans | 62,818 | 106,012 |
Acquired Loans | Consumer Loans | Auto and other | Performing | ||
Credit quality information | ||
Total Loans | 62,361 | 105,117 |
Acquired Loans | Consumer Loans | Auto and other | Nonperforming | ||
Credit quality information | ||
Total Loans | $ 457 | $ 895 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Deposits [Abstract] | ||
Time less than $250,000 | $ 2,166,004 | $ 2,015,332 |
Time $250,000 or more | 334,943 | 318,211 |
Total time deposits | 2,500,947 | 2,333,543 |
Brokered time deposits | 1,100,000 | 900,000 |
Reciprocal deposits | $ 107,600 | $ 113,400 |
BORROWED FUNDS - Summary of Bor
BORROWED FUNDS - Summary of Borrowed Funds (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 1,081,600 | $ 1,082,044 |
Long-term borrowings | 390,624 | 231,953 |
Total borrowings | $ 1,472,224 | $ 1,313,997 |
Weighted average rate on short-term borrowings | 1.20% | 0.72% |
Weighted average rate on long-term borrowings | 2.59% | 3.35% |
Weighted Average Rate | 1.57% | 1.19% |
Advances from the FHLB | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 1,081,600 | $ 1,072,044 |
Long-term borrowings | $ 301,374 | $ 142,792 |
Weighted average rate on short-term borrowings | 1.20% | 0.71% |
Weighted average rate on long-term borrowings | 1.49% | 1.53% |
Other borrowings | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 0 | $ 10,000 |
Weighted average rate on short-term borrowings | 0.00% | 2.42% |
Subordinated borrowings | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 73,786 | $ 73,697 |
Weighted average rate on long-term borrowings | 7.00% | 7.00% |
Junior subordinated borrowings | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 15,464 | $ 15,464 |
Weighted average rate on long-term borrowings | 3.04% | 2.77% |
BORROWED FUNDS - Narrative (Det
BORROWED FUNDS - Narrative (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |
Sep. 30, 2012 | Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Line of credit, current | $ 3,000,000 | ||
Short-term debt | 1,081,600,000 | $ 1,082,044,000 | |
Long-term borrowings | 390,624,000 | 231,953,000 | |
Advances from the FHLB | |||
Debt Instrument [Line Items] | |||
Long-term line of credit | 0 | 0 | |
Short-term debt | 1,081,600,000 | 1,072,044,000 | |
Long-term borrowings | 301,374,000 | 142,792,000 | |
Federal Reserve Bank Advances | |||
Debt Instrument [Line Items] | |||
Short-term debt | 0 | 0 | |
Federal Home Loan Bank Certificates And Obligations F H L B Callable Advances | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 4,000,000 | 11,000,000 | |
Federal Home Loan Bank Certificates And Obligations F H L B Amortizing Advances | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 1,100,000 | 1,200,000 | |
Subordinated borrowings | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 73,786,000 | 73,697,000 | |
Maturity period (in years) | 15 years | ||
Principal amount of debt issued | $ 75,000,000 | ||
Discount rate (as a percent) | 1.15% | ||
Fixed interest rate (as percent) | 6.875% | ||
Maturity period with fixed interest rate (in months) | 10 years | ||
Subordinated borrowings | Three-month LIBOR rate | |||
Debt Instrument [Line Items] | |||
Interest rate margin (as percent) | 5.113% | ||
Unamortized debt issuance expense | 645,000 | 706,000 | |
Junior subordinated borrowings | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | $ 15,464,000 | $ 15,464,000 | |
Junior subordinated borrowings | Trust I | |||
Debt Instrument [Line Items] | |||
Common stock of trust (as percent) | 100.00% | ||
Common stock of trust included in other asset | $ 500,000 | ||
Sole asset of trust in form of debt | $ 15,500,000 | ||
Variable interest rate (as percent) | 3.04% | 2.77% | |
Period up to which interest payments can be deferred (in years) | 5 years | ||
Junior subordinated borrowings | LIBOR | Trust I | |||
Debt Instrument [Line Items] | |||
Interest rate margin (as percent) | 1.85% |
BORROWED FUNDS - Summary of Mat
BORROWED FUNDS - Summary of Maturities of FHLB (Details) - Fixed rate advances $ in Thousands | Jun. 30, 2017USD ($) |
Principal | |
2,017 | $ 1,101,540 |
2,018 | 168,857 |
2,019 | 100,000 |
2,020 | 4,825 |
2021 and beyond | 7,752 |
Total FHLB advances | $ 1,382,974 |
Weighted Average | |
Weighted Average Rate (as a percent) | |
2,017 | 1.22% |
2,018 | 1.25% |
2,019 | 1.67% |
2,020 | 1.94% |
2021 and beyond | 2.70% |
Total FHLB advances | 1.27% |
CAPITAL RATIOS AND SHAREHOLDE58
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Actual and Required Capital Ratios (Details) | Jun. 30, 2017 | Dec. 31, 2016 |
Tier 1 capital to risk-weighted assets | ||
Total capital to risk weighted assets | 14.00% | 11.90% |
Common equity tier 1 capital to risk weighted assets | 12.10% | 9.90% |
Tier 1 capital to risk weighted assets | 12.30% | 10.10% |
Tier 1 capital to average assets | 9.60% | 7.90% |
Regulatory minimum to be well capitalized, Total capital to risk weighted assets (as percent) | 10.00% | 10.00% |
Regulatory minimum to be well capitalized, Common equity tier 1 capital to risk weighted assets (as percent) | 6.50% | 6.50% |
Regulatory minimum to be well capitalized, Tier 1 capital to risk weighted assets (as percent) | 8.00% | 8.00% |
Regulatory minimum to be well capitalized, Tier 1 capital to average assets (as percent) | 5.00% | 5.00% |
Bank | ||
Tier 1 capital to risk-weighted assets | ||
Total capital to risk weighted assets | 11.40% | 11.20% |
Common equity tier 1 capital to risk weighted assets | 10.20% | 10.00% |
Tier 1 capital to risk weighted assets | 10.20% | 10.00% |
Tier 1 capital to average assets | 8.00% | 7.80% |
Regulatory minimum to be well capitalized, Total capital to risk weighted assets (as percent) | 10.00% | 10.00% |
Regulatory minimum to be well capitalized, Common equity tier 1 capital to risk weighted assets (as percent) | 6.50% | 6.50% |
Regulatory minimum to be well capitalized, Tier 1 capital to risk weighted assets (as percent) | 8.00% | 8.00% |
Regulatory minimum to be well capitalized, Tier 1 capital to average assets (as percent) | 5.00% | 5.00% |
CAPITAL RATIOS AND SHAREHOLDE59
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Components of AOCI (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Total shareholders’ equity | $ 1,268,194 | $ 1,093,298 | $ 923,420 | $ 887,189 | ||
Net unrealized holding gain on AFS securities | ||||||
Other accumulated comprehensive income (loss), before tax: | 19,671 | 25,176 | ||||
Income taxes related to items of accumulated other comprehensive income: | (7,550) | (9,636) | ||||
Total shareholders’ equity | 12,121 | $ 9,649 | 15,540 | 20,625 | $ 14,730 | 3,880 |
Net unrealized loss on cash flow hedging derivatives | ||||||
Other accumulated comprehensive income (loss), before tax: | 0 | (6,573) | ||||
Income taxes related to items of accumulated other comprehensive income: | 0 | 2,589 | ||||
Total shareholders’ equity | 0 | 0 | (3,984) | (8,335) | (7,806) | (5,108) |
Net unrealized holding loss on pension plans | ||||||
Other accumulated comprehensive income (loss), before tax: | (2,954) | (2,954) | ||||
Income taxes related to items of accumulated other comprehensive income: | 1,164 | 1,164 | ||||
Total shareholders’ equity | (1,790) | (1,790) | (1,790) | (2,077) | (2,077) | (2,077) |
Accumulated other comprehensive (loss) income | ||||||
Total shareholders’ equity | $ 10,331 | $ 7,859 | $ 9,766 | $ 10,213 | $ 4,847 | $ (3,305) |
CAPITAL RATIOS AND SHAREHOLDE60
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Components of OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net unrealized holding gain on AFS securities | ||||
Net of Tax | $ 2,471 | $ 4,827 | $ 4,168 | $ 12,758 |
Less: reclassification adjustment for gains (losses) realized in net income | ||||
Net of Tax | (1) | (539) | 3,603 | (760) |
Other comprehensive income | ||||
Before Tax | 3,927 | 8,702 | 1,068 | 21,903 |
Tax Effect | (1,455) | (3,336) | (503) | (8,385) |
Total other comprehensive income | 2,472 | 5,366 | 565 | 13,518 |
Net unrealized holding gain on AFS securities | ||||
Net unrealized holding gain on AFS securities | ||||
Before Tax | 3,926 | 9,573 | 7,064 | 27,315 |
Tax Effect | (1,455) | (3,686) | (2,627) | (10,556) |
Net of Tax | 2,471 | 5,887 | 4,437 | 16,759 |
Less: reclassification adjustment for gains (losses) realized in net income | ||||
Before Tax | (1) | (13) | 12,569 | 22 |
Tax Effect | 0 | 5 | (4,713) | (8) |
Net of Tax | (1) | (8) | 7,856 | 14 |
Other comprehensive income | ||||
Before Tax | 3,927 | 9,586 | (5,505) | 27,293 |
Tax Effect | (1,455) | (3,691) | 2,086 | (10,548) |
Total other comprehensive income | 2,472 | 5,895 | (3,419) | 16,745 |
Net unrealized loss on cash flow hedging derivatives | ||||
Net unrealized holding gain on AFS securities | ||||
Before Tax | 0 | (1,771) | (449) | (6,684) |
Tax Effect | 0 | 711 | 180 | 2,683 |
Net of Tax | 0 | (1,060) | (269) | (4,001) |
Less: reclassification adjustment for gains (losses) realized in net income | ||||
Before Tax | 0 | (887) | (7,022) | (1,294) |
Tax Effect | 0 | 356 | 2,769 | 520 |
Net of Tax | 0 | (531) | (4,253) | (774) |
Other comprehensive income | ||||
Before Tax | 0 | (884) | 6,573 | (5,390) |
Tax Effect | 0 | 355 | (2,589) | 2,163 |
Total other comprehensive income | $ 0 | $ (529) | $ 3,984 | $ (3,227) |
CAPITAL RATIOS AND SHAREHOLDE61
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance at Beginning of Period | $ 1,093,298 | $ 887,189 | ||
Other comprehensive gain (loss) before reclassifications | $ 2,471 | $ 4,827 | 4,168 | 12,758 |
Less: amounts reclassified from accumulated other comprehensive income (loss) | (1) | (539) | 3,603 | (760) |
Total other comprehensive income | 2,472 | 5,366 | 565 | 13,518 |
Balance at End of Period | 1,268,194 | 923,420 | 1,268,194 | 923,420 |
Net unrealized holding gain on AFS securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance at Beginning of Period | 9,649 | 14,730 | 15,540 | 3,880 |
Other comprehensive gain (loss) before reclassifications | 2,471 | 5,887 | 4,437 | 16,759 |
Less: amounts reclassified from accumulated other comprehensive income (loss) | (1) | (8) | 7,856 | 14 |
Total other comprehensive income | 2,472 | 5,895 | (3,419) | 16,745 |
Balance at End of Period | 12,121 | 20,625 | 12,121 | 20,625 |
Net unrealized loss on cash flow hedging derivatives | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance at Beginning of Period | 0 | (7,806) | (3,984) | (5,108) |
Other comprehensive gain (loss) before reclassifications | 0 | (1,060) | (269) | (4,001) |
Less: amounts reclassified from accumulated other comprehensive income (loss) | 0 | (531) | (4,253) | (774) |
Total other comprehensive income | 0 | (529) | 3,984 | (3,227) |
Balance at End of Period | 0 | (8,335) | 0 | (8,335) |
Net unrealized holding loss on pension plans | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance at Beginning of Period | (1,790) | (2,077) | (1,790) | (2,077) |
Other comprehensive gain (loss) before reclassifications | 0 | 0 | 0 | 0 |
Less: amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Total other comprehensive income | 0 | 0 | 0 | 0 |
Balance at End of Period | (1,790) | (2,077) | (1,790) | (2,077) |
Accumulated other comprehensive (loss) income | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance at Beginning of Period | 7,859 | 4,847 | 9,766 | (3,305) |
Total other comprehensive income | 565 | 13,518 | ||
Balance at End of Period | $ 10,331 | $ 10,213 | $ 10,331 | $ 10,213 |
CAPITAL RATIOS AND SHAREHOLDE62
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Amounts Reclassified Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Amounts reclassified out of each component of accumulated other comprehensive income | ||||
Non-interest income | $ 32,798 | $ 14,555 | $ 67,555 | $ 30,185 |
Interest expense | (15,121) | (11,577) | (28,944) | (22,356) |
Non-interest expense | (69,523) | (46,268) | (143,849) | (93,368) |
Tax (expense) benefit | (8,237) | (5,249) | (14,999) | (11,469) |
Net income | 19,694 | 15,957 | 35,154 | 31,958 |
Amount Reclassified From Accumulated Other Comprehensive Income (loss) | ||||
Amounts reclassified out of each component of accumulated other comprehensive income | ||||
Net income | (1) | (539) | 3,603 | (760) |
Realized (losses) on AFS securities: | Amount Reclassified From Accumulated Other Comprehensive Income (loss) | ||||
Amounts reclassified out of each component of accumulated other comprehensive income | ||||
Non-interest income | (1) | (13) | 12,569 | 23 |
Tax (expense) benefit | 0 | 5 | (4,713) | (9) |
Net income | (1) | (8) | 7,856 | 14 |
Realized (losses) on cash flow hedging derivatives: | Amount Reclassified From Accumulated Other Comprehensive Income (loss) | ||||
Amounts reclassified out of each component of accumulated other comprehensive income | ||||
Non-interest income | 0 | (887) | ||
Interest expense | (393) | 0 | ||
Non-interest expense | (6,629) | (1,295) | ||
Tax (expense) benefit | 0 | 356 | 2,769 | 521 |
Net income | $ 0 | $ (531) | $ (4,253) | $ (774) |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings per share | ||||
Net income | $ 19,694 | $ 15,957 | $ 35,154 | $ 31,958 |
Average number of common shares issued (in shares) | 38,720 | 32,213 | 37,731 | 32,188 |
Less: average number of treasury shares (in shares) | 943 | 1,075 | 981 | 1,107 |
Less: average number of unvested stock award shares (in shares) | 453 | 533 | 445 | 520 |
Average number of basic common shares outstanding (in shares) | 37,324 | 30,605 | 36,305 | 30,561 |
Average number of diluted common shares outstanding (in shares) | 37,474 | 30,765 | 36,466 | 30,725 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.53 | $ 0.52 | $ 0.97 | $ 1.05 |
Diluted (in dollars per share) | $ 0.53 | $ 0.52 | $ 0.96 | $ 1.04 |
Unvested Stock Award shares | ||||
Earnings per share | ||||
Plus: dilutive effect of share-based payment arrangements (in shares) | 106 | 102 | 116 | 99 |
Options | ||||
Earnings per share | ||||
Plus: dilutive effect of share-based payment arrangements (in shares) | 44 | 58 | 45 | 65 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Unvested Stock Award shares | ||
Anti-dilutive securities | ||
Securities excluded from the earnings per share calculations (in shares) | 327 | 407 |
Options | ||
Anti-dilutive securities | ||
Securities excluded from the earnings per share calculations (in shares) | 48 | 204 |
STOCK-BASED COMPENSATION PLAN65
STOCK-BASED COMPENSATION PLANS (Details) - $ / shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Non-Vested Stock Awards Outstanding | ||
Non-vested Stock Awards Outstanding, Number of Shares | ||
Balance at the beginning of the period (in shares) | 448 | |
Granted (in shares) | 154 | |
Stock awards vested (in shares) | (133) | (100) |
Forfeited (in shares) | (10) | |
Balance at the end of the period (in shares) | 459 | |
Non-vested Stock Awards Outstanding, Weighted-Average Grant Date Fair Value | ||
Balance at the beginning of the period (in dollars per share) | $ 26.28 | |
Granted (in dollars per share) | 35.75 | |
Stock awards vested (in dollars per share) | 25.84 | |
Forfeited (in dollars per share) | 29.26 | |
Balance at the end of the period (in dollars per share) | $ 29.46 | |
Stock Options Outstanding | ||
Stock Options Outstanding, Number of Shares | ||
Balance at the beginning of the period (in shares) | 109 | |
Stock options exercised (in shares) | (7) | |
Expired (in shares) | (10) | |
Balance at the end of the period (in shares) | 92 | |
Exercisable options at the end of the period (in shares) | 92 | |
Stock Options Outstanding, Weighted-Average Exercise Price | ||
Balance at the beginning of the period (in dollars per share) | $ 15.72 | |
Stock options exercised (in dollars per share) | 15.01 | |
Expired (in dollars per share) | 33.46 | |
Balance at the end of the period (in dollars per share) | 13.86 | |
Exercisable options at the end of the period (in dollars per share) | $ 13.86 |
STOCK-BASED COMPENSATION PLAN66
STOCK-BASED COMPENSATION PLANS - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise of stock options | $ 111 | $ 37 |
Total compensation cost | 2,500 | 2,600 |
Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise of stock options | $ 111 | $ 37 |
Non-Vested Stock Awards Outstanding | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock awards vested (in shares) | 133 | 100 |
DERIVATIVE INSTRUMENTS AND HE67
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) $ in Thousands | Feb. 07, 2017USD ($) | Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) |
Derivative [Line Items] | ||||||
Notional amount | $ 2,402,639 | $ 2,402,639 | $ 2,199,862 | |||
Amortized cost of securities pledged as collateral to derivative counterparties | 27,300 | 27,300 | ||||
Fair value of securities as pledged collateral to derivative counterparties | 27,300 | 27,300 | ||||
Interest expense | 15,121 | $ 11,577 | 28,944 | $ 22,356 | ||
Commercial counterparties | ||||||
Derivative [Line Items] | ||||||
Net asset position | 12,300 | 12,300 | 11,500 | |||
Amount Reclassified From Accumulated Other Comprehensive Income (loss) | Accumulated net gain (loss) from cash flow hedges | ||||||
Derivative [Line Items] | ||||||
Interest expense | $ 6,600 | |||||
Interest rate swaps | ||||||
Derivative [Line Items] | ||||||
Notional amount | 11,100 | 11,100 | ||||
Derivative liability | 14,095 | 14,095 | 19,772 | |||
Amount of collateral posted for the net liability positions | 10,400 | 10,400 | 19,800 | |||
Interest rate swaps | Commercial counterparties | ||||||
Derivative [Line Items] | ||||||
Derivative liability | 3,709 | 3,709 | 4,384 | |||
Interest rate swaps | Institutional counterparties | ||||||
Derivative [Line Items] | ||||||
Derivative liability | 10,386 | 10,386 | 15,388 | |||
Not Designated as Hedging Instrument | ||||||
Derivative [Line Items] | ||||||
Notional amount | 333,081 | 333,081 | $ 208,145 | |||
Economic hedges | ||||||
Derivative [Line Items] | ||||||
Notional amount | 2,100,000 | 2,100,000 | ||||
Credit valuation adjustments | $ (114) | $ (114) | ||||
Economic hedges | Tax advantaged economic development bonds | ||||||
Derivative [Line Items] | ||||||
Fixed rate of interest (as percent) | 5.09% | 5.09% | ||||
Maturity period (in years) | 21 years | |||||
Economic hedges | Interest rate swaps | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 1,500,000 | $ 1,500,000 | ||||
Economic hedges | Risk participation agreements with dealer banks | ||||||
Derivative [Line Items] | ||||||
Notional amount | 103,200 | 103,200 | ||||
Economic hedges | Forward sale commitments | ||||||
Derivative [Line Items] | ||||||
Notional amount | 428,400 | $ 428,400 | ||||
Cash flow hedges | ||||||
Derivative [Line Items] | ||||||
Durations of derivative instruments (in years) | 3 years | |||||
Amount of ineffectiveness | $ 0 | $ 0 | $ 0 | |||
Cash flow hedges | Interest rate swaps | ||||||
Derivative [Line Items] | ||||||
Number of instruments (contract) | contract | 6 | 6 | ||||
Cash flow hedges | Interest rate swaps | FHLB borrowings | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 300,000 | $ 300,000 | $ 300,000 |
DERIVATIVE INSTRUMENTS AND HE68
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | Feb. 07, 2017 | |
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | $ 2,402,639 | $ 2,199,862 | |
Estimated fair value asset (liability) | 6,513 | (2,804) | |
Interest rate swaps | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | 11,100 | ||
Total cash flow hedges | Interest rate swaps | FHLB borrowings | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | 300,000 | $ 300,000 | |
Total economic hedges | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | 2,100,000 | ||
Total economic hedges | Interest rate swaps | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | 1,500,000 | ||
Total economic hedges | Risk participation agreements with dealer banks | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | 103,200 | ||
Total economic hedges | Forward sale commitments | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | 428,400 | ||
Designated as Hedging Instrument | Total cash flow hedges | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | 0 | 300,000 | |
Estimated fair value asset (liability) | 0 | (6,573) | |
Designated as Hedging Instrument | Total cash flow hedges | Interest rate swaps | FHLB borrowings | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | $ 0 | $ 300,000 | |
Weighted average maturity | 2 years 3 months 18 days | ||
Weighted average rate, received (as percent) | 0.00% | 0.63% | |
Weighted average rate, contract pay rate (as percent) | 0.00% | 2.29% | |
Estimated fair value asset (liability) | $ 0 | $ (6,573) | |
Designated as Hedging Instrument | Total economic hedges | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | 2,069,558 | 1,691,717 | |
Estimated fair value asset (liability) | (862) | (969) | |
Designated as Hedging Instrument | Total economic hedges | Interest rate swaps | Tax advantaged economic development bonds | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | $ 11,074 | $ 11,386 | |
Weighted average maturity | 12 years 4 months 24 days | 12 years 10 months 24 days | |
Weighted average rate, received (as percent) | 1.42% | 0.98% | |
Weighted average rate, contract pay rate (as percent) | 5.09% | 5.09% | |
Estimated fair value asset (liability) | $ (1,897) | $ (2,021) | |
Designated as Hedging Instrument | Total economic hedges | Interest rate swaps | Loans with commercial loan customers | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | $ 763,443 | $ 668,541 | |
Weighted average maturity | 6 years 2 months 20 days | 6 years 2 months 12 days | |
Weighted average rate, received (as percent) | 2.83% | 2.43% | |
Weighted average rate, contract pay rate (as percent) | 4.19% | 4.21% | |
Estimated fair value asset (liability) | $ (8,434) | $ (6,752) | |
Designated as Hedging Instrument | Total economic hedges | Reverse interest rate swaps | Loans with commercial loan customers | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | $ 763,443 | $ 668,541 | |
Weighted average maturity | 6 years 2 months 20 days | 6 years 2 months 12 days | |
Weighted average rate, received (as percent) | 4.19% | 4.21% | |
Weighted average rate, contract pay rate (as percent) | 2.83% | 2.43% | |
Estimated fair value asset (liability) | $ 8,484 | $ 7,077 | |
Designated as Hedging Instrument | Total economic hedges | Risk participation agreements with dealer banks | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | $ 103,173 | $ 83,360 | |
Weighted average maturity | 11 years 3 months 20 days | 11 years 6 months 20 days | |
Estimated fair value asset (liability) | $ 10 | $ 5 | |
Designated as Hedging Instrument | Total economic hedges | Forward sale commitments | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | $ 428,425 | $ 259,889 | |
Weighted average maturity | 2 months 12 days | 2 months 12 days | |
Estimated fair value asset (liability) | $ 975 | $ 722 | |
Not Designated as Hedging Instrument | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | 333,081 | 208,145 | |
Estimated fair value asset (liability) | 7,375 | 4,738 | |
Not Designated as Hedging Instrument | Commitments to lend | |||
Interest rate swap agreements and non-hedging derivative assets and liabilities | |||
Notional amount | $ 333,081 | $ 208,145 | |
Weighted average maturity | 2 months 12 days | 2 months 12 days | |
Estimated fair value asset (liability) | $ 7,375 | $ 4,738 |
DERIVATIVE INSTRUMENTS AND HE69
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Interest Rate Derivatives (Details) - FHLB borrowings - Interest rate swaps - Total cash flow hedges - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative [Line Items] | ||||
Unrealized (loss) recognized in accumulated other comprehensive loss | $ 0 | $ (1,771) | $ (449) | $ (6,684) |
Net tax (expense) benefit on items recognized in accumulated other comprehensive income | 0 | 355 | (2,589) | 2,162 |
Other comprehensive gain (loss) recorded in accumulated other comprehensive income, net of reclassification adjustments and tax effects | 0 | (529) | 3,984 | (3,227) |
Interest Expense | ||||
Derivative [Line Items] | ||||
Less: reclassification of unrealized (loss) from accumulated other comprehensive income to interest expense | 0 | (887) | (393) | (1,295) |
Other non-interest expense | ||||
Derivative [Line Items] | ||||
Less: reclassification of unrealized (loss) from accumulated other comprehensive income to interest expense | $ 0 | $ 0 | $ (6,629) | $ 0 |
DERIVATIVE INSTRUMENTS AND HE70
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Economic Hedges and Non-hedging Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Feb. 07, 2017 | |
Derivative [Line Items] | ||||||
Notional amount | $ 2,402,639 | $ 2,402,639 | $ 2,199,862 | |||
Estimated fair value asset (liability) | 6,513 | 6,513 | (2,804) | |||
Economic hedges | ||||||
Derivative [Line Items] | ||||||
Notional amount | 2,100,000 | 2,100,000 | ||||
Interest rate swaps | ||||||
Derivative [Line Items] | ||||||
Notional amount | 11,100 | 11,100 | ||||
Interest rate swaps | Total cash flow hedges | FHLB borrowings | ||||||
Derivative [Line Items] | ||||||
Notional amount | 300,000 | 300,000 | $ 300,000 | |||
Interest rate swaps | Economic hedges | ||||||
Derivative [Line Items] | ||||||
Notional amount | 1,500,000 | 1,500,000 | ||||
Interest rate swaps | Economic hedges | Industrial revenue bond | ||||||
Derivative [Line Items] | ||||||
Unrealized gain (loss) recognized in other non-interest income | 2 | $ (292) | 124 | $ (831) | ||
Interest rate swaps | Economic hedges | Loans with commercial loan customers | ||||||
Derivative [Line Items] | ||||||
Unrealized gain (loss) recognized in other non-interest income | (3,810) | (7,725) | (1,682) | (21,322) | ||
Reverse interest rate swaps | Economic hedges | Loans with commercial loan customers | ||||||
Derivative [Line Items] | ||||||
Unrealized gain (loss) recognized in other non-interest income | 3,810 | 7,725 | 1,682 | 21,322 | ||
(Unfavorable) Favorable change in credit valuation adjustment recognized in other non-interest income | (114) | 372 | (276) | (433) | ||
Risk participation agreements with dealer banks | Economic hedges | ||||||
Derivative [Line Items] | ||||||
Notional amount | 103,200 | 103,200 | ||||
Unrealized gain (loss) recognized in other non-interest income | 23 | 33 | 5 | 116 | ||
Forward sale commitments | Economic hedges | ||||||
Derivative [Line Items] | ||||||
Notional amount | 428,400 | 428,400 | ||||
Unrealized gain (loss) recognized in other non-interest income | 975 | (869) | (276) | (1,316) | ||
Realized gain (loss) in other non-interest income | 238 | 50 | (2,668) | (333) | ||
Commitments to lend | Non-hedging derivatives: | ||||||
Derivative [Line Items] | ||||||
Unrealized gain (loss) recognized in other non-interest income | 7,375 | 1,259 | 15,436 | 2,061 | ||
Realized gain (loss) in other non-interest income | 7,693 | $ 896 | 16,467 | $ 1,745 | ||
Designated as Hedging Instrument | Total cash flow hedges | ||||||
Derivative [Line Items] | ||||||
Notional amount | 0 | 0 | 300,000 | |||
Estimated fair value asset (liability) | 0 | 0 | (6,573) | |||
Designated as Hedging Instrument | Economic hedges | ||||||
Derivative [Line Items] | ||||||
Notional amount | 2,069,558 | 2,069,558 | 1,691,717 | |||
Estimated fair value asset (liability) | (862) | (862) | (969) | |||
Designated as Hedging Instrument | Interest rate swaps | Total cash flow hedges | FHLB borrowings | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 0 | $ 0 | $ 300,000 | |||
Weighted average maturity | 2 years 3 months 18 days | |||||
Weighted average rate, received (as percent) | 0.00% | 0.00% | 0.63% | |||
Weighted average rate, contract pay rate (as percent) | 0.00% | 0.00% | 2.29% | |||
Estimated fair value asset (liability) | $ 0 | $ 0 | $ (6,573) | |||
Designated as Hedging Instrument | Interest rate swaps | Economic hedges | Loans with commercial loan customers | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 763,443 | $ 763,443 | $ 668,541 | |||
Weighted average maturity | 6 years 2 months 20 days | 6 years 2 months 12 days | ||||
Weighted average rate, received (as percent) | 2.83% | 2.83% | 2.43% | |||
Weighted average rate, contract pay rate (as percent) | 4.19% | 4.19% | 4.21% | |||
Estimated fair value asset (liability) | $ (8,434) | $ (8,434) | $ (6,752) | |||
Designated as Hedging Instrument | Reverse interest rate swaps | Economic hedges | Loans with commercial loan customers | ||||||
Derivative [Line Items] | ||||||
Notional amount | $ 763,443 | $ 763,443 | $ 668,541 | |||
Weighted average maturity | 6 years 2 months 20 days | 6 years 2 months 12 days | ||||
Weighted average rate, received (as percent) | 4.19% | 4.19% | 4.21% | |||
Weighted average rate, contract pay rate (as percent) | 2.83% | 2.83% | 2.43% | |||
Estimated fair value asset (liability) | $ 8,484 | $ 8,484 | $ 7,077 | |||
Designated as Hedging Instrument | Risk participation agreements with dealer banks | Economic hedges | ||||||
Derivative [Line Items] | ||||||
Notional amount | 103,173 | $ 103,173 | $ 83,360 | |||
Weighted average maturity | 11 years 3 months 20 days | 11 years 6 months 20 days | ||||
Estimated fair value asset (liability) | 10 | $ 10 | $ 5 | |||
Designated as Hedging Instrument | Forward sale commitments | Economic hedges | ||||||
Derivative [Line Items] | ||||||
Notional amount | 428,425 | $ 428,425 | $ 259,889 | |||
Weighted average maturity | 2 months 12 days | 2 months 12 days | ||||
Estimated fair value asset (liability) | $ 975 | $ 975 | $ 722 |
DERIVATIVE INSTRUMENTS AND HE71
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Offsetting of Financial Assets and Derivative Assets (Details) - Interest rate swaps - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Offsetting of Financial Assets and Derivative Assets | ||
Gross amounts of recognized assets | $ 12,261 | $ 11,510 |
Gross amounts offset in the Statements of Condition | (2) | 0 |
Net amounts of assets presented in the Statements of Condition | 12,259 | 11,510 |
Gross amounts not offset in the Statements of Condition, financial instruments | 0 | 0 |
Gross amounts not offset in the Statements of Condition, cash collateral received | 0 | 0 |
Net amount | 12,259 | 11,510 |
Institutional counterparties | ||
Offsetting of Financial Assets and Derivative Assets | ||
Gross amounts of recognized assets | 66 | 49 |
Gross amounts offset in the Statements of Condition | 0 | 0 |
Net amounts of assets presented in the Statements of Condition | 66 | 49 |
Gross amounts not offset in the Statements of Condition, financial instruments | 0 | 0 |
Gross amounts not offset in the Statements of Condition, cash collateral received | 0 | 0 |
Net amount | 66 | 49 |
Commercial counterparties | ||
Offsetting of Financial Assets and Derivative Assets | ||
Gross amounts of recognized assets | 12,195 | 11,461 |
Gross amounts offset in the Statements of Condition | (2) | 0 |
Net amounts of assets presented in the Statements of Condition | 12,193 | 11,461 |
Gross amounts not offset in the Statements of Condition, financial instruments | 0 | 0 |
Gross amounts not offset in the Statements of Condition, cash collateral received | 0 | 0 |
Net amount | $ 12,193 | $ 11,461 |
DERIVATIVE INSTRUMENTS AND HE72
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Offsetting Financial Liabilities and Derivative Liabilities (Details) - Interest rate swaps - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Offsetting of Financial Liabilities and Derivative Liabilities | ||
Gross amounts of recognized liabilities | $ (17,929) | $ (24,484) |
Gross amounts offset in the Statements of Condition | 3,834 | 4,712 |
Net amounts of liabilities presented in the Statements of Condition | (14,095) | (19,772) |
Gross amounts not offset in the Statements of Condition, financial instruments | 10,386 | 14,738 |
Gross amounts not offset in the Statements of Condition, cash collateral pledged | 0 | 650 |
Net amount | (3,709) | (4,384) |
Institutional counterparties | ||
Offsetting of Financial Liabilities and Derivative Liabilities | ||
Gross amounts of recognized liabilities | (14,219) | (20,077) |
Gross amounts offset in the Statements of Condition | 3,833 | 4,689 |
Net amounts of liabilities presented in the Statements of Condition | (10,386) | (15,388) |
Gross amounts not offset in the Statements of Condition, financial instruments | 10,386 | 14,738 |
Gross amounts not offset in the Statements of Condition, cash collateral pledged | 0 | 650 |
Net amount | 0 | 0 |
Commercial counterparties | ||
Offsetting of Financial Liabilities and Derivative Liabilities | ||
Gross amounts of recognized liabilities | (3,710) | (4,407) |
Gross amounts offset in the Statements of Condition | 1 | 23 |
Net amounts of liabilities presented in the Statements of Condition | (3,709) | (4,384) |
Gross amounts not offset in the Statements of Condition, financial instruments | 0 | 0 |
Gross amounts not offset in the Statements of Condition, cash collateral pledged | 0 | 0 |
Net amount | $ (3,709) | $ (4,384) |
FAIR VALUE MEASUREMENTS - Measu
FAIR VALUE MEASUREMENTS - Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security, at fair value | $ 12,837 | $ 13,229 |
Securities available for sale, at fair value | 1,329,993 | 1,209,537 |
Other assets | 92,441 | 98,457 |
Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security, at fair value | 12,837 | 13,229 |
Securities available for sale, at fair value | 1,329,993 | 1,209,537 |
Loans held for sale | 146,482 | 120,673 |
Derivative assets | 24,367 | 21,617 |
Derivative liabilities | 17,853 | 24,420 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security, at fair value | 0 | 0 |
Securities available for sale, at fair value | 43,306 | 62,284 |
Loans held for sale | 0 | 0 |
Derivative assets | 964 | 622 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security, at fair value | 0 | 0 |
Securities available for sale, at fair value | 1,286,687 | 1,147,253 |
Loans held for sale | 146,482 | 120,673 |
Derivative assets | 16,017 | 16,157 |
Derivative liabilities | 17,853 | 24,420 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security, at fair value | 12,837 | 13,229 |
Securities available for sale, at fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Derivative assets | 7,386 | 4,838 |
Derivative liabilities | 0 | 0 |
Recurring | Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security, at fair value | 12,837 | 13,229 |
Loans held for sale | 146,482 | 120,673 |
Derivative assets | 24,367 | 21,617 |
Other assets | 1,568 | 798 |
Derivative liabilities | 17,853 | 24,420 |
Recurring | Total Fair Value | Debt securities | Municipal bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 124,650 | 119,816 |
Recurring | Total Fair Value | Debt securities | Agency collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 782,894 | 651,911 |
Recurring | Total Fair Value | Debt securities | Agency residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 226,197 | 228,684 |
Recurring | Total Fair Value | Debt securities | Agency commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 63,313 | 64,534 |
Recurring | Total Fair Value | Debt securities | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 66,848 | 56,006 |
Recurring | Total Fair Value | Debt securities | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 11,838 | 11,887 |
Recurring | Total Fair Value | Debt securities | Other bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 10,613 | 11,158 |
Recurring | Total Fair Value | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 43,640 | 65,541 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security, at fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Derivative assets | 964 | 622 |
Other assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Debt securities | Municipal bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Debt securities | Agency collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Debt securities | Agency residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Debt securities | Agency commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Debt securities | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Debt securities | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Debt securities | Other bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 43,306 | 62,284 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security, at fair value | 0 | 0 |
Loans held for sale | 146,482 | 120,673 |
Derivative assets | 16,017 | 16,157 |
Other assets | 0 | 0 |
Derivative liabilities | 17,853 | 24,420 |
Recurring | Level 2 | Debt securities | Municipal bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 124,650 | 119,816 |
Recurring | Level 2 | Debt securities | Agency collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 782,894 | 651,911 |
Recurring | Level 2 | Debt securities | Agency residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 226,197 | 228,684 |
Recurring | Level 2 | Debt securities | Agency commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 63,313 | 64,534 |
Recurring | Level 2 | Debt securities | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 66,848 | 56,006 |
Recurring | Level 2 | Debt securities | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 11,838 | 11,887 |
Recurring | Level 2 | Debt securities | Other bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 10,613 | 11,158 |
Recurring | Level 2 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 334 | 3,257 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security, at fair value | 12,837 | 13,229 |
Loans held for sale | 0 | 0 |
Derivative assets | 7,386 | 4,838 |
Other assets | 1,568 | 798 |
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Debt securities | Municipal bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Debt securities | Agency collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Debt securities | Agency residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Debt securities | Agency commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Debt securities | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Debt securities | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Debt securities | Other bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)security | Jun. 30, 2016USD ($)transfer | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers out of Level 3, number of transfers | transfer | 1 | |||
Transfers to Level 2 | $ 708 | |||
Junior subordinated debentures re-price period (in days) | 90 days | |||
Loans Held for Sale | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (losses) in fair value of loans held for sale included in earnings | $ 1,700 | $ 369 | $ 2,300 | $ 584 |
Trading Security | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Number of securities in the portfolio (security) | security | 1 |
FAIR VALUE MEASUREMENTS - Loans
FAIR VALUE MEASUREMENTS - Loans Held for Sale (Details) - Level 2 - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Loans Held for Sale | ||
Aggregate Fair Value | $ 146,482 | $ 120,673 |
Aggregate Unpaid Principal | 322 | 322 |
Recurring | ||
Loans Held for Sale | ||
Aggregate Fair Value | 146,482 | 120,673 |
Recurring | Loans Held for Sale | ||
Loans Held for Sale | ||
Aggregate Fair Value | 146,482 | 120,673 |
Aggregate Unpaid Principal | 141,672 | 118,178 |
Aggregate Fair Value Less Aggregate Unpaid Principal | $ 4,810 | $ 2,495 |
FAIR VALUE MEASUREMENTS - Chang
FAIR VALUE MEASUREMENTS - Changes in Level 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Changes in Level 3 assets that were measured at fair value on a recurring basis | ||||
Transfers to Level 2 | $ (708) | |||
Commitments to lend | ||||
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 | $ 7,374 | $ 1,259 | $ 7,374 | 1,259 |
Derivative Asset (Liability) | ||||
Beginning balance | 8,061 | 802 | 4,738 | 323 |
Unrealized (loss) gain, net recognized in other non-interest income | 16,515 | 1,711 | 33,817 | 2,917 |
Transfers to held for sale loans | (17,202) | (1,254) | (31,181) | (1,981) |
Ending balance | 7,374 | 1,259 | 7,374 | 1,259 |
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 | 12 | (189) | 12 | (189) |
Derivative Asset (Liability) | ||||
Beginning balance | (22) | (143) | 100 | 9 |
Unrealized (loss) gain, net recognized in other non-interest income | 34 | (88) | ||
Unrealized gain (loss) included in accumulated other comprehensive loss | (46) | |||
Transfers to Level 2 | (198) | |||
Ending balance | 12 | (189) | 12 | (189) |
Trading Security | ||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | ||||
Balance at the beginning of the period | 12,966 | 14,474 | 13,229 | 14,189 |
Unrealized (loss) gain, net recognized in other non-interest income | 27 | 153 | (79) | 585 |
Paydown of trading security | (156) | (148) | (313) | (295) |
Balance at the end of the period | 12,837 | 14,479 | 12,837 | 14,479 |
Unrealized gains (losses) relating to instruments still held at the end of the period | 1,736 | 2,790 | 1,736 | 2,790 |
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 | 0 | 0 | 0 | 708 |
Transfers to Level 2 | (708) | |||
Balance at the end of the period | 0 | 0 | 0 | 0 |
Unrealized gains (losses) relating to instruments still held at the end of the period | 0 | 0 | 0 | 0 |
Capitalized servicing rights | ||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | ||||
Balance at the beginning of the period | 976 | 0 | 798 | 0 |
Unrealized (loss) gain, net recognized in other non-interest income | (68) | (70) | ||
Additions to servicing rights | 660 | 840 | ||
Balance at the end of the period | 1,568 | 0 | 1,568 | 0 |
Unrealized gains (losses) relating to instruments still held at the end of the period | $ 0 | $ 0 | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Unobs
FAIR VALUE MEASUREMENTS - Unobservable Inputs Recurring (Details) - Level 3 - Recurring - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Quantitative information about the significant unobservable inputs within Level 3 | ||
Total | $ 21,791,000 | $ 18,865,000 |
Trading Security | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Assets measured on recurring basis | $ 12,837,000 | $ 13,229,000 |
Trading Security | Discounted Cash Flow | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Discount Rate (as percent) | 2.57% | 2.62% |
Commitments to Lend | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Assets measured on recurring basis | $ 7,374,000 | $ 4,738,000 |
Commitments to Lend | Historical Trend | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Closing Ratio (as percent) | 79.08% | 80.36% |
Commitments to Lend | Pricing Model | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Origination Costs, per loan | $ 3,692 | $ 3,692 |
Forward Commitments | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Assets measured on recurring basis | $ 12,000 | $ 100,000 |
Forward Commitments | Historical Trend | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Closing Ratio (as percent) | 79.08% | 80.36% |
Forward Commitments | Pricing Model | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Origination Costs, per loan | $ 3,692 | $ 3,692 |
Capitalized servicing rights | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Assets measured on recurring basis | $ 1,568,000 | $ 798,000 |
Capitalized servicing rights | Discounted Cash Flow | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Discount Rate (as percent) | 11.00% | 11.00% |
Constant prepayment rate (CPR) (as percent) | 10.90% | 10.40% |
FAIR VALUE MEASUREMENTS - Mea78
FAIR VALUE MEASUREMENTS - Measured on Non-recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Quantitative information about the significant unobservable inputs within Level 3 | ||
Other real estate owned | $ 279 | $ 151 |
Non-recurring | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Impaired loans | 27,286 | 17,761 |
Capitalized servicing rights | 11,731 | 10,726 |
Other real estate owned | 279 | 151 |
Total | $ 39,296 | $ 28,638 |
FAIR VALUE MEASUREMENTS - Uno79
FAIR VALUE MEASUREMENTS - Unobservable Inputs Non-recurring (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Quantitative information about the significant unobservable inputs within Level 3 | ||
Other real estate owned | $ 279 | $ 151 |
Non-recurring | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Impaired loans | 27,286 | 17,761 |
Capitalized servicing rights | 11,731 | 10,726 |
Other real estate owned | 279 | 151 |
Total | 39,296 | 28,638 |
Non-recurring | Impaired loans | Appraised value of collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Impaired loans | $ 27,286 | $ 17,761 |
Non-recurring | Impaired loans | Minimum | Appraised value of collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Loss severity (as percent) | 0.16% | 0.00% |
Appraised value | $ 21 | $ 0 |
Non-recurring | Impaired loans | Maximum | Appraised value of collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Loss severity (as percent) | 21.99% | 88.70% |
Appraised value | $ 6,040 | $ 2,192 |
Non-recurring | Impaired loans | Weighted Average | Appraised value of collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Loss severity (as percent) | 3.30% | 9.73% |
Appraised value | $ 2,133 | $ 1,026 |
Non-recurring | Capitalized servicing rights | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Capitalized servicing rights | $ 11,731 | $ 10,726 |
Non-recurring | Capitalized servicing rights | Minimum | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Constant prepayment rate (CPR) (as percent) | 6.59% | 7.35% |
Discount Rate (as percent) | 10.00% | 10.00% |
Non-recurring | Capitalized servicing rights | Maximum | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Constant prepayment rate (CPR) (as percent) | 13.48% | 14.28% |
Discount Rate (as percent) | 12.50% | 14.00% |
Non-recurring | Capitalized servicing rights | Weighted Average | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Constant prepayment rate (CPR) (as percent) | 9.87% | 10.44% |
Discount Rate (as percent) | 10.76% | 11.77% |
Non-recurring | Other real estate owned | Appraised value of collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Other real estate owned | $ 279 | $ 151 |
Non-recurring | Other real estate owned | Minimum | Appraised value of collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Appraised value | 94 | 101 |
Non-recurring | Other real estate owned | Maximum | Appraised value of collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Appraised value | 215 | 129 |
Non-recurring | Other real estate owned | Weighted Average | Appraised value of collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Appraised value | $ 193 | $ 122 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Values and Carrying Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financial Assets | ||
Trading security, at fair value | $ 12,837 | $ 13,229 |
Securities available for sale | 1,329,993 | 1,209,537 |
Securities held to maturity | 358,398 | 337,680 |
FHLB bank stock and restricted securities | 78,874 | 71,112 |
Level 1 | ||
Financial Assets | ||
Cash and cash equivalents | 101,833 | 113,075 |
Trading security, at fair value | 0 | 0 |
Securities available for sale | 43,306 | 62,284 |
Securities held to maturity | 0 | 0 |
FHLB bank stock and restricted securities | 0 | 0 |
Net loans | 0 | 0 |
Loans held for sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Cash surrender value of bank-owned life insurance policies | 0 | 0 |
Derivative assets | 964 | 622 |
Assets held for sale | 0 | 0 |
Financial Liabilities | ||
Total deposits | 0 | 0 |
Short-term debt | 0 | 0 |
Long-term Federal Home Loan Bank advances | 0 | 0 |
Subordinated borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Trading security, at fair value | 0 | 0 |
Securities available for sale | 1,286,687 | 1,147,253 |
Securities held to maturity | 323,662 | 300,806 |
FHLB bank stock and restricted securities | 78,874 | 71,112 |
Net loans | 6,850,718 | 0 |
Loans held for sale | 146,482 | 120,673 |
Accrued interest receivable | 27,005 | 26,113 |
Cash surrender value of bank-owned life insurance policies | 46,343 | 139,257 |
Derivative assets | 16,017 | 16,157 |
Assets held for sale | 322 | 322 |
Financial Liabilities | ||
Total deposits | 6,710,596 | 6,624,108 |
Short-term debt | 1,081,453 | 1,081,996 |
Long-term Federal Home Loan Bank advances | 301,075 | 143,151 |
Subordinated borrowings | 98,011 | 96,973 |
Derivative liabilities | 17,853 | 24,420 |
Level 3 | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Trading security, at fair value | 12,837 | 13,229 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 34,736 | 36,874 |
FHLB bank stock and restricted securities | 0 | 0 |
Net loans | 0 | 6,532,745 |
Loans held for sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Cash surrender value of bank-owned life insurance policies | 0 | 0 |
Derivative assets | 7,386 | 4,838 |
Assets held for sale | 0 | 0 |
Financial Liabilities | ||
Total deposits | 0 | 0 |
Short-term debt | 0 | 0 |
Long-term Federal Home Loan Bank advances | 0 | 0 |
Subordinated borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Carrying Amount | ||
Financial Assets | ||
Cash and cash equivalents | 101,833 | 113,075 |
Trading security, at fair value | 12,837 | 13,229 |
Securities available for sale | 1,329,993 | 1,209,537 |
Securities held to maturity | 350,992 | 334,368 |
FHLB bank stock and restricted securities | 78,874 | 71,112 |
Net loans | 6,817,123 | 6,505,789 |
Loans held for sale | 146,482 | 120,673 |
Accrued interest receivable | 27,005 | 26,113 |
Cash surrender value of bank-owned life insurance policies | 46,343 | 139,257 |
Derivative assets | 24,367 | 21,617 |
Assets held for sale | 322 | 322 |
Financial Liabilities | ||
Total deposits | 6,714,854 | 6,622,092 |
Short-term debt | 1,081,600 | 1,082,044 |
Long-term Federal Home Loan Bank advances | 301,374 | 142,792 |
Subordinated borrowings | 89,250 | 89,161 |
Derivative liabilities | 17,853 | 24,420 |
Total Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 101,833 | 113,075 |
Trading security, at fair value | 12,837 | 13,229 |
Securities available for sale | 1,329,993 | 1,209,537 |
Securities held to maturity | 358,398 | 337,680 |
FHLB bank stock and restricted securities | 78,874 | 71,112 |
Net loans | 6,850,718 | 6,532,745 |
Loans held for sale | 146,482 | 120,673 |
Accrued interest receivable | 27,005 | 26,113 |
Cash surrender value of bank-owned life insurance policies | 46,343 | 139,257 |
Derivative assets | 24,367 | 21,617 |
Assets held for sale | 322 | 322 |
Financial Liabilities | ||
Total deposits | 6,710,596 | 6,624,108 |
Short-term debt | 1,081,453 | 1,081,996 |
Long-term Federal Home Loan Bank advances | 301,075 | 143,151 |
Subordinated borrowings | 98,011 | 96,973 |
Derivative liabilities | $ 17,853 | $ 24,420 |
NET INTEREST INCOME AFTER PRO81
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Banking and Thrift, Interest [Abstract] | ||||
Net interest income | $ 69,545 | $ 57,441 | $ 136,431 | $ 115,138 |
Provision for loan losses | 4,889 | 4,522 | 9,984 | 8,528 |
Net interest income after provision for loan losses | $ 64,656 | $ 52,919 | $ 126,447 | $ 106,610 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Thousands | May 22, 2017USD ($)shares | Jun. 30, 2017USD ($)banking_officeshares | Dec. 31, 2016USD ($)shares |
Subsequent Event [Line Items] | |||
Assets | $ | $ 9,627,271 | $ 9,162,542 | |
Common stock, shares outstanding (in shares) | 40,427,624 | 35,672,817 | |
Commerce Bank | |||
Subsequent Event [Line Items] | |||
Termination fee due from counterparty | $ | $ 8,600 | ||
Commerce Bank | Common stock for common stock | Plan | |||
Subsequent Event [Line Items] | |||
Share exchange ratio (in shares) | 0.93 | ||
Commerce Bank | Common stock for Series B preferred stock | Plan | |||
Subsequent Event [Line Items] | |||
Share exchange ratio (in shares) | 0.465 | ||
Commerce Bank | Preferred stock for common stock | Plan | |||
Subsequent Event [Line Items] | |||
Share exchange ratio (in shares) | 2 | ||
Commerce Bank | |||
Subsequent Event [Line Items] | |||
Assets | $ | $ 1,900,000 | ||
Number of branch banking offices | banking_office | 16 | ||
Common stock, shares outstanding (in shares) | 6,238,000 |