Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'PFS | ' |
Entity Registrant Name | 'PROVIDENT FINANCIAL SERVICES INC | ' |
Entity Central Index Key | '0001178970 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 65,298,012 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $131,064 | $100,053 |
Short-term investments | 1,375 | 1,171 |
Total cash and cash equivalents | 132,439 | 101,224 |
Securities available for sale, at fair value | 1,156,986 | 1,157,594 |
Investment securities held to maturity (fair value of $463,277 at June 30, 2014 (unaudited) and $355,913 at December 31, 2013) | 454,648 | 357,500 |
Federal Home Loan Bank stock | 70,574 | 58,070 |
Loans | 5,910,069 | 5,194,813 |
Less allowance for loan losses | 63,875 | 64,664 |
Net loans | 5,846,194 | 5,130,149 |
Foreclosed assets, net | 6,983 | 5,486 |
Banking premises and equipment, net | 96,135 | 66,448 |
Accrued interest receivable | 25,611 | 22,956 |
Intangible assets | 405,685 | 356,432 |
Bank-owned life insurance | 174,958 | 150,511 |
Other assets | 79,144 | 80,958 |
Total assets | 8,449,357 | 7,487,328 |
Deposits: | ' | ' |
Demand deposits | 3,952,738 | 3,473,724 |
Savings deposits | 1,005,886 | 921,993 |
Certificates of deposit of $100,000 or more | 360,653 | 270,631 |
Other time deposits | 518,753 | 536,123 |
Total deposits | 5,838,030 | 5,202,471 |
Mortgage escrow deposits | 22,985 | 20,376 |
Borrowed funds | 1,418,843 | 1,203,879 |
Other liabilities | 48,108 | 49,849 |
Total liabilities | 7,327,966 | 6,476,575 |
Stockholders' Equity: | ' | ' |
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized, 83,209,293 shares issued and 64,888,489 shares outstanding at June 30, 2014 (unaudited) and 59,917,649 outstanding at December 31, 2013 | 832 | 832 |
Additional paid-in capital | 1,025,031 | 1,026,144 |
Retained earnings | 442,909 | 427,763 |
Accumulated other comprehensive income (loss) | 4,686 | -4,851 |
Treasury stock | -304,741 | -390,380 |
Unallocated common stock held by the Employee Stock Ownership Plan | -47,326 | -48,755 |
Common stock acquired by the Directors’ Deferred Fee Plan | -7,159 | -7,205 |
Deferred compensation – Directors’ Deferred Fee Plan | 7,159 | 7,205 |
Total stockholders’ equity | 1,121,391 | 1,010,753 |
Total liabilities and stockholders’ equity | $8,449,357 | $7,487,328 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Investment securities held to maturity, fair value | $463,277 | $355,913 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 83,209,293 | 83,209,293 |
Common stock, shares outstanding | 64,888,489 | 59,917,649 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income: | ' | ' | ' | ' |
Real estate secured loans | $40,381 | $37,585 | $78,933 | $75,920 |
Commercial loans | 11,548 | 10,055 | 22,095 | 20,026 |
Consumer loans | 5,869 | 5,875 | 11,531 | 11,832 |
Securities available for sale and Federal Home Loan Bank Stock | 6,663 | 6,120 | 13,745 | 12,312 |
Investment securities held to maturity | 2,906 | 2,767 | 5,576 | 5,606 |
Deposits, Federal funds sold and other short-term investments | 19 | 11 | 29 | 21 |
Total interest income | 67,386 | 62,413 | 131,909 | 125,717 |
Interest expense: | ' | ' | ' | ' |
Deposits | 3,687 | 4,607 | 7,425 | 9,563 |
Borrowed funds | 6,298 | 4,395 | 11,882 | 8,848 |
Total interest expense | 9,985 | 9,002 | 19,307 | 18,411 |
Net interest income | 57,401 | 53,411 | 112,602 | 107,306 |
Provision for loan losses | 1,500 | 1,000 | 1,900 | 2,500 |
Net interest income after provision for loan losses | 55,901 | 52,411 | 110,702 | 104,806 |
Non-interest income: | ' | ' | ' | ' |
Fees | 7,619 | 8,318 | 14,474 | 16,278 |
Bank-owned life insurance | 1,577 | 2,944 | 2,879 | 4,154 |
Net gain (loss) on securities transactions | 110 | 423 | -240 | 934 |
Other income | 1,021 | 952 | 1,330 | 1,216 |
Total non-interest income | 10,327 | 12,637 | 18,443 | 22,582 |
Non-interest expense: | ' | ' | ' | ' |
Compensation and employee benefits | 23,581 | 20,154 | 44,974 | 40,997 |
Net occupancy expense | 5,623 | 5,044 | 11,712 | 10,250 |
Data processing expense | 2,761 | 2,647 | 5,558 | 5,269 |
FDIC insurance | 1,144 | 1,224 | 2,280 | 2,474 |
Amortization of intangibles | 519 | 516 | 802 | 1,027 |
Advertising and promotion expense | 1,081 | 1,277 | 2,146 | 2,023 |
Other operating expenses | 8,962 | 6,951 | 14,389 | 12,719 |
Total non-interest expense | 43,671 | 37,813 | 81,861 | 74,759 |
Income before income tax expense | 22,557 | 27,235 | 47,284 | 52,629 |
Income tax expense | 6,206 | 8,007 | 13,904 | 15,573 |
Net income | $16,351 | $19,228 | $33,380 | $37,056 |
Basic earnings per share (usd per share) | $0.28 | $0.34 | $0.57 | $0.65 |
Weighted average basic shares outstanding (in shares) | 59,147,241 | 57,206,242 | 58,263,052 | 57,186,828 |
Diluted earnings per share (usd per share) | $0.28 | $0.34 | $0.57 | $0.65 |
Weighted average diluted shares outstanding (in shares) | 59,269,262 | 57,283,646 | 58,403,753 | 57,240,932 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $16,351 | $19,228 | $33,380 | $37,056 |
Unrealized gains and losses on securities available for sale: | ' | ' | ' | ' |
Net unrealized gains (losses) arising during the period | 6,339 | -12,562 | 10,058 | -14,182 |
Reclassification adjustment for (gains) losses included in net income | -65 | -250 | 142 | -552 |
Total | 6,274 | -12,812 | 10,200 | -14,734 |
Amortization related to post-retirement obligations | -615 | 202 | -663 | 461 |
Total other comprehensive income (loss) | 5,659 | -12,610 | 9,537 | -14,273 |
Total comprehensive income | $22,010 | $6,618 | $42,917 | $22,783 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Unallocated ESOP Shares [Member] | Deferred Compensation DDFP [Member] | Common Stock Acquired By DDFP [Member] |
In Thousands | |||||||||
Balance at Dec. 31, 2012 | $981,246 | $832 | $1,021,507 | $389,549 | $7,716 | ($386,270) | ($52,088) | ($7,298) | $7,298 |
Net income | 37,056 | ' | ' | 37,056 | ' | ' | ' | ' | ' |
Other comprehensive loss, net of tax | -14,273 | ' | ' | ' | -14,273 | ' | ' | ' | ' |
Cash dividends declared/paid | -16,527 | ' | ' | -16,527 | ' | ' | ' | ' | ' |
Distributions from DDFP | 0 | ' | ' | ' | ' | ' | ' | 47 | -47 |
Purchases of treasury stock | -5,883 | ' | ' | ' | ' | -5,883 | ' | ' | ' |
Shares issued dividend reinvestment plan | 595 | ' | -78 | ' | ' | 673 | ' | ' | ' |
Stock option exercises | 153 | ' | -59 | ' | ' | 212 | ' | ' | ' |
Allocation of ESOP shares | 1,258 | ' | -158 | ' | ' | ' | 1,416 | ' | ' |
Allocation of SAP shares | 2,828 | ' | 2,828 | ' | ' | ' | ' | ' | ' |
Allocation of stock options | 141 | ' | 141 | ' | ' | ' | ' | ' | ' |
Balance at Jun. 30, 2013 | 986,594 | 832 | 1,024,181 | 410,078 | -6,557 | -391,268 | -50,672 | -7,251 | 7,251 |
Balance at Dec. 31, 2013 | 1,010,753 | 832 | 1,026,144 | 427,763 | -4,851 | -390,380 | -48,755 | -7,205 | 7,205 |
Net income | 33,380 | ' | ' | 33,380 | ' | ' | ' | ' | ' |
Other comprehensive loss, net of tax | 9,537 | ' | ' | ' | 9,537 | ' | ' | ' | ' |
Cash dividends declared/paid | -18,234 | ' | ' | -18,234 | ' | ' | ' | ' | ' |
Distributions from DDFP | 0 | ' | ' | ' | ' | ' | ' | 46 | -46 |
Purchases of treasury stock | -3,880 | ' | ' | ' | ' | -3,880 | ' | ' | ' |
Treasury shares issued to finance acquisition | 83,517 | ' | -962 | ' | ' | 84,479 | ' | ' | ' |
Shares issued dividend reinvestment plan | 659 | ' | 0 | ' | ' | 659 | ' | ' | ' |
Stock option exercises | 106 | ' | -22 | ' | ' | 128 | ' | ' | ' |
Allocation of ESOP shares | 1,482 | ' | 53 | ' | ' | ' | 1,429 | ' | ' |
Allocation of SAP shares | 3,919 | ' | 3,919 | ' | ' | ' | ' | ' | ' |
Allocation of Treasury Shares | 0 | ' | -4,253 | ' | ' | 4,253 | ' | ' | ' |
Allocation of stock options | 152 | ' | 152 | ' | ' | ' | ' | ' | ' |
Balance at Jun. 30, 2014 | $1,121,391 | $832 | $1,025,031 | $442,909 | $4,686 | ($304,741) | ($47,326) | ($7,159) | $7,159 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $33,380,000 | $37,056,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization of intangibles | 4,562,000 | 4,598,000 |
Provision for loan losses | 1,900,000 | 2,500,000 |
Deferred tax expense | 1,820,000 | 1,761,000 |
Increase in cash surrender value of Bank-owned life insurance | -2,879,000 | -4,154,000 |
Net amortization of premiums and discounts on securities | 4,792,000 | 7,277,000 |
Accretion of net deferred loan fees | -1,541,000 | -2,064,000 |
Amortization of premiums on purchased loans, net | 353,000 | 756,000 |
Net increase in loans originated for sale | -3,524,000 | -14,344,000 |
Proceeds from sales of loans originated for sale | 3,807,000 | 15,161,000 |
Proceeds from sales of foreclosed assets | 3,539,000 | 3,704,000 |
ESOP expense | 1,483,000 | 1,258,000 |
Allocation of stock award shares | 3,654,000 | 2,802,000 |
Allocation of stock options | 152,000 | 141,000 |
Net gain on sale of loans | -283,000 | -817,000 |
Net loss (gain) on securities transactions | 240,000 | -934,000 |
Net (gain) loss on sale of premises and equipment | -1,000 | 29,000 |
Net (gain) loss on sale of foreclosed assets | -385,000 | 195,000 |
Decrease in accrued interest receivable | 405,000 | 1,003,000 |
Increase in other assets | -14,780,000 | -5,338,000 |
Increase (decrease) in other liabilities | 961,000 | -3,303,000 |
Net cash provided by operating activities | 37,655,000 | 47,287,000 |
Cash flows from investing activities: | ' | ' |
Proceeds from maturities, calls and paydowns of investment securities held to maturity | 24,481,000 | 51,146,000 |
Purchases of investment securities held to maturity | -40,577,000 | -44,718,000 |
Proceeds from sales of securities | 15,007,000 | 14,834,000 |
Proceeds from maturities, calls and paydowns of securities available for sale | 91,710,000 | 196,434,000 |
Purchases of securities available for sale | -18,566,000 | -151,861,000 |
Cash received, net of cash consideration paid for acquisition | 68,650,000 | 0 |
Purchases of loans | -31,027,000 | -4,558,000 |
Net increase in loans | -54,216,000 | -93,406,000 |
Proceeds from sales of premises and equipment | 0 | 35,000 |
Purchases of premises and equipment | -10,890,000 | -5,188,000 |
Net cash provided by (used) in in investing activities | 44,572,000 | -37,282,000 |
Cash flows from financing activities: | ' | ' |
Net decrease in deposits | -134,377,000 | -179,359,000 |
Increase in mortgage escrow deposits | 2,586,000 | 1,839,000 |
Purchases of treasury stock | -3,880,000 | -5,883,000 |
Cash dividends paid to stockholders | -18,234,000 | -16,527,000 |
Shares issued dividend reinvestment plan | 659,000 | 595,000 |
Stock options exercised | 106,000 | 153,000 |
Proceeds from long-term borrowings | 322,231,000 | 50,000,000 |
Payments on long-term borrowings | -161,959,000 | -45,798,000 |
Net (decrease) increase in short-term borrowings | -58,144,000 | 161,657,000 |
Net cash used in financing activities | -51,012,000 | -33,323,000 |
Net increase (decrease) in cash and cash equivalents | 31,215,000 | -23,318,000 |
Cash and cash equivalents at beginning of period | 101,224,000 | 103,823,000 |
Cash and cash equivalents at end of period | 132,439,000 | 80,505,000 |
Cash paid during the period for: | ' | ' |
Interest on deposits and borrowings | 19,283,000 | 18,692,000 |
Income taxes | 12,531,000 | 13,344,000 |
Non-cash investing activities: | ' | ' |
Transfer of loans receivable to foreclosed assets | 4,206,000 | 5,537,000 |
Non-cash assets acquired: | ' | ' |
Investment securities available for sale | 157,635 | 0 |
Loans | 631,390 | 0 |
Bank-owned life insurance | 22,319 | ' |
Goodwill and other intangible assets, net | 50,041 | 0 |
Other assets | 33,939 | 0 |
Total non-cash assets acquired | 895,324 | 0 |
Liabilities assumed: | ' | ' |
Deposits | 769,936 | 0 |
Borrowings | 112,835 | 0 |
Other Liabilities | -2,314 | 0 |
Total liabilities assumed | 880,457 | 0 |
Common stock issued for acquisitions | $83,517 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||||||||||||||
Note 1. Summary of Significant Accounting Policies | ||||||||||||||||||||||||
A. Basis of Financial Statement Presentation | ||||||||||||||||||||||||
The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, The Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”). | ||||||||||||||||||||||||
In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and the results of operations for the periods presented. Actual results could differ from these estimates. The allowance for loan losses and the valuation of securities available for sale are material estimates that are particularly susceptible to near-term change. | ||||||||||||||||||||||||
The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results of operations that may be expected for all of 2014. | ||||||||||||||||||||||||
Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission. | ||||||||||||||||||||||||
These unaudited consolidated financial statements should be read in conjunction with the December 31, 2013 Annual Report to Stockholders on Form 10-K. | ||||||||||||||||||||||||
B. Earnings Per Share | ||||||||||||||||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2014 and 2013 (dollars in thousands, except per share amounts): | ||||||||||||||||||||||||
Three months ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Net | Weighted | Per | Net | Weighted | Per | |||||||||||||||||||
Income | Average | Share | Income | Average | Share | |||||||||||||||||||
Common | Amount | Common | Amount | |||||||||||||||||||||
Shares | Shares | |||||||||||||||||||||||
Outstanding | Outstanding | |||||||||||||||||||||||
Net income | $ | 16,351 | $ | 19,228 | ||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||
Income available to common stockholders | $ | 16,351 | 59,147,241 | $ | 0.28 | $ | 19,228 | 57,206,242 | $ | 0.34 | ||||||||||||||
Dilutive shares | 122,021 | 77,404 | ||||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||
Income available to common stockholders | $ | 16,351 | 59,269,262 | $ | 0.28 | $ | 19,228 | 57,283,646 | $ | 0.34 | ||||||||||||||
Six months ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Net | Weighted | Per | Net | Weighted | Per | |||||||||||||||||||
Income | Average | Share | Income | Average | Share | |||||||||||||||||||
Common | Amount | Common | Amount | |||||||||||||||||||||
Shares | Shares | |||||||||||||||||||||||
Outstanding | Outstanding | |||||||||||||||||||||||
Net income | $ | 33,380 | $ | 37,056 | ||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||
Income available to common stockholders | $ | 33,380 | 58,263,052 | $ | 0.57 | $ | 37,056 | 57,186,828 | $ | 0.65 | ||||||||||||||
Dilutive shares | 140,701 | 54,104 | ||||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||
Income available to common stockholders | $ | 33,380 | 58,403,753 | $ | 0.57 | $ | 37,056 | 57,240,932 | $ | 0.65 | ||||||||||||||
Anti-dilutive stock options and awards totaling 1,116,839 shares at June 30, 2014, were excluded from the earnings per share calculations. |
Business_Combinations
Business Combinations | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combinations | ' | ||||
Note 2. Business Combinations | |||||
On May 30, 2014, the Company completed its acquisition of Team Capital Bank ("Team Capital"), which after purchase accounting adjustments added $964.0 million to total assets, $631.4 million to loans, and $769.9 million to deposits. Total consideration paid for Team Capital was $115.1 million: $31.6 million in cash and 4.9 million shares of common stock valued at $83.5 million on the acquisition date. Team Capital was merged with and into the Company's subsidiary, The Provident Bank as of the close of business on the date of acquisition. | |||||
The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the fair value of the net assets acquired has been recorded as goodwill. | |||||
The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition for Team Capital, net of cash consideration paid (in thousands): | |||||
At May 30, 2014 | |||||
Assets acquired: | |||||
Cash and cash equivalents, net | $ | 68,650 | |||
Securities available for sale | 157,635 | ||||
Loans | 631,390 | ||||
Bank-owned life insurance | 22,319 | ||||
Banking premises and equipment | 24,778 | ||||
Accrued interest receivable | 3,060 | ||||
Goodwill | 40,173 | ||||
Other intangibles assets | 9,868 | ||||
Foreclosed assets, net | 653 | ||||
Other assets | 5,448 | ||||
Total assets acquired | 963,974 | ||||
Liabilities assumed: | |||||
Deposits | 769,936 | ||||
Borrowed Funds | 112,835 | ||||
Other liabilities | (2,314 | ) | |||
Total liabilities assumed | 880,457 | ||||
Net assets acquired | $ | 83,517 | |||
The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available. As the Company finalizes its review of the acquired assets and liabilities, certain adjustments to the recorded carrying values may be required. | |||||
Fair Value Measurement of Assets Assumed and Liabilities Assumed | |||||
The methods used to determine the fair value of the assets acquired and liabilities assumed in the Team Capital acquisition were as follows: | |||||
Securities Available for Sale | |||||
The estimated fair values of the investment securities classified as available for sale were calculated utilizing Level 1 and Level 2 inputs. The Company reviewed the data and assumptions used in pricing the securities by its third party provider to ensure the highest level of significant inputs are derived from observable market data. These prices were validated against other pricing sources and broker-dealer indications. | |||||
Loans | |||||
The acquired loan portfolio was valued based on current guidance which defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Level 3 inputs were utilized to value the portfolio and included the use of present value techniques employing cash flow estimates and the incorporated assumptions that marketplace participants would use in estimating fair values. In instances where reliable market information was not available, the Company used its own assumptions in an effort to determine reasonable fair value. Specifically, the Company utilized three separate fair value analyses which a market participant would employ in estimating the total fair value adjustment. The three separate fair valuation methodologies used were: 1) interest rate loan fair value analysis; 2) general credit fair value adjustment; and 3) specific credit fair value adjustment. | |||||
To prepare the interest rate fair value analysis, loans were grouped by characteristics such as loan type, term, collateral and rate. Market rates for similar loans were obtained from various external data sources and reviewed by Company management for reasonableness. The average of these rates was used as the fair value interest rate a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value adjustment. | |||||
The general credit fair value adjustment was calculated using a two part general credit fair value analysis; 1) expected lifetime losses and 2) estimated fair value adjustment for qualitative factors. The expected lifetime losses were calculated using an average of historical losses of the Company, the acquired banks and peer banks. The adjustment related to qualitative factors was impacted by general economic conditions and the risk related to lack of familiarity with the originator's underwriting process. | |||||
To calculate the specific credit fair value adjustment the Company reviewed the acquired loan portfolio for loans meeting the definition of an impaired loan with deteriorated credit quality. Loans meeting this criteria were reviewed by comparing the contractual cash flows to expected collectible cash flows. The aggregate expected cash flows less the acquisition date fair value resulted in an accretable yield amount. The accretable yield amount will be recognized over the life of the loans on a level yield basis as an adjustment to yield. | |||||
Deposits and Core Deposit Premium | |||||
Core deposit premium represents the value assigned to demand, interest checking, money market and savings accounts acquired as part of an acquisition. The core deposit premium value represents the future economic benefit, including the present value of future tax benefits, of the potential cost savings from acquiring core deposits as part of an acquisition compared to the cost alternative funding sources and is valued utilizing Level 1 inputs. | |||||
Time deposits are not considered to be core deposits as they are assumed to have a low expected average life upon acquisition. The fair value of time deposits represents the present value of the expected contractual payments discounted by market rates for similar time deposits and is valued utilizing Level 2 inputs. | |||||
Borrowed Funds | |||||
The fair value for borrowed funds was obtained from actual prepayment rates from the FHLB - Pittsburgh, a level 2 input. These borrowings were redeemed after the acquisition date and the fair value adjustment was fully amortized in the quarter ended June 30, 2014. |
Investment_Securities
Investment Securities | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||
Note 3. Investment Securities | ||||||||||||||||||||
At June 30, 2014, the Company had $1.16 billion and $454.6 million in available for sale and held to maturity investment securities, respectively. Many factors, including lack of liquidity in the secondary market for certain securities, variations in pricing information, regulatory actions, changes in the business environment or any changes in the competitive marketplace could have an adverse effect on the Company’s investment portfolio which could result in other-than-temporary impairment on certain investment securities in future periods. The total number of all held to maturity and available for sale securities in an unrealized loss position as of June 30, 2014 totaled 408, compared with 346 at December 31, 2013. All securities with unrealized losses at June 30, 2014 were analyzed for other-than-temporary impairment. Based upon this analysis, no other-than-temporary impairment existed at June 30, 2014. | ||||||||||||||||||||
Securities Available for Sale | ||||||||||||||||||||
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities available for sale at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||
cost | unrealized | unrealized | value | |||||||||||||||||
gains | losses | |||||||||||||||||||
Agency obligations | $ | 90,906 | 347 | (45 | ) | 91,208 | ||||||||||||||
Mortgage-backed securities | 1,037,367 | 16,353 | (5,696 | ) | 1,048,024 | |||||||||||||||
State and municipal obligations | 7,558 | 153 | (12 | ) | 7,699 | |||||||||||||||
Corporate obligations | 9,550 | 5 | (16 | ) | 9,539 | |||||||||||||||
Equity securities | 397 | 119 | — | 516 | ||||||||||||||||
$ | 1,145,778 | 16,977 | (5,769 | ) | 1,156,986 | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||
cost | unrealized | unrealized | value | |||||||||||||||||
gains | losses | |||||||||||||||||||
Agency obligations | $ | 93,223 | 372 | (179 | ) | 93,416 | ||||||||||||||
Mortgage-backed securities | 1,060,013 | 14,493 | (19,532 | ) | 1,054,974 | |||||||||||||||
State and municipal obligations | 8,739 | 171 | (152 | ) | 8,758 | |||||||||||||||
Equity securities | 357 | 89 | — | 446 | ||||||||||||||||
$ | 1,162,332 | 15,125 | (19,863 | ) | 1,157,594 | |||||||||||||||
The amortized cost and fair value of securities available for sale at June 30, 2014, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||
cost | value | |||||||||||||||||||
Due in one year or less | $ | 23,108 | 23,130 | |||||||||||||||||
Due after one year through five years | 78,886 | 79,306 | ||||||||||||||||||
Due after five years through ten years | 3,019 | 3,004 | ||||||||||||||||||
Due after ten years | 3,001 | 3,006 | ||||||||||||||||||
Mortgage-backed securities | 1,037,367 | 1,048,024 | ||||||||||||||||||
Equity securities | 397 | 516 | ||||||||||||||||||
$ | 1,145,778 | 1,156,986 | ||||||||||||||||||
During the three months ending June 30, 2014, proceeds from the sale of securities available for sale were $8,398,000 resulting in gross gains of $150,000 and gross losses of $39,000. For the same period last year, proceeds from the sale of securities available for sale were $6,915,000 resulting in gross gains of $407,000 and no gross losses. | ||||||||||||||||||||
For the six months ended June 30, 2014, proceeds from the sale of securities available for sale were $14,483,000, resulting in gross gains of $150,000 and gross losses of $404,000. For the same period last year, proceeds from the sale of securities available for sale were $14,310,000, resulting in gross gains of $888,000 and no gross losses. Also, for the six months ended June 30, 2014, proceeds from calls of securities available for sale totaled $740,000, resulting in gross gains of $2,000 gains and no gross losses. For the three and six months ended June 30, 2013, proceeds from calls on securities available for sale totaled $896,000, with no gains or losses recognized. | ||||||||||||||||||||
The following table presents a roll-forward of the credit loss component of other-than-temporary impairment (“OTTI”) on debt securities for which a non-credit component of OTTI was recognized in other comprehensive income. OTTI recognized in earnings for credit-impaired debt securities is presented in two components based upon whether the current period is the first time a debt security was credit-impaired (initial credit impairment), or whether the current period is not the first time a debt security was credit-impaired (subsequent credit impairment). Changes in the credit loss component of credit-impaired debt securities were as follows (in thousands): | ||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Beginning credit loss amount | $ | 134 | 1,240 | 1,674 | 1,240 | |||||||||||||||
Add: Initial OTTI credit losses | — | — | — | — | ||||||||||||||||
Subsequent OTTI credit losses | — | — | — | — | ||||||||||||||||
Less: Realized losses for securities sold | 134 | — | 1,674 | — | ||||||||||||||||
Securities intended or required to be sold | — | — | — | — | ||||||||||||||||
Increases in expected cash flows on debt securities | — | — | — | — | ||||||||||||||||
Ending credit loss amount | $ | — | 1,240 | — | 1,240 | |||||||||||||||
The Company did not incur an OTTI charge on securities for the three and six months ended June 30, 2014 or 2013. For the three and six months ended June 30, 2014, the Company realized a $59,000 gain and a $365,000 loss on the sales of previously impaired non-agency mortgage-backed securities, respectively. The Company previously incurred cumulative credit losses of $1.7 million on these securities. | ||||||||||||||||||||
The following tables represent the Company’s disclosure regarding securities available for sale with temporary impairment at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||
June 30, 2014 Unrealized Losses | ||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||
Fair value | Gross | Fair | Gross | Fair | Gross | |||||||||||||||
unrealized | value | unrealized | value | unrealized | ||||||||||||||||
losses | losses | losses | ||||||||||||||||||
Agency obligations | $ | 15,289 | (17 | ) | 5,011 | (28 | ) | 20,300 | (45 | ) | ||||||||||
Mortgage-backed securities | 99,820 | (264 | ) | 326,848 | (5,432 | ) | 426,668 | (5,696 | ) | |||||||||||
State and municipal obligations | — | — | 658 | (12 | ) | 658 | (12 | ) | ||||||||||||
Corporate obligations | 4,034 | (16 | ) | — | — | 4,034 | (16 | ) | ||||||||||||
$ | 119,143 | (297 | ) | 332,517 | (5,472 | ) | 451,660 | (5,769 | ) | |||||||||||
December 31, 2013 Unrealized Losses | ||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||
value | unrealized | value | unrealized | value | unrealized | |||||||||||||||
losses | losses | losses | ||||||||||||||||||
Agency obligations | $ | 34,355 | (179 | ) | — | — | 34,355 | (179 | ) | |||||||||||
Mortgage-backed securities | 604,778 | (18,850 | ) | 13,521 | (682 | ) | 618,299 | (19,532 | ) | |||||||||||
State and municipal obligations | $ | 2,867 | (152 | ) | 2,867 | (152 | ) | |||||||||||||
$ | 642,000 | (19,181 | ) | 13,521 | (682 | ) | 655,521 | (19,863 | ) | |||||||||||
The temporary loss position associated with securities available for sale was the result of changes in market interest rates relative to the coupon of the individual security and changes in credit spreads. In addition, there remains a lack of liquidity in certain sectors of the mortgage-backed securities market. The Company does not have the intent to sell securities in a temporary loss position at June 30, 2014, nor is it more likely than not that the Company will be required to sell the securities before their prices recover. | ||||||||||||||||||||
The number of available for sale securities in an unrealized loss position at June 30, 2014 totaled 75, compared with 76 at December 31, 2013. At June 30, 2014, there was one private label mortgage-backed security in an unrealized loss position, with an amortized cost of $92,000 and an unrealized loss of $4,000. This private label mortgage-backed security was above investment grade at June 30, 2014. | ||||||||||||||||||||
The Company estimates the loss projections for each security by stressing the individual loans collateralizing the security and applying a range of expected default rates, loss severities, and prepayment speeds in conjunction with the underlying credit enhancement for each security. Based on specific assumptions about collateral and vintage, a range of possible cash flows was identified to determine whether other-than-temporary impairment existed during the three and six months ended June 30, 2014. The Company concluded that no other-than-temporary impairment of the securities available for sale portfolio existed at June 30, 2014. | ||||||||||||||||||||
Investment Securities Held to Maturity | ||||||||||||||||||||
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for investment securities held to maturity at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||
cost | unrealized | unrealized | value | |||||||||||||||||
gains | losses | |||||||||||||||||||
Agency obligations | $ | 7,426 | 26 | (21 | ) | 7,431 | ||||||||||||||
Mortgage-backed securities | 3,693 | 173 | — | 3,866 | ||||||||||||||||
State and municipal obligations | 433,464 | 10,737 | (2,333 | ) | 441,868 | |||||||||||||||
Corporate obligations | 10,065 | 60 | (13 | ) | 10,112 | |||||||||||||||
$ | 454,648 | 10,996 | (2,367 | ) | 463,277 | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||
cost | unrealized | unrealized | value | |||||||||||||||||
gains | losses | |||||||||||||||||||
Agency obligations | $ | 7,523 | 13 | (66 | ) | 7,470 | ||||||||||||||
Mortgage-backed securities | 5,273 | 247 | — | 5,520 | ||||||||||||||||
State and municipal obligations | 334,750 | 5,435 | (7,198 | ) | 332,987 | |||||||||||||||
Corporate obligations | 9,954 | 58 | (76 | ) | 9,936 | |||||||||||||||
$ | 357,500 | 5,753 | (7,340 | ) | 355,913 | |||||||||||||||
The Company generally purchases securities for long-term investment purposes, and differences between amortized cost and fair values may fluctuate during the investment period. For the three and six months ended June 30, 2014, the Company recognized gross gains of $2,000 and $15,000, and no gross losses, respectively, related to calls of certain securities in the held to maturity portfolio, with proceeds from the calls totaling $2,415,000 and $8,810,000 for the three and six months ended June 30, 2014, respectively. In addition, for the three and six months ended June 30, 2014, the Company recognized a gross loss of $3,000 and no gross gain related to the sale of a security with proceeds of $524,000. The sales of this security was in response to the credit deterioration of the issuer. | ||||||||||||||||||||
For the three and six months ended June 30, 2013, the Company recognized gains of $16,000 and $30,000, and gross losses of $0 and $2,000, respectively, related to calls of certain securities in the held to maturity portfolio, with proceeds from the calls totaling $13,269,000 and $22,478,000, respectively. In addition, for the six months ended June 30, 2013, the Company recognized gross gains of $18,000, and no gross losses, related to the sales of certain securities, with the proceeds totaling $524,000. The sales of these securities were in response to the credit deterioration of the issuers. There were no sales of securities from the held to maturity portfolio for the three months ended June 30, 2013. | ||||||||||||||||||||
The amortized cost and fair value of investment securities in the held to maturity portfolio at June 30, 2014 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||
cost | value | |||||||||||||||||||
Due in one year or less | $ | 12,442 | 12,505 | |||||||||||||||||
Due after one year through five years | 50,288 | 51,668 | ||||||||||||||||||
Due after five years through ten years | 147,895 | 152,984 | ||||||||||||||||||
Due after ten years | 240,330 | 242,254 | ||||||||||||||||||
Mortgage-backed securities | 3,693 | 3,866 | ||||||||||||||||||
$ | 454,648 | 463,277 | ||||||||||||||||||
The following tables represent the Company’s disclosure on investment securities held to maturity with temporary impairment at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||
June 30, 2014 Unrealized Losses | ||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||
value | unrealized | value | unrealized | value | unrealized | |||||||||||||||
losses | losses | losses | ||||||||||||||||||
Agency obligations | $ | 644 | (1 | ) | 2,960 | (20 | ) | 3,604 | (21 | ) | ||||||||||
State and municipal obligations | 105,965 | (638 | ) | 65,634 | (1,695 | ) | 171,599 | (2,333 | ) | |||||||||||
Corporate obligations | 747 | (3 | ) | 2,572 | (10 | ) | 3,319 | (13 | ) | |||||||||||
$ | 107,356 | (642 | ) | 71,166 | (1,725 | ) | 178,522 | (2,367 | ) | |||||||||||
December 31, 2013 Unrealized Losses | ||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||
value | unrealized | value | unrealized | value | unrealized | |||||||||||||||
losses | losses | losses | ||||||||||||||||||
Agency obligations | $ | 5,766 | (66 | ) | — | — | 5,766 | (66 | ) | |||||||||||
State and municipal obligations | 123,988 | (5,376 | ) | 19,051 | (1,822 | ) | 143,039 | (7,198 | ) | |||||||||||
Corporate obligations | 5,387 | (76 | ) | — | — | 5,387 | (76 | ) | ||||||||||||
$ | 135,141 | (5,518 | ) | 19,051 | (1,822 | ) | 154,192 | (7,340 | ) | |||||||||||
Based upon the review of the held to maturity securities portfolio, the Company believes that as of June 30, 2014, securities with unrealized loss positions shown above do not represent impairments that are other-than-temporary. The review of the portfolio for other-than-temporary impairment considers the percentage and length of time the fair value of an investment is below book value, as well as general market conditions, changes in interest rates, credit risks, whether the Company has the intent to sell the securities and whether it is more likely than not that the Company would be required to sell the securities before their prices recover. | ||||||||||||||||||||
The number of securities in an unrealized loss position at June 30, 2014 totaled 333, compared with 270 at December 31, 2013. The increase in the number of securities in an unrealized loss position at June 30, 2014, was largely due to securities acquired in the Team Capital transaction. All temporarily impaired investment securities were investment grade at June 30, 2014. |
Loans_Receivable_and_Allowance
Loans Receivable and Allowance for Loan Losses | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||
Note 4. Loans Receivable and Allowance for Loan Losses | ||||||||||||||||||||||||||||||||
Loans receivable at June 30, 2014 and December 31, 2013 are summarized as follows (in thousands): | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | 1,223,145 | 1,174,043 | ||||||||||||||||||||||||||||||
Commercial | 1,669,614 | 1,400,624 | ||||||||||||||||||||||||||||||
Multi-family | 968,242 | 928,906 | ||||||||||||||||||||||||||||||
Construction | 227,433 | 183,289 | ||||||||||||||||||||||||||||||
Total mortgage loans | 4,088,434 | 3,686,862 | ||||||||||||||||||||||||||||||
Commercial loans | 1,201,741 | 932,199 | ||||||||||||||||||||||||||||||
Consumer loans | 617,512 | 577,602 | ||||||||||||||||||||||||||||||
Total gross loans | 5,907,687 | 5,196,663 | ||||||||||||||||||||||||||||||
Purchased credit-impaired ("PCI") loans | 5,187 | — | ||||||||||||||||||||||||||||||
Premiums on purchased loans | 4,380 | 4,202 | ||||||||||||||||||||||||||||||
Unearned discounts | (55 | ) | (62 | ) | ||||||||||||||||||||||||||||
Net deferred fees | (7,130 | ) | (5,990 | ) | ||||||||||||||||||||||||||||
$ | 5,910,069 | 5,194,813 | ||||||||||||||||||||||||||||||
The following tables summarize the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands): | ||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||
30-59 | 60-89 | Non-accrual | Total Past | Current | Total Loans | Recorded | ||||||||||||||||||||||||||
Days | Days | Due and | Receivable | Investment | ||||||||||||||||||||||||||||
Non-accrual | > 90 days | |||||||||||||||||||||||||||||||
accruing | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 10,329 | 4,572 | 21,323 | 36,224 | 1,186,921 | 1,223,145 | — | ||||||||||||||||||||||||
Commercial | — | — | 19,439 | 19,439 | 1,650,175 | 1,669,614 | — | |||||||||||||||||||||||||
Multi-family | — | — | 403 | 403 | 967,839 | 968,242 | — | |||||||||||||||||||||||||
Construction | — | — | — | — | 227,433 | 227,433 | — | |||||||||||||||||||||||||
Total mortgage loans | 10,329 | 4,572 | 41,165 | 56,066 | 4,032,368 | 4,088,434 | — | |||||||||||||||||||||||||
Commercial loans | 385 | 1 | 20,914 | 21,300 | 1,180,441 | 1,201,741 | — | |||||||||||||||||||||||||
Consumer loans | 2,084 | 1,478 | 3,284 | 6,846 | 610,666 | 617,512 | — | |||||||||||||||||||||||||
Total loans | $ | 12,798 | 6,051 | 65,363 | 84,212 | 5,823,475 | 5,907,687 | — | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
30-59 | 60-89 | Non-accrual | Total Past | Current | Total Loans | Recorded | ||||||||||||||||||||||||||
Days | Days | Due and | Receivable | Investment | ||||||||||||||||||||||||||||
Non-accrual | > 90 days | |||||||||||||||||||||||||||||||
accruing | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 10,639 | 5,062 | 23,011 | 38,712 | 1,135,331 | 1,174,043 | — | ||||||||||||||||||||||||
Commercial | 687 | 318 | 18,662 | 19,667 | 1,380,957 | 1,400,624 | — | |||||||||||||||||||||||||
Multi-family | — | — | 403 | 403 | 928,503 | 928,906 | — | |||||||||||||||||||||||||
Construction | — | — | 8,448 | 8,448 | 174,841 | 183,289 | — | |||||||||||||||||||||||||
Total mortgage loans | 11,326 | 5,380 | 50,524 | 67,230 | 3,619,632 | 3,686,862 | — | |||||||||||||||||||||||||
Commercial loans | 305 | 77 | 22,228 | 22,610 | 909,589 | 932,199 | — | |||||||||||||||||||||||||
Consumer loans | 2,474 | 2,194 | 3,928 | 8,596 | 569,006 | 577,602 | — | |||||||||||||||||||||||||
Total loans | $ | 14,105 | 7,651 | 76,680 | 98,436 | 5,098,227 | 5,196,663 | — | ||||||||||||||||||||||||
Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The principal amounts of these non-accrual loans were $65.4 million and $76.7 million at June 30, 2014 and December 31, 2013, respectively. Included in non-accrual loans were $27.0 million and $33.5 million of loans which were less than 90 days past due at June 30, 2014 and December 31, 2013, respectively. There were no loans ninety days or greater past due and still accruing interest at June 30, 2014, or December 31, 2013. | ||||||||||||||||||||||||||||||||
The Company defines an impaired loan as a non-homogeneous loan greater than $1.0 million for which it is probable, based on current information, all amounts due under the contractual terms of the loan agreement will not be collected. Impaired loans also include all loans modified as troubled debt restructurings (“TDRs”). A loan is deemed to be a TDR when a loan modification resulting in a concession is made in an effort to mitigate potential loss arising from a borrower’s financial difficulty. Smaller balance homogeneous loans, including residential mortgages and other consumer loans, are evaluated collectively for impairment and are excluded from the definition of impaired loans, unless modified as TDRs. The Company separately calculates the reserve for loan losses on impaired loans. The Company may recognize impairment of a loan based upon: (1) the present value of expected cash flows discounted at the effective interest rate; or (2) if a loan is collateral dependent, the fair value of collateral; or (3) the fair value of the loan. Additionally, if impaired loans have risk characteristics in common, those loans may be aggregated and historical statistics may be used as a means of measuring those impaired loans. | ||||||||||||||||||||||||||||||||
The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analyses of collateral dependent impaired loans. A third party appraisal is generally ordered as soon as a loan is designated as a collateral dependent impaired loan and is updated annually or more frequently, if required. | ||||||||||||||||||||||||||||||||
A specific allocation of the allowance for loan losses is established for each collateral dependent impaired loan with a carrying balance greater than the collateral’s fair value, less estimated costs to sell. Charge-offs are generally taken for the amount of the specific allocation when operations associated with the respective property cease and it is determined that collection of amounts due will be derived primarily from the disposition of the collateral. At each fiscal quarter end, if a loan is designated as a collateral dependent impaired loan and the third party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value. The Company believes there have been no significant time lapses as a result of this process. | ||||||||||||||||||||||||||||||||
At June 30, 2014, there were 155 impaired loans totaling $93.8 million. Included in this total were 117 TDRs related to 114 borrowers totaling $55.6 million that were performing in accordance with their restructured terms and which continued to accrue interest at June 30, 2014. At December 31, 2013, there were 152 impaired loans totaling $106.4 million. Included in this total were 115 TDRs to 110 borrowers totaling $58.2 million that were performing in accordance with their restructured terms and which continued to accrue interest at December 31, 2013. | ||||||||||||||||||||||||||||||||
The following table summarizes loans receivable by portfolio segment and impairment method, excluding PCI loans (in thousands): | ||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total Portfolio | |||||||||||||||||||||||||||||
loans | loans | loans | Segments | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 67,110 | 24,458 | 2,271 | 93,839 | |||||||||||||||||||||||||||
Collectively evaluated for impairment | 4,021,324 | 1,177,283 | 615,241 | 5,813,848 | ||||||||||||||||||||||||||||
Total | $ | 4,088,434 | 1,201,741 | 617,512 | 5,907,687 | |||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total Portfolio | |||||||||||||||||||||||||||||
loans | loans | loans | Segments | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 75,839 | 28,210 | 2,321 | 106,370 | |||||||||||||||||||||||||||
Collectively evaluated for impairment | 3,611,023 | 903,989 | 575,281 | 5,090,293 | ||||||||||||||||||||||||||||
Total | $ | 3,686,862 | 932,199 | 577,602 | 5,196,663 | |||||||||||||||||||||||||||
The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands): | ||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total Portfolio | Unallocated | Total | |||||||||||||||||||||||||||
loans | loans | loans | Segments | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,833 | 3,573 | 115 | 8,521 | — | 8,521 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 26,207 | 23,506 | 4,266 | 53,979 | 1,375 | 55,354 | ||||||||||||||||||||||||||
Total | $ | 31,040 | 27,079 | 4,381 | 62,500 | 1,375 | 63,875 | |||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total Portfolio | Unallocated | Total | |||||||||||||||||||||||||||
loans | loans | loans | Segments | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 7,829 | 2,221 | 167 | 10,217 | — | 10,217 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 26,315 | 21,886 | 4,762 | 52,963 | 1,484 | 54,447 | ||||||||||||||||||||||||||
$ | 34,144 | 24,107 | 4,929 | 63,180 | 1,484 | 64,664 | ||||||||||||||||||||||||||
Loan modifications to borrowers experiencing financial difficulties that are considered TDRs primarily involve lowering the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. These modifications generally do not result in the forgiveness of principal or accrued interest. In addition, the Company attempts to obtain additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. | ||||||||||||||||||||||||||||||||
The following tables present the number of loans modified as TDRs during the three and six months ended June 30, 2014 and 2013 and their balances immediately prior to the modification date and post-modification as of June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||
For the three months ended | ||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||||||||||
Troubled Debt Restructuring | Number of | Pre-Modification | Post-Modification | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded Investment | Recorded Investment | Recorded Investment | |||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | 4 | $ | 1,088 | $ | 847 | 18 | $ | 4,227 | $ | 4,339 | ||||||||||||||||||||||
Commercial | 1 | 865 | 870 | — | — | — | ||||||||||||||||||||||||||
Total mortgage loans | 5 | 1,953 | 1,717 | 18 | 4,227 | 4,339 | ||||||||||||||||||||||||||
Commercial loans | 1 | 300 | 300 | — | — | — | ||||||||||||||||||||||||||
Consumer loans | — | — | — | 2 | 228 | 222 | ||||||||||||||||||||||||||
Total restructured loans | 6 | $ | 2,253 | $ | 2,017 | 20 | $ | 4,455 | $ | 4,561 | ||||||||||||||||||||||
For the six months ended | ||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||
Troubled Debt Restructuring | Number of | Pre-Modification | Post-Modification | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||
Recorded Investment | Recorded Investment | Recorded Investment | Recorded Investment | |||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | 8 | $ | 1,963 | 1,677 | 33 | $ | 7,029 | $ | 7,203 | |||||||||||||||||||||||
Commercial | 1 | 865 | 870 | 1 | 329 | 307 | ||||||||||||||||||||||||||
Total mortgage loans | 9 | 2,828 | 2,547 | 34 | 7,358 | 7,510 | ||||||||||||||||||||||||||
Commercial loans | 1 | 300 | 300 | — | — | — | ||||||||||||||||||||||||||
Consumer loans | — | — | — | 5 | 468 | 461 | ||||||||||||||||||||||||||
Total restructured loans | 10 | $ | 3,128 | $ | 2,847 | 39 | $ | 7,826 | $ | 7,971 | ||||||||||||||||||||||
All TDRs are impaired loans, which are individually evaluated for impairment, as previously discussed. Estimated collateral values of collateral dependent impaired loans modified during the three and six months ended June 30, 2014 and 2013 exceeded the carrying amounts of such loans. As a result, there were no charge-offs recorded on collateral dependent impaired loans presented in the preceding tables for the three and six months ended June 30, 2014 and 2013. The allowance for loan losses associated with the TDRs presented in the preceding tables totaled $282,000 and $294,000 for the three months ended June 30, 2014 and 2013, respectively, and were included in the allowance for loan losses for loans individually evaluated for impairment. For the six months ended June 30, 2014 and 2013, the allowance for loan losses associated with the TDRs presented in the preceding tables totaled $322,000 and $670,000, respectively, and were included in the allowance for loan losses for loans individually evaluated for impairment. | ||||||||||||||||||||||||||||||||
For the three and six months ended June 30, 2014, the TDRs presented in the preceding tables had a weighted average modified interest rate of approximately 4.81% and 4.65%, respectively, compared to a rate of 5.50% and 5.39% prior to modification, respectively. For the three and six months ended June 30, 2013, the TDRs had weighted average modified interest rate of approximately 4.20% and 4.24%, respectively, compared to a rate of 5.49% and 5.67% prior to modification, respectively. | ||||||||||||||||||||||||||||||||
The following table presents loans modified as TDRs within the previous 12 months from June 30, 2014 and 2013, and for which there was a payment default (90 days or more past due) at the quarter ended June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||
Troubled Debt Restructurings Subsequently Defaulted | Number of | Outstanding | Number of | Outstanding | ||||||||||||||||||||||||||||
Loans | Recorded Investment | Loans | Recorded Investment | |||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | 2 | $ | 264 | 1 | $ | 1,445 | ||||||||||||||||||||||||||
Total mortgage loans | 2 | 264 | 1 | 1,445 | ||||||||||||||||||||||||||||
Commercial loans | — | $ | — | |||||||||||||||||||||||||||||
Consumer loans | — | $ | — | — | $ | — | ||||||||||||||||||||||||||
Total restructured loans | 2 | $ | 264 | 1 | $ | 1,445 | ||||||||||||||||||||||||||
TDRs that subsequently default are considered collateral dependent impaired loans and are evaluated for impairment based on the estimated fair value of the underlying collateral less expected selling costs. | ||||||||||||||||||||||||||||||||
PCI loans are loans acquired at a discount primarily due to deteriorated credit quality. As part of the Team Capital acquisition, $5.2 million of the loans purchased at May 30, 2014 were determined to be PCI loans. PCI loans are accounted for at fair value, based upon the present value of expected future cash flows, with no related allowance for loan losses. | ||||||||||||||||||||||||||||||||
The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Team Capital at May 30, 2014 (in thousands): | ||||||||||||||||||||||||||||||||
30-May-14 | ||||||||||||||||||||||||||||||||
Contractually required principal and interest | $ | 12,505 | ||||||||||||||||||||||||||||||
Contractual cash flows not expected to be collected (non-accretable discount) | (6,475 | ) | ||||||||||||||||||||||||||||||
Expected cash flows to be collected at acquisition | 6,030 | |||||||||||||||||||||||||||||||
Interest component of expected cash flows (accretable yield) | (810 | ) | ||||||||||||||||||||||||||||||
Fair value of acquired loans | $ | 5,220 | ||||||||||||||||||||||||||||||
The following table summarizes the changes in the accretable yield for PCI loans during the three and six months ended June 30, 2014 (in thousands): | ||||||||||||||||||||||||||||||||
Three and Six months ended | ||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||
Beginning balance | $ | — | ||||||||||||||||||||||||||||||
Acquisition | 810 | |||||||||||||||||||||||||||||||
Accretion | (37 | ) | ||||||||||||||||||||||||||||||
Reclassification from non-accretable difference | — | |||||||||||||||||||||||||||||||
Ending balance | $ | 773 | ||||||||||||||||||||||||||||||
The activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2014 and 2013 was as follows (in thousands): | ||||||||||||||||||||||||||||||||
Three months ended June 30, | Mortgage | Commercial | Consumer | Total Portfolio | Unallocated | Total | ||||||||||||||||||||||||||
loans | loans | loans | Segments | |||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 31,470 | 25,161 | 4,379 | 61,010 | 2,410 | 63,420 | |||||||||||||||||||||||||
Provision charged to operations | 646 | 1,663 | 226 | 2,535 | (1,035 | ) | 1,500 | |||||||||||||||||||||||||
Recoveries of loans previously charged-off | 90 | 298 | 729 | 1,117 | — | 1,117 | ||||||||||||||||||||||||||
Loans charged-off | (1,166 | ) | (43 | ) | (953 | ) | (2,162 | ) | — | (2,162 | ) | |||||||||||||||||||||
Balance at end of period | $ | 31,040 | 27,079 | 4,381 | 62,500 | 1,375 | 63,875 | |||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 36,393 | 23,501 | 4,821 | 64,715 | 5,319 | 70,034 | |||||||||||||||||||||||||
Provision charged to operations | (2,789 | ) | 396 | 660 | (1,733 | ) | 2,733 | 1,000 | ||||||||||||||||||||||||
Recoveries of loans previously charged-off | 115 | 199 | 263 | 577 | — | 577 | ||||||||||||||||||||||||||
Loans charged-off | (3,049 | ) | (286 | ) | (1,271 | ) | (4,606 | ) | — | (4,606 | ) | |||||||||||||||||||||
Balance at end of period | $ | 30,670 | 23,810 | 4,473 | 58,953 | 8,052 | 67,005 | |||||||||||||||||||||||||
Six months ended June 30, | Mortgage | Commercial | Consumer | Total Portfolio | Unallocated | Total | ||||||||||||||||||||||||||
loans | loans | loans | Segments | |||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 34,144 | 24,107 | 4,929 | 63,180 | 1,484 | 64,664 | |||||||||||||||||||||||||
Provision charged to operations | (1,354 | ) | 2,994 | 369 | 2,009 | (109 | ) | 1,900 | ||||||||||||||||||||||||
Recoveries of loans previously charged-off | 157 | 541 | 850 | 1,548 | — | 1,548 | ||||||||||||||||||||||||||
Loans charged-off | (1,907 | ) | (563 | ) | (1,767 | ) | (4,237 | ) | — | (4,237 | ) | |||||||||||||||||||||
Balance at end of period | $ | 31,040 | 27,079 | 4,381 | 62,500 | 1,375 | 63,875 | |||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 37,962 | 20,315 | 5,224 | 63,501 | 6,847 | 70,348 | |||||||||||||||||||||||||
Provision charged to operations | (3,611 | ) | 4,248 | 658 | 1,295 | 1,205 | 2,500 | |||||||||||||||||||||||||
Recoveries of loans previously charged-off | 343 | 313 | 506 | 1,162 | — | 1,162 | ||||||||||||||||||||||||||
Loans charged-off | (4,024 | ) | (1,066 | ) | (1,915 | ) | (7,005 | ) | — | (7,005 | ) | |||||||||||||||||||||
Balance at end of period | $ | 30,670 | 23,810 | 4,473 | 58,953 | 8,052 | 67,005 | |||||||||||||||||||||||||
The decrease in the unallocated portion of the allowance for loan losses for the three and six months ended June 30, 2014 was primarily attributable to greater certainty regrading collateral valuations and the stabilization of economic conditions. The unallocated portion of the allowance reflects uncertainties related to certain impaired loans where the appropriate allowance has been established using discounted cash flow analyses, but where Management has given consideration to the potential collateral shortfall. | ||||||||||||||||||||||||||||||||
The following table presents loans individually evaluated for impairment by class and loan category, excluding PCI loans (in thousands): | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Unpaid | Recorded | Related | Average | Interest | Unpaid | Recorded | Related | Average | Interest | |||||||||||||||||||||||
Principal | Investment | Allowance | Recorded | Income | Principal | Investment | Allowance | Recorded | Income | |||||||||||||||||||||||
Balance | Investment | Recognized | Balance | Investment | Recognized | |||||||||||||||||||||||||||
Loans with no related allowance | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 14,219 | 10,442 | — | 11,845 | 172 | 13,459 | 9,999 | — | 10,322 | 299 | |||||||||||||||||||||
Commercial | 5,079 | 4,847 | — | 4,851 | 8 | 4,917 | 4,667 | — | 4,834 | 3 | ||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | 19,298 | 15,289 | — | 16,696 | 180 | 18,376 | 14,666 | — | 15,156 | 302 | ||||||||||||||||||||||
Commercial loans | 4,994 | 3,971 | — | 4,224 | — | 8,163 | 6,674 | — | 8,252 | 24 | ||||||||||||||||||||||
Consumer loans | 1,003 | 848 | — | 832 | 21 | 754 | 618 | — | 674 | 26 | ||||||||||||||||||||||
Total loans | $ | 25,295 | 20,108 | — | 21,752 | 201 | 27,293 | 21,958 | — | 24,082 | 352 | |||||||||||||||||||||
Loans with an allowance recorded | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 15,909 | 15,299 | 2,293 | 15,382 | 280 | 17,122 | 16,473 | 2,571 | 16,610 | 557 | |||||||||||||||||||||
Commercial | 37,799 | 36,523 | 2,540 | 36,722 | 476 | 37,320 | 36,251 | 2,309 | 36,727 | 976 | ||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Construction | — | — | — | — | — | 9,810 | 8,449 | 2,949 | 8,659 | — | ||||||||||||||||||||||
Total | 53,708 | 51,822 | 4,833 | 52,104 | 756 | 64,252 | 61,173 | 7,829 | 61,996 | 1,533 | ||||||||||||||||||||||
Commercial loans | 22,057 | 20,486 | 3,573 | 21,173 | 228 | 22,779 | 21,536 | 2,221 | 23,204 | 650 | ||||||||||||||||||||||
Consumer loans | 1,434 | 1,423 | 115 | 1,433 | 36 | 1,732 | 1,703 | 167 | 1,726 | 63 | ||||||||||||||||||||||
Total loans | $ | 77,199 | 73,731 | 8,521 | 74,710 | 1,020 | 88,763 | 84,412 | 10,217 | 86,926 | 2,246 | |||||||||||||||||||||
Total impaired loans | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 30,128 | 25,741 | 2,293 | 27,227 | 452 | 30,581 | 26,472 | 2,571 | 26,932 | 856 | |||||||||||||||||||||
Commercial | 42,878 | 41,370 | 2,540 | 41,573 | 484 | 42,237 | 40,918 | 2,309 | 41,561 | 979 | ||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Construction | — | — | — | — | — | 9,810 | 8,449 | 2,949 | 8,659 | — | ||||||||||||||||||||||
Total | 73,006 | 67,111 | 4,833 | 68,800 | 936 | 82,628 | 75,839 | 7,829 | 77,152 | 1,835 | ||||||||||||||||||||||
Commercial loans | 27,051 | 24,457 | 3,573 | 25,397 | 228 | 30,942 | 28,210 | 2,221 | 31,456 | 674 | ||||||||||||||||||||||
Consumer loans | 2,437 | 2,271 | 115 | 2,265 | 57 | 2,486 | 2,321 | 167 | 2,400 | 89 | ||||||||||||||||||||||
Total loans | $ | 102,494 | 93,839 | 8,521 | 96,462 | 1,221 | 116,056 | 106,370 | 10,217 | 111,008 | 2,598 | |||||||||||||||||||||
Specific allocations of the allowance for loan losses attributable to impaired loans totaled $8,521,000 and $10,217,000 at June 30, 2014 and December 31, 2013, respectively. At June 30, 2014 and December 31, 2013, impaired loans for which there was no related allowance for loan losses totaled $20,108,000 and $21,958,000, respectively. The average balance of impaired loans during the six months ended June 30, 2014 was $96,462,000. | ||||||||||||||||||||||||||||||||
The Company utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar characteristics. Loans deemed to be “acceptable quality” (pass) are rated 1through 4, with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (watch) or 6 (special mention). Loans with adverse classifications (substandard, doubtful or loss) are rated 7, 8 or 9, respectively. Commercial mortgage, commercial, multi-family and construction loans are rated individually, and each lending officer is responsible for risk rating loans in their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by Credit Administration. The risk ratings are also confirmed through periodic loan review examinations which are currently performed by an independent third party. Reports concerning periodic loan review examinations by the independent third party are presented directly to both the Audit and Risk Committees of the Board of Directors. | ||||||||||||||||||||||||||||||||
Loans receivable by credit quality risk rating indicator, excluding PCI loans, are as follows (in thousands): | ||||||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||
Residential | Commercial | Multi- | Construction | Total | Commercial | Consumer | Total loans | |||||||||||||||||||||||||
mortgage | family | mortgages | ||||||||||||||||||||||||||||||
Special mention | $ | 4,572 | 10,643 | 328 | 2,600 | 18,143 | 66,372 | 1,633 | 86,148 | |||||||||||||||||||||||
Substandard | 21,323 | 53,797 | 1,243 | — | 76,363 | 43,618 | 3,437 | 123,418 | ||||||||||||||||||||||||
Doubtful | — | — | — | — | — | 1,144 | — | 1,144 | ||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total classified and criticized | 25,895 | 64,440 | 1,571 | 2,600 | 94,506 | 111,134 | 5,070 | 210,710 | ||||||||||||||||||||||||
Pass/Watch | 1,197,250 | 1,605,174 | 966,671 | 224,833 | 3,993,928 | 1,090,607 | 612,442 | 5,696,977 | ||||||||||||||||||||||||
Total | $ | 1,223,145 | 1,669,614 | 968,242 | 227,433 | 4,088,434 | 1,201,741 | 617,512 | 5,907,687 | |||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||
Residential | Commercial | Multi- | Construction | Total | Commercial | Consumer | Total loans | |||||||||||||||||||||||||
mortgage | family | mortgages | ||||||||||||||||||||||||||||||
Special mention | $ | 5,062 | 15,301 | — | — | 20,363 | 28,551 | 2,037 | 50,951 | |||||||||||||||||||||||
Substandard | 23,011 | 54,592 | 403 | 8,449 | 86,455 | 46,687 | 4,220 | 137,362 | ||||||||||||||||||||||||
Doubtful | — | — | — | — | — | 649 | — | 649 | ||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total classified and criticized | 28,073 | 69,893 | 403 | 8,449 | 106,818 | 75,887 | 6,257 | 188,962 | ||||||||||||||||||||||||
Pass/Watch | 1,145,970 | 1,330,731 | 928,503 | 174,840 | 3,580,044 | 856,312 | 571,345 | 5,007,701 | ||||||||||||||||||||||||
Total | $ | 1,174,043 | 1,400,624 | 928,906 | 183,289 | 3,686,862 | 932,199 | 577,602 | 5,196,663 | |||||||||||||||||||||||
Deposits
Deposits | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Banking and Thrift [Abstract] | ' | |||||||
Deposits | ' | |||||||
Note 5. Deposits | ||||||||
Deposits at June 30, 2014 and December 31, 2013 are summarized as follows (in thousands): | ||||||||
30-Jun-14 | 31-Dec-13 | |||||||
Savings | $ | 1,005,886 | 921,993 | |||||
Money market | 1,559,776 | 1,281,596 | ||||||
NOW | 1,364,220 | 1,326,941 | ||||||
Non-interest bearing | 1,028,742 | 865,187 | ||||||
Certificates of deposit | 879,406 | 806,754 | ||||||
Total | $ | 5,838,030 | 5,202,471 | |||||
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit Cost | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||||
Note 6. Components of Net Periodic Benefit Cost | |||||||||||||||||||||||||||
The Bank has a noncontributory defined benefit pension plan (the “Plan”) covering its full-time employees who had attained age 21 with at least one year of service as of April 1, 2003, the date on which the Plan was frozen. All participants in the Plan are 100% vested. The Plan’s assets are invested in investment funds and group annuity contracts currently managed by the Principal Financial Group and Allmerica Financial. | |||||||||||||||||||||||||||
The Company, in its effort to lower and reduce the volatility of its future pension costs, offered a lump sum pension distribution option to its vested terminated employees. For the three and six months ended June 30, 2014, the Plan paid $4.3 million to those employees that elected to receive lump sum pension distributions and the Company realized an associated charge of $1.3 million. This charge was a pro rata share of the unrecognized losses recorded in other comprehensive income. | |||||||||||||||||||||||||||
In addition to pension benefits, certain health care and life insurance benefits are currently made available to certain of the Bank’s retired employees. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee became fully eligible to receive the benefits. Effective January 1, 2003, eligibility for retiree health care benefits was frozen as to new entrants, and benefits were eliminated for employees with less than 10 years of service as of December 31, 2002. Effective January 1, 2007, eligibility for retiree life insurance benefits was frozen as to new entrants, and retiree life insurance benefits were eliminated for employees with less than 10 years of service as of December 31, 2006. | |||||||||||||||||||||||||||
Net periodic benefit (increase) cost for pension benefits and other post-retirement benefits for the three and six months ended June 30, 2014 and 2013 includes the following components (in thousands): | |||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||
Pension | Other post- | Pension | Other post- | ||||||||||||||||||||||||
benefits | retirement | benefits | retirement | ||||||||||||||||||||||||
benefits | benefits | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | — | — | 42 | 60 | $ | — | — | 84 | 120 | |||||||||||||||||
Interest cost | 352 | 318 | 272 | 245 | 704 | 636 | 544 | 490 | |||||||||||||||||||
Expected return on plan assets | (894 | ) | (792 | ) | — | — | (1,788 | ) | (1,584 | ) | — | — | |||||||||||||||
Amortization of prior service cost | — | — | (1 | ) | (1 | ) | — | — | (2 | ) | (2 | ) | |||||||||||||||
Amortization of the net loss | 93 | 338 | (51 | ) | 4 | 186 | 676 | (102 | ) | 8 | |||||||||||||||||
Net periodic benefit (increase) cost | $ | (449 | ) | (136 | ) | 262 | 308 | $ | (898 | ) | (272 | ) | 524 | 616 | |||||||||||||
In its consolidated financial statements for the year ended December 31, 2013, the Company previously disclosed that it does not expect to contribute to the Plan in 2014. As of June 30, 2014, no contributions to the Plan have been made. | |||||||||||||||||||||||||||
The net periodic benefit cost (increase) for pension benefits and other post-retirement benefits for the three and six months ended June 30, 2014 were calculated using the actual January 1, 2014 pension valuation and the other post-retirement benefits valuations. |
Impact_of_Recent_Accounting_Pr
Impact of Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Impact of Recent Accounting Pronouncements | ' |
Note 7. Impact of Recent Accounting Pronouncements | |
In June 2014, the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period" requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. This update is effective for interim and annual periods beginning after December 15, 2015. The amendments can be applied prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented and to all new or modified awards thereafter. Early adoption is permitted. The Company does not expect that the adoption of this guidance will have a significant impact on the Company’s consolidated financial statements. | |
The FASB in June 2014 issued ASU No. 2014-11, "Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures" which aligns the accounting for repurchase to maturity transactions and repurchase agreements executed as a repurchase financing with the accounting for other typical repurchase agreements. Going forward, these transactions would all be accounted for as secured borrowings. This update is effective for the first interim or annual period beginning after December 15, 2014. In addition the disclosure of certain transactions accounted for as a sale is effective for the first interim or annual period beginning on or after December 15, 2014, and the disclosure for transactions accounted for as secured borrowings is required for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. Early adoption is prohibited. The Company is assessing the impact that the adoption of this update will have on its accounting and disclosures. | |
In January 2014, the FASB issued ASU No. 2014-04, “Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” clarifies that an in-substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, this ASU requires interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU No. 2014-04 is effective for annual and interim periods beginning after December 15, 2014. The Company’s adoption of ASU No. 2014-04 is not expected to have a significant impact on its consolidated financial statements. | |
The FASB in January 2014 issued ASU No.,2014-01, “Investments - Equity Method and Joint Ventures (Subtopic 323) Accounting for Investments in Qualified Affordable Housing Projects,” which applies to all reporting entities that invest in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments in this update modify the conditions that a reporting entity must meet to be eligible to use a method other than the equity or cost methods to account for qualified affordable housing project investments. If the modified conditions are met, the amendments permit an entity to use the proportional amortization method to amortize the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). Additionally, the amendments introduce new recurring disclosures about all investments in qualified affordable housing projects irrespective of the method used to account for the investments. The amendments in ASU 2014-01 are effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2014. Early adoption is permitted. The Company does not expect that the adoption of this pronouncement will have a significant impact on the Company’s consolidated financial statements. | |
The FASB in July 2013 issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”, which provides guidance on the presentation of unrecognized tax benefits and the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective for fiscal years, and interim reporting periods within those years, beginning after December 31, 2013. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 8. Fair Value Measurements | |||||||||||||||||
The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, the Company utilizes various valuation techniques to estimate fair value. | |||||||||||||||||
Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. However, in many instances fair value estimates may not be substantiated by comparison to independent markets and may not be realized in an immediate sale of the financial instrument. | |||||||||||||||||
GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of fair value hierarchy are as follows: | |||||||||||||||||
Level 1: | Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | ||||||||||||||||
Level 2: | Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; and | ||||||||||||||||
Level 3: | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | ||||||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||
The valuation techniques are based upon the unpaid principal balance only, and exclude any accrued interest or dividends at the measurement date. Interest income and expense and dividend income are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium. | |||||||||||||||||
Assets Measured at Fair Value on a Recurring Basis | |||||||||||||||||
The valuation techniques described below were used to measure fair value of financial instruments in the table below on a recurring basis as of June 30, 2014 and December 31, 2013. | |||||||||||||||||
Securities Available for Sale | |||||||||||||||||
For securities available for sale, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. The Company also may hold equity securities and debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. | |||||||||||||||||
Assets Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||
The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis as of June 30, 2014 and December 31, 2013. | |||||||||||||||||
For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell of up to 6%. The Company classifies these loans as Level 3 within the fair value hierarchy. | |||||||||||||||||
Assets acquired through foreclosure or deed in lieu of foreclosure are carried at fair value, less estimated selling costs of up to 6%. Fair value is generally based on independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case basis, to comparable assets based on the appraisers’ market knowledge and experience, and are classified as Level 3. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for loan losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred. | |||||||||||||||||
There were no changes to the valuation techniques for fair value measurements as of June 30, 2014 and December 31, 2013. | |||||||||||||||||
The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of June 30, 2014 and December 31, 2013, by level within the fair value hierarchy. | |||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
(Dollars in thousands) | 30-Jun-14 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Agency obligations | $ | 91,208 | 91,208 | — | — | ||||||||||||
Mortgage-backed securities | 1,048,024 | — | 1,048,024 | — | |||||||||||||
State and municipal obligations | 7,699 | — | 7,699 | — | |||||||||||||
Corporate obligations | 9,539 | — | 9,539 | — | |||||||||||||
Equity securities | 516 | 516 | — | — | |||||||||||||
$ | 1,156,986 | 91,724 | 1,065,262 | — | |||||||||||||
Measured on a non-recurring basis: | |||||||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | $ | 27,548 | — | — | 27,548 | ||||||||||||
Foreclosed assets | 6,983 | — | — | 6,983 | |||||||||||||
$ | 34,531 | — | — | 34,531 | |||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
(Dollars in thousands) | 31-Dec-13 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Agency obligations | $ | 93,416 | 93,416 | — | — | ||||||||||||
Mortgage-backed securities | 1,054,974 | — | 1,054,974 | — | |||||||||||||
State and municipal obligations | 8,758 | — | 8,758 | — | |||||||||||||
Equity securities | 446 | 446 | — | — | |||||||||||||
$ | 1,157,594 | 93,862 | 1,063,732 | — | |||||||||||||
Measured on a non-recurring basis: | |||||||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | $ | 29,782 | — | — | 29,782 | ||||||||||||
Foreclosed assets | 5,486 | — | — | 5,486 | |||||||||||||
$ | 35,268 | — | — | 35,268 | |||||||||||||
There were no transfers between Level 1 and Level 2 during the three and six months ended June 30, 2014. | |||||||||||||||||
Other Fair Value Disclosures | |||||||||||||||||
The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. The following is a description of valuation methodologies used for those assets and liabilities. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value. | |||||||||||||||||
Investment Securities Held to Maturity | |||||||||||||||||
For investment securities held to maturity, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark or comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy. | |||||||||||||||||
FHLB-NY Stock | |||||||||||||||||
The carrying value of FHLB-NY stock was its cost. The fair value of FHLB-NY stock is based on redemption at par value. The Company classifies the estimated fair value as Level 1 within the fair value hierarchy. | |||||||||||||||||
Loans | |||||||||||||||||
Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company’s current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. | |||||||||||||||||
The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows and estimated selling costs. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. | |||||||||||||||||
Deposits | |||||||||||||||||
The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits and savings deposits, was equal to the amount payable on demand and classified as Level 1. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. | |||||||||||||||||
Borrowed Funds | |||||||||||||||||
The fair value of borrowed funds was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. | |||||||||||||||||
Commitments to Extend Credit and Letters of Credit | |||||||||||||||||
The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value estimates of commitments to extend credit and letters of credit are deemed immaterial. | |||||||||||||||||
Limitations | |||||||||||||||||
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. | |||||||||||||||||
Significant assets and liabilities that are not considered financial assets or liabilities include goodwill and other intangibles, deferred tax assets and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. | |||||||||||||||||
The following tables present the Company’s financial instruments at their carrying and fair values as of June 30, 2014 and December 31, 2013. Fair values are presented by level within the fair value hierarchy. | |||||||||||||||||
Fair Value Measurements at June 30, 2014 Using: | |||||||||||||||||
(Dollars in thousands) | Carrying | Fair | Quoted Prices in | Significant Other | Significant | ||||||||||||
value | value | Active Markets for | Observable Inputs | Unobservable | |||||||||||||
Identical Assets | (Level 2) | Inputs (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 131,064 | 131,064 | 131,064 | — | — | |||||||||||
Securities available for sale: | |||||||||||||||||
Agency obligations | 91,208 | 91,208 | 91,208 | — | — | ||||||||||||
Mortgage-backed securities | 1,048,024 | 1,048,024 | — | 1,048,024 | — | ||||||||||||
State and municipal obligations | 7,699 | 7,699 | — | 7,699 | — | ||||||||||||
Corporate obligations | 9,539 | 9,539 | — | 9,539 | — | ||||||||||||
Equity securities | 516 | 516 | 516 | — | — | ||||||||||||
Total securities available for sale | $ | 1,156,986 | 1,156,986 | 91,724 | 1,065,262 | — | |||||||||||
Investment securities held to maturity: | |||||||||||||||||
Agency obligations | $ | 7,426 | 7,431 | 7,431 | — | — | |||||||||||
Mortgage-backed securities | 3,693 | 3,866 | — | 3,866 | — | ||||||||||||
State and municipal obligations | 433,464 | 441,868 | — | 441,868 | — | ||||||||||||
Corporate obligations | 10,065 | 10,112 | — | 10,112 | — | ||||||||||||
Total securities held to maturity | $ | 454,648 | 463,277 | 7,431 | 455,846 | — | |||||||||||
FHLB-NY stock | 70,574 | 70,574 | 70,574 | — | — | ||||||||||||
Loans, net of allowance for loan losses | 5,846,194 | 5,971,191 | — | — | 5,971,191 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits other than certificates of deposits | $ | 4,958,624 | 4,958,624 | 4,958,624 | — | — | |||||||||||
Certificates of deposit | 879,406 | 885,186 | — | 885,186 | — | ||||||||||||
5,838,030 | 5,843,810 | 4,958,624 | 885,186 | — | |||||||||||||
Borrowings | $ | 1,418,843 | 1,429,973 | — | 1,429,973 | — | |||||||||||
Fair Value Measurements at December 31, 2013 Using: | |||||||||||||||||
(Dollars in thousands) | Carrying | Fair | Quoted Prices in | Significant Other | Significant | ||||||||||||
value | value | Active Markets for | Observable Inputs | Unobservable | |||||||||||||
Identical Assets | (Level 2) | Inputs (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 101,224 | 101,224 | 101,224 | — | — | |||||||||||
Securities available for sale: | |||||||||||||||||
Agency obligations | 93,416 | 93,416 | 93,416 | — | — | ||||||||||||
Mortgage-backed securities | 1,054,974 | 1,054,974 | — | 1,054,974 | — | ||||||||||||
State and municipal obligations | 8,758 | 8,758 | — | 8,758 | — | ||||||||||||
Equity securities | 446 | 446 | 446 | — | — | ||||||||||||
Total securities available for sale | $ | 1,157,594 | 1,157,594 | 93,862 | 1,063,732 | — | |||||||||||
Investment securities held to maturity: | |||||||||||||||||
Agency obligations | $ | 7,523 | 7,470 | 7,470 | — | — | |||||||||||
Mortgage-backed securities | 5,273 | 5,520 | — | 5,520 | — | ||||||||||||
State and municipal obligations | 334,750 | 332,987 | — | 332,987 | — | ||||||||||||
Corporate obligations | 9,954 | 9,936 | — | 9,936 | — | ||||||||||||
Total securities held to maturity | $ | 357,500 | 355,913 | 7,470 | 348,443 | — | |||||||||||
FHLB-NY stock | 58,070 | 58,070 | 58,070 | — | — | ||||||||||||
Loans, net of allowance for loan losses | 5,130,149 | 5,221,228 | — | — | 5,221,228 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits other than certificates of deposits | $ | 4,395,717 | 4,395,717 | 4,395,717 | — | — | |||||||||||
Certificates of deposit | 806,754 | 813,337 | — | 813,337 | — | ||||||||||||
Total deposits | $ | 5,202,471 | 5,209,054 | 4,395,717 | 813,337 | — | |||||||||||
Borrowings | $ | 1,203,879 | 1,218,136 | — | 1,218,136 | — | |||||||||||
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Note 9. Other Comprehensive Income (Loss) | |||||||||||||||||||||
The following table presents the components of other comprehensive income (loss) both gross and net of tax, for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||
Three months ended June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Before | Tax | After | Before | Tax | After | ||||||||||||||||
Tax | Effect | Tax | Tax | Effect | Tax | ||||||||||||||||
Components of Other Comprehensive Income (Loss): | |||||||||||||||||||||
Unrealized gains and losses on securities available for sale: | |||||||||||||||||||||
Net gains (losses) arising during the period | $ | 10,188 | (3,849 | ) | 6,339 | $ | (21,239 | ) | 8,677 | (12,562 | ) | ||||||||||
Reclassification adjustment for gains included in net income | (110 | ) | 45 | (65 | ) | (423 | ) | 173 | (250 | ) | |||||||||||
Total | 10,078 | (3,804 | ) | 6,274 | (21,662 | ) | 8,850 | (12,812 | ) | ||||||||||||
Amortization related to post-retirement obligations | (1,041 | ) | 426 | (615 | ) | 342 | (140 | ) | 202 | ||||||||||||
Total other comprehensive income (loss) | $ | 9,037 | (3,378 | ) | 5,659 | $ | (21,320 | ) | 8,710 | (12,610 | ) | ||||||||||
Six months ended June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Before | Tax | After | Before | Tax | After | ||||||||||||||||
Tax | Effect | Tax | Tax | Effect | Tax | ||||||||||||||||
Components of Other Comprehensive Income (Loss): | |||||||||||||||||||||
Unrealized gains and losses on securities available for sale: | |||||||||||||||||||||
Net gains (losses) arising during the period | $ | 16,475 | (6,417 | ) | 10,058 | $ | (23,977 | ) | 9,795 | (14,182 | ) | ||||||||||
Reclassification adjustment for losses (gains) included in net income | 240 | (98 | ) | 142 | (934 | ) | 382 | (552 | ) | ||||||||||||
Total | 16,715 | (6,515 | ) | 10,200 | (24,911 | ) | 10,177 | (14,734 | ) | ||||||||||||
Amortization related to post-retirement obligations | (1,121 | ) | 458 | (663 | ) | 781 | (320 | ) | 461 | ||||||||||||
Total other comprehensive income (loss) income | $ | 15,594 | (6,057 | ) | 9,537 | $ | (24,130 | ) | 9,857 | (14,273 | ) | ||||||||||
The following tables present the changes in the components of accumulated other comprehensive income, net of tax, for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component, net of tax | |||||||||||||||||||||
For the three months ended June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Unrealized | Post Retirement | Accumulated | Unrealized | Post Retirement | Accumulated | ||||||||||||||||
Gains on Securities | Obligations | Other | Gains on Securities | Obligations | Other | ||||||||||||||||
Available for | Comprehensive | Available for | Comprehensive | ||||||||||||||||||
Sale | Income | Sale | Income | ||||||||||||||||||
Balance at March 31, | $ | 1,127 | (2,100 | ) | (973 | ) | $ | 15,039 | (8,986 | ) | 6,053 | ||||||||||
Current period change in other comprehensive income (loss) | 6,274 | (615 | ) | 5,659 | (12,812 | ) | 202 | (12,610 | ) | ||||||||||||
Balance at June 30, | $ | 7,401 | (2,715 | ) | 4,686 | $ | 2,227 | (8,784 | ) | (6,557 | ) | ||||||||||
Changes in Accumulated Other Comprehensive Income by Component, net of tax | |||||||||||||||||||||
For the six months ended June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Unrealized | Post Retirement | Accumulated | Unrealized | Post Retirement | Accumulated | ||||||||||||||||
Gains on Securities | Obligations | Other | Gains on Securities | Obligations | Other | ||||||||||||||||
Available for | Comprehensive | Available for | Comprehensive | ||||||||||||||||||
Sale | Income | Sale | Income | ||||||||||||||||||
Balance at December 31, | $ | (2,799 | ) | (2,052 | ) | (4,851 | ) | $ | 16,961 | (9,245 | ) | 7,716 | |||||||||
Current period change in other comprehensive income (loss) | 10,200 | (663 | ) | 9,537 | (14,734 | ) | 461 | (14,273 | ) | ||||||||||||
Balance at June 30, | $ | 7,401 | (2,715 | ) | 4,686 | $ | 2,227 | (8,784 | ) | (6,557 | ) | ||||||||||
The following tables summarize the reclassifications out of accumulated other comprehensive income to the consolidated statements of income for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive | |||||||||||||||||||||
Income ("AOCI") | |||||||||||||||||||||
Amount reclassified from AOCI for the three months ended June 30, | Affected line item in the Consolidated | ||||||||||||||||||||
2014 | 2013 | Statement of Income | |||||||||||||||||||
Details of AOCI: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Realized net gains on the sale of securities available for sale | $ | 110 | $ | 423 | Net gain on securities transactions | ||||||||||||||||
(45 | ) | (173 | ) | Income tax expense | |||||||||||||||||
65 | 250 | Net of tax | |||||||||||||||||||
Post retirement obligations: | |||||||||||||||||||||
Amortization of actuarial losses (gains) | 42 | 342 | Compensation and employee benefits (1) | ||||||||||||||||||
(17 | ) | (140 | ) | Income tax expense | |||||||||||||||||
25 | 202 | Net of tax | |||||||||||||||||||
Realized loss related to lump sum pension settlement | (1,336 | ) | — | Compensation and employee benefits | |||||||||||||||||
546 | — | Income tax expense | |||||||||||||||||||
(790 | ) | — | Net of tax | ||||||||||||||||||
Total reclassifications | $ | (700 | ) | $ | 452 | Net of tax | |||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive | |||||||||||||||||||||
Income | |||||||||||||||||||||
Amount reclassified from AOCI for the six months ended June 30, | Affected line item in the Consolidated | ||||||||||||||||||||
2014 | 2013 | Statement of Income | |||||||||||||||||||
Details of AOCI: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Realized net losses on the sale of securities available for sale | $ | (240 | ) | $ | 934 | Net (loss) gain on securities transactions | |||||||||||||||
98 | (382 | ) | Income tax expense | ||||||||||||||||||
(142 | ) | 552 | Net of tax | ||||||||||||||||||
Post retirement obligations: | |||||||||||||||||||||
Amortization of actuarial losses (gains) | 84 | 684 | Compensation and employee benefits (1) | ||||||||||||||||||
(34 | ) | (279 | ) | Income tax expense | |||||||||||||||||
50 | 405 | Net of tax | |||||||||||||||||||
Realized loss related to lump sum pension settlement | (1,336 | ) | — | Compensation and employee benefits | |||||||||||||||||
546 | — | Income tax expense | |||||||||||||||||||
(790 | ) | — | Net of tax | ||||||||||||||||||
Total reclassifications | $ | (1,394 | ) | $ | 957 | Net of tax | |||||||||||||||
-1 | This item is included in the computation of net periodic benefit cost. See Note 6. Components of Net Periodic Benefit Cost. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Basis of Financial Statement Presentation | ' | |||||||||||||||||||||||
Basis of Financial Statement Presentation | ||||||||||||||||||||||||
The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, The Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”). | ||||||||||||||||||||||||
In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and the results of operations for the periods presented. Actual results could differ from these estimates. The allowance for loan losses and the valuation of securities available for sale are material estimates that are particularly susceptible to near-term change. | ||||||||||||||||||||||||
The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results of operations that may be expected for all of 2014. | ||||||||||||||||||||||||
Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission. | ||||||||||||||||||||||||
These unaudited consolidated financial statements should be read in conjunction with the December 31, 2013 Annual Report to Stockholders on Form 10-K. | ||||||||||||||||||||||||
Earnings Per Share | ' | |||||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2014 and 2013 (dollars in thousands, except per share amounts): | ||||||||||||||||||||||||
Three months ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Net | Weighted | Per | Net | Weighted | Per | |||||||||||||||||||
Income | Average | Share | Income | Average | Share | |||||||||||||||||||
Common | Amount | Common | Amount | |||||||||||||||||||||
Shares | Shares | |||||||||||||||||||||||
Outstanding | Outstanding | |||||||||||||||||||||||
Net income | $ | 16,351 | $ | 19,228 | ||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||
Income available to common stockholders | $ | 16,351 | 59,147,241 | $ | 0.28 | $ | 19,228 | 57,206,242 | $ | 0.34 | ||||||||||||||
Dilutive shares | 122,021 | 77,404 | ||||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||
Income available to common stockholders | $ | 16,351 | 59,269,262 | $ | 0.28 | $ | 19,228 | 57,283,646 | $ | 0.34 | ||||||||||||||
Six months ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Net | Weighted | Per | Net | Weighted | Per | |||||||||||||||||||
Income | Average | Share | Income | Average | Share | |||||||||||||||||||
Common | Amount | Common | Amount | |||||||||||||||||||||
Shares | Shares | |||||||||||||||||||||||
Outstanding | Outstanding | |||||||||||||||||||||||
Net income | $ | 33,380 | $ | 37,056 | ||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||
Income available to common stockholders | $ | 33,380 | 58,263,052 | $ | 0.57 | $ | 37,056 | 57,186,828 | $ | 0.65 | ||||||||||||||
Dilutive shares | 140,701 | 54,104 | ||||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||
Income available to common stockholders | $ | 33,380 | 58,403,753 | $ | 0.57 | $ | 37,056 | 57,240,932 | $ | 0.65 | ||||||||||||||
Anti-dilutive stock options and awards totaling 1,116,839 shares at June 30, 2014, were excluded from the earnings per share calculations. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Calculations | ' | |||||||||||||||||||||||
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2014 and 2013 (dollars in thousands, except per share amounts): | ||||||||||||||||||||||||
Three months ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Net | Weighted | Per | Net | Weighted | Per | |||||||||||||||||||
Income | Average | Share | Income | Average | Share | |||||||||||||||||||
Common | Amount | Common | Amount | |||||||||||||||||||||
Shares | Shares | |||||||||||||||||||||||
Outstanding | Outstanding | |||||||||||||||||||||||
Net income | $ | 16,351 | $ | 19,228 | ||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||
Income available to common stockholders | $ | 16,351 | 59,147,241 | $ | 0.28 | $ | 19,228 | 57,206,242 | $ | 0.34 | ||||||||||||||
Dilutive shares | 122,021 | 77,404 | ||||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||
Income available to common stockholders | $ | 16,351 | 59,269,262 | $ | 0.28 | $ | 19,228 | 57,283,646 | $ | 0.34 | ||||||||||||||
Six months ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Net | Weighted | Per | Net | Weighted | Per | |||||||||||||||||||
Income | Average | Share | Income | Average | Share | |||||||||||||||||||
Common | Amount | Common | Amount | |||||||||||||||||||||
Shares | Shares | |||||||||||||||||||||||
Outstanding | Outstanding | |||||||||||||||||||||||
Net income | $ | 33,380 | $ | 37,056 | ||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||
Income available to common stockholders | $ | 33,380 | 58,263,052 | $ | 0.57 | $ | 37,056 | 57,186,828 | $ | 0.65 | ||||||||||||||
Dilutive shares | 140,701 | 54,104 | ||||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||
Income available to common stockholders | $ | 33,380 | 58,403,753 | $ | 0.57 | $ | 37,056 | 57,240,932 | $ | 0.65 | ||||||||||||||
Business_Combinations_Tables
Business Combinations (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Summary of the estimated fair values of assets acquired and the liabilities assumed | ' | ||||
The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition for Team Capital, net of cash consideration paid (in thousands): | |||||
At May 30, 2014 | |||||
Assets acquired: | |||||
Cash and cash equivalents, net | $ | 68,650 | |||
Securities available for sale | 157,635 | ||||
Loans | 631,390 | ||||
Bank-owned life insurance | 22,319 | ||||
Banking premises and equipment | 24,778 | ||||
Accrued interest receivable | 3,060 | ||||
Goodwill | 40,173 | ||||
Other intangibles assets | 9,868 | ||||
Foreclosed assets, net | 653 | ||||
Other assets | 5,448 | ||||
Total assets acquired | 963,974 | ||||
Liabilities assumed: | |||||
Deposits | 769,936 | ||||
Borrowed Funds | 112,835 | ||||
Other liabilities | (2,314 | ) | |||
Total liabilities assumed | 880,457 | ||||
Net assets acquired | $ | 83,517 | |||
Investment_Securities_Tables
Investment Securities (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Securities Available for Sale | ' | |||||||||||||||||||
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities available for sale at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||
cost | unrealized | unrealized | value | |||||||||||||||||
gains | losses | |||||||||||||||||||
Agency obligations | $ | 90,906 | 347 | (45 | ) | 91,208 | ||||||||||||||
Mortgage-backed securities | 1,037,367 | 16,353 | (5,696 | ) | 1,048,024 | |||||||||||||||
State and municipal obligations | 7,558 | 153 | (12 | ) | 7,699 | |||||||||||||||
Corporate obligations | 9,550 | 5 | (16 | ) | 9,539 | |||||||||||||||
Equity securities | 397 | 119 | — | 516 | ||||||||||||||||
$ | 1,145,778 | 16,977 | (5,769 | ) | 1,156,986 | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||
cost | unrealized | unrealized | value | |||||||||||||||||
gains | losses | |||||||||||||||||||
Agency obligations | $ | 93,223 | 372 | (179 | ) | 93,416 | ||||||||||||||
Mortgage-backed securities | 1,060,013 | 14,493 | (19,532 | ) | 1,054,974 | |||||||||||||||
State and municipal obligations | 8,739 | 171 | (152 | ) | 8,758 | |||||||||||||||
Equity securities | 357 | 89 | — | 446 | ||||||||||||||||
$ | 1,162,332 | 15,125 | (19,863 | ) | 1,157,594 | |||||||||||||||
Roll-Forward of Credit Loss Component of Other-Than-Temporary Impairment | ' | |||||||||||||||||||
Changes in the credit loss component of credit-impaired debt securities were as follows (in thousands): | ||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Beginning credit loss amount | $ | 134 | 1,240 | 1,674 | 1,240 | |||||||||||||||
Add: Initial OTTI credit losses | — | — | — | — | ||||||||||||||||
Subsequent OTTI credit losses | — | — | — | — | ||||||||||||||||
Less: Realized losses for securities sold | 134 | — | 1,674 | — | ||||||||||||||||
Securities intended or required to be sold | — | — | — | — | ||||||||||||||||
Increases in expected cash flows on debt securities | — | — | — | — | ||||||||||||||||
Ending credit loss amount | $ | — | 1,240 | — | 1,240 | |||||||||||||||
Investment Securities Held to Maturity | ' | |||||||||||||||||||
The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for investment securities held to maturity at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||
cost | unrealized | unrealized | value | |||||||||||||||||
gains | losses | |||||||||||||||||||
Agency obligations | $ | 7,426 | 26 | (21 | ) | 7,431 | ||||||||||||||
Mortgage-backed securities | 3,693 | 173 | — | 3,866 | ||||||||||||||||
State and municipal obligations | 433,464 | 10,737 | (2,333 | ) | 441,868 | |||||||||||||||
Corporate obligations | 10,065 | 60 | (13 | ) | 10,112 | |||||||||||||||
$ | 454,648 | 10,996 | (2,367 | ) | 463,277 | |||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||||||||
cost | unrealized | unrealized | value | |||||||||||||||||
gains | losses | |||||||||||||||||||
Agency obligations | $ | 7,523 | 13 | (66 | ) | 7,470 | ||||||||||||||
Mortgage-backed securities | 5,273 | 247 | — | 5,520 | ||||||||||||||||
State and municipal obligations | 334,750 | 5,435 | (7,198 | ) | 332,987 | |||||||||||||||
Corporate obligations | 9,954 | 58 | (76 | ) | 9,936 | |||||||||||||||
$ | 357,500 | 5,753 | (7,340 | ) | 355,913 | |||||||||||||||
Available-for-sale Securities [Member] | ' | |||||||||||||||||||
Investment Securities Classified by Contractual Maturity | ' | |||||||||||||||||||
The amortized cost and fair value of securities available for sale at June 30, 2014, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||
cost | value | |||||||||||||||||||
Due in one year or less | $ | 23,108 | 23,130 | |||||||||||||||||
Due after one year through five years | 78,886 | 79,306 | ||||||||||||||||||
Due after five years through ten years | 3,019 | 3,004 | ||||||||||||||||||
Due after ten years | 3,001 | 3,006 | ||||||||||||||||||
Mortgage-backed securities | 1,037,367 | 1,048,024 | ||||||||||||||||||
Equity securities | 397 | 516 | ||||||||||||||||||
$ | 1,145,778 | 1,156,986 | ||||||||||||||||||
Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment | ' | |||||||||||||||||||
The following tables represent the Company’s disclosure regarding securities available for sale with temporary impairment at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||
June 30, 2014 Unrealized Losses | ||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||
Fair value | Gross | Fair | Gross | Fair | Gross | |||||||||||||||
unrealized | value | unrealized | value | unrealized | ||||||||||||||||
losses | losses | losses | ||||||||||||||||||
Agency obligations | $ | 15,289 | (17 | ) | 5,011 | (28 | ) | 20,300 | (45 | ) | ||||||||||
Mortgage-backed securities | 99,820 | (264 | ) | 326,848 | (5,432 | ) | 426,668 | (5,696 | ) | |||||||||||
State and municipal obligations | — | — | 658 | (12 | ) | 658 | (12 | ) | ||||||||||||
Corporate obligations | 4,034 | (16 | ) | — | — | 4,034 | (16 | ) | ||||||||||||
$ | 119,143 | (297 | ) | 332,517 | (5,472 | ) | 451,660 | (5,769 | ) | |||||||||||
December 31, 2013 Unrealized Losses | ||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||
value | unrealized | value | unrealized | value | unrealized | |||||||||||||||
losses | losses | losses | ||||||||||||||||||
Agency obligations | $ | 34,355 | (179 | ) | — | — | 34,355 | (179 | ) | |||||||||||
Mortgage-backed securities | 604,778 | (18,850 | ) | 13,521 | (682 | ) | 618,299 | (19,532 | ) | |||||||||||
State and municipal obligations | $ | 2,867 | (152 | ) | 2,867 | (152 | ) | |||||||||||||
$ | 642,000 | (19,181 | ) | 13,521 | (682 | ) | 655,521 | (19,863 | ) | |||||||||||
Held-to-maturity Securities [Member] | ' | |||||||||||||||||||
Investment Securities Classified by Contractual Maturity | ' | |||||||||||||||||||
The amortized cost and fair value of investment securities in the held to maturity portfolio at June 30, 2014 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. | ||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||
cost | value | |||||||||||||||||||
Due in one year or less | $ | 12,442 | 12,505 | |||||||||||||||||
Due after one year through five years | 50,288 | 51,668 | ||||||||||||||||||
Due after five years through ten years | 147,895 | 152,984 | ||||||||||||||||||
Due after ten years | 240,330 | 242,254 | ||||||||||||||||||
Mortgage-backed securities | 3,693 | 3,866 | ||||||||||||||||||
$ | 454,648 | 463,277 | ||||||||||||||||||
Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment | ' | |||||||||||||||||||
The following tables represent the Company’s disclosure on investment securities held to maturity with temporary impairment at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||
June 30, 2014 Unrealized Losses | ||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||
value | unrealized | value | unrealized | value | unrealized | |||||||||||||||
losses | losses | losses | ||||||||||||||||||
Agency obligations | $ | 644 | (1 | ) | 2,960 | (20 | ) | 3,604 | (21 | ) | ||||||||||
State and municipal obligations | 105,965 | (638 | ) | 65,634 | (1,695 | ) | 171,599 | (2,333 | ) | |||||||||||
Corporate obligations | 747 | (3 | ) | 2,572 | (10 | ) | 3,319 | (13 | ) | |||||||||||
$ | 107,356 | (642 | ) | 71,166 | (1,725 | ) | 178,522 | (2,367 | ) | |||||||||||
December 31, 2013 Unrealized Losses | ||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||
Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||
value | unrealized | value | unrealized | value | unrealized | |||||||||||||||
losses | losses | losses | ||||||||||||||||||
Agency obligations | $ | 5,766 | (66 | ) | — | — | 5,766 | (66 | ) | |||||||||||
State and municipal obligations | 123,988 | (5,376 | ) | 19,051 | (1,822 | ) | 143,039 | (7,198 | ) | |||||||||||
Corporate obligations | 5,387 | (76 | ) | — | — | 5,387 | (76 | ) | ||||||||||||
$ | 135,141 | (5,518 | ) | 19,051 | (1,822 | ) | 154,192 | (7,340 | ) | |||||||||||
Loans_Receivable_and_Allowance1
Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Summarized Loans Receivable | ' | |||||||||||||||||||||||||||||||
Loans receivable at June 30, 2014 and December 31, 2013 are summarized as follows (in thousands): | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | 1,223,145 | 1,174,043 | ||||||||||||||||||||||||||||||
Commercial | 1,669,614 | 1,400,624 | ||||||||||||||||||||||||||||||
Multi-family | 968,242 | 928,906 | ||||||||||||||||||||||||||||||
Construction | 227,433 | 183,289 | ||||||||||||||||||||||||||||||
Total mortgage loans | 4,088,434 | 3,686,862 | ||||||||||||||||||||||||||||||
Commercial loans | 1,201,741 | 932,199 | ||||||||||||||||||||||||||||||
Consumer loans | 617,512 | 577,602 | ||||||||||||||||||||||||||||||
Total gross loans | 5,907,687 | 5,196,663 | ||||||||||||||||||||||||||||||
Purchased credit-impaired ("PCI") loans | 5,187 | — | ||||||||||||||||||||||||||||||
Premiums on purchased loans | 4,380 | 4,202 | ||||||||||||||||||||||||||||||
Unearned discounts | (55 | ) | (62 | ) | ||||||||||||||||||||||||||||
Net deferred fees | (7,130 | ) | (5,990 | ) | ||||||||||||||||||||||||||||
$ | 5,910,069 | 5,194,813 | ||||||||||||||||||||||||||||||
Summary of Aging Loans Receivable by Portfolio Segment and Class | ' | |||||||||||||||||||||||||||||||
The following tables summarize the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands): | ||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||
30-59 | 60-89 | Non-accrual | Total Past | Current | Total Loans | Recorded | ||||||||||||||||||||||||||
Days | Days | Due and | Receivable | Investment | ||||||||||||||||||||||||||||
Non-accrual | > 90 days | |||||||||||||||||||||||||||||||
accruing | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 10,329 | 4,572 | 21,323 | 36,224 | 1,186,921 | 1,223,145 | — | ||||||||||||||||||||||||
Commercial | — | — | 19,439 | 19,439 | 1,650,175 | 1,669,614 | — | |||||||||||||||||||||||||
Multi-family | — | — | 403 | 403 | 967,839 | 968,242 | — | |||||||||||||||||||||||||
Construction | — | — | — | — | 227,433 | 227,433 | — | |||||||||||||||||||||||||
Total mortgage loans | 10,329 | 4,572 | 41,165 | 56,066 | 4,032,368 | 4,088,434 | — | |||||||||||||||||||||||||
Commercial loans | 385 | 1 | 20,914 | 21,300 | 1,180,441 | 1,201,741 | — | |||||||||||||||||||||||||
Consumer loans | 2,084 | 1,478 | 3,284 | 6,846 | 610,666 | 617,512 | — | |||||||||||||||||||||||||
Total loans | $ | 12,798 | 6,051 | 65,363 | 84,212 | 5,823,475 | 5,907,687 | — | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
30-59 | 60-89 | Non-accrual | Total Past | Current | Total Loans | Recorded | ||||||||||||||||||||||||||
Days | Days | Due and | Receivable | Investment | ||||||||||||||||||||||||||||
Non-accrual | > 90 days | |||||||||||||||||||||||||||||||
accruing | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 10,639 | 5,062 | 23,011 | 38,712 | 1,135,331 | 1,174,043 | — | ||||||||||||||||||||||||
Commercial | 687 | 318 | 18,662 | 19,667 | 1,380,957 | 1,400,624 | — | |||||||||||||||||||||||||
Multi-family | — | — | 403 | 403 | 928,503 | 928,906 | — | |||||||||||||||||||||||||
Construction | — | — | 8,448 | 8,448 | 174,841 | 183,289 | — | |||||||||||||||||||||||||
Total mortgage loans | 11,326 | 5,380 | 50,524 | 67,230 | 3,619,632 | 3,686,862 | — | |||||||||||||||||||||||||
Commercial loans | 305 | 77 | 22,228 | 22,610 | 909,589 | 932,199 | — | |||||||||||||||||||||||||
Consumer loans | 2,474 | 2,194 | 3,928 | 8,596 | 569,006 | 577,602 | — | |||||||||||||||||||||||||
Total loans | $ | 14,105 | 7,651 | 76,680 | 98,436 | 5,098,227 | 5,196,663 | — | ||||||||||||||||||||||||
Summary of Loans Receivable by Portfolio Segment and Impairment Method | ' | |||||||||||||||||||||||||||||||
The following table summarizes loans receivable by portfolio segment and impairment method, excluding PCI loans (in thousands): | ||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total Portfolio | |||||||||||||||||||||||||||||
loans | loans | loans | Segments | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 67,110 | 24,458 | 2,271 | 93,839 | |||||||||||||||||||||||||||
Collectively evaluated for impairment | 4,021,324 | 1,177,283 | 615,241 | 5,813,848 | ||||||||||||||||||||||||||||
Total | $ | 4,088,434 | 1,201,741 | 617,512 | 5,907,687 | |||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total Portfolio | |||||||||||||||||||||||||||||
loans | loans | loans | Segments | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 75,839 | 28,210 | 2,321 | 106,370 | |||||||||||||||||||||||||||
Collectively evaluated for impairment | 3,611,023 | 903,989 | 575,281 | 5,090,293 | ||||||||||||||||||||||||||||
Total | $ | 3,686,862 | 932,199 | 577,602 | 5,196,663 | |||||||||||||||||||||||||||
Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification | ' | |||||||||||||||||||||||||||||||
The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands): | ||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total Portfolio | Unallocated | Total | |||||||||||||||||||||||||||
loans | loans | loans | Segments | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,833 | 3,573 | 115 | 8,521 | — | 8,521 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 26,207 | 23,506 | 4,266 | 53,979 | 1,375 | 55,354 | ||||||||||||||||||||||||||
Total | $ | 31,040 | 27,079 | 4,381 | 62,500 | 1,375 | 63,875 | |||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total Portfolio | Unallocated | Total | |||||||||||||||||||||||||||
loans | loans | loans | Segments | |||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 7,829 | 2,221 | 167 | 10,217 | — | 10,217 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 26,315 | 21,886 | 4,762 | 52,963 | 1,484 | 54,447 | ||||||||||||||||||||||||||
$ | 34,144 | 24,107 | 4,929 | 63,180 | 1,484 | 64,664 | ||||||||||||||||||||||||||
Schedule of Troubled Debt Restructuring | ' | |||||||||||||||||||||||||||||||
The following tables present the number of loans modified as TDRs during the three and six months ended June 30, 2014 and 2013 and their balances immediately prior to the modification date and post-modification as of June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||
For the three months ended | ||||||||||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | |||||||||||||||||||||||||||||||
Troubled Debt Restructuring | Number of | Pre-Modification | Post-Modification | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||
Recorded | Recorded Investment | Recorded Investment | Recorded Investment | |||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | 4 | $ | 1,088 | $ | 847 | 18 | $ | 4,227 | $ | 4,339 | ||||||||||||||||||||||
Commercial | 1 | 865 | 870 | — | — | — | ||||||||||||||||||||||||||
Total mortgage loans | 5 | 1,953 | 1,717 | 18 | 4,227 | 4,339 | ||||||||||||||||||||||||||
Commercial loans | 1 | 300 | 300 | — | — | — | ||||||||||||||||||||||||||
Consumer loans | — | — | — | 2 | 228 | 222 | ||||||||||||||||||||||||||
Total restructured loans | 6 | $ | 2,253 | $ | 2,017 | 20 | $ | 4,455 | $ | 4,561 | ||||||||||||||||||||||
For the six months ended | ||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||
Troubled Debt Restructuring | Number of | Pre-Modification | Post-Modification | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | Loans | Outstanding | Outstanding | |||||||||||||||||||||||||||
Recorded Investment | Recorded Investment | Recorded Investment | Recorded Investment | |||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | 8 | $ | 1,963 | 1,677 | 33 | $ | 7,029 | $ | 7,203 | |||||||||||||||||||||||
Commercial | 1 | 865 | 870 | 1 | 329 | 307 | ||||||||||||||||||||||||||
Total mortgage loans | 9 | 2,828 | 2,547 | 34 | 7,358 | 7,510 | ||||||||||||||||||||||||||
Commercial loans | 1 | 300 | 300 | — | — | — | ||||||||||||||||||||||||||
Consumer loans | — | — | — | 5 | 468 | 461 | ||||||||||||||||||||||||||
Total restructured loans | 10 | $ | 3,128 | $ | 2,847 | 39 | $ | 7,826 | $ | 7,971 | ||||||||||||||||||||||
Schedule of Troubled Debt Restructurings Subsequently Defaulted | ' | |||||||||||||||||||||||||||||||
The following table presents loans modified as TDRs within the previous 12 months from June 30, 2014 and 2013, and for which there was a payment default (90 days or more past due) at the quarter ended June 30, 2014 and 2013. | ||||||||||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||||||||||||||
Troubled Debt Restructurings Subsequently Defaulted | Number of | Outstanding | Number of | Outstanding | ||||||||||||||||||||||||||||
Loans | Recorded Investment | Loans | Recorded Investment | |||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | 2 | $ | 264 | 1 | $ | 1,445 | ||||||||||||||||||||||||||
Total mortgage loans | 2 | 264 | 1 | 1,445 | ||||||||||||||||||||||||||||
Commercial loans | — | $ | — | |||||||||||||||||||||||||||||
Consumer loans | — | $ | — | — | $ | — | ||||||||||||||||||||||||||
Total restructured loans | 2 | $ | 264 | 1 | $ | 1,445 | ||||||||||||||||||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | ' | |||||||||||||||||||||||||||||||
The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Team Capital at May 30, 2014 (in thousands): | ||||||||||||||||||||||||||||||||
30-May-14 | ||||||||||||||||||||||||||||||||
Contractually required principal and interest | $ | 12,505 | ||||||||||||||||||||||||||||||
Contractual cash flows not expected to be collected (non-accretable discount) | (6,475 | ) | ||||||||||||||||||||||||||||||
Expected cash flows to be collected at acquisition | 6,030 | |||||||||||||||||||||||||||||||
Interest component of expected cash flows (accretable yield) | (810 | ) | ||||||||||||||||||||||||||||||
Fair value of acquired loans | $ | 5,220 | ||||||||||||||||||||||||||||||
The following table summarizes the changes in the accretable yield for PCI loans during the three and six months ended June 30, 2014 (in thousands): | ||||||||||||||||||||||||||||||||
Three and Six months ended | ||||||||||||||||||||||||||||||||
30-Jun-14 | ||||||||||||||||||||||||||||||||
Beginning balance | $ | — | ||||||||||||||||||||||||||||||
Acquisition | 810 | |||||||||||||||||||||||||||||||
Accretion | (37 | ) | ||||||||||||||||||||||||||||||
Reclassification from non-accretable difference | — | |||||||||||||||||||||||||||||||
Ending balance | $ | 773 | ||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses by Portfolio Segment | ' | |||||||||||||||||||||||||||||||
The activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2014 and 2013 was as follows (in thousands): | ||||||||||||||||||||||||||||||||
Three months ended June 30, | Mortgage | Commercial | Consumer | Total Portfolio | Unallocated | Total | ||||||||||||||||||||||||||
loans | loans | loans | Segments | |||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 31,470 | 25,161 | 4,379 | 61,010 | 2,410 | 63,420 | |||||||||||||||||||||||||
Provision charged to operations | 646 | 1,663 | 226 | 2,535 | (1,035 | ) | 1,500 | |||||||||||||||||||||||||
Recoveries of loans previously charged-off | 90 | 298 | 729 | 1,117 | — | 1,117 | ||||||||||||||||||||||||||
Loans charged-off | (1,166 | ) | (43 | ) | (953 | ) | (2,162 | ) | — | (2,162 | ) | |||||||||||||||||||||
Balance at end of period | $ | 31,040 | 27,079 | 4,381 | 62,500 | 1,375 | 63,875 | |||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 36,393 | 23,501 | 4,821 | 64,715 | 5,319 | 70,034 | |||||||||||||||||||||||||
Provision charged to operations | (2,789 | ) | 396 | 660 | (1,733 | ) | 2,733 | 1,000 | ||||||||||||||||||||||||
Recoveries of loans previously charged-off | 115 | 199 | 263 | 577 | — | 577 | ||||||||||||||||||||||||||
Loans charged-off | (3,049 | ) | (286 | ) | (1,271 | ) | (4,606 | ) | — | (4,606 | ) | |||||||||||||||||||||
Balance at end of period | $ | 30,670 | 23,810 | 4,473 | 58,953 | 8,052 | 67,005 | |||||||||||||||||||||||||
Six months ended June 30, | Mortgage | Commercial | Consumer | Total Portfolio | Unallocated | Total | ||||||||||||||||||||||||||
loans | loans | loans | Segments | |||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 34,144 | 24,107 | 4,929 | 63,180 | 1,484 | 64,664 | |||||||||||||||||||||||||
Provision charged to operations | (1,354 | ) | 2,994 | 369 | 2,009 | (109 | ) | 1,900 | ||||||||||||||||||||||||
Recoveries of loans previously charged-off | 157 | 541 | 850 | 1,548 | — | 1,548 | ||||||||||||||||||||||||||
Loans charged-off | (1,907 | ) | (563 | ) | (1,767 | ) | (4,237 | ) | — | (4,237 | ) | |||||||||||||||||||||
Balance at end of period | $ | 31,040 | 27,079 | 4,381 | 62,500 | 1,375 | 63,875 | |||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 37,962 | 20,315 | 5,224 | 63,501 | 6,847 | 70,348 | |||||||||||||||||||||||||
Provision charged to operations | (3,611 | ) | 4,248 | 658 | 1,295 | 1,205 | 2,500 | |||||||||||||||||||||||||
Recoveries of loans previously charged-off | 343 | 313 | 506 | 1,162 | — | 1,162 | ||||||||||||||||||||||||||
Loans charged-off | (4,024 | ) | (1,066 | ) | (1,915 | ) | (7,005 | ) | — | (7,005 | ) | |||||||||||||||||||||
Balance at end of period | $ | 30,670 | 23,810 | 4,473 | 58,953 | 8,052 | 67,005 | |||||||||||||||||||||||||
Summary of Impaired Loans Receivable by Class | ' | |||||||||||||||||||||||||||||||
by class and loan category, excluding PCI loans (in thousands): | ||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Unpaid | Recorded | Related | Average | Interest | Unpaid | Recorded | Related | Average | Interest | |||||||||||||||||||||||
Principal | Investment | Allowance | Recorded | Income | Principal | Investment | Allowance | Recorded | Income | |||||||||||||||||||||||
Balance | Investment | Recognized | Balance | Investment | Recognized | |||||||||||||||||||||||||||
Loans with no related allowance | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 14,219 | 10,442 | — | 11,845 | 172 | 13,459 | 9,999 | — | 10,322 | 299 | |||||||||||||||||||||
Commercial | 5,079 | 4,847 | — | 4,851 | 8 | 4,917 | 4,667 | — | 4,834 | 3 | ||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | 19,298 | 15,289 | — | 16,696 | 180 | 18,376 | 14,666 | — | 15,156 | 302 | ||||||||||||||||||||||
Commercial loans | 4,994 | 3,971 | — | 4,224 | — | 8,163 | 6,674 | — | 8,252 | 24 | ||||||||||||||||||||||
Consumer loans | 1,003 | 848 | — | 832 | 21 | 754 | 618 | — | 674 | 26 | ||||||||||||||||||||||
Total loans | $ | 25,295 | 20,108 | — | 21,752 | 201 | 27,293 | 21,958 | — | 24,082 | 352 | |||||||||||||||||||||
Loans with an allowance recorded | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 15,909 | 15,299 | 2,293 | 15,382 | 280 | 17,122 | 16,473 | 2,571 | 16,610 | 557 | |||||||||||||||||||||
Commercial | 37,799 | 36,523 | 2,540 | 36,722 | 476 | 37,320 | 36,251 | 2,309 | 36,727 | 976 | ||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Construction | — | — | — | — | — | 9,810 | 8,449 | 2,949 | 8,659 | — | ||||||||||||||||||||||
Total | 53,708 | 51,822 | 4,833 | 52,104 | 756 | 64,252 | 61,173 | 7,829 | 61,996 | 1,533 | ||||||||||||||||||||||
Commercial loans | 22,057 | 20,486 | 3,573 | 21,173 | 228 | 22,779 | 21,536 | 2,221 | 23,204 | 650 | ||||||||||||||||||||||
Consumer loans | 1,434 | 1,423 | 115 | 1,433 | 36 | 1,732 | 1,703 | 167 | 1,726 | 63 | ||||||||||||||||||||||
Total loans | $ | 77,199 | 73,731 | 8,521 | 74,710 | 1,020 | 88,763 | 84,412 | 10,217 | 86,926 | 2,246 | |||||||||||||||||||||
Total impaired loans | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 30,128 | 25,741 | 2,293 | 27,227 | 452 | 30,581 | 26,472 | 2,571 | 26,932 | 856 | |||||||||||||||||||||
Commercial | 42,878 | 41,370 | 2,540 | 41,573 | 484 | 42,237 | 40,918 | 2,309 | 41,561 | 979 | ||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Construction | — | — | — | — | — | 9,810 | 8,449 | 2,949 | 8,659 | — | ||||||||||||||||||||||
Total | 73,006 | 67,111 | 4,833 | 68,800 | 936 | 82,628 | 75,839 | 7,829 | 77,152 | 1,835 | ||||||||||||||||||||||
Commercial loans | 27,051 | 24,457 | 3,573 | 25,397 | 228 | 30,942 | 28,210 | 2,221 | 31,456 | 674 | ||||||||||||||||||||||
Consumer loans | 2,437 | 2,271 | 115 | 2,265 | 57 | 2,486 | 2,321 | 167 | 2,400 | 89 | ||||||||||||||||||||||
Total loans | $ | 102,494 | 93,839 | 8,521 | 96,462 | 1,221 | 116,056 | 106,370 | 10,217 | 111,008 | 2,598 | |||||||||||||||||||||
Summary of Loans Receivable by Credit Quality Risk Rating Indicator | ' | |||||||||||||||||||||||||||||||
Loans receivable by credit quality risk rating indicator, excluding PCI loans, are as follows (in thousands): | ||||||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||
Residential | Commercial | Multi- | Construction | Total | Commercial | Consumer | Total loans | |||||||||||||||||||||||||
mortgage | family | mortgages | ||||||||||||||||||||||||||||||
Special mention | $ | 4,572 | 10,643 | 328 | 2,600 | 18,143 | 66,372 | 1,633 | 86,148 | |||||||||||||||||||||||
Substandard | 21,323 | 53,797 | 1,243 | — | 76,363 | 43,618 | 3,437 | 123,418 | ||||||||||||||||||||||||
Doubtful | — | — | — | — | — | 1,144 | — | 1,144 | ||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total classified and criticized | 25,895 | 64,440 | 1,571 | 2,600 | 94,506 | 111,134 | 5,070 | 210,710 | ||||||||||||||||||||||||
Pass/Watch | 1,197,250 | 1,605,174 | 966,671 | 224,833 | 3,993,928 | 1,090,607 | 612,442 | 5,696,977 | ||||||||||||||||||||||||
Total | $ | 1,223,145 | 1,669,614 | 968,242 | 227,433 | 4,088,434 | 1,201,741 | 617,512 | 5,907,687 | |||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||
Residential | Commercial | Multi- | Construction | Total | Commercial | Consumer | Total loans | |||||||||||||||||||||||||
mortgage | family | mortgages | ||||||||||||||||||||||||||||||
Special mention | $ | 5,062 | 15,301 | — | — | 20,363 | 28,551 | 2,037 | 50,951 | |||||||||||||||||||||||
Substandard | 23,011 | 54,592 | 403 | 8,449 | 86,455 | 46,687 | 4,220 | 137,362 | ||||||||||||||||||||||||
Doubtful | — | — | — | — | — | 649 | — | 649 | ||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total classified and criticized | 28,073 | 69,893 | 403 | 8,449 | 106,818 | 75,887 | 6,257 | 188,962 | ||||||||||||||||||||||||
Pass/Watch | 1,145,970 | 1,330,731 | 928,503 | 174,840 | 3,580,044 | 856,312 | 571,345 | 5,007,701 | ||||||||||||||||||||||||
Total | $ | 1,174,043 | 1,400,624 | 928,906 | 183,289 | 3,686,862 | 932,199 | 577,602 | 5,196,663 | |||||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Banking and Thrift [Abstract] | ' | |||||||
Schedule of Deposits | ' | |||||||
Deposits at June 30, 2014 and December 31, 2013 are summarized as follows (in thousands): | ||||||||
30-Jun-14 | 31-Dec-13 | |||||||
Savings | $ | 1,005,886 | 921,993 | |||||
Money market | 1,559,776 | 1,281,596 | ||||||
NOW | 1,364,220 | 1,326,941 | ||||||
Non-interest bearing | 1,028,742 | 865,187 | ||||||
Certificates of deposit | 879,406 | 806,754 | ||||||
Total | $ | 5,838,030 | 5,202,471 | |||||
Components_of_Net_Periodic_Ben1
Components of Net Periodic Benefit Cost (Tables) | 6 Months Ended | ||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Net Periodic Benefit Cost (Increase) | ' | ||||||||||||||||||||||||||
Net periodic benefit (increase) cost for pension benefits and other post-retirement benefits for the three and six months ended June 30, 2014 and 2013 includes the following components (in thousands): | |||||||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||||
Pension | Other post- | Pension | Other post- | ||||||||||||||||||||||||
benefits | retirement | benefits | retirement | ||||||||||||||||||||||||
benefits | benefits | ||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Service cost | $ | — | — | 42 | 60 | $ | — | — | 84 | 120 | |||||||||||||||||
Interest cost | 352 | 318 | 272 | 245 | 704 | 636 | 544 | 490 | |||||||||||||||||||
Expected return on plan assets | (894 | ) | (792 | ) | — | — | (1,788 | ) | (1,584 | ) | — | — | |||||||||||||||
Amortization of prior service cost | — | — | (1 | ) | (1 | ) | — | — | (2 | ) | (2 | ) | |||||||||||||||
Amortization of the net loss | 93 | 338 | (51 | ) | 4 | 186 | 676 | (102 | ) | 8 | |||||||||||||||||
Net periodic benefit (increase) cost | $ | (449 | ) | (136 | ) | 262 | 308 | $ | (898 | ) | (272 | ) | 524 | 616 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values | ' | ||||||||||||||||
The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of June 30, 2014 and December 31, 2013, by level within the fair value hierarchy. | |||||||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
(Dollars in thousands) | 30-Jun-14 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Agency obligations | $ | 91,208 | 91,208 | — | — | ||||||||||||
Mortgage-backed securities | 1,048,024 | — | 1,048,024 | — | |||||||||||||
State and municipal obligations | 7,699 | — | 7,699 | — | |||||||||||||
Corporate obligations | 9,539 | — | 9,539 | — | |||||||||||||
Equity securities | 516 | 516 | — | — | |||||||||||||
$ | 1,156,986 | 91,724 | 1,065,262 | — | |||||||||||||
Measured on a non-recurring basis: | |||||||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | $ | 27,548 | — | — | 27,548 | ||||||||||||
Foreclosed assets | 6,983 | — | — | 6,983 | |||||||||||||
$ | 34,531 | — | — | 34,531 | |||||||||||||
Fair Value Measurements at Reporting Date Using: | |||||||||||||||||
(Dollars in thousands) | 31-Dec-13 | Quoted Prices in | Significant Other | Significant | |||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||
Securities available for sale: | |||||||||||||||||
Agency obligations | $ | 93,416 | 93,416 | — | — | ||||||||||||
Mortgage-backed securities | 1,054,974 | — | 1,054,974 | — | |||||||||||||
State and municipal obligations | 8,758 | — | 8,758 | — | |||||||||||||
Equity securities | 446 | 446 | — | — | |||||||||||||
$ | 1,157,594 | 93,862 | 1,063,732 | — | |||||||||||||
Measured on a non-recurring basis: | |||||||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | $ | 29,782 | — | — | 29,782 | ||||||||||||
Foreclosed assets | 5,486 | — | — | 5,486 | |||||||||||||
$ | 35,268 | — | — | 35,268 | |||||||||||||
Schedule of Financial Instruments at Carrying and Fair Values | ' | ||||||||||||||||
The following tables present the Company’s financial instruments at their carrying and fair values as of June 30, 2014 and December 31, 2013. Fair values are presented by level within the fair value hierarchy. | |||||||||||||||||
Fair Value Measurements at June 30, 2014 Using: | |||||||||||||||||
(Dollars in thousands) | Carrying | Fair | Quoted Prices in | Significant Other | Significant | ||||||||||||
value | value | Active Markets for | Observable Inputs | Unobservable | |||||||||||||
Identical Assets | (Level 2) | Inputs (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 131,064 | 131,064 | 131,064 | — | — | |||||||||||
Securities available for sale: | |||||||||||||||||
Agency obligations | 91,208 | 91,208 | 91,208 | — | — | ||||||||||||
Mortgage-backed securities | 1,048,024 | 1,048,024 | — | 1,048,024 | — | ||||||||||||
State and municipal obligations | 7,699 | 7,699 | — | 7,699 | — | ||||||||||||
Corporate obligations | 9,539 | 9,539 | — | 9,539 | — | ||||||||||||
Equity securities | 516 | 516 | 516 | — | — | ||||||||||||
Total securities available for sale | $ | 1,156,986 | 1,156,986 | 91,724 | 1,065,262 | — | |||||||||||
Investment securities held to maturity: | |||||||||||||||||
Agency obligations | $ | 7,426 | 7,431 | 7,431 | — | — | |||||||||||
Mortgage-backed securities | 3,693 | 3,866 | — | 3,866 | — | ||||||||||||
State and municipal obligations | 433,464 | 441,868 | — | 441,868 | — | ||||||||||||
Corporate obligations | 10,065 | 10,112 | — | 10,112 | — | ||||||||||||
Total securities held to maturity | $ | 454,648 | 463,277 | 7,431 | 455,846 | — | |||||||||||
FHLB-NY stock | 70,574 | 70,574 | 70,574 | — | — | ||||||||||||
Loans, net of allowance for loan losses | 5,846,194 | 5,971,191 | — | — | 5,971,191 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits other than certificates of deposits | $ | 4,958,624 | 4,958,624 | 4,958,624 | — | — | |||||||||||
Certificates of deposit | 879,406 | 885,186 | — | 885,186 | — | ||||||||||||
5,838,030 | 5,843,810 | 4,958,624 | 885,186 | — | |||||||||||||
Borrowings | $ | 1,418,843 | 1,429,973 | — | 1,429,973 | — | |||||||||||
Fair Value Measurements at December 31, 2013 Using: | |||||||||||||||||
(Dollars in thousands) | Carrying | Fair | Quoted Prices in | Significant Other | Significant | ||||||||||||
value | value | Active Markets for | Observable Inputs | Unobservable | |||||||||||||
Identical Assets | (Level 2) | Inputs (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Financial assets: | |||||||||||||||||
Cash and cash equivalents | $ | 101,224 | 101,224 | 101,224 | — | — | |||||||||||
Securities available for sale: | |||||||||||||||||
Agency obligations | 93,416 | 93,416 | 93,416 | — | — | ||||||||||||
Mortgage-backed securities | 1,054,974 | 1,054,974 | — | 1,054,974 | — | ||||||||||||
State and municipal obligations | 8,758 | 8,758 | — | 8,758 | — | ||||||||||||
Equity securities | 446 | 446 | 446 | — | — | ||||||||||||
Total securities available for sale | $ | 1,157,594 | 1,157,594 | 93,862 | 1,063,732 | — | |||||||||||
Investment securities held to maturity: | |||||||||||||||||
Agency obligations | $ | 7,523 | 7,470 | 7,470 | — | — | |||||||||||
Mortgage-backed securities | 5,273 | 5,520 | — | 5,520 | — | ||||||||||||
State and municipal obligations | 334,750 | 332,987 | — | 332,987 | — | ||||||||||||
Corporate obligations | 9,954 | 9,936 | — | 9,936 | — | ||||||||||||
Total securities held to maturity | $ | 357,500 | 355,913 | 7,470 | 348,443 | — | |||||||||||
FHLB-NY stock | 58,070 | 58,070 | 58,070 | — | — | ||||||||||||
Loans, net of allowance for loan losses | 5,130,149 | 5,221,228 | — | — | 5,221,228 | ||||||||||||
Financial liabilities: | |||||||||||||||||
Deposits other than certificates of deposits | $ | 4,395,717 | 4,395,717 | 4,395,717 | — | — | |||||||||||
Certificates of deposit | 806,754 | 813,337 | — | 813,337 | — | ||||||||||||
Total deposits | $ | 5,202,471 | 5,209,054 | 4,395,717 | 813,337 | — | |||||||||||
Borrowings | $ | 1,203,879 | 1,218,136 | — | 1,218,136 | — | |||||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Components of Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The following table presents the components of other comprehensive income (loss) both gross and net of tax, for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||
Three months ended June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Before | Tax | After | Before | Tax | After | ||||||||||||||||
Tax | Effect | Tax | Tax | Effect | Tax | ||||||||||||||||
Components of Other Comprehensive Income (Loss): | |||||||||||||||||||||
Unrealized gains and losses on securities available for sale: | |||||||||||||||||||||
Net gains (losses) arising during the period | $ | 10,188 | (3,849 | ) | 6,339 | $ | (21,239 | ) | 8,677 | (12,562 | ) | ||||||||||
Reclassification adjustment for gains included in net income | (110 | ) | 45 | (65 | ) | (423 | ) | 173 | (250 | ) | |||||||||||
Total | 10,078 | (3,804 | ) | 6,274 | (21,662 | ) | 8,850 | (12,812 | ) | ||||||||||||
Amortization related to post-retirement obligations | (1,041 | ) | 426 | (615 | ) | 342 | (140 | ) | 202 | ||||||||||||
Total other comprehensive income (loss) | $ | 9,037 | (3,378 | ) | 5,659 | $ | (21,320 | ) | 8,710 | (12,610 | ) | ||||||||||
Six months ended June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Before | Tax | After | Before | Tax | After | ||||||||||||||||
Tax | Effect | Tax | Tax | Effect | Tax | ||||||||||||||||
Components of Other Comprehensive Income (Loss): | |||||||||||||||||||||
Unrealized gains and losses on securities available for sale: | |||||||||||||||||||||
Net gains (losses) arising during the period | $ | 16,475 | (6,417 | ) | 10,058 | $ | (23,977 | ) | 9,795 | (14,182 | ) | ||||||||||
Reclassification adjustment for losses (gains) included in net income | 240 | (98 | ) | 142 | (934 | ) | 382 | (552 | ) | ||||||||||||
Total | 16,715 | (6,515 | ) | 10,200 | (24,911 | ) | 10,177 | (14,734 | ) | ||||||||||||
Amortization related to post-retirement obligations | (1,121 | ) | 458 | (663 | ) | 781 | (320 | ) | 461 | ||||||||||||
Total other comprehensive income (loss) income | $ | 15,594 | (6,057 | ) | 9,537 | $ | (24,130 | ) | 9,857 | (14,273 | ) | ||||||||||
Components of Accumulated Other Comprehensive Income, Net of Tax | ' | ||||||||||||||||||||
The following tables present the changes in the components of accumulated other comprehensive income, net of tax, for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component, net of tax | |||||||||||||||||||||
For the three months ended June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Unrealized | Post Retirement | Accumulated | Unrealized | Post Retirement | Accumulated | ||||||||||||||||
Gains on Securities | Obligations | Other | Gains on Securities | Obligations | Other | ||||||||||||||||
Available for | Comprehensive | Available for | Comprehensive | ||||||||||||||||||
Sale | Income | Sale | Income | ||||||||||||||||||
Balance at March 31, | $ | 1,127 | (2,100 | ) | (973 | ) | $ | 15,039 | (8,986 | ) | 6,053 | ||||||||||
Current period change in other comprehensive income (loss) | 6,274 | (615 | ) | 5,659 | (12,812 | ) | 202 | (12,610 | ) | ||||||||||||
Balance at June 30, | $ | 7,401 | (2,715 | ) | 4,686 | $ | 2,227 | (8,784 | ) | (6,557 | ) | ||||||||||
Changes in Accumulated Other Comprehensive Income by Component, net of tax | |||||||||||||||||||||
For the six months ended June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Unrealized | Post Retirement | Accumulated | Unrealized | Post Retirement | Accumulated | ||||||||||||||||
Gains on Securities | Obligations | Other | Gains on Securities | Obligations | Other | ||||||||||||||||
Available for | Comprehensive | Available for | Comprehensive | ||||||||||||||||||
Sale | Income | Sale | Income | ||||||||||||||||||
Balance at December 31, | $ | (2,799 | ) | (2,052 | ) | (4,851 | ) | $ | 16,961 | (9,245 | ) | 7,716 | |||||||||
Current period change in other comprehensive income (loss) | 10,200 | (663 | ) | 9,537 | (14,734 | ) | 461 | (14,273 | ) | ||||||||||||
Balance at June 30, | $ | 7,401 | (2,715 | ) | 4,686 | $ | 2,227 | (8,784 | ) | (6,557 | ) | ||||||||||
Summary of Reclassifications Out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
The following tables summarize the reclassifications out of accumulated other comprehensive income to the consolidated statements of income for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive | |||||||||||||||||||||
Income ("AOCI") | |||||||||||||||||||||
Amount reclassified from AOCI for the three months ended June 30, | Affected line item in the Consolidated | ||||||||||||||||||||
2014 | 2013 | Statement of Income | |||||||||||||||||||
Details of AOCI: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Realized net gains on the sale of securities available for sale | $ | 110 | $ | 423 | Net gain on securities transactions | ||||||||||||||||
(45 | ) | (173 | ) | Income tax expense | |||||||||||||||||
65 | 250 | Net of tax | |||||||||||||||||||
Post retirement obligations: | |||||||||||||||||||||
Amortization of actuarial losses (gains) | 42 | 342 | Compensation and employee benefits (1) | ||||||||||||||||||
(17 | ) | (140 | ) | Income tax expense | |||||||||||||||||
25 | 202 | Net of tax | |||||||||||||||||||
Realized loss related to lump sum pension settlement | (1,336 | ) | — | Compensation and employee benefits | |||||||||||||||||
546 | — | Income tax expense | |||||||||||||||||||
(790 | ) | — | Net of tax | ||||||||||||||||||
Total reclassifications | $ | (700 | ) | $ | 452 | Net of tax | |||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive | |||||||||||||||||||||
Income | |||||||||||||||||||||
Amount reclassified from AOCI for the six months ended June 30, | Affected line item in the Consolidated | ||||||||||||||||||||
2014 | 2013 | Statement of Income | |||||||||||||||||||
Details of AOCI: | |||||||||||||||||||||
Securities available for sale: | |||||||||||||||||||||
Realized net losses on the sale of securities available for sale | $ | (240 | ) | $ | 934 | Net (loss) gain on securities transactions | |||||||||||||||
98 | (382 | ) | Income tax expense | ||||||||||||||||||
(142 | ) | 552 | Net of tax | ||||||||||||||||||
Post retirement obligations: | |||||||||||||||||||||
Amortization of actuarial losses (gains) | 84 | 684 | Compensation and employee benefits (1) | ||||||||||||||||||
(34 | ) | (279 | ) | Income tax expense | |||||||||||||||||
50 | 405 | Net of tax | |||||||||||||||||||
Realized loss related to lump sum pension settlement | (1,336 | ) | — | Compensation and employee benefits | |||||||||||||||||
546 | — | Income tax expense | |||||||||||||||||||
(790 | ) | — | Net of tax | ||||||||||||||||||
Total reclassifications | $ | (1,394 | ) | $ | 957 | Net of tax | |||||||||||||||
-1 | This item is included in the computation of net periodic benefit cost. See Note 6. Components of Net Periodic Benefit Cost. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Calculations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Net income | $16,351 | $19,228 | $33,380 | $37,056 |
Income available to common stockholders, Basic | 16,351 | 19,228 | 33,380 | 37,056 |
Income available to common stockholders, Diluted | $16,351 | $19,228 | $33,380 | $37,056 |
Weighted Average Common Shares Outstanding, Basic | 59,147,241 | 57,206,242 | 58,263,052 | 57,186,828 |
Dilutive shares | 122,021 | 77,404 | 140,701 | 54,104 |
Weighted Average Common Shares Outstanding, Diluted | 59,269,262 | 57,283,646 | 58,403,753 | 57,240,932 |
Income available to common stockholders, Per Share Amount, Basic | $0.28 | $0.34 | $0.57 | $0.65 |
Income available to common stockholders, Per Share Amount, Diluted | $0.28 | $0.34 | $0.57 | $0.65 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Anti-dilutive stock options and awards excluded from computation of earnings per share | 1,116,839 |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 6 Months Ended | 0 Months Ended | 0 Months Ended | ||
Share data in Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | 30-May-14 | 30-May-14 | 30-May-14 |
Team Capital Bank [Member] | Team Capital Bank [Member] | Team Capital Bank [Member] | |||
Common Stock [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Assets, Including Goodwill | ' | ' | ' | $963,974,000 | ' |
Loans | ' | ' | ' | 631,390,000 | ' |
Deposits | ' | ' | ' | 769,936,000 | ' |
Total consideration paid | ' | ' | 115,100,000 | ' | ' |
Cash paid | ' | ' | 31,600,000 | ' | ' |
Shares issued as consideration (in shares) | ' | ' | ' | ' | 4.9 |
Equity interests issued as consideration | $83,517 | $0 | $83,500,000 | ' | ' |
Business_Combinations_Assets_A
Business Combinations (Assets Acquired and Liabilities Assumed) (Details) (Team Capital Bank [Member], USD $) | 30-May-14 |
In Thousands, unless otherwise specified | |
Team Capital Bank [Member] | ' |
Assets acquired: | ' |
Cash and cash equivalents, net | $68,650 |
Securities available for sale | 157,635 |
Loans | 631,390 |
Bank-owned life insurance | 22,319 |
Banking premises and equipment | 24,778 |
Accrued interest receivable | 3,060 |
Goodwill | 40,173 |
Other intangibles assets | 9,868 |
Foreclosed assets, net | 653 |
Other assets | 5,448 |
Total assets acquired | 963,974 |
Liabilities assumed: | ' |
Deposits | 769,936 |
Borrowed Funds | 112,835 |
Other liabilities | -2,314 |
Total liabilities assumed | 880,457 |
Net assets acquired | $83,517 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
security | security | security | |||
position | position | position | |||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | $59,000 | ' | $365,000 | ' | ' |
Proceeds from maturities, calls and paydowns of securities available for sale | ' | ' | 91,710,000 | 196,434,000 | ' |
Available for sale investment securities | 1,156,986,000 | ' | 1,156,986,000 | ' | 1,157,594,000 |
Investment securities held to maturity | 454,648,000 | ' | 454,648,000 | ' | 357,500,000 |
Total number of all held to maturity and available for sale securities in an unrealized loss position | 408 | ' | 408 | ' | 346 |
Proceeds from the sale of securities available for sale | ' | 6,915,000 | 14,483,000 | 14,310,000 | ' |
Gross gains | 150,000 | 407,000 | 150,000 | 888,000 | ' |
Gross losses | ' | 0 | 404,000 | 0 | ' |
Proceeds from calls on securities available for sale | ' | 896,000 | 740,000 | 896,000 | ' |
Recognized gain on calls of securities | ' | ' | 2,000 | ' | ' |
Other-than-temporary impairment charges, net | ' | ' | 0 | ' | ' |
Number of securities in an unrealized loss position | 75 | ' | 75 | ' | 76 |
Amortized cost | 1,145,778,000 | ' | 1,145,778,000 | ' | 1,162,332,000 |
Recognized gain on calls of securities held to maturity portfolio | 2,000 | 16,000 | 15,000 | 30,000 | ' |
Recognized loss on calls of securities held to maturity portfolio | 0 | 0 | 0 | 2,000 | ' |
Proceeds from the calls | 2,415,000 | 13,269,000 | 8,810,000 | 22,478,000 | ' |
Proceeds from maturities, calls and paydowns of investment securities held to maturity | ' | ' | 24,481,000 | 51,146,000 | ' |
Proceeds from sale of securities held to maturity portfolio | ' | 0 | ' | ' | ' |
Number of securities in an unrealized loss position | 333 | ' | 333 | ' | 270 |
PCI loans acquired | 1,700,000 | ' | 1,700,000 | ' | ' |
Available-for-sale Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | ' |
Proceeds from maturities, calls and paydowns of securities available for sale | 8,398,000 | ' | ' | ' | ' |
Gross losses | 39,000 | ' | 0 | ' | ' |
Private Label Mortgage-Backed Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | ' |
Number of securities in an unrealized loss position | 1 | ' | 1 | ' | ' |
Amortized cost | 92,000 | ' | 92,000 | ' | ' |
Unrealized losses | ' | ' | 4,000 | ' | ' |
Nonperforming Financing Receivable [Member] | Held-to-maturity Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | ' |
Recognized gain on sale of securities held to maturity portfolio | 3,000 | ' | 18,000 | ' | ' |
Recognized loss on sale of securities held to maturity portfolio | ' | ' | 0 | ' | ' |
Proceeds from maturities, calls and paydowns of investment securities held to maturity | ' | ' | $524,000 | ' | ' |
Investment_Securities_Securiti
Investment Securities - Securities Available for Sale (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $1,145,778 | $1,162,332 |
Gross unrealized gains | 16,977 | 15,125 |
Gross unrealized losses | -5,769 | -19,863 |
Fair value | 1,156,986 | 1,157,594 |
Agency Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 90,906 | 93,223 |
Gross unrealized gains | 347 | 372 |
Gross unrealized losses | -45 | -179 |
Fair value | 91,208 | 93,416 |
Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 1,037,367 | 1,060,013 |
Gross unrealized gains | 16,353 | 14,493 |
Gross unrealized losses | -5,696 | -19,532 |
Fair value | 1,048,024 | 1,054,974 |
State and Municipal Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 7,558 | 8,739 |
Gross unrealized gains | 153 | 171 |
Gross unrealized losses | -12 | -152 |
Fair value | 7,699 | 8,758 |
Corporate Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 9,550 | ' |
Gross unrealized gains | 5 | ' |
Gross unrealized losses | -16 | ' |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 397 | 357 |
Gross unrealized gains | 119 | 89 |
Gross unrealized losses | 0 | 0 |
Fair value | $516 | $446 |
Investment_Securities_Investme
Investment Securities - Investment Securities Available for Sale by Contractual Maturity (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Due in one year or less, Amortized cost | $23,108 | ' |
Due after one year through five years, Amortized cost | 78,886 | ' |
Due after five years through ten years, Amortized cost | 3,019 | ' |
Due after ten years, Amortized cost | 3,001 | ' |
Amortized cost | 1,145,778 | 1,162,332 |
Due in one year or less, Fair value | 23,130 | ' |
Due after one year through five years, Fair value | 79,306 | ' |
Due after five years through ten years, Fair value | 3,004 | ' |
Due after ten years , Fair value | 3,006 | ' |
Securities available for sale, at fair value | 1,156,986 | 1,157,594 |
Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 1,037,367 | 1,060,013 |
Securities available for sale, at fair value | 1,048,024 | 1,054,974 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 397 | 357 |
Securities available for sale, at fair value | $516 | $446 |
Investment_Securities_RollForw
Investment Securities - Roll-Forward of Credit Loss Component of Other-than Temporary Impairment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' |
Beginning credit loss amount | $134 | $1,240 | $1,674 | $1,240 |
Add: Initial OTTI credit losses | 0 | 0 | 0 | 0 |
Subsequent OTTI credit losses | 0 | 0 | 0 | 0 |
Less: Realized losses for securities sold | 134 | 0 | 1,674 | 0 |
Securities intended or required to be sold | 0 | 0 | 0 | 0 |
Increases in expected cash flows on debt securities | 0 | 0 | 0 | 0 |
Ending credit loss amount | $0 | $1,240 | $0 | $1,240 |
Investment_Securities_Disclosu
Investment Securities - Disclosure Regarding Length of Time on Securities Available for Sale with Temporary Impairment (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair value | $119,143 | $642,000 |
Less than 12 months, Gross unrealized losses | -297 | -19,181 |
12 months or longer, Fair value | 332,517 | 13,521 |
12 months or longer, Gross unrealized losses | -5,472 | -682 |
Total, Fair value | 451,660 | 655,521 |
Total, Gross unrealized losses | -5,769 | -19,863 |
Agency Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair value | 15,289 | 34,355 |
Less than 12 months, Gross unrealized losses | -17 | -179 |
12 months or longer, Fair value | 5,011 | 0 |
12 months or longer, Gross unrealized losses | -28 | 0 |
Total, Fair value | 20,300 | 34,355 |
Total, Gross unrealized losses | -45 | -179 |
Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair value | 99,820 | 604,778 |
Less than 12 months, Gross unrealized losses | -264 | -18,850 |
12 months or longer, Fair value | 326,848 | 13,521 |
12 months or longer, Gross unrealized losses | -5,432 | -682 |
Total, Fair value | 426,668 | 618,299 |
Total, Gross unrealized losses | -5,696 | -19,532 |
State and Municipal Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair value | 0 | 2,867 |
Less than 12 months, Gross unrealized losses | 0 | -152 |
12 months or longer, Fair value | 658 | ' |
12 months or longer, Gross unrealized losses | -12 | ' |
Total, Fair value | 658 | 2,867 |
Total, Gross unrealized losses | -12 | -152 |
Corporate Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 months, Fair value | 4,034 | ' |
Less than 12 months, Gross unrealized losses | -16 | ' |
12 months or longer, Fair value | 0 | ' |
12 months or longer, Gross unrealized losses | 0 | ' |
Total, Fair value | 4,034 | ' |
Total, Gross unrealized losses | ($16) | ' |
Investment_Securities_Investme1
Investment Securities - Investment Securities Held to Maturity (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | $454,648 | $357,500 |
Gross unrealized gains | 10,996 | 5,753 |
Gross unrealized losses | -2,367 | -7,340 |
Fair value | 463,277 | 355,913 |
Agency Obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | 7,426 | 7,523 |
Gross unrealized gains | 26 | 13 |
Gross unrealized losses | -21 | -66 |
Fair value | 7,431 | 7,470 |
Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | 3,693 | 5,273 |
Gross unrealized gains | 173 | 247 |
Gross unrealized losses | 0 | 0 |
Fair value | 3,866 | 5,520 |
State and Municipal Obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | 433,464 | 334,750 |
Gross unrealized gains | 10,737 | 5,435 |
Gross unrealized losses | -2,333 | -7,198 |
Fair value | 441,868 | 332,987 |
Corporate Obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | 10,065 | 9,954 |
Gross unrealized gains | 60 | 58 |
Gross unrealized losses | -13 | -76 |
Fair value | $10,112 | $9,936 |
Investment_Securities_Securiti1
Investment Securities - Securities Held to Maturity by Contractual Maturity (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Due in one year or less, Amortized cost | $12,442 | ' |
Due after one year through five years, Amortized cost | 50,288 | ' |
Due after five years through ten years, Amortized cost | 147,895 | ' |
Due after ten years, Amortized cost | 240,330 | ' |
Amortized cost | 454,648 | 357,500 |
Due in one year or less, Fair value | 12,505 | ' |
Due after one year through five years, Fair value | 51,668 | ' |
Due after five years through ten years, Fair value | 152,984 | ' |
Due after ten years, Fair value | 242,254 | ' |
Fair value | 463,277 | 355,913 |
Mortgage-Backed Securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized cost | 3,693 | 5,273 |
Fair value | $3,866 | $5,520 |
Investment_Securities_Disclosu1
Investment Securities - Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | $107,356 | $135,141 |
Less than 12 months, Gross unrealized losses | -642 | -5,518 |
12 months or longer, Fair value | 71,166 | 19,051 |
12 months or longer, Gross unrealized losses | -1,725 | -1,822 |
Total, Fair value | 178,522 | 154,192 |
Total, Gross unrealized losses | -2,367 | -7,340 |
Agency Obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 644 | 5,766 |
Less than 12 months, Gross unrealized losses | -1 | -66 |
12 months or longer, Fair value | 2,960 | 0 |
12 months or longer, Gross unrealized losses | -20 | 0 |
Total, Fair value | 3,604 | 5,766 |
Total, Gross unrealized losses | -21 | -66 |
State and Municipal Obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 105,965 | 123,988 |
Less than 12 months, Gross unrealized losses | -638 | -5,376 |
12 months or longer, Fair value | 65,634 | 19,051 |
12 months or longer, Gross unrealized losses | -1,695 | -1,822 |
Total, Fair value | 171,599 | 143,039 |
Total, Gross unrealized losses | -2,333 | -7,198 |
Corporate Obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 months, Fair Value | 747 | 5,387 |
Less than 12 months, Gross unrealized losses | -3 | -76 |
12 months or longer, Fair value | 2,572 | 0 |
12 months or longer, Gross unrealized losses | -10 | 0 |
Total, Fair value | 3,319 | 5,387 |
Total, Gross unrealized losses | ($13) | ($76) |
Loans_Receivable_and_Allowance2
Loans Receivable and Allowance for Loan Losses - Schedule of Summarized Loans Receivable (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Servicing Liability at Amortized Cost [Line Items] | ' | ' |
Total mortgage loans | $4,088,434 | $3,686,862 |
Total gross loans | 5,907,687 | 5,196,663 |
Purchased credit-impaired (PCI) loans | 5,187 | 0 |
Premiums on purchased loans | 4,380 | 4,202 |
Unearned discounts | -55 | -62 |
Net deferred fees | -7,130 | -5,990 |
Loans receivable | 5,910,069 | 5,194,813 |
Residential [Member] | ' | ' |
Servicing Liability at Amortized Cost [Line Items] | ' | ' |
Total mortgage loans | 1,223,145 | 1,174,043 |
Commercial [Member] | ' | ' |
Servicing Liability at Amortized Cost [Line Items] | ' | ' |
Total mortgage loans | 1,669,614 | 1,400,624 |
Multi-Family [Member] | ' | ' |
Servicing Liability at Amortized Cost [Line Items] | ' | ' |
Total mortgage loans | 968,242 | 928,906 |
Construction [Member] | ' | ' |
Servicing Liability at Amortized Cost [Line Items] | ' | ' |
Total mortgage loans | 227,433 | 183,289 |
Commercial Loans [Member] | ' | ' |
Servicing Liability at Amortized Cost [Line Items] | ' | ' |
Total gross loans | 1,201,741 | 932,199 |
Consumer Loans [Member] | ' | ' |
Servicing Liability at Amortized Cost [Line Items] | ' | ' |
Total gross loans | $617,512 | $577,602 |
Loans_Receivable_and_Allowance3
Loans Receivable and Allowance for Loan Losses - Summary of Aging Loans Receivable by Portfolio Segment and Class (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | $12,798 | $14,105 |
60-89 Days | 6,051 | 7,651 |
Non-accrual | 65,363 | 76,680 |
Total Past Due and Non-accrual | 84,212 | 98,436 |
Current | 5,823,475 | 5,098,227 |
Total loans | 5,907,687 | 5,196,663 |
Recorded Investment > 90 days accruing | 0 | 0 |
Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 385 | 305 |
60-89 Days | 1 | 77 |
Non-accrual | 20,914 | 22,228 |
Total Past Due and Non-accrual | 21,300 | 22,610 |
Current | 1,180,441 | 909,589 |
Total loans | 1,201,741 | 932,199 |
Recorded Investment > 90 days accruing | 0 | 0 |
Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 2,084 | 2,474 |
60-89 Days | 1,478 | 2,194 |
Non-accrual | 3,284 | 3,928 |
Total Past Due and Non-accrual | 6,846 | 8,596 |
Current | 610,666 | 569,006 |
Total loans | 617,512 | 577,602 |
Recorded Investment > 90 days accruing | 0 | 0 |
Mortgage Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 10,329 | 11,326 |
60-89 Days | 4,572 | 5,380 |
Non-accrual | 41,165 | 50,524 |
Total Past Due and Non-accrual | 56,066 | 67,230 |
Current | 4,032,368 | 3,619,632 |
Total loans | 4,088,434 | 3,686,862 |
Recorded Investment > 90 days accruing | 0 | 0 |
Mortgage Loans [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 10,329 | 10,639 |
60-89 Days | 4,572 | 5,062 |
Non-accrual | 21,323 | 23,011 |
Total Past Due and Non-accrual | 36,224 | 38,712 |
Current | 1,186,921 | 1,135,331 |
Total loans | 1,223,145 | 1,174,043 |
Recorded Investment > 90 days accruing | 0 | 0 |
Mortgage Loans [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 0 | 687 |
60-89 Days | 0 | 318 |
Non-accrual | 19,439 | 18,662 |
Total Past Due and Non-accrual | 19,439 | 19,667 |
Current | 1,650,175 | 1,380,957 |
Total loans | 1,669,614 | 1,400,624 |
Recorded Investment > 90 days accruing | 0 | 0 |
Mortgage Loans [Member] | Multi-Family [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 0 | 0 |
60-89 Days | 0 | 0 |
Non-accrual | 403 | 403 |
Total Past Due and Non-accrual | 403 | 403 |
Current | 967,839 | 928,503 |
Total loans | 968,242 | 928,906 |
Recorded Investment > 90 days accruing | 0 | 0 |
Mortgage Loans [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days | 0 | 0 |
60-89 Days | 0 | 0 |
Non-accrual | 0 | 8,448 |
Total Past Due and Non-accrual | 0 | 8,448 |
Current | 227,433 | 174,841 |
Total loans | 227,433 | 183,289 |
Recorded Investment > 90 days accruing | 0 | 0 |
Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total loans | $1,201,741 | $932,199 |
Loans_Receivable_and_Allowance4
Loans Receivable and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | 30-May-14 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Borrowers | Borrowers | Team Capital Bank [Member] | Impaired Loans - Trouble Debt Restructurings [Member] | Impaired Loans - Trouble Debt Restructurings [Member] | Impaired Loans - Trouble Debt Restructurings [Member] | Impaired Loans - Trouble Debt Restructurings [Member] | With Related Allowance For Loan Losses [Member] | With Related Allowance For Loan Losses [Member] | No Allowance for Loan Losses Required [Member] | No Allowance for Loan Losses Required [Member] | ||||
SecurityLoan | SecurityLoan | |||||||||||||
TDRs | TDRs | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of acquired loans | ' | ' | ' | ' | ' | $5,220,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of nonaccrual loans | 65,400,000 | ' | 65,400,000 | ' | 76,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans less than 90 days past due | 27,000,000 | ' | 27,000,000 | ' | 33,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired loan defined floor limit | 1,000,000 | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired loans number | ' | ' | 155 | ' | 152 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired loans | 93,839,000 | ' | 93,839,000 | ' | 106,370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of troubled debt restructurings | ' | ' | 117 | ' | 115 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of borrowers | ' | ' | 114 | ' | 110 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans and leases receivable, impaired, nonperforming, accrual of interest | 55,600,000 | ' | 55,600,000 | ' | 58,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowances for loan losses | ' | ' | ' | ' | ' | ' | 282,000 | 294,000 | 322,000 | 670,000 | ' | ' | ' | ' |
Weighted average modified interest rate | 4.81% | 4.20% | 4.65% | 4.24% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average prior modification rate | 5.50% | 5.49% | 5.39% | 5.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowances for loan losses | 8,521,000 | ' | 8,521,000 | ' | 10,217,000 | ' | ' | ' | ' | ' | 8,521,000 | 10,217,000 | ' | ' |
Impaired financing receivable with no related allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,108,000 | 21,958,000 |
Average balance of impaired loans | ' | ' | $96,462,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans_Receivable_and_Allowance5
Loans Receivable and Allowance for Loan Losses - Summary of Loans Receivable by Portfolio Segment and Impairment Method (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Individually evaluated for impairment | $93,839 | $106,370 |
Collectively evaluated for impairment | 5,813,848 | 5,090,293 |
Total loans | 5,907,687 | 5,196,663 |
Mortgage Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Individually evaluated for impairment | 67,110 | 75,839 |
Collectively evaluated for impairment | 4,021,324 | 3,611,023 |
Total loans | 4,088,434 | 3,686,862 |
Commercial Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Individually evaluated for impairment | 24,458 | 28,210 |
Collectively evaluated for impairment | 1,177,283 | 903,989 |
Total loans | 1,201,741 | 932,199 |
Consumer Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Individually evaluated for impairment | 2,271 | 2,321 |
Collectively evaluated for impairment | 615,241 | 575,281 |
Total loans | $617,512 | $577,602 |
Loans_Receivable_and_Allowance6
Loans Receivable and Allowance for Loan Losses - Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | $8,521 | ' | $10,217 | ' | ' | ' |
Collectively evaluated for impairment | 55,354 | ' | 54,447 | ' | ' | ' |
Total | 63,875 | 63,420 | 64,664 | 67,005 | 70,034 | 70,348 |
Mortgage Loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 4,833 | ' | 7,829 | ' | ' | ' |
Collectively evaluated for impairment | 26,207 | ' | 26,315 | ' | ' | ' |
Total | 31,040 | 31,470 | 34,144 | 30,670 | 36,393 | 37,962 |
Commercial Loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 3,573 | ' | 2,221 | ' | ' | ' |
Collectively evaluated for impairment | 23,506 | ' | 21,886 | ' | ' | ' |
Total | 27,079 | 25,161 | 24,107 | 23,810 | 23,501 | 20,315 |
Consumer Loans [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 115 | ' | 167 | ' | ' | ' |
Collectively evaluated for impairment | 4,266 | ' | 4,762 | ' | ' | ' |
Total | 4,381 | 4,379 | 4,929 | 4,473 | 4,821 | 5,224 |
Total Portfolio Segments [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 8,521 | ' | 10,217 | ' | ' | ' |
Collectively evaluated for impairment | 53,979 | ' | 52,963 | ' | ' | ' |
Total | 62,500 | 61,010 | 63,180 | 58,953 | 64,715 | 63,501 |
Unallocated [Member] | ' | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Collectively evaluated for impairment | 1,375 | ' | 1,484 | ' | ' | ' |
Total | $1,375 | $2,410 | $1,484 | $8,052 | $5,319 | $6,847 |
Loans_Receivable_and_Allowance7
Loans Receivable and Allowance for Loan Losses - Schedule of Troubled Debt Restructurings (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
SecurityLoan | SecurityLoan | SecurityLoan | SecurityLoan | |
Residential [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Loans | 4 | 18 | 8 | 33 |
Pre-Modification Outstanding Recorded Investment | $1,088 | $4,227 | $1,963 | $7,029 |
Post-Modification Outstanding Recorded Investment | 847 | 4,339 | 1,677 | 7,203 |
Commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Loans | 1 | 0 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | 865 | 0 | 865 | 329 |
Post-Modification Outstanding Recorded Investment | 870 | 0 | 870 | 307 |
Mortgage Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Loans | 5 | 18 | 9 | 34 |
Pre-Modification Outstanding Recorded Investment | 1,953 | 4,227 | 2,828 | 7,358 |
Post-Modification Outstanding Recorded Investment | 1,717 | 4,339 | 2,547 | 7,510 |
Commercial Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Loans | 1 | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | 300 | 0 | 300 | 0 |
Post-Modification Outstanding Recorded Investment | 300 | 0 | 300 | 0 |
Consumer Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 2 | 0 | 5 |
Pre-Modification Outstanding Recorded Investment | 0 | 228 | 0 | 468 |
Post-Modification Outstanding Recorded Investment | 0 | 222 | 0 | 461 |
Total Restructured Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Number of Loans | 6 | 20 | 10 | 39 |
Pre-Modification Outstanding Recorded Investment | 2,253 | 4,455 | 3,128 | 7,826 |
Post-Modification Outstanding Recorded Investment | $2,017 | $4,561 | $2,847 | $7,971 |
Loans_Receivable_and_Allowance8
Loans Receivable and Allowance for Loan Losses - Schedule of Troubled Debt Restructurings Subsequently Defaulted (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
SecurityLoan | SecurityLoan | |
Residential [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Loans | 2 | 1 |
Outstanding Recorded Investment | $264 | $1,445 |
Mortgage Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Loans | 2 | 1 |
Outstanding Recorded Investment | 264 | 1,445 |
Commercial Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Loans | 0 | ' |
Outstanding Recorded Investment | 0 | ' |
Consumer Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Loans | 0 | 0 |
Outstanding Recorded Investment | 0 | 0 |
Total Restructured Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of Loans | 2 | 1 |
Outstanding Recorded Investment | $264 | $1,445 |
Loans_Receivable_and_Allowance9
Loans Receivable and Allowance for Loan Losses - PCI Loans Acquired (Details) (Team Capital Bank [Member], USD $) | 30-May-14 |
In Thousands, unless otherwise specified | |
Team Capital Bank [Member] | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ' |
Contractually required principal and interest | $12,505 |
Contractual cash flows not expected to be collected (non-accretable discount) | -6,475 |
Expected cash flows to be collected at acquisition | 6,030 |
Interest component of expected cash flows (accretable yield) | -810 |
Fair value of acquired loans | $5,220 |
Recovered_Sheet1
Loans Receivable and Allowance for Loan Losses - Change in Accretable Yield (Details) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' | ' |
Beginning balance | $0 | $0 |
Acquisition | 810 | 810 |
Accretion | -37 | -37 |
Reclassification from non-accretable difference | 0 | 0 |
Ending balance | $773 | $773 |
Recovered_Sheet2
Loans Receivable and Allowance for Loan Losses - Schedule of Allowance for Loan Losses by Portfolio Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | $63,420 | $70,034 | $64,664 | $70,348 |
Provision charged to operations | 1,500 | 1,000 | 1,900 | 2,500 |
Recoveries of loans previously charged off | 1,117 | 577 | 1,548 | 1,162 |
Loans charged off | -2,162 | -4,606 | -4,237 | -7,005 |
Balance at end of period | 63,875 | 67,005 | 63,875 | 67,005 |
Mortgage Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 31,470 | 36,393 | 34,144 | 37,962 |
Provision charged to operations | 646 | -2,789 | -1,354 | -3,611 |
Recoveries of loans previously charged off | 90 | 115 | 157 | 343 |
Loans charged off | -1,166 | -3,049 | -1,907 | -4,024 |
Balance at end of period | 31,040 | 30,670 | 31,040 | 30,670 |
Commercial Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 25,161 | 23,501 | 24,107 | 20,315 |
Provision charged to operations | 1,663 | 396 | 2,994 | 4,248 |
Recoveries of loans previously charged off | 298 | 199 | 541 | 313 |
Loans charged off | -43 | -286 | -563 | -1,066 |
Balance at end of period | 27,079 | 23,810 | 27,079 | 23,810 |
Consumer Loans [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 4,379 | 4,821 | 4,929 | 5,224 |
Provision charged to operations | 226 | 660 | 369 | 658 |
Recoveries of loans previously charged off | 729 | 263 | 850 | 506 |
Loans charged off | -953 | -1,271 | -1,767 | -1,915 |
Balance at end of period | 4,381 | 4,473 | 4,381 | 4,473 |
Total Portfolio Segments [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 61,010 | 64,715 | 63,180 | 63,501 |
Provision charged to operations | 2,535 | -1,733 | 2,009 | 1,295 |
Recoveries of loans previously charged off | 1,117 | 577 | 1,548 | 1,162 |
Loans charged off | -2,162 | -4,606 | -4,237 | -7,005 |
Balance at end of period | 62,500 | 58,953 | 62,500 | 58,953 |
Unallocated [Member] | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 2,410 | 5,319 | 1,484 | 6,847 |
Provision charged to operations | -1,035 | 2,733 | -109 | 1,205 |
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 |
Loans charged off | 0 | 0 | 0 | 0 |
Balance at end of period | $1,375 | $8,052 | $1,375 | $8,052 |
Recovered_Sheet3
Loans Receivable and Allowance for Loan Losses - Summary of Impaired Loans Receivable by Class (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | $102,494 | $116,056 |
Recorded Investment | 93,839 | 106,370 |
Related Allowance | 8,521 | 10,217 |
Average Recorded Investment | 96,462 | 111,008 |
Interest Income Recognized | 1,221 | 2,598 |
Residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 30,128 | 30,581 |
Recorded Investment | 25,741 | 26,472 |
Related Allowance | 2,293 | 2,571 |
Average Recorded Investment | 27,227 | 26,932 |
Interest Income Recognized | 452 | 856 |
Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 42,878 | 42,237 |
Recorded Investment | 41,370 | 40,918 |
Related Allowance | 2,540 | 2,309 |
Average Recorded Investment | 41,573 | 41,561 |
Interest Income Recognized | 484 | 979 |
Multi-Family [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Construction [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 9,810 |
Recorded Investment | 0 | 8,449 |
Related Allowance | 0 | 2,949 |
Average Recorded Investment | 0 | 8,659 |
Interest Income Recognized | 0 | 0 |
Mortgage Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 73,006 | 82,628 |
Recorded Investment | 67,111 | 75,839 |
Related Allowance | 4,833 | 7,829 |
Average Recorded Investment | 68,800 | 77,152 |
Interest Income Recognized | 936 | 1,835 |
Commercial Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 27,051 | 30,942 |
Recorded Investment | 24,457 | 28,210 |
Related Allowance | 3,573 | 2,221 |
Average Recorded Investment | 25,397 | 31,456 |
Interest Income Recognized | 228 | 674 |
Consumer Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 2,437 | 2,486 |
Recorded Investment | 2,271 | 2,321 |
Related Allowance | 115 | 167 |
Average Recorded Investment | 2,265 | 2,400 |
Interest Income Recognized | 57 | 89 |
Loans With No Related Allowance [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 25,295 | 27,293 |
Recorded Investment | 20,108 | 21,958 |
Average Recorded Investment | 21,752 | 24,082 |
Interest Income Recognized | 201 | 352 |
Loans With No Related Allowance [Member] | Residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 14,219 | 13,459 |
Recorded Investment | 10,442 | 9,999 |
Average Recorded Investment | 11,845 | 10,322 |
Interest Income Recognized | 172 | 299 |
Loans With No Related Allowance [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 5,079 | 4,917 |
Recorded Investment | 4,847 | 4,667 |
Average Recorded Investment | 4,851 | 4,834 |
Interest Income Recognized | 8 | 3 |
Loans With No Related Allowance [Member] | Multi-Family [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Loans With No Related Allowance [Member] | Construction [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Loans With No Related Allowance [Member] | Mortgage Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 19,298 | 18,376 |
Recorded Investment | 15,289 | 14,666 |
Average Recorded Investment | 16,696 | 15,156 |
Interest Income Recognized | 180 | 302 |
Loans With No Related Allowance [Member] | Commercial Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 4,994 | 8,163 |
Recorded Investment | 3,971 | 6,674 |
Average Recorded Investment | 4,224 | 8,252 |
Interest Income Recognized | 0 | 24 |
Loans With No Related Allowance [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 1,003 | 754 |
Recorded Investment | 848 | 618 |
Average Recorded Investment | 832 | 674 |
Interest Income Recognized | 21 | 26 |
Loans With Allowance Recorded [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 77,199 | 88,763 |
Recorded Investment | 73,731 | 84,412 |
Related Allowance | 8,521 | 10,217 |
Average Recorded Investment | 74,710 | 86,926 |
Interest Income Recognized | 1,020 | 2,246 |
Loans With Allowance Recorded [Member] | Residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 15,909 | 17,122 |
Recorded Investment | 15,299 | 16,473 |
Related Allowance | 2,293 | 2,571 |
Average Recorded Investment | 15,382 | 16,610 |
Interest Income Recognized | 280 | 557 |
Loans With Allowance Recorded [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 37,799 | 37,320 |
Recorded Investment | 36,523 | 36,251 |
Related Allowance | 2,540 | 2,309 |
Average Recorded Investment | 36,722 | 36,727 |
Interest Income Recognized | 476 | 976 |
Loans With Allowance Recorded [Member] | Multi-Family [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Loans With Allowance Recorded [Member] | Construction [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 9,810 |
Recorded Investment | 0 | 8,449 |
Related Allowance | 0 | 2,949 |
Average Recorded Investment | 0 | 8,659 |
Interest Income Recognized | 0 | 0 |
Loans With Allowance Recorded [Member] | Mortgage Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 53,708 | 64,252 |
Recorded Investment | 51,822 | 61,173 |
Related Allowance | 4,833 | 7,829 |
Average Recorded Investment | 52,104 | 61,996 |
Interest Income Recognized | 756 | 1,533 |
Loans With Allowance Recorded [Member] | Commercial Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 22,057 | 22,779 |
Recorded Investment | 20,486 | 21,536 |
Related Allowance | 3,573 | 2,221 |
Average Recorded Investment | 21,173 | 23,204 |
Interest Income Recognized | 228 | 650 |
Loans With Allowance Recorded [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 1,434 | 1,732 |
Recorded Investment | 1,423 | 1,703 |
Related Allowance | 115 | 167 |
Average Recorded Investment | 1,433 | 1,726 |
Interest Income Recognized | $36 | $63 |
Recovered_Sheet4
Loans Receivable and Allowance for Loan Losses - Summary of Loans Receivable by Credit Quality Risk Rating Indicator (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | $4,088,434 | $3,686,862 |
Total loans | 5,907,687 | 5,196,663 |
Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 1,223,145 | 1,174,043 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 1,669,614 | 1,400,624 |
Multi-Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 968,242 | 928,906 |
Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 227,433 | 183,289 |
Mortgage Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 4,088,434 | 3,686,862 |
Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,201,741 | 932,199 |
Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 617,512 | 577,602 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 86,148 | 50,951 |
Special Mention [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 4,572 | 5,062 |
Special Mention [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 10,643 | 15,301 |
Special Mention [Member] | Multi-Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 328 | 0 |
Special Mention [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 2,600 | 0 |
Special Mention [Member] | Mortgage Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 18,143 | 20,363 |
Special Mention [Member] | Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 66,372 | 28,551 |
Special Mention [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,633 | 2,037 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 123,418 | 137,362 |
Substandard [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 21,323 | 23,011 |
Substandard [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 53,797 | 54,592 |
Substandard [Member] | Multi-Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 1,243 | 403 |
Substandard [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 0 | 8,449 |
Substandard [Member] | Mortgage Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 76,363 | 86,455 |
Substandard [Member] | Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 43,618 | 46,687 |
Substandard [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 3,437 | 4,220 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,144 | 649 |
Doubtful [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 0 | 0 |
Doubtful [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 0 | 0 |
Doubtful [Member] | Multi-Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 0 | 0 |
Doubtful [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 0 | 0 |
Doubtful [Member] | Mortgage Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 0 | 0 |
Doubtful [Member] | Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,144 | 649 |
Doubtful [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Loss [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 0 | 0 |
Loss [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 0 | 0 |
Loss [Member] | Multi-Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 0 | 0 |
Loss [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 0 | 0 |
Loss [Member] | Mortgage Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 0 | 0 |
Loss [Member] | Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Loss [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 0 | 0 |
Total classified and criticized [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 210,710 | 188,962 |
Total classified and criticized [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 25,895 | 28,073 |
Total classified and criticized [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 64,440 | 69,893 |
Total classified and criticized [Member] | Multi-Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 1,571 | 403 |
Total classified and criticized [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 2,600 | 8,449 |
Total classified and criticized [Member] | Mortgage Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 94,506 | 106,818 |
Total classified and criticized [Member] | Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 111,134 | 75,887 |
Total classified and criticized [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 5,070 | 6,257 |
Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 5,696,977 | 5,007,701 |
Pass/Watch [Member] | Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 1,197,250 | 1,145,970 |
Pass/Watch [Member] | Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 1,605,174 | 1,330,731 |
Pass/Watch [Member] | Multi-Family [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 966,671 | 928,503 |
Pass/Watch [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 224,833 | 174,840 |
Pass/Watch [Member] | Mortgage Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total mortgage loans | 3,993,928 | 3,580,044 |
Pass/Watch [Member] | Commercial Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | 1,090,607 | 856,312 |
Pass/Watch [Member] | Consumer Loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total loans | $612,442 | $571,345 |
Deposits_Schedule_of_Deposits_
Deposits - Schedule of Deposits (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Savings | $1,005,886 | $921,993 |
Money market | 1,559,776 | 1,281,596 |
NOW | 1,364,220 | 1,326,941 |
Non-interest bearing | 1,028,742 | 865,187 |
Certificates of deposit | 879,406 | 806,754 |
Total deposits | $5,838,030 | $5,202,471 |
Components_of_Net_Periodic_Ben2
Components of Net Periodic Benefit Cost - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2006 | Dec. 31, 2002 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Defined benefit plan age of attainment | ' | '21 years | ' | ' |
Service period for employees of coverage age, years | ' | '1 year | ' | ' |
Defined benefit plan, percentage vested | 100.00% | 100.00% | ' | ' |
Benefits paid | $4.30 | $4.30 | ' | ' |
Charge associated with employees that elected to receive lump sum pension distributions | ' | $1.30 | ' | ' |
Retiree benefits eliminated if less than service period, years | ' | '10 years | '10 years | '10 years |
Components_of_Net_Periodic_Ben3
Components of Net Periodic Benefit Cost - Net Periodic Benefit Cost (Increase) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension benefits [Member] | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Service cost | $0 | $0 | $0 | $0 |
Interest cost | 352 | 318 | 704 | 636 |
Expected return on plan assets | -894 | -792 | -1,788 | -1,584 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of the net loss (gain) | 93 | 338 | 186 | 676 |
Net periodic benefit cost (increase) | -449 | -136 | -898 | -272 |
Other post-retirement benefits [Member] | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Service cost | 42 | 60 | 84 | 120 |
Interest cost | 272 | 245 | 544 | 490 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | -1 | -1 | -2 | -2 |
Amortization of the net loss (gain) | -51 | 4 | -102 | 8 |
Net periodic benefit cost (increase) | $262 | $308 | $524 | $616 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (Maximum [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Maximum [Member] | ' |
Estimated costs | 6.00% |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | $1,156,986 | $1,157,594 |
Measured on a non-recurring basis: | ' | ' |
Foreclosed assets | 6,983 | 5,486 |
Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 1,156,986 | 1,157,594 |
Measured on a Non-Recurring Basis [Member] | ' | ' |
Measured on a non-recurring basis: | ' | ' |
Loans measured for impairment based on the fair value of the underlying collateral | 27,548 | 29,782 |
Foreclosed assets | 6,983 | 5,486 |
Fair value, Measured on a non-recurring basis | 34,531 | 35,268 |
Agency Obligations [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 91,208 | 93,416 |
Mortgage-Backed Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 1,048,024 | 1,054,974 |
Mortgage-Backed Securities [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 1,048,024 | 1,054,974 |
State and Municipal Obligations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 7,699 | 8,758 |
State and Municipal Obligations [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 7,699 | 8,758 |
Corporate Obligations [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 9,539 | ' |
Equity Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 516 | 446 |
Equity Securities [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 516 | 446 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 91,724 | 93,862 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 91,724 | 93,862 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Measured on a Non-Recurring Basis [Member] | ' | ' |
Measured on a non-recurring basis: | ' | ' |
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Fair value, Measured on a non-recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Agency Obligations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 91,208 | 93,416 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Agency Obligations [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 91,208 | 93,416 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage-Backed Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage-Backed Securities [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | State and Municipal Obligations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | State and Municipal Obligations [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Obligations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Obligations [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 516 | 446 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 516 | 446 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 1,065,262 | 1,063,732 |
Significant Other Observable Inputs (Level 2) [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 1,065,262 | 1,063,732 |
Significant Other Observable Inputs (Level 2) [Member] | Measured on a Non-Recurring Basis [Member] | ' | ' |
Measured on a non-recurring basis: | ' | ' |
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Fair value, Measured on a non-recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Agency Obligations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Agency Obligations [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 1,048,024 | 1,054,974 |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 1,048,024 | 1,054,974 |
Significant Other Observable Inputs (Level 2) [Member] | State and Municipal Obligations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 7,699 | 8,758 |
Significant Other Observable Inputs (Level 2) [Member] | State and Municipal Obligations [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 7,699 | 8,758 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Obligations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 9,539 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Obligations [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 9,539 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Measured on a Non-Recurring Basis [Member] | ' | ' |
Measured on a non-recurring basis: | ' | ' |
Loans measured for impairment based on the fair value of the underlying collateral | 27,548 | 29,782 |
Foreclosed assets | 6,983 | 5,486 |
Fair value, Measured on a non-recurring basis | 34,531 | 35,268 |
Significant Unobservable Inputs (Level 3) [Member] | Agency Obligations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Agency Obligations [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage-Backed Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage-Backed Securities [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | State and Municipal Obligations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | State and Municipal Obligations [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Obligations [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Obligations [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Measured on a Recurring Basis [Member] | ' | ' |
Securities available for sale: | ' | ' |
Securities available for sale, at fair value | $0 | $0 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Financial Instruments at Carrying and Fair Values (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | $132,439 | $101,224 | $80,505 | $103,823 |
Securities available for sale | 1,156,986 | 1,157,594 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 454,648 | 357,500 | ' | ' |
FHLB-NY stock | 70,574 | 58,070 | ' | ' |
Loans, net of allowance for loan losses | 5,846,194 | 5,130,149 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Certificates of deposit | 879,406 | 806,754 | ' | ' |
Total deposits | 5,838,030 | 5,202,471 | ' | ' |
Borrowings | 1,418,843 | 1,203,879 | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 131,064 | 101,224 | ' | ' |
Securities available for sale | 91,724 | 93,862 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 7,431 | 7,470 | ' | ' |
FHLB-NY stock | 70,574 | 58,070 | ' | ' |
Loans, net of allowance for loan losses | 0 | 0 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits other than certificates of deposits | 4,958,624 | 4,395,717 | ' | ' |
Certificates of deposit | 0 | 0 | ' | ' |
Total deposits | 4,958,624 | 4,395,717 | ' | ' |
Borrowings | 0 | 0 | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Securities available for sale | 1,065,262 | 1,063,732 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 455,846 | 348,443 | ' | ' |
FHLB-NY stock | 0 | 0 | ' | ' |
Loans, net of allowance for loan losses | 0 | 0 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits other than certificates of deposits | 0 | 0 | ' | ' |
Certificates of deposit | 885,186 | 813,337 | ' | ' |
Total deposits | 885,186 | 813,337 | ' | ' |
Borrowings | 1,429,973 | 1,218,136 | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Securities available for sale | 0 | 0 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 0 | 0 | ' | ' |
FHLB-NY stock | 0 | 0 | ' | ' |
Loans, net of allowance for loan losses | 5,971,191 | 5,221,228 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits other than certificates of deposits | 0 | 0 | ' | ' |
Certificates of deposit | 0 | 0 | ' | ' |
Total deposits | 0 | 0 | ' | ' |
Borrowings | 0 | 0 | ' | ' |
Agency Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 91,208 | 93,416 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 7,431 | 7,470 | ' | ' |
Agency Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 0 | 0 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 0 | 0 | ' | ' |
Agency Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 0 | 0 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 0 | 0 | ' | ' |
Mortgage-Backed Securities [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 1,048,024 | 1,054,974 | ' | ' |
Mortgage-Backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 0 | 0 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 0 | 0 | ' | ' |
Mortgage-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 1,048,024 | 1,054,974 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 3,866 | 5,520 | ' | ' |
Mortgage-Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 0 | 0 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 0 | 0 | ' | ' |
State and Municipal Obligations [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 7,699 | 8,758 | ' | ' |
State and Municipal Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 0 | 0 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 0 | 0 | ' | ' |
State and Municipal Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 7,699 | 8,758 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 441,868 | 332,987 | ' | ' |
State and Municipal Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 0 | 0 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 0 | 0 | ' | ' |
Equity Securities [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 516 | 446 | ' | ' |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 516 | 446 | ' | ' |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 0 | 0 | ' | ' |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 0 | 0 | ' | ' |
Corporate Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 0 | ' | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 0 | 0 | ' | ' |
Corporate Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 9,539 | ' | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 10,112 | 9,936 | ' | ' |
Corporate Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 0 | ' | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 0 | 0 | ' | ' |
Carrying Value [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 131,064 | 101,224 | ' | ' |
Securities available for sale | 1,156,986 | 1,157,594 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 454,648 | 357,500 | ' | ' |
FHLB-NY stock | 70,574 | 58,070 | ' | ' |
Loans, net of allowance for loan losses | 5,846,194 | 5,130,149 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits other than certificates of deposits | 4,958,624 | 4,395,717 | ' | ' |
Certificates of deposit | 879,406 | 806,754 | ' | ' |
Total deposits | 5,838,030 | 5,202,471 | ' | ' |
Borrowings | 1,418,843 | 1,203,879 | ' | ' |
Carrying Value [Member] | Agency Obligations [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 91,208 | 93,416 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 7,426 | 7,523 | ' | ' |
Carrying Value [Member] | Mortgage-Backed Securities [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 1,048,024 | 1,054,974 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 3,693 | 5,273 | ' | ' |
Carrying Value [Member] | State and Municipal Obligations [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 7,699 | 8,758 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 433,464 | 334,750 | ' | ' |
Carrying Value [Member] | Equity Securities [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 516 | 446 | ' | ' |
Carrying Value [Member] | Corporate Obligations [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 9,539 | ' | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 10,065 | 9,954 | ' | ' |
Fair Value [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Cash and cash equivalents | 131,064 | 101,224 | ' | ' |
Securities available for sale | 1,156,986 | 1,157,594 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 463,277 | 355,913 | ' | ' |
FHLB-NY stock | 70,574 | 58,070 | ' | ' |
Loans, net of allowance for loan losses | 5,971,191 | 5,221,228 | ' | ' |
Financial liabilities: | ' | ' | ' | ' |
Deposits other than certificates of deposits | 4,958,624 | 4,395,717 | ' | ' |
Certificates of deposit | 885,186 | 813,337 | ' | ' |
Total deposits | 5,843,810 | 5,209,054 | ' | ' |
Borrowings | 1,429,973 | 1,218,136 | ' | ' |
Fair Value [Member] | Agency Obligations [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 91,208 | 93,416 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 7,431 | 7,470 | ' | ' |
Fair Value [Member] | Mortgage-Backed Securities [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 1,048,024 | 1,054,974 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 3,866 | 5,520 | ' | ' |
Fair Value [Member] | State and Municipal Obligations [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 7,699 | 8,758 | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | 441,868 | 332,987 | ' | ' |
Fair Value [Member] | Equity Securities [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 516 | 446 | ' | ' |
Fair Value [Member] | Corporate Obligations [Member] | ' | ' | ' | ' |
Financial assets: | ' | ' | ' | ' |
Securities available for sale | 9,539 | ' | ' | ' |
Investment securities held to maturity: | ' | ' | ' | ' |
Investment securities held to maturity | $10,112 | $9,936 | ' | ' |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Total other comprehensive (loss) income, Before Tax | $9,037 | ($21,320) | $15,594 | ($24,130) |
Total other comprehensive (loss) income, Tax Effect | -3,378 | 8,710 | -6,057 | 9,857 |
Total other comprehensive income (loss) | 5,659 | -12,610 | 9,537 | -14,273 |
Unrealized gains on securities available for sale | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Net (losses) gains, Before Tax | 10,188 | -21,239 | 16,475 | -23,977 |
Reclassification adjustment, Before Tax | -110 | -423 | 240 | -934 |
Total other comprehensive (loss) income, Before Tax | 10,078 | -21,662 | 16,715 | -24,911 |
Net (losses) gains, Tax Effect | -3,849 | 8,677 | -6,417 | 9,795 |
Reclassification adjustment, Tax Effect | -45 | -173 | 98 | -382 |
Total other comprehensive (loss) income, Tax Effect | -3,804 | 8,850 | -6,515 | 10,177 |
Net (losses) gains, After Tax | 6,339 | -12,562 | 10,058 | -14,182 |
Reclassification adjustment, After Tax | -65 | -250 | 142 | -552 |
Total other comprehensive income (loss) | 6,274 | -12,812 | 10,200 | -14,734 |
Post-retirement obligations | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Total other comprehensive (loss) income, Before Tax | -1,041 | 342 | -1,121 | 781 |
Total other comprehensive (loss) income, Tax Effect | 426 | -140 | 458 | -320 |
Total other comprehensive income (loss) | ($615) | $202 | ($663) | $461 |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income, Net of Tax (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ($973) | $6,053 | ($4,851) | $7,716 |
Year-to-date change | 5,659 | -12,610 | 9,537 | -14,273 |
Ending balance | 4,686 | -6,557 | 4,686 | -6,557 |
Unrealized gains on securities available for sale | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | 1,127 | 15,039 | -2,799 | 16,961 |
Year-to-date change | 6,274 | -12,812 | 10,200 | -14,734 |
Ending balance | 7,401 | 2,227 | 7,401 | 2,227 |
Post-retirement obligations | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | -2,100 | -8,986 | -2,052 | -9,245 |
Year-to-date change | -615 | 202 | -663 | 461 |
Ending balance | ($2,715) | ($8,784) | ($2,715) | ($8,784) |
Other_Comprehensive_Income_Los4
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Income tax expense | ($6,206) | ($8,007) | ($13,904) | ($15,573) | ||||
Net income | 16,351 | 19,228 | 33,380 | 37,056 | ||||
Reclassification adjustment | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net income | -700 | 452 | -1,394 | 957 | ||||
Reclassification adjustment | Securities available for sale | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net gain (loss) on securities transactions | 110 | 423 | -240 | 934 | ||||
Income tax expense | -45 | -173 | 98 | -382 | ||||
Net income | 65 | 250 | -142 | 552 | ||||
Reclassification adjustment | Post-retirement obligations | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Compensation and employee benefits, amortization of actuarial losses (gains) | 42 | [1] | 342 | [1] | 84 | [1] | 684 | [1] |
Income tax expense | -17 | -140 | -34 | -279 | ||||
Net income | 25 | 202 | 50 | 405 | ||||
Reclassification adjustment | Post-retirement obligations, unamortized | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Compensation and employee benefits, realized loss related to lump sum pension settlement | -1,336 | 0 | -1,336 | 0 | ||||
Income tax expense | 546 | 0 | 546 | 0 | ||||
Net income | ($790) | $0 | ($790) | $0 | ||||
[1] | This item is included in the computation of net periodic benefit cost. See Note 6. Components of Net Periodic Benefit Cost. |