Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 02, 2015 | Jun. 29, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PFS | ||
Entity Registrant Name | PROVIDENT FINANCIAL SERVICES INC | ||
Entity Central Index Key | 1178970 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 65,313,288 | ||
Entity Public Float | $996.20 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $102,484 | $100,053 |
Short-term investments | 1,278 | 1,171 |
Total cash and cash equivalents | 103,762 | 101,224 |
Securities available for sale, at fair value | 1,074,395 | 1,157,594 |
Investment securities held to maturity (fair value of $482,473 and $355,913 at December 31, 2014 and December 31, 2013, respectively) | 469,528 | 357,500 |
Federal Home Loan Bank Stock | 69,789 | 58,070 |
Loans | 6,085,505 | 5,194,813 |
Less allowance for loan losses | 61,734 | 64,664 |
Net loans | 6,023,771 | 5,130,149 |
Foreclosed assets, net | 5,098 | 5,486 |
Banking premises and equipment, net | 92,990 | 66,448 |
Accrued interest receivable | 25,228 | 22,956 |
Intangible assets | 404,422 | 356,432 |
Bank-owned life insurance | 177,712 | 150,511 |
Other assets | 76,682 | 80,958 |
Total assets | 8,523,377 | 7,487,328 |
Deposits: | ||
Demand deposits | 3,971,487 | 3,473,724 |
Savings deposits | 995,347 | 921,993 |
Certificates of deposit of $100,000 or more | 342,072 | 270,631 |
Other time deposits | 483,617 | 536,123 |
Total deposits | 5,792,523 | 5,202,471 |
Mortgage escrow deposits | 21,649 | 20,376 |
Borrowed funds | 1,509,851 | 1,203,879 |
Other liabilities | 55,255 | 49,849 |
Total liabilities | 7,379,278 | 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, 83,209,285 shares issued and 64,905,905 shares outstanding at December 31, 2014, and 83,209,285 shares issued and 59,917,649 shares outstanding at December 31, 2013, respectively | 832 | 832 |
Additional paid-in capital | 995,053 | 1,026,144 |
Retained earnings | 465,276 | 427,763 |
Accumulated other comprehensive income | 29 | -4,851 |
Treasury stock | -271,779 | -390,380 |
Unallocated common stock held by the Employee Stock Ownership Plan | -45,312 | -48,755 |
Common stock acquired by the Directors’ Deferred Fee Plan | -7,113 | -7,205 |
Deferred compensation—Directors’ Deferred Fee Plan | 7,113 | 7,205 |
Total stockholders’ equity | 1,144,099 | 1,010,753 |
Total liabilities and stockholders’ equity | $8,523,377 | $7,487,328 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $482,473 | $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 | 83,209,285 | 83,209,285 |
Common stock, shares outstanding | 64,905,905 | 59,917,649 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income: | |||
Real estate secured loans | $166,700 | $152,429 | $155,078 |
Commercial loans | 50,115 | 40,428 | 40,942 |
Consumer loans | 23,755 | 23,644 | 25,208 |
Securities available for sale and Federal Home Loan Bank stock | 26,475 | 25,250 | 29,141 |
Investment securities held to maturity | 12,263 | 10,987 | 11,808 |
Deposits, Federal funds sold and other short-term investments | 53 | 39 | 82 |
Total interest income | 279,361 | 252,777 | 262,259 |
Interest expense: | |||
Deposits | 15,332 | 18,031 | 25,348 |
Borrowed funds | 25,140 | 18,736 | 19,574 |
Total interest expense | 40,472 | 36,767 | 44,922 |
Net interest income | 238,889 | 216,010 | 217,337 |
Provision for loan losses | 4,650 | 5,500 | 16,000 |
Net interest income after provision for loan losses | 234,239 | 210,510 | 201,337 |
Non-interest income: | |||
Fees | 31,345 | 34,045 | 30,336 |
Bank-owned life insurance | 5,633 | 6,596 | 5,276 |
Other-than-temporary impairment losses on securities | 0 | -434 | 0 |
Portion of loss recognized in other comprehensive income (before taxes) | 0 | 0 | 0 |
Net impairment losses on securities recognized in earnings | 0 | -434 | 0 |
Net gain on securities transactions | 251 | 996 | 4,497 |
Other income | 3,939 | 2,950 | 3,504 |
Total non-interest income | 41,168 | 44,153 | 43,613 |
Non-interest expense: | |||
Compensation and employee benefits | 92,218 | 83,000 | 79,814 |
Net occupancy expense | 23,958 | 20,560 | 20,487 |
Data processing expense | 13,667 | 10,550 | 10,318 |
FDIC Insurance | 4,662 | 4,678 | 5,095 |
Advertising and promotion expense | 5,008 | 3,890 | 4,139 |
Amortization of intangibles | 2,757 | 1,624 | 2,466 |
Other operating expenses | 27,721 | 24,461 | 26,509 |
Total non-interest expenses | 169,991 | 148,763 | 148,828 |
Income before income tax expense | 105,416 | 105,900 | 96,122 |
Income tax expense | 31,785 | 35,366 | 28,855 |
Net income | $73,631 | $70,534 | $67,267 |
Basic earnings per share | $1.22 | $1.23 | $1.18 |
Average basic shares outstanding | 60,388,398 | 57,236,909 | 57,145,868 |
Diluted earnings per share | $1.22 | $1.23 | $1.18 |
Average diluted shares outstanding | 60,562,070 | 57,361,443 | 57,199,804 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $73,631 | $70,534 | $67,267 |
Unrealized gains and losses on securities available for sale: | |||
Net unrealized gains (losses) arising during the period | 10,692 | -19,428 | 1,810 |
Reclassification adjustment for gains included in net income | -150 | -589 | -2,660 |
Total | 10,542 | -20,017 | -850 |
Other-than-temporary impairment on debt securities available for sale: | |||
Other-than-temporary impairment losses on securities | 0 | 0 | 0 |
Reclassification adjustment for impairment losses included in net income | 0 | 257 | 0 |
Total | 0 | 257 | 0 |
Amortization related to post-retirement obligations | -5,662 | 7,193 | -1,005 |
Total other comprehensive income (loss) | 4,880 | -12,567 | -1,855 |
Total comprehensive income | $78,511 | $57,967 | $65,412 |
Consolidated_Statement_of_Chan
Consolidated Statement 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] | Common Stock Acquired By DDFP [Member] | Deferred Compensation DDFP [Member] |
In Thousands, unless otherwise specified | |||||||||
Balance at beginning of period at Dec. 31, 2011 | $952,477 | $832 | $1,019,253 | $363,011 | $9,571 | ($384,725) | ($55,465) | ($7,390) | $7,390 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 67,267 | 67,267 | |||||||
Other comprehensive income, net of tax | -1,855 | -1,855 | |||||||
Cash dividends paid | -40,729 | -40,729 | |||||||
Distributions from DDFP | 0 | 0 | 92 | -92 | |||||
Purchases of treasury stock | -9,424 | -9,424 | |||||||
Shares issued dividend reinvestment plan | 6,090 | -1,755 | 7,845 | ||||||
Option exercises | 28 | -6 | 34 | ||||||
Allocation of ESOP shares | 2,925 | -452 | 3,377 | ||||||
Allocation of SAP shares | 4,015 | 4,015 | |||||||
Allocation of stock options | 452 | 452 | |||||||
Balance at end of period at Dec. 31, 2012 | 981,246 | 832 | 1,021,507 | 389,549 | 7,716 | -386,270 | -52,088 | -7,298 | 7,298 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 70,534 | 70,534 | |||||||
Other comprehensive income, net of tax | -12,567 | -12,567 | |||||||
Cash dividends paid | -32,320 | -32,320 | |||||||
Distributions from DDFP | 0 | 93 | -93 | ||||||
Purchases of treasury stock | -5,899 | -5,899 | |||||||
Shares issued dividend reinvestment plan | 1,244 | -57 | 1,301 | ||||||
Option exercises | 354 | -134 | 488 | ||||||
Allocation of ESOP shares | 3,318 | -15 | 3,333 | ||||||
Allocation of SAP shares | 4,546 | 4,546 | |||||||
Allocation of stock options | 297 | 297 | |||||||
Balance at end of period at Dec. 31, 2013 | 1,010,753 | 832 | 1,026,144 | 427,763 | -4,851 | -390,380 | -48,755 | -7,205 | 7,205 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 73,631 | 73,631 | |||||||
Other comprehensive income, net of tax | 4,880 | 4,880 | |||||||
Cash dividends paid | -36,118 | -36,118 | |||||||
Distributions from DDFP | 0 | 92 | -92 | ||||||
Purchases of treasury stock | -4,420 | -4,420 | |||||||
Treasury shares issued to finance acquisition | 83,517 | -962 | 84,479 | ||||||
Shares issued dividend reinvestment plan | 1,336 | 0 | 1,336 | ||||||
Option exercises | 117 | -49 | 166 | ||||||
Allocation of ESOP shares | 3,550 | 107 | 3,443 | ||||||
Allocation of SAP shares | 6,555 | 6,555 | |||||||
Reclassification of Stock awards | -32,787 | 32,787 | |||||||
Allocation of Treasury Shares | -4,253 | 4,253 | |||||||
Allocation of stock options | 298 | 298 | |||||||
Balance at end of period at Dec. 31, 2014 | $1,144,099 | $832 | $995,053 | $465,276 | $29 | ($271,779) | ($45,312) | ($7,113) | $7,113 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $73,631 | $70,534 | $67,267 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of intangibles | 11,133 | 8,776 | 9,327 |
Provision for loan losses | 4,650 | 5,500 | 16,000 |
Deferred tax expense (benefit) | 3,666 | 5,531 | -1,134 |
Increase in cash surrender value of Bank-owned Life Insurance | -5,633 | -6,596 | -5,276 |
Net amortization of premiums and discounts on securities | 10,461 | 12,942 | 16,545 |
Accretion of net deferred loan fees | -3,364 | -3,877 | -3,493 |
Amortization of premiums on purchased loans | 694 | 1,286 | 1,694 |
Net increase in loans originated for sale | -12,609 | -30,977 | -36,723 |
Proceeds from sales of loans originated for sale | 14,018 | 32,447 | 38,684 |
Proceeds from sales of foreclosed assets | 6,494 | 13,686 | 16,484 |
ESOP expense | 2,654 | 2,559 | 2,030 |
Allocation of stock award shares | 6,359 | 4,869 | 3,658 |
Allocation of stock options | 298 | 297 | 452 |
Net gain on sale of loans | -1,409 | -1,470 | -1,961 |
Net gain on securities available for sale | -251 | -996 | -4,497 |
Impairment charge on securities | 0 | 434 | 0 |
Net gain on sale of premises and equipment | -5 | -42 | -633 |
Net (gain) loss on sale of foreclosed assets | -516 | -403 | 75 |
Contribution to pension plan | 0 | 0 | -4,113 |
Decrease in accrued interest receivable | 787 | 1,046 | 651 |
Increase in other assets | -22,379 | -16,325 | -9,228 |
Increase in other liabilities | 7,721 | 173 | 2,482 |
Net cash provided by operating activities | 96,400 | 99,394 | 108,291 |
Cash flows from investing activities: | |||
Proceeds from maturities, calls and paydowns of investment securities held to maturity | 41,057 | 97,974 | 77,207 |
Purchases of investment securities held to maturity | -73,397 | -97,964 | -89,281 |
Proceeds from sales of securities | 25,033 | 14,834 | 106,768 |
Proceeds from maturities calls and paydowns of securities available for sale | 207,531 | 351,472 | 488,590 |
Purchases of securities available for sale | -63,835 | -303,334 | -495,726 |
Cash received, net of cash consideration paid for acquisition | 68,650 | 0 | 0 |
Purchases of loans | -130,540 | -34,766 | -73,740 |
Net increase in loans | -129,240 | -259,359 | -191,904 |
Proceeds from sales of premises and equipment | 1,903 | 35 | 638 |
Purchases of premises and equipment, net | -16,441 | -7,709 | -7,658 |
Net cash used in investing activities | -69,279 | -238,817 | -185,106 |
Cash flows from financing activities: | |||
Net (decrease) increase in deposits | -179,886 | -226,504 | 271,674 |
Increase (decrease) in mortgage escrow deposits | 1,250 | -666 | 283 |
Purchase of treasury stock | -4,420 | -5,899 | -9,424 |
Cash dividends paid to stockholders | -36,118 | -32,320 | -40,729 |
Shares issued to dividend reinvestment plan | 1,336 | 1,244 | 6,090 |
Stock options exercised | 117 | 354 | 28 |
Proceeds from long-term borrowings | 595,063 | 301,000 | 0 |
Payments on long-term borrowings | -289,757 | -79,090 | -55,700 |
Net (decrease) increase in short-term borrowings | -112,168 | 178,705 | -61,216 |
Net cash (used in) provided by financing activities | -24,583 | 136,824 | 111,006 |
Net increase (decrease) in cash and cash equivalents | 2,538 | -2,599 | 34,191 |
Cash and cash equivalents at beginning of period | 101,224 | 103,823 | 69,632 |
Cash and cash equivalents at end of period | 103,762 | 101,224 | 103,823 |
Cash paid during the period for: | |||
Interest on deposits and borrowings | 39,952 | 36,727 | 45,362 |
Income taxes | 25,776 | 29,119 | 25,858 |
Non cash investing activities: | |||
Transfer of loans receivable to foreclosed assets | 5,382 | 6,602 | 16,253 |
Investment securities available for sale | 157,635 | 0 | 0 |
Loans | 631,209 | 0 | 0 |
Bank-owned life insurance | 22,319 | 0 | 0 |
Goodwill and other intangible assets, net | 50,222 | 0 | -672 |
Other assets | 33,939 | 0 | 672 |
Total non-cash assets acquired | 895,324 | 0 | 0 |
Deposits | 769,936 | 0 | 0 |
Borrowings | 112,835 | 0 | 0 |
Other Liabilities | -2,314 | 0 | 0 |
Total liabilities assumed | 880,457 | 0 | 0 |
Common stock issued for acquisitions | $83,517 | $0 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Principles of Consolidation | |
The consolidated financial statements include the accounts of Provident Financial Services, Inc. (the “Company”), The Provident Bank (the “Bank”) and their wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. | |
Business | |
The Company, through the Bank, provides a full range of banking services to individual and business customers through branch offices in New Jersey and eastern Pennsylvania. The Bank is subject to competition from other financial institutions and to the regulations of certain federal and state agencies, and undergoes periodic examinations by those regulatory authorities. | |
Basis of Financial Statement Presentation | |
The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). In preparing the consolidated financial statements, management is required to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosures about contingent assets and liabilities as of the dates of the consolidated statements of financial condition, and revenues and expenses for the periods then ended. Such estimates are used in connection with the determination of the allowance for loan losses, evaluation of goodwill for impairment, evaluation of other-than-temporary impairment on securities, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. Illiquid credit markets, volatile securities markets, and declines in the housing market and the economy generally have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. | |
Cash and Cash Equivalents | |
For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, Federal funds sold and commercial paper with maturity dates less than 90 days. | |
Securities | |
Securities include investment securities held to maturity and securities available for sale. Securities that the Company has the positive intent and ability to hold to maturity are classified as “investment securities held to maturity” and reported at amortized cost. Securities to be held for indefinite periods of time and not intended to be held to maturity are classified as “securities available for sale” and are reported at estimated fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity, net of deferred taxes. | |
The estimated fair values of the Company’s securities are affected by changes in interest rates, credit spreads, and market illiquidity. The Company conducts a periodic review and evaluation of the securities portfolio to determine if any declines in the fair values of securities are other-than-temporary. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 320 “Investments-Debt and Equity Securities” on April 1, 2009, to determine if a decline in value is other-than- temporary, the Company evaluates if it has the intent to sell these securities or if it is more likely than not that the Company would be required to sell the securities before the anticipated recovery. If such a decline were deemed other-than-temporary, the Company would measure the total credit-related component of the unrealized loss, and recognize that portion of the loss as a charge to current period earnings. The remaining portion of the unrealized loss would be recognized as an adjustment to accumulated other comprehensive income. In general, as interest rates rise, the market value of fixed-rate securities decreases and as interest rates fall, the market value of fixed-rate securities increases. The market for non-investment grade, privately issued mortgage-backed securities remains illiquid and prices have not appreciated despite favorable movements in interest rates. To determine if a decline in value is other-than-temporary, the Company evaluates if it has the intent to sell these securities or if it is more likely than not that the Company would be required to sell the securities before the anticipated recovery. | |
Premiums and discounts on securities are amortized and accreted to income using a method that approximates the interest method over the remaining period to contractual maturity, adjusted for anticipated prepayments. Dividend and interest income are recognized when earned. Realized gains and losses are recognized when securities are sold or called based on the specific identification method. | |
Fair Value of Financial Instruments | |
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). 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. | |
Federal Home Loan Bank of New York Stock | |
The Bank, as a member of the Federal Home Loan Bank of New York (“FHLB”), is required to hold shares of capital stock of the FHLB at cost based on a specified formula. The Bank carries this investment at cost, which approximates fair value. | |
Loans | |
Loans receivable are carried at unpaid principal balances plus unamortized premiums, purchase accounting mark-to-market adjustments, certain deferred direct loan origination costs and deferred loan origination fees and discounts, less the allowance for loan losses. | |
The Bank defers loan origination fees and certain direct loan origination costs and accretes such amounts as an adjustment to yield over the expected lives of the related loans using the interest method. Premiums and discounts on loans purchased are amortized or accreted as an adjustment of yield over the contractual lives of the related loans, adjusted for prepayments when applicable, using methodologies which approximate the interest method. | |
Loans are generally placed on non-accrual status when they are past due 90 days or more as to contractual obligations or when other circumstances indicate that collection is questionable. When a loan is placed on non-accrual status, any interest accrued but not received is reversed against interest income. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. A non-accrual loan is restored to accrual status when principal and interest payments become less than 90 days past due and its future collectibility is reasonably assured. | |
An impaired loan is defined as a loan for which it is probable, based on current information, that the lender will not collect all amounts due under the contractual terms of the loan agreement. Impaired loans are individually assessed to determine that each loan’s carrying value is not in excess of the fair value of the related collateral or the present value of the expected future cash flows. Residential mortgage and consumer loans are deemed smaller balance homogeneous loans which are evaluated collectively for impairment and are therefore excluded from the population of impaired loans. | |
Purchased Credit-Impaired (“PCI”) loans, are loans acquired at a discount primarily due to deteriorated credit quality. PCI loans are recorded at fair value at the date of acquisition, with no allowance for loan losses. The difference between the undiscounted cash flows expected at acquisition and the fair value of the PCI loans at acquisition represents the accretable yield and is recognized as interest income over the life of the loans. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition represent the non-accretable discount and are not recognized as a yield adjustment or a valuation allowance. Reclassifications of the non-accretable to accretable yield may occur subsequent to the loan acquisition dates due to an increase in expected cash flows of the loans and results in an increase in interest income on a prospective basis. | |
Allowance for Loan Losses | |
Losses on loans are charged to the allowance for loan losses. Additions to this allowance are made by recoveries of loans previously charged off and by a provision charged to expense. The determination of the balance of the allowance for loan losses is based on an analysis of the loan portfolio, economic conditions, historical loan loss experience and other factors that warrant recognition in providing for an adequate allowance. | |
While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the Bank’s market area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the Bank to recognize additions to the allowance or additional write-downs based on their judgments about information available to them at the time of their examination. | |
Foreclosed Assets | |
Assets acquired through foreclosure or deed in lieu of foreclosure are carried at the lower of the outstanding loan balance at the time of foreclosure or fair value, less estimated costs to sell. Fair value is generally based on recent appraisals. When an asset is acquired, the excess of the loan balance over fair value, less estimated costs to sell, 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. | |
Banking Premises and Equipment | |
Land is carried at cost. Banking premises, furniture, fixtures and equipment are carried at cost, less accumulated depreciation, computed using the straight-line method based on their estimated useful lives (generally 25 to 40 years for buildings and 3 to 5 years for furniture and equipment). Leasehold improvements, carried at cost, net of accumulated depreciation, are amortized over the terms of the leases or the estimated useful lives of the assets, whichever are shorter, using the straight-line method. Maintenance and repairs are charged to expense as incurred. | |
Income Taxes | |
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The determination of whether deferred tax assets will be realizable is predicated on estimates of future taxable income. Such estimates are subject to management’s judgment. A valuation reserve is established when management is unable to conclude that it is more likely than not that it will realize deferred tax assets based on the nature and timing of these items. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes. | |
Trust Assets | |
Trust assets consisting of securities and other property (other than cash on deposit held by the Bank in fiduciary or agency capacities for customers of the Bank’s wholly owned subsidiary, Beacon Trust Company) are not included in the accompanying consolidated statements of financial condition because such properties are not assets of the Bank. | |
Intangible Assets | |
Intangible assets of the Bank consist of goodwill, core deposit premiums, customer relationship premium and mortgage servicing rights. Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment each year at September 30th. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its annual goodwill impairment test as of September 30, 2014. Based upon its qualitative assessment of goodwill, the Company concluded that goodwill was not impaired and no further quantitative analysis was warranted. | |
Core deposit premiums represent the intangible value of depositor relationships assumed in purchase acquisitions and are amortized on an accelerated basis over 8.8 years. Customer relationship premiums represent the intangible value of customer relationships assumed in the purchase acquisition of Beacon and are amortized on an accelerated basis over 12.0 years. Mortgage servicing rights are recorded when purchased or when originated mortgage loans are sold, with servicing rights retained. Mortgage servicing rights are amortized on an accelerated method based upon the estimated lives of the related loans, adjusted for prepayments. Mortgage servicing rights are carried at the lower of amortized cost or fair value. | |
Bank-owned Life Insurance | |
Bank-owned life insurance is accounted for using the cash surrender value method and is recorded at its realizable value. | |
Employee Benefit Plans | |
The Bank maintains a pension plan which covers full-time employees hired prior to April 1, 2003, the date on which the pension plan was frozen. The Bank’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit postretirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status at the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. | |
The Bank has a 401(k) plan covering substantially all employees of the Bank. The Bank may match a percentage of the first 6% contributed by participants. The Bank’s matching contribution, if any, is determined by the Board of Directors in its sole discretion. | |
The Bank has an Employee Stock Ownership Plan (“ESOP”). The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions and dividends paid on unallocated ESOP shares over a period of up to 30 years. The Company’s common stock not allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the average price of the Company’s stock during each quarter and the amount of shares allocated during the quarter. | |
The Bank has an Equity Plan designed to provide competitive compensation for demonstrated performance and to align the interests of participants directly to increases in shareholder value. The Equity Plan provides for performance-vesting grants as well as time-vesting grants. Time-vesting stock awards, stock options and performance vesting stock awards that are based on a performance condition, such as Earnings Per Share are valued on the closing stock price on the date of grant. Performance vesting stock awards and options that are based on a market condition, such as Total Shareholder Return, would be valued using a generally accepted statistical technique to simulate future stock prices for Provident and the components of the Peer Group which Provident would be measured against. | |
Expense related to time vesting stock awards and stock options is based on the fair value of the common stock on the date of the grant and on the fair value of the stock options on the date of the grant, respectively, and is recognized ratably over the vesting period of the awards. Performance vesting stock awards and stock options are either dependent upon a market condition or a performance condition. A market condition performance metric is tied to a stock price, either on an absolute basis, or a relative basis against peers, while a performance-condition is based on internal operations, such as earnings per share. The expense related to a market condition performance-vesting stock award or stock option requires an initial Monte Carlo simulation to determine grant date fair value, which will be recognized as a compensation expense regardless of actual payout, assuming that the executive is still employed at the end of the requisite service period. If pre-vesting termination (forfeiture) occurs, then any expense recognized to date can be reversed. The grant date fair value is recognized ratably over the performance period. The expense related to a performance condition stock award or stock option is based on the fair value of the award on the date of grant, adjusted periodically based upon the number of awards or options expected to be earned, recognized over the performance period. | |
In connection with the First Sentinel acquisition in July 2004, the Company assumed the First Savings Bank Directors’ Deferred Fee Plan (the “DDFP”). The DDFP was frozen prior to the acquisition. The Company recorded a deferred compensation equity instrument and corresponding contra-equity account for the value of the shares held by the DDFP at the July 14, 2004 acquisition date. These accounts will be liquidated as shares are distributed from the DDFP in accordance with the plan document. At December 31, 2014, there were 406,883 shares held by the DDFP. | |
The Bank maintains a non-qualified plan that provides supplemental benefits to certain executives who are prevented from receiving the full benefits contemplated by the 401(k) Plan’s and the ESOP’s benefit formulas under tax law limits for tax-qualified plans. | |
Postretirement Benefits Other Than Pensions | |
The Bank provides postretirement health care and life insurance plans to certain of its employees. The life insurance coverage is noncontributory to the participant. Participants contribute to the cost of medical coverage based on the employee’s length of service with the Bank. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. On December 31, 2002, the Bank eliminated postretirement healthcare benefits for employees with less than 10 years of service. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit postretirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. | |
Derivatives | |
The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Currently, none of the Company’s derivatives are designated in qualifying hedging relationships. The existing interest rate derivatives result from a service provided to certain qualifying borrowers in a loan related transaction and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. As such, all changes in fair value of the Company’s derivatives are recognized directly in earnings. The fair value of the Company's derivatives are determined using discounted cash flow analysis using observable market-based inputs. | |
Comprehensive Income | |
Comprehensive income is divided into net income and other comprehensive income. Other comprehensive income includes items previously recorded directly to equity, such as unrealized gains and losses on securities available for sale and amortization related to post-retirement obligations. Comprehensive income is presented in a separate Consolidated Statement of Comprehensive Income. | |
Segment Reporting | |
The Company’s operations are solely in the financial services industry and include providing to its customers traditional banking and other financial services. The Company operates primarily in the geographical regions of northern and central New Jersey and eastern Pennsylvania. Management makes operating decisions and assesses performance based on an ongoing review of the Bank’s consolidated financial results. Therefore, the Company has a single operating segment for financial reporting purposes. | |
Earnings Per Share | |
Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or resulted in the issuance of common stock. These potentially dilutive shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. Shares issued and shares reacquired during the period are weighted for the portion of the period that they were outstanding. | |
Impact of Recent Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-14, “Receivables - Troubled Debt Restructurings by Creditors: Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure.” The amendments in this update affect creditors that hold government guaranteed mortgage loans, including those guaranteed by the Federal Housing Administration and the U.S. Department of Veterans Affairs. The amendments in this update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met (i) the loan has a government guarantee that is not separable from the loan before foreclosure, (ii) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (iii) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company does not anticipate a significant impact to the consolidated financial statements related to this guidance. The Company will comply with the provisions of this guidance upon its effective date and, if applicable, record a separate other receivable for foreclosed government guaranteed mortgage loans. | |
In June 2014, the FASB issued 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," which 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. | |
Also in June 2014, the FASB 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 currently assessing the impact that the adoption of this update will have on its consolidated financial statements and disclosures. | |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." The objective of this amendment is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP. This update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are in the scope of other standards. For public entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2016. The Company does not anticipate a material impact to the consolidated financial statements related to this guidance. | |
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,” which 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. |
Stockholders_Equity_and_Acquis
Stockholders' Equity and Acquisitions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Equity [Abstract] | |||||
Stockholders' Equity and Acquisition | Stockholders’ Equity and Acquisitions | ||||
Stockholders’ Equity | |||||
On January 15, 2003, the Bank completed its plan of conversion, and the Bank became a wholly owned subsidiary of the Company. The Company sold 59.6 million shares of common stock (par value $0.01 per share) at $10.00 per share. The Company received net proceeds in the amount of $567.2 million. | |||||
In connection with the Bank’s commitment to its community, the plan of conversion provided for the establishment of a charitable foundation. Provident donated $4.8 million in cash and 1.92 million of authorized but unissued shares of common stock to the foundation, which amounted to $24.0 million in aggregate. The Company recognized an expense, net of income tax benefit, equal to the cash and fair value of the stock during 2003. Conversion costs were deferred and deducted from the proceeds of the shares sold in the offering. | |||||
Upon completion of the plan of conversion, a “liquidation account” was established in an amount equal to the total equity of the Bank as of the latest practicable date prior to the conversion. The liquidation account was established to provide a limited priority claim to the assets of the Bank to “eligible account holders” and “supplemental eligible account holders” as defined in the Plan, who continue to maintain deposits in the Bank after the conversion. In the unlikely event of a complete liquidation of the Bank, and only in such event, each eligible account holder and supplemental eligible account holder would receive a liquidation distribution, prior to any payment to the holder of the Bank’s common stock. This distribution would be based upon each eligible account holder’s and supplemental eligible account holder’s proportionate share of the then total remaining qualifying deposits. At December 31, 2014, the liquidation account, which is an off-balance sheet memorandum account, amounted to $15.7 million. | |||||
Acquisitions | |||||
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, $631.2 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 transaction 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 from 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 | 631,209 | ||||
Bank-owned life insurance | 22,319 | ||||
Banking premises and equipment | 24,778 | ||||
Accrued interest receivable | 3,060 | ||||
Goodwill | 40,354 | ||||
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. Management reviewed the data and assumptions used by its third party provider in pricing the securities to ensure the highest level of significant inputs is 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, Management 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 bank 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, management reviewed the acquired loan portfolio for loans meeting the definition of an impaired loan with deteriorated credit quality. Loans meeting this definition 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 was valued utilizing Level 2 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 was 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. |
Restrictions_on_Cash_and_Due_f
Restrictions on Cash and Due from Banks | 12 Months Ended |
Dec. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Due from Banks | Restrictions on Cash and Due from Banks |
Included in cash on hand and due from banks at December 31, 2014 and 2013 was $20,502,000 and $21,052,000, respectively, representing reserves required by banking regulations. |
Investment_Securities_Held_to_
Investment Securities Held to Maturity | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||
Investment Securities Held to Maturity | Investment Securities Held to Maturity | ||||||||||||||||||
Investment securities held to maturity at December 31, 2014 and 2013 are summarized as follows (in thousands): | |||||||||||||||||||
2014 | |||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||
cost | unrealized | unrealized | value | ||||||||||||||||
gains | losses | ||||||||||||||||||
Agency obligations | $ | 6,813 | 17 | (20 | ) | 6,810 | |||||||||||||
Mortgage-backed securities | 2,816 | 123 | — | 2,939 | |||||||||||||||
State and municipal obligations | 449,410 | 13,814 | (986 | ) | 462,238 | ||||||||||||||
Corporate obligations | 10,489 | 29 | (32 | ) | 10,486 | ||||||||||||||
$ | 469,528 | 13,983 | (1,038 | ) | 482,473 | ||||||||||||||
2013 | |||||||||||||||||||
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 carrying and fair values may fluctuate during the investment period. Investment securities held to maturity having a carrying value of $343,127,000 and $186,251,000 at December 31, 2014 and 2013, respectively, were pledged to secure other borrowings, securities sold under repurchase agreements and government deposits. | |||||||||||||||||||
The amortized cost and fair value of investment securities held to maturity at December 31, 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. | |||||||||||||||||||
2014 | |||||||||||||||||||
Amortized | Fair | ||||||||||||||||||
cost | value | ||||||||||||||||||
Due in one year or less | $ | 8,939 | 9,011 | ||||||||||||||||
Due after one year through five years | 52,090 | 53,225 | |||||||||||||||||
Due after five years through ten years | 175,546 | 181,887 | |||||||||||||||||
Due after ten years | 230,137 | 235,411 | |||||||||||||||||
$ | 466,712 | 479,534 | |||||||||||||||||
Mortgage-backed securities totaling $2.8 million at amortized cost and $2.9 million at fair value are excluded from the table above as their expected lives are expected to be shorter than the contractual maturity date due to principal prepayments. | |||||||||||||||||||
During 2014, the Company recognized gains of $23,000 and no losses related to calls on certain securities in the held to maturity portfolio, with total proceeds from the calls totaling $15,156,000. In addition, for the year ended December 31, 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. | |||||||||||||||||||
In 2013, the Company recognized gains of $90,000 and no losses related to calls on certain securities in the held to maturity portfolio, with total proceeds from the calls totaling $49,631,000. In addition, for the year ended December 31, 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. | |||||||||||||||||||
The following table represents the Company’s disclosure on investment securities held to maturity with temporary impairment (in thousands): | |||||||||||||||||||
December 31, 2014 Unrealized Losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair value | Gross | Fair value | Gross | Fair value | Gross | ||||||||||||||
unrealized | unrealized | unrealized | |||||||||||||||||
losses | losses | losses | |||||||||||||||||
Agency obligations | $ | 3,735 | (20 | ) | — | — | 3,735 | (20 | ) | ||||||||||
State and municipal obligations | 27,679 | (217 | ) | 47,079 | (769 | ) | 74,758 | (986 | ) | ||||||||||
Corporate obligations | 6,888 | (32 | ) | — | — | 6,888 | (32 | ) | |||||||||||
$ | 38,302 | (269 | ) | 47,079 | (769 | ) | 85,381 | (1,038 | ) | ||||||||||
December 31, 2013 Unrealized Losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair value | Gross | Fair value | Gross | Fair value | Gross | ||||||||||||||
unrealized | unrealized | 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 on its detailed review of the securities portfolio, the Company believes that as of December 31, 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 considered 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 risk, whether the Company has the intent to sell the securities and whether it is not more likely than not that the Company would be required to sell the securities before the anticipated recovery. | |||||||||||||||||||
The number of securities in an unrealized loss position as of December 31, 2014 totaled 163, compared with 270 at December 31, 2013. All temporarily impaired investment securities were investment grade at December 31, 2014. |
Securities_Available_for_Sale
Securities Available for Sale | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||
Securities Available for Sale | Securities Available for Sale | ||||||||||||||||||
Securities available for sale at December 31, 2014 and 2013 are summarized as follows (in thousands): | |||||||||||||||||||
2014 | |||||||||||||||||||
Amortized | Gross | Gross | Fair value | ||||||||||||||||
cost | unrealized | unrealized | |||||||||||||||||
gains | losses | ||||||||||||||||||
U.S. Treasury obligations | $ | 8,016 | 3 | (3 | ) | 8,016 | |||||||||||||
Agency obligations | 94,871 | 268 | (63 | ) | 95,076 | ||||||||||||||
Mortgage-backed securities | 944,796 | 15,610 | (3,149 | ) | 957,257 | ||||||||||||||
State and municipal obligations | 6,855 | 147 | — | 7,002 | |||||||||||||||
Corporate obligations | 6,526 | 9 | (15 | ) | 6,520 | ||||||||||||||
Equity securities | 397 | 127 | — | 524 | |||||||||||||||
$ | 1,061,461 | 16,164 | (3,230 | ) | 1,074,395 | ||||||||||||||
2013 | |||||||||||||||||||
Amortized | Gross | Gross | Fair value | ||||||||||||||||
cost | unrealized | unrealized | |||||||||||||||||
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 | ||||||||||||||
Securities available for sale having a carrying value of $585,928,000 and $627,053,000 at December 31, 2014 and 2013, respectively, are pledged to secure other borrowings and securities sold under repurchase agreements. | |||||||||||||||||||
The amortized cost and fair value of securities available for sale at December 31, 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. | |||||||||||||||||||
2014 | |||||||||||||||||||
Amortized | Fair | ||||||||||||||||||
cost | value | ||||||||||||||||||
Due in one year or less | $ | 28,709 | 28,831 | ||||||||||||||||
Due after one year through five years | 81,558 | 81,729 | |||||||||||||||||
Due after five years through ten years | 3,018 | 3,015 | |||||||||||||||||
Due after ten years | 2,983 | 3,039 | |||||||||||||||||
$ | 116,268 | 116,614 | |||||||||||||||||
Mortgage-backed securities totaling $944.8 million at amortized cost and $957.3 million at fair value are excluded from the table above as their expected lives are expected to be shorter than the contractual maturity date due to principal prepayments. Also excluded from the table above are equity securities of $397,000 at amortized cost and $524,000 at fair value. | |||||||||||||||||||
During 2014, proceeds from the sale of securities available for sale were $24,509,000, resulting in gross gains of $632,000 and gross losses of $404,000. Also, for the year ended December 31, 2014, proceeds from calls on securities available for sale totaled $740,000, with gross gains of $2,000 and no gross losses recognized. | |||||||||||||||||||
For the 2013 period, proceeds from the sale of securities available for sale were $14,310,000 resulting in gross gains of $888,000 and no losses. Also, for the year ended December 31, 2013, proceeds from calls on securities available for sale totaled $896,000, with no gross gains or losses recognized. | |||||||||||||||||||
The Company estimates the loss projections for each non-agency mortgage-backed 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 year ended December 31, 2014. | |||||||||||||||||||
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 after that date for credit-impaired debt securities is presented as an addition in two components, based upon whether the current period is the first time a debt security was credit-impaired (initial credit impairment) or 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): | |||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Beginning credit loss amount | $ | 1,674 | 1,240 | ||||||||||||||||
Add: Initial OTTI credit losses | — | — | |||||||||||||||||
Subsequent OTTI credit losses | — | 434 | |||||||||||||||||
Less: Realized losses for securities sold | 1,674 | — | |||||||||||||||||
Securities intended or required to be sold | — | — | |||||||||||||||||
Increases in expected cash flows on debt securities | — | — | |||||||||||||||||
Ending credit loss amount | $ | — | 1,674 | ||||||||||||||||
The Company did not incur a net other-than-temporary impairment charge on securities for the year ended December 31, 2014. During the 2014 period, the Company realized a $59,000 gain and a $365,000 loss on the sale of previously impaired non-Agency mortgage-backed securities, respectively. The Company previously incurred cumulative credit losses of $1.7 million on these securities. For the prior year period, the Company incurred a $434,000 subsequent net other-than-temporary impairment charge on a previously impaired non-Agency mortgage-backed security. Prior to these charges, any impairment was considered temporary and was recorded as an unrealized loss on securities available for sale and reflected as a reduction of equity, net of tax, through accumulated other comprehensive income. | |||||||||||||||||||
The following table represents the Company’s disclosure on securities available for sale with temporary impairment (in thousands): | |||||||||||||||||||
December 31, 2014 Unrealized Losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair value | Gross | Fair value | Gross | Fair value | Gross | ||||||||||||||
unrealized | unrealized | unrealized | |||||||||||||||||
losses | losses | losses | |||||||||||||||||
U.S. Treasury obligations | $ | 5,937 | (3 | ) | — | — | 5,937 | (3 | ) | ||||||||||
Agency obligations | 24,404 | (40 | ) | 5,010 | (23 | ) | 29,414 | (63 | ) | ||||||||||
Mortgage-backed securities | 55,488 | (221 | ) | 206,669 | (2,928 | ) | 262,157 | (3,149 | ) | ||||||||||
State and municipal obligations | — | — | — | — | — | — | |||||||||||||
Corporate obligations | 3,466 | (15 | ) | — | — | 3,466 | (15 | ) | |||||||||||
$ | 89,295 | (279 | ) | 211,679 | (2,951 | ) | 300,974 | (3,230 | ) | ||||||||||
December 31, 2013 Unrealized Losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair value | Gross | Fair value | Gross | Fair value | Gross | ||||||||||||||
unrealized | unrealized | 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 debt securities is the result of changes in 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. Increases in delinquencies and foreclosures have resulted in limited trading activity and significant price declines, regardless of favorable movements in interest rates. The Company does not have the intent to sell securities in a temporary loss position at December 31, 2014, nor is it more likely than not that the Company will be required to sell the securities before the anticipated recovery. | |||||||||||||||||||
The number of securities in an unrealized loss position as of December 31, 2014 totaled 43, compared with 76 at December 31, 2013. There were two private label mortgage-backed security in an unrealized loss position at December 31, 2014, with an amortized cost of $1,800,000 and unrealized losses totaling $16,200. Both private label mortgage-backed securities were investment grade at December 31, 2014. |
Loans_Receivable_and_Allowance
Loans Receivable and Allowance for Loan Losses | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan Losses | |||||||||||||||||||||||||||||||
Loans receivable at December 31, 2014 and 2013 are summarized as follows (in thousands): | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 1,251,445 | 1,174,043 | |||||||||||||||||||||||||||||
Commercial | 1,694,359 | 1,400,624 | ||||||||||||||||||||||||||||||
Multi-family | 1,041,582 | 928,906 | ||||||||||||||||||||||||||||||
Construction | 221,102 | 183,289 | ||||||||||||||||||||||||||||||
Total mortgage loans | 4,208,488 | 3,686,862 | ||||||||||||||||||||||||||||||
Commercial loans | 1,262,422 | 932,199 | ||||||||||||||||||||||||||||||
Consumer loans | 611,467 | 577,602 | ||||||||||||||||||||||||||||||
Total gross loans | 6,082,377 | 5,196,663 | ||||||||||||||||||||||||||||||
Purchased credit-impaired ("PCI") loans | 4,510 | — | ||||||||||||||||||||||||||||||
Premiums on purchased loans | 5,307 | 4,202 | ||||||||||||||||||||||||||||||
Unearned discounts | (53 | ) | (62 | ) | ||||||||||||||||||||||||||||
Net deferred fees | (6,636 | ) | (5,990 | ) | ||||||||||||||||||||||||||||
$ | 6,085,505 | 5,194,813 | ||||||||||||||||||||||||||||||
Premiums and discounts on purchased loans are amortized over the lives of the loans as an adjustment to yield. Required reductions due to loan prepayments are charged against interest income. For the years ended December 31, 2014, 2013 and 2012, $694,000, $1,286,000 and $1,694,000, respectively, decreased interest income as a result of prepayments and normal amortization. | ||||||||||||||||||||||||||||||||
The following table summarizes the aging of loans receivable by portfolio segment and class of loans , excluding PCI loans (in thousands): | ||||||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Non-accrual | Total Past Due | Current | Total Loans | Recorded | ||||||||||||||||||||||||||
Receivable | Investment > | |||||||||||||||||||||||||||||||
90 days | ||||||||||||||||||||||||||||||||
accruing | ||||||||||||||||||||||||||||||||
Mortgage loans: | . | |||||||||||||||||||||||||||||||
Residential | $ | 10,121 | 4,331 | 17,222 | 31,674 | 1,219,771 | 1,251,445 | — | ||||||||||||||||||||||||
Commercial | 146 | 30 | 20,026 | 20,202 | 1,674,157 | 1,694,359 | — | |||||||||||||||||||||||||
Multi-family | — | — | 321 | 321 | 1,041,261 | 1,041,582 | — | |||||||||||||||||||||||||
Construction | — | — | — | — | 221,102 | 221,102 | — | |||||||||||||||||||||||||
Total mortgage loans | 10,267 | 4,361 | 37,569 | 52,197 | 4,156,291 | 4,208,488 | — | |||||||||||||||||||||||||
Commercial loans | 1,000 | 371 | 12,342 | 13,713 | 1,248,709 | 1,262,422 | — | |||||||||||||||||||||||||
Consumer loans | 2,398 | 2,509 | 3,944 | 8,851 | 602,616 | 611,467 | — | |||||||||||||||||||||||||
Total gross loans | $ | 13,665 | 7,241 | 53,855 | 74,761 | 6,007,616 | 6,082,377 | — | ||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Non-accrual | Total Past Due | Current | Total Loans | Recorded | ||||||||||||||||||||||||||
Receivable | Investment > | |||||||||||||||||||||||||||||||
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 gross 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 amount of these nonaccrual loans was $53.9 million and $76.7 million at December 31, 2014 and 2013, respectively. There were no loans ninety days or greater past due and still accruing interest at December 31, 2014, or 2013. | ||||||||||||||||||||||||||||||||
If the non-accrual loans had performed in accordance with their original terms, interest income would have increased by $1,877,000, $1,913,000 and $3,022,000, for the years ended December 31, 2014, 2013 and 2012, respectively. The amount of cash basis interest income that was recognized on impaired loans during the years ended December 31, 2014, 2013 and 2012 was not material for the periods presented. | ||||||||||||||||||||||||||||||||
The Company defines an impaired loan as a non-homogenous loan greater than $1.0 million for which it is probable, based on current information, that the Bank will not collect all amounts due under the contractual terms of the loan agreement. 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 by the Bank 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 loss 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 market price 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 updated annually, or more frequently if required. | ||||||||||||||||||||||||||||||||
A specific allocation of the allowance for loan losses is established for each 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 December 31, 2014, there were 147 impaired loans totaling $85.4 million, of which 143 loans totaling $81.7 million were TDRs. Included in this total were 123 TDRs related to 120 borrowers totaling $54.8 million that were performing in accordance with their restructured terms and which continued to accrue interest at December 31, 2014. At December 31, 2013, there were 152 impaired loans totaling $106.4 million, of which 142 loans totaling $89.4 million were TDRs. Included in this total were 115 TDRs related 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. | ||||||||||||||||||||||||||||||||
Loans receivable summarized by portfolio segment and impairment method, excluding PCI loans are as follows (in thousands): | ||||||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total | |||||||||||||||||||||||||||||
loans | loans | loans | Portfolio | |||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 66,548 | 16,463 | 2,384 | 85,395 | |||||||||||||||||||||||||||
Collectively evaluated for impairment | 4,141,940 | 1,245,959 | 609,083 | 5,996,982 | ||||||||||||||||||||||||||||
Total gross loans | $ | 4,208,488 | 1,262,422 | 611,467 | 6,082,377 | |||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total | |||||||||||||||||||||||||||||
loans | loans | loans | Portfolio | |||||||||||||||||||||||||||||
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 gross loans | $ | 3,686,862 | 932,199 | 577,602 | 5,196,663 | |||||||||||||||||||||||||||
The allowance for loan losses is summarized by portfolio segment and impairment classification, excluding PCI loans as follows (in thousands): | ||||||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total | Unallocated | Total | |||||||||||||||||||||||||||
loans | loans | loans | Portfolio | |||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,696 | 2,318 | 113 | 7,127 | — | 7,127 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 27,281 | 22,063 | 4,768 | 54,112 | 495 | 54,607 | ||||||||||||||||||||||||||
Total | $ | 31,977 | 24,381 | 4,881 | 61,239 | 495 | 61,734 | |||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total | Unallocated | Total | |||||||||||||||||||||||||||
loans | loans | loans | Portfolio | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Total | $ | 34,144 | 24,107 | 4,929 | 63,180 | 1,484 | 64,664 | |||||||||||||||||||||||||
Loan modifications to customers 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 years ended December 31, 2014 and 2013 and their balances immediately prior to the modification date and post-modification as of December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | 14 | $ | 3,034 | 2,725 | ||||||||||||||||||||||||||||
Commercial | 1 | 865 | 861 | |||||||||||||||||||||||||||||
Total mortgage loans | 15 | 3,899 | 3,586 | |||||||||||||||||||||||||||||
Commercial loans | — | — | — | |||||||||||||||||||||||||||||
Consumer loans | 2 | 394 | 156 | |||||||||||||||||||||||||||||
Total restructured loans | 17 | $ | 4,293 | 3,742 | ||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | 42 | $ | 9,097 | 9,149 | ||||||||||||||||||||||||||||
Commercial | 1 | 330 | 304 | |||||||||||||||||||||||||||||
Total mortgage loans | 43 | 9,427 | 9,453 | |||||||||||||||||||||||||||||
Commercial loans | 3 | 1,846 | 1,816 | |||||||||||||||||||||||||||||
Consumer loans | 8 | 1,119 | 1,095 | |||||||||||||||||||||||||||||
Total restructured loans | 54 | $ | 12,392 | 12,364 | ||||||||||||||||||||||||||||
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 years ended December 31, 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 years ended December 31, 2014 or December 31, 2013. The allowance for loan losses associated with the TDRs presented in the preceding tables totaled $419,000 and $1.0 million at December 31, 2014 and 2013, respectively and were included in the allowance for loan losses for loans individually evaluated for impairment. | ||||||||||||||||||||||||||||||||
The TDRs presented in the preceding tables had a weighted average modified interest rate of approximately 4.58% and 4.08%, compared to a yield of 5.69% and 5.75% prior to modification for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
The following table presents loans modified as TDRs within the previous 12 months from December 31, 2014 and 2013, and for which there was a payment default (90 days or more past due) during the years ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Troubled Debt Restructurings Subsequently Defaulted | Number of | Outstanding | Number of | Outstanding | ||||||||||||||||||||||||||||
Loans | Recorded | Loans | Recorded | |||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||||||||||
Commercial loans | — | — | 3 | 1,815 | ||||||||||||||||||||||||||||
Consumer loans | — | — | 1 | 130 | ||||||||||||||||||||||||||||
Total restructured loans | — | $ | — | 4 | $ | 1,945 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
PCI loans declined $710,000 to $4.5 million at December 31, 2014, from $5.2 million at acquisition from Team Capital on May 30, 2014, largely due to the full repayment and greater than projected cash flows on certain PCI loans. This resulted in a $348,000 increase in interest income for the year ended December 31, 2014, due to the acceleration of accretable and non-accretable discount on these loans. | ||||||||||||||||||||||||||||||||
The following table summarizes the changes in the accretable yield for PCI loans for the ended December 31, 2014 (in thousands): | ||||||||||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||||||
Beginning balance | $ | — | ||||||||||||||||||||||||||||||
Acquisition | 810 | |||||||||||||||||||||||||||||||
Accretion | (592 | ) | ||||||||||||||||||||||||||||||
Reclassification from non-accretable difference | 477 | |||||||||||||||||||||||||||||||
Ending balance | $ | 695 | ||||||||||||||||||||||||||||||
The activity in the allowance for loan losses for the years ended December 31, 2014, 2013 and 2012 is as follows (in thousands): | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 64,664 | 70,348 | 74,351 | ||||||||||||||||||||||||||||
Provision charged to operations | 4,650 | 5,500 | 16,000 | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 3,292 | 3,222 | 3,904 | |||||||||||||||||||||||||||||
Loans charged off | (10,872 | ) | (14,406 | ) | (23,907 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 61,734 | 64,664 | 70,348 | ||||||||||||||||||||||||||||
The activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2014 and 2013 are as follows (in thousands): | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total | Unallocated | Total | |||||||||||||||||||||||||||
loans | loans | loans | Portfolio | |||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 34,144 | 24,107 | 4,929 | 63,180 | 1,484 | 64,664 | |||||||||||||||||||||||||
Provision charged to operations | 1,455 | 2,947 | 1,237 | 5,639 | (989 | ) | 4,650 | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 286 | 1,776 | 1,230 | 3,292 | — | 3,292 | ||||||||||||||||||||||||||
Loans charged off | (3,908 | ) | (4,449 | ) | (2,515 | ) | (10,872 | ) | — | (10,872 | ) | |||||||||||||||||||||
Balance at end of period | $ | 31,977 | 24,381 | 4,881 | 61,239 | 495 | 61,734 | |||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total | Unallocated | Total | |||||||||||||||||||||||||||
loans | loans | loans | Portfolio | |||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 37,962 | 20,315 | 5,224 | 63,501 | 6,847 | 70,348 | |||||||||||||||||||||||||
Provision charged to operations | 2,065 | 6,403 | 2,395 | 10,863 | (5,363 | ) | 5,500 | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 1,133 | 1,075 | 1,014 | 3,222 | — | 3,222 | ||||||||||||||||||||||||||
Loans charged off | (7,016 | ) | (3,686 | ) | (3,704 | ) | (14,406 | ) | — | (14,406 | ) | |||||||||||||||||||||
Balance at end of period | $ | 34,144 | 24,107 | 4,929 | 63,180 | 1,484 | 64,664 | |||||||||||||||||||||||||
Impaired loans receivable by class, excluding PCI loans are summarized as follows (in thousands): | ||||||||||||||||||||||||||||||||
At December 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||
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 | $ | 14,942 | 10,629 | — | 11,138 | 357 | 13,459 | 9,999 | — | 10,322 | 299 | |||||||||||||||||||||
Commercial | 4,971 | 4,708 | — | 4,713 | — | 4,917 | 4,667 | — | 4,834 | 3 | ||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | 19,913 | 15,337 | — | 15,851 | 357 | 18,376 | 14,666 | — | 15,156 | 302 | ||||||||||||||||||||||
Commercial loans | 2,718 | 2,179 | — | 1,823 | 4 | 8,163 | 6,674 | — | 8,252 | 24 | ||||||||||||||||||||||
Consumer loans | 1,250 | 830 | — | 870 | 28 | 754 | 618 | — | 674 | 26 | ||||||||||||||||||||||
Total loans | $ | 23,881 | 18,346 | — | 18,544 | 389 | 27,293 | 21,958 | — | 24,082 | 352 | |||||||||||||||||||||
Loans with an allow-ance recorded | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 15,523 | 14,906 | 2,367 | 15,106 | 555 | $ | 17,122 | 16,473 | 2,571 | 16,610 | 557 | ||||||||||||||||||||
Commercial | 37,555 | 36,306 | 2,329 | 36,674 | 914 | 37,320 | 36,251 | 2,309 | 36,727 | 976 | ||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Construction | — | — | — | — | — | 9,810 | 8,449 | 2,949 | 8,659 | — | ||||||||||||||||||||||
Total | 53,078 | 51,212 | 4,696 | 51,780 | 1,469 | 64,252 | 61,173 | 7,829 | 61,996 | 1,533 | ||||||||||||||||||||||
Commercial loans | 15,990 | 14,283 | 2,318 | 15,967 | 390 | 22,779 | 21,536 | 2,221 | 23,204 | 650 | ||||||||||||||||||||||
Consumer loans | 1,565 | 1,554 | 113 | 1,578 | 80 | 1,732 | 1,703 | 167 | 1,726 | 63 | ||||||||||||||||||||||
Total loans | $ | 70,633 | 67,049 | 7,127 | 69,325 | 1,939 | $ | 88,763 | 84,412 | 10,217 | 86,926 | 2,246 | ||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 30,465 | 25,535 | 2,367 | 26,244 | 912 | $ | 30,581 | 26,472 | 2,571 | 26,932 | 856 | ||||||||||||||||||||
Commercial | 42,526 | 41,014 | 2,329 | 41,387 | 914 | 42,237 | 40,918 | 2,309 | 41,561 | 979 | ||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Construction | — | — | — | — | — | 9,810 | 8,449 | 2,949 | 8,659 | — | ||||||||||||||||||||||
Total | 72,991 | 66,549 | 4,696 | 67,631 | 1,826 | 82,628 | 75,839 | 7,829 | 77,152 | 1,835 | ||||||||||||||||||||||
Commercial loans | 18,708 | 16,462 | 2,318 | 17,790 | 394 | 30,942 | 28,210 | 2,221 | 31,456 | 674 | ||||||||||||||||||||||
Consumer loans | 2,815 | 2,384 | 113 | 2,448 | 108 | 2,486 | 2,321 | 167 | 2,400 | 89 | ||||||||||||||||||||||
Total loans | $ | 94,514 | 85,395 | 7,127 | 87,869 | 2,328 | $ | 116,056 | 106,370 | 10,217 | 111,008 | 2,598 | ||||||||||||||||||||
At December 31, 2014, impaired loans consisted of 147 residential, commercial and commercial mortgage loans totaling $85,395,000, of which 24 loans totaling $30,619,000 were included in nonaccrual loans. At December 31, 2013, impaired loans consisted of 152 residential, commercial and commercial mortgage loans totaling $106,370,000, of which 37 loans totaling $48,204,000 were included in nonaccrual loans. Specific allocations of the allowance for loan losses attributable to impaired loans totaled $7,127,000 and $10,217,000 at December 31, 2014 and 2013, respectively. At December 31, 2014 and 2013, impaired loans for which there was no related allowance for loan losses totaled $18,346,000 and $21,958,000, respectively. The average balances of impaired loans during the years ended December 31, 2014, 2013 and 2012 were $87,869,000, $111,008,000 and $115,611,000, respectively. | ||||||||||||||||||||||||||||||||
In the normal course of conducting its business, the Bank extends credit to meet the financing needs of its customers through commitments. Commitments and contingent liabilities, such as commitments to extend credit (including loan commitments of $908,581,000 and $657,563,000, at December 31, 2014 and 2013, respectively, and undisbursed home equity and personal credit lines of $300,029,000 and $252,522,000, at December 31, 2014 and 2013, respectively) exist, which are not reflected in the accompanying consolidated financial statements. These instruments involve elements of credit and interest rate risk in excess of the amount recognized in the consolidated financial statements. The Bank uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance sheet loans. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. | ||||||||||||||||||||||||||||||||
The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, is based on management’s credit evaluation of the borrower. | ||||||||||||||||||||||||||||||||
The Bank grants residential real estate loans on single- and multi-family dwellings to borrowers primarily in New Jersey. Its borrowers’ abilities to repay their obligations are dependent upon various factors, including the borrowers’ income and net worth, cash flows generated by the underlying collateral, value of the underlying collateral, and priority of the Bank’s lien on the property. Such factors are dependent upon various economic conditions and individual circumstances beyond the Bank’s control; the Bank is therefore subject to risk of loss. The Bank believes that its lending policies and procedures adequately minimize the potential exposure to such risks and that adequate provisions for loan losses are provided for all known and inherent risks. Collateral and/or guarantees are required for virtually all loans. | ||||||||||||||||||||||||||||||||
The Company utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 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 his or her portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Administration Department. The risk ratings are also confirmed through periodic loan review examinations, which are currently performed by an independent third party. Reports by the independent third party are presented directly to the Audit Committee of the Board of Directors. | ||||||||||||||||||||||||||||||||
Loans receivable by credit quality risk rating indicator, excluding PCI loans are as follows (in thousands): | ||||||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||||||
Residential | Commercial | Multi- | Construction | Total | Commercial | Consumer | Total loans | |||||||||||||||||||||||||
mortgages | family | mortgages | loans | loans | ||||||||||||||||||||||||||||
Special mention | $ | 4,331 | 18,414 | 851 | — | 23,596 | 45,599 | 2,509 | 71,704 | |||||||||||||||||||||||
Substandard | 17,222 | 53,454 | 322 | 2,600 | 73,598 | 32,828 | 3,938 | 110,364 | ||||||||||||||||||||||||
Doubtful | — | 1,063 | — | — | 1,063 | 29 | — | 1,092 | ||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total classified and criticized | 21,553 | 72,931 | 1,173 | 2,600 | 98,257 | 78,456 | 6,447 | 183,160 | ||||||||||||||||||||||||
Acceptable/watch | 1,229,892 | 1,621,428 | 1,040,409 | 218,502 | 4,110,231 | 1,183,966 | 605,020 | 5,899,217 | ||||||||||||||||||||||||
Total outstanding loans | $ | 1,251,445 | 1,694,359 | 1,041,582 | 221,102 | 4,208,488 | 1,262,422 | 611,467 | 6,082,377 | |||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||
Residential | Commercial | Multi- | Construction | Total | Commercial | Consumer | Total loans | |||||||||||||||||||||||||
mortgages | family | mortgages | loans | loans | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Acceptable/watch | 1,145,970 | 1,330,731 | 928,503 | 174,840 | 3,580,044 | 856,312 | 571,345 | 5,007,701 | ||||||||||||||||||||||||
Total outstanding loans | $ | 1,174,043 | 1,400,624 | 928,906 | 183,289 | 3,686,862 | 932,199 | 577,602 | 5,196,663 | |||||||||||||||||||||||
Banking_Premises_and_Equipment
Banking Premises and Equipment | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Property, Plant and Equipment [Abstract] | |||||||
Banking Premises and Equipment | Banking Premises and Equipment | ||||||
A summary of banking premises and equipment at December 31, 2014 and 2013 is as follows (in thousands): | |||||||
2014 | 2013 | ||||||
Land | $ | 15,767 | 13,955 | ||||
Banking premises | 80,526 | 64,129 | |||||
Furniture, fixtures and equipment | 42,836 | 31,565 | |||||
Leasehold improvements | 33,819 | 27,503 | |||||
Construction in progress | 4,053 | 3,687 | |||||
177,001 | 140,839 | ||||||
Less accumulated depreciation and amortization | 84,011 | 74,391 | |||||
$ | 92,990 | 66,448 | |||||
Depreciation expense for the years ended December 31, 2014, 2013 and 2012 amounted to $8,264,000, $7,152,000 and $6,929,000, respectively. |
Intangible_Assets
Intangible Assets | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||
Intangible Assets | Intangible Assets | |||||||||
Intangible assets at December 31, 2014 and 2013 are summarized as follows (in thousands): | ||||||||||
2014 | 2013 | |||||||||
Goodwill | $ | 392,757 | 352,609 | |||||||
Core deposit premiums | 7,603 | 1,096 | ||||||||
Customer relationship and other intangibles | 2,987 | 1,563 | ||||||||
Mortgage servicing rights | 1,075 | 1,164 | ||||||||
$ | 404,422 | 356,432 | ||||||||
Amortization expense of intangible assets for the years ended December 31, 2014, 2013 and 2012 is as follows (in thousands): | ||||||||||
2014 | 2013 | 2012 | ||||||||
Core deposit premiums | $ | 1,472 | 965 | 1,698 | ||||||
Customer relationship and other intangibles | 1,106 | 335 | 367 | |||||||
Mortgage servicing rights | 179 | 324 | 401 | |||||||
$ | 2,757 | 1,624 | 2,466 | |||||||
Scheduled amortization of core deposit and customer relationship intangibles for each of the next five years is as follows (in thousands): | ||||||||||
Year ended December 31, | Scheduled Amortization | |||||||||
2015 | $ | 2,973 | ||||||||
2016 | 2,071 | |||||||||
2017 | 1,530 | |||||||||
2018 | 1,102 | |||||||||
2019 | 925 | |||||||||
Deposits
Deposits | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||
Deposits | Deposits | |||||||||||||
Deposits at December 31, 2014 and 2013 are summarized as follows (in thousands): | ||||||||||||||
2014 | Weighted | 2013 | Weighted | |||||||||||
average | average | |||||||||||||
interest rate | interest rate | |||||||||||||
Savings deposits | $ | 995,347 | 0.1 | % | $ | 921,993 | 0.09 | % | ||||||
Money market accounts | 1,496,466 | 0.27 | 1,281,596 | 0.25 | ||||||||||
NOW accounts | 1,425,424 | 0.27 | 1,326,941 | 0.29 | ||||||||||
Non-interest bearing deposits | 1,049,597 | — | 865,187 | — | ||||||||||
Certificates of deposit | 825,689 | 0.89 | 806,754 | 0.97 | ||||||||||
$ | 5,792,523 | $ | 5,202,471 | |||||||||||
Scheduled maturities of certificates of deposit accounts at December 31, 2014 and 2013 are as follows (in thousands): | ||||||||||||||
2014 | 2013 | |||||||||||||
Within one year | $ | 568,462 | 529,896 | |||||||||||
One to three years | 152,317 | 193,457 | ||||||||||||
Three to five years | 100,080 | 82,344 | ||||||||||||
Five years and thereafter | 4,830 | 1,057 | ||||||||||||
$ | 825,689 | 806,754 | ||||||||||||
Interest expense on deposits for the years ended December 31, 2014, 2013 and 2012 is summarized as follows (in thousands): | ||||||||||||||
Years ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Savings deposits | $ | 938 | 960 | 1,449 | ||||||||||
NOW and money market accounts | 7,733 | 7,456 | 10,292 | |||||||||||
Certificates of deposits | 6,661 | 9,615 | 13,607 | |||||||||||
$ | 15,332 | 18,031 | 25,348 | |||||||||||
Borrowed_Funds
Borrowed Funds | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Borrowed Funds | Borrowed Funds | |||||||||
Borrowed funds at December 31, 2014 and 2013 are summarized as follows (in thousands): | ||||||||||
2014 | 2013 | |||||||||
Securities sold under repurchase agreements | $ | 246,571 | 246,322 | |||||||
FHLB line of credit | 73,000 | 183,000 | ||||||||
FHLB advances | 1,190,280 | 774,557 | ||||||||
$ | 1,509,851 | 1,203,879 | ||||||||
FHLB advances are at fixed rates and mature between January 2015 and August 2021. These advances are secured by loans receivable and investment securities under a blanket collateral agreement. | ||||||||||
Scheduled maturities of FHLB advances at December 31, 2014 are as follows (in thousands): | ||||||||||
2014 | ||||||||||
Due in one year or less | $ | 269,668 | ||||||||
Due after one year through two years | 150,398 | |||||||||
Due after two years through three years | 262,534 | |||||||||
Due after three years through four years | 211,220 | |||||||||
Due after four years through five years | 203,991 | |||||||||
Thereafter | 92,469 | |||||||||
$ | 1,190,280 | |||||||||
Scheduled maturities of securities sold under repurchase agreements at December 31, 2014 are as follows (in thousands): | ||||||||||
2014 | ||||||||||
Due in one year or less | $ | 91,571 | ||||||||
Due after one year through two years | 75,000 | |||||||||
Due after two years through three years | 25,000 | |||||||||
Due after three years through four years | 20,000 | |||||||||
Due after four years through five years | 35,000 | |||||||||
Thereafter | — | |||||||||
$ | 246,571 | |||||||||
The following tables set forth certain information as to Borrowed Funds for the years ended December 31, 2014 and 2013 (in thousands): | ||||||||||
Maximum | Average | Weighted | ||||||||
balance | balance | average | ||||||||
interest | ||||||||||
rate | ||||||||||
2014:00:00 | ||||||||||
Securities sold under repurchase agreements | $ | 255,633 | 245,260 | 1.72 | % | |||||
FHLB line of credit | 180,000 | 104,121 | 0.37 | |||||||
FHLB advances | 1,190,280 | 989,245 | 2.08 | |||||||
Federal funds purchased | — | — | — | |||||||
2013:00:00 | ||||||||||
Securities sold under repurchase agreements | $ | 294,034 | 260,004 | 1.74 | % | |||||
FHLB line of credit | 183,000 | 48,784 | 0.38 | |||||||
FHLB advances | 774,557 | 599,991 | 2.34 | |||||||
Federal funds purchased | — | 253 | 1 | |||||||
Securities sold under repurchase agreements include wholesale borrowing arrangements, as well as arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses securities available for sale to pledge as collateral for the repurchase agreements. |
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||
Benefit Plans | Benefit Plans | ||||||||||||||||||||
Pension and Post-retirement Benefits | |||||||||||||||||||||
The Bank has a noncontributory defined benefit pension plan covering its full-time employees who had attained age 21 with at least one year of service as of April 1, 2003. The pension plan was frozen on April 1, 2003. All participants in the pension plan are 100% vested. The pension plan’s assets are invested in investment funds and group annuity contracts currently managed by the Principal Financial Group and Allmerica Financial. Based on the measurement date of December 31, 2014, management believes that no contributions will be made to the pension plan in 2015. | |||||||||||||||||||||
In an effort to lower and reduce the volatility of its future pension costs, the Company offered a lump sum pension distribution option to its vested terminated employees in the quarter ended June 30, 2014. For the year ended December 31, 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 healthcare 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 is 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 ten years of service as of December 31, 2002. Effective January 1, 2007, eligibility for retiree life insurance benefits was frozen to new entrants and retiree life insurance benefits were eliminated for employees with less than ten years of service as of December 31, 2006. | |||||||||||||||||||||
The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands): | |||||||||||||||||||||
Pension | Post-retirement | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||
Benefit obligation at beginning of year | $ | 28,605 | 32,189 | 28,277 | 22,086 | 25,116 | 23,327 | ||||||||||||||
Service cost | — | — | — | 169 | 240 | 252 | |||||||||||||||
Interest cost | 1,271 | 1,273 | 1,287 | 1,087 | 981 | 1,043 | |||||||||||||||
Actuarial loss (gain) | 51 | 114 | 779 | 51 | (210 | ) | 231 | ||||||||||||||
Benefits paid | (5,326 | ) | (969 | ) | (891 | ) | (670 | ) | (624 | ) | (634 | ) | |||||||||
Change in actuarial assumptions | 4,320 | (4,002 | ) | 2,737 | 5,610 | (3,417 | ) | 897 | |||||||||||||
Benefit obligation at end of year | $ | 28,921 | 28,605 | 32,189 | 28,333 | 22,086 | 25,116 | ||||||||||||||
Change in plan assets: | |||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 45,202 | 40,072 | 32,666 | — | — | — | ||||||||||||||
Actual return on plan assets | 2,868 | 6,099 | 4,184 | — | — | — | |||||||||||||||
Employer contributions | — | — | 4,113 | 670 | 624 | 634 | |||||||||||||||
Benefits paid | (5,326 | ) | (969 | ) | (891 | ) | (670 | ) | (624 | ) | (634 | ) | |||||||||
Fair value of plan assets at end of year | $ | 42,744 | 45,202 | 40,072 | — | — | — | ||||||||||||||
Funded status at end of year | $ | 13,823 | 16,597 | 7,883 | (28,333 | ) | (22,086 | ) | (25,116 | ) | |||||||||||
For the year ended December 31, 2014, the Company in the measurement of its pension plan and post-retirement obligations updated its mortality assumptions based upon data (RP 2014 and MP 2104) issued by The Society of Actuaries ("SOA") in November 2014. The change in mortality data resulted in an actuarial loss of $1.5 million and $3.0 million for the pension and post-retirement plans, respectively, and was reflected in other comprehensive income for the year ended December 31, 2014. The prepaid pension benefits of $13.8 million and the unfunded post-retirement healthcare and life insurance benefits of $28.3 million at December 31, 2014 are included in other assets and other liabilities, respectively, in the consolidated statement of financial condition. | |||||||||||||||||||||
The components of accumulated other comprehensive loss (gain) related to the pension plan and other post-retirement benefits, on a pre-tax basis, at December 31, 2014 and 2013 are summarized in the following table (in thousands): | |||||||||||||||||||||
Pension | Post-retirement | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Unrecognized prior service cost | $ | — | — | (1 | ) | (5 | ) | ||||||||||||||
Unrecognized net actuarial loss (gain) | 10,887 | 7,699 | 1,788 | (4,076 | ) | ||||||||||||||||
Total accumulated other comprehensive loss (gain) | $ | 10,887 | 7,699 | 1,787 | (4,081 | ) | |||||||||||||||
Net periodic benefit cost (increase) for the years ending December 31, 2014, 2013 and 2012, included the following components (in thousands): | |||||||||||||||||||||
Pension | Post-retirement | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||
Service cost | $ | — | — | — | 169 | 240 | 252 | ||||||||||||||
Interest cost | 1,271 | 1,273 | 1,287 | 1,087 | 981 | 1,043 | |||||||||||||||
Return on plan assets | (3,463 | ) | (3,167 | ) | (2,578 | ) | — | — | — | ||||||||||||
Amortization of: | |||||||||||||||||||||
Net gain (loss) | 441 | 1,352 | 1,428 | (204 | ) | 15 | 12 | ||||||||||||||
Lump sum pension distribution | 1,336 | — | — | — | — | — | |||||||||||||||
Unrecognized prior service cost | — | — | — | (4 | ) | (4 | ) | (4 | ) | ||||||||||||
Net periodic benefit (increase) cost | $ | (415 | ) | (542 | ) | 137 | 1,048 | 1,232 | 1,303 | ||||||||||||
The weighted average actuarial assumptions used in the plan determinations at December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||
Pension | Post-retirement | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||
Discount rate | 4 | % | 5 | % | 4 | % | 4 | % | 5 | % | 4 | % | |||||||||
Rate of compensation increase | — | — | — | — | — | — | |||||||||||||||
Expected return on plan assets | 8 | 8 | 8 | — | — | — | |||||||||||||||
Medical and life insurance benefits cost rate of increase | — | — | — | 6 | 6 | 6.5 | |||||||||||||||
The Company provides its actuary with certain rate assumptions used in measuring the benefit obligation. The most significant of these is the discount rate used to calculate the period-end present value of the benefit obligations, and the expense to be included in the following year’s financial statements. A lower discount rate will result in a higher benefit obligation and expense, while a higher discount rate will result in a lower benefit obligation and expense. The discount rate assumption was determined based on a cash flow-yield curve model specific to the Company’s pension and post-retirement plans. The Company compares this rate to certain market indices, such as long-term treasury bonds, or the Citigroup pension liability indices, for reasonableness. A discount rate of 4.00% was selected for the December 31, 2014 measurement date and the 2013 expense calculation. | |||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits at December 31, 2014 (in thousands): | |||||||||||||||||||||
1% increase | 1% decrease | ||||||||||||||||||||
Effect on total service cost and interest cost | $ | 220 | (180 | ) | |||||||||||||||||
Effect on post-retirement benefits obligation | $ | 5,260 | (4,160 | ) | |||||||||||||||||
Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands): | |||||||||||||||||||||
Pension | Post-retirement | ||||||||||||||||||||
2015 | $ | 1,080,000 | $ | 816,000 | |||||||||||||||||
2016 | 1,141,000 | 849,000 | |||||||||||||||||||
2017 | 1,188,000 | 882,000 | |||||||||||||||||||
2018 | 1,225,000 | 920,000 | |||||||||||||||||||
2019 | 1,269,000 | 967,000 | |||||||||||||||||||
The weighted-average asset allocation of pension plan assets at December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||
Asset Category | 2014 | 2013 | |||||||||||||||||||
Domestic equities | 41 | % | 44 | % | |||||||||||||||||
Foreign equities | 12 | % | 14 | % | |||||||||||||||||
Fixed income | 45 | % | 40 | % | |||||||||||||||||
Real estate | 2 | % | 2 | % | |||||||||||||||||
Cash | 0 | % | 0 | % | |||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||
The Company’s expected return on pension plan assets assumption is based on historical investment return experience and evaluation of input from the Investment Consultant and Committee managing the pension plan’s assets. The expected return on pension plan assets is also impacted by the target allocation of assets, which is based on the Company’s goal of earning the highest rate of return while maintaining risk at acceptable levels. | |||||||||||||||||||||
Management strives to have pension plan assets sufficiently diversified so that adverse or unexpected results from one security class will not have a significant detrimental impact on the entire portfolio. The target allocation of assets and acceptable ranges around the targets are as follows: | |||||||||||||||||||||
Asset Category | Target | Allowable Range | |||||||||||||||||||
Domestic equities | 44 | % | 35-55% | ||||||||||||||||||
Foreign equities | 14 | % | 5-25% | ||||||||||||||||||
Fixed income | 40 | % | 30-50% | ||||||||||||||||||
Real estate | 2 | % | 0-10% | ||||||||||||||||||
Cash | 0 | % | 0-35% | ||||||||||||||||||
Total | 100 | % | |||||||||||||||||||
The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits at December 31, 2014 and 2013, respectively. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
Fair value measurements at December 31, 2014 | |||||||||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Group annuity contracts | $ | 152 | — | 152 | — | ||||||||||||||||
Mutual funds: | |||||||||||||||||||||
International equity | 5,370 | 5,370 | — | — | |||||||||||||||||
Large U.S. equity | 1,689 | 1,689 | — | — | |||||||||||||||||
Small/Mid U.S. equity | 1,309 | 1,309 | — | — | |||||||||||||||||
Total mutual funds | 8,368 | 8,368 | — | — | |||||||||||||||||
Pooled separate accounts: | |||||||||||||||||||||
Fixed income | 19,789 | — | 19,789 | — | |||||||||||||||||
Large U.S. equity | 11,857 | — | 11,857 | — | |||||||||||||||||
Small/Mid U.S. equity | 2,578 | — | 2,578 | — | |||||||||||||||||
Total pooled separate accounts | 34,224 | — | 34,224 | — | |||||||||||||||||
Total investments | $ | 42,744 | 8,368 | 34,376 | — | ||||||||||||||||
Fair value measurements at December 31, 2013 | |||||||||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Group annuity contracts | $ | 180 | — | 180 | — | ||||||||||||||||
Mutual funds: | |||||||||||||||||||||
Fixed income | 9,210 | 9,210 | — | — | |||||||||||||||||
International equity | 6,316 | 6,316 | — | — | |||||||||||||||||
Large U.S. equity | 1,809 | 1,809 | — | — | |||||||||||||||||
Small/Mid U.S. equity | 1,844 | 1,844 | — | — | |||||||||||||||||
Total mutual funds | 19,179 | 19,179 | — | — | |||||||||||||||||
Pooled separate accounts: | |||||||||||||||||||||
Fixed income | 8,624 | — | 8,624 | — | |||||||||||||||||
Large U.S. equity | 14,509 | — | 14,509 | — | |||||||||||||||||
Small/Mid U.S. equity | 2,710 | — | 2,710 | — | |||||||||||||||||
Total pooled separate accounts | 25,843 | — | 25,843 | — | |||||||||||||||||
Total investments | $ | 45,202 | 19,179 | 26,023 | — | ||||||||||||||||
The Company anticipates that the long-term asset allocation on average will approximate the targeted allocation. Actual asset allocations are the result of investment decisions by a third-party investment manager. | |||||||||||||||||||||
401(k) Plan | |||||||||||||||||||||
The Bank has a 401(k) plan covering substantially all employees of the Bank. For 2014, 2013 and 2012, the Bank matched 25% of the first 6% contributed by the participants. The contribution percentage is determined by the Board of Directors in its sole discretion. The Bank’s aggregate contributions to the 401(k) Plan for 2014, 2013 and 2012 were $674,000, $587,000 and $601,000, respectively. | |||||||||||||||||||||
Supplemental Executive Retirement Plan | |||||||||||||||||||||
The Bank maintains a non-qualified supplemental retirement plan for certain senior officers of the Bank. This plan was frozen as of April 1, 2003. The Supplemental Executive Retirement Plan, which is unfunded, provides benefits in excess of the benefits permitted to be paid by the pension plan under provisions of the tax law. Amounts expensed under this supplemental retirement plan amounted to $102,000, $162,000 and $169,000 for the years 2014, 2013 and 2012, respectively. At December 31, 2014, and 2013, $2,166,000 and $2,207,000, respectively, were recorded in other liabilities on the consolidated statements of condition for this supplemental retirement plan. A decrease of $198,000, an increase of $56,000, and a decrease of $49,000, net of tax, were recorded in other comprehensive income for 2014, 2013 and 2012, respectively, in connection with this supplemental retirement plan. | |||||||||||||||||||||
Retirement Plan for the Board of Directors of The Provident Bank | |||||||||||||||||||||
The Bank maintains a Retirement Plan for the Board of Directors of the Bank, a non-qualified plan that provides cash payments for up to 10 years to eligible retired board members based on age and length of service requirements. The maximum payment under this plan to a board member, who terminates service on or after the age of 72 with at least ten years of service on the board, is forty quarterly payments of $1,250. The Bank may suspend payments under this plan if it does not meet Federal Deposit Insurance Corporation or New Jersey Department of Banking and Insurance minimum capital requirements. The Bank may terminate this plan at any time although such termination may not reduce or eliminate any benefit previously accrued to a board member without his or her consent. | |||||||||||||||||||||
The plan further provides that, in the event of a change in control (as defined in the plan), the undistributed balance of a director’s accrued benefit will be distributed to him or her within 60 days of the change in control. The Bank paid $15,000 to former board members under this plan for each of the years ended December 31, 2014, 2013 and 2012. At December 31, 2014 and 2013, $169,000 and $181,000, respectively, were recorded in other liabilities on the consolidated statements of financial condition for this retirement plan. A decrease of $7,400, an increase of $6,000, and an increase of $3,000, net of tax, were recorded in other comprehensive income for 2014, 2013 and 2012, respectively, in connection with this plan. | |||||||||||||||||||||
The plan was amended in December 2005 to terminate benefits under this plan for any directors who had less than ten years of service on the board of directors of the Bank as of December 31, 2006. | |||||||||||||||||||||
Employee Stock Ownership Plan | |||||||||||||||||||||
The ESOP is a tax-qualified plan designed to invest primarily in the Company’s common stock that provides employees with the opportunity to receive a funded retirement benefit from the Bank, based primarily on the value of the Company’s common stock. The ESOP purchased 4,769,464 shares of the Company’s common stock at an average price of $17.09 per share with the proceeds of a loan from the Company to the ESOP. The outstanding loan principal at December 31, 2014, was $53.4 million. Shares of the Company’s common stock pledged as collateral for the loan are released from the pledge for allocation to participants as loan payments are made. | |||||||||||||||||||||
For the ESOP years ending December 31, 2014 and 2013, 201,512 shares and 195,065 shares were released, respectively. Unallocated ESOP shares held in suspense totaled 2,652,045 at December 31, 2014, and had a fair value of $47.9 million. ESOP compensation expense for the years ended December 31, 2014, 2013 and 2012 was $2,654,000, $2,559,000 and $2,030,000, respectively. | |||||||||||||||||||||
The Supplemental Executive Savings Plan | |||||||||||||||||||||
The Supplemental Executive Savings Plan is a non-qualified plan that provides supplemental benefits to certain executives who are prevented from receiving the full benefits contemplated by the 401(k) Plan’s and the ESOP’s benefit formulas under tax law limits for tax-qualified plans. The Supplemental Executive Savings Plan was frozen effective December 31, 2003, and all benefit distributions have been made. | |||||||||||||||||||||
Non-Qualified Supplemental Defined Contribution Plan (“the Supplemental Employee Stock Ownership Plan”) | |||||||||||||||||||||
Effective January 1, 2004, the Bank established a deferred compensation plan for executive management and key employees of the Bank, known as The Provident Bank Non-Qualified Supplemental Employee Stock Ownership Plan (the “Supplemental ESOP”). The Supplemental ESOP was amended and restated as the Non-Qualified Supplemental Defined Contribution Plan (the “Supplemental DC Plan”), effective January 1, 2010. The Supplemental DC Plan is a non-qualified plan that provides additional benefits to certain executives whose benefits under the 401(k) Plan and ESOP are limited by tax law limitations applicable to tax-qualified plans. The Supplemental DC Plan requires a contribution by the Bank for each participant who also participates in the 401(k) Plan and ESOP equal to the amount that would have been contributed under the terms of the of the 401(k) Plan and ESOP but for the tax law limitations, less the amount actually contributed under the 401(k) Plan and ESOP. | |||||||||||||||||||||
The Supplemental DC Plan provides for a phantom stock allocation for qualified contributions that may not be accrued in the qualified ESOP and for matching contributions that may not be accrued in the qualified 401(k) Plan due to tax law limitations. Under the Supplemental 401(k) provision, the estimated expense for the year ending December 31, 2014, 2013 and 2012 was $10,500, $7,000 and $7,500, respectively, and included the matching contributions plus interest credited at an annual rate equal to the ten-year bond-equivalent yield on U.S. Treasury securities. Under the Supplemental ESOP provision, the estimated expense for the year ending December 31, 2014, 2013 and 2012 was $48,000, $45,000 and $28,000, respectively. The phantom equity is treated as equity awards (expensed at the time of allocation) and not liability awards which would require periodic adjustment to market, as participants do not have an option to take their distribution in cash. | |||||||||||||||||||||
The Amended and Restated Long-Term Incentive Plan | |||||||||||||||||||||
Upon stockholders’ approval of the Amended and Restated Long-Term Incentive Plan on April 4, 2014, shares available for stock awards and stock options under the 2008 Long-Term Equity Incentive Plan were reserved for issuance under the new Amended and Restated Long-Term Incentive Plan. No additional grants of stock awards and stock options will be made under the 2008 Long-Term Equity Incentive Plan. The new plan authorized the issuance of up to 3,686,510 shares of Company common stock with no more than 2,100,000 shares permitted to be issued as stock awards. Shares previously awarded under the 2008 plans that are subsequently forfeited or expire may also be issued under the new plan. | |||||||||||||||||||||
Stock Awards | |||||||||||||||||||||
As a general rule, restricted stock grants are held in escrow for the benefit of the award recipient until vested. Awards outstanding generally vest in three or five annual installments, commencing one year from the date of the award. Additionally, certain awards are two and three-year performance vesting awards, which may or may not vest depending upon the attainment of certain corporate financial targets. Expense attributable to stock awards amounted to $6,359,000, $4,869,000 and $3,658,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below: | |||||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Outstanding at beginning of year | 782,213 | 846,883 | 904,411 | ||||||||||||||||||
Granted | 426,726 | 386,669 | 373,510 | ||||||||||||||||||
Forfeited | (126,743 | ) | (68,954 | ) | (220,590 | ) | |||||||||||||||
Vested | (235,734 | ) | (382,385 | ) | (210,448 | ) | |||||||||||||||
Outstanding at the end of year | 846,462 | 782,213 | 846,883 | ||||||||||||||||||
As of December 31, 2014, unrecognized compensation cost relating to unvested restricted stock totaled $1.1 million. This amount will be recognized over a remaining weighted average period of 1.1 years. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
Each stock option granted entitles the holder to purchase one share of the Company’s common stock at an exercise price not less than the fair value of a share of the Company’s common stock at the date of grant. Options generally vest over a five-year period from the date of grant and expire no later than 10 years following the grant date. Additionally, certain options are three-year performance vesting options, which may or may not vest depending upon the attainment of certain corporate financial targets. | |||||||||||||||||||||
A summary of the status of the granted but unexercised stock options as of December 31, and changes during the year is presented below: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | ||||||||||||||||
of | average | of | average | of | average | ||||||||||||||||
stock | exercise | stock | exercise | stock | exercise | ||||||||||||||||
options | price | options | price | options | price | ||||||||||||||||
Outstanding at beginning of year | 1,233,742 | $ | 15.24 | 4,152,016 | $ | 17.5 | 4,248,898 | $ | 17.37 | ||||||||||||
Granted | 171,935 | 16.44 | 85,250 | 15.23 | 80,081 | 14.86 | |||||||||||||||
Exercised | (9,678 | ) | 12.11 | (28,464 | ) | 12.41 | (2,000 | ) | 12.54 | ||||||||||||
Forfeited | (4,178 | ) | 14.5 | (53,444 | ) | 10.34 | (109,655 | ) | 10.41 | ||||||||||||
Expired | (107,500 | ) | 16.54 | (2,921,616 | ) | 18.57 | (65,308 | ) | 18.32 | ||||||||||||
Outstanding at the end of year | 1,284,321 | $ | 15.32 | 1,233,742 | $ | 15.24 | 4,152,016 | $ | 17.5 | ||||||||||||
The total fair value of options vesting during 2014, 2013 and 2012 was $438,000, $696,000 and $551,000, respectively. | |||||||||||||||||||||
Compensation expense of approximately $179,000, $70,000 and $41,000 is projected for 2015, 2016 and 2017, respectively, on stock options outstanding at December 31, 2014. | |||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2014: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of exercise prices | Number | Average | Weighted | Number | Weighted | ||||||||||||||||
of | remaining | average | of | average | |||||||||||||||||
options | contractual | exercise | options | exercise | |||||||||||||||||
outstanding | life | price | exercisable | price | |||||||||||||||||
$10.27-15.23 | 638,382 | 5.3 years | $ | 12.57 | 476,716 | $ | 11.75 | ||||||||||||||
$16.38-18.87 | 645,939 | 3.6 years | $ | 17.67 | 478,504 | $ | 18.12 | ||||||||||||||
The stock options outstanding and stock options exercisable at December 31, 2014 have an aggregate intrinsic value of $3,840,117 and $3,064,000, respectively. | |||||||||||||||||||||
The expense related to stock options is based on the fair value of the options at the date of the grant and is recognized ratably over the vesting period of the options. | |||||||||||||||||||||
Compensation expense related to the Company’s stock option plan totaled $298,000, $297,000 and $452,000 for 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
The estimated fair values were determined on the dates of grant using the Black-Scholes Option pricing model. The fair value of the Company’ stock option awards are expensed on a straight-line basis over the vesting period of the stock option. The risk-free rate is based on the implied yield on a U.S. Treasury bond with a term approximating the expected term of the option. The expected volatility computation is based on historical volatility over a period approximating the expected term of the option. The dividend yield is based on the annual dividend payment per share, divided by the grant date stock price. The expected option term is a function of the option life and the vesting period. | |||||||||||||||||||||
The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected dividend yield | 3.66 | % | 3.41 | % | 3.26 | % | |||||||||||||||
Expected volatility | 20.04 | % | 33.38 | % | 32.51 | % | |||||||||||||||
Risk-free interest rate | 0.96 | % | 0.88 | % | 0.86 | % | |||||||||||||||
Expected option life | 6.5 years | 8 years | 8 years | ||||||||||||||||||
The weighted average fair value of options granted during 2014, 2013 and 2012 was $1.64, $3.49 and $3.37 per option, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Income Taxes | Income Taxes | |||||||||
The current and deferred amounts of income tax expense (benefit) for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | ||||||||||
Years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Current: | ||||||||||
Federal | $ | 27,577 | 27,667 | 29,813 | ||||||
State | 542 | 2,168 | 176 | |||||||
Total current | 28,119 | 29,835 | 29,989 | |||||||
Deferred: | ||||||||||
Federal | 1,678 | 4,210 | (3,208 | ) | ||||||
State | 1,988 | 1,321 | 2,074 | |||||||
Total deferred | 3,666 | 5,531 | (1,134 | ) | ||||||
$ | 31,785 | 35,366 | 28,855 | |||||||
The Bank recorded, in accumulated other comprehensive income, deferred tax expense (benefit) of $7,075,000, ($13,824,000) and $587,000 during 2014, 2013 and 2012, respectively, to reflect the tax effect of the unrealized gain on securities available for sale. The Bank recorded, in accumulated other comprehensive income, a deferred tax expense (benefit) of $(3,800,000), $4,968,000 and ($694,000) in 2014, 2013 and 2012, respectively, related to the amortization of post-retirement obligations. | ||||||||||
A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate is as follows (in thousands): | ||||||||||
Years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Tax expense at statutory rate of 35% | $ | 36,896 | 37,065 | 33,643 | ||||||
Increase (decrease) in taxes resulting from: | ||||||||||
State tax, net of federal income tax benefit | 1,621 | 2,268 | 1,462 | |||||||
Tax-exempt interest income | (4,916 | ) | (4,084 | ) | (3,937 | ) | ||||
Bank-owned life insurance | (1,972 | ) | (2,309 | ) | (1,847 | ) | ||||
Non-qualified stock option expiration | — | 2,746 | — | |||||||
Other, net | 156 | (320 | ) | (466 | ) | |||||
$ | 31,785 | 35,366 | 28,855 | |||||||
The net deferred tax asset is included in other assets in the consolidated statements of financial condition. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2014 and 2013 are as follows (in thousands): | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Allowance for loan losses | $ | 24,160 | 25,848 | |||||||
Post-retirement benefit | 10,658 | 10,690 | ||||||||
Deferred compensation | 3,009 | 3,037 | ||||||||
Intangibles | 499 | 511 | ||||||||
Purchase accounting adjustments | 387 | 426 | ||||||||
Depreciation | 3,963 | 3,396 | ||||||||
SERP | 949 | 958 | ||||||||
ESOP | 3,264 | 3,253 | ||||||||
Stock-based compensation | 5,734 | 5,558 | ||||||||
Non-accrual interest | 5,202 | 6,756 | ||||||||
Unrealized loss on securities | — | 1,939 | ||||||||
State NOL | 430 | 237 | ||||||||
Federal NOL | 1,376 | 1,692 | ||||||||
Pension liability adjustments | 5,178 | 1,438 | ||||||||
Other | 1,073 | 1,345 | ||||||||
Total gross deferred tax assets | 65,882 | 67,084 | ||||||||
Valuation Reserve | (242 | ) | (242 | ) | ||||||
Deferred tax liabilities: | ||||||||||
Pension expense | 9,925 | 9,925 | ||||||||
Deferred loan costs | 4,089 | 3,936 | ||||||||
Investment securities, principally due to accretion of discounts | 311 | 235 | ||||||||
Originated mortgage servicing rights | 395 | 447 | ||||||||
Unrealized gain on securities | 5,191 | — | ||||||||
Total gross deferred tax liabilities | 19,911 | 14,543 | ||||||||
Net deferred tax asset | $ | 45,729 | 52,299 | |||||||
The 2014 deferred tax expense does not equal the change in net deferred tax assets as a result of deferred taxes recorded in connection with the Team Capital acquisition in the amount of $486,000. | ||||||||||
Retained earnings at December 31, 2014 includes approximately $51,800,000 for which no provision for income tax has been made. This amount represented an allocation of income to bad debt deductions for tax purposes only. Events that would result in taxation of these reserves include the failure to qualify as a bank for tax purposes, distributions in complete or partial liquidation, stock redemptions and excess distributions to stockholders. At December 31, 2014, the Company had an unrecognized tax liability of $21,160,000 with respect to this reserve. | ||||||||||
At December 31, 2014 and 2013, the Company had a valuation allowance of $242,000 related to approximately $648,000 of capital loss carryforwards. As a result of the Beacon acquisition in 2011, the Company acquired federal net operating loss carryforwards. There are approximately $3,900,000 available to offset future taxable income as of December 31, 2014. If not utilized, these carryforwards will expire in 2030. Also, the Company New Jersey NOL carryforwards in the amount of $3,300,000 which are scheduled to expire in 2033 and Pennsylvania NOL carryforwards in the amount of $3,000,000, which are set to expire in 2016. The federal NOLs are subject to a combined annual Code Section 382 limitation in the amount of approximately $900,000. Management has determined that it is more likely than not that it will realize the net deferred tax asset based upon the nature and timing of the items listed above. In order to fully realize the net deferred tax asset, the Company will need to generate future taxable income. Management has projected that the Company will generate sufficient taxable income to utilize the net deferred tax asset; however, there can be no assurance that such levels of taxable income will be generated. | ||||||||||
The Company’s policy is to report interest and penalties, if any, related to unrecognized tax benefits in income tax expense. The Company did not have any liabilities for uncertain tax positions or any known unrecognized tax benefits at December 31, 2014 and 2013. | ||||||||||
The Company and its subsidiaries file a consolidated U.S. Federal income tax return and each entity files a separate state income tax return. The Company and its subsidiaries are no longer subject to income tax examinations by taxing authorities for years prior to 2011. |
Lease_Commitments
Lease Commitments | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Lease Commitments | Lease Commitments | |||
The approximate future minimum rental commitments, exclusive of taxes and other related charges, for all significant non-cancellable operating leases at December 31, 2014, are summarized as follows (in thousands): | ||||
Year ending December 31, | ||||
2015 | $ | 6,521 | ||
2016 | 6,455 | |||
2017 | 5,960 | |||
2018 | 5,351 | |||
2019 | 5,093 | |||
Thereafter | 12,887 | |||
$ | 42,267 | |||
Rental expense was $8,056,000, $6,850,000 and $7,115,000 for the years ended December 31, 2014, 2013 and 2012, respectively. |
Commitments_Contingencies_and_
Commitments, Contingencies and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Concentrations of Credit Risk | Commitments, Contingencies and Concentrations of Credit Risk |
In the normal course of business, various commitments and contingent liabilities are outstanding which are not reflected in the accompanying consolidated financial statements. In the opinion of management, the consolidated financial position of the Company will not be materially affected by the outcome of such commitments or contingent liabilities. | |
A substantial portion of the Bank’s loans are one- to four-family residential first mortgage loans secured by real estate located in New Jersey. Accordingly, the collectability of a substantial portion of the Bank’s loan portfolio and the recovery of a substantial portion of the carrying amount of other real estate owned are susceptible to changes in local real estate market conditions. |
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||
Regulatory Capital Requirements | Regulatory Capital Requirements | ||||||||||||||||||||
FDIC regulations require banks to maintain minimum levels of regulatory capital. Under the regulations in effect at December 31, 2014 and 2013, the Bank is required to maintain (i) a minimum leverage ratio of Tier 1 capital to total adjusted assets of 4.00%, and (ii) minimum ratios of Tier 1 and total capital to risk-weighted assets of 4.00% and 8.00%, respectively. Under its prompt corrective action regulations, the FDIC is required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution. Such actions could have a direct material effect on an institution’s financial statements. The regulations establish a framework for the classification of savings institutions into five categories: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. Generally, an institution is considered well capitalized if it has a leverage (Tier 1) capital ratio of at least 5.00%; a Tier 1 risk-based capital ratio of at least 6.00%; and a total risk-based capital ratio of at least 10.00%. | |||||||||||||||||||||
The foregoing capital ratios are based in part on specific quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by the FDIC about capital components, risk weightings and other factors. | |||||||||||||||||||||
As of December 31, 2014 and 2013, the Bank exceeded all minimum capital adequacy requirements to which it is subject. Further, the most recent FDIC notification categorized the Bank as a well-capitalized institution under the prompt corrective action regulations. There have been no conditions or events since that notification that management believes have changed the Bank’s capital classification. | |||||||||||||||||||||
The Company is regulated as a bank holding company, and as such, is subject to examination, regulation and periodic reporting under the Bank Holding Company Act, as administered by the Federal Reserve Board (“FRB”). The FRB has adopted capital adequacy guidelines for bank holding companies on a consolidated basis substantially similar to those of the FDIC for the Bank. As of December 31, 2014 and 2013, the Company was “well capitalized” under FRB guidelines. Regulations of the FRB provide that a bank holding company must serve as a source of strength to any of its subsidiary banks and must not conduct its activities in an unsafe or unsound manner. Under the prompt corrective action provisions discussed above, a bank holding company parent of an undercapitalized subsidiary bank would be directed to guarantee, within limitations, the capital restoration plan that is required of such an undercapitalized bank. If the undercapitalized bank fails to file an acceptable capital restoration plan or fails to implement an accepted plan, the FRB may prohibit the bank holding company parent of the undercapitalized bank from paying any dividend or making any other form of capital distribution without the prior approval of the FRB. | |||||||||||||||||||||
The following is a summary of the Company’s actual capital amounts and ratios as of December 31, 2014 and 2013, compared to the FRB minimum capital adequacy requirements and the FRB requirements for classification as a well-capitalized institution (dollars in thousands). | |||||||||||||||||||||
Actual | FRB minimum capital | To be well-capitalized | |||||||||||||||||||
adequacy requirements | under prompt corrective | ||||||||||||||||||||
action provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Leverage (Tier 1) | $ | 740,958 | 9.21 | % | $ | 321,809 | 4 | % | $ | 402,262 | 5 | % | |||||||||
Risk-based capital: | |||||||||||||||||||||
Tier 1 | 740,958 | 12.06 | 245,859 | 4 | 368,788 | 6 | |||||||||||||||
Total | 802,692 | 13.06 | 491,717 | 8 | 614,646 | 10 | |||||||||||||||
Actual | FRB minimum capital | To be well-capitalized | |||||||||||||||||||
adequacy requirements | under prompt corrective | ||||||||||||||||||||
action provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||
Leverage (Tier 1) | $ | 660,549 | 9.42 | % | $ | 280,572 | 4 | % | $ | 350,715 | 5 | % | |||||||||
Risk-based capital: | |||||||||||||||||||||
Tier 1 | 660,549 | 12.89 | 204,967 | 4 | 307,451 | 6 | |||||||||||||||
Total | 724,609 | 14.14 | 409,934 | 8 | 512,418 | 10 | |||||||||||||||
The following is a summary of the Bank’s actual capital amounts and ratios as of December 31, 2014 and 2013, compared to the FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution (dollars in thousands). | |||||||||||||||||||||
Actual | FDIC minimum capital | To be well-capitalized | |||||||||||||||||||
adequacy requirements | under prompt corrective | ||||||||||||||||||||
action provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Leverage (Tier 1) | $ | 674,483 | 8.38 | % | $ | 321,805 | 4 | % | $ | 402,257 | 5 | % | |||||||||
Risk-based capital: | |||||||||||||||||||||
Tier 1 | 674,483 | 10.97 | 245,853 | 4 | 368,779 | 6 | |||||||||||||||
Total | 736,217 | 11.98 | 491,705 | 8 | 614,631 | 10 | |||||||||||||||
Actual | FDIC minimum capital | To be well-capitalized | |||||||||||||||||||
adequacy requirements | under prompt corrective | ||||||||||||||||||||
action provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||
Leverage (Tier 1) | $ | 585,313 | 8.34 | % | $ | 280,578 | 4 | % | $ | 350,723 | 5 | % | |||||||||
Risk-based capital: | |||||||||||||||||||||
Tier 1 | 585,313 | 11.42 | 204,967 | 4 | 307,450 | 6 | |||||||||||||||
Total | 649,373 | 12.67 | 409,933 | 8 | 512,417 | 10 | |||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | 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 December 31, 2014 and December 31, 2013. | ||||||||||||||||
Securities Available for Sale | ||||||||||||||||
For securities available for sale, fair value was estimated using a market approach. he 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 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. | ||||||||||||||||
Derivatives | ||||||||||||||||
The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Currently, none of the Company’s derivatives are designated in qualifying hedging relationships. The existing interest rate derivatives result from a service provided to certain qualifying borrowers in a loan related transaction and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. As such, all changes in fair value of the Company’s derivatives are recognized directly in earnings. The fair value of the Company's derivatives are determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 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 December 31, 2014 and 2013. | ||||||||||||||||
Collateral Dependent Impaired Loans | ||||||||||||||||
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. | ||||||||||||||||
Foreclosed Assets | ||||||||||||||||
Assets acquired through foreclosure or deed in lieu of foreclosure are carried at fair value, less estimated costs to sell 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 costs to sell, 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 during the years ended December 31, 2014 and 2013. | ||||||||||||||||
The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair value as of December 31, 2014 and 2013, by level within the fair value hierarchy (in thousands). | ||||||||||||||||
Fair Value Measurements at Reporting Date Using: | ||||||||||||||||
December 31, | Quoted Prices in | Significant Other | Significant | |||||||||||||
2014 | Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs (Level 2) | Inputs | ||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||
Measured on a recurring basis: | ||||||||||||||||
U.S. Treasury obligations | $ | 8,016 | 8,016 | — | — | |||||||||||
Agency obligations | 95,076 | 95,076 | — | — | ||||||||||||
Mortgage-backed securities | 957,257 | — | 957,257 | — | ||||||||||||
State and municipal obligations | 7,002 | — | 7,002 | — | ||||||||||||
Corporate obligations | 6,520 | 6,520 | ||||||||||||||
Equities | 524 | 524 | — | — | ||||||||||||
$ | 1,074,395 | 103,616 | 970,779 | — | ||||||||||||
Asset derivatives | $ | 2,046 | — | 2,046 | ||||||||||||
$ | 1,076,441 | 103,616 | 972,825 | — | ||||||||||||
Liability derivatives | $ | 2,052 | 2,052 | |||||||||||||
Measured on a non-recurring basis: | ||||||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | $ | 23,086 | — | — | 23,086 | |||||||||||
Foreclosed assets | 5,098 | — | — | 5,098 | ||||||||||||
$ | 28,184 | — | — | 28,184 | ||||||||||||
Fair Value Measurements at Reporting Date Using: | ||||||||||||||||
December 31, | Quoted Prices in | Significant Other | Significant | |||||||||||||
2013 | Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs (Level 2) | Inputs | ||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||
Measured on a recurring basis: | ||||||||||||||||
Agency obligations | $ | 93,416 | 93,416 | — | — | |||||||||||
Mortgage-backed securities | 1,054,974 | — | 1,054,974 | — | ||||||||||||
State and municipal obligations | 8,758 | — | 8,758 | — | ||||||||||||
Equities | 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 years ended December 31, 2014 and 2013. | ||||||||||||||||
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. | ||||||||||||||||
FHLBNY Stock | ||||||||||||||||
The carrying value of FHLBNY stock was its cost. The fair value of FHLBNY 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. 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 December 31, 2014 and December 31, 2013. Fair values are presented by level within the fair value hierarchy. | ||||||||||||||||
Fair Value Measurements at December 31, 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 1) | (Level 3) | |||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 103,762 | 103,762 | 103,762 | — | — | ||||||||||
Securities available for sale: | ||||||||||||||||
U.S. Treasury obligations | 8,016 | 8,016 | 8,016 | — | — | |||||||||||
Agency obligations | 95,076 | 95,076 | 95,076 | — | — | |||||||||||
Mortgage-backed securities | 957,257 | 957,257 | — | 957,257 | — | |||||||||||
State and municipal obligations | 7,002 | 7,002 | — | 7,002 | — | |||||||||||
Corporate obligations | 6,520 | 6,520 | — | 6,520 | — | |||||||||||
Equity securities | 524 | 524 | 524 | — | — | |||||||||||
Total securities available for sale | $ | 1,074,395 | 1,074,395 | 103,616 | 970,779 | — | ||||||||||
Investment securities held to maturity: | ||||||||||||||||
Agency obligations | $ | 6,813 | 6,810 | 6,810 | — | — | ||||||||||
Mortgage-backed securities | 2,816 | 2,939 | — | 2,939 | — | |||||||||||
State and municipal obligations | 449,410 | 462,238 | — | 462,238 | — | |||||||||||
Corporate obligations | 10,489 | 10,486 | — | 10,486 | — | |||||||||||
Total securities held to maturity | $ | 469,528 | 482,473 | 6,810 | 475,663 | — | ||||||||||
FHLBNY stock | 69,789 | 69,789 | 69,789 | — | — | |||||||||||
Loans, net of allowance for loan losses | 6,023,771 | 6,104,558 | — | — | 6,104,558 | |||||||||||
Asset derivative | 2,046 | 2,046 | 2,046 | |||||||||||||
Financial liabilities: | ||||||||||||||||
Deposits other than certificates of deposits | $ | 4,966,834 | 4,966,834 | 4,966,834 | — | — | ||||||||||
Certificates of deposit | 825,689 | 830,233 | — | 830,233 | — | |||||||||||
5,792,523 | 5,797,067 | 4,966,834 | 830,233 | — | ||||||||||||
Borrowings | $ | 1,509,851 | 1,516,966 | — | 1,516,966 | — | ||||||||||
Liability derivative | 2,052 | 2,052 | 2,052 | |||||||||||||
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 1) | (Level 3) | |||||||||||||||
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 | — | ||||||||||
FHLBNY 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 | — | ||||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) | |||||||||||||||
The following tables are a summary of certain quarterly financial data for the years ended December 31, 2014 and 2013. | ||||||||||||||||
2014 Quarters Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Interest income | $ | 64,523 | $ | 67,386 | $ | 73,652 | $ | 73,800 | ||||||||
Interest expense | 9,322 | 9,985 | 10,683 | 10,482 | ||||||||||||
Net interest income | 55,201 | 57,401 | 62,969 | 63,318 | ||||||||||||
Provision for loan losses | 400 | 1,500 | 1,500 | 1,250 | ||||||||||||
Net interest income after provision for loan losses | 54,801 | 55,901 | 61,469 | 62,068 | ||||||||||||
Non-interest income | 8,116 | 10,327 | 11,309 | 11,416 | ||||||||||||
Non-interest expense | 38,190 | 43,671 | 45,833 | 42,297 | ||||||||||||
Income before income tax expense | 24,727 | 22,557 | 26,945 | 31,187 | ||||||||||||
Income tax expense | 7,698 | 6,206 | 7,913 | 9,968 | ||||||||||||
Net income | $ | 17,029 | $ | 16,351 | $ | 19,032 | $ | 21,219 | ||||||||
Basic earnings per share | $ | 0.3 | $ | 0.28 | $ | 0.3 | $ | 0.34 | ||||||||
Diluted earnings per share | $ | 0.3 | $ | 0.28 | $ | 0.3 | $ | 0.34 | ||||||||
2013 Quarter Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Interest income | $ | 63,304 | 62,413 | 62,984 | 64,076 | |||||||||||
Interest expense | 9,409 | 9,002 | 8,987 | 9,369 | ||||||||||||
Net interest income | 53,895 | 53,411 | 53,997 | 54,707 | ||||||||||||
Provision for loan losses | 1,500 | 1,000 | 1,200 | 1,800 | ||||||||||||
Net interest income after provision for loan losses | 52,395 | 52,411 | 52,797 | 52,907 | ||||||||||||
Non-interest income | 9,945 | 12,637 | 11,730 | 9,841 | ||||||||||||
Non-interest expense | 36,946 | 37,813 | 36,464 | 37,540 | ||||||||||||
Income before income tax expense | 25,394 | 27,235 | 28,063 | 25,208 | ||||||||||||
Income tax expense | 7,566 | 8,007 | 11,987 | 7,806 | ||||||||||||
Net income | $ | 17,828 | 19,228 | 16,076 | 17,402 | |||||||||||
Basic earnings per share | $ | 0.31 | 0.34 | 0.28 | 0.3 | |||||||||||
Diluted earnings per share | $ | 0.31 | 0.34 | 0.28 | 0.3 | |||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings Per Share | Earnings Per Share | |||||||||
The following is a reconciliation of the outstanding shares used in the basic and diluted earnings per share calculations. | ||||||||||
(Dollars in thousands, except per share data) | For the Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | ||||||||
Net income | $ | 73,631 | 70,534 | 67,267 | ||||||
Basic weighted average common shares outstanding | 60,388,398 | 57,236,909 | 57,145,868 | |||||||
Plus: | ||||||||||
Dilutive shares | 173,672 | 124,534 | 53,936 | |||||||
Diluted weighted average common shares outstanding | 60,562,070 | 57,361,443 | 57,199,804 | |||||||
Earnings per share: | ||||||||||
Basic | $ | 1.22 | 1.23 | 1.18 | ||||||
Diluted | $ | 1.22 | 1.23 | 1.18 | ||||||
Anti-dilutive stock options and awards totaling 988,931, 659,531 and 3,891,443 shares at December 31, 2014, 2013 and 2012, respectively, were excluded from the earnings per share calculations. |
Parentonly_Financial_Informati
Parent-only Financial Information | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||
Parent-only Financial Information | Parent-only Financial Information | |||||||||
The condensed financial statements of Provident Financial Services, Inc. (parent company only) are presented below: | ||||||||||
PROVIDENT FINANCIAL SERVICES, INC. | ||||||||||
Condensed Statements of Financial Condition | ||||||||||
(Dollars in Thousands) | ||||||||||
December 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Assets | ||||||||||
Cash and due from banks | $ | 10,475 | $ | 12,796 | ||||||
Securities available for sale, at fair value | 524 | 446 | ||||||||
Investment in subsidiary | 1,077,624 | 935,517 | ||||||||
Due from subsidiary—SAP | 2,794 | 6,269 | ||||||||
ESOP loan | 53,438 | 56,716 | ||||||||
Other assets | 34 | 59 | ||||||||
Total assets | $ | 1,144,889 | $ | 1,011,803 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||
Other liabilities | 790 | 1,050 | ||||||||
Total stockholders’ equity | 1,144,099 | 1,010,753 | ||||||||
Total liabilities and stockholders’ equity | $ | 1,144,889 | $ | 1,011,803 | ||||||
PROVIDENT FINANCIAL SERVICES, INC. | ||||||||||
Condensed Statements of Operations | ||||||||||
(Dollars in Thousands) | ||||||||||
For the Years Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Dividends from subsidiary | $ | 36,118 | 32,320 | 40,729 | ||||||
Interest income | 2,276 | 2,390 | 2,696 | |||||||
Investment gain | 11 | 9 | 9 | |||||||
Total income | 38,405 | 34,719 | 43,434 | |||||||
Non-interest expense | 814 | 891 | 882 | |||||||
Total expense | 814 | 891 | 882 | |||||||
Income before income tax expense | 37,591 | 33,828 | 42,552 | |||||||
Income tax expense | 551 | 563 | 688 | |||||||
Income before undistributed net income of subsidiary | 37,040 | 33,265 | 41,864 | |||||||
Equity in undistributed net income of subsidiary | 36,591 | 37,269 | 25,403 | |||||||
(dividends in excess of earnings) | ||||||||||
Net income | $ | 73,631 | 70,534 | 67,267 | ||||||
PROVIDENT FINANCIAL SERVICES, INC. | ||||||||||
Condensed Statements of Cash Flows | ||||||||||
(Dollars in Thousands) | ||||||||||
For the Years Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Cash flows from operating activities: | ||||||||||
Net income | $ | 73,631 | 70,534 | 67,267 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||
Dividends in excess of earnings (equity in undistributed net income) of subsidiary | (36,591 | ) | (37,269 | ) | (25,403 | ) | ||||
ESOP allocation | 2,654 | 2,559 | 2,030 | |||||||
SAP allocation | 6,359 | 4,869 | 3,658 | |||||||
Stock option allocation | 298 | 297 | 452 | |||||||
Decrease in due from subsidiary—SAP | 3,475 | 5,814 | 4,177 | |||||||
Increase (decrease) in other assets | 15,454 | (6,912 | ) | (13,960 | ) | |||||
(Decrease) increase in other liabilities | (259 | ) | (172 | ) | 68 | |||||
Net cash provided by operating activities | 65,021 | 39,720 | 38,289 | |||||||
Cash flows from investing activities: | ||||||||||
Cash consideration paid for business acquisition | (31,562 | ) | — | — | ||||||
Net decrease in ESOP loan | 3,278 | 3,034 | 3,035 | |||||||
Net cash (used in) provided by investing activities | (28,284 | ) | 3,034 | 3,035 | ||||||
Cash flows from financing activities: | ||||||||||
Purchases of treasury stock | (4,420 | ) | (5,899 | ) | (9,424 | ) | ||||
Cash dividends paid | (36,118 | ) | (32,320 | ) | (40,729 | ) | ||||
Shares issued dividend reinvestment plan | 1,336 | 1,186 | 6,090 | |||||||
Stock options exercised | 144 | 412 | 28 | |||||||
Net cash used in financing activities | (39,058 | ) | (36,621 | ) | (44,035 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (2,321 | ) | 6,133 | (2,711 | ) | |||||
Cash and cash equivalents at beginning of period | 12,796 | 6,663 | 9,374 | |||||||
Cash and cash equivalents at end of period | $ | 10,475 | 12,796 | 6,663 | ||||||
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||
The following table presents the components of other comprehensive income (loss) both gross and net of tax, for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Before | Tax | After | Before | Tax | After | Before | Tax | After | ||||||||||||||||||||
Tax | Effect | Tax | 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 | $ | 17,868 | (7,176 | ) | 10,692 | (32,845 | ) | 13,417 | (19,428 | ) | 3,060 | (1,250 | ) | 1,810 | ||||||||||||||
Reclassification adjustment for gains included in net income | (251 | ) | 101 | (150 | ) | (996 | ) | 407 | (589 | ) | (4,497 | ) | 1,837 | (2,660 | ) | |||||||||||||
Total | 17,617 | (7,075 | ) | 10,542 | (33,841 | ) | 13,824 | (20,017 | ) | (1,437 | ) | 587 | (850 | ) | ||||||||||||||
Other-than-temporary impairment on debt securities available for sale: | ||||||||||||||||||||||||||||
Other-than-temporary impairment losses on securities | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment for impairment losses included in net income | — | — | — | 434 | (177 | ) | 257 | — | — | — | ||||||||||||||||||
Total | — | — | — | 434 | (177 | ) | 257 | — | — | — | ||||||||||||||||||
Amortization related to post retirement obligations | (9,462 | ) | 3,800 | (5,662 | ) | 12,161 | (4,968 | ) | 7,193 | (1,699 | ) | 694 | (1,005 | ) | ||||||||||||||
Total other comprehensive income (loss) | $ | 8,155 | (3,275 | ) | 4,880 | (21,246 | ) | 8,679 | (12,567 | ) | (3,136 | ) | 1,281 | (1,855 | ) | |||||||||||||
The following table presents the changes in the components of accumulated other comprehensive income, net of tax, for the years ended December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component, net of tax | ||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||
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 the beginning of the period, | $ | (2,799 | ) | (2,052 | ) | (4,851 | ) | 16,961 | (9,245 | ) | 7,716 | |||||||||||||||||
Current period change in other comprehensive income (loss) | 10,542 | (5,662 | ) | 4,880 | (19,760 | ) | 7,193 | (12,567 | ) | |||||||||||||||||||
Balance at the end of the period | $ | 7,743 | (7,714 | ) | 29 | (2,799 | ) | (2,052 | ) | (4,851 | ) | |||||||||||||||||
The following table summarizes the reclassifications out of accumulated other comprehensive income for the years ended December 31, 2014 and 2013(in thousands): | ||||||||||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive | ||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||
Amount reclassified from AOCI for the years ended December 31, | 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 | $ | 251 | 996 | Net gain on securities transactions | ||||||||||||||||||||||||
(101 | ) | (407 | ) | Income tax expense | ||||||||||||||||||||||||
150 | 589 | Net of tax | ||||||||||||||||||||||||||
Realized other-than-temporary impairment losses securities available for sale | — | (434 | ) | Net impairment losses on securities recognized in earnings | ||||||||||||||||||||||||
— | 177 | Income tax expense | ||||||||||||||||||||||||||
— | (257 | ) | Net of tax | |||||||||||||||||||||||||
Post retirement obligations: | ||||||||||||||||||||||||||||
Amortization of actuarial losses | 237 | 1,367 | Compensation and employee benefits (1) | |||||||||||||||||||||||||
(95 | ) | (558 | ) | Income tax expense | ||||||||||||||||||||||||
142 | 809 | Net of tax | ||||||||||||||||||||||||||
Realized loss related to lump sum pension settlement | (1,336 | ) | — | Compensation and employee benefits (1) | ||||||||||||||||||||||||
546 | — | Income tax expense | ||||||||||||||||||||||||||
(790 | ) | — | Net of tax | |||||||||||||||||||||||||
Total reclassifications | $ | (498 | ) | 1,141 | Net of tax | |||||||||||||||||||||||
(1) This item is included in the computation of net periodic benefit cost. See Note 11. Benefit Plans |
Derivative_and_Hedging_Activit
Derivative and Hedging Activities (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure | Derivative and Hedging Activities | ||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. The Company’s existing interest rate derivatives result from a service provided to certain qualifying borrowers in a loan related transaction and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. | |||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of December 31, 2014 (in thousands): | |||||||||||||
As of December 31, 2014 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Consolidated Statements of Financial Condition | Fair | Consolidated Statements of Financial Condition | Fair | ||||||||||
Value | Value | ||||||||||||
Derivatives not designated as a hedging instruments: | |||||||||||||
Interest rate products | Other assets | $ | 2,040 | Other liabilities | $ | 2,052 | |||||||
Credit contracts | Other assets | 6 | — | ||||||||||
Total derivatives not designated as hedging instruments | $ | 2,046 | $ | 2,052 | |||||||||
None of the Company’s derivatives are designated in qualifying hedging relationships. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers, which the Company implemented during 2014. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. As of December 31, 2014, the Company had nine interest rate swaps with an aggregate notional amount of $94.9 million related to this program. | |||||||||||||
The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the year ended December 31, 2014 (in thousands). | |||||||||||||
Gain (loss) recognized in Income on derivatives | |||||||||||||
Consolidated Statements of Income | Year ended | ||||||||||||
31-Dec-14 | |||||||||||||
Derivatives not designated as a hedging instruments: | |||||||||||||
Interest rate products | Other income | $ | (3 | ) | |||||||||
Credit contracts | Other income | 6 | |||||||||||
Total | $ | 3 | |||||||||||
The Company has agreements with certain of its derivative counterparties that contain a provision that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. | |||||||||||||
The Company also has agreements with certain of its derivative counterparties that contain a provision that if the Company fails to maintain its status as a well / adequate capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. | |||||||||||||
As of December 31, 2014, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $2,084,000. The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $1,250,000 against its obligations under these agreements. If the Company had breached any of these provisions at December 31, 2014, it could have been required to settle its obligations under the agreements at the termination value. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
The consolidated financial statements include the accounts of Provident Financial Services, Inc. (the “Company”), The Provident Bank (the “Bank”) and their wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | |
Business | Business |
The Company, through the Bank, provides a full range of banking services to individual and business customers through branch offices in New Jersey and eastern Pennsylvania. The Bank is subject to competition from other financial institutions and to the regulations of certain federal and state agencies, and undergoes periodic examinations by those regulatory authorities. | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation |
The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). In preparing the consolidated financial statements, management is required to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities and disclosures about contingent assets and liabilities as of the dates of the consolidated statements of financial condition, and revenues and expenses for the periods then ended. Such estimates are used in connection with the determination of the allowance for loan losses, evaluation of goodwill for impairment, evaluation of other-than-temporary impairment on securities, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits, among others. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. Illiquid credit markets, volatile securities markets, and declines in the housing market and the economy generally have combined to increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, Federal funds sold and commercial paper with maturity dates less than 90 days. | |
Securities | Securities |
Securities include investment securities held to maturity and securities available for sale. Securities that the Company has the positive intent and ability to hold to maturity are classified as “investment securities held to maturity” and reported at amortized cost. Securities to be held for indefinite periods of time and not intended to be held to maturity are classified as “securities available for sale” and are reported at estimated fair value, with unrealized gains and losses excluded from earnings and reported as a separate component of stockholders’ equity, net of deferred taxes. | |
The estimated fair values of the Company’s securities are affected by changes in interest rates, credit spreads, and market illiquidity. The Company conducts a periodic review and evaluation of the securities portfolio to determine if any declines in the fair values of securities are other-than-temporary. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 320 “Investments-Debt and Equity Securities” on April 1, 2009, to determine if a decline in value is other-than- temporary, the Company evaluates if it has the intent to sell these securities or if it is more likely than not that the Company would be required to sell the securities before the anticipated recovery. If such a decline were deemed other-than-temporary, the Company would measure the total credit-related component of the unrealized loss, and recognize that portion of the loss as a charge to current period earnings. The remaining portion of the unrealized loss would be recognized as an adjustment to accumulated other comprehensive income. In general, as interest rates rise, the market value of fixed-rate securities decreases and as interest rates fall, the market value of fixed-rate securities increases. The market for non-investment grade, privately issued mortgage-backed securities remains illiquid and prices have not appreciated despite favorable movements in interest rates. To determine if a decline in value is other-than-temporary, the Company evaluates if it has the intent to sell these securities or if it is more likely than not that the Company would be required to sell the securities before the anticipated recovery. | |
Premiums and discounts on securities are amortized and accreted to income using a method that approximates the interest method over the remaining period to contractual maturity, adjusted for anticipated prepayments. Dividend and interest income are recognized when earned. Realized gains and losses are recognized when securities are sold or called based on the specific identification method. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
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). 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. | |
Federal Home Loan Bank of New York Stock | Federal Home Loan Bank of New York Stock |
The Bank, as a member of the Federal Home Loan Bank of New York (“FHLB”), is required to hold shares of capital stock of the FHLB at cost based on a specified formula. The Bank carries this investment at cost, which approximates fair value. | |
Loans | Loans |
Loans receivable are carried at unpaid principal balances plus unamortized premiums, purchase accounting mark-to-market adjustments, certain deferred direct loan origination costs and deferred loan origination fees and discounts, less the allowance for loan losses. | |
The Bank defers loan origination fees and certain direct loan origination costs and accretes such amounts as an adjustment to yield over the expected lives of the related loans using the interest method. Premiums and discounts on loans purchased are amortized or accreted as an adjustment of yield over the contractual lives of the related loans, adjusted for prepayments when applicable, using methodologies which approximate the interest method. | |
Loans are generally placed on non-accrual status when they are past due 90 days or more as to contractual obligations or when other circumstances indicate that collection is questionable. When a loan is placed on non-accrual status, any interest accrued but not received is reversed against interest income. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. A non-accrual loan is restored to accrual status when principal and interest payments become less than 90 days past due and its future collectibility is reasonably assured. | |
An impaired loan is defined as a loan for which it is probable, based on current information, that the lender will not collect all amounts due under the contractual terms of the loan agreement. Impaired loans are individually assessed to determine that each loan’s carrying value is not in excess of the fair value of the related collateral or the present value of the expected future cash flows. Residential mortgage and consumer loans are deemed smaller balance homogeneous loans which are evaluated collectively for impairment and are therefore excluded from the population of impaired loans. | |
Purchased Credit-Impaired (“PCI”) loans, are loans acquired at a discount primarily due to deteriorated credit quality. PCI loans are recorded at fair value at the date of acquisition, with no allowance for loan losses. The difference between the undiscounted cash flows expected at acquisition and the fair value of the PCI loans at acquisition represents the accretable yield and is recognized as interest income over the life of the loans. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition represent the non-accretable discount and are not recognized as a yield adjustment or a valuation allowance. Reclassifications of the non-accretable to accretable yield may occur subsequent to the loan acquisition dates due to an increase in expected cash flows of the loans and results in an increase in interest income on a prospective basis. | |
Allowance for Loan Losses | Allowance for Loan Losses |
Losses on loans are charged to the allowance for loan losses. Additions to this allowance are made by recoveries of loans previously charged off and by a provision charged to expense. The determination of the balance of the allowance for loan losses is based on an analysis of the loan portfolio, economic conditions, historical loan loss experience and other factors that warrant recognition in providing for an adequate allowance. | |
While management uses available information to recognize losses on loans, future additions to the allowance for loan losses may be necessary based on changes in economic conditions in the Bank’s market area. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Bank’s allowance for loan losses. Such agencies may require the Bank to recognize additions to the allowance or additional write-downs based on their judgments about information available to them at the time of their examination. | |
Foreclosed Assets | Foreclosed Assets |
Assets acquired through foreclosure or deed in lieu of foreclosure are carried at the lower of the outstanding loan balance at the time of foreclosure or fair value, less estimated costs to sell. Fair value is generally based on recent appraisals. When an asset is acquired, the excess of the loan balance over fair value, less estimated costs to sell, 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. | |
Banking Premises and Equipment | Banking Premises and Equipment |
Land is carried at cost. Banking premises, furniture, fixtures and equipment are carried at cost, less accumulated depreciation, computed using the straight-line method based on their estimated useful lives (generally 25 to 40 years for buildings and 3 to 5 years for furniture and equipment). Leasehold improvements, carried at cost, net of accumulated depreciation, are amortized over the terms of the leases or the estimated useful lives of the assets, whichever are shorter, using the straight-line method. Maintenance and repairs are charged to expense as incurred. | |
Income Taxes | Income Taxes |
The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The determination of whether deferred tax assets will be realizable is predicated on estimates of future taxable income. Such estimates are subject to management’s judgment. A valuation reserve is established when management is unable to conclude that it is more likely than not that it will realize deferred tax assets based on the nature and timing of these items. The Company recognizes, when applicable, interest and penalties related to unrecognized tax benefits in the provision for income taxes. | |
Trust Assets | Trust Assets |
Trust assets consisting of securities and other property (other than cash on deposit held by the Bank in fiduciary or agency capacities for customers of the Bank’s wholly owned subsidiary, Beacon Trust Company) are not included in the accompanying consolidated statements of financial condition because such properties are not assets of the Bank. | |
Intangible Assets | Intangible Assets |
Intangible assets of the Bank consist of goodwill, core deposit premiums, customer relationship premium and mortgage servicing rights. Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment each year at September 30th. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its annual goodwill impairment test as of September 30, 2014. Based upon its qualitative assessment of goodwill, the Company concluded that goodwill was not impaired and no further quantitative analysis was warranted. | |
Core deposit premiums represent the intangible value of depositor relationships assumed in purchase acquisitions and are amortized on an accelerated basis over 8.8 years. Customer relationship premiums represent the intangible value of customer relationships assumed in the purchase acquisition of Beacon and are amortized on an accelerated basis over 12.0 years. Mortgage servicing rights are recorded when purchased or when originated mortgage loans are sold, with servicing rights retained. Mortgage servicing rights are amortized on an accelerated method based upon the estimated lives of the related loans, adjusted for prepayments. Mortgage servicing rights are carried at the lower of amortized cost or fair value. | |
Bank-owned Life Insurance | Bank-owned Life Insurance |
Bank-owned life insurance is accounted for using the cash surrender value method and is recorded at its realizable value. | |
Employee Benefit Plans | Employee Benefit Plans |
The Bank maintains a pension plan which covers full-time employees hired prior to April 1, 2003, the date on which the pension plan was frozen. The Bank’s policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit postretirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status at the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. | |
The Bank has a 401(k) plan covering substantially all employees of the Bank. The Bank may match a percentage of the first 6% contributed by participants. The Bank’s matching contribution, if any, is determined by the Board of Directors in its sole discretion. | |
The Bank has an Employee Stock Ownership Plan (“ESOP”). The funds borrowed by the ESOP from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions and dividends paid on unallocated ESOP shares over a period of up to 30 years. The Company’s common stock not allocated to participants is recorded as a reduction of stockholders’ equity at cost. Compensation expense for the ESOP is based on the average price of the Company’s stock during each quarter and the amount of shares allocated during the quarter. | |
The Bank has an Equity Plan designed to provide competitive compensation for demonstrated performance and to align the interests of participants directly to increases in shareholder value. The Equity Plan provides for performance-vesting grants as well as time-vesting grants. Time-vesting stock awards, stock options and performance vesting stock awards that are based on a performance condition, such as Earnings Per Share are valued on the closing stock price on the date of grant. Performance vesting stock awards and options that are based on a market condition, such as Total Shareholder Return, would be valued using a generally accepted statistical technique to simulate future stock prices for Provident and the components of the Peer Group which Provident would be measured against. | |
Expense related to time vesting stock awards and stock options is based on the fair value of the common stock on the date of the grant and on the fair value of the stock options on the date of the grant, respectively, and is recognized ratably over the vesting period of the awards. Performance vesting stock awards and stock options are either dependent upon a market condition or a performance condition. A market condition performance metric is tied to a stock price, either on an absolute basis, or a relative basis against peers, while a performance-condition is based on internal operations, such as earnings per share. The expense related to a market condition performance-vesting stock award or stock option requires an initial Monte Carlo simulation to determine grant date fair value, which will be recognized as a compensation expense regardless of actual payout, assuming that the executive is still employed at the end of the requisite service period. If pre-vesting termination (forfeiture) occurs, then any expense recognized to date can be reversed. The grant date fair value is recognized ratably over the performance period. The expense related to a performance condition stock award or stock option is based on the fair value of the award on the date of grant, adjusted periodically based upon the number of awards or options expected to be earned, recognized over the performance period. | |
In connection with the First Sentinel acquisition in July 2004, the Company assumed the First Savings Bank Directors’ Deferred Fee Plan (the “DDFP”). The DDFP was frozen prior to the acquisition. The Company recorded a deferred compensation equity instrument and corresponding contra-equity account for the value of the shares held by the DDFP at the July 14, 2004 acquisition date. These accounts will be liquidated as shares are distributed from the DDFP in accordance with the plan document. At December 31, 2014, there were 406,883 shares held by the DDFP. | |
The Bank maintains a non-qualified plan that provides supplemental benefits to certain executives who are prevented from receiving the full benefits contemplated by the 401(k) Plan’s and the ESOP’s benefit formulas under tax law limits for tax-qualified plans. | |
Postretirement Benefits Other Than Pensions | Postretirement Benefits Other Than Pensions |
The Bank provides postretirement health care and life insurance plans to certain of its employees. The life insurance coverage is noncontributory to the participant. Participants contribute to the cost of medical coverage based on the employee’s length of service with the Bank. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. On December 31, 2002, the Bank eliminated postretirement healthcare benefits for employees with less than 10 years of service. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit postretirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income, net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. | |
Derivatives | Derivatives |
The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Currently, none of the Company’s derivatives are designated in qualifying hedging relationships. The existing interest rate derivatives result from a service provided to certain qualifying borrowers in a loan related transaction and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. As such, all changes in fair value of the Company’s derivatives are recognized directly in earnings. The fair value of the Company's derivatives are determined using discounted cash flow analysis using observable market-based inputs. | |
Comprehensive Income | Comprehensive Income |
Comprehensive income is divided into net income and other comprehensive income. Other comprehensive income includes items previously recorded directly to equity, such as unrealized gains and losses on securities available for sale and amortization related to post-retirement obligations. Comprehensive income is presented in a separate Consolidated Statement of Comprehensive Income. | |
Segment Reporting | Segment Reporting |
The Company’s operations are solely in the financial services industry and include providing to its customers traditional banking and other financial services. The Company operates primarily in the geographical regions of northern and central New Jersey and eastern Pennsylvania. Management makes operating decisions and assesses performance based on an ongoing review of the Bank’s consolidated financial results. Therefore, the Company has a single operating segment for financial reporting purposes. | |
Earnings Per Share | Earnings Per Share |
Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock (such as stock options) were exercised or resulted in the issuance of common stock. These potentially dilutive shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. Shares issued and shares reacquired during the period are weighted for the portion of the period that they were outstanding. | |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements |
In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-14, “Receivables - Troubled Debt Restructurings by Creditors: Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure.” The amendments in this update affect creditors that hold government guaranteed mortgage loans, including those guaranteed by the Federal Housing Administration and the U.S. Department of Veterans Affairs. The amendments in this update require that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met (i) the loan has a government guarantee that is not separable from the loan before foreclosure, (ii) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim, and (iii) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this update are effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The Company does not anticipate a significant impact to the consolidated financial statements related to this guidance. The Company will comply with the provisions of this guidance upon its effective date and, if applicable, record a separate other receivable for foreclosed government guaranteed mortgage loans. | |
In June 2014, the FASB issued 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," which 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. | |
Also in June 2014, the FASB 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 currently assessing the impact that the adoption of this update will have on its consolidated financial statements and disclosures. | |
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." The objective of this amendment is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP. This update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are in the scope of other standards. For public entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2016. The Company does not anticipate a material impact to the consolidated financial statements related to this guidance. | |
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,” which 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. |
Stockholders_Equity_and_Acquis1
Stockholders' Equity and Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Equity [Abstract] | |||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition from 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 | 631,209 | ||||
Bank-owned life insurance | 22,319 | ||||
Banking premises and equipment | 24,778 | ||||
Accrued interest receivable | 3,060 | ||||
Goodwill | 40,354 | ||||
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_Held_to_1
Investment Securities Held to Maturity (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||
Investment Securities Held to Maturity | Investment securities held to maturity at December 31, 2014 and 2013 are summarized as follows (in thousands): | ||||||||||||||||||
2014 | |||||||||||||||||||
Amortized | Gross | Gross | Fair | ||||||||||||||||
cost | unrealized | unrealized | value | ||||||||||||||||
gains | losses | ||||||||||||||||||
Agency obligations | $ | 6,813 | 17 | (20 | ) | 6,810 | |||||||||||||
Mortgage-backed securities | 2,816 | 123 | — | 2,939 | |||||||||||||||
State and municipal obligations | 449,410 | 13,814 | (986 | ) | 462,238 | ||||||||||||||
Corporate obligations | 10,489 | 29 | (32 | ) | 10,486 | ||||||||||||||
$ | 469,528 | 13,983 | (1,038 | ) | 482,473 | ||||||||||||||
2013 | |||||||||||||||||||
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 | ||||||||||||||
Securities Held to Maturity by Contractual Maturity | The amortized cost and fair value of investment securities held to maturity at December 31, 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. | ||||||||||||||||||
2014 | |||||||||||||||||||
Amortized | Fair | ||||||||||||||||||
cost | value | ||||||||||||||||||
Due in one year or less | $ | 8,939 | 9,011 | ||||||||||||||||
Due after one year through five years | 52,090 | 53,225 | |||||||||||||||||
Due after five years through ten years | 175,546 | 181,887 | |||||||||||||||||
Due after ten years | 230,137 | 235,411 | |||||||||||||||||
$ | 466,712 | 479,534 | |||||||||||||||||
Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment | The following table represents the Company’s disclosure on investment securities held to maturity with temporary impairment (in thousands): | ||||||||||||||||||
December 31, 2014 Unrealized Losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair value | Gross | Fair value | Gross | Fair value | Gross | ||||||||||||||
unrealized | unrealized | unrealized | |||||||||||||||||
losses | losses | losses | |||||||||||||||||
Agency obligations | $ | 3,735 | (20 | ) | — | — | 3,735 | (20 | ) | ||||||||||
State and municipal obligations | 27,679 | (217 | ) | 47,079 | (769 | ) | 74,758 | (986 | ) | ||||||||||
Corporate obligations | 6,888 | (32 | ) | — | — | 6,888 | (32 | ) | |||||||||||
$ | 38,302 | (269 | ) | 47,079 | (769 | ) | 85,381 | (1,038 | ) | ||||||||||
December 31, 2013 Unrealized Losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair value | Gross | Fair value | Gross | Fair value | Gross | ||||||||||||||
unrealized | unrealized | 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 | ) | ||||||||||
Securities_Available_for_Sale_
Securities Available for Sale (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||
Securities Available for Sale | Securities available for sale at December 31, 2014 and 2013 are summarized as follows (in thousands): | ||||||||||||||||||
2014 | |||||||||||||||||||
Amortized | Gross | Gross | Fair value | ||||||||||||||||
cost | unrealized | unrealized | |||||||||||||||||
gains | losses | ||||||||||||||||||
U.S. Treasury obligations | $ | 8,016 | 3 | (3 | ) | 8,016 | |||||||||||||
Agency obligations | 94,871 | 268 | (63 | ) | 95,076 | ||||||||||||||
Mortgage-backed securities | 944,796 | 15,610 | (3,149 | ) | 957,257 | ||||||||||||||
State and municipal obligations | 6,855 | 147 | — | 7,002 | |||||||||||||||
Corporate obligations | 6,526 | 9 | (15 | ) | 6,520 | ||||||||||||||
Equity securities | 397 | 127 | — | 524 | |||||||||||||||
$ | 1,061,461 | 16,164 | (3,230 | ) | 1,074,395 | ||||||||||||||
2013 | |||||||||||||||||||
Amortized | Gross | Gross | Fair value | ||||||||||||||||
cost | unrealized | unrealized | |||||||||||||||||
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 | ||||||||||||||
Securities Available for Sale by Contractual Maturity | The amortized cost and fair value of securities available for sale at December 31, 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. | ||||||||||||||||||
2014 | |||||||||||||||||||
Amortized | Fair | ||||||||||||||||||
cost | value | ||||||||||||||||||
Due in one year or less | $ | 28,709 | 28,831 | ||||||||||||||||
Due after one year through five years | 81,558 | 81,729 | |||||||||||||||||
Due after five years through ten years | 3,018 | 3,015 | |||||||||||||||||
Due after ten years | 2,983 | 3,039 | |||||||||||||||||
$ | 116,268 | 116,614 | |||||||||||||||||
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): | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Beginning credit loss amount | $ | 1,674 | 1,240 | ||||||||||||||||
Add: Initial OTTI credit losses | — | — | |||||||||||||||||
Subsequent OTTI credit losses | — | 434 | |||||||||||||||||
Less: Realized losses for securities sold | 1,674 | — | |||||||||||||||||
Securities intended or required to be sold | — | — | |||||||||||||||||
Increases in expected cash flows on debt securities | — | — | |||||||||||||||||
Ending credit loss amount | $ | — | 1,674 | ||||||||||||||||
Disclosure on Securities Available for Sale with Temporary Impairment | The following table represents the Company’s disclosure on securities available for sale with temporary impairment (in thousands): | ||||||||||||||||||
December 31, 2014 Unrealized Losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair value | Gross | Fair value | Gross | Fair value | Gross | ||||||||||||||
unrealized | unrealized | unrealized | |||||||||||||||||
losses | losses | losses | |||||||||||||||||
U.S. Treasury obligations | $ | 5,937 | (3 | ) | — | — | 5,937 | (3 | ) | ||||||||||
Agency obligations | 24,404 | (40 | ) | 5,010 | (23 | ) | 29,414 | (63 | ) | ||||||||||
Mortgage-backed securities | 55,488 | (221 | ) | 206,669 | (2,928 | ) | 262,157 | (3,149 | ) | ||||||||||
State and municipal obligations | — | — | — | — | — | — | |||||||||||||
Corporate obligations | 3,466 | (15 | ) | — | — | 3,466 | (15 | ) | |||||||||||
$ | 89,295 | (279 | ) | 211,679 | (2,951 | ) | 300,974 | (3,230 | ) | ||||||||||
December 31, 2013 Unrealized Losses | |||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Fair value | Gross | Fair value | Gross | Fair value | Gross | ||||||||||||||
unrealized | unrealized | 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 | ) | ||||||||||
Loans_Receivable_and_Allowance1
Loans Receivable and Allowance for Loan Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Summarized Loans Receivable | Loans receivable at December 31, 2014 and 2013 are summarized as follows (in thousands): | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 1,251,445 | 1,174,043 | |||||||||||||||||||||||||||||
Commercial | 1,694,359 | 1,400,624 | ||||||||||||||||||||||||||||||
Multi-family | 1,041,582 | 928,906 | ||||||||||||||||||||||||||||||
Construction | 221,102 | 183,289 | ||||||||||||||||||||||||||||||
Total mortgage loans | 4,208,488 | 3,686,862 | ||||||||||||||||||||||||||||||
Commercial loans | 1,262,422 | 932,199 | ||||||||||||||||||||||||||||||
Consumer loans | 611,467 | 577,602 | ||||||||||||||||||||||||||||||
Total gross loans | 6,082,377 | 5,196,663 | ||||||||||||||||||||||||||||||
Purchased credit-impaired ("PCI") loans | 4,510 | — | ||||||||||||||||||||||||||||||
Premiums on purchased loans | 5,307 | 4,202 | ||||||||||||||||||||||||||||||
Unearned discounts | (53 | ) | (62 | ) | ||||||||||||||||||||||||||||
Net deferred fees | (6,636 | ) | (5,990 | ) | ||||||||||||||||||||||||||||
$ | 6,085,505 | 5,194,813 | ||||||||||||||||||||||||||||||
Summary of Aging Loans Receivable by Portfolio Segment and Class | The following table summarizes the aging of loans receivable by portfolio segment and class of loans , excluding PCI loans (in thousands): | |||||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Non-accrual | Total Past Due | Current | Total Loans | Recorded | ||||||||||||||||||||||||||
Receivable | Investment > | |||||||||||||||||||||||||||||||
90 days | ||||||||||||||||||||||||||||||||
accruing | ||||||||||||||||||||||||||||||||
Mortgage loans: | . | |||||||||||||||||||||||||||||||
Residential | $ | 10,121 | 4,331 | 17,222 | 31,674 | 1,219,771 | 1,251,445 | — | ||||||||||||||||||||||||
Commercial | 146 | 30 | 20,026 | 20,202 | 1,674,157 | 1,694,359 | — | |||||||||||||||||||||||||
Multi-family | — | — | 321 | 321 | 1,041,261 | 1,041,582 | — | |||||||||||||||||||||||||
Construction | — | — | — | — | 221,102 | 221,102 | — | |||||||||||||||||||||||||
Total mortgage loans | 10,267 | 4,361 | 37,569 | 52,197 | 4,156,291 | 4,208,488 | — | |||||||||||||||||||||||||
Commercial loans | 1,000 | 371 | 12,342 | 13,713 | 1,248,709 | 1,262,422 | — | |||||||||||||||||||||||||
Consumer loans | 2,398 | 2,509 | 3,944 | 8,851 | 602,616 | 611,467 | — | |||||||||||||||||||||||||
Total gross loans | $ | 13,665 | 7,241 | 53,855 | 74,761 | 6,007,616 | 6,082,377 | — | ||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Non-accrual | Total Past Due | Current | Total Loans | Recorded | ||||||||||||||||||||||||||
Receivable | Investment > | |||||||||||||||||||||||||||||||
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 gross 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 | Loans receivable summarized by portfolio segment and impairment method, excluding PCI loans are as follows (in thousands): | |||||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total | |||||||||||||||||||||||||||||
loans | loans | loans | Portfolio | |||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 66,548 | 16,463 | 2,384 | 85,395 | |||||||||||||||||||||||||||
Collectively evaluated for impairment | 4,141,940 | 1,245,959 | 609,083 | 5,996,982 | ||||||||||||||||||||||||||||
Total gross loans | $ | 4,208,488 | 1,262,422 | 611,467 | 6,082,377 | |||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total | |||||||||||||||||||||||||||||
loans | loans | loans | Portfolio | |||||||||||||||||||||||||||||
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 gross loans | $ | 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, excluding PCI loans as follows (in thousands): | |||||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total | Unallocated | Total | |||||||||||||||||||||||||||
loans | loans | loans | Portfolio | |||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,696 | 2,318 | 113 | 7,127 | — | 7,127 | |||||||||||||||||||||||||
Collectively evaluated for impairment | 27,281 | 22,063 | 4,768 | 54,112 | 495 | 54,607 | ||||||||||||||||||||||||||
Total | $ | 31,977 | 24,381 | 4,881 | 61,239 | 495 | 61,734 | |||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total | Unallocated | Total | |||||||||||||||||||||||||||
loans | loans | loans | Portfolio | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Total | $ | 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 years ended December 31, 2014 and 2013 and their balances immediately prior to the modification date and post-modification as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | 14 | $ | 3,034 | 2,725 | ||||||||||||||||||||||||||||
Commercial | 1 | 865 | 861 | |||||||||||||||||||||||||||||
Total mortgage loans | 15 | 3,899 | 3,586 | |||||||||||||||||||||||||||||
Commercial loans | — | — | — | |||||||||||||||||||||||||||||
Consumer loans | 2 | 394 | 156 | |||||||||||||||||||||||||||||
Total restructured loans | 17 | $ | 4,293 | 3,742 | ||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | Number of | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||
Loans | Outstanding | Outstanding | ||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | 42 | $ | 9,097 | 9,149 | ||||||||||||||||||||||||||||
Commercial | 1 | 330 | 304 | |||||||||||||||||||||||||||||
Total mortgage loans | 43 | 9,427 | 9,453 | |||||||||||||||||||||||||||||
Commercial loans | 3 | 1,846 | 1,816 | |||||||||||||||||||||||||||||
Consumer loans | 8 | 1,119 | 1,095 | |||||||||||||||||||||||||||||
Total restructured loans | 54 | $ | 12,392 | 12,364 | ||||||||||||||||||||||||||||
Schedule of Troubled Debt Restructurings Subsequently Defaulted | The following table presents loans modified as TDRs within the previous 12 months from December 31, 2014 and 2013, and for which there was a payment default (90 days or more past due) during the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||
Troubled Debt Restructurings Subsequently Defaulted | Number of | Outstanding | Number of | Outstanding | ||||||||||||||||||||||||||||
Loans | Recorded | Loans | Recorded | |||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||||||||||
Commercial loans | — | — | 3 | 1,815 | ||||||||||||||||||||||||||||
Consumer loans | — | — | 1 | 130 | ||||||||||||||||||||||||||||
Total restructured loans | — | $ | — | 4 | $ | 1,945 | ||||||||||||||||||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | 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 for the ended December 31, 2014 (in thousands): | ||||||||||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||||||
Beginning balance | $ | — | ||||||||||||||||||||||||||||||
Acquisition | 810 | |||||||||||||||||||||||||||||||
Accretion | (592 | ) | ||||||||||||||||||||||||||||||
Reclassification from non-accretable difference | 477 | |||||||||||||||||||||||||||||||
Ending balance | $ | 695 | ||||||||||||||||||||||||||||||
Allowance for Loan Losses | The activity in the allowance for loan losses for the years ended December 31, 2014, 2013 and 2012 is as follows (in thousands): | |||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 64,664 | 70,348 | 74,351 | ||||||||||||||||||||||||||||
Provision charged to operations | 4,650 | 5,500 | 16,000 | |||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 3,292 | 3,222 | 3,904 | |||||||||||||||||||||||||||||
Loans charged off | (10,872 | ) | (14,406 | ) | (23,907 | ) | ||||||||||||||||||||||||||
Balance at end of period | $ | 61,734 | 64,664 | 70,348 | ||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses by Portfolio Segment | The activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total | Unallocated | Total | |||||||||||||||||||||||||||
loans | loans | loans | Portfolio | |||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 34,144 | 24,107 | 4,929 | 63,180 | 1,484 | 64,664 | |||||||||||||||||||||||||
Provision charged to operations | 1,455 | 2,947 | 1,237 | 5,639 | (989 | ) | 4,650 | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 286 | 1,776 | 1,230 | 3,292 | — | 3,292 | ||||||||||||||||||||||||||
Loans charged off | (3,908 | ) | (4,449 | ) | (2,515 | ) | (10,872 | ) | — | (10,872 | ) | |||||||||||||||||||||
Balance at end of period | $ | 31,977 | 24,381 | 4,881 | 61,239 | 495 | 61,734 | |||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Total | Unallocated | Total | |||||||||||||||||||||||||||
loans | loans | loans | Portfolio | |||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 37,962 | 20,315 | 5,224 | 63,501 | 6,847 | 70,348 | |||||||||||||||||||||||||
Provision charged to operations | 2,065 | 6,403 | 2,395 | 10,863 | (5,363 | ) | 5,500 | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 1,133 | 1,075 | 1,014 | 3,222 | — | 3,222 | ||||||||||||||||||||||||||
Loans charged off | (7,016 | ) | (3,686 | ) | (3,704 | ) | (14,406 | ) | — | (14,406 | ) | |||||||||||||||||||||
Balance at end of period | $ | 34,144 | 24,107 | 4,929 | 63,180 | 1,484 | 64,664 | |||||||||||||||||||||||||
Summary of Impaired Loans Receivable by Class | Impaired loans receivable by class, excluding PCI loans are summarized as follows (in thousands): | |||||||||||||||||||||||||||||||
At December 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||||||
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 | $ | 14,942 | 10,629 | — | 11,138 | 357 | 13,459 | 9,999 | — | 10,322 | 299 | |||||||||||||||||||||
Commercial | 4,971 | 4,708 | — | 4,713 | — | 4,917 | 4,667 | — | 4,834 | 3 | ||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total | 19,913 | 15,337 | — | 15,851 | 357 | 18,376 | 14,666 | — | 15,156 | 302 | ||||||||||||||||||||||
Commercial loans | 2,718 | 2,179 | — | 1,823 | 4 | 8,163 | 6,674 | — | 8,252 | 24 | ||||||||||||||||||||||
Consumer loans | 1,250 | 830 | — | 870 | 28 | 754 | 618 | — | 674 | 26 | ||||||||||||||||||||||
Total loans | $ | 23,881 | 18,346 | — | 18,544 | 389 | 27,293 | 21,958 | — | 24,082 | 352 | |||||||||||||||||||||
Loans with an allow-ance recorded | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 15,523 | 14,906 | 2,367 | 15,106 | 555 | $ | 17,122 | 16,473 | 2,571 | 16,610 | 557 | ||||||||||||||||||||
Commercial | 37,555 | 36,306 | 2,329 | 36,674 | 914 | 37,320 | 36,251 | 2,309 | 36,727 | 976 | ||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Construction | — | — | — | — | — | 9,810 | 8,449 | 2,949 | 8,659 | — | ||||||||||||||||||||||
Total | 53,078 | 51,212 | 4,696 | 51,780 | 1,469 | 64,252 | 61,173 | 7,829 | 61,996 | 1,533 | ||||||||||||||||||||||
Commercial loans | 15,990 | 14,283 | 2,318 | 15,967 | 390 | 22,779 | 21,536 | 2,221 | 23,204 | 650 | ||||||||||||||||||||||
Consumer loans | 1,565 | 1,554 | 113 | 1,578 | 80 | 1,732 | 1,703 | 167 | 1,726 | 63 | ||||||||||||||||||||||
Total loans | $ | 70,633 | 67,049 | 7,127 | 69,325 | 1,939 | $ | 88,763 | 84,412 | 10,217 | 86,926 | 2,246 | ||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||
Residential | $ | 30,465 | 25,535 | 2,367 | 26,244 | 912 | $ | 30,581 | 26,472 | 2,571 | 26,932 | 856 | ||||||||||||||||||||
Commercial | 42,526 | 41,014 | 2,329 | 41,387 | 914 | 42,237 | 40,918 | 2,309 | 41,561 | 979 | ||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Construction | — | — | — | — | — | 9,810 | 8,449 | 2,949 | 8,659 | — | ||||||||||||||||||||||
Total | 72,991 | 66,549 | 4,696 | 67,631 | 1,826 | 82,628 | 75,839 | 7,829 | 77,152 | 1,835 | ||||||||||||||||||||||
Commercial loans | 18,708 | 16,462 | 2,318 | 17,790 | 394 | 30,942 | 28,210 | 2,221 | 31,456 | 674 | ||||||||||||||||||||||
Consumer loans | 2,815 | 2,384 | 113 | 2,448 | 108 | 2,486 | 2,321 | 167 | 2,400 | 89 | ||||||||||||||||||||||
Total loans | $ | 94,514 | 85,395 | 7,127 | 87,869 | 2,328 | $ | 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 December 31, 2014 | ||||||||||||||||||||||||||||||||
Residential | Commercial | Multi- | Construction | Total | Commercial | Consumer | Total loans | |||||||||||||||||||||||||
mortgages | family | mortgages | loans | loans | ||||||||||||||||||||||||||||
Special mention | $ | 4,331 | 18,414 | 851 | — | 23,596 | 45,599 | 2,509 | 71,704 | |||||||||||||||||||||||
Substandard | 17,222 | 53,454 | 322 | 2,600 | 73,598 | 32,828 | 3,938 | 110,364 | ||||||||||||||||||||||||
Doubtful | — | 1,063 | — | — | 1,063 | 29 | — | 1,092 | ||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total classified and criticized | 21,553 | 72,931 | 1,173 | 2,600 | 98,257 | 78,456 | 6,447 | 183,160 | ||||||||||||||||||||||||
Acceptable/watch | 1,229,892 | 1,621,428 | 1,040,409 | 218,502 | 4,110,231 | 1,183,966 | 605,020 | 5,899,217 | ||||||||||||||||||||||||
Total outstanding loans | $ | 1,251,445 | 1,694,359 | 1,041,582 | 221,102 | 4,208,488 | 1,262,422 | 611,467 | 6,082,377 | |||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||||||
Residential | Commercial | Multi- | Construction | Total | Commercial | Consumer | Total loans | |||||||||||||||||||||||||
mortgages | family | mortgages | loans | loans | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Acceptable/watch | 1,145,970 | 1,330,731 | 928,503 | 174,840 | 3,580,044 | 856,312 | 571,345 | 5,007,701 | ||||||||||||||||||||||||
Total outstanding loans | $ | 1,174,043 | 1,400,624 | 928,906 | 183,289 | 3,686,862 | 932,199 | 577,602 | 5,196,663 | |||||||||||||||||||||||
Banking_Premises_and_Equipment1
Banking Premises and Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Property, Plant and Equipment [Abstract] | |||||||
Banking Premises and Equipment | A summary of banking premises and equipment at December 31, 2014 and 2013 is as follows (in thousands): | ||||||
2014 | 2013 | ||||||
Land | $ | 15,767 | 13,955 | ||||
Banking premises | 80,526 | 64,129 | |||||
Furniture, fixtures and equipment | 42,836 | 31,565 | |||||
Leasehold improvements | 33,819 | 27,503 | |||||
Construction in progress | 4,053 | 3,687 | |||||
177,001 | 140,839 | ||||||
Less accumulated depreciation and amortization | 84,011 | 74,391 | |||||
$ | 92,990 | 66,448 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||
Intangible Assets | Intangible assets at December 31, 2014 and 2013 are summarized as follows (in thousands): | |||||||||
2014 | 2013 | |||||||||
Goodwill | $ | 392,757 | 352,609 | |||||||
Core deposit premiums | 7,603 | 1,096 | ||||||||
Customer relationship and other intangibles | 2,987 | 1,563 | ||||||||
Mortgage servicing rights | 1,075 | 1,164 | ||||||||
$ | 404,422 | 356,432 | ||||||||
Amortization Expense of Intangible Assets | Amortization expense of intangible assets for the years ended December 31, 2014, 2013 and 2012 is as follows (in thousands): | |||||||||
2014 | 2013 | 2012 | ||||||||
Core deposit premiums | $ | 1,472 | 965 | 1,698 | ||||||
Customer relationship and other intangibles | 1,106 | 335 | 367 | |||||||
Mortgage servicing rights | 179 | 324 | 401 | |||||||
$ | 2,757 | 1,624 | 2,466 | |||||||
Scheduled Amortization of Core Deposit Intangibles | Scheduled amortization of core deposit and customer relationship intangibles for each of the next five years is as follows (in thousands): | |||||||||
Year ended December 31, | Scheduled Amortization | |||||||||
2015 | $ | 2,973 | ||||||||
2016 | 2,071 | |||||||||
2017 | 1,530 | |||||||||
2018 | 1,102 | |||||||||
2019 | 925 | |||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||
Schedule of Deposits | Deposits at December 31, 2014 and 2013 are summarized as follows (in thousands): | |||||||||||||
2014 | Weighted | 2013 | Weighted | |||||||||||
average | average | |||||||||||||
interest rate | interest rate | |||||||||||||
Savings deposits | $ | 995,347 | 0.1 | % | $ | 921,993 | 0.09 | % | ||||||
Money market accounts | 1,496,466 | 0.27 | 1,281,596 | 0.25 | ||||||||||
NOW accounts | 1,425,424 | 0.27 | 1,326,941 | 0.29 | ||||||||||
Non-interest bearing deposits | 1,049,597 | — | 865,187 | — | ||||||||||
Certificates of deposit | 825,689 | 0.89 | 806,754 | 0.97 | ||||||||||
$ | 5,792,523 | $ | 5,202,471 | |||||||||||
Scheduled Maturities of Certificates of Deposit | Scheduled maturities of certificates of deposit accounts at December 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||
2014 | 2013 | |||||||||||||
Within one year | $ | 568,462 | 529,896 | |||||||||||
One to three years | 152,317 | 193,457 | ||||||||||||
Three to five years | 100,080 | 82,344 | ||||||||||||
Five years and thereafter | 4,830 | 1,057 | ||||||||||||
$ | 825,689 | 806,754 | ||||||||||||
Interest Expense on Deposits | Interest expense on deposits for the years ended December 31, 2014, 2013 and 2012 is summarized as follows (in thousands): | |||||||||||||
Years ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Savings deposits | $ | 938 | 960 | 1,449 | ||||||||||
NOW and money market accounts | 7,733 | 7,456 | 10,292 | |||||||||||
Certificates of deposits | 6,661 | 9,615 | 13,607 | |||||||||||
$ | 15,332 | 18,031 | 25,348 | |||||||||||
Borrowed_Funds_Tables
Borrowed Funds (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
Schedule of Borrowed Funds | Borrowed funds at December 31, 2014 and 2013 are summarized as follows (in thousands): | |||||||||
2014 | 2013 | |||||||||
Securities sold under repurchase agreements | $ | 246,571 | 246,322 | |||||||
FHLB line of credit | 73,000 | 183,000 | ||||||||
FHLB advances | 1,190,280 | 774,557 | ||||||||
$ | 1,509,851 | 1,203,879 | ||||||||
Scheduled Maturities of FHLB Advances | Scheduled maturities of FHLB advances at December 31, 2014 are as follows (in thousands): | |||||||||
2014 | ||||||||||
Due in one year or less | $ | 269,668 | ||||||||
Due after one year through two years | 150,398 | |||||||||
Due after two years through three years | 262,534 | |||||||||
Due after three years through four years | 211,220 | |||||||||
Due after four years through five years | 203,991 | |||||||||
Thereafter | 92,469 | |||||||||
$ | 1,190,280 | |||||||||
Scheduled Maturities of Securities Sold Under Repurchase Agreements | Scheduled maturities of securities sold under repurchase agreements at December 31, 2014 are as follows (in thousands): | |||||||||
2014 | ||||||||||
Due in one year or less | $ | 91,571 | ||||||||
Due after one year through two years | 75,000 | |||||||||
Due after two years through three years | 25,000 | |||||||||
Due after three years through four years | 20,000 | |||||||||
Due after four years through five years | 35,000 | |||||||||
Thereafter | — | |||||||||
$ | 246,571 | |||||||||
Debt Disclosure by Year | The following tables set forth certain information as to Borrowed Funds for the years ended December 31, 2014 and 2013 (in thousands): | |||||||||
Maximum | Average | Weighted | ||||||||
balance | balance | average | ||||||||
interest | ||||||||||
rate | ||||||||||
2014:00:00 | ||||||||||
Securities sold under repurchase agreements | $ | 255,633 | 245,260 | 1.72 | % | |||||
FHLB line of credit | 180,000 | 104,121 | 0.37 | |||||||
FHLB advances | 1,190,280 | 989,245 | 2.08 | |||||||
Federal funds purchased | — | — | — | |||||||
2013:00:00 | ||||||||||
Securities sold under repurchase agreements | $ | 294,034 | 260,004 | 1.74 | % | |||||
FHLB line of credit | 183,000 | 48,784 | 0.38 | |||||||
FHLB advances | 774,557 | 599,991 | 2.34 | |||||||
Federal funds purchased | — | 253 | 1 | |||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||
Pension Plan and Post-Retirement Healthcare and Life Insurance Plans | The following table sets forth information regarding the pension plan and post-retirement healthcare and life insurance plans (in thousands): | ||||||||||||||||||||
Pension | Post-retirement | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||
Benefit obligation at beginning of year | $ | 28,605 | 32,189 | 28,277 | 22,086 | 25,116 | 23,327 | ||||||||||||||
Service cost | — | — | — | 169 | 240 | 252 | |||||||||||||||
Interest cost | 1,271 | 1,273 | 1,287 | 1,087 | 981 | 1,043 | |||||||||||||||
Actuarial loss (gain) | 51 | 114 | 779 | 51 | (210 | ) | 231 | ||||||||||||||
Benefits paid | (5,326 | ) | (969 | ) | (891 | ) | (670 | ) | (624 | ) | (634 | ) | |||||||||
Change in actuarial assumptions | 4,320 | (4,002 | ) | 2,737 | 5,610 | (3,417 | ) | 897 | |||||||||||||
Benefit obligation at end of year | $ | 28,921 | 28,605 | 32,189 | 28,333 | 22,086 | 25,116 | ||||||||||||||
Change in plan assets: | |||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 45,202 | 40,072 | 32,666 | — | — | — | ||||||||||||||
Actual return on plan assets | 2,868 | 6,099 | 4,184 | — | — | — | |||||||||||||||
Employer contributions | — | — | 4,113 | 670 | 624 | 634 | |||||||||||||||
Benefits paid | (5,326 | ) | (969 | ) | (891 | ) | (670 | ) | (624 | ) | (634 | ) | |||||||||
Fair value of plan assets at end of year | $ | 42,744 | 45,202 | 40,072 | — | — | — | ||||||||||||||
Funded status at end of year | $ | 13,823 | 16,597 | 7,883 | (28,333 | ) | (22,086 | ) | (25,116 | ) | |||||||||||
Components of Accumulated Other Comprehensive Loss (Gain) | The components of accumulated other comprehensive loss (gain) related to the pension plan and other post-retirement benefits, on a pre-tax basis, at December 31, 2014 and 2013 are summarized in the following table (in thousands): | ||||||||||||||||||||
Pension | Post-retirement | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Unrecognized prior service cost | $ | — | — | (1 | ) | (5 | ) | ||||||||||||||
Unrecognized net actuarial loss (gain) | 10,887 | 7,699 | 1,788 | (4,076 | ) | ||||||||||||||||
Total accumulated other comprehensive loss (gain) | $ | 10,887 | 7,699 | 1,787 | (4,081 | ) | |||||||||||||||
The following table presents the changes in the components of accumulated other comprehensive income, net of tax, for the years ended December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component, net of tax | |||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||
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 the beginning of the period, | $ | (2,799 | ) | (2,052 | ) | (4,851 | ) | 16,961 | (9,245 | ) | 7,716 | ||||||||||
Current period change in other comprehensive income (loss) | 10,542 | (5,662 | ) | 4,880 | (19,760 | ) | 7,193 | (12,567 | ) | ||||||||||||
Balance at the end of the period | $ | 7,743 | (7,714 | ) | 29 | (2,799 | ) | (2,052 | ) | (4,851 | ) | ||||||||||
Net Periodic Benefit Cost (Increase) | Net periodic benefit cost (increase) for the years ending December 31, 2014, 2013 and 2012, included the following components (in thousands): | ||||||||||||||||||||
Pension | Post-retirement | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||
Service cost | $ | — | — | — | 169 | 240 | 252 | ||||||||||||||
Interest cost | 1,271 | 1,273 | 1,287 | 1,087 | 981 | 1,043 | |||||||||||||||
Return on plan assets | (3,463 | ) | (3,167 | ) | (2,578 | ) | — | — | — | ||||||||||||
Amortization of: | |||||||||||||||||||||
Net gain (loss) | 441 | 1,352 | 1,428 | (204 | ) | 15 | 12 | ||||||||||||||
Lump sum pension distribution | 1,336 | — | — | — | — | — | |||||||||||||||
Unrecognized prior service cost | — | — | — | (4 | ) | (4 | ) | (4 | ) | ||||||||||||
Net periodic benefit (increase) cost | $ | (415 | ) | (542 | ) | 137 | 1,048 | 1,232 | 1,303 | ||||||||||||
Weighted Average Actuarial Assumptions Used | The weighted average actuarial assumptions used in the plan determinations at December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||
Pension | Post-retirement | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||
Discount rate | 4 | % | 5 | % | 4 | % | 4 | % | 5 | % | 4 | % | |||||||||
Rate of compensation increase | — | — | — | — | — | — | |||||||||||||||
Expected return on plan assets | 8 | 8 | 8 | — | — | — | |||||||||||||||
Medical and life insurance benefits cost rate of increase | — | — | — | 6 | 6 | 6.5 | |||||||||||||||
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate | A 1% change in the assumed health care cost trend rate would have had the following effects on post-retirement benefits at December 31, 2014 (in thousands): | ||||||||||||||||||||
1% increase | 1% decrease | ||||||||||||||||||||
Effect on total service cost and interest cost | $ | 220 | (180 | ) | |||||||||||||||||
Effect on post-retirement benefits obligation | $ | 5,260 | (4,160 | ) | |||||||||||||||||
Estimated Future Benefit Payments | Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years, are as follows (in thousands): | ||||||||||||||||||||
Pension | Post-retirement | ||||||||||||||||||||
2015 | $ | 1,080,000 | $ | 816,000 | |||||||||||||||||
2016 | 1,141,000 | 849,000 | |||||||||||||||||||
2017 | 1,188,000 | 882,000 | |||||||||||||||||||
2018 | 1,225,000 | 920,000 | |||||||||||||||||||
2019 | 1,269,000 | 967,000 | |||||||||||||||||||
Weighted-Average Asset Allocation of Pension Plan Assets | The weighted-average asset allocation of pension plan assets at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||
Asset Category | 2014 | 2013 | |||||||||||||||||||
Domestic equities | 41 | % | 44 | % | |||||||||||||||||
Foreign equities | 12 | % | 14 | % | |||||||||||||||||
Fixed income | 45 | % | 40 | % | |||||||||||||||||
Real estate | 2 | % | 2 | % | |||||||||||||||||
Cash | 0 | % | 0 | % | |||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||
Target Allocation of Assets and Acceptable Ranges | The target allocation of assets and acceptable ranges around the targets are as follows: | ||||||||||||||||||||
Asset Category | Target | Allowable Range | |||||||||||||||||||
Domestic equities | 44 | % | 35-55% | ||||||||||||||||||
Foreign equities | 14 | % | 5-25% | ||||||||||||||||||
Fixed income | 40 | % | 30-50% | ||||||||||||||||||
Real estate | 2 | % | 0-10% | ||||||||||||||||||
Cash | 0 | % | 0-35% | ||||||||||||||||||
Total | 100 | % | |||||||||||||||||||
Assets Measured at Fair Value on Recurring Basis | The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the statements of net assets available for Plan benefits at December 31, 2014 and 2013, respectively. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||||||||||
Fair value measurements at December 31, 2014 | |||||||||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Group annuity contracts | $ | 152 | — | 152 | — | ||||||||||||||||
Mutual funds: | |||||||||||||||||||||
International equity | 5,370 | 5,370 | — | — | |||||||||||||||||
Large U.S. equity | 1,689 | 1,689 | — | — | |||||||||||||||||
Small/Mid U.S. equity | 1,309 | 1,309 | — | — | |||||||||||||||||
Total mutual funds | 8,368 | 8,368 | — | — | |||||||||||||||||
Pooled separate accounts: | |||||||||||||||||||||
Fixed income | 19,789 | — | 19,789 | — | |||||||||||||||||
Large U.S. equity | 11,857 | — | 11,857 | — | |||||||||||||||||
Small/Mid U.S. equity | 2,578 | — | 2,578 | — | |||||||||||||||||
Total pooled separate accounts | 34,224 | — | 34,224 | — | |||||||||||||||||
Total investments | $ | 42,744 | 8,368 | 34,376 | — | ||||||||||||||||
Fair value measurements at December 31, 2013 | |||||||||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Group annuity contracts | $ | 180 | — | 180 | — | ||||||||||||||||
Mutual funds: | |||||||||||||||||||||
Fixed income | 9,210 | 9,210 | — | — | |||||||||||||||||
International equity | 6,316 | 6,316 | — | — | |||||||||||||||||
Large U.S. equity | 1,809 | 1,809 | — | — | |||||||||||||||||
Small/Mid U.S. equity | 1,844 | 1,844 | — | — | |||||||||||||||||
Total mutual funds | 19,179 | 19,179 | — | — | |||||||||||||||||
Pooled separate accounts: | |||||||||||||||||||||
Fixed income | 8,624 | — | 8,624 | — | |||||||||||||||||
Large U.S. equity | 14,509 | — | 14,509 | — | |||||||||||||||||
Small/Mid U.S. equity | 2,710 | — | 2,710 | — | |||||||||||||||||
Total pooled separate accounts | 25,843 | — | 25,843 | — | |||||||||||||||||
Total investments | $ | 45,202 | 19,179 | 26,023 | — | ||||||||||||||||
Status of Unvested Stock Awards | A summary status of the granted but unvested stock awards as of December 31, and changes during the year, is presented below: | ||||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Outstanding at beginning of year | 782,213 | 846,883 | 904,411 | ||||||||||||||||||
Granted | 426,726 | 386,669 | 373,510 | ||||||||||||||||||
Forfeited | (126,743 | ) | (68,954 | ) | (220,590 | ) | |||||||||||||||
Vested | (235,734 | ) | (382,385 | ) | (210,448 | ) | |||||||||||||||
Outstanding at the end of year | 846,462 | 782,213 | 846,883 | ||||||||||||||||||
Status of Unexercised Stock Options | A summary of the status of the granted but unexercised stock options as of December 31, and changes during the year is presented below: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Number | Weighted | Number | Weighted | Number | Weighted | ||||||||||||||||
of | average | of | average | of | average | ||||||||||||||||
stock | exercise | stock | exercise | stock | exercise | ||||||||||||||||
options | price | options | price | options | price | ||||||||||||||||
Outstanding at beginning of year | 1,233,742 | $ | 15.24 | 4,152,016 | $ | 17.5 | 4,248,898 | $ | 17.37 | ||||||||||||
Granted | 171,935 | 16.44 | 85,250 | 15.23 | 80,081 | 14.86 | |||||||||||||||
Exercised | (9,678 | ) | 12.11 | (28,464 | ) | 12.41 | (2,000 | ) | 12.54 | ||||||||||||
Forfeited | (4,178 | ) | 14.5 | (53,444 | ) | 10.34 | (109,655 | ) | 10.41 | ||||||||||||
Expired | (107,500 | ) | 16.54 | (2,921,616 | ) | 18.57 | (65,308 | ) | 18.32 | ||||||||||||
Outstanding at the end of year | 1,284,321 | $ | 15.32 | 1,233,742 | $ | 15.24 | 4,152,016 | $ | 17.5 | ||||||||||||
Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2014: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of exercise prices | Number | Average | Weighted | Number | Weighted | ||||||||||||||||
of | remaining | average | of | average | |||||||||||||||||
options | contractual | exercise | options | exercise | |||||||||||||||||
outstanding | life | price | exercisable | price | |||||||||||||||||
$10.27-15.23 | 638,382 | 5.3 years | $ | 12.57 | 476,716 | $ | 11.75 | ||||||||||||||
$16.38-18.87 | 645,939 | 3.6 years | $ | 17.67 | 478,504 | $ | 18.12 | ||||||||||||||
Weighted Average Assumptions of Fair Value Option Grants | The fair value of the option grants was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Expected dividend yield | 3.66 | % | 3.41 | % | 3.26 | % | |||||||||||||||
Expected volatility | 20.04 | % | 33.38 | % | 32.51 | % | |||||||||||||||
Risk-free interest rate | 0.96 | % | 0.88 | % | 0.86 | % | |||||||||||||||
Expected option life | 6.5 years | 8 years | 8 years | ||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Current and Deferred Amounts of Income Tax Expense (Benefit) | The current and deferred amounts of income tax expense (benefit) for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands): | |||||||||
Years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Current: | ||||||||||
Federal | $ | 27,577 | 27,667 | 29,813 | ||||||
State | 542 | 2,168 | 176 | |||||||
Total current | 28,119 | 29,835 | 29,989 | |||||||
Deferred: | ||||||||||
Federal | 1,678 | 4,210 | (3,208 | ) | ||||||
State | 1,988 | 1,321 | 2,074 | |||||||
Total deferred | 3,666 | 5,531 | (1,134 | ) | ||||||
$ | 31,785 | 35,366 | 28,855 | |||||||
Reconciliation between Amount Reported and Amount Computed for Income Tax Expense and Income Tax Rate | A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate is as follows (in thousands): | |||||||||
Years ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Tax expense at statutory rate of 35% | $ | 36,896 | 37,065 | 33,643 | ||||||
Increase (decrease) in taxes resulting from: | ||||||||||
State tax, net of federal income tax benefit | 1,621 | 2,268 | 1,462 | |||||||
Tax-exempt interest income | (4,916 | ) | (4,084 | ) | (3,937 | ) | ||||
Bank-owned life insurance | (1,972 | ) | (2,309 | ) | (1,847 | ) | ||||
Non-qualified stock option expiration | — | 2,746 | — | |||||||
Other, net | 156 | (320 | ) | (466 | ) | |||||
$ | 31,785 | 35,366 | 28,855 | |||||||
Deferred Tax Assets and Liabilities | The net deferred tax asset is included in other assets in the consolidated statements of financial condition. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2014 and 2013 are as follows (in thousands): | |||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Allowance for loan losses | $ | 24,160 | 25,848 | |||||||
Post-retirement benefit | 10,658 | 10,690 | ||||||||
Deferred compensation | 3,009 | 3,037 | ||||||||
Intangibles | 499 | 511 | ||||||||
Purchase accounting adjustments | 387 | 426 | ||||||||
Depreciation | 3,963 | 3,396 | ||||||||
SERP | 949 | 958 | ||||||||
ESOP | 3,264 | 3,253 | ||||||||
Stock-based compensation | 5,734 | 5,558 | ||||||||
Non-accrual interest | 5,202 | 6,756 | ||||||||
Unrealized loss on securities | — | 1,939 | ||||||||
State NOL | 430 | 237 | ||||||||
Federal NOL | 1,376 | 1,692 | ||||||||
Pension liability adjustments | 5,178 | 1,438 | ||||||||
Other | 1,073 | 1,345 | ||||||||
Total gross deferred tax assets | 65,882 | 67,084 | ||||||||
Valuation Reserve | (242 | ) | (242 | ) | ||||||
Deferred tax liabilities: | ||||||||||
Pension expense | 9,925 | 9,925 | ||||||||
Deferred loan costs | 4,089 | 3,936 | ||||||||
Investment securities, principally due to accretion of discounts | 311 | 235 | ||||||||
Originated mortgage servicing rights | 395 | 447 | ||||||||
Unrealized gain on securities | 5,191 | — | ||||||||
Total gross deferred tax liabilities | 19,911 | 14,543 | ||||||||
Net deferred tax asset | $ | 45,729 | 52,299 | |||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Future Minimum Rental Commitments | The approximate future minimum rental commitments, exclusive of taxes and other related charges, for all significant non-cancellable operating leases at December 31, 2014, are summarized as follows (in thousands): | |||
Year ending December 31, | ||||
2015 | $ | 6,521 | ||
2016 | 6,455 | |||
2017 | 5,960 | |||
2018 | 5,351 | |||
2019 | 5,093 | |||
Thereafter | 12,887 | |||
$ | 42,267 | |||
Regulatory_Capital_Requirement1
Regulatory Capital Requirements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||
Actual Capital Amounts and Ratios | The following is a summary of the Company’s actual capital amounts and ratios as of December 31, 2014 and 2013, compared to the FRB minimum capital adequacy requirements and the FRB requirements for classification as a well-capitalized institution (dollars in thousands). | ||||||||||||||||||||
Actual | FRB minimum capital | To be well-capitalized | |||||||||||||||||||
adequacy requirements | under prompt corrective | ||||||||||||||||||||
action provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Leverage (Tier 1) | $ | 740,958 | 9.21 | % | $ | 321,809 | 4 | % | $ | 402,262 | 5 | % | |||||||||
Risk-based capital: | |||||||||||||||||||||
Tier 1 | 740,958 | 12.06 | 245,859 | 4 | 368,788 | 6 | |||||||||||||||
Total | 802,692 | 13.06 | 491,717 | 8 | 614,646 | 10 | |||||||||||||||
Actual | FRB minimum capital | To be well-capitalized | |||||||||||||||||||
adequacy requirements | under prompt corrective | ||||||||||||||||||||
action provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||
Leverage (Tier 1) | $ | 660,549 | 9.42 | % | $ | 280,572 | 4 | % | $ | 350,715 | 5 | % | |||||||||
Risk-based capital: | |||||||||||||||||||||
Tier 1 | 660,549 | 12.89 | 204,967 | 4 | 307,451 | 6 | |||||||||||||||
Total | 724,609 | 14.14 | 409,934 | 8 | 512,418 | 10 | |||||||||||||||
FDIC Minimum Capital Adequacy Requirements | The following is a summary of the Bank’s actual capital amounts and ratios as of December 31, 2014 and 2013, compared to the FDIC minimum capital adequacy requirements and the FDIC requirements for classification as a well-capitalized institution (dollars in thousands). | ||||||||||||||||||||
Actual | FDIC minimum capital | To be well-capitalized | |||||||||||||||||||
adequacy requirements | under prompt corrective | ||||||||||||||||||||
action provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Leverage (Tier 1) | $ | 674,483 | 8.38 | % | $ | 321,805 | 4 | % | $ | 402,257 | 5 | % | |||||||||
Risk-based capital: | |||||||||||||||||||||
Tier 1 | 674,483 | 10.97 | 245,853 | 4 | 368,779 | 6 | |||||||||||||||
Total | 736,217 | 11.98 | 491,705 | 8 | 614,631 | 10 | |||||||||||||||
Actual | FDIC minimum capital | To be well-capitalized | |||||||||||||||||||
adequacy requirements | under prompt corrective | ||||||||||||||||||||
action provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||
Leverage (Tier 1) | $ | 585,313 | 8.34 | % | $ | 280,578 | 4 | % | $ | 350,723 | 5 | % | |||||||||
Risk-based capital: | |||||||||||||||||||||
Tier 1 | 585,313 | 11.42 | 204,967 | 4 | 307,450 | 6 | |||||||||||||||
Total | 649,373 | 12.67 | 409,933 | 8 | 512,417 | 10 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 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 value as of December 31, 2014 and 2013, by level within the fair value hierarchy (in thousands). | |||||||||||||||
Fair Value Measurements at Reporting Date Using: | ||||||||||||||||
December 31, | Quoted Prices in | Significant Other | Significant | |||||||||||||
2014 | Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs (Level 2) | Inputs | ||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||
Measured on a recurring basis: | ||||||||||||||||
U.S. Treasury obligations | $ | 8,016 | 8,016 | — | — | |||||||||||
Agency obligations | 95,076 | 95,076 | — | — | ||||||||||||
Mortgage-backed securities | 957,257 | — | 957,257 | — | ||||||||||||
State and municipal obligations | 7,002 | — | 7,002 | — | ||||||||||||
Corporate obligations | 6,520 | 6,520 | ||||||||||||||
Equities | 524 | 524 | — | — | ||||||||||||
$ | 1,074,395 | 103,616 | 970,779 | — | ||||||||||||
Asset derivatives | $ | 2,046 | — | 2,046 | ||||||||||||
$ | 1,076,441 | 103,616 | 972,825 | — | ||||||||||||
Liability derivatives | $ | 2,052 | 2,052 | |||||||||||||
Measured on a non-recurring basis: | ||||||||||||||||
Loans measured for impairment based on the fair value of the underlying collateral | $ | 23,086 | — | — | 23,086 | |||||||||||
Foreclosed assets | 5,098 | — | — | 5,098 | ||||||||||||
$ | 28,184 | — | — | 28,184 | ||||||||||||
Fair Value Measurements at Reporting Date Using: | ||||||||||||||||
December 31, | Quoted Prices in | Significant Other | Significant | |||||||||||||
2013 | Active Markets for | Observable | Unobservable | |||||||||||||
Identical Assets | Inputs (Level 2) | Inputs | ||||||||||||||
(Level 1) | (Level 3) | |||||||||||||||
Measured on a recurring basis: | ||||||||||||||||
Agency obligations | $ | 93,416 | 93,416 | — | — | |||||||||||
Mortgage-backed securities | 1,054,974 | — | 1,054,974 | — | ||||||||||||
State and municipal obligations | 8,758 | — | 8,758 | — | ||||||||||||
Equities | 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 December 31, 2014 and December 31, 2013. Fair values are presented by level within the fair value hierarchy. | |||||||||||||||
Fair Value Measurements at December 31, 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 1) | (Level 3) | |||||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 103,762 | 103,762 | 103,762 | — | — | ||||||||||
Securities available for sale: | ||||||||||||||||
U.S. Treasury obligations | 8,016 | 8,016 | 8,016 | — | — | |||||||||||
Agency obligations | 95,076 | 95,076 | 95,076 | — | — | |||||||||||
Mortgage-backed securities | 957,257 | 957,257 | — | 957,257 | — | |||||||||||
State and municipal obligations | 7,002 | 7,002 | — | 7,002 | — | |||||||||||
Corporate obligations | 6,520 | 6,520 | — | 6,520 | — | |||||||||||
Equity securities | 524 | 524 | 524 | — | — | |||||||||||
Total securities available for sale | $ | 1,074,395 | 1,074,395 | 103,616 | 970,779 | — | ||||||||||
Investment securities held to maturity: | ||||||||||||||||
Agency obligations | $ | 6,813 | 6,810 | 6,810 | — | — | ||||||||||
Mortgage-backed securities | 2,816 | 2,939 | — | 2,939 | — | |||||||||||
State and municipal obligations | 449,410 | 462,238 | — | 462,238 | — | |||||||||||
Corporate obligations | 10,489 | 10,486 | — | 10,486 | — | |||||||||||
Total securities held to maturity | $ | 469,528 | 482,473 | 6,810 | 475,663 | — | ||||||||||
FHLBNY stock | 69,789 | 69,789 | 69,789 | — | — | |||||||||||
Loans, net of allowance for loan losses | 6,023,771 | 6,104,558 | — | — | 6,104,558 | |||||||||||
Asset derivative | 2,046 | 2,046 | 2,046 | |||||||||||||
Financial liabilities: | ||||||||||||||||
Deposits other than certificates of deposits | $ | 4,966,834 | 4,966,834 | 4,966,834 | — | — | ||||||||||
Certificates of deposit | 825,689 | 830,233 | — | 830,233 | — | |||||||||||
5,792,523 | 5,797,067 | 4,966,834 | 830,233 | — | ||||||||||||
Borrowings | $ | 1,509,851 | 1,516,966 | — | 1,516,966 | — | ||||||||||
Liability derivative | 2,052 | 2,052 | 2,052 | |||||||||||||
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 1) | (Level 3) | |||||||||||||||
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 | — | ||||||||||
FHLBNY 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 | — | ||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | The following tables are a summary of certain quarterly financial data for the years ended December 31, 2014 and 2013. | |||||||||||||||
2014 Quarters Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Interest income | $ | 64,523 | $ | 67,386 | $ | 73,652 | $ | 73,800 | ||||||||
Interest expense | 9,322 | 9,985 | 10,683 | 10,482 | ||||||||||||
Net interest income | 55,201 | 57,401 | 62,969 | 63,318 | ||||||||||||
Provision for loan losses | 400 | 1,500 | 1,500 | 1,250 | ||||||||||||
Net interest income after provision for loan losses | 54,801 | 55,901 | 61,469 | 62,068 | ||||||||||||
Non-interest income | 8,116 | 10,327 | 11,309 | 11,416 | ||||||||||||
Non-interest expense | 38,190 | 43,671 | 45,833 | 42,297 | ||||||||||||
Income before income tax expense | 24,727 | 22,557 | 26,945 | 31,187 | ||||||||||||
Income tax expense | 7,698 | 6,206 | 7,913 | 9,968 | ||||||||||||
Net income | $ | 17,029 | $ | 16,351 | $ | 19,032 | $ | 21,219 | ||||||||
Basic earnings per share | $ | 0.3 | $ | 0.28 | $ | 0.3 | $ | 0.34 | ||||||||
Diluted earnings per share | $ | 0.3 | $ | 0.28 | $ | 0.3 | $ | 0.34 | ||||||||
2013 Quarter Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Interest income | $ | 63,304 | 62,413 | 62,984 | 64,076 | |||||||||||
Interest expense | 9,409 | 9,002 | 8,987 | 9,369 | ||||||||||||
Net interest income | 53,895 | 53,411 | 53,997 | 54,707 | ||||||||||||
Provision for loan losses | 1,500 | 1,000 | 1,200 | 1,800 | ||||||||||||
Net interest income after provision for loan losses | 52,395 | 52,411 | 52,797 | 52,907 | ||||||||||||
Non-interest income | 9,945 | 12,637 | 11,730 | 9,841 | ||||||||||||
Non-interest expense | 36,946 | 37,813 | 36,464 | 37,540 | ||||||||||||
Income before income tax expense | 25,394 | 27,235 | 28,063 | 25,208 | ||||||||||||
Income tax expense | 7,566 | 8,007 | 11,987 | 7,806 | ||||||||||||
Net income | $ | 17,828 | 19,228 | 16,076 | 17,402 | |||||||||||
Basic earnings per share | $ | 0.31 | 0.34 | 0.28 | 0.3 | |||||||||||
Diluted earnings per share | $ | 0.31 | 0.34 | 0.28 | 0.3 | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Basic and Diluted Earnings (Loss) Per Share | The following is a reconciliation of the outstanding shares used in the basic and diluted earnings per share calculations. | |||||||||
(Dollars in thousands, except per share data) | For the Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | ||||||||
Net income | $ | 73,631 | 70,534 | 67,267 | ||||||
Basic weighted average common shares outstanding | 60,388,398 | 57,236,909 | 57,145,868 | |||||||
Plus: | ||||||||||
Dilutive shares | 173,672 | 124,534 | 53,936 | |||||||
Diluted weighted average common shares outstanding | 60,562,070 | 57,361,443 | 57,199,804 | |||||||
Earnings per share: | ||||||||||
Basic | $ | 1.22 | 1.23 | 1.18 | ||||||
Diluted | $ | 1.22 | 1.23 | 1.18 | ||||||
Parentonly_Financial_Informati1
Parent-only Financial Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||
Condensed Statements of Financial Condition | The condensed financial statements of Provident Financial Services, Inc. (parent company only) are presented below: | |||||||||
PROVIDENT FINANCIAL SERVICES, INC. | ||||||||||
Condensed Statements of Financial Condition | ||||||||||
(Dollars in Thousands) | ||||||||||
December 31, | December 31, | |||||||||
2014 | 2013 | |||||||||
Assets | ||||||||||
Cash and due from banks | $ | 10,475 | $ | 12,796 | ||||||
Securities available for sale, at fair value | 524 | 446 | ||||||||
Investment in subsidiary | 1,077,624 | 935,517 | ||||||||
Due from subsidiary—SAP | 2,794 | 6,269 | ||||||||
ESOP loan | 53,438 | 56,716 | ||||||||
Other assets | 34 | 59 | ||||||||
Total assets | $ | 1,144,889 | $ | 1,011,803 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||
Other liabilities | 790 | 1,050 | ||||||||
Total stockholders’ equity | 1,144,099 | 1,010,753 | ||||||||
Total liabilities and stockholders’ equity | $ | 1,144,889 | $ | 1,011,803 | ||||||
Condensed Statements of Operations | PROVIDENT FINANCIAL SERVICES, INC. | |||||||||
Condensed Statements of Operations | ||||||||||
(Dollars in Thousands) | ||||||||||
For the Years Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Dividends from subsidiary | $ | 36,118 | 32,320 | 40,729 | ||||||
Interest income | 2,276 | 2,390 | 2,696 | |||||||
Investment gain | 11 | 9 | 9 | |||||||
Total income | 38,405 | 34,719 | 43,434 | |||||||
Non-interest expense | 814 | 891 | 882 | |||||||
Total expense | 814 | 891 | 882 | |||||||
Income before income tax expense | 37,591 | 33,828 | 42,552 | |||||||
Income tax expense | 551 | 563 | 688 | |||||||
Income before undistributed net income of subsidiary | 37,040 | 33,265 | 41,864 | |||||||
Equity in undistributed net income of subsidiary | 36,591 | 37,269 | 25,403 | |||||||
(dividends in excess of earnings) | ||||||||||
Net income | $ | 73,631 | 70,534 | 67,267 | ||||||
Condensed Statements of Cash Flows | PROVIDENT FINANCIAL SERVICES, INC. | |||||||||
Condensed Statements of Cash Flows | ||||||||||
(Dollars in Thousands) | ||||||||||
For the Years Ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Cash flows from operating activities: | ||||||||||
Net income | $ | 73,631 | 70,534 | 67,267 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||
Dividends in excess of earnings (equity in undistributed net income) of subsidiary | (36,591 | ) | (37,269 | ) | (25,403 | ) | ||||
ESOP allocation | 2,654 | 2,559 | 2,030 | |||||||
SAP allocation | 6,359 | 4,869 | 3,658 | |||||||
Stock option allocation | 298 | 297 | 452 | |||||||
Decrease in due from subsidiary—SAP | 3,475 | 5,814 | 4,177 | |||||||
Increase (decrease) in other assets | 15,454 | (6,912 | ) | (13,960 | ) | |||||
(Decrease) increase in other liabilities | (259 | ) | (172 | ) | 68 | |||||
Net cash provided by operating activities | 65,021 | 39,720 | 38,289 | |||||||
Cash flows from investing activities: | ||||||||||
Cash consideration paid for business acquisition | (31,562 | ) | — | — | ||||||
Net decrease in ESOP loan | 3,278 | 3,034 | 3,035 | |||||||
Net cash (used in) provided by investing activities | (28,284 | ) | 3,034 | 3,035 | ||||||
Cash flows from financing activities: | ||||||||||
Purchases of treasury stock | (4,420 | ) | (5,899 | ) | (9,424 | ) | ||||
Cash dividends paid | (36,118 | ) | (32,320 | ) | (40,729 | ) | ||||
Shares issued dividend reinvestment plan | 1,336 | 1,186 | 6,090 | |||||||
Stock options exercised | 144 | 412 | 28 | |||||||
Net cash used in financing activities | (39,058 | ) | (36,621 | ) | (44,035 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (2,321 | ) | 6,133 | (2,711 | ) | |||||
Cash and cash equivalents at beginning of period | 12,796 | 6,663 | 9,374 | |||||||
Cash and cash equivalents at end of period | $ | 10,475 | 12,796 | 6,663 | ||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||
Components of Other Comprehensive (Loss) Income | The following table presents the components of other comprehensive income (loss) both gross and net of tax, for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Before | Tax | After | Before | Tax | After | Before | Tax | After | ||||||||||||||||||||
Tax | Effect | Tax | 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 | $ | 17,868 | (7,176 | ) | 10,692 | (32,845 | ) | 13,417 | (19,428 | ) | 3,060 | (1,250 | ) | 1,810 | ||||||||||||||
Reclassification adjustment for gains included in net income | (251 | ) | 101 | (150 | ) | (996 | ) | 407 | (589 | ) | (4,497 | ) | 1,837 | (2,660 | ) | |||||||||||||
Total | 17,617 | (7,075 | ) | 10,542 | (33,841 | ) | 13,824 | (20,017 | ) | (1,437 | ) | 587 | (850 | ) | ||||||||||||||
Other-than-temporary impairment on debt securities available for sale: | ||||||||||||||||||||||||||||
Other-than-temporary impairment losses on securities | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment for impairment losses included in net income | — | — | — | 434 | (177 | ) | 257 | — | — | — | ||||||||||||||||||
Total | — | — | — | 434 | (177 | ) | 257 | — | — | — | ||||||||||||||||||
Amortization related to post retirement obligations | (9,462 | ) | 3,800 | (5,662 | ) | 12,161 | (4,968 | ) | 7,193 | (1,699 | ) | 694 | (1,005 | ) | ||||||||||||||
Total other comprehensive income (loss) | $ | 8,155 | (3,275 | ) | 4,880 | (21,246 | ) | 8,679 | (12,567 | ) | (3,136 | ) | 1,281 | (1,855 | ) | |||||||||||||
Changes in Accumulated Other Comprehensive Income by Component, net of tax | The components of accumulated other comprehensive loss (gain) related to the pension plan and other post-retirement benefits, on a pre-tax basis, at December 31, 2014 and 2013 are summarized in the following table (in thousands): | |||||||||||||||||||||||||||
Pension | Post-retirement | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Unrecognized prior service cost | $ | — | — | (1 | ) | (5 | ) | |||||||||||||||||||||
Unrecognized net actuarial loss (gain) | 10,887 | 7,699 | 1,788 | (4,076 | ) | |||||||||||||||||||||||
Total accumulated other comprehensive loss (gain) | $ | 10,887 | 7,699 | 1,787 | (4,081 | ) | ||||||||||||||||||||||
The following table presents the changes in the components of accumulated other comprehensive income, net of tax, for the years ended December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component, net of tax | ||||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||
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 the beginning of the period, | $ | (2,799 | ) | (2,052 | ) | (4,851 | ) | 16,961 | (9,245 | ) | 7,716 | |||||||||||||||||
Current period change in other comprehensive income (loss) | 10,542 | (5,662 | ) | 4,880 | (19,760 | ) | 7,193 | (12,567 | ) | |||||||||||||||||||
Balance at the end of the period | $ | 7,743 | (7,714 | ) | 29 | (2,799 | ) | (2,052 | ) | (4,851 | ) | |||||||||||||||||
Reclassification Out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications out of accumulated other comprehensive income for the years ended December 31, 2014 and 2013(in thousands): | |||||||||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive | ||||||||||||||||||||||||||||
Income | ||||||||||||||||||||||||||||
Amount reclassified from AOCI for the years ended December 31, | 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 | $ | 251 | 996 | Net gain on securities transactions | ||||||||||||||||||||||||
(101 | ) | (407 | ) | Income tax expense | ||||||||||||||||||||||||
150 | 589 | Net of tax | ||||||||||||||||||||||||||
Realized other-than-temporary impairment losses securities available for sale | — | (434 | ) | Net impairment losses on securities recognized in earnings | ||||||||||||||||||||||||
— | 177 | Income tax expense | ||||||||||||||||||||||||||
— | (257 | ) | Net of tax | |||||||||||||||||||||||||
Post retirement obligations: | ||||||||||||||||||||||||||||
Amortization of actuarial losses | 237 | 1,367 | Compensation and employee benefits (1) | |||||||||||||||||||||||||
(95 | ) | (558 | ) | Income tax expense | ||||||||||||||||||||||||
142 | 809 | Net of tax | ||||||||||||||||||||||||||
Realized loss related to lump sum pension settlement | (1,336 | ) | — | Compensation and employee benefits (1) | ||||||||||||||||||||||||
546 | — | Income tax expense | ||||||||||||||||||||||||||
(790 | ) | — | Net of tax | |||||||||||||||||||||||||
Total reclassifications | $ | (498 | ) | 1,141 | Net of tax | |||||||||||||||||||||||
(1) This item is included in the computation of net periodic benefit cost. See Note 11. Benefit Plans |
Derivative_and_Hedging_Activit1
Derivative and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition as of December 31, 2014 (in thousands): | ||||||||||||
As of December 31, 2014 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Consolidated Statements of Financial Condition | Fair | Consolidated Statements of Financial Condition | Fair | ||||||||||
Value | Value | ||||||||||||
Derivatives not designated as a hedging instruments: | |||||||||||||
Interest rate products | Other assets | $ | 2,040 | Other liabilities | $ | 2,052 | |||||||
Credit contracts | Other assets | 6 | — | ||||||||||
Total derivatives not designated as hedging instruments | $ | 2,046 | $ | 2,052 | |||||||||
Derivative Instruments, Gain (Loss) | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income for the year ended December 31, 2014 (in thousands). | ||||||||||||
Gain (loss) recognized in Income on derivatives | |||||||||||||
Consolidated Statements of Income | Year ended | ||||||||||||
31-Dec-14 | |||||||||||||
Derivatives not designated as a hedging instruments: | |||||||||||||
Interest rate products | Other income | $ | (3 | ) | |||||||||
Credit contracts | Other income | 6 | |||||||||||
Total | $ | 3 | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2002 | |
Property, Plant and Equipment [Line Items] | ||
Cash and cash equivalents maturity period, days | 90 days | |
Percentage of participants matched contribution | 6.00% | |
Dividends paid on unallocated ESOP shares over period (in years) | 30 years | |
Date of acquisition | 14-Jul-04 | |
Shares held by the DDFP | 406,883 | |
Service period of employee subjected to elimination of postretirement healthcare benefits (in years) | 10 years | |
Depositor Relationships [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Amortized accelerated basis period (in years) | 8 years 9 months 18 days | |
Customer Relationships [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Amortized accelerated basis period (in years) | 12 years | |
Building [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life, (in years) | 25 years | |
Building [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life, (in years) | 40 years | |
Furniture And Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life, (in years) | 3 years | |
Furniture And Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life, (in years) | 5 years |
Stockholders_Equity_and_Acquis2
Stockholders' Equity and Acquisitions - Stockholders’ Equity (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jan. 15, 2003 | Dec. 31, 2013 | Dec. 31, 2003 | Dec. 31, 2014 |
Equity [Abstract] | ||||
Common stock, shares issued | 59,600,000 | 83,209,285 | 83,209,285 | |
Common stock, par value | $0.01 | $0.01 | $0.01 | |
Common stock, per share | $10 | |||
Proceeds from issuance of common stock | $567.20 | |||
Cash donated | 4.8 | |||
Number of shares donated | 1,920,000 | |||
Value of shares donated | 24 | |||
Liquidation date | 31-Dec-14 | |||
Liquidation account balance | $15.70 |
Stockholders_Equity_and_Acquis3
Stockholders' Equity and Acquisitions - Acquisitions (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 30-May-14 |
Business Acquisition [Line Items] | ||||
Common stock issued for acquisitions | $83,517,000 | $0 | $0 | |
Assets acquired: | ||||
Goodwill | 392,757,000 | 352,609,000 | ||
Team Capital [Member] | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | 115,100,000 | |||
Acquisition purchase price | 31,600,000 | |||
Common stock issued for acquisitions | 83,500,000 | |||
Assets acquired: | ||||
Cash and cash equivalents, net | 68,650,000 | |||
Securities available for sale | 157,635,000 | |||
Loans | 631,209,000 | |||
Bank-owned life insurance | 22,319,000 | |||
Banking premises and equipment | 24,778,000 | |||
Accrued interest receivable | 3,060,000 | |||
Goodwill | 40,354,000 | |||
Other intangibles assets | 9,868,000 | |||
Foreclosed assets, net | 653,000 | |||
Other assets | 5,448,000 | |||
Total assets acquired | 963,974,000 | |||
Liabilities assumed: | ||||
Deposits | 769,936,000 | |||
Borrowed Funds | 112,835,000 | |||
Other liabilities | -2,314,000 | |||
Total liabilities assumed | 880,457,000 | |||
Net assets acquired | $83,517,000 | |||
Common Stock [Member] | Team Capital [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of shares | 4.9 |
Restrictions_on_Cash_and_Due_f1
Restrictions on Cash and Due from Banks (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Cash and due from banks | $102,484 | $100,053 |
Cash Reserves Required by Banking Regulations [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Cash and due from banks | $20,502 | $21,052 |
Investment_Securities_Held_to_2
Investment Securities Held to Maturity - Investment Securities Held to Maturity (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $469,528 | $357,500 |
Gross unrealized gains | 13,983 | 5,753 |
Gross unrealized losses | -1,038 | -7,340 |
Fair value | 482,473 | 355,913 |
Agency Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 6,813 | 7,523 |
Gross unrealized gains | 17 | 13 |
Gross unrealized losses | -20 | -66 |
Fair value | 6,810 | 7,470 |
Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 2,816 | 5,273 |
Gross unrealized gains | 123 | 247 |
Gross unrealized losses | 0 | 0 |
Fair value | 2,939 | 5,520 |
State and Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 449,410 | 334,750 |
Gross unrealized gains | 13,814 | 5,435 |
Gross unrealized losses | -986 | -7,198 |
Fair value | 462,238 | 332,987 |
Corporate Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 10,489 | 9,954 |
Gross unrealized gains | 29 | 58 |
Gross unrealized losses | -32 | -76 |
Fair value | $10,486 | $9,936 |
Investment_Securities_Held_to_3
Investment Securities Held to Maturity - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
security | security | ||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to maturity securities at carrying value | $343,127,000 | $186,251,000 | |
Investment securities held to maturity | 469,528,000 | 357,500,000 | |
Fair value | 482,473,000 | 355,913,000 | |
Proceeds from the calls | 41,057,000 | 97,974,000 | 77,207,000 |
Number of securities in an unrealized loss position | 163 | 270 | |
Held to Maturity Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Recognized gain on calls of securities held to maturity portfolio | 23,000 | 90,000 | |
Recognized loss on calls of securities held to maturity portfolio | 0 | 0 | |
Proceeds from the calls | 15,156,000 | 49,631,000 | |
Held to Maturity Securities [Member] | Nonperforming Financing Receivable [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Proceeds from the calls | 524,000 | ||
Gross realized gains (losses) on securities sold | -3,000 | 18,000 | |
Gross recognized gain (loss) on calls of securities | 0 | 0 | |
Mortgage-Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Investment securities held to maturity | 2,816,000 | 5,273,000 | |
Fair value | $2,939,000 | $5,520,000 |
Investment_Securities_Held_to_4
Investment Securities Held to Maturity - Securities Held to Maturity by Contractual Maturity (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Held-to-maturity Securities [Line Items] | |
Due in one year or less, amortized cost | $8,939 |
Due after one year through five years, amortized cost | 52,090 |
Due after five years through ten years, amortized cost | 175,546 |
Due after ten years, amortized cost | 230,137 |
Amortized cost | 466,712 |
Due in one year or less, fair value | 9,011 |
Due after one year through five years, fair value | 53,225 |
Due after five years through ten years, fair value | 181,887 |
Due after ten years, fair value | 235,411 |
Fair value | $479,534 |
Investment_Securities_Held_to_5
Investment Securities Held to Maturity - Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | $38,302 | $135,141 |
12 months or longer, Fair value | 47,079 | 19,051 |
Total, fair value | 85,381 | 154,192 |
Less than 12 months, gross unrealized losses | -269 | -5,518 |
12 months or longer, gross unrealized losses | -769 | -1,822 |
Total, gross unrealized losses | -1,038 | -7,340 |
Agency Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 3,735 | 5,766 |
12 months or longer, Fair value | 0 | 0 |
Total, fair value | 3,735 | 5,766 |
Less than 12 months, gross unrealized losses | -20 | -66 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, gross unrealized losses | -20 | -66 |
State and Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 27,679 | 123,988 |
12 months or longer, Fair value | 47,079 | 19,051 |
Total, fair value | 74,758 | 143,039 |
Less than 12 months, gross unrealized losses | -217 | -5,376 |
12 months or longer, gross unrealized losses | -769 | -1,822 |
Total, gross unrealized losses | -986 | -7,198 |
Corporate Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 6,888 | 5,387 |
12 months or longer, Fair value | 0 | 0 |
Total, fair value | 6,888 | 5,387 |
Less than 12 months, gross unrealized losses | -32 | -76 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, gross unrealized losses | ($32) | ($76) |
Securities_Available_for_Sale_1
Securities Available for Sale - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
security | security | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities available for sale at carrying value | $585,928,000 | $627,053,000 | |
Amortized cost | 1,061,461,000 | 1,162,332,000 | |
Securities available for sale, at fair value | 1,074,395,000 | 1,157,594,000 | |
Proceeds from the sale of securities available for sale | 25,033,000 | 14,834,000 | 106,768,000 |
Gross gains | 632,000 | 888,000 | |
Recognized gains on calls on securities in available for sale portfolio | 2,000 | ||
Losses related to calls | 404,000 | 0 | |
Proceeds from the calls | 207,531,000 | 351,472,000 | 488,590,000 |
Other than temporary impairment losses | 434,000 | ||
Number of securities in an unrealized loss position | 43 | 76 | |
Gain on previously impaired securities | 59,000 | ||
Loss on previously impaired securities | 365,000 | ||
Cumulative Credit Losses | 1,700,000 | ||
Available-for-sale Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 116,268,000 | ||
Securities available for sale, at fair value | 116,614,000 | ||
Proceeds from the sale of securities available for sale | 24,509,000 | 14,310,000 | |
Proceeds from the calls | 740,000 | 896,000 | |
Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 944,796,000 | 1,060,013,000 | |
Securities available for sale, at fair value | 957,257,000 | 1,054,974,000 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 397,000 | 357,000 | |
Securities available for sale, at fair value | 524,000 | 446,000 | |
Private Label Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized cost | 1,800,000 | ||
Number of securities in an unrealized loss position | 2 | ||
Unrealized losses | $16,200 |
Securities_Available_for_Sale_2
Securities Available for Sale - Securities Available for Sale (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $1,061,461 | $1,162,332 |
Gross unrealized gains | 16,164 | 15,125 |
Gross unrealized losses | -3,230 | -19,863 |
Securities available for sale, at fair value | 1,074,395 | 1,157,594 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 8,016 | |
Gross unrealized gains | 3 | |
Gross unrealized losses | -3 | |
Securities available for sale, at fair value | 8,016 | |
Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 94,871 | 93,223 |
Gross unrealized gains | 268 | 372 |
Gross unrealized losses | -63 | -179 |
Securities available for sale, at fair value | 95,076 | 93,416 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 944,796 | 1,060,013 |
Gross unrealized gains | 15,610 | 14,493 |
Gross unrealized losses | -3,149 | -19,532 |
Securities available for sale, at fair value | 957,257 | 1,054,974 |
State and Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 6,855 | 8,739 |
Gross unrealized gains | 147 | 171 |
Gross unrealized losses | 0 | -152 |
Securities available for sale, at fair value | 7,002 | 8,758 |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 6,526 | |
Gross unrealized gains | 9 | |
Gross unrealized losses | -15 | |
Securities available for sale, at fair value | 6,520 | |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 397 | 357 |
Gross unrealized gains | 127 | 89 |
Gross unrealized losses | 0 | 0 |
Securities available for sale, at fair value | $524 | $446 |
Securities_Available_for_Sale_3
Securities Available for Sale - Securities Available for Sale by Contractual Maturity (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $1,061,461 | $1,162,332 |
Securities available for sale, at fair value | 1,074,395 | 1,157,594 |
Available-for-sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, amortized cost | 28,709 | |
Due after one year through five years, amortized cost | 81,558 | |
Due after five years through ten years, amortized cost | 3,018 | |
Due after ten years, amortized cost | 2,983 | |
Amortized cost | 116,268 | |
Due in one year or less, fair value | 28,831 | |
Due after one year through five years, fair value | 81,729 | |
Due after five years through ten years, fair value | 3,015 | |
Due after ten years, fair value | 3,039 | |
Securities available for sale, at fair value | $116,614 |
Securities_Available_for_Sale_4
Securities Available for Sale - Roll-Forward of Credit Loss Component of Other-than-Temporary Impairment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Beginning credit loss amount | $1,674 | $1,240 |
Add: Initial OTTI credit losses | 0 | 0 |
Subsequent OTTI credit losses | 0 | 434 |
Less: Realized losses for securities sold | 1,674 | 0 |
Securities intended or required to be sold | 0 | 0 |
Increases in expected cash flows on debt securities | 0 | 0 |
Ending credit loss amount | $0 | $1,674 |
Securities_Available_for_Sale_5
Securities Available for Sale - Disclosure on Securities Available for Sale with Temporary Impairment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | $89,295 | $642,000 |
12 months or longer, fair value | 211,679 | 13,521 |
Total, fair value | 300,974 | 655,521 |
Less than 12 months, gross unrealized losses | -279 | -19,181 |
12 months or longer, gross unrealized losses | -2,951 | -682 |
Total, gross unrealized losses | -3,230 | -19,863 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 5,937 | |
12 months or longer, fair value | 0 | |
Total, fair value | 5,937 | |
Less than 12 months, gross unrealized losses | -3 | |
12 months or longer, gross unrealized losses | 0 | |
Total, gross unrealized losses | -3 | |
Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 24,404 | 34,355 |
12 months or longer, fair value | 5,010 | 0 |
Total, fair value | 29,414 | 34,355 |
Less than 12 months, gross unrealized losses | -40 | -179 |
12 months or longer, gross unrealized losses | -23 | 0 |
Total, gross unrealized losses | -63 | -179 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 55,488 | 604,778 |
12 months or longer, fair value | 206,669 | 13,521 |
Total, fair value | 262,157 | 618,299 |
Less than 12 months, gross unrealized losses | -221 | -18,850 |
12 months or longer, gross unrealized losses | -2,928 | -682 |
Total, gross unrealized losses | -3,149 | -19,532 |
State and Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 0 | 2,867 |
12 months or longer, fair value | 0 | 0 |
Total, fair value | 0 | 2,867 |
Less than 12 months, gross unrealized losses | 0 | -152 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, gross unrealized losses | 0 | -152 |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 3,466 | |
12 months or longer, fair value | 0 | |
Total, fair value | 3,466 | |
Less than 12 months, gross unrealized losses | -15 | |
12 months or longer, gross unrealized losses | 0 | |
Total, gross unrealized losses | ($15) |
Loans_Receivable_and_Allowance2
Loans Receivable and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 30-May-14 | |
Borrowers | Borrowers | |||||||||||
SecurityLoan | SecurityLoan | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Amortization of interest income | $694,000 | $1,286,000 | $1,694,000 | |||||||||
Principal amount of nonaccrual loans | 53,900,000 | 76,700,000 | 53,900,000 | 76,700,000 | ||||||||
Increase in interest income | 1,877,000 | 1,913,000 | 3,022,000 | |||||||||
Impaired loan defined floor limit | 1,000,000 | 1,000,000 | ||||||||||
Impaired loans number | 147 | 152 | ||||||||||
Number of troubled debt restructurings | 142 | |||||||||||
Impaired loans | 85,395,000 | 106,370,000 | 85,395,000 | 106,370,000 | ||||||||
Number of borrowers | 120 | 110 | ||||||||||
Loans and leases receivable, impaired, nonperforming, accrual of interest | 89,400,000 | 89,400,000 | ||||||||||
Loans charged off | 10,872,000 | 14,406,000 | 23,907,000 | |||||||||
Allowances for loan losses | 7,127,000 | 10,217,000 | 7,127,000 | 10,217,000 | ||||||||
Weighted average modified interest rate | 4.58% | 4.08% | ||||||||||
Yield percentage rate | 5.69% | 5.75% | ||||||||||
Average balances of impaired loans | 87,869,000 | 111,008,000 | 115,611,000 | |||||||||
Loan commitments | 908,581,000 | 657,563,000 | 908,581,000 | 657,563,000 | ||||||||
Undisbursed home equity and personal credit lines | 300,029,000 | 252,522,000 | 300,029,000 | 252,522,000 | ||||||||
Interest income | 73,800,000 | 73,652,000 | 67,386,000 | 64,523,000 | 64,076,000 | 62,984,000 | 62,413,000 | 63,304,000 | 279,361,000 | 252,777,000 | 262,259,000 | |
No Allowance For Loan Losses Required [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Impaired financing receivable with no related allowance | 18,346,000 | 21,958,000 | 18,346,000 | 21,958,000 | ||||||||
With Related Allowance For Loan Losses [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Allowances for loan losses | 7,127,000 | 10,217,000 | 7,127,000 | 10,217,000 | ||||||||
Impaired Loans Troubled Debt Restructurings [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Impaired loans number | 143 | |||||||||||
Number of troubled debt restructurings | 123 | 115 | ||||||||||
Impaired loans | 81,700,000 | 81,700,000 | ||||||||||
Loans and leases receivable, impaired, nonperforming, accrual of interest | 54,800,000 | 58,200,000 | 54,800,000 | 58,200,000 | ||||||||
Allowances for loan losses | 419,000 | 1,000,000 | 419,000 | 1,000,000 | ||||||||
Residential Commercial And Commercial Mortgage Loan [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Impaired loans number | 147 | 152 | ||||||||||
Impaired loans | 85,400,000 | 106,400,000 | 85,400,000 | 106,400,000 | ||||||||
Residential Commercial And Commercial Mortgage Loan [Member] | Non Accrual [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Impaired loans number | 24 | 37 | ||||||||||
Impaired loans | 30,619,000 | 48,204,000 | 30,619,000 | 48,204,000 | ||||||||
Team Capital [Member] | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
Interest component of expected cash flows (accretable yield) | 5,220,000 | |||||||||||
Loans declined | 710,000 | |||||||||||
Certain loans acquired in transfer not accounted for as debt securities | 4,500,000 | 4,500,000 | 5,200,000 | |||||||||
Interest income | $348,000 |
Loans_Receivable_and_Allowance3
Loans Receivable and Allowance for Loan Losses - Schedule of Summarized Loans Receivable (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | $6,082,377 | $5,196,663 |
Purchased Credit-Impaired Loans | 4,510 | 0 |
Premiums on purchased loans | 5,307 | 4,202 |
Unearned discounts | -53 | -62 |
Net deferred fees | -6,636 | -5,990 |
Loans receivable | 6,085,505 | 5,194,813 |
Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total mortgage loans | 4,208,488 | 3,686,862 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total mortgage loans | 1,251,445 | 1,174,043 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total mortgage loans | 1,694,359 | 1,400,624 |
Multi-Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total mortgage loans | 1,041,582 | 928,906 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total mortgage loans | 221,102 | 183,289 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,262,422 | 932,199 |
Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | $611,467 | $577,602 |
Loans_Receivable_and_Allowance4
Loans Receivable and Allowance for Loan Losses - Summary of Aging Loans Receivable by Portfolio Segment and Class (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | $13,665 | $14,105 |
60-89 Days | 7,241 | 7,651 |
Non-accrual | 53,855 | 76,680 |
Total Past Due | 74,761 | 98,436 |
Current | 6,007,616 | 5,098,227 |
Total Loans Receivable | 6,082,377 | 5,196,663 |
Recorded Investment 90 days accruing | 0 | 0 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 1,000 | 305 |
60-89 Days | 371 | 77 |
Non-accrual | 12,342 | 22,228 |
Total Past Due | 13,713 | 22,610 |
Current | 1,248,709 | 909,589 |
Total Loans Receivable | 1,262,422 | 932,199 |
Recorded Investment 90 days accruing | 0 | 0 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 2,398 | 2,474 |
60-89 Days | 2,509 | 2,194 |
Non-accrual | 3,944 | 3,928 |
Total Past Due | 8,851 | 8,596 |
Current | 602,616 | 569,006 |
Total Loans Receivable | 611,467 | 577,602 |
Recorded Investment 90 days accruing | 0 | 0 |
Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 10,267 | 11,326 |
60-89 Days | 4,361 | 5,380 |
Non-accrual | 37,569 | 50,524 |
Total Past Due | 52,197 | 67,230 |
Current | 4,156,291 | 3,619,632 |
Total Loans Receivable | 4,208,488 | 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 | 10,121 | 10,639 |
60-89 Days | 4,331 | 5,062 |
Non-accrual | 17,222 | 23,011 |
Total Past Due | 31,674 | 38,712 |
Current | 1,219,771 | 1,135,331 |
Total Loans Receivable | 1,251,445 | 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 | 146 | 687 |
60-89 Days | 30 | 318 |
Non-accrual | 20,026 | 18,662 |
Total Past Due | 20,202 | 19,667 |
Current | 1,674,157 | 1,380,957 |
Total Loans Receivable | 1,694,359 | 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 | 321 | 403 |
Total Past Due | 321 | 403 |
Current | 1,041,261 | 928,503 |
Total Loans Receivable | 1,041,582 | 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 | 0 | 8,448 |
Current | 221,102 | 174,841 |
Total Loans Receivable | 221,102 | 183,289 |
Recorded Investment 90 days accruing | $0 | $0 |
Loans_Receivable_and_Allowance5
Loans Receivable and Allowance for Loan Losses - Summary of Loans Receivable by Portfolio Segment and Impairment Method (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | $85,395 | $106,370 |
Collectively evaluated for impairment | 5,996,982 | 5,090,293 |
Total Loans Receivable | 6,082,377 | 5,196,663 |
Mortgage Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 66,548 | 75,839 |
Collectively evaluated for impairment | 4,141,940 | 3,611,023 |
Total Loans Receivable | 4,208,488 | 3,686,862 |
Commercial Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 16,463 | 28,210 |
Collectively evaluated for impairment | 1,245,959 | 903,989 |
Total Loans Receivable | 1,262,422 | 932,199 |
Consumer Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 2,384 | 2,321 |
Collectively evaluated for impairment | 609,083 | 575,281 |
Total Loans Receivable | $611,467 | $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 $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | $7,127 | $10,217 | ||
Collectively evaluated for impairment | 54,607 | 54,447 | ||
Total | 61,734 | 64,664 | 70,348 | 74,351 |
Mortgage Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 4,696 | 7,829 | ||
Collectively evaluated for impairment | 27,281 | 26,315 | ||
Total | 31,977 | 34,144 | 37,962 | |
Commercial Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 2,318 | 2,221 | ||
Collectively evaluated for impairment | 22,063 | 21,886 | ||
Total | 24,381 | 24,107 | 20,315 | |
Consumer Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 113 | 167 | ||
Collectively evaluated for impairment | 4,768 | 4,762 | ||
Total | 4,881 | 4,929 | 5,224 | |
Total Portfolio Segments [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 7,127 | 10,217 | ||
Collectively evaluated for impairment | 54,112 | 52,963 | ||
Total | 61,239 | 63,180 | 63,501 | |
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 495 | 1,484 | ||
Total | $495 | $1,484 | $6,847 |
Loans_Receivable_and_Allowance7
Loans Receivable and Allowance for Loan Losses - Schedule of Troubled Debt Restructurings (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
SecurityLoan | SecurityLoan | |
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | 17 | 54 |
Pre-Modification Outstanding Recorded Investment | $4,293 | $12,392 |
Post-Modification Outstanding Recorded Investment | 3,742 | 12,364 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | 14 | 42 |
Pre-Modification Outstanding Recorded Investment | 3,034 | 9,097 |
Post-Modification Outstanding Recorded Investment | 2,725 | 9,149 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | 865 | 330 |
Post-Modification Outstanding Recorded Investment | 861 | 304 |
Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | 15 | 43 |
Pre-Modification Outstanding Recorded Investment | 3,899 | 9,427 |
Post-Modification Outstanding Recorded Investment | 3,586 | 9,453 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | 0 | 3 |
Pre-Modification Outstanding Recorded Investment | 0 | 1,846 |
Post-Modification Outstanding Recorded Investment | 0 | 1,816 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | 2 | 8 |
Pre-Modification Outstanding Recorded Investment | 394 | 1,119 |
Post-Modification Outstanding Recorded Investment | $156 | $1,095 |
Loans_Receivable_and_Allowance8
Loans Receivable and Allowance for Loan Losses - Schedule of Troubled Debt Restructurings Subsequently Defaulted (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
SecurityLoan | SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 0 | 4 |
Outstanding Recorded Investment | $0 | $1,945 |
Commercial Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 0 | 3 |
Outstanding Recorded Investment | 0 | 1,815 |
Consumer Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | 0 | 1 |
Outstanding Recorded Investment | $0 | $130 |
Loans_Receivable_and_Allowance9
Loans Receivable and Allowance for Loan Losses - PCI Loans Acquired (Details) (Team Capital [Member], USD $) | 30-May-14 |
In Thousands, unless otherwise specified | |
Team Capital [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 |
Fair value of acquired loans | -810 |
Interest component of expected cash flows (accretable yield) | $5,220 |
Recovered_Sheet1
Loans Receivable and Allowance for Loan Losses - Change in Accretable Yield (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Beginning balance | $0 |
Acquisition | 810 |
Accretion | -592 |
Reclassification from non-accretable difference | 477 |
Ending balance | $695 |
Recovered_Sheet2
Loans Receivable and Allowance for Loan Losses - Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | $64,664 | $70,348 | $64,664 | $70,348 | $74,351 | ||||||
Provision for loan losses | 1,250 | 1,500 | 1,500 | 400 | 1,800 | 1,200 | 1,000 | 1,500 | 4,650 | 5,500 | 16,000 |
Recoveries of loans previously charged off | 3,292 | 3,222 | 3,904 | ||||||||
Loans charged off | -10,872 | -14,406 | -23,907 | ||||||||
Balance at end of period | 61,734 | 64,664 | 61,734 | 64,664 | 70,348 | ||||||
Mortgage Loans [Member] | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | 34,144 | 37,962 | 34,144 | 37,962 | |||||||
Provision for loan losses | 1,455 | 2,065 | |||||||||
Recoveries of loans previously charged off | 286 | 1,133 | |||||||||
Loans charged off | -3,908 | -7,016 | |||||||||
Balance at end of period | 31,977 | 34,144 | 31,977 | 34,144 | |||||||
Commercial Loans [Member] | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | 24,107 | 20,315 | 24,107 | 20,315 | |||||||
Provision for loan losses | 2,947 | 6,403 | |||||||||
Recoveries of loans previously charged off | 1,776 | 1,075 | |||||||||
Loans charged off | -4,449 | -3,686 | |||||||||
Balance at end of period | 24,381 | 24,107 | 24,381 | 24,107 | |||||||
Consumer Loans [Member] | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | 4,929 | 5,224 | 4,929 | 5,224 | |||||||
Provision for loan losses | 1,237 | 2,395 | |||||||||
Recoveries of loans previously charged off | 1,230 | 1,014 | |||||||||
Loans charged off | -2,515 | -3,704 | |||||||||
Balance at end of period | 4,881 | 4,929 | 4,881 | 4,929 | |||||||
Total Portfolio Segments [Member] | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | 63,180 | 63,501 | 63,180 | 63,501 | |||||||
Provision for loan losses | 5,639 | 10,863 | |||||||||
Recoveries of loans previously charged off | 3,292 | 3,222 | |||||||||
Loans charged off | -10,872 | -14,406 | |||||||||
Balance at end of period | 61,239 | 63,180 | 61,239 | 63,180 | |||||||
Unallocated [Member] | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Balance at beginning of period | 1,484 | 6,847 | 1,484 | 6,847 | |||||||
Provision for loan losses | -989 | -5,363 | |||||||||
Recoveries of loans previously charged off | 0 | 0 | |||||||||
Loans charged off | 0 | 0 | |||||||||
Balance at end of period | $495 | $1,484 | $495 | $1,484 |
Recovered_Sheet3
Loans Receivable and Allowance for Loan Losses - Summary of Impaired Loans Receivable by Class (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $94,514 | $116,056 |
Recorded Investment | 85,395 | 106,370 |
Related Allowance | 7,127 | 10,217 |
Average Recorded Investment | 87,869 | 111,008 |
Interest Income Recognized | 2,328 | 2,598 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 30,465 | 30,581 |
Recorded Investment | 25,535 | 26,472 |
Related Allowance | 2,367 | 2,571 |
Average Recorded Investment | 26,244 | 26,932 |
Interest Income Recognized | 912 | 856 |
Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 42,526 | 42,237 |
Recorded Investment | 41,014 | 40,918 |
Related Allowance | 2,329 | 2,309 |
Average Recorded Investment | 41,387 | 41,561 |
Interest Income Recognized | 914 | 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 | 72,991 | 82,628 |
Recorded Investment | 66,549 | 75,839 |
Related Allowance | 4,696 | 7,829 |
Average Recorded Investment | 67,631 | 77,152 |
Interest Income Recognized | 1,826 | 1,835 |
Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 18,708 | 30,942 |
Recorded Investment | 16,462 | 28,210 |
Related Allowance | 2,318 | 2,221 |
Average Recorded Investment | 17,790 | 31,456 |
Interest Income Recognized | 394 | 674 |
Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,815 | 2,486 |
Recorded Investment | 2,384 | 2,321 |
Related Allowance | 113 | 167 |
Average Recorded Investment | 2,448 | 2,400 |
Interest Income Recognized | 108 | 89 |
Loans With No Related Allowance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 23,881 | 27,293 |
Recorded Investment | 18,346 | 21,958 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 18,544 | 24,082 |
Interest Income Recognized | 389 | 352 |
Loans With No Related Allowance [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 14,942 | 13,459 |
Recorded Investment | 10,629 | 9,999 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 11,138 | 10,322 |
Interest Income Recognized | 357 | 299 |
Loans With No Related Allowance [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 4,971 | 4,917 |
Recorded Investment | 4,708 | 4,667 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 4,713 | 4,834 |
Interest Income Recognized | 0 | 3 |
Loans With No Related Allowance [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 No Related Allowance [Member] | Construction [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 No Related Allowance [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 19,913 | 18,376 |
Recorded Investment | 15,337 | 14,666 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 15,851 | 15,156 |
Interest Income Recognized | 357 | 302 |
Loans With No Related Allowance [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,718 | 8,163 |
Recorded Investment | 2,179 | 6,674 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 1,823 | 8,252 |
Interest Income Recognized | 4 | 24 |
Loans With No Related Allowance [Member] | Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,250 | 754 |
Recorded Investment | 830 | 618 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 870 | 674 |
Interest Income Recognized | 28 | 26 |
Loans With Allowance Recorded [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 70,633 | 88,763 |
Recorded Investment | 67,049 | 84,412 |
Related Allowance | 7,127 | 10,217 |
Average Recorded Investment | 69,325 | 86,926 |
Interest Income Recognized | 1,939 | 2,246 |
Loans With Allowance Recorded [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 15,523 | 17,122 |
Recorded Investment | 14,906 | 16,473 |
Related Allowance | 2,367 | 2,571 |
Average Recorded Investment | 15,106 | 16,610 |
Interest Income Recognized | 555 | 557 |
Loans With Allowance Recorded [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 37,555 | 37,320 |
Recorded Investment | 36,306 | 36,251 |
Related Allowance | 2,329 | 2,309 |
Average Recorded Investment | 36,674 | 36,727 |
Interest Income Recognized | 914 | 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 | 53,078 | 64,252 |
Recorded Investment | 51,212 | 61,173 |
Related Allowance | 4,696 | 7,829 |
Average Recorded Investment | 51,780 | 61,996 |
Interest Income Recognized | 1,469 | 1,533 |
Loans With Allowance Recorded [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 15,990 | 22,779 |
Recorded Investment | 14,283 | 21,536 |
Related Allowance | 2,318 | 2,221 |
Average Recorded Investment | 15,967 | 23,204 |
Interest Income Recognized | 390 | 650 |
Loans With Allowance Recorded [Member] | Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,565 | 1,732 |
Recorded Investment | 1,554 | 1,703 |
Related Allowance | 113 | 167 |
Average Recorded Investment | 1,578 | 1,726 |
Interest Income Recognized | $80 | $63 |
Recovered_Sheet4
Loans Receivable and Allowance for Loan Losses - Summary of Loans Receivable by Credit Quality Risk Rating Indicator (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $6,082,377 | $5,196,663 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 71,704 | 50,951 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 110,364 | 137,362 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,092 | 649 |
Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 183,160 | 188,962 |
Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,899,217 | 5,007,701 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,251,445 | 1,174,043 |
Residential [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 4,331 | 5,062 |
Residential [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 17,222 | 23,011 |
Residential [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Residential [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Residential [Member] | Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 21,553 | 28,073 |
Residential [Member] | Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,229,892 | 1,145,970 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,694,359 | 1,400,624 |
Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 18,414 | 15,301 |
Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 53,454 | 54,592 |
Commercial Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,063 | 0 |
Commercial Loans [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Commercial Loans [Member] | Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 72,931 | 69,893 |
Commercial Loans [Member] | Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,621,428 | 1,330,731 |
Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,041,582 | 928,906 |
Multi-Family [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 851 | 0 |
Multi-Family [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 322 | 403 |
Multi-Family [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Multi-Family [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Multi-Family [Member] | Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,173 | 403 |
Multi-Family [Member] | Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,040,409 | 928,503 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 221,102 | 183,289 |
Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Construction [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 2,600 | 8,449 |
Construction [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Construction [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Construction [Member] | Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 2,600 | 8,449 |
Construction [Member] | Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 218,502 | 174,840 |
Total Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 4,208,488 | 3,686,862 |
Total Mortgages [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 23,596 | 20,363 |
Total Mortgages [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 73,598 | 86,455 |
Total Mortgages [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,063 | 0 |
Total Mortgages [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Total Mortgages [Member] | Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 98,257 | 106,818 |
Total Mortgages [Member] | Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 4,110,231 | 3,580,044 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,262,422 | 932,199 |
Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 45,599 | 28,551 |
Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 32,828 | 46,687 |
Commercial Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 29 | 649 |
Commercial Loans [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial Loans [Member] | Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 78,456 | 75,887 |
Commercial Loans [Member] | Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,183,966 | 856,312 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 611,467 | 577,602 |
Consumer Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,509 | 2,037 |
Consumer Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,938 | 4,220 |
Consumer Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer Loans [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer Loans [Member] | Total Classified And Criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,447 | 6,257 |
Consumer Loans [Member] | Acceptable/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $605,020 | $571,345 |
Banking_Premises_and_Equipment2
Banking Premises and Equipment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Land | $15,767 | $13,955 | |
Banking premises | 80,526 | 64,129 | |
Leasehold improvements | 42,836 | 31,565 | |
Leasehold improvements | 33,819 | 27,503 | |
Construction in progress | 4,053 | 3,687 | |
Banking premises and equipment, gross | 177,001 | 140,839 | |
Less accumulated depreciation and amortization | 84,011 | 74,391 | |
Banking premises and equipment, net | 92,990 | 66,448 | |
Depreciation expense | $8,264 | $7,152 | $6,929 |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $392,757 | $352,609 |
Core deposit premiums | 7,603 | 1,096 |
Customer relationship and other intangibles | 2,987 | 1,563 |
Mortgage servicing rights | 1,075 | 1,164 |
Intangible assets | $404,422 | $356,432 |
Intangible_Assets_Amortization
Intangible Assets - Amortization Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Core deposit premiums | $1,472 | $965 | $1,698 |
Customer relationship and other intangibles | 1,106 | 335 | 367 |
Mortgage servicing rights | 179 | 324 | 401 |
Amortization expenses of intangible assets | $2,757 | $1,624 | $2,466 |
Intangible_Assets_Scheduled_of
Intangible Assets - Scheduled of Future Amortization (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $2,973 |
2016 | 2,071 |
2017 | 1,530 |
2018 | 1,102 |
2019 | $925 |
Deposits_Schedule_of_Deposits_
Deposits - Schedule of Deposits (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ||
Savings deposits | $995,347 | $921,993 |
Money market accounts | 1,496,466 | 1,281,596 |
NOW accounts | 1,425,424 | 1,326,941 |
Non-interest bearing deposits | 1,049,597 | 865,187 |
Certificates of deposit | 825,689 | 806,754 |
Total deposits | $5,792,523 | $5,202,471 |
Weighted average interest rate, savings deposits | 0.10% | 0.09% |
Weighted average interest rate, money market accounts | 0.27% | 0.25% |
Weighted average interest rate, NOW accounts | 0.27% | 0.29% |
Weighted average interest rate, non-interest bearing deposits | 0.00% | 0.00% |
Weighted average interest rate, certificates of deposit | 0.89% | 0.97% |
Deposits_Scheduled_Maturities_
Deposits - Scheduled Maturities of Certificates of Deposit (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ||
Within one year | $568,462 | $529,896 |
One to three years | 152,317 | 193,457 |
Three to five years | 100,080 | 82,344 |
Five years and thereafter | 4,830 | 1,057 |
Certificates of deposit | $825,689 | $806,754 |
Deposits_Interest_Expense_on_D
Deposits - Interest Expense on Deposits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Banking and Thrift [Abstract] | |||
Savings deposits | $938 | $960 | $1,449 |
NOW and money market accounts | 7,733 | 7,456 | 10,292 |
Certificates of deposits | 6,661 | 9,615 | 13,607 |
Total interest expense on deposits | $15,332 | $18,031 | $25,348 |
Borrowed_Funds_Schedule_of_Bor
Borrowed Funds - Schedule of Borrowed Funds (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements | $246,571 | $246,322 |
FHLB line of credit | 73,000 | 183,000 |
FHLB advances | 1,190,280 | 774,557 |
Borrowed funds | $1,509,851 | $1,203,879 |
Borrowed_Funds_Scheduled_FHLB_
Borrowed Funds - Scheduled FHLB Advances (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Due in one year or less | 269,668 | |
Due after one year through two years | 150,398 | |
Due after two years through three years | 262,534 | |
Due after three years through four years | 211,220 | |
Due after four years through five years | 203,991 | |
Thereafter | 92,469 | |
Total FHLB advances | 1,190,280 | $774,557 |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of FHLB advances | 31-Jan-15 | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date of FHLB advances | 31-Aug-21 |
Borrowed_Funds_Scheduled_Secur
Borrowed Funds - Scheduled Securities Sold Under Repurchase Agreements (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total scheduled maturities of securities | $246,571 | $246,322 |
Securities Sold Under Repurchase Agreements [Member] | ||
Debt Instrument [Line Items] | ||
Due in one year or less | 91,571 | |
Due after one year through two years | 75,000 | |
Due after two years through three years | 25,000 | |
Due after three years through four years | 20,000 | |
Due after four years through five years | 35,000 | |
Thereafter | 0 | |
Total scheduled maturities of securities | $246,571 |
Borrowed_Funds_Debt_Disclosure
Borrowed Funds - Debt Disclosure by Year (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements, maximum balance | $255,633 | $294,034 |
FHLB line of credit, maximum balance | 180,000 | 183,000 |
FHLB advances, maximum balance | 1,190,280 | 774,557 |
Federal funds purchased, maximum balance | 0 | 0 |
Securities sold under repurchase agreements, average balance | 245,260 | 260,004 |
FHLB line of credit, average balance | 104,121 | 48,784 |
FHLB advances, average balance | 989,245 | 599,991 |
Federal funds purchased, Average balance | $0 | $253 |
Securities sold under repurchase agreements, weighted average interest rate | 1.72% | 1.74% |
FHLB line of credit, weighted average interest rate | 0.37% | 0.38% |
FHLB advances, weighted average interest rate | 2.08% | 2.34% |
Federal funds purchased, weighted average interest rate | 0.00% | 1.00% |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2006 | Dec. 31, 2002 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service period for employees of coverage age, years | 1 year | |||||
Vesting percentage of participants in pension plan | 100.00% | |||||
Lump sum payment | $4,300,000 | |||||
Lump sum pension distribution | 1,300,000 | |||||
Requisite service period for deferred compensation arrangement | 10 years | 10 years | 10 years | |||
Defined benefit plan age attained for coverage | 21 years | |||||
Actuarial gain (loss) during the period | -3,000,000 | -1,500,000 | ||||
Discount rate | 4.00% | |||||
Percentage of matching contribution | 25.00% | 25.00% | ||||
Percentage of contribution made by the participants in benefit plans | 6.00% | 6.00% | ||||
Retirement plan for the board of directors to get maximum payments minimum age | 72 years | |||||
Benefit plans compensation expense | 1,250 | |||||
Period in which undistributed balance of accrued benefit will be distributed | 60 days | |||||
Shares purchased under ESOP | 4,769,464 | |||||
Average price per share purchased under ESOP | $17.09 | |||||
Outstanding loan principal | 53,400,000 | |||||
Number of shares released under ESOP | 201,512 | 195,065 | ||||
Unallocated ESOP shares held in suspense | 2,652,045 | |||||
Fair market value of ESOP shares | 47,900,000 | |||||
ESOP compensation expenses | 2,654,000 | 2,559,000 | 2,030,000 | |||
Estimated expense under the supplemental ESOP provision | 48,000 | 45,000 | 28,000 | |||
Number of shares authorized for issuance under stock award plan | 3,686,510 | |||||
Limited number of shares authorized for issuance | 2,100,000 | |||||
Unrecognized compensation cost relating go unvested restricted stock | 1,100,000 | |||||
Weighted average period in which unrecognized compensation cost recognized yrs | 1 year 1 month 6 days | |||||
Fair value of options vesting | 438,000 | 696,000 | 551,000 | |||
Projected share based compensation expense, 2015 | 179,000 | |||||
Projected share based compensation expense, 2016 | 70,000 | |||||
Projected share based compensation expense, 2017 | 41,000 | |||||
Aggregate intrinsic value of stock options outstanding | 3,840,000 | |||||
Aggregate intrinsic value of stock options exercisable | 3,064,000 | |||||
Weighted average fair value of options granted | $1.64 | $3.49 | $3.37 | |||
Retirement Plan for the Board of Directors [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Increase (decrease) in other comprehensive income from retirement plans | -7,000 | 6,000 | 3,000 | |||
Restricted Stock [Member] | Minimum [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Share based payment award vesting period in years | 3 years | |||||
Restricted Stock [Member] | Maximum [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Share based payment award vesting period in years | 5 years | |||||
Outstanding Stock Awards [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Share based payment award compensation expense | 6,359,000 | 4,869,000 | 3,658,000 | |||
Stock Options [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Share based payment award vesting period in years | 5 years | |||||
Share based payment award expiration period in years | 10 years | |||||
Share based payment award compensation expense | 298,000 | 297,000 | 452,000 | |||
401(k) Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of matching contribution | 25.00% | |||||
Percentage of contribution made by the participants in benefit plans | 6.00% | |||||
Contribution to the Plan | 674,000 | 587,000 | 601,000 | |||
Estimated expense of supplemental ESOP provision | 11,000 | 7,000 | 8,000 | |||
Supplemental Executive Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Aggregate contributions to the benefit plan | 102,000 | 162,000 | 169,000 | |||
Increase (decrease) in other comprehensive income from retirement plans | -198,000 | 56,000 | -49,000 | |||
Other Liabilities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Retirement plan liabilities | 2,166,000 | 2,207,000 | ||||
Other Liabilities [Member] | Retirement Plan for the Board of Directors [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Retirement plan liabilities | 169,000 | 181,000 | ||||
Board of Directors [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Benefit plans compensation expense | $15,000 | $15,000 | $15,000 |
Benefit_Plans_Benefit_Obligati
Benefit Plans - Benefit Obligation and Plan Asset Rollforward (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in benefit obligation: | ||||
Actuarial loss (gain) | $3,000 | $1,500 | ||
Change in plan assets: | ||||
Fair value of plan assets at beginning of year | 45,202 | 45,202 | ||
Fair value of plan assets at end of year | 42,744 | |||
Pension [Member] | ||||
Change in benefit obligation: | ||||
Benefit obligation at beginning of year | 28,605 | 28,605 | 32,189 | 28,277 |
Service cost | 0 | 0 | 0 | |
Interest cost | 1,271 | 1,273 | 1,287 | |
Actuarial loss (gain) | 51 | 114 | 779 | |
Benefits paid | -5,326 | -969 | -891 | |
Change in actuarial assumptions | 4,320 | -4,002 | 2,737 | |
Benefit obligation at end of year | 28,921 | 28,605 | 32,189 | |
Change in plan assets: | ||||
Fair value of plan assets at beginning of year | 45,202 | 45,202 | 40,072 | 32,666 |
Actual return on plan assets | 2,868 | 6,099 | 4,184 | |
Employer contributions | 0 | 0 | 4,113 | |
Benefits paid | -5,326 | -969 | -891 | |
Fair value of plan assets at end of year | 42,744 | 45,202 | 40,072 | |
Funded status at end of year | 13,823 | 16,597 | 7,883 | |
Post-retirement [Member] | ||||
Change in benefit obligation: | ||||
Benefit obligation at beginning of year | 22,086 | 22,086 | 25,116 | 23,327 |
Service cost | 169 | 240 | 252 | |
Interest cost | 1,087 | 981 | 1,043 | |
Actuarial loss (gain) | 51 | -210 | 231 | |
Benefits paid | -670 | -624 | -634 | |
Change in actuarial assumptions | 5,610 | -3,417 | 897 | |
Benefit obligation at end of year | 28,333 | 22,086 | 25,116 | |
Change in plan assets: | ||||
Fair value of plan assets at beginning of year | 0 | 0 | 0 | 0 |
Actual return on plan assets | 0 | 0 | 0 | |
Employer contributions | 670 | 624 | 634 | |
Benefits paid | -670 | -624 | -634 | |
Fair value of plan assets at end of year | 0 | 0 | 0 | |
Funded status at end of year | ($28,333) | ($22,086) | ($25,116) |
Benefit_Plans_Components_of_Ac
Benefit Plans - Components of Accumulated Other Comprehensive Loss (Gain) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pension [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized prior service cost | $0 | $0 |
Unrecognized net actuarial loss (gain) | 10,887 | 7,699 |
Total accumulated other comprehensive loss (gain) | 10,887 | 7,699 |
Post-retirement [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized prior service cost | -1 | -5 |
Unrecognized net actuarial loss (gain) | 1,788 | -4,076 |
Total accumulated other comprehensive loss (gain) | $1,787 | ($4,081) |
Benefit_Plans_Net_Periodic_Ben
Benefit Plans - Net Periodic Benefit Cost (Increase) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Lump sum pension distribution | $1,300 | ||
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 1,271 | 1,273 | 1,287 |
Return on plan assets | -3,463 | -3,167 | -2,578 |
Amortization of net gain (loss) | 441 | 1,352 | 1,428 |
Lump sum pension distribution | 1,336 | 0 | 0 |
Amortization of unrecognized prior service cost | 0 | 0 | 0 |
Net periodic benefit cost (increase) | -415 | -542 | 137 |
Post-retirement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 169 | 240 | 252 |
Interest cost | 1,087 | 981 | 1,043 |
Return on plan assets | 0 | 0 | 0 |
Amortization of net gain (loss) | -204 | 15 | 12 |
Lump sum pension distribution | 0 | 0 | 0 |
Amortization of unrecognized prior service cost | -4 | -4 | -4 |
Net periodic benefit cost (increase) | $1,048 | $1,232 | $1,303 |
Benefit_Plans_Actuarial_Assump
Benefit Plans - Actuarial Assumptions Used (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.00% | ||
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.00% | 5.00% | 4.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Expected return on plan assets | 8.00% | 8.00% | 8.00% |
Medical and life insurance benefits cost rate of increase | 0.00% | 0.00% | 0.00% |
Post-retirement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.00% | 5.00% | 4.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Medical and life insurance benefits cost rate of increase | 6.00% | 6.00% | 6.50% |
Benefit_Plans_Effect_of_OnePer
Benefit Plans - Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rate (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Compensation and Retirement Disclosure [Abstract] | |
Effect on total service cost and interest cost, 1% increase | $220 |
Effect on post-retirement benefits obligation, 1% increase | 5,260 |
Effect on total service cost and interest cost, 1% decrease | -180 |
Effect on post-retirement benefits obligation, 1% decrease | ($4,160) |
Benefit_Plans_Estimated_Future
Benefit Plans - Estimated Future Benefit Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $1,080,000 |
2016 | 1,141,000 |
2017 | 1,188,000 |
2018 | 1,225,000 |
2019 | 1,269,000 |
Post-retirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 816,000 |
2016 | 849,000 |
2017 | 882,000 |
2018 | 920,000 |
2019 | $967,000 |
Benefit_Plans_WeightedAverage_
Benefit Plans - Weighted-Average Asset Allocation of Pension Plan Assets (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 100.00% | 100.00% |
Domestic equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 41.00% | 44.00% |
Foreign equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 12.00% | 14.00% |
Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 45.00% | 40.00% |
Real estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 2.00% | 2.00% |
Cash [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Equities | 0.00% | 0.00% |
Benefit_Plans_Target_Allocatio
Benefit Plans - Target Allocation of Assets and Acceptable Ranges (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 100.00% |
Domestic equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 44.00% |
Target allocation of assets, range minimum | 35.00% |
Target allocation of assets, range maximum | 55.00% |
Foreign equities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 14.00% |
Target allocation of assets, range minimum | 5.00% |
Target allocation of assets, range maximum | 25.00% |
Fixed Income [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 40.00% |
Target allocation of assets, range minimum | 30.00% |
Target allocation of assets, range maximum | 50.00% |
Real estate [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 2.00% |
Target allocation of assets, range minimum | 0.00% |
Target allocation of assets, range maximum | 10.00% |
Cash [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation of assets | 0.00% |
Target allocation of assets, range minimum | 0.00% |
Target allocation of assets, range maximum | 35.00% |
Benefit_Plans_Assets_Measured_
Benefit Plans - Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | $42,744 | $45,202 |
Group Annuity Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 152 | 180 |
Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 8,368 | 19,179 |
Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 34,224 | 25,843 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 8,368 | 19,179 |
Level 1 [Member] | Group Annuity Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Level 1 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 8,368 | 19,179 |
Level 1 [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 34,376 | 26,023 |
Level 2 [Member] | Group Annuity Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 152 | 180 |
Level 2 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Level 2 [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 34,224 | 25,843 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Level 3 [Member] | Group Annuity Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Level 3 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Level 3 [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Fixed Income [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 9,210 | |
Fixed Income [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 19,789 | 8,624 |
Fixed Income [Member] | Level 1 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 9,210 | |
Fixed Income [Member] | Level 1 [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Fixed Income [Member] | Level 2 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | |
Fixed Income [Member] | Level 2 [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 19,789 | 8,624 |
Fixed Income [Member] | Level 3 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | |
Fixed Income [Member] | Level 3 [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
International Equity [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 5,370 | 6,316 |
International Equity [Member] | Level 1 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 5,370 | 6,316 |
International Equity [Member] | Level 2 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
International Equity [Member] | Level 3 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Large U S Equity [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 1,689 | 1,809 |
Large U S Equity [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 11,857 | 14,509 |
Large U S Equity [Member] | Level 1 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 1,689 | 1,809 |
Large U S Equity [Member] | Level 1 [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Large U S Equity [Member] | Level 2 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Large U S Equity [Member] | Level 2 [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 11,857 | 14,509 |
Large U S Equity [Member] | Level 3 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Large U S Equity [Member] | Level 3 [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Small Mid U S Equity [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 1,309 | 1,844 |
Small Mid U S Equity [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 2,578 | 2,710 |
Small Mid U S Equity [Member] | Level 1 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 1,309 | 1,844 |
Small Mid U S Equity [Member] | Level 1 [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Small Mid U S Equity [Member] | Level 2 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Small Mid U S Equity [Member] | Level 2 [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 2,578 | 2,710 |
Small Mid U S Equity [Member] | Level 3 [Member] | Mutual Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | 0 | 0 |
Small Mid U S Equity [Member] | Level 3 [Member] | Pooled Separate Accounts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total investments | $0 | $0 |
Benefit_Plans_Status_of_Unvest
Benefit Plans - Status of Unvested Stock Awards (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Restricted stock awards, outstanding at beginning of year | 782,213 | 846,883 | 904,411 |
Granted | 426,726 | 386,669 | 373,510 |
Forfeited | -126,743 | -68,954 | -220,590 |
Vested | -235,734 | -382,385 | -210,448 |
Restricted stock awards, outstanding at the end of year | 846,462 | 782,213 | 846,883 |
Benefit_Plans_Status_of_Unexer
Benefit Plans - Status of Unexercised Stock Options (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Number of stock options, outstanding at beginning of year | 1,233,742 | 4,152,016 | 4,248,898 |
Number of stock options, granted | 171,935 | 85,250 | 80,081 |
Number of stock options, exercised | -9,678 | -28,464 | -2,000 |
Number of stock options, forfeited | -4,178 | -53,444 | -109,655 |
Number of stock options, expired | -107,500 | -2,921,616 | -65,308 |
Number of stock options, outstanding at the end of year | 1,284,321 | 1,233,742 | 4,152,016 |
Weighted average exercise price, outstanding at beginning of year | $15.24 | $17.50 | $17.37 |
Weighted average exercise price, granted | $16.44 | $15.23 | $14.86 |
Weighted average exercise price, exercised | $12.11 | $12.41 | $12.54 |
Weighted average exercise price, forfeited | $14.50 | $10.34 | $10.41 |
Weighted average exercise price, expired | $16.54 | $18.57 | $18.32 |
Weighted average exercise price, outstanding at the end of year | $15.32 | $15.24 | $17.50 |
Benefit_Plans_Stock_Options_Ou
Benefit Plans - Stock Options Outstanding (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
$ 10.27-15.14 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, minimum | $10.27 |
Range of exercise prices, maximum | $15.23 |
Number of options outstanding | 638,382 |
Options Outstanding, average remaining contractual life, yrs | 5 years 3 months 18 days |
Options Outstanding, weighted average exercise price | $12.57 |
Number of options exercisable | 476,716 |
Options exercisable, weighted average exercise price | $11.75 |
$ 17.43-19.22 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, minimum | $16.38 |
Range of exercise prices, maximum | $18.87 |
Number of options outstanding | 645,939 |
Options Outstanding, average remaining contractual life, yrs | 3 years 7 months 18 days |
Options Outstanding, weighted average exercise price | $17.67 |
Number of options exercisable | 478,504 |
Options exercisable, weighted average exercise price | $18.12 |
Benefit_Plans_Weighted_Average
Benefit Plans - Weighted Average Assumptions of Fair Value Option Grants (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Expected dividend yield | 3.66% | 3.41% | 3.26% |
Expected volatility | 20.04% | 33.38% | 32.51% |
Risk-free interest rate | 0.96% | 0.88% | 0.86% |
Expected option life | 6 years 6 months | 8 years | 8 years |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | |||
Accumulated other comprehensive income, deferred tax (benefit) expense | $7,075,000 | $13,824,000 | ($587,000) |
Accumulated other comprehensive income, a deferred tax expense (benefit) | -3,800,000 | 4,968,000 | -694,000 |
Retained earnings amount for which no provision for income tax has been made | 51,800,000 | ||
Unrecognized tax liability | 21,160,000 | ||
Valuation reserve | 242,000 | 242,000 | |
Valuation allowance associated with net operating losses | 648,000 | ||
Federal [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards, limitations on use | 900,000 | ||
State [Member] | New Jersey [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Unused capital loss carryforwards | 3,300,000 | ||
State [Member] | Pennsylvania [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Unused capital loss carryforwards | 3,000,000 | ||
Team Capital [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Acquired gross tax asset | 486,000 | ||
Beacon Trust [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Unused capital loss carryforwards | $3,900,000 |
Income_Taxes_Current_and_Defer
Income Taxes - Current and Deferred Tax Expense (Benefit) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||||||||||
Current Federal | $27,577 | $27,667 | $29,813 | ||||||||
Current State | 542 | 2,168 | 176 | ||||||||
Total current | 28,119 | 29,835 | 29,989 | ||||||||
Deferred: | |||||||||||
Deferred Federal | 1,678 | 4,210 | -3,208 | ||||||||
Deferred State | 1,988 | 1,321 | 2,074 | ||||||||
Total deferred | 3,666 | 5,531 | -1,134 | ||||||||
Income tax expense (benefit) | $9,968 | $7,913 | $6,206 | $7,698 | $7,806 | $11,987 | $8,007 | $7,566 | $31,785 | $35,366 | $28,855 |
Income_Taxes_Reconciliation_Fr
Income Taxes - Reconciliation From Statutory Rate to Effective Tax (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Tax expense at statutory rate of 35% | $36,896 | $37,065 | $33,643 | ||||||||
State tax, net of federal income tax benefit | 1,621 | 2,268 | 1,462 | ||||||||
Tax-exempt interest income | -4,916 | -4,084 | -3,937 | ||||||||
Bank-owned life insurance | -1,972 | -2,309 | -1,847 | ||||||||
Non-qualified stock option expiration | 0 | 2,746 | 0 | ||||||||
Other, net | 156 | -320 | -466 | ||||||||
Income tax expense (benefit) | $9,968 | $7,913 | $6,206 | $7,698 | $7,806 | $11,987 | $8,007 | $7,566 | $31,785 | $35,366 | $28,855 |
Statutory interest rate | 35.00% | 35.00% | 35.00% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Allowance for loan losses | $24,160 | $25,848 |
Post-retirement benefit | 10,658 | 10,690 |
Deferred compensation | 3,009 | 3,037 |
Intangibles | 499 | 511 |
Purchase accounting adjustments | 387 | 426 |
Depreciation | 3,963 | 3,396 |
SERP | 949 | 958 |
ESOP | 3,264 | 3,253 |
Stock-based compensation | 5,734 | 5,558 |
Non-accrual interest | 5,202 | 6,756 |
Unrealized loss on securities | 0 | 1,939 |
State NOL | 430 | 237 |
Federal NOL | 1,376 | 1,692 |
Pension liability adjustments | 5,178 | 1,438 |
Other | 1,073 | 1,345 |
Total gross deferred tax assets | 65,882 | 67,084 |
Valuation Reserve | -242 | -242 |
Deferred tax liabilities: | ||
Pension expense | 9,925 | 9,925 |
Deferred loan costs | 4,089 | 3,936 |
Investment securities, principally due to accretion of discounts | 311 | 235 |
Originated mortgage servicing rights | 395 | 447 |
Unrealized gain on securities | 5,191 | 0 |
Total gross deferred tax liabilities | 19,911 | 14,543 |
Net deferred tax asset | $45,729 | $52,299 |
Lease_Commitments_Detail
Lease Commitments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
2015 | $6,521 | ||
2016 | 6,455 | ||
2017 | 5,960 | ||
2018 | 5,351 | ||
2019 | 5,093 | ||
Thereafter | 12,887 | ||
Total future minimum rental commitments | 42,267 | ||
Rental expense | $8,056 | $6,850 | $7,115 |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements - Additional Information (Detail) (FDIC [Member]) | Dec. 31, 2014 | Dec. 31, 2013 |
FDIC [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage (Tier 1), minimum capital adequacy requirements, Ratio | 4.00% | 4.00% |
Risk-based capital: Tier 1, minimum capital adequacy requirements, Ratio | 4.00% | 4.00% |
Risk-based capital: Total, minimum capital adequacy requirements, Ratio | 8.00% | 8.00% |
Leverage (Tier 1), To be well-capitalized under prompt corrective action provisions, Ratio | 5.00% | 5.00% |
Risk-based capital: Tier 1, To be well-capitalized under prompt corrective action provisions, Ratio | 6.00% | 6.00% |
Risk-based capital: Total, To be well-capitalized under prompt corrective action provisions, Ratio | 10.00% | 10.00% |
Regulatory_Capital_Requirement3
Regulatory Capital Requirements - Actual Capital Amounts and Ratios and FDIC Minimum Capital Adequacy Requirements (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
FRB [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage (Tier 1), Actual Amount | $740,958 | $660,549 |
Leverage (Tier 1), Actual Ratio | 9.21% | 9.42% |
Leverage (Tier 1), minimum capital adequacy requirements, Amount | 321,809 | 280,572 |
Leverage (Tier 1), minimum capital adequacy requirements, Ratio | 4.00% | 4.00% |
Leverage (Tier 1), To be well-capitalized under prompt corrective action provisions, Amount | 402,262 | 350,715 |
Leverage (Tier 1), To be well-capitalized under prompt corrective action provisions, Ratio | 5.00% | 5.00% |
Risk-based capital: Tier 1, Actual Amount | 740,958 | 660,549 |
Risk-based capital: Tier 1, Actual, Ratio | 12.06% | 12.89% |
Risk-based capital: Tier 1, minimum capital adequacy requirements, Amount | 245,859 | 204,967 |
Risk-based capital: Tier 1, minimum capital adequacy requirements, Ratio | 4.00% | 4.00% |
Risk-based capital: Tier 1, To be well-capitalized under prompt corrective action provisions, Amount | 368,788 | 307,451 |
Risk-based capital: Tier 1, To be well-capitalized under prompt corrective action provisions, Ratio | 6.00% | 6.00% |
Risk-based capital: Total, Actual Amount | 802,692 | 724,609 |
Risk-based capital: Total, Actual, Ratio | 13.06% | 14.14% |
Risk-based capital: Total, minimum capital adequacy requirements, Amount | 491,717 | 409,934 |
Risk-based capital: Total, minimum capital adequacy requirements, Ratio | 8.00% | 8.00% |
Risk-based capital: Total, to be well-capitalized under prompt corrective action provisions, Amount | 614,646 | 512,418 |
Risk-based capital: Total, To be well-capitalized under prompt corrective action provisions, Ratio | 10.00% | 10.00% |
FDIC [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Leverage (Tier 1), Actual Amount | 674,483 | 585,313 |
Leverage (Tier 1), Actual Ratio | 8.38% | 8.34% |
Leverage (Tier 1), minimum capital adequacy requirements, Amount | 321,805 | 280,578 |
Leverage (Tier 1), minimum capital adequacy requirements, Ratio | 4.00% | 4.00% |
Leverage (Tier 1), To be well-capitalized under prompt corrective action provisions, Amount | 402,257 | 350,723 |
Leverage (Tier 1), To be well-capitalized under prompt corrective action provisions, Ratio | 5.00% | 5.00% |
Risk-based capital: Tier 1, Actual Amount | 674,483 | 585,313 |
Risk-based capital: Tier 1, Actual, Ratio | 10.97% | 11.42% |
Risk-based capital: Tier 1, minimum capital adequacy requirements, Amount | 245,853 | 204,967 |
Risk-based capital: Tier 1, minimum capital adequacy requirements, Ratio | 4.00% | 4.00% |
Risk-based capital: Tier 1, To be well-capitalized under prompt corrective action provisions, Amount | 368,779 | 307,450 |
Risk-based capital: Tier 1, To be well-capitalized under prompt corrective action provisions, Ratio | 6.00% | 6.00% |
Risk-based capital: Total, Actual Amount | 736,217 | 649,373 |
Risk-based capital: Total, Actual, Ratio | 11.98% | 12.67% |
Risk-based capital: Total, minimum capital adequacy requirements, Amount | 491,705 | 409,933 |
Risk-based capital: Total, minimum capital adequacy requirements, Ratio | 8.00% | 8.00% |
Risk-based capital: Total, to be well-capitalized under prompt corrective action provisions, Amount | $614,631 | $512,417 |
Risk-based capital: Total, To be well-capitalized under prompt corrective action provisions, Ratio | 10.00% | 10.00% |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (Maximum [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Estimated costs | 6.00% |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities at Fair Values (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | $1,074,395 | $1,157,594 |
Foreclosed assets | 5,098 | 5,486 |
Measured on A Recurring Basis[Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 1,074,395 | 1,157,594 |
Asset derivative | 2,046 | |
Assets, fair value disclosure | 1,076,441 | |
Liability derivative | 2,052 | |
Measured on A Recurring Basis[Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Assets, fair value disclosure | 0 | |
Measured on A Recurring Basis[Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 970,779 | 1,063,732 |
Asset derivative | 2,046 | |
Assets, fair value disclosure | 972,825 | |
Liability derivative | 2,052 | |
Measured on A Recurring Basis[Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 103,616 | 93,862 |
Asset derivative | 0 | |
Assets, fair value disclosure | 103,616 | |
Measured on A Non-recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans measured for impairment based on the fair value of the underlying collateral | 23,086 | 29,782 |
Foreclosed assets | 5,098 | 5,486 |
Fair value assets, nonrecurring | 28,184 | 35,268 |
Measured on A Non-recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans measured for impairment based on the fair value of the underlying collateral | 23,086 | 29,782 |
Foreclosed assets | 5,098 | 5,486 |
Fair value assets, nonrecurring | 28,184 | 35,268 |
Measured on A Non-recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Fair value assets, nonrecurring | 0 | 0 |
Measured on A Non-recurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Fair value assets, nonrecurring | 0 | 0 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 8,016 | |
US Treasury Securities [Member] | Measured on A Recurring Basis[Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 8,016 | |
US Treasury Securities [Member] | Measured on A Recurring Basis[Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | |
US Treasury Securities [Member] | Measured on A Recurring Basis[Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | |
US Treasury Securities [Member] | Measured on A Recurring Basis[Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 8,016 | |
Agency Obligations [Member] | Measured on A Recurring Basis[Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 95,076 | 93,416 |
Agency Obligations [Member] | Measured on A Recurring Basis[Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Agency Obligations [Member] | Measured on A Recurring Basis[Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Agency Obligations [Member] | Measured on A Recurring Basis[Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 95,076 | 93,416 |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 957,257 | 1,054,974 |
Mortgage-Backed Securities [Member] | Measured on A Recurring Basis[Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 957,257 | 1,054,974 |
Mortgage-Backed Securities [Member] | Measured on A Recurring Basis[Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Mortgage-Backed Securities [Member] | Measured on A Recurring Basis[Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 957,257 | 1,054,974 |
Mortgage-Backed Securities [Member] | Measured on A Recurring Basis[Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
State and Municipal Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 7,002 | 8,758 |
State and Municipal Obligations [Member] | Measured on A Recurring Basis[Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 7,002 | 8,758 |
State and Municipal Obligations [Member] | Measured on A Recurring Basis[Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
State and Municipal Obligations [Member] | Measured on A Recurring Basis[Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 7,002 | 8,758 |
State and Municipal Obligations [Member] | Measured on A Recurring Basis[Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Corporate Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 6,520 | |
Corporate Obligations [Member] | Measured on A Recurring Basis[Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 6,520 | |
Corporate Obligations [Member] | Measured on A Recurring Basis[Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 6,520 | |
Equities [Member] | Measured on A Recurring Basis[Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 524 | 446 |
Equities [Member] | Measured on A Recurring Basis[Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Equities [Member] | Measured on A Recurring Basis[Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Equities [Member] | Measured on A Recurring Basis[Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | $524 | $446 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Financial Instruments, Carrying and Fair Values (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $103,762 | $101,224 | $103,823 | $69,632 |
Securities available for sale | 1,074,395 | 1,157,594 | ||
Investment securities held to maturity | 469,528 | 357,500 | ||
FHLBNY stock | 69,789 | 58,070 | ||
Loans, net of allowance for loan losses | 6,023,771 | 5,130,149 | ||
Certificates of deposit | 825,689 | 806,754 | ||
Total deposits | 5,792,523 | 5,202,471 | ||
Borrowings | 1,509,851 | 1,203,879 | ||
US Treasury Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 8,016 | |||
Mortgage-Backed Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 957,257 | 1,054,974 | ||
State and Municipal Obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 7,002 | 8,758 | ||
Corporate Obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 6,520 | |||
Carrying Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 103,762 | 101,224 | ||
Securities available for sale | 1,074,395 | 1,157,594 | ||
Investment securities held to maturity | 469,528 | 357,500 | ||
FHLBNY stock | 69,789 | 58,070 | ||
Loans, net of allowance for loan losses | 6,023,771 | 5,130,149 | ||
Asset derivative | 2,046 | |||
Deposits other than certificates of deposits | 4,966,834 | 4,395,717 | ||
Certificates of deposit | 825,689 | 806,754 | ||
Total deposits | 5,792,523 | 5,202,471 | ||
Borrowings | 1,509,851 | 1,203,879 | ||
Liability derivative | 2,052 | |||
Carrying Value [Member] | US Treasury Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 8,016 | |||
Carrying Value [Member] | Agency Obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 95,076 | 93,416 | ||
Investment securities held to maturity | 6,813 | 7,523 | ||
Carrying Value [Member] | Mortgage-Backed Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 957,257 | 1,054,974 | ||
Investment securities held to maturity | 2,816 | 5,273 | ||
Carrying Value [Member] | State and Municipal Obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 7,002 | 8,758 | ||
Investment securities held to maturity | 449,410 | 334,750 | ||
Carrying Value [Member] | Corporate Obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 6,520 | |||
Investment securities held to maturity | 10,489 | 9,954 | ||
Carrying Value [Member] | Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 524 | 446 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 103,762 | 101,224 | ||
Securities available for sale | 1,074,395 | 1,157,594 | ||
Investment securities held to maturity | 482,473 | 355,913 | ||
FHLBNY stock | 69,789 | 58,070 | ||
Loans, net of allowance for loan losses | 6,104,558 | 5,221,228 | ||
Asset derivative | 2,046 | |||
Deposits other than certificates of deposits | 4,966,834 | 4,395,717 | ||
Certificates of deposit | 830,233 | 813,337 | ||
Total deposits | 5,797,067 | 5,209,054 | ||
Borrowings | 1,516,966 | 1,218,136 | ||
Liability derivative | 2,052 | |||
Fair Value [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 103,762 | 101,224 | ||
Securities available for sale | 103,616 | 93,862 | ||
Investment securities held to maturity | 6,810 | 7,470 | ||
FHLBNY stock | 69,789 | 58,070 | ||
Loans, net of allowance for loan losses | 0 | 0 | ||
Deposits other than certificates of deposits | 4,966,834 | 4,395,717 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 4,966,834 | 4,395,717 | ||
Borrowings | 0 | 0 | ||
Fair Value [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale | 970,779 | 1,063,732 | ||
Investment securities held to maturity | 475,663 | 348,443 | ||
FHLBNY stock | 0 | 0 | ||
Loans, net of allowance for loan losses | 0 | 0 | ||
Asset derivative | 2,046 | |||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 830,233 | 813,337 | ||
Total deposits | 830,233 | 813,337 | ||
Borrowings | 1,516,966 | 1,218,136 | ||
Liability derivative | 2,052 | |||
Fair Value [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
FHLBNY stock | 0 | 0 | ||
Loans, net of allowance for loan losses | 6,104,558 | 5,221,228 | ||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Fair Value [Member] | US Treasury Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 8,016 | |||
Fair Value [Member] | US Treasury Securities [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 8,016 | |||
Fair Value [Member] | US Treasury Securities [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | |||
Fair Value [Member] | US Treasury Securities [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | |||
Fair Value [Member] | Agency Obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 95,076 | 93,416 | ||
Investment securities held to maturity | 6,810 | 7,470 | ||
Fair Value [Member] | Agency Obligations [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 95,076 | 93,416 | ||
Investment securities held to maturity | 6,810 | 7,470 | ||
Fair Value [Member] | Agency Obligations [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | Agency Obligations [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | Mortgage-Backed Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 957,257 | 1,054,974 | ||
Investment securities held to maturity | 2,939 | 5,520 | ||
Fair Value [Member] | Mortgage-Backed Securities [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | Mortgage-Backed Securities [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 957,257 | 1,054,974 | ||
Investment securities held to maturity | 2,939 | 5,520 | ||
Fair Value [Member] | Mortgage-Backed Securities [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | State and Municipal Obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 7,002 | 8,758 | ||
Investment securities held to maturity | 462,238 | 332,987 | ||
Fair Value [Member] | State and Municipal Obligations [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | State and Municipal Obligations [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 7,002 | 8,758 | ||
Investment securities held to maturity | 462,238 | 332,987 | ||
Fair Value [Member] | State and Municipal Obligations [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | Corporate Obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 6,520 | |||
Investment securities held to maturity | 10,486 | 9,936 | ||
Fair Value [Member] | Corporate Obligations [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | |||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | Corporate Obligations [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 6,520 | |||
Investment securities held to maturity | 10,486 | 9,936 | ||
Fair Value [Member] | Corporate Obligations [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | |||
Investment securities held to maturity | 0 | 0 | ||
Fair Value [Member] | Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 524 | 446 | ||
Fair Value [Member] | Equity Securities [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 524 | 446 | ||
Fair Value [Member] | Equity Securities [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value [Member] | Equity Securities [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | $0 | $0 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $73,800 | $73,652 | $67,386 | $64,523 | $64,076 | $62,984 | $62,413 | $63,304 | $279,361 | $252,777 | $262,259 |
Interest expense | 10,482 | 10,683 | 9,985 | 9,322 | 9,369 | 8,987 | 9,002 | 9,409 | 40,472 | 36,767 | 44,922 |
Net interest income | 63,318 | 62,969 | 57,401 | 55,201 | 54,707 | 53,997 | 53,411 | 53,895 | 238,889 | 216,010 | 217,337 |
Provision for loan losses | 1,250 | 1,500 | 1,500 | 400 | 1,800 | 1,200 | 1,000 | 1,500 | 4,650 | 5,500 | 16,000 |
Net interest income after provision for loan losses | 62,068 | 61,469 | 55,901 | 54,801 | 52,907 | 52,797 | 52,411 | 52,395 | 234,239 | 210,510 | 201,337 |
Non-interest income | 11,416 | 11,309 | 10,327 | 8,116 | 9,841 | 11,730 | 12,637 | 9,945 | 41,168 | 44,153 | 43,613 |
Non-interest expense | 42,297 | 45,833 | 43,671 | 38,190 | 37,540 | 36,464 | 37,813 | 36,946 | 169,991 | 148,763 | 148,828 |
Income before income tax expense | 31,187 | 26,945 | 22,557 | 24,727 | 25,208 | 28,063 | 27,235 | 25,394 | 105,416 | 105,900 | 96,122 |
Income tax expense | 9,968 | 7,913 | 6,206 | 7,698 | 7,806 | 11,987 | 8,007 | 7,566 | 31,785 | 35,366 | 28,855 |
Net income | $21,219 | $19,032 | $16,351 | $17,029 | $17,402 | $16,076 | $19,228 | $17,828 | $73,631 | $70,534 | $67,267 |
Basic earnings per share | $0.34 | $0.30 | $0.28 | $0.30 | $0.30 | $0.28 | $0.34 | $0.31 | $1.22 | $1.23 | $1.18 |
Diluted earnings per share | $0.34 | $0.30 | $0.28 | $0.30 | $0.30 | $0.28 | $0.34 | $0.31 | $1.22 | $1.23 | $1.18 |
Earnings_Per_Share_Detail
Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net income | $21,219 | $19,032 | $16,351 | $17,029 | $17,402 | $16,076 | $19,228 | $17,828 | $73,631 | $70,534 | $67,267 |
Basic weighted average common shares outstanding | 60,388,398 | 57,236,909 | 57,145,868 | ||||||||
Dilutive shares | 173,672 | 124,534 | 53,936 | ||||||||
Diluted weighted average common shares outstanding | 60,562,070 | 57,361,443 | 57,199,804 | ||||||||
Diluted weighted average common shares outstanding | |||||||||||
Basic | $0.34 | $0.30 | $0.28 | $0.30 | $0.30 | $0.28 | $0.34 | $0.31 | $1.22 | $1.23 | $1.18 |
Diluted | $0.34 | $0.30 | $0.28 | $0.30 | $0.30 | $0.28 | $0.34 | $0.31 | $1.22 | $1.23 | $1.18 |
Anti-dilutive stock options and awards excluded from computation of earnings per share | 988,931 | 659,531 | 3,891,443 |
Parentonly_Financial_Informati2
Parent-only Financial Information - Financial Condition (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS | ||||
Cash and due from banks | $102,484 | $100,053 | ||
Securities available for sale, at fair value | 1,074,395 | 1,157,594 | ||
Other assets | 76,682 | 80,958 | ||
Total assets | 8,523,377 | 7,487,328 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Other liabilities | 7,379,278 | 6,476,575 | ||
Total stockholders’ equity | 1,144,099 | 1,010,753 | 981,246 | 952,477 |
Total liabilities and stockholders’ equity | 8,523,377 | 7,487,328 | ||
Provident Financial Services, Inc. [Member] | ||||
ASSETS | ||||
Cash and due from banks | 10,475 | 12,796 | ||
Securities available for sale, at fair value | 524 | 446 | ||
Investment in subsidiary | 1,077,624 | 935,517 | ||
Due from subsidiary—SAP | 2,794 | 6,269 | ||
ESOP loan | 53,438 | 56,716 | ||
Other assets | 34 | 59 | ||
Total assets | 1,144,889 | 1,011,803 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Other liabilities | 790 | 1,050 | ||
Total stockholders’ equity | 1,144,099 | 1,010,753 | ||
Total liabilities and stockholders’ equity | $1,144,889 | $1,011,803 |
Parentonly_Financial_Informati3
Parent-only Financial Information - Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Total interest income | $73,800 | $73,652 | $67,386 | $64,523 | $64,076 | $62,984 | $62,413 | $63,304 | $279,361 | $252,777 | $262,259 |
Non-interest expense | 42,297 | 45,833 | 43,671 | 38,190 | 37,540 | 36,464 | 37,813 | 36,946 | 169,991 | 148,763 | 148,828 |
Income before income tax expense | 31,187 | 26,945 | 22,557 | 24,727 | 25,208 | 28,063 | 27,235 | 25,394 | 105,416 | 105,900 | 96,122 |
Income tax expense | 9,968 | 7,913 | 6,206 | 7,698 | 7,806 | 11,987 | 8,007 | 7,566 | 31,785 | 35,366 | 28,855 |
Net income | 21,219 | 19,032 | 16,351 | 17,029 | 17,402 | 16,076 | 19,228 | 17,828 | 73,631 | 70,534 | 67,267 |
Provident Financial Services, Inc. [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiary | 36,118 | 32,320 | 40,729 | ||||||||
Interest income | 2,276 | 2,390 | 2,696 | ||||||||
Investment gain | 11 | 9 | 9 | ||||||||
Total interest income | 38,405 | 34,719 | 43,434 | ||||||||
Non-interest expense | 814 | 891 | 882 | ||||||||
Total expense | 814 | 891 | 882 | ||||||||
Income before income tax expense | 37,591 | 33,828 | 42,552 | ||||||||
Income tax expense | 551 | 563 | 688 | ||||||||
Income before undistributed net income of subsidiary | 37,040 | 33,265 | 41,864 | ||||||||
Equity in undistributed net income of subsidiary (dividends in excess of earnings) | 36,591 | 37,269 | 25,403 | ||||||||
Net income | $73,631 | $70,534 | $67,267 |
Parentonly_Financial_Informati4
Parent-only Financial Information - Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $73,631 | $70,534 | $67,267 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
ESOP expense | 2,654 | 2,559 | 2,030 |
SAP allocation | 6,359 | 4,869 | 3,658 |
Stock option allocation | 298 | 297 | 452 |
Increase (decrease) in other assets | -22,379 | -16,325 | -9,228 |
(Decrease) increase in other liabilities | 7,721 | 173 | 2,482 |
Net cash provided by operating activities | 96,400 | 99,394 | 108,291 |
Cash flows from investing activities: | |||
Net decrease in ESOP loan | -129,240 | -259,359 | -191,904 |
Net cash used in investing activities | -69,279 | -238,817 | -185,106 |
Cash flows from financing activities: | |||
Purchases of treasury stock | -4,420 | -5,899 | -9,424 |
Cash dividends paid | -36,118 | -32,320 | -40,729 |
Shares issued dividend reinvestment plan | 1,336 | 1,244 | 6,090 |
Stock options exercised | 117 | 354 | 28 |
Net cash (used in) provided by financing activities | -24,583 | 136,824 | 111,006 |
Net (decrease) increase in cash and cash equivalents | 2,538 | -2,599 | 34,191 |
Cash and cash equivalents at beginning of period | 101,224 | 103,823 | 69,632 |
Cash and cash equivalents at end of period | 103,762 | 101,224 | 103,823 |
Provident Financial Services, Inc. [Member] | |||
Cash flows from operating activities: | |||
Net income | 73,631 | 70,534 | 67,267 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Dividends in excess of earnings (equity in undistributed net income) of subsidiary | -36,591 | -37,269 | -25,403 |
ESOP expense | 2,654 | 2,559 | 2,030 |
SAP allocation | 6,359 | 4,869 | 3,658 |
Stock option allocation | 298 | 297 | 452 |
Decrease in due from subsidiary—SAP | 3,475 | 5,814 | 4,177 |
Increase (decrease) in other assets | 15,454 | -6,912 | -13,960 |
(Decrease) increase in other liabilities | -259 | -172 | 68 |
Net cash provided by operating activities | 65,021 | 39,720 | 38,289 |
Cash flows from investing activities: | |||
Cash consideration paid for business acquisition | -31,562 | 0 | 0 |
Net decrease in ESOP loan | 3,278 | 3,034 | 3,035 |
Net cash used in investing activities | -28,284 | 3,034 | 3,035 |
Cash flows from financing activities: | |||
Purchases of treasury stock | -4,420 | -5,899 | -9,424 |
Cash dividends paid | -36,118 | -32,320 | -40,729 |
Shares issued dividend reinvestment plan | 1,336 | 1,186 | 6,090 |
Stock options exercised | 144 | 412 | 28 |
Net cash (used in) provided by financing activities | -39,058 | -36,621 | -44,035 |
Net (decrease) increase in cash and cash equivalents | -2,321 | 6,133 | -2,711 |
Cash and cash equivalents at beginning of period | 12,796 | 6,663 | 9,374 |
Cash and cash equivalents at end of period | $10,475 | $12,796 | $6,663 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) - Schedule of Components (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unrealized gains and losses on securities available for sale: | |||
Net gains (losses) arising during the period | $17,868 | ($32,845) | $3,060 |
Reclassification adjustment for gains included in net income | -251 | -996 | -4,497 |
Total | 17,617 | -33,841 | -1,437 |
Other-than-temporary impairment on debt securities available for sale: | |||
Other-than-temporary impairment losses on securities | 0 | 0 | 0 |
Reclassification adjustment for impairment losses included in net income | 0 | 434 | 0 |
Total | 0 | 434 | 0 |
Pension and other postretirement benefit plans: | |||
Amortization related to post retirement obligations | -9,462 | 12,161 | -1,699 |
Total other comprehensive income (loss) | 8,155 | -21,246 | -3,136 |
Unrealized gains and losses on securities available for sale: | |||
Net gains (losses) arising during the period | -7,176 | 13,417 | -1,250 |
Reclassification adjustment for gains included in net income | 101 | 407 | 1,837 |
Total | -7,075 | 13,824 | 587 |
Other-than-temporary impairment on debt securities available for sale: | |||
Other-than-temporary impairment losses on securities | 0 | 0 | 0 |
Reclassification adjustment for impairment losses included in net income | 0 | -177 | 0 |
Total | 0 | -177 | 0 |
Pension and other postretirement benefit plans: | |||
Amortization related to post retirement obligations | 3,800 | -4,968 | 694 |
Total other comprehensive (loss) income, Tax Effect | -3,275 | 8,679 | 1,281 |
Unrealized gains and losses on securities available for sale: | |||
Net gains (losses) arising during the period | 10,692 | -19,428 | 1,810 |
Reclassification adjustment for gains included in net income | -150 | -589 | -2,660 |
Total | 10,542 | -20,017 | -850 |
Other-than-temporary impairment on debt securities available for sale: | |||
Other-than-temporary impairment losses on securities | 0 | 0 | 0 |
Reclassification adjustment for impairment losses included in net income | 0 | 257 | 0 |
Total | 0 | 257 | 0 |
Pension and other postretirement benefit plans: | |||
Amortization related to post retirement obligations | -5,662 | 7,193 | -1,005 |
Total other comprehensive income (loss) | $4,880 | ($12,567) | ($1,855) |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Beginning balance | ($4,851) | $7,716 | |
Current period other comprehensive (loss) income | 4,880 | -12,567 | -1,855 |
Ending balance | 29 | -4,851 | 7,716 |
Unrealized Gains on Securities Available for Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Beginning balance | -2,799 | 16,961 | |
Current period other comprehensive (loss) income | 10,542 | -19,760 | |
Ending balance | 7,743 | -2,799 | |
Post-Retirement Obligations [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Roll Forward] | |||
Beginning balance | -2,052 | -9,245 | |
Current period other comprehensive (loss) income | -5,662 | 7,193 | |
Ending balance | ($7,714) | ($2,052) |
Other_Comprehensive_Income_Los4
Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Realized loss related to lump sum pension settlement | ($1,300) | ||||||||||
Income tax expense (benefit) | -9,968 | -7,913 | -6,206 | -7,698 | -7,806 | -11,987 | -8,007 | -7,566 | -31,785 | -35,366 | -28,855 |
Net income | 21,219 | 19,032 | 16,351 | 17,029 | 17,402 | 16,076 | 19,228 | 17,828 | 73,631 | 70,534 | 67,267 |
Amount Reclassified from AOCI [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Net income | -498 | 1,141 | |||||||||
Amount Reclassified from AOCI [Member] | Securities available for sale: Realized net gains [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Realized net gains on the sale of securities available for sale | 251 | 996 | |||||||||
Income tax expense (benefit) | -101 | -407 | |||||||||
Net income | 150 | 589 | |||||||||
Amount Reclassified from AOCI [Member] | Securities available for sale: Realized other-than-temporary impairment [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Realized other-than-temporary impairment losses on securities available for sale | 0 | -434 | |||||||||
Income tax expense (benefit) | 0 | 177 | |||||||||
Net income | 0 | -257 | |||||||||
Amount Reclassified from AOCI [Member] | Post-retirement obligations [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Amortization of actuarial losses (gains) | 237 | 1,367 | |||||||||
Income tax expense (benefit) | -95 | -558 | |||||||||
Net income | 142 | 809 | |||||||||
Amount Reclassified from AOCI [Member] | Realized loss related to lump sum pension settlement [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Realized loss related to lump sum pension settlement | -1,336 | 0 | |||||||||
Income tax expense (benefit) | 546 | 0 | |||||||||
Net income | ($790) | $0 |
Derivative_and_Hedging_Activit2
Derivative and Hedging Activities - Fair Value of Derivatives (Details) (Derivatives Not Designated as Hedging Instrument [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Derivatives, Fair Value [Line Items] | |
Asset Derivatives | $2,046 |
Liability Derivatives | 2,052 |
Other Assets [Member] | Interest Rate Products [Member] | |
Derivatives, Fair Value [Line Items] | |
Asset Derivatives | 2,040 |
Other Assets [Member] | Credit Risk Contract [Member] | |
Derivatives, Fair Value [Line Items] | |
Asset Derivatives | 6 |
Other Liabilities [Member] | Interest Rate Products [Member] | |
Derivatives, Fair Value [Line Items] | |
Liability Derivatives | $2,052 |
Derivative_and_Hedging_Activit3
Derivative and Hedging Activities - Gains and Losses on Derivatives (Details) (Derivatives Not Designated as Hedging Instrument [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (loss) recognized in Income on derivatives | $3 |
Interest Rate Products [Member] | Other Income | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (loss) recognized in Income on derivatives | -3 |
Credit Risk Contract [Member] | Other Income | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (loss) recognized in Income on derivatives | $6 |
Derivative_and_Hedging_Activit4
Derivative and Hedging Activities - Additional Information (Details) (Derivatives Not Designated as Hedging Instrument [Member], USD $) | Dec. 31, 2014 |
Derivative [Line Items] | |
Liability derivative | $2,084,000 |
Collateral against obligations | 1,250,000 |
Interest Rate Products [Member] | |
Derivative [Line Items] | |
Number of derivative instruments held | 9 |
Derivative, notional amount | $94,900,000 |