Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 01, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | PFS | |
Entity Registrant Name | PROVIDENT FINANCIAL SERVICES INC | |
Entity Central Index Key | 1,178,970 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 65,682,059 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 102,346 | $ 102,484 |
Short-term investments | 2,386 | 1,278 |
Total cash and cash equivalents | 104,732 | 103,762 |
Securities available for sale, at fair value | 1,031,325 | 1,074,395 |
Investment securities held to maturity (fair value of $476,792 at June 30, 2015 (unaudited) and $482,473 at December 31, 2014) | 471,984 | 469,528 |
Federal Home Loan Bank stock | 77,892 | 69,789 |
Loans | 6,308,353 | 6,085,505 |
Less allowance for loan losses | 59,624 | 61,734 |
Net loans | 6,248,729 | 6,023,771 |
Foreclosed assets, net | 8,088 | 5,098 |
Banking premises and equipment, net | 91,380 | 92,990 |
Accrued interest receivable | 25,628 | 25,228 |
Intangible assets | 432,879 | 404,422 |
Bank-owned life insurance | 180,377 | 177,712 |
Other assets | 78,400 | 76,682 |
Total assets | 8,751,414 | 8,523,377 |
Deposits: | ||
Demand deposits | 4,030,152 | 3,971,487 |
Savings deposits | 988,131 | 995,347 |
Certificates of deposit of $100,000 or more | 350,004 | 342,072 |
Other time deposits | 445,934 | 483,617 |
Total deposits | 5,814,221 | 5,792,523 |
Mortgage escrow deposits | 25,970 | 21,649 |
Borrowed funds | 1,684,574 | 1,509,851 |
Other liabilities | 59,525 | 55,255 |
Total liabilities | 7,584,290 | 7,379,278 |
Stockholders’ Equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized, 83,209,293 shares issued and 65,287,831 shares outstanding at June 30, 2015 (unaudited) and 64,905,905 outstanding at December 31, 2014 | 832 | 832 |
Additional paid-in capital | 998,096 | 995,053 |
Retained earnings | 485,577 | 465,276 |
Accumulated other comprehensive (loss) income | (1,463) | 29 |
Treasury stock | (271,904) | (271,779) |
Unallocated common stock held by the Employee Stock Ownership Plan | (44,014) | (45,312) |
Common stock acquired by the Directors’ Deferred Fee Plan | (6,899) | (7,113) |
Deferred compensation – Directors’ Deferred Fee Plan | 6,899 | 7,113 |
Total stockholders’ equity | 1,167,124 | 1,144,099 |
Total liabilities and stockholders’ equity | $ 8,751,414 | $ 8,523,377 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 476,792 | $ 482,473 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 83,209,293 | 83,209,293 |
Common stock, shares outstanding | 65,287,831 | 64,905,905 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income: | ||||
Real estate secured loans | $ 43,594 | $ 40,381 | $ 86,883 | $ 78,933 |
Commercial loans | 13,669 | 11,548 | 27,108 | 22,095 |
Consumer loans | 5,794 | 5,869 | 11,588 | 11,531 |
Securities available for sale and Federal Home Loan Bank Stock | 5,735 | 6,663 | 12,036 | 13,745 |
Investment securities held to maturity | 3,386 | 2,906 | 6,782 | 5,576 |
Deposits, Federal funds sold and other short-term investments | 10 | 19 | 22 | 29 |
Total interest income | 72,188 | 67,386 | 144,419 | 131,909 |
Interest expense: | ||||
Deposits | 3,624 | 3,687 | 7,212 | 7,425 |
Borrowed funds | 6,890 | 6,298 | 13,605 | 11,882 |
Total interest expense | 10,514 | 9,985 | 20,817 | 19,307 |
Net interest income | 61,674 | 57,401 | 123,602 | 112,602 |
Provision for loan losses | 1,100 | 1,500 | 1,700 | 1,900 |
Net interest income after provision for loan losses | 60,574 | 55,901 | 121,902 | 110,702 |
Non-interest expense: | ||||
Fees | 7,181 | 5,074 | 13,235 | 9,876 |
Wealth management income | 5,097 | 2,545 | 7,655 | 4,598 |
Bank-owned life insurance | 1,317 | 1,577 | 2,665 | 2,879 |
Net gain (loss) on securities transactions | 643 | 110 | 645 | (240) |
Other income | 2,704 | 1,021 | 3,045 | 1,330 |
Total non-interest income | 16,942 | 10,327 | 27,245 | 18,443 |
Non-interest expense: | ||||
Compensation and employee benefits | 24,414 | 23,581 | 48,615 | 44,974 |
Net occupancy expense | 6,577 | 5,623 | 13,749 | 11,712 |
Data processing expense | 3,159 | 2,761 | 6,186 | 5,558 |
FDIC insurance | 1,272 | 1,144 | 2,490 | 2,280 |
Amortization of intangibles | 1,124 | 519 | 2,051 | 802 |
Advertising and promotion expense | 1,381 | 1,081 | 2,142 | 2,146 |
Other operating expenses | 8,192 | 8,962 | 14,323 | 14,389 |
Total non-interest expense | 46,119 | 43,671 | 89,556 | 81,861 |
Income before income tax expense | 31,397 | 22,557 | 59,591 | 47,284 |
Income tax expense | 9,601 | 6,206 | 17,993 | 13,904 |
Net income | $ 21,796 | $ 16,351 | $ 41,598 | $ 33,380 |
Basic earnings per share (usd per share) | $ 0.35 | $ 0.28 | $ 0.66 | $ 0.57 |
Weighted average basic shares outstanding (in shares) | 62,894,213 | 59,147,241 | 62,784,655 | 58,263,052 |
Diluted earnings per share (usd per share) | $ 0.35 | $ 0.28 | $ 0.66 | $ 0.57 |
Weighted average diluted shares outstanding (in shares) | 63,044,965 | 59,269,262 | 62,943,563 | 58,403,753 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 21,796 | $ 16,351 | $ 41,598 | $ 33,380 |
Unrealized gains and losses on securities available for sale: | ||||
Net unrealized (losses) gains arising during the period | (4,929) | 6,339 | (1,218) | 10,058 |
Reclassification adjustment for gains included in net income | (385) | (65) | (386) | 142 |
Total | (5,314) | 6,274 | (1,604) | 10,200 |
Amortization related to post-retirement obligations | 116 | (615) | 112 | (663) |
Total other comprehensive (loss) income | (5,198) | 5,659 | (1,492) | 9,537 |
Total comprehensive income | $ 16,598 | $ 22,010 | $ 40,106 | $ 42,917 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | 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 Directors Deferred Fee Plan [Member] | Deferred Compensation DDFP [Member] |
Balance 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 | 33,380 | 33,380 | |||||||
Other comprehensive income, net of tax | 9,537 | 9,537 | |||||||
Cash dividends declared | (18,234) | (18,234) | |||||||
Distributions from DDFP | 0 | 46 | (46) | ||||||
Purchases of treasury stock | (3,880) | (3,880) | |||||||
Shares issued dividend reinvestment plan | 659 | 0 | 659 | ||||||
Stock option exercises | 106 | (22) | 128 | ||||||
Allocation of ESOP shares | 1,482 | 53 | 1,429 | ||||||
Allocation of SAP shares | 3,919 | 3,919 | |||||||
Allocation of stock options | 152 | 152 | |||||||
Balance at Jun. 30, 2014 | 1,121,391 | 832 | 1,025,031 | 442,909 | 4,686 | (304,741) | (47,326) | (7,159) | 7,159 |
Balance at Dec. 31, 2014 | 1,144,099 | 832 | 995,053 | 465,276 | 29 | (271,779) | (45,312) | (7,113) | 7,113 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 41,598 | 41,598 | |||||||
Other comprehensive income, net of tax | (1,492) | (1,492) | |||||||
Cash dividends declared | (21,297) | (21,297) | |||||||
Distributions from DDFP | 21 | 21 | 214 | (214) | |||||
Purchases of treasury stock | (1,933) | (1,933) | |||||||
Shares issued dividend reinvestment plan | 729 | 44 | 685 | ||||||
Stock option exercises | 1,065 | (58) | 1,123 | ||||||
Allocation of ESOP shares | 1,390 | 92 | 1,298 | ||||||
Allocation of SAP shares | 2,816 | 2,816 | |||||||
Allocation of Treasury Shares | 0 | 0 | 0 | ||||||
Allocation of stock options | 128 | 128 | |||||||
Balance at Jun. 30, 2015 | $ 1,167,124 | $ 832 | $ 998,096 | $ 485,577 | $ (1,463) | $ (271,904) | $ (44,014) | $ (6,899) | $ 6,899 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 41,598 | $ 33,380 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of intangibles | 6,886 | 4,562 |
Provision for loan losses | 1,700 | 1,900 |
Deferred tax expense | 2,197 | 1,820 |
Increase in cash surrender value of Bank-owned life insurance | (2,665) | (2,879) |
Net amortization of premiums and discounts on securities | 5,397 | 4,792 |
Accretion of net deferred loan fees | (1,905) | (1,541) |
Amortization of premiums on purchased loans, net | 564 | 353 |
Net increase in loans originated for sale | (4,713) | (3,524) |
Proceeds from sales of loans originated for sale | 5,214 | 3,807 |
Proceeds from sales of foreclosed assets | 2,277 | 3,539 |
ESOP expense | 1,390 | 1,483 |
Allocation of stock award shares | 2,452 | 3,654 |
Allocation of stock options | 128 | 152 |
Net gain on sale of loans | (501) | (283) |
Net (gain) loss on securities transactions | (645) | 240 |
Net loss (gain) on sale of premises and equipment | 6 | (1) |
Net gain on sale of foreclosed assets | (140) | (385) |
(Increase) decrease in accrued interest receivable | (400) | 405 |
Increase in other assets | (11,052) | (2,276) |
Increase in other liabilities | 4,270 | 961 |
Net cash provided by operating activities | 52,058 | 50,159 |
Cash flows from investing activities: | ||
Proceeds from maturities, calls and paydowns of investment securities held to maturity | 16,581 | 24,481 |
Purchases of investment securities held to maturity | (20,443) | (40,577) |
Proceeds from sales of securities | 14,005 | 15,007 |
Proceeds from maturities, calls and paydowns of securities available for sale | 96,155 | 91,710 |
Purchases of securities available for sale | (73,120) | (18,566) |
Net increase in Federal Home Loan Bank stock | (8,103) | (12,504) |
Net cash and cash equivalents (paid) received in acquisition | (25,613) | 68,650 |
Purchases of loans | (49,762) | (31,027) |
Net increase in loans | (176,873) | (54,216) |
Purchases of premises and equipment | (3,222) | (10,890) |
Net cash (used in) provided by investing activities | (230,395) | 32,068 |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 21,698 | (134,377) |
Increase in mortgage escrow deposits | 4,321 | 2,586 |
Purchases of treasury stock | (1,933) | (3,880) |
Cash dividends paid to stockholders | (21,297) | (18,234) |
Shares issued through the dividend reinvestment plan | 729 | 659 |
Stock options exercised | 1,065 | 106 |
Proceeds from long-term borrowings | 329,937 | 322,231 |
Payments on long-term borrowings | (157,096) | (161,959) |
Net increase (decrease) in short-term borrowings | 1,883 | (58,144) |
Net cash provided by (used in) financing activities | 179,307 | (51,012) |
Net increase in cash and cash equivalents | 970 | 31,215 |
Cash and cash equivalents at beginning of period | 103,762 | 101,224 |
Cash and cash equivalents at end of period | 104,732 | 132,439 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | 20,323 | 19,283 |
Income taxes | 18,365 | 12,531 |
Non-cash investing activities: | ||
Transfer of loans receivable to foreclosed assets | 5,127 | 4,206 |
Non-cash assets acquired: | ||
Investment securities available for sale | 0 | 157,635 |
Loans | 0 | 631,390 |
Bank-owned life insurance | 0 | 22,319 |
Goodwill and other intangible assets, net | 29,953 | 50,584 |
Other assets | 112 | 33,396 |
Total non-cash assets acquired | 30,065 | 895,324 |
Liabilities assumed: | ||
Deposits | 0 | 769,936 |
Borrowings | 0 | 112,835 |
Other Liabilities | 366 | (2,314) |
Total liabilities assumed | 366 | 880,457 |
Common stock issued for acquisitions | $ 0 | $ 83,517 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies A. Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, The Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”). In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and the results of operations for the periods presented. Actual results could differ from these estimates. The allowance for loan losses, the valuation of securities available for sale and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results of operations that may be expected for all of 2015 . Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the December 31, 2014 Annual Report to Stockholders on Form 10-K. B. Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2015 and 2014 (dollars in thousands, except per share amounts): Three months ended June 30, 2015 2014 Net Income Weighted Average Common Shares Outstanding Per Share Amount Net Income Weighted Average Common Shares Outstanding Per Share Amount Net income $ 21,796 $ 16,351 Basic earnings per share: Income available to common stockholders $ 21,796 62,894,213 $ 0.35 $ 16,351 59,147,241 $ 0.28 Dilutive shares 150,752 122,021 Diluted earnings per share: Income available to common stockholders $ 21,796 63,044,965 $ 0.35 $ 16,351 59,269,262 $ 0.28 Six months ended June 30, 2015 2014 Net Weighted Per Net Weighted Per Net income $ 41,598 $ 33,380 Basic earnings per share: Income available to common stockholders $ 41,598 62,784,655 $ 0.66 $ 33,380 58,263,052 $ 0.57 Dilutive shares 158,908 140,701 Diluted earnings per share: Income available to common stockholders $ 41,598 62,943,563 $ 0.66 $ 33,380 58,403,753 $ 0.57 Anti-dilutive stock options and awards at June 30, 2015 and 2014 , totaling 693,721 shares and 1,116,839 shares, respectively, were excluded from the earnings per share calculations. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations On April 1, 2015, Beacon Trust Company ("Beacon"), a wholly owned subsidiary of The Provident Bank, completed its acquisition of The MDE Group, Inc. and the equity interests of Acertus Capital Management, LLC (collectively "MDE"), both Morristown, New Jersey-based registered investment advisory firms that manage assets for affluent and high net-worth clients and their financial advisors. MDE was acquired with both cash and contingent consideration. The Company recognized goodwill of $22.9 million and a customer relationship intangible of $7.0 million related to the acquisition. The Company recognized a contingent consideration liability at its fair value of $2.0 million . The contingent consideration arrangement requires the Company to pay additional cash consideration to MDE’s former stakeholders in four years if certain revenue targets are met. The fair value of the contingent consideration was estimated using a discounted cash flow model. The acquisition agreement limits the total payment to a maximum of $12.5 million , to be determined based on actual future results. On October 31, 2014, Beacon acquired the fiduciary account relationships of Suffolk County National Bank, a subsidiary of Suffolk Bancorp, in Suffolk County, New York. 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 40,897 Other intangibles assets 9,868 Foreclosed assets, net 653 Other assets 4,905 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 Upon the completion and filing of the Team Capital short-period tax return for the period ended May 30, 2014, a net operating loss carryback claim was filed with the Internal Revenue Service to reclaim taxes previously paid by Team Capital in the prior two years. As a result of the claim process, the Company determined that the tax receivable established by Team Capital at the May 30, 2014 acquisition date was overstated by $543,000 . In May 2015, the Company decreased the tax receivable recorded at the date of acquisition by $543,000 , along with a corresponding increase to goodwill. The purchase accounting for the Team Capital transaction was completed, and is reflected in both the table above and the Company's Consolidated Financial Statements. 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 Federal Home Loan Bank ("FHLB") of Pittsburgh, a Level 2 input. These borrowings were redeemed after the acquisition date and the fair value adjustment was fully amortized in the quarter ended June 30, 2014. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities At June 30, 2015 , the Company had $ 1.03 billion and $472.0 million in available for sale and held to maturity investment securities, respectively. Many factors, including lack of liquidity in the secondary market for certain securities, variations in pricing information, regulatory actions, changes in the business environment or any changes in the competitive marketplace could have an adverse effect on the Company’s investment portfolio which could result in other-than-temporary impairment on certain investment securities in future periods. The total number of held to maturity and available for sale securities in an unrealized loss position as of June 30, 2015 totaled 379 , compared with 206 at December 31, 2014 . All securities with unrealized losses at June 30, 2015 were analyzed for other-than-temporary impairment. Based upon this analysis, the Company believes that as of June 30, 2015 , such securities with unrealized losses do not represent impairments that are other-than-temporary. Securities Available for Sale The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities available for sale at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Fair value US Treasury obligations $ 8,010 51 — 8,061 Agency obligations 94,567 340 (1 ) 94,906 Mortgage-backed securities 906,656 12,884 (3,165 ) 916,375 State and municipal obligations 5,925 51 (16 ) 5,960 Corporate obligations 5,517 1 (29 ) 5,489 Equity securities 397 137 — 534 $ 1,021,072 13,464 (3,211 ) 1,031,325 December 31, 2014 Amortized Gross Gross Fair US 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 The amortized cost and fair value of securities available for sale at June 30, 2015 , 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. June 30, 2015 Amortized cost Fair value Due in one year or less $ 27,616 27,650 Due after one year through five years 80,422 80,821 Due after five years through ten years 3,684 3,653 Due after ten years 2,297 2,292 $ 114,019 114,416 Mortgage-backed securities totaling $906.7 million at amortized cost and $916.4 million at fair value are excluded from the table above as their expected lives are likely 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 $ 534,000 at fair value. During the three months ended June 30, 2015 , proceeds from the sale of securities available for sale were $14,005,000 resulting in gross gains of $643,000 and no gross losses. For the same period last year, proceeds from the sale of securities available for sale were $ 8,398,000 resulting in gross gains of $ 150,000 and gross losses of $ 39,000 . For the six months ended June 30, 2015 , proceeds from the sale of securities available for sale were $14,005,000 , resulting in gross gains of $643,000 and no gross losses. For the same period last year, proceeds from the sale of securities available for sale were $14,483,000 , resulting in gross gains of $150,000 and gross losses of $404,000 . Also, for the six months ended June 30, 2015 , proceeds from calls of securities available for sale totaled $465,000 , resulting in gross gains of $2,000 gains and no gross losses. For the six months ended June 30, 2014 , proceeds from calls on securities available for sale totaled $740,000 , resulting in gross gains of $2,000 and no gross losses. The following table presents a roll-forward of the credit loss component of other-than-temporary impairment (“OTTI”) on debt securities for which a non-credit component of OTTI was recognized in other comprehensive income. OTTI recognized in earnings for credit-impaired debt securities is presented in two components based upon whether the current period is the first time a debt security was credit-impaired (initial credit impairment), or whether the current period is not the first time a debt security was credit-impaired (subsequent credit impairment). Changes in the credit loss component of credit-impaired debt securities were as follows (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Beginning credit loss amount $ — 134 — 1,674 Add: Initial OTTI credit losses — — — — Subsequent OTTI credit losses — — — — Less: Realized losses for securities sold — 134 — 1,674 Securities intended or required to be sold — — — — Increases in expected cash flows on debt securities — — — — Ending credit loss amount $ — — — — The Company did not incur an OTTI charge on securities for the three and six months ended June 30, 2015 or 2014 . For the three and six months ended June 30, 2014 , the Company realized a $59,000 gain and a $365,000 loss on the sales of previously impaired non-agency mortgage-backed securities, respectively. The Company previously incurred cumulative credit losses of $1.7 million on these securities. The following tables represent the Company’s disclosure regarding securities available for sale with temporary impairment at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Agency obligations 3,053 (1 ) — — 3,053 (1 ) Mortgage-backed securities 282,309 (2,311 ) 51,909 (854 ) 334,218 (3,165 ) State and municipal obligations 2,949 (16 ) — — 2,949 (16 ) Corporate obligations 4,988 (29 ) — — 4,988 (29 ) $ 293,299 (2,357 ) 51,909 (854 ) 345,208 (3,211 ) December 31, 2014 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized 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 ) Corporate obligations 3,466 (15 ) — — 3,466 (15 ) $ 89,295 (279 ) 211,679 (2,951 ) 300,974 (3,230 ) The temporary loss position associated with certain securities available for sale was the result of changes in market interest rates relative to the coupon of the individual security and changes in credit spreads. The Company does not have the intent to sell securities in a temporary loss position at June 30, 2015 , nor is it more likely than not that the Company will be required to sell the securities before their prices recover. The number of available for sale securities in an unrealized loss position at June 30, 2015 totaled 47 , compared with 43 at December 31, 2014 . At June 30, 2015 , there were three private label mortgage-backed securities in an unrealized loss position, with an amortized cost of $1,118,000 and an unrealized loss of $7,000 . These private label mortgage-backed securities were investment grade at June 30, 2015 . The Company estimates the loss projections for each security by stressing the individual loans collateralizing the security and applying a range of expected default rates, loss severities, and prepayment speeds in conjunction with the underlying credit enhancement for each security. Based on specific assumptions about collateral and vintage, a range of possible cash flows was identified to determine whether other-than-temporary impairment existed during the three and six months ended June 30, 2015 . The Company believes that no other-than-temporary impairment of the securities available for sale portfolio existed for the three and six months ended June 30, 2015 . Investment Securities Held to Maturity The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for investment securities held to maturity at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 5,999 12 (10 ) 6,001 Mortgage-backed securities 2,169 91 — 2,260 State and municipal obligations 453,484 8,572 (3,880 ) 458,176 Corporate obligations 10,332 32 (9 ) 10,355 $ 471,984 8,707 (3,899 ) 476,792 December 31, 2014 Amortized cost Gross unrealized gains Gross unrealized losses Fair value 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 The Company generally purchases securities for long-term investment purposes, and differences between amortized cost and fair values may fluctuate during the investment period. For the three and six months ended June 30, 2015 , the Company recognized no gross gains and no gross losses, respectively, related to calls of certain securities in the held to maturity portfolio, with proceeds from the calls totaling $9,147,000 and $13,220,000 for the three and six months ended June 30, 2015 , respectively. There were no sales of securities from the held to maturity portfolio for the three and six months ended June 30, 2015 . For the three and six months ended June 30, 2014 , the Company recognized gains of $2,000 and $15,000 , and no gross losses, respectively, related to calls of certain securities in the held to maturity portfolio, with proceeds from the calls totaling $2,415,000 and $8,810,000 , respectively. In addition, for the three and six months ended June 30, 2014 , the Company recognized a gross loss of $3,000 , and no gross gain, related to the sale of a security in the held to maturity portfolio, with the proceeds from the sale totaling $524,000 . The sale of this security was in response to credit deterioration of the issuer. The amortized cost and fair value of investment securities in the held to maturity portfolio at June 30, 2015 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. June 30, 2015 Amortized cost Fair value Due in one year or less $ 10,687 10,795 Due after one year through five years 51,655 52,692 Due after five years through ten years 198,165 202,991 Due after ten years 209,308 208,054 $ 469,815 474,532 Mortgage-backed securities totaling $ 2.2 million at amortized cost and $ 2.3 million at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. The following tables represent the Company’s disclosure on investment securities held to maturity with temporary impairment at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Agency obligations $ 796 (5 ) 1,775 (5 ) 2,571 (10 ) State and municipal obligations 159,837 (3,038 ) 17,879 (842 ) 177,716 (3,880 ) Corporate obligations 2,549 (6 ) 499 (3 ) 3,048 (9 ) $ 163,182 (3,049 ) 20,153 (850 ) 183,335 (3,899 ) December 31, 2014 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross 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 ) Based upon the review of the held to maturity securities portfolio, the Company believes that as of June 30, 2015 , securities with unrealized loss positions shown above do not represent impairments that are other-than-temporary. The review of the portfolio for other-than-temporary impairment considers the percentage and length of time the fair value of an investment is below book value, as well as general market conditions, changes in interest rates, credit risks, whether the Company has the intent to sell the securities and whether it is more likely than not that the Company would be required to sell the securities before their prices recover. The number of held to maturity securities in an unrealized loss position at June 30, 2015 totaled 332 , compared with 163 at December 31, 2014 . The increase in the number of securities in an unrealized loss position at June 30, 2015 , was largely due to an increase in market interest rates from December 31, 2014 . All temporarily impaired investment securities were investment grade at June 30, 2015 . |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | 90 days accruing Mortgage loans: Residential $ 7,610 3,673 11,961 23,244 1,226,638 1,249,882 — Commercial 564 873 17,440 18,877 1,720,312 1,739,189 — Multi-family — — 847 847 1,169,434 1,170,281 — Construction — — — — 301,328 301,328 — Total mortgage loans 8,174 4,546 30,248 42,968 4,417,712 4,460,680 — Commercial loans 1,012 10 11,805 12,827 1,242,325 1,255,152 — Consumer loans 2,702 1,463 4,022 8,187 581,800 589,987 — Total loans $ 11,888 6,019 46,075 63,982 6,241,837 6,305,819 — December 31, 2014 30-59 Days 60-89 Days Non-accrual Total Past Due and Non-accrual Current Total Loans Receivable Recorded 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 loans $ 13,665 7,241 53,855 74,761 6,007,616 6,082,377 — Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The principal amounts of these non-accrual loans were $46.1 million and $53.9 million at June 30, 2015 and December 31, 2014 , respectively. Included in non-accrual loans were $7.4 million and $8.4 million of loans which were less than 90 days past due at June 30, 2015 and December 31, 2014 , respectively. There were no loans 90 days or greater past due and still accruing interest at June 30, 2015 , or December 31, 2014 . The Company defines an impaired loan as a non-homogeneous loan greater than $1.0 million for which it is probable, based on current information, all amounts due under the contractual terms of the loan agreement will not be collected. Impaired loans also include all loans modified as troubled debt restructurings (“TDRs”). A loan is deemed to be a TDR when a loan modification resulting in a concession is made in an effort to mitigate potential loss arising from a borrower’s financial difficulty. Smaller balance homogeneous loans, including residential mortgages and other consumer loans, are evaluated collectively for impairment and are excluded from the definition of impaired loans, unless modified as TDRs. The Company separately calculates the reserve for loan losses on impaired loans. The Company may recognize impairment of a loan based upon: (1) the present value of expected cash flows discounted at the effective interest rate; (2) if a loan is collateral dependent, the fair value of collateral; or (3) the fair value of the loan. Additionally, if impaired loans have risk characteristics in common, those loans may be aggregated and historical statistics may be used as a means of measuring those impaired loans. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analyses of collateral dependent impaired loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral dependent impaired loan and is updated annually or more frequently, if required. A specific allocation of the allowance for loan losses is established for each collateral dependent impaired loan with a carrying balance greater than the collateral’s fair value, less estimated costs to sell. Charge-offs are generally taken for the amount of the specific allocation when operations associated with the respective property cease and it is determined that collection of amounts due will be derived primarily from the disposition of the collateral. At each quarter end, if a loan is designated as a collateral dependent impaired loan and the third party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value. The Company believes there have been no significant time lapses as a result of this process. At June 30, 2015 , there were 153 impaired loans totaling $83.0 million . Included in this total were 131 TDRs related to 125 borrowers totaling $57.0 million that were performing in accordance with their restructured terms and which continued to accrue interest at June 30, 2015 . At December 31, 2014 , there were 147 impaired loans totaling $85.4 million . Included in this total were 123 TDRs 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 . The following table summarizes loans receivable by portfolio segment and impairment method, excluding PCI loans (in thousands): June 30, 2015 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 63,598 16,954 2,436 82,988 Collectively evaluated for impairment 4,397,082 1,238,198 587,551 6,222,831 Total $ 4,460,680 1,255,152 589,987 6,305,819 December 31, 2014 Mortgage loans Commercial loans Consumer loans Total 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 $ 4,208,488 1,262,422 611,467 6,082,377 The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands): June 30, 2015 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total Individually evaluated for impairment $ 2,534 55 106 2,695 — 2,695 Collectively evaluated for impairment 29,290 22,785 4,464 56,539 390 56,929 Total $ 31,824 22,840 4,570 59,234 390 59,624 December 31, 2014 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total 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 $ 31,977 24,381 4,881 61,239 495 61,734 Loan modifications to borrowers experiencing financial difficulties that are considered TDRs primarily involve lowering the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. These modifications generally do not result in the forgiveness of principal or accrued interest. In addition, the Company attempts to obtain additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The following tables present the number of loans modified as TDRs during the three and six months ended June 30, 2015 and 2014 and their balances immediately prior to the modification date and post-modification as of June 30, 2015 and 2014 : For the three months ended June 30, 2015 June 30, 2014 Troubled Debt Restructuring Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Mortgage loans: Residential 3 $ 1,612 $ 1,615 4 $ 1,088 $ 847 Commercial — — — 1 865 870 Total mortgage loans 3 1,612 1,615 5 1,953 1,717 Commercial loans — — — 1 300 300 Consumer loans 1 79 77 — — — Total restructured loans 4 $ 1,691 $ 1,692 6 $ 2,253 $ 2,017 For the six months ended June 30, 2015 June 30, 2014 Troubled Debt Restructuring Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification ($ in thousands) Mortgage loans: Residential 5 $ 1,935 1,934 8 $ 1,963 $ 1,677 Commercial — — — 1 865 870 Construction 1 2,600 910 Total mortgage loans 6 4,535 2,844 9 2,828 2,547 Commercial loans 4 6,659 6,903 1 300 300 Consumer loans 2 123 118 — — — Total restructured loans 12 $ 11,317 $ 9,865 10 $ 3,128 $ 2,847 All TDRs are impaired loans, which are individually evaluated for impairment, as previously discussed. Estimated collateral values of collateral dependent impaired loans modified during the three and six months ended June 30, 2015 and 2014 exceeded the carrying amounts of such loans. As a result, there were no charge-offs recorded on collateral dependent impaired loans presented in the preceding tables for the three and six months ended June 30, 2015 and 2014 . The allowance for loan losses associated with the TDRs presented in the preceding tables totaled $88,000 and $282,000 for the three months ended June 30, 2015 and 2014 , respectively, and were included in the allowance for loan losses for loans individually evaluated for impairment. For the six months ended June 30, 2015 and 2014 , the allowance for loan losses associated with the TDRs presented in the preceding tables totaled $173,000 and $322,000 , respectively, and were included in the allowance for loan losses for loans individually evaluated for impairment. For the three and six months ended June 30, 2015 , the TDRs presented in the preceding tables had a weighted average modified interest rate of approximately 3.53% and 5.41% , respectively, compared to a rate of 5.41% and 5.80% prior to modification, respectively. For the three and six months ended June 30, 2014 , the TDRs had weighted average modified interest rate of approximately 4.81% and 4.65% , respectively, compared to a rate of 5.50% and 5.39% prior to modification, respectively. The following table presents loans modified as TDRs within the previous 12 months from June 30, 2015 and 2014 , and for which there was a payment default (90 days or more past due) at the quarter ended June 30, 2015 and 2014 . June 30, 2015 June 30, 2014 Troubled Debt Restructurings Subsequently Defaulted Number of Loans Outstanding Recorded Investment Number of Loans Outstanding Recorded Investment ($ in thousands) ($ in thousands) Mortgage loans: Residential $ — $ — 2 $ 264 Total mortgage loans — — 2 264 Total restructured loans $ — $ — 2 $ 264 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. At the date of acquistion, PCI loans were 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): May 30, 2014 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 $715,000 to $3.8 million at June 30, 2015 , from $4.5 million at December 31, 2014, largely due to the full repayment and greater than projected cash flows on certain PCI loans. This resulted in a $145,000 and a $220,000 increase in interest income for the three and six months ended June 30, 2015 , 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 during the three and six months ended June 30, 2015 (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Beginning balance $ 681 $ — $ 695 $ — Acquisition — 810 — 810 Accretion (264 ) (37 ) (462 ) (37 ) Reclassification from non-accretable discount 192 — 376 — Ending balance $ 609 $ 773 $ 609 $ 773 The activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2015 and 2014 was as follows (in thousands): Three months ended June 30, Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total 2015 Balance at beginning of period $ 32,886 23,697 4,277 60,860 250 61,110 Provision charged to operations 317 (202 ) 845 960 140 1,100 Recoveries of loans previously charged-off 71 660 256 987 — 987 Loans charged-off (1,450 ) (1,315 ) (808 ) (3,573 ) — (3,573 ) Balance at end of period $ 31,824 22,840 4,570 59,234 390 59,624 2014 Balance at beginning of period $ 31,470 25,161 4,379 61,010 2,410 63,420 Provision charged to operations 646 1,663 226 2,535 (1,035 ) 1,500 Recoveries of loans previously charged-off 90 298 729 1,117 — 1,117 Loans charged-off (1,166 ) (43 ) (953 ) (2,162 ) — (2,162 ) Balance at end of period $ 31,040 27,079 4,381 62,500 1,375 63,875 Six months ended June 30, Mortgage Commercial Consumer Total Portfolio Unallocated Total 2015 Balance at beginning of period $ 31,977 24,381 4,881 61,239 495 61,734 Provision charged to operations 1,355 (678 ) 1,129 1,806 (106 ) 1,700 Recoveries of loans previously charged-off 136 874 467 1,477 1 1,478 Loans charged-off (1,644 ) (1,737 ) (1,907 ) (5,288 ) — (5,288 ) Balance at end of period $ 31,824 22,840 4,570 59,234 390 59,624 2014 Balance at beginning of period $ 34,144 24,107 4,929 63,180 1,484 64,664 Provision charged to operations (1,354 ) 2,994 369 2,009 (109 ) 1,900 Recoveries of loans previously charged-off 157 541 850 1,548 — 1,548 Loans charged-off (1,907 ) (563 ) (1,767 ) (4,237 ) — (4,237 ) Balance at end of period $ 31,040 27,079 4,381 62,500 1,375 63,875 The following table presents loans individually evaluated for impairment by class and loan category, excluding PCI loans (in thousands): June 30, 2015 December 31, 2014 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Loans with no related allowance Mortgage loans: Residential $ 12,081 8,786 — 9,072 234 14,942 10,629 — 11,138 357 Commercial 16,154 14,876 — 14,876 — 4,971 4,708 — 4,713 — Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 28,235 23,662 — 23,948 234 19,913 15,337 — 15,851 357 Commercial loans 12,642 9,777 — 14,916 132 2,718 2,179 — 1,823 4 Consumer loans 1,370 907 — 925 14 1,250 830 — 870 28 Total loans $ 42,247 34,346 — 39,789 380 23,881 18,346 — 18,544 389 Loans with an allowance recorded Mortgage loans: Residential $ 15,825 15,179 2,070 15,251 262 15,523 14,906 2,367 15,106 555 Commercial 24,302 23,847 434 24,300 476 37,555 36,306 2,329 36,674 914 Multi-family — — — — — — — — — — Construction 910 910 30 441 17 — — — — — Total 41,037 39,936 2,534 39,992 755 53,078 51,212 4,696 51,780 1,469 Commercial loans 7,239 7,177 55 7,187 450 15,990 14,283 2,318 15,967 390 Consumer loans 1,540 1,529 106 1,542 40 1,565 1,554 113 1,578 80 Total loans $ 49,816 48,642 2,695 48,721 1,245 70,633 67,049 7,127 69,325 1,939 Total impaired loans Mortgage loans: Residential $ 27,906 23,965 2,070 24,323 496 30,465 25,535 2,367 26,244 912 Commercial 40,456 38,723 434 39,176 476 42,526 41,014 2,329 41,387 914 Multi-family — — — — — — — — — — Construction 910 910 30 441 17 — — — — — Total 69,272 63,598 2,534 63,940 989 72,991 66,549 4,696 67,631 1,826 Commercial loans 19,881 16,954 55 22,103 582 18,708 16,462 2,318 17,790 394 Consumer loans 2,910 2,436 106 2,467 54 2,815 2,384 113 2,448 108 Total loans $ 92,063 82,988 2,695 88,510 1,625 94,514 85,395 7,127 87,869 2,328 Specific allocations of the allowance for loan losses attributable to impaired loans totaled $2,695,000 and $7,127,000 at June 30, 2015 and December 31, 2014 , respectively. At June 30, 2015 and December 31, 2014 , impaired loans for which there was no related allowance for loan losses totaled $34,346,000 and $18,346,000 , respectively. The average balance of impaired loans during the six months ended June 30, 2015 was $88,510,000 . The Company utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar characteristics. Loans deemed to be “acceptable quality” (pass) are rated 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 their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Department. The risk ratings are also confirmed through periodic loan review examinations which are currently performed by an independent third party, and their reports are presented directly to both the Audit and Risk Committees of the Board of Directors. Loans receivable by credit quality risk rating indicator, excluding PCI loans, are as follows (in thousands): At June 30, 2015 Residential Commercial mortgage Multi- family Construction Total mortgages Commercial Consumer Total loans Special mention $ 3,673 22,904 1,093 — 27,670 55,660 1,463 84,793 Substandard 11,960 53,871 847 910 67,588 34,050 3,946 105,584 Doubtful — — — 293 293 27 — 320 Loss — — — — — — — — Total classified and criticized 15,633 76,775 1,940 1,203 95,551 89,737 5,409 190,697 Pass/Watch 1,234,249 1,662,414 1,168,341 300,125 4,365,129 1,165,415 584,578 6,115,122 Total $ 1,249,882 1,739,189 1,170,281 301,328 4,460,680 1,255,152 589,987 6,305,819 At December 31, 2014 Residential Commercial mortgage Multi- family Construction Total mortgages Commercial Consumer Total 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 Pass/Watch 1,229,892 1,621,428 1,040,409 218,502 4,110,231 1,183,966 605,020 5,899,217 Total $ 1,251,445 1,694,359 1,041,582 221,102 4,208,488 1,262,422 611,467 6,082,377" id="sjs-B4">Loans Receivable and Allowance for Loan Losses Loans receivable at June 30, 2015 and December 31, 2014 are summarized as follows (in thousands): June 30, 2015 December 31, 2014 Mortgage loans: Residential $ 1,249,882 1,251,445 Commercial 1,739,189 1,694,359 Multi-family 1,170,281 1,041,582 Construction 301,328 221,102 Total mortgage loans 4,460,680 4,208,488 Commercial loans 1,255,152 1,262,422 Consumer loans 589,987 611,467 Total gross loans 6,305,819 6,082,377 Purchased credit-impaired ("PCI") loans 3,796 4,510 Premiums on purchased loans 5,543 5,307 Unearned discounts (47 ) (53 ) Net deferred fees (6,758 ) (6,636 ) $ 6,308,353 6,085,505 The following tables summarize the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands): June 30, 2015 30-59 Days 60-89 Days Non-accrual Total Past Due and Non-accrual Current Total Loans Receivable Recorded Investment > 90 days accruing Mortgage loans: Residential $ 7,610 3,673 11,961 23,244 1,226,638 1,249,882 — Commercial 564 873 17,440 18,877 1,720,312 1,739,189 — Multi-family — — 847 847 1,169,434 1,170,281 — Construction — — — — 301,328 301,328 — Total mortgage loans 8,174 4,546 30,248 42,968 4,417,712 4,460,680 — Commercial loans 1,012 10 11,805 12,827 1,242,325 1,255,152 — Consumer loans 2,702 1,463 4,022 8,187 581,800 589,987 — Total loans $ 11,888 6,019 46,075 63,982 6,241,837 6,305,819 — December 31, 2014 30-59 Days 60-89 Days Non-accrual Total Past Due and Non-accrual Current Total Loans Receivable Recorded 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 loans $ 13,665 7,241 53,855 74,761 6,007,616 6,082,377 — Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The principal amounts of these non-accrual loans were $46.1 million and $53.9 million at June 30, 2015 and December 31, 2014 , respectively. Included in non-accrual loans were $7.4 million and $8.4 million of loans which were less than 90 days past due at June 30, 2015 and December 31, 2014 , respectively. There were no loans 90 days or greater past due and still accruing interest at June 30, 2015 , or December 31, 2014 . The Company defines an impaired loan as a non-homogeneous loan greater than $1.0 million for which it is probable, based on current information, all amounts due under the contractual terms of the loan agreement will not be collected. Impaired loans also include all loans modified as troubled debt restructurings (“TDRs”). A loan is deemed to be a TDR when a loan modification resulting in a concession is made in an effort to mitigate potential loss arising from a borrower’s financial difficulty. Smaller balance homogeneous loans, including residential mortgages and other consumer loans, are evaluated collectively for impairment and are excluded from the definition of impaired loans, unless modified as TDRs. The Company separately calculates the reserve for loan losses on impaired loans. The Company may recognize impairment of a loan based upon: (1) the present value of expected cash flows discounted at the effective interest rate; (2) if a loan is collateral dependent, the fair value of collateral; or (3) the fair value of the loan. Additionally, if impaired loans have risk characteristics in common, those loans may be aggregated and historical statistics may be used as a means of measuring those impaired loans. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analyses of collateral dependent impaired loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral dependent impaired loan and is updated annually or more frequently, if required. A specific allocation of the allowance for loan losses is established for each collateral dependent impaired loan with a carrying balance greater than the collateral’s fair value, less estimated costs to sell. Charge-offs are generally taken for the amount of the specific allocation when operations associated with the respective property cease and it is determined that collection of amounts due will be derived primarily from the disposition of the collateral. At each quarter end, if a loan is designated as a collateral dependent impaired loan and the third party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value. The Company believes there have been no significant time lapses as a result of this process. At June 30, 2015 , there were 153 impaired loans totaling $83.0 million . Included in this total were 131 TDRs related to 125 borrowers totaling $57.0 million that were performing in accordance with their restructured terms and which continued to accrue interest at June 30, 2015 . At December 31, 2014 , there were 147 impaired loans totaling $85.4 million . Included in this total were 123 TDRs 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 . The following table summarizes loans receivable by portfolio segment and impairment method, excluding PCI loans (in thousands): June 30, 2015 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 63,598 16,954 2,436 82,988 Collectively evaluated for impairment 4,397,082 1,238,198 587,551 6,222,831 Total $ 4,460,680 1,255,152 589,987 6,305,819 December 31, 2014 Mortgage loans Commercial loans Consumer loans Total 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 $ 4,208,488 1,262,422 611,467 6,082,377 The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands): June 30, 2015 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total Individually evaluated for impairment $ 2,534 55 106 2,695 — 2,695 Collectively evaluated for impairment 29,290 22,785 4,464 56,539 390 56,929 Total $ 31,824 22,840 4,570 59,234 390 59,624 December 31, 2014 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total 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 $ 31,977 24,381 4,881 61,239 495 61,734 Loan modifications to borrowers experiencing financial difficulties that are considered TDRs primarily involve lowering the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. These modifications generally do not result in the forgiveness of principal or accrued interest. In addition, the Company attempts to obtain additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The following tables present the number of loans modified as TDRs during the three and six months ended June 30, 2015 and 2014 and their balances immediately prior to the modification date and post-modification as of June 30, 2015 and 2014 : For the three months ended June 30, 2015 June 30, 2014 Troubled Debt Restructuring Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Mortgage loans: Residential 3 $ 1,612 $ 1,615 4 $ 1,088 $ 847 Commercial — — — 1 865 870 Total mortgage loans 3 1,612 1,615 5 1,953 1,717 Commercial loans — — — 1 300 300 Consumer loans 1 79 77 — — — Total restructured loans 4 $ 1,691 $ 1,692 6 $ 2,253 $ 2,017 For the six months ended June 30, 2015 June 30, 2014 Troubled Debt Restructuring Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification ($ in thousands) Mortgage loans: Residential 5 $ 1,935 1,934 8 $ 1,963 $ 1,677 Commercial — — — 1 865 870 Construction 1 2,600 910 Total mortgage loans 6 4,535 2,844 9 2,828 2,547 Commercial loans 4 6,659 6,903 1 300 300 Consumer loans 2 123 118 — — — Total restructured loans 12 $ 11,317 $ 9,865 10 $ 3,128 $ 2,847 All TDRs are impaired loans, which are individually evaluated for impairment, as previously discussed. Estimated collateral values of collateral dependent impaired loans modified during the three and six months ended June 30, 2015 and 2014 exceeded the carrying amounts of such loans. As a result, there were no charge-offs recorded on collateral dependent impaired loans presented in the preceding tables for the three and six months ended June 30, 2015 and 2014 . The allowance for loan losses associated with the TDRs presented in the preceding tables totaled $88,000 and $282,000 for the three months ended June 30, 2015 and 2014 , respectively, and were included in the allowance for loan losses for loans individually evaluated for impairment. For the six months ended June 30, 2015 and 2014 , the allowance for loan losses associated with the TDRs presented in the preceding tables totaled $173,000 and $322,000 , respectively, and were included in the allowance for loan losses for loans individually evaluated for impairment. For the three and six months ended June 30, 2015 , the TDRs presented in the preceding tables had a weighted average modified interest rate of approximately 3.53% and 5.41% , respectively, compared to a rate of 5.41% and 5.80% prior to modification, respectively. For the three and six months ended June 30, 2014 , the TDRs had weighted average modified interest rate of approximately 4.81% and 4.65% , respectively, compared to a rate of 5.50% and 5.39% prior to modification, respectively. The following table presents loans modified as TDRs within the previous 12 months from June 30, 2015 and 2014 , and for which there was a payment default (90 days or more past due) at the quarter ended June 30, 2015 and 2014 . June 30, 2015 June 30, 2014 Troubled Debt Restructurings Subsequently Defaulted Number of Loans Outstanding Recorded Investment Number of Loans Outstanding Recorded Investment ($ in thousands) ($ in thousands) Mortgage loans: Residential $ — $ — 2 $ 264 Total mortgage loans — — 2 264 Total restructured loans $ — $ — 2 $ 264 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. At the date of acquistion, PCI loans were 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): May 30, 2014 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 $715,000 to $3.8 million at June 30, 2015 , from $4.5 million at December 31, 2014, largely due to the full repayment and greater than projected cash flows on certain PCI loans. This resulted in a $145,000 and a $220,000 increase in interest income for the three and six months ended June 30, 2015 , 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 during the three and six months ended June 30, 2015 (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Beginning balance $ 681 $ — $ 695 $ — Acquisition — 810 — 810 Accretion (264 ) (37 ) (462 ) (37 ) Reclassification from non-accretable discount 192 — 376 — Ending balance $ 609 $ 773 $ 609 $ 773 The activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2015 and 2014 was as follows (in thousands): Three months ended June 30, Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total 2015 Balance at beginning of period $ 32,886 23,697 4,277 60,860 250 61,110 Provision charged to operations 317 (202 ) 845 960 140 1,100 Recoveries of loans previously charged-off 71 660 256 987 — 987 Loans charged-off (1,450 ) (1,315 ) (808 ) (3,573 ) — (3,573 ) Balance at end of period $ 31,824 22,840 4,570 59,234 390 59,624 2014 Balance at beginning of period $ 31,470 25,161 4,379 61,010 2,410 63,420 Provision charged to operations 646 1,663 226 2,535 (1,035 ) 1,500 Recoveries of loans previously charged-off 90 298 729 1,117 — 1,117 Loans charged-off (1,166 ) (43 ) (953 ) (2,162 ) — (2,162 ) Balance at end of period $ 31,040 27,079 4,381 62,500 1,375 63,875 Six months ended June 30, Mortgage Commercial Consumer Total Portfolio Unallocated Total 2015 Balance at beginning of period $ 31,977 24,381 4,881 61,239 495 61,734 Provision charged to operations 1,355 (678 ) 1,129 1,806 (106 ) 1,700 Recoveries of loans previously charged-off 136 874 467 1,477 1 1,478 Loans charged-off (1,644 ) (1,737 ) (1,907 ) (5,288 ) — (5,288 ) Balance at end of period $ 31,824 22,840 4,570 59,234 390 59,624 2014 Balance at beginning of period $ 34,144 24,107 4,929 63,180 1,484 64,664 Provision charged to operations (1,354 ) 2,994 369 2,009 (109 ) 1,900 Recoveries of loans previously charged-off 157 541 850 1,548 — 1,548 Loans charged-off (1,907 ) (563 ) (1,767 ) (4,237 ) — (4,237 ) Balance at end of period $ 31,040 27,079 4,381 62,500 1,375 63,875 The following table presents loans individually evaluated for impairment by class and loan category, excluding PCI loans (in thousands): June 30, 2015 December 31, 2014 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Loans with no related allowance Mortgage loans: Residential $ 12,081 8,786 — 9,072 234 14,942 10,629 — 11,138 357 Commercial 16,154 14,876 — 14,876 — 4,971 4,708 — 4,713 — Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 28,235 23,662 — 23,948 234 19,913 15,337 — 15,851 357 Commercial loans 12,642 9,777 — 14,916 132 2,718 2,179 — 1,823 4 Consumer loans 1,370 907 — 925 14 1,250 830 — 870 28 Total loans $ 42,247 34,346 — 39,789 380 23,881 18,346 — 18,544 389 Loans with an allowance recorded Mortgage loans: Residential $ 15,825 15,179 2,070 15,251 262 15,523 14,906 2,367 15,106 555 Commercial 24,302 23,847 434 24,300 476 37,555 36,306 2,329 36,674 914 Multi-family — — — — — — — — — — Construction 910 910 30 441 17 — — — — — Total 41,037 39,936 2,534 39,992 755 53,078 51,212 4,696 51,780 1,469 Commercial loans 7,239 7,177 55 7,187 450 15,990 14,283 2,318 15,967 390 Consumer loans 1,540 1,529 106 1,542 40 1,565 1,554 113 1,578 80 Total loans $ 49,816 48,642 2,695 48,721 1,245 70,633 67,049 7,127 69,325 1,939 Total impaired loans Mortgage loans: Residential $ 27,906 23,965 2,070 24,323 496 30,465 25,535 2,367 26,244 912 Commercial 40,456 38,723 434 39,176 476 42,526 41,014 2,329 41,387 914 Multi-family — — — — — — — — — — Construction 910 910 30 441 17 — — — — — Total 69,272 63,598 2,534 63,940 989 72,991 66,549 4,696 67,631 1,826 Commercial loans 19,881 16,954 55 22,103 582 18,708 16,462 2,318 17,790 394 Consumer loans 2,910 2,436 106 2,467 54 2,815 2,384 113 2,448 108 Total loans $ 92,063 82,988 2,695 88,510 1,625 94,514 85,395 7,127 87,869 2,328 Specific allocations of the allowance for loan losses attributable to impaired loans totaled $2,695,000 and $7,127,000 at June 30, 2015 and December 31, 2014 , respectively. At June 30, 2015 and December 31, 2014 , impaired loans for which there was no related allowance for loan losses totaled $34,346,000 and $18,346,000 , respectively. The average balance of impaired loans during the six months ended June 30, 2015 was $88,510,000 . The Company utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar characteristics. Loans deemed to be “acceptable quality” (pass) are rated 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 their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Department. The risk ratings are also confirmed through periodic loan review examinations which are currently performed by an independent third party, and their reports are presented directly to both the Audit and Risk Committees of the Board of Directors. Loans receivable by credit quality risk rating indicator, excluding PCI loans, are as follows (in thousands): At June 30, 2015 Residential Commercial mortgage Multi- family Construction Total mortgages Commercial Consumer Total loans Special mention $ 3,673 22,904 1,093 — 27,670 55,660 1,463 84,793 Substandard 11,960 53,871 847 910 67,588 34,050 3,946 105,584 Doubtful — — — 293 293 27 — 320 Loss — — — — — — — — Total classified and criticized 15,633 76,775 1,940 1,203 95,551 89,737 5,409 190,697 Pass/Watch 1,234,249 1,662,414 1,168,341 300,125 4,365,129 1,165,415 584,578 6,115,122 Total $ 1,249,882 1,739,189 1,170,281 301,328 4,460,680 1,255,152 589,987 6,305,819 At December 31, 2014 Residential Commercial mortgage Multi- family Construction Total mortgages Commercial Consumer Total 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 Pass/Watch 1,229,892 1,621,428 1,040,409 218,502 4,110,231 1,183,966 605,020 5,899,217 Total $ 1,251,445 1,694,359 1,041,582 221,102 4,208,488 1,262,422 611,467 6,082,377 |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits at June 30, 2015 and December 31, 2014 are summarized as follows (in thousands): June 30, 2015 December 31, 2014 Savings $ 988,131 995,347 Money market 1,486,154 1,496,466 NOW 1,402,016 1,425,424 Non-interest bearing 1,141,982 1,049,597 Certificates of deposit 795,938 825,689 Total $ 5,814,221 5,792,523 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost The Bank has a noncontributory defined benefit pension plan (the “Plan”) covering its full-time employees who had attained age 21 with at least one year of service as of April 1, 2003, the date on which the Plan was frozen. All participants in the Plan are 100% vested. The Plan’s assets are invested in investment funds and group annuity contracts currently managed by the Principal Financial Group and Allmerica Financial. 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 six months ended June 30, 2014, the Plan paid $4.3 million to those employees that elected to receive lump sum pension distributions and the Company realized an associated charge of $1.3 million . This charge was a pro rata share of the unrecognized losses recorded in other comprehensive income. In addition to pension benefits, certain health care and life insurance benefits are currently made available to certain of the Bank’s retired employees. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee became or will become fully eligible to receive the benefits. Effective January 1, 2003, eligibility for retiree health care benefits was frozen as to new entrants, and benefits were eliminated for employees with less than 10 years of service as of December 31, 2002. Effective January 1, 2007, eligibility for retiree life insurance benefits was frozen as to new entrants, and retiree life insurance benefits were eliminated for employees with less than 10 years of service as of December 31, 2006. Net periodic benefit (increase) cost for pension benefits and other post-retirement benefits for the three and six months ended June 30, 2015 and 2014 includes the following components (in thousands): Three months ended June 30, Six months ended June 30, Pension benefits Other post- retirement benefits Pension benefits Other post- retirement benefits 2015 2014 2015 2014 2015 2014 2015 2014 Service cost $ — — 42 42 $ — — 84 84 Interest cost 284 352 281 272 568 704 562 544 Expected return on plan assets (633 ) (894 ) — — (1,266 ) (1,788 ) — — Amortization of prior service cost — — — (1 ) — — — (2 ) Amortization of the net loss 194 93 — (51 ) 388 186 — (102 ) Net periodic benefit (increase) cost $ (155 ) (449 ) 323 262 $ (310 ) (898 ) 646 524 In its consolidated financial statements for the year ended December 31, 2014 , the Company previously disclosed that it does not expect to contribute to the Plan in 2015 . As of June 30, 2015 , no contributions have been made to the Plan. The net periodic benefit (increase) cost for pension benefits and other post-retirement benefits for the three and six months ended June 30, 2015 were calculated using the actual January 1, 2015 pension valuation and the other post-retirement benefits valuations. |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
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's adoption of this ASU did not have a significant impact on its consolidated financial statements. 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 was prohibited. The Company's adoption of this ASU did not have an impact on its consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
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 and Liabilities Measured at Fair Value on a Recurring Basis The valuation techniques described below were used to measure fair value of financial instruments in the table below on a recurring basis as of June 30, 2015 and December 31, 2014 . Securities Available for Sale For securities available for sale, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. The Company also may hold equity securities and debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. 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 June 30, 2015 and December 31, 2014 . For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell of up to 6% . The Company classifies these loans as Level 3 within the fair value hierarchy. Assets acquired through foreclosure or deed in lieu of foreclosure are carried at fair value, less estimated selling costs of up to 6% . Fair value is generally based on independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case basis, to comparable assets based on the appraisers’ market knowledge and experience, and are classified as Level 3. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for loan losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred. There were no changes to the valuation techniques for fair value measurements as of June 30, 2015 and December 31, 2014 . The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of June 30, 2015 and December 31, 2014 , by level within the fair value hierarchy: Fair Value Measurements at Reporting Date Using: (Dollars in thousands) June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Securities available for sale: US Treasury obligations $ 8,061 8,061 — — Agency obligations 94,906 94,906 — — Mortgage-backed securities 916,375 — 916,375 — State and municipal obligations 5,960 — 5,960 — Corporate obligations 5,489 — 5,489 — Equity securities 534 534 — — Total securities available for sale 1,031,325 103,501 927,824 — Asset derivatives 2,830 — 2,830 — $ 1,034,155 103,501 930,654 — Liability derivatives $ 2,426 — 2,426 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 23,492 — — 23,492 Foreclosed assets 8,088 — — 8,088 $ 31,580 — — 31,580 Fair Value Measurements at Reporting Date Using: (Dollars in thousands) December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Securities available for sale: US 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 — Equity securities 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 There were no transfers between Level 1 and Level 2 during the three and six months ended June 30, 2015 . 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. Federal Home Loan Bank of New York ("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 and estimated selling costs. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits and savings deposits, was equal to the amount payable on demand and classified as Level 1. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowed Funds The fair value of borrowed funds was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value estimates of commitments to extend credit and letters of credit are deemed immaterial. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include goodwill and other intangibles, deferred tax assets and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. The following tables present the Company’s financial instruments at their carrying and fair values as of June 30, 2015 and December 31, 2014 . Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at June 30, 2015 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 104,732 104,732 104,732 — — Securities available for sale: US Treasury obligations 8,061 8,061 8,061 — — Agency obligations 94,906 94,906 94,906 — — Mortgage-backed securities 916,375 916,375 — 916,375 — State and municipal obligations 5,960 5,960 — 5,960 — Corporate obligations 5,489 5,489 — 5,489 — Equity securities 534 534 534 — — Total securities available for sale $ 1,031,325 1,031,325 103,501 927,824 — Investment securities held to maturity: Agency obligations 5,999 6,001 6,001 — — Mortgage-backed securities 2,169 2,260 — 2,260 — State and municipal obligations 453,484 458,176 — 458,176 — Corporate obligations 10,332 10,355 — 10,355 — Total securities held to maturity $ 471,984 476,792 6,001 470,791 — FHLBNY stock 77,892 77,892 77,892 — — Loans, net of allowance for loan losses 6,248,729 6,308,626 — — 6,308,626 Asset derivative 2,830 2,830 — 2,830 — Financial liabilities: Deposits other than certificates of deposits $ 5,018,283 5,018,283 5,018,283 — — Certificates of deposit 795,938 799,279 — 799,279 — Total deposits $ 5,814,221 5,817,562 5,018,283 799,279 — Borrowings 1,684,574 1,698,940 — 1,698,940 — Liability derivative 2,426 2,426 — 2,426 — Fair Value Measurements at December 31, 2014 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 103,762 103,762 103,762 — — Securities available for sale: US 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 — 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: US Treasury obligations $ 8,016 8,016 8,016 — — 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 — Total deposits $ 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 — |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following table presents the components of other comprehensive (loss) income both gross and net of tax, for the three and six months ended June 30, 2015 and 2014 (in thousands): Three months ended June 30, 2015 2014 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Components of Other Comprehensive (Loss) Income: Unrealized gains and losses on securities available for sale: Net (losses) gains arising during the period $ (8,237 ) 3,308 (4,929 ) 10,188 (3,849 ) 6,339 Reclassification adjustment for gains included in net income (643 ) 258 (385 ) (110 ) 45 (65 ) Total (8,880 ) 3,566 (5,314 ) 10,078 (3,804 ) 6,274 Amortization related to post-retirement obligations 194 (78 ) 116 (1,041 ) 426 (615 ) Total other comprehensive (loss) income $ (8,686 ) 3,488 (5,198 ) 9,037 (3,378 ) 5,659 Six months ended June 30, 2015 2014 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Components of Other Comprehensive (Loss) Income: Unrealized gains and losses on securities available for sale: Net (losses) gains arising during the period $ (2,035 ) 817 (1,218 ) 16,475 (6,417 ) 10,058 Reclassification adjustment for (gains) losses included in net income (645 ) 259 (386 ) 240 (98 ) 142 Total (2,680 ) 1,076 (1,604 ) 16,715 (6,515 ) 10,200 Amortization related to post-retirement obligations 187 (75 ) 112 (1,121 ) 458 (663 ) Total other comprehensive (loss) income $ (2,493 ) 1,001 (1,492 ) 15,594 (6,057 ) 9,537 The following tables present the changes in the components of accumulated other comprehensive income, net of tax, for the three and six months ended June 30, 2015 and 2014 (in thousands): Changes in Accumulated Other Comprehensive Income by Component, net of tax For the three months ended June 30, 2015 2014 Unrealized Sale Post Retirement Accumulated Unrealized Sale Post Retirement Accumulated Balance at March 31, $ 11,453 (7,718 ) 3,735 1,127 (2,100 ) (973 ) Current - period other comprehensive (loss) income (5,314 ) 116 (5,198 ) 6,274 (615 ) 5,659 Balance at June 30, $ 6,139 (7,602 ) (1,463 ) 7,401 (2,715 ) 4,686 Changes in Accumulated Other Comprehensive Income by Component, net of tax 2015 2014 Unrealized Post Retirement Accumulated Unrealized Post Retirement Accumulated Balance at December 31 $ 7,743 (7,714 ) 29 $ (2,799 ) (2,052 ) (4,851 ) Current - period other comprehensive (loss) income (1,604 ) 112 (1,492 ) 10,200 (663 ) 9,537 Balance at June 30, $ 6,139 (7,602 ) (1,463 ) $ 7,401 (2,715 ) 4,686 The following tables summarize the reclassifications out of accumulated other comprehensive income to the consolidated statements of income for the three and six months ended June 30, 2015 and 2014 (in thousands): Reclassifications Out of Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended June 30, Affected line item in the Consolidated 2015 2014 Details of AOCI: Securities available for sale: Realized net gains on the sale of securities available for sale $ 643 $ 110 Net gain on securities transactions (258 ) (45 ) Income tax expense 385 65 Net of tax Post-retirement obligations: Amortization of actuarial losses 194 42 Compensation and employee benefits (1) (78 ) (17 ) Income tax expense 116 25 Net of tax Realized loss related to lump sum pension settlement — (1,336 ) Compensation and employee benefits — 546 Income tax expense — (790 ) Net of tax Total reclassifications $ 501 $ (700 ) Net of tax Reclassifications Out of Accumulated Other Comprehensive Amount reclassified from AOCI for the six months ended June 30, Affected line item in the Consolidated 2015 2014 Details of AOCI: Securities available for sale: Realized net gains (losses) on the sale of securities available for sale $ 645 $ (240 ) Net gain (loss) on securities transactions (259 ) 98 Income tax expense 386 (142 ) Net of tax Post-retirement obligations: Amortization of actuarial losses 388 84 Compensation and employee benefits (1) (156 ) (34 ) Income tax expense 232 50 Net of tax Realized loss related to lump sum pension settlement — (1,336 ) Compensation and employee benefits — 546 Income tax expense — (790 ) Net of tax Total reclassifications $ 618 $ (1,394 ) Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 6. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | 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 at June 30, 2015 and December 31, 2014 (in thousands): At June 30, 2015 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value Derivatives not designated as a hedging instruments: Interest rate products Other assets $ 2,824 Other liabilities $ 2,426 Credit contracts Other assets 6 — Total derivatives not designated as hedging instruments $ 2,830 $ 2,426 At December 31, 2014 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair 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 the quarter ended September 30, 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 June 30, 2015 , the Company had seventeen interest rate swaps with an aggregate notional amount of $249.3 million related to this program. The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and six months ended June 30, 2015 (in thousands). Gain (loss) recognized in Income on derivatives Consolidated Statements of Income Three months ended June 30, 2015 Six months ended June 30, 2015 Derivatives not designated as a hedging instruments: Interest rate products Other income $ 475 $ 410 Credit contracts Other income (2 ) (1 ) Total $ 473 $ 409 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 June 30, 2015 , 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 $2,324,000 . The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $4,220,000 against its obligations under these agreements. If the Company had breached any of these provisions at June 30, 2015 , it could have been required to settle its obligations under the agreements at the termination value. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, The Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”). In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and the results of operations for the periods presented. Actual results could differ from these estimates. The allowance for loan losses, the valuation of securities available for sale and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results of operations that may be expected for all of 2015 . Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted, pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the December 31, 2014 Annual Report to Stockholders on Form 10-K. |
Earnings Per Share | Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2015 and 2014 (dollars in thousands, except per share amounts): Three months ended June 30, 2015 2014 Net Income Weighted Average Common Shares Outstanding Per Share Amount Net Income Weighted Average Common Shares Outstanding Per Share Amount Net income $ 21,796 $ 16,351 Basic earnings per share: Income available to common stockholders $ 21,796 62,894,213 $ 0.35 $ 16,351 59,147,241 $ 0.28 Dilutive shares 150,752 122,021 Diluted earnings per share: Income available to common stockholders $ 21,796 63,044,965 $ 0.35 $ 16,351 59,269,262 $ 0.28 Six months ended June 30, 2015 2014 Net Weighted Per Net Weighted Per Net income $ 41,598 $ 33,380 Basic earnings per share: Income available to common stockholders $ 41,598 62,784,655 $ 0.66 $ 33,380 58,263,052 $ 0.57 Dilutive shares 158,908 140,701 Diluted earnings per share: Income available to common stockholders $ 41,598 62,943,563 $ 0.66 $ 33,380 58,403,753 $ 0.57 Anti-dilutive stock options and awards at June 30, 2015 and 2014 , totaling 693,721 shares and 1,116,839 shares, respectively, were excluded from the earnings per share calculations. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Calculations | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2015 and 2014 (dollars in thousands, except per share amounts): Three months ended June 30, 2015 2014 Net Income Weighted Average Common Shares Outstanding Per Share Amount Net Income Weighted Average Common Shares Outstanding Per Share Amount Net income $ 21,796 $ 16,351 Basic earnings per share: Income available to common stockholders $ 21,796 62,894,213 $ 0.35 $ 16,351 59,147,241 $ 0.28 Dilutive shares 150,752 122,021 Diluted earnings per share: Income available to common stockholders $ 21,796 63,044,965 $ 0.35 $ 16,351 59,269,262 $ 0.28 Six months ended June 30, 2015 2014 Net Weighted Per Net Weighted Per Net income $ 41,598 $ 33,380 Basic earnings per share: Income available to common stockholders $ 41,598 62,784,655 $ 0.66 $ 33,380 58,263,052 $ 0.57 Dilutive shares 158,908 140,701 Diluted earnings per share: Income available to common stockholders $ 41,598 62,943,563 $ 0.66 $ 33,380 58,403,753 $ 0.57 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Summary of the estimated fair values of assets acquired and the liabilities assumed | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition 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 40,897 Other intangibles assets 9,868 Foreclosed assets, net 653 Other assets 4,905 Total assets acquired 963,974 Liabilities assumed: Deposits 769,936 Borrowed Funds 112,835 Other liabilities (2,314 ) Total liabilities assumed 880,457 Net assets acquired $ 83,517 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Securities Available for Sale | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for securities available for sale at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Fair value US Treasury obligations $ 8,010 51 — 8,061 Agency obligations 94,567 340 (1 ) 94,906 Mortgage-backed securities 906,656 12,884 (3,165 ) 916,375 State and municipal obligations 5,925 51 (16 ) 5,960 Corporate obligations 5,517 1 (29 ) 5,489 Equity securities 397 137 — 534 $ 1,021,072 13,464 (3,211 ) 1,031,325 December 31, 2014 Amortized Gross Gross Fair US 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 |
Roll-Forward of Credit Loss Component of Other-Than-Temporary Impairment | Changes in the credit loss component of credit-impaired debt securities were as follows (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Beginning credit loss amount $ — 134 — 1,674 Add: Initial OTTI credit losses — — — — Subsequent OTTI credit losses — — — — Less: Realized losses for securities sold — 134 — 1,674 Securities intended or required to be sold — — — — Increases in expected cash flows on debt securities — — — — Ending credit loss amount $ — — — — |
Investment Securities Held to Maturity | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for investment securities held to maturity at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 5,999 12 (10 ) 6,001 Mortgage-backed securities 2,169 91 — 2,260 State and municipal obligations 453,484 8,572 (3,880 ) 458,176 Corporate obligations 10,332 32 (9 ) 10,355 $ 471,984 8,707 (3,899 ) 476,792 December 31, 2014 Amortized cost Gross unrealized gains Gross unrealized losses Fair value 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 |
Available-for-sale Securities [Member] | |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of securities available for sale at June 30, 2015 , 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. June 30, 2015 Amortized cost Fair value Due in one year or less $ 27,616 27,650 Due after one year through five years 80,422 80,821 Due after five years through ten years 3,684 3,653 Due after ten years 2,297 2,292 $ 114,019 114,416 |
Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment | The following tables represent the Company’s disclosure regarding securities available for sale with temporary impairment at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Agency obligations 3,053 (1 ) — — 3,053 (1 ) Mortgage-backed securities 282,309 (2,311 ) 51,909 (854 ) 334,218 (3,165 ) State and municipal obligations 2,949 (16 ) — — 2,949 (16 ) Corporate obligations 4,988 (29 ) — — 4,988 (29 ) $ 293,299 (2,357 ) 51,909 (854 ) 345,208 (3,211 ) December 31, 2014 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized 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 ) Corporate obligations 3,466 (15 ) — — 3,466 (15 ) $ 89,295 (279 ) 211,679 (2,951 ) 300,974 (3,230 ) |
Held-to-maturity Securities [Member] | |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of investment securities in the held to maturity portfolio at June 30, 2015 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. June 30, 2015 Amortized cost Fair value Due in one year or less $ 10,687 10,795 Due after one year through five years 51,655 52,692 Due after five years through ten years 198,165 202,991 Due after ten years 209,308 208,054 $ 469,815 474,532 |
Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment | The following tables represent the Company’s disclosure on investment securities held to maturity with temporary impairment at June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Unrealized Losses Less than 12 months 12 months or longer Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Agency obligations $ 796 (5 ) 1,775 (5 ) 2,571 (10 ) State and municipal obligations 159,837 (3,038 ) 17,879 (842 ) 177,716 (3,880 ) Corporate obligations 2,549 (6 ) 499 (3 ) 3,048 (9 ) $ 163,182 (3,049 ) 20,153 (850 ) 183,335 (3,899 ) December 31, 2014 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross 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 ) |
Loans Receivable and Allowanc22
Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Summarized Loans Receivable | Loans receivable at June 30, 2015 and December 31, 2014 are summarized as follows (in thousands): June 30, 2015 December 31, 2014 Mortgage loans: Residential $ 1,249,882 1,251,445 Commercial 1,739,189 1,694,359 Multi-family 1,170,281 1,041,582 Construction 301,328 221,102 Total mortgage loans 4,460,680 4,208,488 Commercial loans 1,255,152 1,262,422 Consumer loans 589,987 611,467 Total gross loans 6,305,819 6,082,377 Purchased credit-impaired ("PCI") loans 3,796 4,510 Premiums on purchased loans 5,543 5,307 Unearned discounts (47 ) (53 ) Net deferred fees (6,758 ) (6,636 ) $ 6,308,353 6,085,505 |
Summary of Aging Loans Receivable by Portfolio Segment and Class | The following tables summarize the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands): June 30, 2015 30-59 Days 60-89 Days Non-accrual Total Past Due and Non-accrual Current Total Loans Receivable Recorded Investment > 90 days accruing Mortgage loans: Residential $ 7,610 3,673 11,961 23,244 1,226,638 1,249,882 — Commercial 564 873 17,440 18,877 1,720,312 1,739,189 — Multi-family — — 847 847 1,169,434 1,170,281 — Construction — — — — 301,328 301,328 — Total mortgage loans 8,174 4,546 30,248 42,968 4,417,712 4,460,680 — Commercial loans 1,012 10 11,805 12,827 1,242,325 1,255,152 — Consumer loans 2,702 1,463 4,022 8,187 581,800 589,987 — Total loans $ 11,888 6,019 46,075 63,982 6,241,837 6,305,819 — December 31, 2014 30-59 Days 60-89 Days Non-accrual Total Past Due and Non-accrual Current Total Loans Receivable Recorded 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 loans $ 13,665 7,241 53,855 74,761 6,007,616 6,082,377 — |
Summary of Loans Receivable by Portfolio Segment and Impairment Method | The following table summarizes loans receivable by portfolio segment and impairment method, excluding PCI loans (in thousands): June 30, 2015 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 63,598 16,954 2,436 82,988 Collectively evaluated for impairment 4,397,082 1,238,198 587,551 6,222,831 Total $ 4,460,680 1,255,152 589,987 6,305,819 December 31, 2014 Mortgage loans Commercial loans Consumer loans Total 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 $ 4,208,488 1,262,422 611,467 6,082,377 |
Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification | The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands): June 30, 2015 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total Individually evaluated for impairment $ 2,534 55 106 2,695 — 2,695 Collectively evaluated for impairment 29,290 22,785 4,464 56,539 390 56,929 Total $ 31,824 22,840 4,570 59,234 390 59,624 December 31, 2014 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total 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 $ 31,977 24,381 4,881 61,239 495 61,734 |
Schedule of Troubled Debt Restructuring | The following tables present the number of loans modified as TDRs during the three and six months ended June 30, 2015 and 2014 and their balances immediately prior to the modification date and post-modification as of June 30, 2015 and 2014 : For the three months ended June 30, 2015 June 30, 2014 Troubled Debt Restructuring Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment ($ in thousands) Mortgage loans: Residential 3 $ 1,612 $ 1,615 4 $ 1,088 $ 847 Commercial — — — 1 865 870 Total mortgage loans 3 1,612 1,615 5 1,953 1,717 Commercial loans — — — 1 300 300 Consumer loans 1 79 77 — — — Total restructured loans 4 $ 1,691 $ 1,692 6 $ 2,253 $ 2,017 For the six months ended June 30, 2015 June 30, 2014 Troubled Debt Restructuring Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification ($ in thousands) Mortgage loans: Residential 5 $ 1,935 1,934 8 $ 1,963 $ 1,677 Commercial — — — 1 865 870 Construction 1 2,600 910 Total mortgage loans 6 4,535 2,844 9 2,828 2,547 Commercial loans 4 6,659 6,903 1 300 300 Consumer loans 2 123 118 — — — Total restructured loans 12 $ 11,317 $ 9,865 10 $ 3,128 $ 2,847 |
Schedule of Troubled Debt Restructurings Subsequently Defaulted | The following table presents loans modified as TDRs within the previous 12 months from June 30, 2015 and 2014 , and for which there was a payment default (90 days or more past due) at the quarter ended June 30, 2015 and 2014 . June 30, 2015 June 30, 2014 Troubled Debt Restructurings Subsequently Defaulted Number of Loans Outstanding Recorded Investment Number of Loans Outstanding Recorded Investment ($ in thousands) ($ in thousands) Mortgage loans: Residential $ — $ — 2 $ 264 Total mortgage loans — — 2 264 Total restructured loans $ — $ — 2 $ 264 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Team Capital at May 30, 2014 (in thousands): May 30, 2014 Contractually required principal and interest $ 12,505 Contractual cash flows not expected to be collected (non-accretable discount) (6,475 ) Expected cash flows to be collected at acquisition 6,030 Interest component of expected cash flows (accretable yield) (810 ) Fair value of acquired loans $ 5,220 The following table summarizes the changes in the accretable yield for PCI loans during the three and six months ended June 30, 2015 (in thousands): Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Beginning balance $ 681 $ — $ 695 $ — Acquisition — 810 — 810 Accretion (264 ) (37 ) (462 ) (37 ) Reclassification from non-accretable discount 192 — 376 — Ending balance $ 609 $ 773 $ 609 $ 773 |
Schedule of Allowance for Loan Losses by Portfolio Segment | The activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2015 and 2014 was as follows (in thousands): Three months ended June 30, Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total 2015 Balance at beginning of period $ 32,886 23,697 4,277 60,860 250 61,110 Provision charged to operations 317 (202 ) 845 960 140 1,100 Recoveries of loans previously charged-off 71 660 256 987 — 987 Loans charged-off (1,450 ) (1,315 ) (808 ) (3,573 ) — (3,573 ) Balance at end of period $ 31,824 22,840 4,570 59,234 390 59,624 2014 Balance at beginning of period $ 31,470 25,161 4,379 61,010 2,410 63,420 Provision charged to operations 646 1,663 226 2,535 (1,035 ) 1,500 Recoveries of loans previously charged-off 90 298 729 1,117 — 1,117 Loans charged-off (1,166 ) (43 ) (953 ) (2,162 ) — (2,162 ) Balance at end of period $ 31,040 27,079 4,381 62,500 1,375 63,875 Six months ended June 30, Mortgage Commercial Consumer Total Portfolio Unallocated Total 2015 Balance at beginning of period $ 31,977 24,381 4,881 61,239 495 61,734 Provision charged to operations 1,355 (678 ) 1,129 1,806 (106 ) 1,700 Recoveries of loans previously charged-off 136 874 467 1,477 1 1,478 Loans charged-off (1,644 ) (1,737 ) (1,907 ) (5,288 ) — (5,288 ) Balance at end of period $ 31,824 22,840 4,570 59,234 390 59,624 2014 Balance at beginning of period $ 34,144 24,107 4,929 63,180 1,484 64,664 Provision charged to operations (1,354 ) 2,994 369 2,009 (109 ) 1,900 Recoveries of loans previously charged-off 157 541 850 1,548 — 1,548 Loans charged-off (1,907 ) (563 ) (1,767 ) (4,237 ) — (4,237 ) Balance at end of period $ 31,040 27,079 4,381 62,500 1,375 63,875 |
Summary of Impaired Loans Receivable by Class | The following table presents loans individually evaluated for impairment by class and loan category, excluding PCI loans (in thousands): June 30, 2015 December 31, 2014 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Loans with no related allowance Mortgage loans: Residential $ 12,081 8,786 — 9,072 234 14,942 10,629 — 11,138 357 Commercial 16,154 14,876 — 14,876 — 4,971 4,708 — 4,713 — Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 28,235 23,662 — 23,948 234 19,913 15,337 — 15,851 357 Commercial loans 12,642 9,777 — 14,916 132 2,718 2,179 — 1,823 4 Consumer loans 1,370 907 — 925 14 1,250 830 — 870 28 Total loans $ 42,247 34,346 — 39,789 380 23,881 18,346 — 18,544 389 Loans with an allowance recorded Mortgage loans: Residential $ 15,825 15,179 2,070 15,251 262 15,523 14,906 2,367 15,106 555 Commercial 24,302 23,847 434 24,300 476 37,555 36,306 2,329 36,674 914 Multi-family — — — — — — — — — — Construction 910 910 30 441 17 — — — — — Total 41,037 39,936 2,534 39,992 755 53,078 51,212 4,696 51,780 1,469 Commercial loans 7,239 7,177 55 7,187 450 15,990 14,283 2,318 15,967 390 Consumer loans 1,540 1,529 106 1,542 40 1,565 1,554 113 1,578 80 Total loans $ 49,816 48,642 2,695 48,721 1,245 70,633 67,049 7,127 69,325 1,939 Total impaired loans Mortgage loans: Residential $ 27,906 23,965 2,070 24,323 496 30,465 25,535 2,367 26,244 912 Commercial 40,456 38,723 434 39,176 476 42,526 41,014 2,329 41,387 914 Multi-family — — — — — — — — — — Construction 910 910 30 441 17 — — — — — Total 69,272 63,598 2,534 63,940 989 72,991 66,549 4,696 67,631 1,826 Commercial loans 19,881 16,954 55 22,103 582 18,708 16,462 2,318 17,790 394 Consumer loans 2,910 2,436 106 2,467 54 2,815 2,384 113 2,448 108 Total loans $ 92,063 82,988 2,695 88,510 1,625 94,514 85,395 7,127 87,869 2,328 |
Summary of Loans Receivable by Credit Quality Risk Rating Indicator | Loans receivable by credit quality risk rating indicator, excluding PCI loans, are as follows (in thousands): At June 30, 2015 Residential Commercial mortgage Multi- family Construction Total mortgages Commercial Consumer Total loans Special mention $ 3,673 22,904 1,093 — 27,670 55,660 1,463 84,793 Substandard 11,960 53,871 847 910 67,588 34,050 3,946 105,584 Doubtful — — — 293 293 27 — 320 Loss — — — — — — — — Total classified and criticized 15,633 76,775 1,940 1,203 95,551 89,737 5,409 190,697 Pass/Watch 1,234,249 1,662,414 1,168,341 300,125 4,365,129 1,165,415 584,578 6,115,122 Total $ 1,249,882 1,739,189 1,170,281 301,328 4,460,680 1,255,152 589,987 6,305,819 At December 31, 2014 Residential Commercial mortgage Multi- family Construction Total mortgages Commercial Consumer Total 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 Pass/Watch 1,229,892 1,621,428 1,040,409 218,502 4,110,231 1,183,966 605,020 5,899,217 Total $ 1,251,445 1,694,359 1,041,582 221,102 4,208,488 1,262,422 611,467 6,082,377 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits | Deposits at June 30, 2015 and December 31, 2014 are summarized as follows (in thousands): June 30, 2015 December 31, 2014 Savings $ 988,131 995,347 Money market 1,486,154 1,496,466 NOW 1,402,016 1,425,424 Non-interest bearing 1,141,982 1,049,597 Certificates of deposit 795,938 825,689 Total $ 5,814,221 5,792,523 |
Components of Net Periodic Be24
Components of Net Periodic Benefit Cost (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Net Periodic Benefit Cost (Increase) | Net periodic benefit (increase) cost for pension benefits and other post-retirement benefits for the three and six months ended June 30, 2015 and 2014 includes the following components (in thousands): Three months ended June 30, Six months ended June 30, Pension benefits Other post- retirement benefits Pension benefits Other post- retirement benefits 2015 2014 2015 2014 2015 2014 2015 2014 Service cost $ — — 42 42 $ — — 84 84 Interest cost 284 352 281 272 568 704 562 544 Expected return on plan assets (633 ) (894 ) — — (1,266 ) (1,788 ) — — Amortization of prior service cost — — — (1 ) — — — (2 ) Amortization of the net loss 194 93 — (51 ) 388 186 — (102 ) Net periodic benefit (increase) cost $ (155 ) (449 ) 323 262 $ (310 ) (898 ) 646 524 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values | The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of June 30, 2015 and December 31, 2014 , by level within the fair value hierarchy: Fair Value Measurements at Reporting Date Using: (Dollars in thousands) June 30, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Securities available for sale: US Treasury obligations $ 8,061 8,061 — — Agency obligations 94,906 94,906 — — Mortgage-backed securities 916,375 — 916,375 — State and municipal obligations 5,960 — 5,960 — Corporate obligations 5,489 — 5,489 — Equity securities 534 534 — — Total securities available for sale 1,031,325 103,501 927,824 — Asset derivatives 2,830 — 2,830 — $ 1,034,155 103,501 930,654 — Liability derivatives $ 2,426 — 2,426 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 23,492 — — 23,492 Foreclosed assets 8,088 — — 8,088 $ 31,580 — — 31,580 Fair Value Measurements at Reporting Date Using: (Dollars in thousands) December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Securities available for sale: US 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 — Equity securities 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 |
Schedule of Financial Instruments at Carrying and Fair Values | The following tables present the Company’s financial instruments at their carrying and fair values as of June 30, 2015 and December 31, 2014 . Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at June 30, 2015 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 104,732 104,732 104,732 — — Securities available for sale: US Treasury obligations 8,061 8,061 8,061 — — Agency obligations 94,906 94,906 94,906 — — Mortgage-backed securities 916,375 916,375 — 916,375 — State and municipal obligations 5,960 5,960 — 5,960 — Corporate obligations 5,489 5,489 — 5,489 — Equity securities 534 534 534 — — Total securities available for sale $ 1,031,325 1,031,325 103,501 927,824 — Investment securities held to maturity: Agency obligations 5,999 6,001 6,001 — — Mortgage-backed securities 2,169 2,260 — 2,260 — State and municipal obligations 453,484 458,176 — 458,176 — Corporate obligations 10,332 10,355 — 10,355 — Total securities held to maturity $ 471,984 476,792 6,001 470,791 — FHLBNY stock 77,892 77,892 77,892 — — Loans, net of allowance for loan losses 6,248,729 6,308,626 — — 6,308,626 Asset derivative 2,830 2,830 — 2,830 — Financial liabilities: Deposits other than certificates of deposits $ 5,018,283 5,018,283 5,018,283 — — Certificates of deposit 795,938 799,279 — 799,279 — Total deposits $ 5,814,221 5,817,562 5,018,283 799,279 — Borrowings 1,684,574 1,698,940 — 1,698,940 — Liability derivative 2,426 2,426 — 2,426 — Fair Value Measurements at December 31, 2014 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 103,762 103,762 103,762 — — Securities available for sale: US 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 — 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: US Treasury obligations $ 8,016 8,016 8,016 — — 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 — Total deposits $ 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 — |
Other Comprehensive Income (L26
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive (loss) income both gross and net of tax, for the three and six months ended June 30, 2015 and 2014 (in thousands): Three months ended June 30, 2015 2014 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Components of Other Comprehensive (Loss) Income: Unrealized gains and losses on securities available for sale: Net (losses) gains arising during the period $ (8,237 ) 3,308 (4,929 ) 10,188 (3,849 ) 6,339 Reclassification adjustment for gains included in net income (643 ) 258 (385 ) (110 ) 45 (65 ) Total (8,880 ) 3,566 (5,314 ) 10,078 (3,804 ) 6,274 Amortization related to post-retirement obligations 194 (78 ) 116 (1,041 ) 426 (615 ) Total other comprehensive (loss) income $ (8,686 ) 3,488 (5,198 ) 9,037 (3,378 ) 5,659 Six months ended June 30, 2015 2014 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Components of Other Comprehensive (Loss) Income: Unrealized gains and losses on securities available for sale: Net (losses) gains arising during the period $ (2,035 ) 817 (1,218 ) 16,475 (6,417 ) 10,058 Reclassification adjustment for (gains) losses included in net income (645 ) 259 (386 ) 240 (98 ) 142 Total (2,680 ) 1,076 (1,604 ) 16,715 (6,515 ) 10,200 Amortization related to post-retirement obligations 187 (75 ) 112 (1,121 ) 458 (663 ) Total other comprehensive (loss) income $ (2,493 ) 1,001 (1,492 ) 15,594 (6,057 ) 9,537 |
Components of Accumulated Other Comprehensive Income, Net of Tax | The following tables present the changes in the components of accumulated other comprehensive income, net of tax, for the three and six months ended June 30, 2015 and 2014 (in thousands): Changes in Accumulated Other Comprehensive Income by Component, net of tax For the three months ended June 30, 2015 2014 Unrealized Sale Post Retirement Accumulated Unrealized Sale Post Retirement Accumulated Balance at March 31, $ 11,453 (7,718 ) 3,735 1,127 (2,100 ) (973 ) Current - period other comprehensive (loss) income (5,314 ) 116 (5,198 ) 6,274 (615 ) 5,659 Balance at June 30, $ 6,139 (7,602 ) (1,463 ) 7,401 (2,715 ) 4,686 Changes in Accumulated Other Comprehensive Income by Component, net of tax 2015 2014 Unrealized Post Retirement Accumulated Unrealized Post Retirement Accumulated Balance at December 31 $ 7,743 (7,714 ) 29 $ (2,799 ) (2,052 ) (4,851 ) Current - period other comprehensive (loss) income (1,604 ) 112 (1,492 ) 10,200 (663 ) 9,537 Balance at June 30, $ 6,139 (7,602 ) (1,463 ) $ 7,401 (2,715 ) 4,686 |
Summary of Reclassifications Out of Accumulated Other Comprehensive Income | The following tables summarize the reclassifications out of accumulated other comprehensive income to the consolidated statements of income for the three and six months ended June 30, 2015 and 2014 (in thousands): Reclassifications Out of Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended June 30, Affected line item in the Consolidated 2015 2014 Details of AOCI: Securities available for sale: Realized net gains on the sale of securities available for sale $ 643 $ 110 Net gain on securities transactions (258 ) (45 ) Income tax expense 385 65 Net of tax Post-retirement obligations: Amortization of actuarial losses 194 42 Compensation and employee benefits (1) (78 ) (17 ) Income tax expense 116 25 Net of tax Realized loss related to lump sum pension settlement — (1,336 ) Compensation and employee benefits — 546 Income tax expense — (790 ) Net of tax Total reclassifications $ 501 $ (700 ) Net of tax Reclassifications Out of Accumulated Other Comprehensive Amount reclassified from AOCI for the six months ended June 30, Affected line item in the Consolidated 2015 2014 Details of AOCI: Securities available for sale: Realized net gains (losses) on the sale of securities available for sale $ 645 $ (240 ) Net gain (loss) on securities transactions (259 ) 98 Income tax expense 386 (142 ) Net of tax Post-retirement obligations: Amortization of actuarial losses 388 84 Compensation and employee benefits (1) (156 ) (34 ) Income tax expense 232 50 Net of tax Realized loss related to lump sum pension settlement — (1,336 ) Compensation and employee benefits — 546 Income tax expense — (790 ) Net of tax Total reclassifications $ 618 $ (1,394 ) Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 6. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activ27
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of derivative financial instruments | 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 at June 30, 2015 and December 31, 2014 (in thousands): At June 30, 2015 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value Derivatives not designated as a hedging instruments: Interest rate products Other assets $ 2,824 Other liabilities $ 2,426 Credit contracts Other assets 6 — Total derivatives not designated as hedging instruments $ 2,830 $ 2,426 At December 31, 2014 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair 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 |
Effect of the derivative financial instruments on the Income Statement | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and six months ended June 30, 2015 (in thousands). Gain (loss) recognized in Income on derivatives Consolidated Statements of Income Three months ended June 30, 2015 Six months ended June 30, 2015 Derivatives not designated as a hedging instruments: Interest rate products Other income $ 475 $ 410 Credit contracts Other income (2 ) (1 ) Total $ 473 $ 409 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Calculations) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | ||||
Net income | $ 21,796 | $ 16,351 | $ 41,598 | $ 33,380 |
Income available to common stockholders, Basic | 21,796 | 16,351 | 41,598 | 33,380 |
Income available to common stockholders, Diluted | $ 21,796 | $ 16,351 | $ 41,598 | $ 33,380 |
Weighted Average Common Shares Outstanding, Basic | 62,894,213 | 59,147,241 | 62,784,655 | 58,263,052 |
Dilutive shares | 150,752 | 122,021 | 158,908 | 140,701 |
Weighted Average Common Shares Outstanding, Diluted | 63,044,965 | 59,269,262 | 62,943,563 | 58,403,753 |
Income available to common stockholders, Per Share Amount, Basic | $ 0.35 | $ 0.28 | $ 0.66 | $ 0.57 |
Income available to common stockholders, Per Share Amount, Diluted | $ 0.35 | $ 0.28 | $ 0.66 | $ 0.57 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Narrative) (Detail) - shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | ||
Anti-dilutive stock options and awards excluded from computation of earnings per share | 693,721 | 1,116,839 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) shares in Millions | Apr. 01, 2015 | May. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Acquisition [Line Items] | ||||
Tax Receivable, Overstated | $ 1,000,000 | |||
Equity interests issued as consideration | 0 | $ 83,517,000 | ||
Increase (Decrease) in Income Taxes Receivable | $ 543,000 | |||
The MDE Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 22,900,000 | |||
Contingent consideration | $ 2,000,000 | |||
Contingent consideration term | 4 years | |||
Contingent consideration maximum amount | $ 12,500,000 | |||
Team Capital Bank [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 40,897,000 | |||
Total assets | 963,974,000 | |||
Loans | 631,209,000 | |||
Deposits | 769,936,000 | |||
Total consideration paid | 115,100,000 | |||
Cash paid | 31,600,000 | |||
Equity interests issued as consideration | $ 83,500,000 | |||
Team Capital Bank [Member] | Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Shares issued as consideration (in shares) | 4.9 | |||
Customer Relationships [Member] | The MDE Group [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible customer relationship | $ 7,000,000 |
Business Combinations (Assets A
Business Combinations (Assets Acquired and Liabilities Assumed) (Details) - Team Capital Bank [Member] $ in Thousands | May. 30, 2014USD ($) |
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 | 40,897 |
Other intangibles assets | 9,868 |
Foreclosed assets, net | 653 |
Other assets | 4,905 |
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 (Narrativ
Investment Securities (Narrative) (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)positionsecurity | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)positionsecurity | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)positionsecurity | |
Schedule of Held-to-maturity Securities [Line Items] | |||||
Other Than Temporary Impairment, Credit Losses Recognized In Earnings, Reductions, Securities Sold, Realized Gain | $ 59,000 | ||||
Other Than Temporary Impairment, Credit Losses Recognized In Earnings, Reductions, Securities Sold, Realized Loss | $ 365,000 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Reductions, Securities Sold | 0 | $ 134,000 | 0 | $ 1,674,000 | |
Proceeds from maturities, calls and paydowns of securities available for sale | 96,155,000 | 91,710,000 | |||
Securities available for sale, at fair value | 1,031,325,000 | 1,031,325,000 | $ 1,074,395,000 | ||
Investment securities held to maturity | $ 471,984,000 | $ 471,984,000 | $ 469,528,000 | ||
Total number of all held to maturity and available for sale securities in an unrealized loss position | security | 379 | 379 | 206 | ||
Proceeds from the sale of securities available for sale | $ 14,005,000 | 14,483,000 | |||
Gross gains | $ 643,000 | 643,000 | 150,000 | ||
Gross losses | 39,000 | 404,000 | |||
Proceeds from calls on securities available for sale | 465,000 | 740,000 | |||
Recognized gain on calls of securities | 2,000 | 2,000 | |||
Other-than-temporary impairment charges, net | $ 0 | ||||
Number of securities in an unrealized loss position | position | 47 | 47 | 43 | ||
Amortized cost | $ 1,021,072,000 | $ 1,021,072,000 | $ 1,061,461,000 | ||
Recognized gain on calls of securities held to maturity portfolio | 0 | 2,000 | 0 | 15,000 | |
Recognized Loss On Calls Of Securities Held To Maturity Portfolio | 0 | ||||
Proceeds From Calls Of Held to Maturity Securities | $ 9,147,000 | 2,415,000 | 13,220,000 | 8,810,000 | |
Proceeds from maturities, calls and paydowns of investment securities held to maturity | $ 16,581,000 | 24,481,000 | |||
Number of securities in an unrealized loss position | position | 332 | 332 | 163 | ||
Investment securities held to maturity, fair value | $ 476,792,000 | $ 476,792,000 | $ 482,473,000 | ||
Proceeds from Maturities, Prepayments and Calls of Short-term Investments | 8,398,000 | ||||
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments | $ 150,000 | ||||
Available-for-sale Securities [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Proceeds from maturities, calls and paydowns of securities available for sale | 14,005,000 | ||||
Gross losses | $ 0 | $ 0 | 0 | ||
Private Label Mortgage-Backed Securities [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Number of securities in an unrealized loss position | position | 3 | 3 | |||
Amortized cost | $ 1,118,000 | $ 1,118,000 | |||
Unrealized losses | 7,000 | ||||
Nonperforming Financing Receivable [Member] | Held-to-maturity Securities [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Recognized gain on sale of securities held to maturity portfolio | 3,000 | ||||
Recognized loss on sale of securities held to maturity portfolio | 0 | ||||
Proceeds from maturities, calls and paydowns of investment securities held to maturity | $ 524,000 | ||||
Collateralized Mortgage Backed Securities [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Investment securities held to maturity | 2,200,000 | 2,200,000 | |||
Investment securities held to maturity, fair value | 2,300,000 | 2,300,000 | |||
Equity Securities [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Securities available for sale, at fair value | 534,000 | 534,000 | 524,000 | ||
Amortized cost | 397,000 | 397,000 | 397,000 | ||
Collateralized Mortgage Backed Securities [Member] | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Securities available for sale, at fair value | 916,375,000 | 916,375,000 | 957,257,000 | ||
Investment securities held to maturity | 2,169,000 | 2,169,000 | 2,816,000 | ||
Amortized cost | 906,656,000 | 906,656,000 | 944,796,000 | ||
Investment securities held to maturity, fair value | $ 2,260,000 | $ 2,260,000 | $ 2,939,000 |
Investment Securities (Securiti
Investment Securities (Securities Available for Sale) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 1,021,072 | $ 1,061,461 |
Gross unrealized gains | 13,464 | 16,164 |
Gross unrealized losses | (3,211) | (3,230) |
Fair value | 1,031,325 | 1,074,395 |
US Treasury Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 8,010 | 8,016 |
Gross unrealized gains | 51 | 3 |
Gross unrealized losses | 0 | (3) |
Fair value | 8,061 | 8,016 |
Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 94,567 | 94,871 |
Gross unrealized gains | 340 | 268 |
Gross unrealized losses | (1) | (63) |
Fair value | 94,906 | 95,076 |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 906,656 | 944,796 |
Gross unrealized gains | 12,884 | 15,610 |
Gross unrealized losses | (3,165) | (3,149) |
Fair value | 916,375 | 957,257 |
State And Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 5,925 | 6,855 |
Gross unrealized gains | 51 | 147 |
Gross unrealized losses | (16) | 0 |
Fair value | 5,960 | 7,002 |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 5,517 | 6,526 |
Gross unrealized gains | 1 | 9 |
Gross unrealized losses | (29) | (15) |
Fair value | 5,489 | 6,520 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 397 | 397 |
Gross unrealized gains | 137 | 127 |
Gross unrealized losses | 0 | 0 |
Fair value | $ 534 | $ 524 |
Investment Securities (Investme
Investment Securities (Investment Securities Available for Sale by Contractual Maturity) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 1,021,072 | $ 1,061,461 |
Securities available for sale, at fair value | 1,031,325 | $ 1,074,395 |
Available-for-sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, Amortized cost | 27,616 | |
Due after one year through five years, Amortized cost | 80,422 | |
Due after five years through ten years, Amortized cost | 3,684 | |
Due after ten years, Amortized cost | 2,297 | |
Due in one year or less, Fair value | 27,650 | |
Due after one year through five years, Fair value | 80,821 | |
Due after five years through ten years, Fair value | 3,653 | |
Amortized cost | 114,019 | |
Securities available for sale, at fair value | 114,416 | |
Due after ten years , Fair value | $ 2,292 |
Investment Securities (Roll-For
Investment Securities (Roll-Forward of Credit Loss Component of Other-than Temporary Impairment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Beginning credit loss amount | $ 0 | $ 134 | $ 0 | $ 1,674 |
Add: Initial OTTI credit losses | 0 | 0 | 0 | 0 |
Subsequent OTTI credit losses | 0 | 0 | 0 | 0 |
Less: Realized losses for securities sold | 0 | 134 | 0 | 1,674 |
Securities intended or required to be sold | 0 | 0 | 0 | 0 |
Increases in expected cash flows on debt securities | 0 | 0 | 0 | 0 |
Ending credit loss amount | $ 0 | $ 0 | $ 0 | $ 0 |
Investment Securities (Disclosu
Investment Securities (Disclosure Regarding Length of Time on Securities Available for Sale with Temporary Impairment) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair value | $ 293,299 | $ 89,295 |
Less than 12 months, Gross unrealized losses | (2,357) | (279) |
12 months or longer, Fair value | 51,909 | 211,679 |
12 months or longer, Gross unrealized losses | (854) | (2,951) |
Total, Fair value | 345,208 | 300,974 |
Total, Gross unrealized losses | (3,211) | (3,230) |
US Treasury Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair value | 5,937 | |
Less than 12 months, Gross unrealized losses | (3) | |
12 months or longer, Fair value | 0 | |
12 months or longer, Gross unrealized losses | 0 | |
Total, Fair value | 5,937 | |
Total, Gross unrealized losses | 0 | (3) |
Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair value | 3,053 | 24,404 |
Less than 12 months, Gross unrealized losses | (1) | (40) |
12 months or longer, Fair value | 0 | 5,010 |
12 months or longer, Gross unrealized losses | 0 | (23) |
Total, Fair value | 3,053 | 29,414 |
Total, Gross unrealized losses | (1) | (63) |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair value | 282,309 | 55,488 |
Less than 12 months, Gross unrealized losses | (2,311) | (221) |
12 months or longer, Fair value | 51,909 | 206,669 |
12 months or longer, Gross unrealized losses | (854) | (2,928) |
Total, Fair value | 334,218 | 262,157 |
Total, Gross unrealized losses | (3,165) | (3,149) |
State And Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair value | 2,949 | |
Less than 12 months, Gross unrealized losses | (16) | |
12 months or longer, Fair value | 0 | |
12 months or longer, Gross unrealized losses | 0 | |
Total, Fair value | 2,949 | |
Total, Gross unrealized losses | (16) | 0 |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair value | 4,988 | 3,466 |
Less than 12 months, Gross unrealized losses | (29) | (15) |
12 months or longer, Fair value | 0 | |
12 months or longer, Gross unrealized losses | 0 | |
Total, Fair value | 4,988 | 3,466 |
Total, Gross unrealized losses | $ (29) | $ (15) |
Investment Securities (Invest37
Investment Securities (Investment Securities Held to Maturity) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 471,984 | $ 469,528 |
Gross unrealized gains | 8,707 | 13,983 |
Gross unrealized losses | (3,899) | (1,038) |
Fair value | 476,792 | 482,473 |
Agency Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 5,999 | 6,813 |
Gross unrealized gains | 12 | 17 |
Gross unrealized losses | (10) | (20) |
Fair value | 6,001 | 6,810 |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 2,169 | 2,816 |
Gross unrealized gains | 91 | 123 |
Gross unrealized losses | 0 | 0 |
Fair value | 2,260 | 2,939 |
State And Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 453,484 | 449,410 |
Gross unrealized gains | 8,572 | 13,814 |
Gross unrealized losses | (3,880) | (986) |
Fair value | 458,176 | 462,238 |
Corporate Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 10,332 | 10,489 |
Gross unrealized gains | 32 | 29 |
Gross unrealized losses | (9) | (32) |
Fair value | $ 10,355 | $ 10,486 |
Investment Securities (Securi38
Investment Securities (Securities Held to Maturity by Contractual Maturity) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 471,984 | $ 469,528 |
Fair value | 476,792 | $ 482,473 |
Available-for-sale Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less, Amortized cost | 10,687 | |
Due after one year through five years, Amortized cost | 51,655 | |
Due after five years through ten years, Amortized cost | 198,165 | |
Due after ten years, Amortized cost | 209,308 | |
Amortized cost | 469,815 | |
Due in one year or less, Fair value | 10,795 | |
Due after one year through five years, Fair value | 52,692 | |
Due after ten years, Fair value | 208,054 | |
Due after five years through ten years, Fair value | 202,991 | |
Fair value | $ 474,532 |
Investment Securities (Disclo39
Investment Securities (Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 163,182 | $ 38,302 |
Less than 12 months, Gross unrealized losses | (3,049) | (269) |
12 months or longer, Fair value | 20,153 | 47,079 |
12 months or longer, Gross unrealized losses | (850) | (769) |
Total, Fair value | 183,335 | 85,381 |
Total, Gross unrealized losses | (3,899) | (1,038) |
Agency Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 796 | 3,735 |
Less than 12 months, Gross unrealized losses | (5) | (20) |
12 months or longer, Fair value | 1,775 | 0 |
12 months or longer, Gross unrealized losses | (5) | 0 |
Total, Fair value | 2,571 | 3,735 |
Total, Gross unrealized losses | (10) | (20) |
State And Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 159,837 | 27,679 |
Less than 12 months, Gross unrealized losses | (3,038) | (217) |
12 months or longer, Fair value | 17,879 | 47,079 |
12 months or longer, Gross unrealized losses | (842) | (769) |
Total, Fair value | 177,716 | 74,758 |
Total, Gross unrealized losses | (3,880) | (986) |
Corporate Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, Fair Value | 2,549 | 6,888 |
Less than 12 months, Gross unrealized losses | (6) | (32) |
12 months or longer, Fair value | 499 | 0 |
12 months or longer, Gross unrealized losses | (3) | 0 |
Total, Fair value | 3,048 | 6,888 |
Total, Gross unrealized losses | $ (9) | $ (32) |
Loans Receivable and Allowanc40
Loans Receivable and Allowance for Loan Losses (Additional Information) (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)SecurityLoanBorrowersTDRs | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)SecurityLoanBorrowersTDRs | May. 30, 2014USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Principal amount of nonaccrual loans | $ 46,100 | $ 46,100 | $ 53,900 | |||
Loans less than 90 days past due | 7,400 | 7,400 | $ 8,400 | |||
Impaired loan defined floor limit | 1,000 | $ 1,000 | ||||
Impaired loans number | SecurityLoan | 153 | 147 | ||||
Impaired loans | 82,988 | $ 82,988 | $ 85,395 | |||
Number of troubled debt restructurings | TDRs | 131 | 123 | ||||
Number of borrowers | Borrowers | 125 | 120 | ||||
Loans and leases receivable, impaired, nonperforming, accrual of interest | $ 57,000 | $ 57,000 | $ 54,800 | |||
Weighted average modified interest rate | 3.53% | 4.81% | 5.41% | 4.65% | ||
Weighted average prior modification rate | 5.41% | 5.50% | 5.80% | 5.39% | ||
Interest and Dividend Income, Operating | $ 72,188 | $ 67,386 | $ 144,419 | $ 131,909 | ||
Allowances for loan losses | 2,695 | 2,695 | 7,127 | |||
Average balance of impaired loans | 88,510 | |||||
Team Capital Bank [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value of acquired loans | $ 5,220 | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses, Decreases | 715 | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 3,800 | 3,800 | 4,500 | |||
Interest and Dividend Income, Operating | 145 | 220 | ||||
Impaired Loans Troubled Debt Restructurings [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Allowances for loan losses | 88 | $ 282 | 173 | $ 322 | ||
With Related Allowance For Loan Losses [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Allowances for loan losses | 2,695 | 2,695 | 7,127 | |||
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 | $ 34,346 | $ 34,346 | $ 18,346 |
Loans Receivable and Allowanc41
Loans Receivable and Allowance for Loan Losses (Schedule of Summarized Loans Receivable) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | $ 4,460,680 | $ 4,208,488 |
Total gross loans | 6,305,819 | 6,082,377 |
Purchased credit-impaired (PCI) loans | 3,796 | 4,510 |
Premiums on purchased loans | 5,543 | 5,307 |
Unearned discounts | (47) | (53) |
Net deferred fees | (6,758) | (6,636) |
Loans receivable | 6,308,353 | 6,085,505 |
Residential [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | 1,249,882 | 1,251,445 |
Commercial [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | 1,739,189 | 1,694,359 |
Multi-Family [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | 1,170,281 | 1,041,582 |
Construction [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | 301,328 | 221,102 |
Commercial Loans [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,255,152 | 1,262,422 |
Consumer Loans [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 589,987 | $ 611,467 |
Loans Receivable and Allowanc42
Loans Receivable and Allowance for Loan Losses (Summary of Aging Loans Receivable by Portfolio Segment and Class) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | $ 11,888 | $ 13,665 |
60-89 Days | 6,019 | 7,241 |
Non-accrual | 46,075 | 53,855 |
Total Past Due and Non-accrual | 63,982 | 74,761 |
Current | 6,241,837 | 6,007,616 |
Total loans | 6,305,819 | 6,082,377 |
Recorded Investment > 90 days accruing | 0 | 0 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 1,012 | 1,000 |
60-89 Days | 10 | 371 |
Non-accrual | 11,805 | 12,342 |
Total Past Due and Non-accrual | 12,827 | 13,713 |
Current | 1,242,325 | 1,248,709 |
Total loans | 1,255,152 | 1,262,422 |
Recorded Investment > 90 days accruing | 0 | 0 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 2,702 | 2,398 |
60-89 Days | 1,463 | 2,509 |
Non-accrual | 4,022 | 3,944 |
Total Past Due and Non-accrual | 8,187 | 8,851 |
Current | 581,800 | 602,616 |
Total loans | 589,987 | 611,467 |
Recorded Investment > 90 days accruing | 0 | 0 |
Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 8,174 | 10,267 |
60-89 Days | 4,546 | 4,361 |
Non-accrual | 30,248 | 37,569 |
Total Past Due and Non-accrual | 42,968 | 52,197 |
Current | 4,417,712 | 4,156,291 |
Total loans | 4,460,680 | 4,208,488 |
Recorded Investment > 90 days accruing | 0 | 0 |
Mortgage Loans [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 7,610 | 10,121 |
60-89 Days | 3,673 | 4,331 |
Non-accrual | 11,961 | 17,222 |
Total Past Due and Non-accrual | 23,244 | 31,674 |
Current | 1,226,638 | 1,219,771 |
Total loans | 1,249,882 | 1,251,445 |
Recorded Investment > 90 days accruing | 0 | 0 |
Mortgage Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days | 564 | 146 |
60-89 Days | 873 | 30 |
Non-accrual | 17,440 | 20,026 |
Total Past Due and Non-accrual | 18,877 | 20,202 |
Current | 1,720,312 | 1,674,157 |
Total loans | 1,739,189 | 1,694,359 |
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 | 847 | 321 |
Total Past Due and Non-accrual | 847 | 321 |
Current | 1,169,434 | 1,041,261 |
Total loans | 1,170,281 | 1,041,582 |
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 | 0 |
Total Past Due and Non-accrual | 0 | 0 |
Current | 301,328 | 221,102 |
Total loans | 301,328 | 221,102 |
Recorded Investment > 90 days accruing | $ 0 | $ 0 |
Loans Receivable and Allowanc43
Loans Receivable and Allowance for Loan Losses (Summary of Loans Receivable by Portfolio Segment and Impairment Method) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 82,988 | $ 85,395 |
Collectively evaluated for impairment | 6,222,831 | 5,996,982 |
Total loans | 6,305,819 | 6,082,377 |
Mortgage Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 63,598 | 66,548 |
Collectively evaluated for impairment | 4,397,082 | 4,141,940 |
Total loans | 4,460,680 | 4,208,488 |
Commercial Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 16,954 | 16,463 |
Collectively evaluated for impairment | 1,238,198 | 1,245,959 |
Total loans | 1,255,152 | 1,262,422 |
Consumer Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 2,436 | 2,384 |
Collectively evaluated for impairment | 587,551 | 609,083 |
Total loans | $ 589,987 | $ 611,467 |
Loans Receivable and Allowanc44
Loans Receivable and Allowance for Loan Losses (Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | $ 2,695 | $ 7,127 | ||||
Collectively evaluated for impairment | 56,929 | 54,607 | ||||
Total | 59,624 | $ 61,110 | 61,734 | $ 63,875 | $ 63,420 | $ 64,664 |
Mortgage Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 2,534 | 4,696 | ||||
Collectively evaluated for impairment | 29,290 | 27,281 | ||||
Total | 31,824 | 32,886 | 31,977 | 31,040 | 31,470 | 34,144 |
Commercial Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 55 | 2,318 | ||||
Collectively evaluated for impairment | 22,785 | 22,063 | ||||
Total | 22,840 | 23,697 | 24,381 | 27,079 | 25,161 | 24,107 |
Consumer Loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 106 | 113 | ||||
Collectively evaluated for impairment | 4,464 | 4,768 | ||||
Total | 4,570 | 4,277 | 4,881 | 4,381 | 4,379 | 4,929 |
Total Portfolio Segments [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 2,695 | 7,127 | ||||
Collectively evaluated for impairment | 56,539 | 54,112 | ||||
Total | 59,234 | 60,860 | 61,239 | 62,500 | 61,010 | 63,180 |
Unallocated [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 390 | 495 | ||||
Total | $ 390 | $ 250 | $ 495 | $ 1,375 | $ 2,410 | $ 1,484 |
Loans Receivable and Allowanc45
Loans Receivable and Allowance for Loan Losses (Schedule of Troubled Debt Restructurings) (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)SecurityLoan | Jun. 30, 2014USD ($)SecurityLoan | Jun. 30, 2015USD ($)SecurityLoan | Jun. 30, 2014USD ($)SecurityLoan | |
Residential [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Number of Loans | SecurityLoan | 3 | 4 | 5 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 1,612 | $ 1,088 | $ 1,935 | $ 1,963 |
Post-Modification Outstanding Recorded Investment | $ 1,615 | $ 847 | $ 1,934 | $ 1,677 |
Commercial [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 1 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 865 | $ 0 | $ 865 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 870 | $ 0 | $ 870 |
Construction Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | |||
Pre-Modification Outstanding Recorded Investment | $ 2,600 | |||
Post-Modification Outstanding Recorded Investment | $ 910 | |||
Mortgage Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Number of Loans | SecurityLoan | 3 | 5 | 6 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 1,612 | $ 1,953 | $ 4,535 | $ 2,828 |
Post-Modification Outstanding Recorded Investment | $ 1,615 | $ 1,717 | $ 2,844 | $ 2,547 |
Commercial Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Number of Loans | SecurityLoan | 0 | 1 | 4 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 300 | $ 6,659 | $ 300 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 300 | $ 6,903 | $ 300 |
Consumer Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Number of Loans | SecurityLoan | 1 | 0 | 2 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 79 | $ 0 | $ 123 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 77 | $ 0 | $ 118 | $ 0 |
Total Restructured Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Number of Loans | SecurityLoan | 4 | 6 | 12 | 10 |
Pre-Modification Outstanding Recorded Investment | $ 1,691 | $ 2,253 | $ 11,317 | $ 3,128 |
Post-Modification Outstanding Recorded Investment | $ 1,692 | $ 2,017 | $ 9,865 | $ 2,847 |
Loans Receivable and Allowanc46
Loans Receivable and Allowance for Loan Losses (Schedule of Troubled Debt Restructurings Subsequently Defaulted) (Detail) $ in Thousands | 3 Months Ended | |
Jun. 30, 2015USD ($)SecurityLoan | Jun. 30, 2014USD ($)SecurityLoan | |
Residential [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | SecurityLoan | 0 | 2 |
Outstanding Recorded Investment | $ 0 | $ 264 |
Mortgage Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | SecurityLoan | 0 | 2 |
Outstanding Recorded Investment | $ 0 | $ 264 |
Total Restructured Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of Loans | SecurityLoan | 0 | 2 |
Outstanding Recorded Investment | $ 0 | $ 264 |
Loans Receivable and Allowanc47
Loans Receivable and Allowance for Loan Losses (PCI Loans Acquired) (Details) - Team Capital Bank [Member] $ in Thousands | May. 30, 2014USD ($) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest | $ 12,505 |
Contractual cash flows not expected to be collected (non-accretable discount) | (6,475) |
Expected cash flows to be collected at acquisition | 6,030 |
Interest component of expected cash flows (accretable yield) | (810) |
Fair value of acquired loans | $ 5,220 |
Loans Receivable and Allowanc48
Loans Receivable and Allowance for Loan Losses (Change in Accretable Yield) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Beginning balance | $ 681 | $ 0 | $ 695 | $ 0 |
Acquisition | 0 | 810 | 0 | 810 |
Accretion | (264) | (37) | (462) | (37) |
Reclassification from non-accretable discount | 192 | 0 | 376 | 0 |
Ending balance | $ 609 | $ 773 | $ 609 | $ 773 |
Loans Receivable and Allowanc49
Loans Receivable and Allowance for Loan Losses (Schedule of Allowance for Loan Losses by Portfolio Segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | $ 61,110 | $ 63,420 | $ 61,734 | $ 64,664 |
Provision charged to operations | 1,100 | 1,500 | 1,700 | 1,900 |
Recoveries of loans previously charged off | 987 | 1,117 | 1,478 | 1,548 |
Loans charged off | (3,573) | (2,162) | (5,288) | (4,237) |
Balance at end of period | 59,624 | 63,875 | 59,624 | 63,875 |
Mortgage Loans [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 32,886 | 31,470 | 31,977 | 34,144 |
Provision charged to operations | 317 | 646 | 1,355 | (1,354) |
Recoveries of loans previously charged off | 71 | 90 | 136 | 157 |
Loans charged off | (1,450) | (1,166) | (1,644) | (1,907) |
Balance at end of period | 31,824 | 31,040 | 31,824 | 31,040 |
Commercial Loans [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 23,697 | 25,161 | 24,381 | 24,107 |
Provision charged to operations | (202) | 1,663 | (678) | 2,994 |
Recoveries of loans previously charged off | 660 | 298 | 874 | 541 |
Loans charged off | (1,315) | (43) | (1,737) | (563) |
Balance at end of period | 22,840 | 27,079 | 22,840 | 27,079 |
Consumer Loans [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 4,277 | 4,379 | 4,881 | 4,929 |
Provision charged to operations | 845 | 226 | 1,129 | 369 |
Recoveries of loans previously charged off | 256 | 729 | 467 | 850 |
Loans charged off | (808) | (953) | (1,907) | (1,767) |
Balance at end of period | 4,570 | 4,381 | 4,570 | 4,381 |
Total Portfolio Segments [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 60,860 | 61,010 | 61,239 | 63,180 |
Provision charged to operations | 960 | 2,535 | 1,806 | 2,009 |
Recoveries of loans previously charged off | 987 | 1,117 | 1,477 | 1,548 |
Loans charged off | (3,573) | (2,162) | (5,288) | (4,237) |
Balance at end of period | 59,234 | 62,500 | 59,234 | 62,500 |
Unallocated [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of period | 250 | 2,410 | 495 | 1,484 |
Provision charged to operations | 140 | (1,035) | (106) | (109) |
Recoveries of loans previously charged off | 0 | 0 | 1 | 0 |
Loans charged off | 0 | 0 | 0 | 0 |
Balance at end of period | $ 390 | $ 1,375 | $ 390 | $ 1,375 |
Loans Receivable and Allowanc50
Loans Receivable and Allowance for Loan Losses (Summary of Impaired Loans Receivable by Class) (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 92,063 | $ 94,514 |
Recorded Investment | 82,988 | 85,395 |
Related Allowance | 2,695 | 7,127 |
Average Recorded Investment | 88,510 | 87,869 |
Interest Income Recognized | 1,625 | 2,328 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 27,906 | 30,465 |
Recorded Investment | 23,965 | 25,535 |
Related Allowance | 2,070 | 2,367 |
Average Recorded Investment | 24,323 | 26,244 |
Interest Income Recognized | 496 | 912 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 40,456 | 42,526 |
Recorded Investment | 38,723 | 41,014 |
Related Allowance | 434 | 2,329 |
Average Recorded Investment | 39,176 | 41,387 |
Interest Income Recognized | 476 | 914 |
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 | 910 | 0 |
Recorded Investment | 910 | 0 |
Related Allowance | 30 | 0 |
Average Recorded Investment | 441 | 0 |
Interest Income Recognized | 17 | 0 |
Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 69,272 | 72,991 |
Recorded Investment | 63,598 | 66,549 |
Related Allowance | 2,534 | 4,696 |
Average Recorded Investment | 63,940 | 67,631 |
Interest Income Recognized | 989 | 1,826 |
Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 19,881 | 18,708 |
Recorded Investment | 16,954 | 16,462 |
Related Allowance | 55 | 2,318 |
Average Recorded Investment | 22,103 | 17,790 |
Interest Income Recognized | 582 | 394 |
Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,910 | 2,815 |
Recorded Investment | 2,436 | 2,384 |
Related Allowance | 106 | 113 |
Average Recorded Investment | 2,467 | 2,448 |
Interest Income Recognized | 54 | 108 |
Loans With No Related Allowance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 42,247 | 23,881 |
Recorded Investment | 34,346 | 18,346 |
Average Recorded Investment | 39,789 | 18,544 |
Interest Income Recognized | 380 | 389 |
Loans With No Related Allowance [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 12,081 | 14,942 |
Recorded Investment | 8,786 | 10,629 |
Average Recorded Investment | 9,072 | 11,138 |
Interest Income Recognized | 234 | 357 |
Loans With No Related Allowance [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 16,154 | 4,971 |
Recorded Investment | 14,876 | 4,708 |
Average Recorded Investment | 14,876 | 4,713 |
Interest Income Recognized | 0 | 0 |
Loans With No Related Allowance [Member] | Multi-Family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Loans With No Related Allowance [Member] | Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Loans With No Related Allowance [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 28,235 | 19,913 |
Recorded Investment | 23,662 | 15,337 |
Average Recorded Investment | 23,948 | 15,851 |
Interest Income Recognized | 234 | 357 |
Loans With No Related Allowance [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 12,642 | 2,718 |
Recorded Investment | 9,777 | 2,179 |
Average Recorded Investment | 14,916 | 1,823 |
Interest Income Recognized | 132 | 4 |
Loans With No Related Allowance [Member] | Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,370 | 1,250 |
Recorded Investment | 907 | 830 |
Average Recorded Investment | 925 | 870 |
Interest Income Recognized | 14 | 28 |
Loans With Allowance Recorded [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 49,816 | 70,633 |
Recorded Investment | 48,642 | 67,049 |
Related Allowance | 2,695 | 7,127 |
Average Recorded Investment | 48,721 | 69,325 |
Interest Income Recognized | 1,245 | 1,939 |
Loans With Allowance Recorded [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 15,825 | 15,523 |
Recorded Investment | 15,179 | 14,906 |
Related Allowance | 2,070 | 2,367 |
Average Recorded Investment | 15,251 | 15,106 |
Interest Income Recognized | 262 | 555 |
Loans With Allowance Recorded [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 24,302 | 37,555 |
Recorded Investment | 23,847 | 36,306 |
Related Allowance | 434 | 2,329 |
Average Recorded Investment | 24,300 | 36,674 |
Interest Income Recognized | 476 | 914 |
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 | 910 | 0 |
Recorded Investment | 910 | 0 |
Related Allowance | 30 | 0 |
Average Recorded Investment | 441 | 0 |
Interest Income Recognized | 17 | 0 |
Loans With Allowance Recorded [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 41,037 | 53,078 |
Recorded Investment | 39,936 | 51,212 |
Related Allowance | 2,534 | 4,696 |
Average Recorded Investment | 39,992 | 51,780 |
Interest Income Recognized | 755 | 1,469 |
Loans With Allowance Recorded [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 7,239 | 15,990 |
Recorded Investment | 7,177 | 14,283 |
Related Allowance | 55 | 2,318 |
Average Recorded Investment | 7,187 | 15,967 |
Interest Income Recognized | 450 | 390 |
Loans With Allowance Recorded [Member] | Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,540 | 1,565 |
Recorded Investment | 1,529 | 1,554 |
Related Allowance | 106 | 113 |
Average Recorded Investment | 1,542 | 1,578 |
Interest Income Recognized | $ 40 | $ 80 |
Loans Receivable and Allowanc51
Loans Receivable and Allowance for Loan Losses (Summary of Loans Receivable by Credit Quality Risk Rating Indicator) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | $ 4,460,680 | $ 4,208,488 |
Total loans | 6,305,819 | 6,082,377 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,249,882 | 1,251,445 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,739,189 | 1,694,359 |
Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,170,281 | 1,041,582 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 301,328 | 221,102 |
Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 4,460,680 | 4,208,488 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,255,152 | 1,262,422 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 589,987 | 611,467 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 84,793 | 71,704 |
Special Mention [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 3,673 | 4,331 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 22,904 | 18,414 |
Special Mention [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,093 | 851 |
Special Mention [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Special Mention [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 27,670 | 23,596 |
Special Mention [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 55,660 | 45,599 |
Special Mention [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,463 | 2,509 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 105,584 | 110,364 |
Substandard [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 11,960 | 17,222 |
Substandard [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 53,871 | 53,454 |
Substandard [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 847 | 322 |
Substandard [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 910 | 2,600 |
Substandard [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 67,588 | 73,598 |
Substandard [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 34,050 | 32,828 |
Substandard [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,946 | 3,938 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 320 | 1,092 |
Doubtful [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Doubtful [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 1,063 |
Doubtful [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Doubtful [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 293 | 0 |
Doubtful [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 293 | 1,063 |
Doubtful [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 27 | 29 |
Doubtful [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Loss [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Loss [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Loss [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Loss [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Loss [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Loss [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Loss [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Total classified and criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 190,697 | 183,160 |
Total classified and criticized [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 15,633 | 21,553 |
Total classified and criticized [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 76,775 | 72,931 |
Total classified and criticized [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,940 | 1,173 |
Total classified and criticized [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,203 | 2,600 |
Total classified and criticized [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 95,551 | 98,257 |
Total classified and criticized [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 89,737 | 78,456 |
Total classified and criticized [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,409 | 6,447 |
Pass/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,115,122 | 5,899,217 |
Pass/Watch [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,234,249 | 1,229,892 |
Pass/Watch [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,662,414 | 1,621,428 |
Pass/Watch [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,168,341 | 1,040,409 |
Pass/Watch [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 300,125 | 218,502 |
Pass/Watch [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 4,365,129 | 4,110,231 |
Pass/Watch [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,165,415 | 1,183,966 |
Pass/Watch [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 584,578 | $ 605,020 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | ||
Savings | $ 988,131 | $ 995,347 |
Money market | 1,486,154 | 1,496,466 |
NOW | 1,402,016 | 1,425,424 |
Non-interest bearing | 1,141,982 | 1,049,597 |
Certificates of deposit | 795,938 | 825,689 |
Total deposits | $ 5,814,221 | $ 5,792,523 |
Components of Net Periodic Be53
Components of Net Periodic Benefit Cost (Narrative) (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2006 | Dec. 31, 2002 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Defined Benefit Plan, Contributions by Employer | $ 0 | |||
Defined benefit plan age of attainment | 21 years | |||
Service period for employees of coverage age, years | 1 year | |||
Defined benefit plan, percentage vested | 100.00% | |||
Benefits paid | $ 4,300,000 | |||
Charge associated with employees that elected to receive lump sum pension distributions | $ 1,300,000 | |||
Retiree benefits eliminated if less than service period, years | 10 years | 10 years |
Components of Net Periodic Be54
Components of Net Periodic Benefit Cost (Net Periodic Benefit Cost (Increase)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension benefits [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 284 | 352 | 568 | 704 |
Expected return on plan assets | (633) | (894) | (1,266) | (1,788) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of the net loss (gain) | 194 | 93 | 388 | 186 |
Net periodic benefit cost (increase) | (155) | (449) | (310) | (898) |
Other post-retirement benefits [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | 42 | 42 | 84 | 84 |
Interest cost | 281 | 272 | 562 | 544 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | (1) | 0 | (2) |
Amortization of the net loss (gain) | 0 | (51) | 0 | (102) |
Net periodic benefit cost (increase) | $ 323 | $ 262 | $ 646 | $ 524 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
Maximum [Member] | |
Estimated costs | 6.00% |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Securities available for sale: | ||
Securities available for sale, at fair value | $ 1,031,325 | $ 1,074,395 |
Liability derivative | 2,324 | |
Measured on a non-recurring basis: | ||
Foreclosed assets | 8,088 | 5,098 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 103,501 | 103,616 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 927,824 | 970,779 |
Asset derivative | 2,830 | 2,046 |
Liability derivative | 2,426 | 2,052 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
US Treasury Obligations [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 8,061 | 8,016 |
US Treasury Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 8,061 | 8,016 |
US Treasury Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
US Treasury Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Agency Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 94,906 | 95,076 |
Agency Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Agency Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 916,375 | 957,257 |
Collateralized Mortgage Backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 916,375 | 957,257 |
Collateralized Mortgage Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
State And Municipal Obligations [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 5,960 | 7,002 |
State And Municipal Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
State And Municipal Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 5,960 | 7,002 |
State And Municipal Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Corporate Obligations [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 5,489 | 6,520 |
Corporate Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | |
Corporate Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 5,489 | |
Corporate Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | |
Equity Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 534 | 524 |
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 534 | 524 |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 1,031,325 | 1,074,395 |
Asset derivative | 2,830 | 2,046 |
Total assets at fair value | 1,034,155 | 1,076,441 |
Liability derivative | 2,426 | 2,052 |
Measured on a Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 103,501 | 103,616 |
Asset derivative | 0 | 0 |
Total assets at fair value | 103,501 | 103,616 |
Liability derivative | 0 | 0 |
Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 927,824 | 970,779 |
Asset derivative | 2,830 | 2,046 |
Total assets at fair value | 930,654 | 972,825 |
Liability derivative | 2,426 | 2,052 |
Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Asset derivative | 0 | 0 |
Total assets at fair value | 0 | 0 |
Liability derivative | 0 | 0 |
Measured on a Recurring Basis [Member] | US Treasury Obligations [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 8,061 | 8,016 |
Measured on a Recurring Basis [Member] | US Treasury Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 8,061 | 8,016 |
Measured on a Recurring Basis [Member] | US Treasury Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | US Treasury Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | Agency Obligations [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 94,906 | 95,076 |
Measured on a Recurring Basis [Member] | Agency Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 94,906 | 95,076 |
Measured on a Recurring Basis [Member] | Agency Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | Agency Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 916,375 | 957,257 |
Measured on a Recurring Basis [Member] | Collateralized Mortgage Backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | Collateralized Mortgage Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 916,375 | 957,257 |
Measured on a Recurring Basis [Member] | Collateralized Mortgage Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | State And Municipal Obligations [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 5,960 | 7,002 |
Measured on a Recurring Basis [Member] | State And Municipal Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | State And Municipal Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 5,960 | 7,002 |
Measured on a Recurring Basis [Member] | State And Municipal Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | Corporate Obligations [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 5,489 | |
Measured on a Recurring Basis [Member] | Corporate Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | |
Measured on a Recurring Basis [Member] | Corporate Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 5,489 | |
Measured on a Recurring Basis [Member] | Corporate Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | |
Measured on a Recurring Basis [Member] | Equity Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 534 | 524 |
Measured on a Recurring Basis [Member] | Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 534 | 524 |
Measured on a Recurring Basis [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Measured on a Recurring Basis [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Measured on a Non-Recurring Basis [Member] | ||
Measured on a non-recurring basis: | ||
Loans measured for impairment based on the fair value of the underlying collateral | 23,492 | 23,086 |
Foreclosed assets | 8,088 | 5,098 |
Fair value, Measured on a non-recurring basis | 31,580 | 28,184 |
Measured on a Non-Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Measured on a non-recurring basis: | ||
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Fair value, Measured on a non-recurring basis | 0 | 0 |
Measured on a Non-Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Measured on a non-recurring basis: | ||
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Fair value, Measured on a non-recurring basis | 0 | 0 |
Measured on a Non-Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Measured on a non-recurring basis: | ||
Loans measured for impairment based on the fair value of the underlying collateral | 23,492 | 23,086 |
Foreclosed assets | 8,088 | 5,098 |
Fair value, Measured on a non-recurring basis | $ 31,580 | $ 28,184 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Financial Instruments at Carrying and Fair Values) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financial assets: | ||||
Cash and cash equivalents | $ 104,732 | $ 103,762 | $ 132,439 | $ 101,224 |
Securities available for sale, at fair value | 1,031,325 | 1,074,395 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 471,984 | 469,528 | ||
FHLBNY stock | 77,892 | 69,789 | ||
Loans, net of allowance for loan losses | 6,248,729 | 6,023,771 | ||
Financial liabilities: | ||||
Certificates of deposit | 795,938 | 825,689 | ||
Total deposits | 5,814,221 | 5,792,523 | ||
Borrowings | 1,684,574 | 1,509,851 | ||
Liability derivative | 2,324 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 104,732 | 103,762 | ||
Securities available for sale, at fair value | 103,501 | 103,616 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 6,001 | 6,810 | ||
FHLBNY stock | 77,892 | 69,789 | ||
Loans, net of allowance for loan losses | 0 | 0 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 5,018,283 | 4,966,834 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 5,018,283 | 4,966,834 | ||
Borrowings | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale, at fair value | 927,824 | 970,779 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 470,791 | 475,663 | ||
FHLBNY stock | 0 | 0 | ||
Loans, net of allowance for loan losses | 0 | 0 | ||
Asset derivative | 2,830 | 2,046 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 799,279 | 830,233 | ||
Total deposits | 799,279 | 830,233 | ||
Borrowings | 1,698,940 | 1,516,966 | ||
Liability derivative | 2,426 | 2,052 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale, at fair value | 0 | 0 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 0 | 0 | ||
FHLBNY stock | 0 | 0 | ||
Loans, net of allowance for loan losses | 6,308,626 | 6,104,558 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Carrying Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 104,732 | 103,762 | ||
Securities available for sale, at fair value | 1,031,325 | 1,074,395 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 471,984 | 469,528 | ||
FHLBNY stock | 77,892 | 69,789 | ||
Loans, net of allowance for loan losses | 6,248,729 | 6,023,771 | ||
Asset derivative | 2,830 | 2,046 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 5,018,283 | 4,966,834 | ||
Certificates of deposit | 795,938 | 825,689 | ||
Total deposits | 5,814,221 | 5,792,523 | ||
Borrowings | 1,684,574 | 1,509,851 | ||
Liability derivative | 2,426 | 2,052 | ||
Fair Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 104,732 | 103,762 | ||
Securities available for sale, at fair value | 1,031,325 | 1,074,395 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 476,792 | 482,473 | ||
FHLBNY stock | 77,892 | 69,789 | ||
Loans, net of allowance for loan losses | 6,308,626 | 6,104,558 | ||
Asset derivative | 2,830 | 2,046 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 5,018,283 | 4,966,834 | ||
Certificates of deposit | 799,279 | 830,233 | ||
Total deposits | 5,817,562 | 5,797,067 | ||
Borrowings | 1,698,940 | 1,516,966 | ||
Liability derivative | 2,426 | 2,052 | ||
US Treasury Obligations [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 8,061 | 8,016 | ||
US Treasury Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 8,061 | 8,016 | ||
US Treasury Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 0 | 0 | ||
US Treasury Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 0 | 0 | ||
US Treasury Obligations [Member] | Carrying Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 8,061 | 8,016 | ||
US Treasury Obligations [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 8,061 | 8,016 | ||
Agency Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 94,906 | 95,076 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 6,001 | 6,810 | ||
Agency Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 0 | 0 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 0 | 0 | ||
Agency Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 0 | 0 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 0 | 0 | ||
Agency Obligations [Member] | Carrying Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 94,906 | 95,076 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 5,999 | 6,813 | ||
Agency Obligations [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 94,906 | 95,076 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 6,001 | 6,810 | ||
Collateralized Mortgage Backed Securities [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 916,375 | 957,257 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 2,169 | 2,816 | ||
Collateralized Mortgage Backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 0 | 0 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 0 | 0 | ||
Collateralized Mortgage Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 916,375 | 957,257 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 2,260 | 2,939 | ||
Collateralized Mortgage Backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 0 | 0 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 0 | 0 | ||
Collateralized Mortgage Backed Securities [Member] | Carrying Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 916,375 | 957,257 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 2,169 | 2,816 | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 916,375 | 957,257 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 2,260 | 2,939 | ||
State And Municipal Obligations [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 5,960 | 7,002 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 453,484 | 449,410 | ||
State And Municipal Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 0 | 0 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 0 | 0 | ||
State And Municipal Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 5,960 | 7,002 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 458,176 | 462,238 | ||
State And Municipal Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 0 | 0 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 0 | 0 | ||
State And Municipal Obligations [Member] | Carrying Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 5,960 | 7,002 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 453,484 | 449,410 | ||
State And Municipal Obligations [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 5,960 | 7,002 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 458,176 | 462,238 | ||
Equity Securities [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 534 | 524 | ||
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 534 | 524 | ||
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 0 | 0 | ||
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 0 | 0 | ||
Equity Securities [Member] | Carrying Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 534 | 524 | ||
Equity Securities [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 534 | 524 | ||
Corporate Obligations [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 5,489 | 6,520 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 10,332 | 10,489 | ||
Corporate Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 0 | |||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 0 | 0 | ||
Corporate Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 5,489 | |||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 10,355 | 10,486 | ||
Corporate Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 0 | |||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 0 | 0 | ||
Corporate Obligations [Member] | Carrying Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 5,489 | |||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 10,332 | 10,489 | ||
Corporate Obligations [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 5,489 | |||
Investment securities held to maturity: | ||||
Investment securities held to maturity | $ 10,355 | $ 10,486 |
Other Comprehensive Income (L58
Other Comprehensive Income (Loss) (Components of Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive (loss) income, Before Tax | $ (8,686) | $ 9,037 | $ (2,493) | $ 15,594 |
Total other comprehensive (loss) income, Tax Effect | 3,488 | (3,378) | 1,001 | (6,057) |
Total other comprehensive (loss) income | (5,198) | 5,659 | (1,492) | 9,537 |
Unrealized gains on securities available for sale [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net (losses) gains, Before Tax | (8,237) | 10,188 | (2,035) | 16,475 |
Reclassification adjustment, Before Tax | (643) | (110) | (645) | 240 |
Total other comprehensive (loss) income, Before Tax | (8,880) | 10,078 | (2,680) | 16,715 |
Net (losses) gains, Tax Effect | 3,308 | (3,849) | 817 | (6,417) |
Reclassification adjustment, Tax Effect | (258) | (45) | (259) | 98 |
Total other comprehensive (loss) income, Tax Effect | 3,566 | (3,804) | 1,076 | (6,515) |
Net (losses) gains, After Tax | (4,929) | 6,339 | (1,218) | 10,058 |
Reclassification adjustment, After Tax | (385) | (65) | (386) | 142 |
Total other comprehensive (loss) income | (5,314) | 6,274 | (1,604) | 10,200 |
Post-retirement obligations [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive (loss) income, Before Tax | 194 | (1,041) | 187 | (1,121) |
Total other comprehensive (loss) income, Tax Effect | (78) | 426 | (75) | 458 |
Total other comprehensive (loss) income | $ 116 | $ (615) | $ 112 | $ (663) |
Other Comprehensive Income (L59
Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income, Net of Tax) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 3,735 | $ (973) | $ 29 | $ (4,851) |
Year-to-date change | (5,198) | 5,659 | (1,492) | 9,537 |
Ending balance | (1,463) | 4,686 | (1,463) | 4,686 |
Unrealized gains on securities available for sale [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 11,453 | 1,127 | 7,743 | (2,799) |
Year-to-date change | (5,314) | 6,274 | (1,604) | 10,200 |
Ending balance | 6,139 | 7,401 | 6,139 | 7,401 |
Post-retirement obligations [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (7,718) | (2,100) | (7,714) | (2,052) |
Year-to-date change | 116 | (615) | 112 | (663) |
Ending balance | $ (7,602) | $ (2,715) | $ (7,602) | $ (2,715) |
Other Comprehensive Income (L60
Other Comprehensive Income (Loss) (Reclassifications Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Income tax expense | $ (9,601) | $ (6,206) | $ (17,993) | $ (13,904) | |
Net income | 21,796 | 16,351 | 41,598 | 33,380 | |
Reclassification adjustment [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net income | 501 | (700) | 618 | (1,394) | |
Reclassification adjustment [Member] | Securities available for sale [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Net gain (loss) on securities transactions | 643 | 110 | 645 | (240) | |
Income tax expense | (258) | (45) | (259) | 98 | |
Net income | 385 | 65 | 386 | (142) | |
Reclassification adjustment [Member] | Post-retirement obligations [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Compensation and employee benefits, amortization of actuarial losses (gains) | [1] | 194 | 42 | 388 | 84 |
Income tax expense | (78) | (17) | (156) | (34) | |
Net income | 116 | 25 | 232 | 50 | |
Reclassification adjustment [Member] | Post-retirement obligations, unamortized [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Compensation and employee benefits, realized loss related to lump sum pension settlement | 0 | (1,336) | 0 | (1,336) | |
Income tax expense | 0 | 546 | 0 | 546 | |
Net income | $ 0 | $ (790) | $ 0 | $ (790) | |
[1] | This item is included in the computation of net periodic benefit cost. See Note 6. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activ61
Derivatives and Hedging Activities (Fair Value of Derivatives) (Details) - Derivatives not designated as a hedging instruments [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 2,830 | $ 2,046 |
Liability Derivatives | 2,426 | 2,052 |
Other Assets [Member] | Interest rate products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 2,824 | 2,040 |
Other Assets [Member] | Credit contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 6 | 6 |
Other Liabilities [Member] | Interest rate products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 2,426 | $ 2,052 |
Derivatives and Hedging Activ62
Derivatives and Hedging Activities (Gains and Losses on Derivatives) (Details) - Jun. 30, 2015 - Derivatives not designated as a hedging instruments [Member] - USD ($) $ in Thousands | Total | Total |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives | $ 473 | $ 409 |
Other Income [Member] | Interest rate products [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives | 475 | 410 |
Other Income [Member] | Credit contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives | $ (2) | $ (1) |
Derivatives and Hedging Activ63
Derivatives and Hedging Activities (Additional Information) (Details) - Jun. 30, 2015 $ in Thousands | USD ($)instrument |
Derivative [Line Items] | |
Liability derivative | $ 2,324 |
Collateral against obligations | $ 4,220 |
Interest rate products [Member] | |
Derivative [Line Items] | |
Number of derivative instruments held (in instrument) | instrument | 17 |
Derivative notional amount | $ 249,300 |