Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | 66,089,794 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 107,252 | $ 100,899 |
Short-term investments | 859 | 1,327 |
Total cash and cash equivalents | 108,111 | 102,226 |
Securities available for sale, at fair value | 984,206 | 964,534 |
Investment securities held to maturity (fair value of $491,349 at March 31, 2016 (unaudited) and $488,331 at December 31, 2015) | 472,934 | 473,684 |
Federal Home Loan Bank stock | 72,135 | 78,181 |
Loans | 6,638,127 | 6,537,674 |
Less allowance for loan losses | 62,191 | 61,424 |
Net loans | 6,575,936 | 6,476,250 |
Foreclosed assets, net | 11,029 | 10,546 |
Banking premises and equipment, net | 88,249 | 88,987 |
Accrued interest receivable | 25,399 | 25,766 |
Intangible assets | 425,260 | 426,277 |
Bank-owned life insurance | 184,389 | 183,057 |
Other assets | 78,526 | 82,149 |
Total assets | 9,026,174 | 8,911,657 |
Deposits: | ||
Demand deposits | 4,353,814 | 4,198,788 |
Savings deposits | 1,005,430 | 985,478 |
Certificates of deposit of $100,000 or more | 389,985 | 324,215 |
Other time deposits | 405,633 | 415,506 |
Total deposits | 6,154,862 | 5,923,987 |
Mortgage escrow deposits | 25,636 | 23,345 |
Borrowed funds | 1,570,141 | 1,707,632 |
Other liabilities | 61,413 | 60,628 |
Total liabilities | 7,812,052 | 7,715,592 |
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 65,732,579 shares outstanding at March 31, 2016 (unaudited) and 65,489,354 outstanding at December 31, 2015 | 832 | 832 |
Additional paid-in capital | 1,001,919 | 1,000,810 |
Retained earnings | 517,365 | 507,713 |
Accumulated other comprehensive income (loss) | 4,169 | (2,546) |
Treasury stock | (269,105) | (269,014) |
Unallocated common stock held by the Employee Stock Ownership Plan | (41,058) | (41,730) |
Common stock acquired by the Directors’ Deferred Fee Plan | (6,350) | (6,517) |
Deferred compensation – Directors’ Deferred Fee Plan | 6,350 | 6,517 |
Total stockholders’ equity | 1,214,122 | 1,196,065 |
Total liabilities and stockholders’ equity | $ 9,026,174 | $ 8,911,657 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 491,349 | $ 488,331 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 83,209,293 | 83,209,293 |
Common stock, shares outstanding (in shares) | 65,732,579 | 65,489,354 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income: | ||
Real estate secured loans | $ 44,233 | $ 43,289 |
Commercial loans | 14,952 | 13,439 |
Consumer loans | 5,636 | 5,794 |
Securities available for sale and Federal Home Loan Bank Stock | 5,780 | 6,301 |
Investment securities held to maturity | 3,331 | 3,396 |
Deposits, Federal funds sold and other short-term investments | 42 | 12 |
Total interest income | 73,974 | 72,231 |
Interest expense: | ||
Deposits | 3,821 | 3,588 |
Borrowed funds | 7,084 | 6,715 |
Total interest expense | 10,905 | 10,303 |
Net interest income | 63,069 | 61,928 |
Provision for loan losses | 1,500 | 600 |
Net interest income after provision for loan losses | 61,569 | 61,328 |
Non-interest income: | ||
Fees | 6,461 | 6,054 |
Wealth management income | 4,311 | 2,558 |
Bank-owned life insurance | 1,332 | 1,348 |
Net gain on securities transactions | 96 | 2 |
Other income | 818 | 341 |
Total non-interest income | 13,018 | 10,303 |
Non-interest expense: | ||
Compensation and employee benefits | 26,030 | 24,201 |
Net occupancy expense | 6,434 | 7,172 |
Data processing expense | 3,245 | 3,027 |
FDIC insurance | 1,322 | 1,218 |
Amortization of intangibles | 1,005 | 927 |
Advertising and promotion expense | 879 | 761 |
Other operating expenses | 5,963 | 6,131 |
Total non-interest expense | 44,878 | 43,437 |
Income before income tax expense | 29,709 | 28,194 |
Income tax expense | 8,736 | 8,392 |
Net income | $ 20,973 | $ 19,802 |
Basic earnings per share (usd per share) | $ 0.33 | $ 0.32 |
Weighted average basic shares outstanding (in shares) | 63,351,093 | 62,673,887 |
Diluted earnings per share (usd per share) | $ 0.33 | $ 0.32 |
Weighted average diluted shares outstanding (in shares) | 63,519,755 | 62,840,951 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 20,973 | $ 19,802 |
Unrealized gains and losses on securities available for sale: | ||
Net unrealized gains arising during the period | 7,094 | 3,711 |
Reclassification adjustment for gains included in net income | (57) | (1) |
Total | 7,037 | 3,710 |
Unrealized losses on derivatives | (421) | 0 |
Amortization (accretion) related to post-retirement obligations | 99 | (4) |
Total other comprehensive income | 6,715 | 3,706 |
Total comprehensive income | $ 27,688 | $ 23,508 |
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] |
Beginning 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 | 19,802 | 19,802 | |||||||
Other comprehensive income, net of tax | 3,706 | 3,706 | |||||||
Cash dividends declared | (10,798) | (10,798) | |||||||
Distributions from DDFP | 0 | 23 | (23) | ||||||
Purchases of treasury stock | (1,882) | (1,882) | |||||||
Shares issued dividend reinvestment plan | 377 | 23 | 354 | ||||||
Stock option exercises | 395 | (17) | 412 | ||||||
Allocation of ESOP shares | 687 | 38 | 649 | ||||||
Allocation of SAP shares | 1,213 | 1,213 | |||||||
Allocation of stock options | 72 | 72 | |||||||
Ending Balance at Mar. 31, 2015 | 1,157,671 | 832 | 996,382 | 474,280 | 3,735 | (272,895) | (44,663) | (7,090) | 7,090 |
Beginning balance at Dec. 31, 2015 | 1,196,065 | 832 | 1,000,810 | 507,713 | (2,546) | (269,014) | (41,730) | (6,517) | 6,517 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 20,973 | 20,973 | |||||||
Other comprehensive income, net of tax | 6,715 | 6,715 | |||||||
Cash dividends declared | (11,321) | (11,321) | |||||||
Distributions from DDFP | 30 | 30 | 167 | (167) | |||||
Purchases of treasury stock | (2,697) | (2,697) | |||||||
Shares issued dividend reinvestment plan | 365 | 34 | 331 | ||||||
Stock option exercises | 2,321 | 46 | 2,275 | ||||||
Allocation of ESOP shares | 746 | 74 | 672 | ||||||
Allocation of SAP shares | 879 | 879 | |||||||
Allocation of stock options | 46 | 46 | |||||||
Ending Balance at Mar. 31, 2016 | $ 1,214,122 | $ 832 | $ 1,001,919 | $ 517,365 | $ 4,169 | $ (269,105) | $ (41,058) | $ (6,350) | $ 6,350 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 20,973 | $ 19,802 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of intangibles | 3,323 | 3,333 |
Provision for loan losses | 1,500 | 600 |
Deferred tax expense | 456 | 1,748 |
Increase in cash surrender value of Bank-owned life insurance | (1,332) | (1,348) |
Net amortization of premiums and discounts on securities | 2,401 | 2,655 |
Accretion of net deferred loan fees | (687) | (946) |
Amortization of premiums on purchased loans, net | 198 | 292 |
Net increase in loans originated for sale | (2,598) | (3,869) |
Proceeds from sales of loans originated for sale | 2,921 | 4,056 |
Proceeds from sales of foreclosed assets | 1,063 | 288 |
ESOP expense | 746 | 687 |
Allocation of stock award shares | 723 | 852 |
Allocation of stock options | 46 | 72 |
Net gain on sale of loans | (323) | (187) |
Net gain on securities transactions | (96) | (2) |
Net gain on sale of premises and equipment | (4) | (5) |
Net (gain) loss on sale of foreclosed assets | (26) | 32 |
Decrease in accrued interest receivable | 367 | 686 |
Increase in other assets | (2,659) | (4,621) |
Increase (decrease) in other liabilities | 785 | (2,897) |
Net cash provided by operating activities | 27,777 | 21,228 |
Cash flows from investing activities: | ||
Proceeds from maturities, calls and paydowns of investment securities held to maturity | 11,805 | 5,343 |
Purchases of investment securities held to maturity | (11,259) | (10,220) |
Proceeds from sales of securities | 2,106 | 0 |
Proceeds from maturities, calls and paydowns of securities available for sale | 40,818 | 45,848 |
Purchases of securities available for sale | (52,513) | (14,769) |
Net decrease in Federal Home Loan Bank stock | 6,046 | 2,334 |
Purchases of loans | (28,590) | (23,692) |
Net increase in loans | (72,894) | (15,994) |
Proceeds from sales of premises and equipment | 4 | 5 |
Purchases of premises and equipment | (1,758) | (2,148) |
Net cash used in investing activities | (106,235) | (13,293) |
Cash flows from financing activities: | ||
Net increase in deposits | 230,875 | 30,528 |
Increase in mortgage escrow deposits | 2,291 | 2,004 |
Purchases of treasury stock | (2,697) | (1,882) |
Cash dividends paid to stockholders | (11,321) | (10,798) |
Shares issued through the dividend reinvestment plan | 365 | 377 |
Stock options exercised | 2,321 | 395 |
Proceeds from long-term borrowings | 167,858 | 82,917 |
Payments on long-term borrowings | (206,068) | (87,000) |
Net decrease in short-term borrowings | (99,281) | (37,364) |
Net cash provided by (used in) financing activities | 84,343 | (20,823) |
Net increase (decrease) in cash and cash equivalents | 5,885 | (12,888) |
Cash and cash equivalents at beginning of period | 102,226 | 103,762 |
Cash and cash equivalents at end of period | 108,111 | 90,874 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | 10,856 | 9,804 |
Income taxes | 3,125 | 8,057 |
Non-cash investing activities: | ||
Transfer of loans receivable to foreclosed assets | $ 1,520 | $ 1,146 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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 months ended March 31, 2016 are not necessarily indicative of the results of operations that may be expected for all of 2016 . 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, 2015 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 months ended March 31, 2016 and 2015 (dollars in thousands, except per share amounts): Three months ended March 31, 2016 2015 Net Income Weighted Average Common Shares Outstanding Per Share Amount Net Income Weighted Average Common Shares Outstanding Per Share Amount Net income $ 20,973 $ 19,802 Basic earnings per share: Income available to common stockholders $ 20,973 63,351,093 $ 0.33 $ 19,802 62,673,887 $ 0.32 Dilutive shares 168,662 167,064 Diluted earnings per share: Income available to common stockholders $ 20,973 63,519,755 $ 0.33 $ 19,802 62,840,951 $ 0.32 Anti-dilutive stock options and awards at March 31, 2016 and 2015 , totaling 633,989 shares and 818,059 shares, respectively, were excluded from the earnings per share calculations. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2016 | |
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 certain assets and liabilities of The MDE Group, Inc. and the equity interests of Acertus Capital Management, LLC (together "MDE"), both Morristown, New Jersey-based registered investment advisory firms that manage assets for affluent and high net-worth clients. MDE was acquired with both cash and contingent consideration. The Company recognized goodwill of $18.3 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 $338,000 . The contingent consideration arrangement requires the Company to pay additional cash consideration to MDE’s former stakeholders four years after the closing of the acquisition 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. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities At March 31, 2016 , the Company had $ 984.2 million and $472.9 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 ("OTTI") 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 March 31, 2016 totaled 53 , compared with 163 at December 31, 2015 . All securities with unrealized losses at March 31, 2016 were analyzed for other-than-temporary impairment. Based upon this analysis, the Company believes that as of March 31, 2016 , 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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Fair value US Treasury obligations $ 8,003 44 — 8,047 Agency obligations 79,307 296 (3 ) 79,600 Mortgage-backed securities 868,946 17,856 (161 ) 886,641 State and municipal obligations 4,183 139 — 4,322 Corporate obligations 5,016 72 (13 ) 5,075 Equity securities 397 124 — 521 $ 965,852 18,531 (177 ) 984,206 December 31, 2015 Amortized Gross Gross Fair US Treasury obligations $ 8,006 — (2 ) 8,004 Agency Obligations 82,396 82 (148 ) 82,330 Mortgage-backed securities 857,430 9,828 (3,397 ) 863,861 State and municipal obligations 4,193 115 — 4,308 Corporate obligations 5,516 6 (10 ) 5,512 Equity securities 397 122 — 519 $ 957,938 10,153 (3,557 ) 964,534 The amortized cost and fair value of securities available for sale at March 31, 2016 , 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. March 31, 2016 Amortized cost Fair value Due in one year or less $ 31,520 31,566 Due after one year through five years 59,038 59,328 Due after five years through ten years 3,680 3,778 Due after ten years 2,271 2,372 $ 96,509 97,044 Mortgage-backed securities totaling $868.9 million at amortized cost and $886.6 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 $521,000 at fair value. For the three months ended March 31, 2016 , proceeds from sales on securities available for sale totaled $2,106,000 resulting in gross gains of $95,000 and no gross losses. For the same period last year, there were no sales of securities from the available for sale portfolio. For the three months ended March 31, 2016, there were no calls of securities from the available for sale portfolio. For the three months ended March 31, 2015 , proceeds from calls on securities available for sale totaled $465,000 , resulting in gross gains of $2,000 and no gross losses. The Company did not incur an OTTI charge on securities in the available for sale portfolio for the three months ended March 31, 2016 and 2015 . The following tables represent the Company’s disclosure regarding securities available for sale with temporary impairment at March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 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 10,033 (3 ) — — 10,033 (3 ) Mortgage-backed securities 31,086 (74 ) 16,614 (87 ) 47,700 (161 ) Corporate obligations 999 — 989 (13 ) 1,988 (13 ) $ 42,118 (77 ) 17,603 (100 ) 59,721 (177 ) December 31, 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 U.S. Treasury obligations $ 8,004 (2 ) — — 8,004 (2 ) Agency obligations 59,197 (148 ) — — 59,197 (148 ) Mortgage-backed securities 327,263 (2,427 ) 47,911 (970 ) 375,174 (3,397 ) Corporate obligations 500 — 992 (10 ) 1,492 (10 ) $ 394,964 (2,577 ) 48,903 (980 ) 443,867 (3,557 ) 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 March 31, 2016 , 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 March 31, 2016 totaled 15 , compared with 64 at December 31, 2015 . At March 31, 2016 , there were three private label mortgage-backed securities in an unrealized loss position, with an amortized cost of $690,000 and an unrealized loss of $5,000 . These private label mortgage-backed securities were investment grade at March 31, 2016 . 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 months ended March 31, 2016 . The Company believes that no other-than-temporary impairment of the securities available for sale portfolio existed for the three months ended March 31, 2016 . 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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 4,197 8 — 4,205 Mortgage-backed securities 1,403 55 — 1,458 State and municipal obligations 457,427 18,557 (251 ) 475,733 Corporate obligations 9,907 52 (6 ) 9,953 $ 472,934 18,672 (257 ) 491,349 December 31, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 4,096 9 (8 ) 4,097 Mortgage-backed securities 1,597 61 — 1,658 State and municipal obligations 458,062 15,094 (495 ) 472,661 Corporate obligations 9,929 11 (25 ) 9,915 $ 473,684 15,175 (528 ) 488,331 The Company generally purchases securities for long-term investment purposes, and differences between amortized cost and fair values may fluctuate during the investment period. There were no sales of securities from the held to maturity portfolio for the three months ended March 31, 2016 and 2015. For the three months ended March 31, 2016 , the Company recognized gross gains of $1,000 and no gross losses related to calls of certain securities in the held to maturity portfolio, with proceeds from the calls totaling $516,000 . For the same period in 2015, proceeds from calls on securities held to maturity totaled $4.1 million, with no gross gains or losses recognized. The amortized cost and fair value of investment securities in the held to maturity portfolio at March 31, 2016 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. March 31, 2016 Amortized cost Fair value Due in one year or less $ 11,538 11,589 Due after one year through five years 52,697 53,797 Due after five years through ten years 221,145 231,977 Due after ten years 186,151 192,528 $ 471,531 489,891 Mortgage-backed securities totaling $1.4 million at amortized cost and $1.5 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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 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 State and municipal obligations 10,388 (71 ) 9,984 (180 ) 20,372 (251 ) Corporate obligations 1,245 (6 ) — — 1,245 (6 ) $ 11,633 (77 ) 9,984 (180 ) 21,617 (257 ) December 31, 2015 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ 1,244 (6 ) 278 (2 ) 1,522 (8 ) State and municipal obligations 24,266 (165 ) 17,746 (330 ) 42,012 (495 ) Corporate obligations 5,840 (18 ) 744 (7 ) 6,584 (25 ) $ 31,350 (189 ) 18,768 (339 ) 50,118 (528 ) Based upon the review of the held to maturity securities portfolio, the Company believes that as of March 31, 2016 , 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 March 31, 2016 totaled 38 , compared with 99 at December 31, 2015 . The decrease in the number of securities in an unrealized loss position at March 31, 2016 , was largely due to an increase in market interest rates from December 31, 2015 . All temporarily impaired investment securities were investment grade at March 31, 2016 . |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Loans Receivable and Allowance for Loan Losses Loans receivable at March 31, 2016 and December 31, 2015 are summarized as follows (in thousands): March 31, 2016 December 31, 2015 Mortgage loans: Residential $ 1,263,109 1,254,036 Commercial 1,709,054 1,714,923 Multi-family 1,318,143 1,233,792 Construction 309,656 331,649 Total mortgage loans 4,599,962 4,534,400 Commercial loans 1,479,145 1,433,447 Consumer loans 556,056 566,175 Total gross loans 6,635,163 6,534,022 Purchased credit-impaired ("PCI") loans 2,683 3,435 Premiums on purchased loans 6,011 5,740 Unearned discounts (40 ) (41 ) Net deferred fees (5,690 ) (5,482 ) Total loans $ 6,638,127 6,537,674 The following tables summarize the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands): March 31, 2016 30-59 Days 60-89 Days Non-accrual Recorded Total Past Due Current Total Loans Receivable Mortgage loans: Residential $ 9,002 4,491 14,063 — 27,556 1,235,553 1,263,109 Commercial 1,115 3,351 1,306 — 5,772 1,703,282 1,709,054 Multi-family 47 751 1,240 — 2,038 1,316,105 1,318,143 Construction — — 2,517 — 2,517 307,139 309,656 Total mortgage loans 10,164 8,593 19,126 — 37,883 4,562,079 4,599,962 Commercial loans 1,108 — 28,527 — 29,635 1,449,510 1,479,145 Consumer loans 2,762 441 2,996 — 6,199 549,857 556,056 Total gross loans $ 14,034 9,034 50,649 — 73,717 6,561,446 6,635,163 December 31, 2015 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Mortgage loans: Residential $ 8,983 5,434 12,031 — 26,448 1,227,588 1,254,036 Commercial 1,732 543 1,263 — 3,538 1,711,385 1,714,923 Multi-family 763 506 742 — 2,011 1,231,781 1,233,792 Construction — — 2,351 — 2,351 329,298 331,649 Total mortgage loans 11,478 6,483 16,387 — 34,348 4,500,052 4,534,400 Commercial loans 632 801 23,875 165 25,473 1,407,974 1,433,447 Consumer loans 3,603 1,194 4,109 — 8,906 557,269 566,175 Total gross loans $ 15,713 8,478 44,371 165 68,727 6,465,295 6,534,022 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 $50.6 million and $44.4 million at March 31, 2016 and December 31, 2015 , respectively. Included in non-accrual loans were $13.1 million and $18.3 million of loans which were less than 90 days past due at March 31, 2016 and December 31, 2015 , respectively. There were no loans 90 days or greater past due and still accruing interest at March 31, 2016 . At December 31, 2015 , there was one commercial loan for $165,000 which was ninety days or greater past due and still accruing interest. This loan was past due for maturity and well secured at December 31, 2015 , and subsequent to the end of the year was renewed by the Company. 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 March 31, 2016 , there were 151 impaired loans totaling $54.2 million . Included in this total were 119 TDRs related to 117 borrowers totaling $25.1 million that were performing in accordance with their restructured terms and which continued to accrue interest at March 31, 2016 . At December 31, 2015 , there were 148 impaired loans totaling $50.9 million . Included in this total were 122 TDRs to 120 borrowers totaling $26.0 million that were performing in accordance with their restructured terms and which continued to accrue interest at December 31, 2015 . The following table summarizes loans receivable by portfolio segment and impairment method, excluding PCI loans (in thousands): March 31, 2016 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 26,688 25,186 2,319 54,193 Collectively evaluated for impairment 4,573,274 1,453,959 553,737 6,580,970 Total gross loans $ 4,599,962 1,479,145 556,056 6,635,163 December 31, 2015 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 26,743 21,756 2,368 50,867 Collectively evaluated for impairment 4,507,657 1,411,691 563,807 6,483,155 Total gross loans $ 4,534,400 1,433,447 566,175 6,534,022 The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands): March 31, 2016 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Total Individually evaluated for impairment $ 2,167 2,796 90 5,053 5,053 Collectively evaluated for impairment 28,682 25,459 2,997 57,138 57,138 Total gross loans $ 30,849 28,255 3,087 62,191 62,191 December 31, 2015 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Total Individually evaluated for impairment $ 2,086 91 94 2,271 2,271 Collectively evaluated for impairment 30,008 25,738 3,407 59,153 59,153 Total gross loans $ 32,094 25,829 3,501 61,424 61,424 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 months ended March 31, 2016 and 2015 along with their balances immediately prior to the modification date and post-modification as of March 31, 2016 and 2015 . There were no loans modified as TDRs during the three months ended March 31, 2106. For the three months ended March 31, 2016 March 31, 2015 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 — $ — $ — 2 $ 322 $ 321 Construction — — — 1 2,600 347 Total mortgage loans — — — 3 2,922 668 Commercial loans — — — 4 6,659 6,898 Consumer loans — — — 1 44 42 Total restructured loans — $ — $ — 8 $ 9,625 $ 7,608 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 months ended March 31, 2015 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 table for the three months ended March 31, 2015. The allowance for loan losses associated with the TDRs presented in the preceding table for the three months ended March 31, 2015 totaled $31,000 and was included in the allowance for loan losses for loans individually evaluated for impairment. For the three months ended March 31, 2015 , the TDRs had a weighted average modified interest rate of approximately 5.90% , compared to a rate of 5.83% prior to modification. The following table presents loans modified as TDRs within the 12 month periods ending March 31, 2016 and 2015 , and for which there was a payment default (90 days or more past due) within the respective one year period: March 31, 2016 March 31, 2015 Troubled Debt Restructurings Subsequently Defaulted Number of Loans Outstanding Recorded Investment Number of Loans Outstanding Recorded Investment ($ in thousands) Mortgage loans: Construction 1 $ 2,517 — $ — Total mortgage loans 1 2,517 — — Commercial loans 4 6,809 — $ — Total restructured loans 5 $ 9,326 — $ — 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 May 30, 2014 acquisition of Team Capital, $5.2 million of the loans acquired were determined to be PCI loans. At the date of acquisition, 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 $750,000 to $2.7 million at March 31, 2016 , from $3.4 million at December 31, 2015 . The decrease from December 31, 2015 , was largely due to the full repayment and greater than projected cash flows on certain PCI loans. This resulted in a $280,000 and a $76,000 increase in interest income for the three months ended March 31, 2016 and 2015, respectively, due to the acceleration of accretable and non-accretable discounts on these loans. The following table summarizes the changes in the accretable yield for PCI loans during the three months ended March 31, 2016 and 2015 (in thousands): Three months ended March 31, 2016 2015 Beginning balance $ 676 $ 695 Acquisition — — Accretion (421 ) (198 ) Reclassification from non-accretable discount 248 184 Ending balance $ 503 $ 681 The activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2016 and 2015 was as follows (in thousands): Three months ended March 31, Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total 2016 Balance at beginning of period $ 32,094 25,829 3,501 61,424 — 61,424 Provision charged to operations (1,193 ) 2,958 (265 ) 1,500 — 1,500 Recoveries of loans previously charged-off 172 91 316 579 — 579 Loans charged-off (224 ) (623 ) (465 ) (1,312 ) — (1,312 ) Balance at end of period $ 30,849 28,255 3,087 62,191 — 62,191 2015 Balance at beginning of period $ 31,977 24,381 4,881 61,239 495 61,734 Provision charged to operations 1,038 (477 ) 284 845 (245 ) 600 Recoveries of loans previously charged-off 65 215 211 491 — 491 Loans charged-off (194 ) (422 ) (1,099 ) (1,715 ) — (1,715 ) Balance at end of period $ 32,886 23,697 4,277 60,860 250 61,110 The following table presents loans individually evaluated for impairment by class and loan category, excluding PCI loans (in thousands): March 31, 2016 December 31, 2015 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 $ 11,046 8,121 — 8,148 106 12,144 8,799 — 9,079 451 Commercial — — — — — — — — — — Multi-family — — — — — — — — — — Construction 2,553 2,517 — 2,505 — 2,358 2,351 — 1,170 16 Total 13,599 10,638 — 10,653 106 14,502 11,150 — 10,249 467 Commercial loans 15,198 14,570 — 14,672 — 23,754 21,144 — 21,875 747 Consumer loans 1,543 1,046 — 1,066 24 1,560 1,082 — 1,121 48 Total impaired loans $ 30,340 26,254 — 26,391 130 39,816 33,376 — 33,245 1,262 Loans with an allowance recorded Mortgage loans: Residential $ 15,889 14,826 1,989 14,865 147 14,997 14,353 1,901 14,500 505 Commercial 1,224 1,224 178 1,232 15 1,240 1,240 185 1,361 63 Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 17,113 16,050 2,167 16,097 162 16,237 15,593 2,086 15,861 568 Commercial loans 12,709 10,616 2,796 10,770 12 612 612 91 807 52 Consumer loans 1,284 1,273 90 1,279 16 1,297 1,286 94 1,312 67 Total impaired loans $ 31,106 27,939 5,053 28,146 190 18,146 17,491 2,271 17,980 687 Total impaired loans Mortgage loans: Residential $ 26,935 22,947 1,989 23,013 253 27,141 23,152 1,901 23,579 956 Commercial 1,224 1,224 178 1,232 15 1,240 1,240 185 1,361 63 Multi-family — — — — — — — — — — Construction 2,553 2,517 — 2,505 — 2,358 2,351 — 1,170 16 Total 30,712 26,688 2,167 26,750 268 30,739 26,743 2,086 26,110 1,035 Commercial loans 27,907 25,186 2,796 25,442 12 24,366 21,756 91 22,682 799 Consumer loans 2,827 2,319 90 2,345 40 2,857 2,368 94 2,433 115 Total impaired loans $ 61,446 54,193 5,053 54,537 320 57,962 50,867 2,271 51,225 1,949 Specific allocations of the allowance for loan losses attributable to impaired loans totaled $5.1 million and $2.3 million at March 31, 2016 and December 31, 2015 , respectively. At March 31, 2016 and December 31, 2015 , impaired loans for which there was no related allowance for loan losses totaled $26.3 million and $33.4 million , respectively. The average balance of impaired loans during the three months ended March 31, 2016 was $54.5 million . The Company utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4, with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (watch) or 6 (special mention). Loans with adverse classifications (substandard, doubtful or loss) are rated 7, 8 or 9, respectively. Commercial mortgage, commercial, multi-family and construction loans are rated individually, and each lending officer is responsible for risk rating loans in their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Administration Department. The risk ratings are also confirmed through periodic loan review examinations, which are currently performed by an independent third party. Reports by the independent third party are presented directly to the Audit Committee of the Board of Directors. Loans receivable by credit quality risk rating indicator, excluding PCI loans, are as follows (in thousands): At March 31, 2016 Residential Commercial mortgage Multi- family Construction Total mortgages Commercial Consumer Total loans Special mention $ 4,491 27,574 — — 32,065 56,931 441 89,437 Substandard 14,063 12,652 1,991 2,517 31,223 36,005 2,942 70,170 Doubtful — — — — — 4,002 — 4,002 Loss — — — — — — — — Total classified and criticized 18,554 40,226 1,991 2,517 63,288 96,938 3,383 163,609 Pass/Watch 1,244,555 1,668,828 1,316,152 307,139 4,536,674 1,382,207 552,673 6,471,554 Total $ 1,263,109 1,709,054 1,318,143 309,656 4,599,962 1,479,145 556,056 6,635,163 At December 31, 2015 Residential Commercial mortgage Multi- family Construction Total mortgages Commercial Consumer Total loans Special mention $ 5,434 29,363 1,080 — 35,877 76,464 1,194 113,535 Substandard 12,031 19,451 1,248 2,351 35,081 38,654 4,054 77,789 Doubtful — — — — — 8 — 8 Loss — — — — — — — — Total classified and criticized 17,465 48,814 2,328 2,351 70,958 115,126 5,248 191,332 Pass/Watch 1,236,571 1,666,109 1,231,464 329,298 4,463,442 1,318,321 560,927 6,342,690 Total $ 1,254,036 1,714,923 1,233,792 331,649 4,534,400 1,433,447 566,175 6,534,022 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits at March 31, 2016 and December 31, 2015 are summarized as follows (in thousands): March 31, 2016 December 31, 2015 Savings $ 1,005,430 985,478 Money market 1,546,619 1,468,352 NOW 1,621,395 1,540,894 Non-interest bearing 1,185,800 1,189,542 Certificates of deposit 795,618 739,721 Total deposits $ 6,154,862 5,923,987 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost | 3 Months Ended |
Mar. 31, 2016 | |
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 covering its full-time employees who had attained age 21 with at least one year of service as of April 1, 2003. The pension plan was frozen on April 1, 2003. All participants in the Plan are 100% vested. The pension plan’s assets are invested in investment funds and group annuity contracts currently managed by the Principal Financial Group and Allmerica Financial. 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 is fully eligible to receive the benefits. Effective January 1, 2003, eligibility for retiree health care benefits was frozen as to new entrants and benefits were eliminated for employees with less than ten years of service as of December 31, 2002. Effective January 1, 2007, eligibility for retiree life insurance benefits was frozen as to new entrants and retiree life insurance benefits were eliminated for employees with less than ten years of service as of December 31, 2006. Net periodic benefit (increase) cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2016 and 2015 includes the following components (in thousands): Three months ended March 31, Pension benefits Other post- retirement benefits 2016 2015 2016 2015 Service cost $ — — 38 42 Interest cost 312 284 284 281 Expected return on plan assets (612 ) (633 ) — — Amortization of prior service cost — — — — Amortization of the net loss 236 194 — — Net periodic benefit (increase) cost $ (64 ) (155 ) 322 323 In its consolidated financial statements for the year ended December 31, 2015 , the Company previously disclosed that it does not expect to contribute to the pension plan in 2016 . As of March 31, 2016 , no contributions have been made to the pension plan. The net periodic benefit (increase) cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2016 were calculated using the actual January 1, 2016 pension and other post-retirement benefits valuations. |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU”) No. 2016-09, "Compensation - Stock Compensation (Topic 718)." The objective of this ASU is to simplify accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under this ASU, all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current accounting) or account for forfeitures when they occur. Within the Cash Flow Statement, excess tax benefits should be classified along with other income tax cash flows as an operating activity, and cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. The amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In February 2016, the FASB issued (ASU No. 2016-02, "Leases (Topic 842).” This ASU requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently assessing the impact that the guidance will have on the Company's consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Liabilities." This ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This amendment supersedes the guidance to classify equity securities with readily determinable fair values into different categories, requires equity securities to be measured at fair value with changes in the fair value recognized through net income, and simplifies the impairment assessment of equity investments without readily determinable fair values. The amendment requires public business entities that are required to disclose the fair value of financial instruments measured at amortized cost on the balance sheet to measure that fair value using the exit price notion. The amendment requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option. The amendment requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the accompanying notes to the financial statements. The amendment reduces diversity in current practice by clarifying that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the entity’s other deferred tax assets. This amendment is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Entities should apply the amendment by means of a cumulative-effect adjustment as of the beginning of the fiscal year of adoption, with the exception of the amendment related to equity securities without readily determinable fair values, which should be applied prospectively to equity investments that exist as of the date of adoption. The Company intends to adopt the accounting standard during the first quarter of 2018, as required, and is currently evaluating the impact that the guidance will have on the Company's consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations, Simplifying the Accounting for Measurement - Period Adjustments." The amendments in this update apply to all entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. In these cases, the acquirer must record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2015 including interim periods within those fiscal years. The Company’s adoption of this ASU did not have a material 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 adoption of this guidance did not 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 . 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 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 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 Company also uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges, and which satisfy hedge accounting requirements, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. These derivatives were used to hedge the variable cash outflows associated with Federal Home Loan Bank borrowings. The effective portion of changes in the fair value of these derivatives are recorded in accumulated other comprehensive income, and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of these 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 March 31, 2016 and December 31, 2015 . Collateral Dependent Impaired Loans For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell of up to 6% . The Company classifies these loans as Level 3 within the fair value hierarchy. Foreclosed Assets Assets acquired through foreclosure or deed in lieu of foreclosure are carried at fair value, less estimated 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 March 31, 2016 and December 31, 2015 . The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of March 31, 2016 and December 31, 2015 , by level within the fair value hierarchy: Fair Value Measurements at Reporting Date Using: (In thousands) March 31, 2016 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 $ 8,047 8,047 — — Agency obligations 79,600 79,600 — — Mortgage-backed securities 886,641 — 886,641 — State and municipal obligations 4,322 — 4,322 — Corporate obligations 5,075 — 5,075 — Equity securities 521 521 — — Total securities available for sale 984,206 88,168 896,038 — Derivative assets 14,407 — 14,407 — $ 998,613 88,168 910,445 — Derivative liabilities $ 15,565 — 15,565 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 10,136 — — 10,136 Foreclosed assets 11,029 — — 11,029 $ 21,165 — — 21,165 Fair Value Measurements at Reporting Date Using: (In thousands) December 31, 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 $ 8,004 8,004 — — Agency obligations 82,330 82,330 — — Mortgage-backed securities 863,861 — 863,861 — State and municipal obligations 4,308 — 4,308 — Corporate obligations 5,512 — 5,512 — Equity securities 519 519 — — $ 964,534 90,853 873,681 — Derivative assets 6,854 — 6,854 — $ 971,388 90,853 880,535 — Derivative liabilities $ 6,745 — 6,745 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 9,481 — — 9,481 Foreclosed assets 10,546 — — 10,546 $ 20,027 — — 20,027 There were no transfers between Level 1, Level 2 and Level 3 during the three months ended March 31, 2016 . Other Fair Value Disclosures The Company is required to disclose the 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 March 31, 2016 and December 31, 2015 . Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at March 31, 2016 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 $ 108,111 108,111 108,111 — — Securities available for sale: US Treasury obligations 8,047 8,047 8,047 — — Agency obligations 79,600 79,600 79,600 — — Mortgage-backed securities 886,641 886,641 — 886,641 — State and municipal obligations 4,322 4,322 — 4,322 — Corporate obligations 5,075 5,075 — 5,075 — Equity securities 521 521 521 — — Total securities available for sale $ 984,206 984,206 88,168 896,038 — Investment securities held to maturity: Agency obligations 4,197 4,205 4,205 — — Mortgage-backed securities 1,403 1,458 — 1,458 — State and municipal obligations 457,427 475,733 — 475,733 — Corporate obligations 9,907 9,953 — 9,953 — Total securities held to maturity $ 472,934 491,349 4,205 487,144 — FHLBNY stock 72,135 72,135 72,135 — — Loans, net of allowance for loan losses 6,575,936 6,557,405 — — 6,557,405 Derivative assets 14,407 14,407 — 14,407 — Financial liabilities: Deposits other than certificates of deposits $ 5,359,244 5,359,244 5,359,244 — — Certificates of deposit 795,618 797,686 — 797,686 — Total deposits $ 6,154,862 6,156,930 5,359,244 797,686 — Borrowings 1,570,141 1,587,301 — 1,587,301 — Derivative liabilities 15,565 15,565 — 15,565 — Fair Value Measurements at December 31, 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 $ 102,226 102,226 102,226 — — Securities available for sale: US Treasury obligations 8,004 8,004 8,004 — — Agency obligations 82,330 82,330 82,330 — — Mortgage-backed securities 863,861 863,861 — 863,861 — State and municipal obligations 4,308 4,308 — 4,308 — Corporate obligations 5,512 5,512 — 5,512 — Equity securities 519 519 519 — — Total securities available for sale $ 964,534 964,534 90,853 873,681 — Investment securities held to maturity: Agency obligations $ 4,096 4,097 4,097 — — Mortgage-backed securities 1,597 1,658 — 1,658 — State and municipal obligations 458,062 472,661 — 472,661 — Corporate obligations 9,929 9,915 — 9,915 — Total securities held to maturity $ 473,684 488,331 4,097 484,234 — FHLBNY stock 78,181 78,181 78,181 — — Loans, net of allowance for loan losses 6,476,250 6,509,502 — — 6,509,502 Derivative assets 6,854 6,854 — 6,854 — Financial liabilities: Deposits other than certificates of deposits $ 5,184,266 5,184,266 5,184,266 — — Certificates of deposit 739,721 742,020 — 742,020 — Total deposits $ 5,923,987 5,926,286 5,184,266 742,020 — Borrowings 1,707,632 1,726,726 — 1,726,726 — Derivative liabilities 6,745 6,745 — 6,745 — |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income The following table presents the components of other comprehensive income (loss) both gross and net of tax, for the three months ended March 31, 2016 and 2015 (in thousands): Three months ended March 31, 2016 2015 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Components of Other Comprehensive Income: Unrealized gains and losses on securities available for sale: Net gains arising during the period $ 11,856 (4,762 ) 7,094 6,202 (2,491 ) 3,711 Reclassification adjustment for gains included in net income (96 ) 39 (57 ) (2 ) 1 (1 ) Total 11,760 (4,723 ) 7,037 6,200 (2,490 ) 3,710 Unrealized losses on derivatives (cash flow hedges) (704 ) 283 (421 ) — — — Amortization related to post-retirement obligations 165 (66 ) 99 (7 ) 3 (4 ) Total other comprehensive income $ 11,221 (4,506 ) 6,715 6,193 (2,487 ) 3,706 The following tables present the changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 31, 2016 and 2015 (in thousands): Changes in Accumulated Other Comprehensive Income by Component, net of tax For the three months ended March 31, 2016 2015 Unrealized Sale Post Retirement Unrealized (losses) on Derivatives (cash flow hedges) Accumulated Unrealized Sale Post Retirement Accumulated Balance at December 31, $ 3,951 (6,424 ) (73 ) (2,546 ) 7,743 (7,714 ) 29 Current - period other comprehensive income 7,037 99 (421 ) 6,715 3,710 (4 ) 3,706 Balance at March 31, $ 10,988 (6,325 ) (494 ) 4,169 11,453 (7,718 ) 3,735 The following tables summarize the reclassifications out of accumulated other comprehensive income to the consolidated statements of income for the three months ended March 31, 2016 and 2015 (in thousands): Reclassifications Out of Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended March 31, Affected line item in the Consolidated 2016 2015 Details of AOCI: Securities available for sale: Realized net gains on the sale of securities available for sale $ 96 2 Net gain on securities transactions (39 ) (1 ) Income tax expense 57 1 Net of tax Post-retirement obligations: Amortization of actuarial losses 236 194 Compensation and employee benefits (1) (95 ) (79 ) Income tax expense 141 115 Net of tax Total reclassifications $ 198 116 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 | 3 Months Ended |
Mar. 31, 2016 | |
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. Non-designated Hedges. Derivatives not designated in qualifying hedging relationships are not speculative and result from a service the Company provides to certain qualifying commercial 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 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. The interest rate swap agreement which the Company executes with the commercial banking borrower is collateralized by the borrower's property financed by the Company. 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. At March 31, 2016 and December 31, 2015, the Company had 26 interest rate swaps with an aggregate notional amount of $414.2 million and 23 interest rate swaps with an aggregate notional amount of $391.4 million , respectively, related to this program. . Cash Flow Hedges of Interest Rate Risk. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2016 , such derivatives were used to hedge the variable cash outflows associated with Federal Home Loan Bank borrowings. The ineffective portion of the change in fair value of the derivatives are recognized directly in earnings. The Company implemented this program during the quarter ended September 30, 2015. During the three months ended March 31, 2016 , the Company did not record any hedge ineffectiveness. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. During the next twelve months, the Company estimates that $336,000 will be reclassified as an increase to interest expense. As of March 31, 2016 , the Company had one outstanding interest rate derivative with a notional amount of $40.0 million that was designated as a cash flow hedge of interest rate risk. 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 March 31, 2016 and December 31, 2015 (in thousands): At March 31, 2016 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 $ 14,399 Other liabilities $ 14,714 Credit contracts Other assets 8 26 Total derivatives not designated as hedging instruments $ 14,407 $ 14,740 Derivatives designated as a a hedging instrument: Interest rate products Other assets $ — Other liabilities $ 825 Total derivatives designated as a hedging instrument $ — $ 825 At December 31, 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 $ 6,849 Other liabilities $ 6,623 Credit contracts Other assets 5 — Total derivatives not designated as hedging instruments $ 6,854 $ 6,623 Derivatives designated as a a hedging instrument: Interest rate products Other assets $ — Other liabilities $ 122 Total derivatives designated as a hedging instrument $ — $ 122 The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three months ended March 31, 2016 (in thousands). Gain (loss) recognized in income on derivatives for the three months ended Consolidated Statements of Income March 31, 2016 March 31, 2015 Derivatives not designated as a hedging instruments: Interest rate products Other income $ (540 ) $ (65 ) Credit contracts Other income 104 1 Total $ (436 ) $ (64 ) Derivatives designated as a hedging instruments: Interest Rate Products Other income $ (145 ) $ — Total $ (145 ) $ — 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 March 31, 2016 , the termination value of derivatives in a net liability position, which includes accrued interest, was $15.7 million . The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $14.3 million against its obligations under these agreements. If the Company had breached any of these provisions at March 31, 2016 , 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) | 3 Months Ended |
Mar. 31, 2016 | |
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 months ended March 31, 2016 are not necessarily indicative of the results of operations that may be expected for all of 2016 . 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, 2015 Annual Report to Stockholders on Form 10-K. |
Impact of Recent Accounting Pronouncements | In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU”) No. 2016-09, "Compensation - Stock Compensation (Topic 718)." The objective of this ASU is to simplify accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under this ASU, all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) should be recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. An entity also should recognize excess tax benefits regardless of whether the benefit reduces taxes payable in the current period. An entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current accounting) or account for forfeitures when they occur. Within the Cash Flow Statement, excess tax benefits should be classified along with other income tax cash flows as an operating activity, and cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. The amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is currently assessing the impact that the guidance will have on the Company’s consolidated financial statements. In February 2016, the FASB issued (ASU No. 2016-02, "Leases (Topic 842).” This ASU requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company is currently assessing the impact that the guidance will have on the Company's consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Liabilities." This ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. This amendment supersedes the guidance to classify equity securities with readily determinable fair values into different categories, requires equity securities to be measured at fair value with changes in the fair value recognized through net income, and simplifies the impairment assessment of equity investments without readily determinable fair values. The amendment requires public business entities that are required to disclose the fair value of financial instruments measured at amortized cost on the balance sheet to measure that fair value using the exit price notion. The amendment requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option. The amendment requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the accompanying notes to the financial statements. The amendment reduces diversity in current practice by clarifying that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the entity’s other deferred tax assets. This amendment is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Entities should apply the amendment by means of a cumulative-effect adjustment as of the beginning of the fiscal year of adoption, with the exception of the amendment related to equity securities without readily determinable fair values, which should be applied prospectively to equity investments that exist as of the date of adoption. The Company intends to adopt the accounting standard during the first quarter of 2018, as required, and is currently evaluating the impact that the guidance will have on the Company's consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations, Simplifying the Accounting for Measurement - Period Adjustments." The amendments in this update apply to all entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. In these cases, the acquirer must record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2015 including interim periods within those fiscal years. The Company’s adoption of this ASU did not have a material 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 adoption of this guidance did not 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. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 months ended March 31, 2016 and 2015 (dollars in thousands, except per share amounts): Three months ended March 31, 2016 2015 Net Income Weighted Average Common Shares Outstanding Per Share Amount Net Income Weighted Average Common Shares Outstanding Per Share Amount Net income $ 20,973 $ 19,802 Basic earnings per share: Income available to common stockholders $ 20,973 63,351,093 $ 0.33 $ 19,802 62,673,887 $ 0.32 Dilutive shares 168,662 167,064 Diluted earnings per share: Income available to common stockholders $ 20,973 63,519,755 $ 0.33 $ 19,802 62,840,951 $ 0.32 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Fair value US Treasury obligations $ 8,003 44 — 8,047 Agency obligations 79,307 296 (3 ) 79,600 Mortgage-backed securities 868,946 17,856 (161 ) 886,641 State and municipal obligations 4,183 139 — 4,322 Corporate obligations 5,016 72 (13 ) 5,075 Equity securities 397 124 — 521 $ 965,852 18,531 (177 ) 984,206 December 31, 2015 Amortized Gross Gross Fair US Treasury obligations $ 8,006 — (2 ) 8,004 Agency Obligations 82,396 82 (148 ) 82,330 Mortgage-backed securities 857,430 9,828 (3,397 ) 863,861 State and municipal obligations 4,193 115 — 4,308 Corporate obligations 5,516 6 (10 ) 5,512 Equity securities 397 122 — 519 $ 957,938 10,153 (3,557 ) 964,534 |
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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 4,197 8 — 4,205 Mortgage-backed securities 1,403 55 — 1,458 State and municipal obligations 457,427 18,557 (251 ) 475,733 Corporate obligations 9,907 52 (6 ) 9,953 $ 472,934 18,672 (257 ) 491,349 December 31, 2015 Amortized cost Gross unrealized gains Gross unrealized losses Fair value Agency obligations $ 4,096 9 (8 ) 4,097 Mortgage-backed securities 1,597 61 — 1,658 State and municipal obligations 458,062 15,094 (495 ) 472,661 Corporate obligations 9,929 11 (25 ) 9,915 $ 473,684 15,175 (528 ) 488,331 |
Available-for-sale Securities [Member] | |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of securities available for sale at March 31, 2016 , 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. March 31, 2016 Amortized cost Fair value Due in one year or less $ 31,520 31,566 Due after one year through five years 59,038 59,328 Due after five years through ten years 3,680 3,778 Due after ten years 2,271 2,372 $ 96,509 97,044 |
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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 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 10,033 (3 ) — — 10,033 (3 ) Mortgage-backed securities 31,086 (74 ) 16,614 (87 ) 47,700 (161 ) Corporate obligations 999 — 989 (13 ) 1,988 (13 ) $ 42,118 (77 ) 17,603 (100 ) 59,721 (177 ) December 31, 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 U.S. Treasury obligations $ 8,004 (2 ) — — 8,004 (2 ) Agency obligations 59,197 (148 ) — — 59,197 (148 ) Mortgage-backed securities 327,263 (2,427 ) 47,911 (970 ) 375,174 (3,397 ) Corporate obligations 500 — 992 (10 ) 1,492 (10 ) $ 394,964 (2,577 ) 48,903 (980 ) 443,867 (3,557 ) |
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 March 31, 2016 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. March 31, 2016 Amortized cost Fair value Due in one year or less $ 11,538 11,589 Due after one year through five years 52,697 53,797 Due after five years through ten years 221,145 231,977 Due after ten years 186,151 192,528 $ 471,531 489,891 |
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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 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 State and municipal obligations 10,388 (71 ) 9,984 (180 ) 20,372 (251 ) Corporate obligations 1,245 (6 ) — — 1,245 (6 ) $ 11,633 (77 ) 9,984 (180 ) 21,617 (257 ) December 31, 2015 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ 1,244 (6 ) 278 (2 ) 1,522 (8 ) State and municipal obligations 24,266 (165 ) 17,746 (330 ) 42,012 (495 ) Corporate obligations 5,840 (18 ) 744 (7 ) 6,584 (25 ) $ 31,350 (189 ) 18,768 (339 ) 50,118 (528 ) |
Loans Receivable and Allowanc21
Loans Receivable and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Summarized Loans Receivable | Loans receivable at March 31, 2016 and December 31, 2015 are summarized as follows (in thousands): March 31, 2016 December 31, 2015 Mortgage loans: Residential $ 1,263,109 1,254,036 Commercial 1,709,054 1,714,923 Multi-family 1,318,143 1,233,792 Construction 309,656 331,649 Total mortgage loans 4,599,962 4,534,400 Commercial loans 1,479,145 1,433,447 Consumer loans 556,056 566,175 Total gross loans 6,635,163 6,534,022 Purchased credit-impaired ("PCI") loans 2,683 3,435 Premiums on purchased loans 6,011 5,740 Unearned discounts (40 ) (41 ) Net deferred fees (5,690 ) (5,482 ) Total loans $ 6,638,127 6,537,674 |
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): March 31, 2016 30-59 Days 60-89 Days Non-accrual Recorded Total Past Due Current Total Loans Receivable Mortgage loans: Residential $ 9,002 4,491 14,063 — 27,556 1,235,553 1,263,109 Commercial 1,115 3,351 1,306 — 5,772 1,703,282 1,709,054 Multi-family 47 751 1,240 — 2,038 1,316,105 1,318,143 Construction — — 2,517 — 2,517 307,139 309,656 Total mortgage loans 10,164 8,593 19,126 — 37,883 4,562,079 4,599,962 Commercial loans 1,108 — 28,527 — 29,635 1,449,510 1,479,145 Consumer loans 2,762 441 2,996 — 6,199 549,857 556,056 Total gross loans $ 14,034 9,034 50,649 — 73,717 6,561,446 6,635,163 December 31, 2015 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Mortgage loans: Residential $ 8,983 5,434 12,031 — 26,448 1,227,588 1,254,036 Commercial 1,732 543 1,263 — 3,538 1,711,385 1,714,923 Multi-family 763 506 742 — 2,011 1,231,781 1,233,792 Construction — — 2,351 — 2,351 329,298 331,649 Total mortgage loans 11,478 6,483 16,387 — 34,348 4,500,052 4,534,400 Commercial loans 632 801 23,875 165 25,473 1,407,974 1,433,447 Consumer loans 3,603 1,194 4,109 — 8,906 557,269 566,175 Total gross loans $ 15,713 8,478 44,371 165 68,727 6,465,295 6,534,022 |
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): March 31, 2016 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 26,688 25,186 2,319 54,193 Collectively evaluated for impairment 4,573,274 1,453,959 553,737 6,580,970 Total gross loans $ 4,599,962 1,479,145 556,056 6,635,163 December 31, 2015 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Individually evaluated for impairment $ 26,743 21,756 2,368 50,867 Collectively evaluated for impairment 4,507,657 1,411,691 563,807 6,483,155 Total gross loans $ 4,534,400 1,433,447 566,175 6,534,022 |
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): March 31, 2016 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Total Individually evaluated for impairment $ 2,167 2,796 90 5,053 5,053 Collectively evaluated for impairment 28,682 25,459 2,997 57,138 57,138 Total gross loans $ 30,849 28,255 3,087 62,191 62,191 December 31, 2015 Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Total Individually evaluated for impairment $ 2,086 91 94 2,271 2,271 Collectively evaluated for impairment 30,008 25,738 3,407 59,153 59,153 Total gross loans $ 32,094 25,829 3,501 61,424 61,424 |
Schedule of Troubled Debt Restructuring | The following tables present the number of loans modified as TDRs during the three months ended March 31, 2016 and 2015 along with their balances immediately prior to the modification date and post-modification as of March 31, 2016 and 2015 . There were no loans modified as TDRs during the three months ended March 31, 2106. For the three months ended March 31, 2016 March 31, 2015 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 — $ — $ — 2 $ 322 $ 321 Construction — — — 1 2,600 347 Total mortgage loans — — — 3 2,922 668 Commercial loans — — — 4 6,659 6,898 Consumer loans — — — 1 44 42 Total restructured loans — $ — $ — 8 $ 9,625 $ 7,608 |
Schedule of Troubled Debt Restructurings Subsequently Defaulted | The following table presents loans modified as TDRs within the 12 month periods ending March 31, 2016 and 2015 , and for which there was a payment default (90 days or more past due) within the respective one year period: March 31, 2016 March 31, 2015 Troubled Debt Restructurings Subsequently Defaulted Number of Loans Outstanding Recorded Investment Number of Loans Outstanding Recorded Investment ($ in thousands) Mortgage loans: Construction 1 $ 2,517 — $ — Total mortgage loans 1 2,517 — — Commercial loans 4 6,809 — $ — Total restructured loans 5 $ 9,326 — $ — |
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 months ended March 31, 2016 and 2015 (in thousands): Three months ended March 31, 2016 2015 Beginning balance $ 676 $ 695 Acquisition — — Accretion (421 ) (198 ) Reclassification from non-accretable discount 248 184 Ending balance $ 503 $ 681 |
Schedule of Allowance for Loan Losses by Portfolio Segment | The activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2016 and 2015 was as follows (in thousands): Three months ended March 31, Mortgage loans Commercial loans Consumer loans Total Portfolio Segments Unallocated Total 2016 Balance at beginning of period $ 32,094 25,829 3,501 61,424 — 61,424 Provision charged to operations (1,193 ) 2,958 (265 ) 1,500 — 1,500 Recoveries of loans previously charged-off 172 91 316 579 — 579 Loans charged-off (224 ) (623 ) (465 ) (1,312 ) — (1,312 ) Balance at end of period $ 30,849 28,255 3,087 62,191 — 62,191 2015 Balance at beginning of period $ 31,977 24,381 4,881 61,239 495 61,734 Provision charged to operations 1,038 (477 ) 284 845 (245 ) 600 Recoveries of loans previously charged-off 65 215 211 491 — 491 Loans charged-off (194 ) (422 ) (1,099 ) (1,715 ) — (1,715 ) Balance at end of period $ 32,886 23,697 4,277 60,860 250 61,110 |
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): March 31, 2016 December 31, 2015 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 $ 11,046 8,121 — 8,148 106 12,144 8,799 — 9,079 451 Commercial — — — — — — — — — — Multi-family — — — — — — — — — — Construction 2,553 2,517 — 2,505 — 2,358 2,351 — 1,170 16 Total 13,599 10,638 — 10,653 106 14,502 11,150 — 10,249 467 Commercial loans 15,198 14,570 — 14,672 — 23,754 21,144 — 21,875 747 Consumer loans 1,543 1,046 — 1,066 24 1,560 1,082 — 1,121 48 Total impaired loans $ 30,340 26,254 — 26,391 130 39,816 33,376 — 33,245 1,262 Loans with an allowance recorded Mortgage loans: Residential $ 15,889 14,826 1,989 14,865 147 14,997 14,353 1,901 14,500 505 Commercial 1,224 1,224 178 1,232 15 1,240 1,240 185 1,361 63 Multi-family — — — — — — — — — — Construction — — — — — — — — — — Total 17,113 16,050 2,167 16,097 162 16,237 15,593 2,086 15,861 568 Commercial loans 12,709 10,616 2,796 10,770 12 612 612 91 807 52 Consumer loans 1,284 1,273 90 1,279 16 1,297 1,286 94 1,312 67 Total impaired loans $ 31,106 27,939 5,053 28,146 190 18,146 17,491 2,271 17,980 687 Total impaired loans Mortgage loans: Residential $ 26,935 22,947 1,989 23,013 253 27,141 23,152 1,901 23,579 956 Commercial 1,224 1,224 178 1,232 15 1,240 1,240 185 1,361 63 Multi-family — — — — — — — — — — Construction 2,553 2,517 — 2,505 — 2,358 2,351 — 1,170 16 Total 30,712 26,688 2,167 26,750 268 30,739 26,743 2,086 26,110 1,035 Commercial loans 27,907 25,186 2,796 25,442 12 24,366 21,756 91 22,682 799 Consumer loans 2,827 2,319 90 2,345 40 2,857 2,368 94 2,433 115 Total impaired loans $ 61,446 54,193 5,053 54,537 320 57,962 50,867 2,271 51,225 1,949 |
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 March 31, 2016 Residential Commercial mortgage Multi- family Construction Total mortgages Commercial Consumer Total loans Special mention $ 4,491 27,574 — — 32,065 56,931 441 89,437 Substandard 14,063 12,652 1,991 2,517 31,223 36,005 2,942 70,170 Doubtful — — — — — 4,002 — 4,002 Loss — — — — — — — — Total classified and criticized 18,554 40,226 1,991 2,517 63,288 96,938 3,383 163,609 Pass/Watch 1,244,555 1,668,828 1,316,152 307,139 4,536,674 1,382,207 552,673 6,471,554 Total $ 1,263,109 1,709,054 1,318,143 309,656 4,599,962 1,479,145 556,056 6,635,163 At December 31, 2015 Residential Commercial mortgage Multi- family Construction Total mortgages Commercial Consumer Total loans Special mention $ 5,434 29,363 1,080 — 35,877 76,464 1,194 113,535 Substandard 12,031 19,451 1,248 2,351 35,081 38,654 4,054 77,789 Doubtful — — — — — 8 — 8 Loss — — — — — — — — Total classified and criticized 17,465 48,814 2,328 2,351 70,958 115,126 5,248 191,332 Pass/Watch 1,236,571 1,666,109 1,231,464 329,298 4,463,442 1,318,321 560,927 6,342,690 Total $ 1,254,036 1,714,923 1,233,792 331,649 4,534,400 1,433,447 566,175 6,534,022 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits | Deposits at March 31, 2016 and December 31, 2015 are summarized as follows (in thousands): March 31, 2016 December 31, 2015 Savings $ 1,005,430 985,478 Money market 1,546,619 1,468,352 NOW 1,621,395 1,540,894 Non-interest bearing 1,185,800 1,189,542 Certificates of deposit 795,618 739,721 Total deposits $ 6,154,862 5,923,987 |
Components of Net Periodic Be23
Components of Net Periodic Benefit Cost (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 months ended March 31, 2016 and 2015 includes the following components (in thousands): Three months ended March 31, Pension benefits Other post- retirement benefits 2016 2015 2016 2015 Service cost $ — — 38 42 Interest cost 312 284 284 281 Expected return on plan assets (612 ) (633 ) — — Amortization of prior service cost — — — — Amortization of the net loss 236 194 — — Net periodic benefit (increase) cost $ (64 ) (155 ) 322 323 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 , by level within the fair value hierarchy: Fair Value Measurements at Reporting Date Using: (In thousands) March 31, 2016 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 $ 8,047 8,047 — — Agency obligations 79,600 79,600 — — Mortgage-backed securities 886,641 — 886,641 — State and municipal obligations 4,322 — 4,322 — Corporate obligations 5,075 — 5,075 — Equity securities 521 521 — — Total securities available for sale 984,206 88,168 896,038 — Derivative assets 14,407 — 14,407 — $ 998,613 88,168 910,445 — Derivative liabilities $ 15,565 — 15,565 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 10,136 — — 10,136 Foreclosed assets 11,029 — — 11,029 $ 21,165 — — 21,165 Fair Value Measurements at Reporting Date Using: (In thousands) December 31, 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 $ 8,004 8,004 — — Agency obligations 82,330 82,330 — — Mortgage-backed securities 863,861 — 863,861 — State and municipal obligations 4,308 — 4,308 — Corporate obligations 5,512 — 5,512 — Equity securities 519 519 — — $ 964,534 90,853 873,681 — Derivative assets 6,854 — 6,854 — $ 971,388 90,853 880,535 — Derivative liabilities $ 6,745 — 6,745 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 9,481 — — 9,481 Foreclosed assets 10,546 — — 10,546 $ 20,027 — — 20,027 |
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 March 31, 2016 and December 31, 2015 . Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at March 31, 2016 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 $ 108,111 108,111 108,111 — — Securities available for sale: US Treasury obligations 8,047 8,047 8,047 — — Agency obligations 79,600 79,600 79,600 — — Mortgage-backed securities 886,641 886,641 — 886,641 — State and municipal obligations 4,322 4,322 — 4,322 — Corporate obligations 5,075 5,075 — 5,075 — Equity securities 521 521 521 — — Total securities available for sale $ 984,206 984,206 88,168 896,038 — Investment securities held to maturity: Agency obligations 4,197 4,205 4,205 — — Mortgage-backed securities 1,403 1,458 — 1,458 — State and municipal obligations 457,427 475,733 — 475,733 — Corporate obligations 9,907 9,953 — 9,953 — Total securities held to maturity $ 472,934 491,349 4,205 487,144 — FHLBNY stock 72,135 72,135 72,135 — — Loans, net of allowance for loan losses 6,575,936 6,557,405 — — 6,557,405 Derivative assets 14,407 14,407 — 14,407 — Financial liabilities: Deposits other than certificates of deposits $ 5,359,244 5,359,244 5,359,244 — — Certificates of deposit 795,618 797,686 — 797,686 — Total deposits $ 6,154,862 6,156,930 5,359,244 797,686 — Borrowings 1,570,141 1,587,301 — 1,587,301 — Derivative liabilities 15,565 15,565 — 15,565 — Fair Value Measurements at December 31, 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 $ 102,226 102,226 102,226 — — Securities available for sale: US Treasury obligations 8,004 8,004 8,004 — — Agency obligations 82,330 82,330 82,330 — — Mortgage-backed securities 863,861 863,861 — 863,861 — State and municipal obligations 4,308 4,308 — 4,308 — Corporate obligations 5,512 5,512 — 5,512 — Equity securities 519 519 519 — — Total securities available for sale $ 964,534 964,534 90,853 873,681 — Investment securities held to maturity: Agency obligations $ 4,096 4,097 4,097 — — Mortgage-backed securities 1,597 1,658 — 1,658 — State and municipal obligations 458,062 472,661 — 472,661 — Corporate obligations 9,929 9,915 — 9,915 — Total securities held to maturity $ 473,684 488,331 4,097 484,234 — FHLBNY stock 78,181 78,181 78,181 — — Loans, net of allowance for loan losses 6,476,250 6,509,502 — — 6,509,502 Derivative assets 6,854 6,854 — 6,854 — Financial liabilities: Deposits other than certificates of deposits $ 5,184,266 5,184,266 5,184,266 — — Certificates of deposit 739,721 742,020 — 742,020 — Total deposits $ 5,923,987 5,926,286 5,184,266 742,020 — Borrowings 1,707,632 1,726,726 — 1,726,726 — Derivative liabilities 6,745 6,745 — 6,745 — |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive income (loss) both gross and net of tax, for the three months ended March 31, 2016 and 2015 (in thousands): Three months ended March 31, 2016 2015 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax Components of Other Comprehensive Income: Unrealized gains and losses on securities available for sale: Net gains arising during the period $ 11,856 (4,762 ) 7,094 6,202 (2,491 ) 3,711 Reclassification adjustment for gains included in net income (96 ) 39 (57 ) (2 ) 1 (1 ) Total 11,760 (4,723 ) 7,037 6,200 (2,490 ) 3,710 Unrealized losses on derivatives (cash flow hedges) (704 ) 283 (421 ) — — — Amortization related to post-retirement obligations 165 (66 ) 99 (7 ) 3 (4 ) Total other comprehensive income $ 11,221 (4,506 ) 6,715 6,193 (2,487 ) 3,706 |
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 months ended March 31, 2016 and 2015 (in thousands): Changes in Accumulated Other Comprehensive Income by Component, net of tax For the three months ended March 31, 2016 2015 Unrealized Sale Post Retirement Unrealized (losses) on Derivatives (cash flow hedges) Accumulated Unrealized Sale Post Retirement Accumulated Balance at December 31, $ 3,951 (6,424 ) (73 ) (2,546 ) 7,743 (7,714 ) 29 Current - period other comprehensive income 7,037 99 (421 ) 6,715 3,710 (4 ) 3,706 Balance at March 31, $ 10,988 (6,325 ) (494 ) 4,169 11,453 (7,718 ) 3,735 |
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 months ended March 31, 2016 and 2015 (in thousands): Reclassifications Out of Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended March 31, Affected line item in the Consolidated 2016 2015 Details of AOCI: Securities available for sale: Realized net gains on the sale of securities available for sale $ 96 2 Net gain on securities transactions (39 ) (1 ) Income tax expense 57 1 Net of tax Post-retirement obligations: Amortization of actuarial losses 236 194 Compensation and employee benefits (1) (95 ) (79 ) Income tax expense 141 115 Net of tax Total reclassifications $ 198 116 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 Activ26
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 (in thousands): At March 31, 2016 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 $ 14,399 Other liabilities $ 14,714 Credit contracts Other assets 8 26 Total derivatives not designated as hedging instruments $ 14,407 $ 14,740 Derivatives designated as a a hedging instrument: Interest rate products Other assets $ — Other liabilities $ 825 Total derivatives designated as a hedging instrument $ — $ 825 At December 31, 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 $ 6,849 Other liabilities $ 6,623 Credit contracts Other assets 5 — Total derivatives not designated as hedging instruments $ 6,854 $ 6,623 Derivatives designated as a a hedging instrument: Interest rate products Other assets $ — Other liabilities $ 122 Total derivatives designated as a hedging instrument $ — $ 122 |
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 months ended March 31, 2016 (in thousands). Gain (loss) recognized in income on derivatives for the three months ended Consolidated Statements of Income March 31, 2016 March 31, 2015 Derivatives not designated as a hedging instruments: Interest rate products Other income $ (540 ) $ (65 ) Credit contracts Other income 104 1 Total $ (436 ) $ (64 ) Derivatives designated as a hedging instruments: Interest Rate Products Other income $ (145 ) $ — Total $ (145 ) $ — |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Narrative) (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||
Anti-dilutive stock options and awards excluded from computation of earnings per share | 633,989 | 818,059 |
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||
Net income | $ 20,973 | $ 19,802 |
Income available to common stockholders, basic | 20,973 | 19,802 |
Income available to common stockholders, diluted | $ 20,973 | $ 19,802 |
Weighted average common shares outstanding, basic (in shares) | 63,351,093 | 62,673,887 |
Dilutive shares (in shares) | 168,662 | 167,064 |
Weighted average common shares outstanding, diluted (in shares) | 63,519,755 | 62,840,951 |
Income available to common stockholders, per share amount, basic (usd per share) | $ 0.33 | $ 0.32 |
Income available to common stockholders, per share amount, diluted (in shares) | $ 0.33 | $ 0.32 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - The MDE Group [Member] | Apr. 01, 2015USD ($) |
Business Acquisition [Line Items] | |
Acquired goodwill | $ 18,300,000 |
Contingent consideration liability | 338,000 |
Contingent consideration maximum amount | 12,500,000 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Intangible customer relationship | $ 7,000,000 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) | 3 Months Ended | ||
Mar. 31, 2016USD ($)positionsecurity | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)positionsecurity | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities available for sale, at fair value | $ 984,206,000 | $ 964,534,000 | |
Investment securities held to maturity | $ 472,934,000 | $ 473,684,000 | |
Total number of all held to maturity and available for sale securities in an unrealized loss position | security | 53 | 163 | |
Amortized cost | $ 965,852,000 | $ 957,938,000 | |
Gross gains | 95,000 | ||
Gross losses | 0 | ||
Proceeds from maturities, prepayments and calls of short-term investments | 0 | ||
Proceeds from maturities, calls and paydowns of securities available for sale | $ 40,818,000 | $ 45,848,000 | |
Proceeds from calls on securities available for sale | 465,000 | ||
Recognized gain on calls of securities | 2,000 | ||
Number of securities in an unrealized loss position | position | 15 | 64 | |
Other-than-temporary impairment charges, net | $ 0 | ||
Recognized gain (loss) on calls of securities held to maturity portfolio | 1,000 | 0 | |
Proceeds from calls of held to maturity securities | 516,000 | 4,100,000 | |
Proceeds from maturities, calls and paydowns of investment securities held to maturity | 11,805,000 | 5,343,000 | |
Investment securities held to maturity, fair value | $ 491,349,000 | $ 488,331,000 | |
Number of securities in an unrealized loss position | position | 38 | 99 | |
Available-for-sale Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Proceeds from the sale of securities available for sale | $ 2,106,000 | ||
Gross losses | $ 0 | ||
Proceeds from maturities, calls and paydowns of securities available for sale | 0 | ||
Private Label Mortgage-Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | $ 690,000 | ||
Number of securities in an unrealized loss position | position | 3 | ||
Unrealized losses | $ 5,000 | ||
Mortgage-Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Investment securities held to maturity | 1,400,000 | ||
Investment securities held to maturity, fair value | 1,500,000 | ||
Equity Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities available for sale, at fair value | 521,000 | $ 519,000 | |
Amortized cost | 397,000 | 397,000 | |
Mortgage-Backed Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Securities available for sale, at fair value | 886,641,000 | 863,861,000 | |
Investment securities held to maturity | 1,403,000 | 1,597,000 | |
Amortized cost | 868,946,000 | 857,430,000 | |
Investment securities held to maturity, fair value | $ 1,458,000 | $ 1,658,000 |
Investment Securities (Securiti
Investment Securities (Securities Available for Sale) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 965,852 | $ 957,938 |
Gross unrealized gains | 18,531 | 10,153 |
Gross unrealized losses | (177) | (3,557) |
Fair value | 984,206 | 964,534 |
US Treasury Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 8,003 | 8,006 |
Gross unrealized gains | 44 | 0 |
Gross unrealized losses | 0 | (2) |
Fair value | 8,047 | 8,004 |
Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 79,307 | 82,396 |
Gross unrealized gains | 296 | 82 |
Gross unrealized losses | (3) | (148) |
Fair value | 79,600 | 82,330 |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 868,946 | 857,430 |
Gross unrealized gains | 17,856 | 9,828 |
Gross unrealized losses | (161) | (3,397) |
Fair value | 886,641 | 863,861 |
State And Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 4,183 | 4,193 |
Gross unrealized gains | 139 | 115 |
Gross unrealized losses | 0 | 0 |
Fair value | 4,322 | 4,308 |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 5,016 | 5,516 |
Gross unrealized gains | 72 | 6 |
Gross unrealized losses | (13) | (10) |
Fair value | 5,075 | 5,512 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 397 | 397 |
Gross unrealized gains | 124 | 122 |
Gross unrealized losses | 0 | 0 |
Fair value | $ 521 | $ 519 |
Investment Securities (Investme
Investment Securities (Investment Securities Available for Sale by Contractual Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 965,852 | $ 957,938 |
Securities available for sale, at fair value | 984,206 | $ 964,534 |
Available-for-sale Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, amortized cost | 31,520 | |
Due after one year through five years, amortized cost | 59,038 | |
Due after five years through ten years, amortized cost | 3,680 | |
Due after ten years, amortized cost | 2,271 | |
Amortized cost | 96,509 | |
Due in one year or less, fair value | 31,566 | |
Due after one year through five years, fair value | 59,328 | |
Due after five years through ten years, fair value | 3,778 | |
Due after ten years , fair value | 2,372 | |
Securities available for sale, at fair value | $ 97,044 |
Investment Securities (Disclosu
Investment Securities (Disclosure Regarding Length of Time on Securities Available for Sale with Temporary Impairment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | $ 42,118 | $ 394,964 |
Less than 12 months, gross unrealized losses | (77) | (2,577) |
12 months or longer, fair value | 17,603 | 48,903 |
12 months or longer, gross unrealized losses | (100) | (980) |
Total, fair value | 59,721 | 443,867 |
Total, gross unrealized losses | (177) | (3,557) |
US Treasury Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 8,004 | |
Less than 12 months, gross unrealized losses | (2) | |
12 months or longer, fair value | 0 | |
12 months or longer, gross unrealized losses | 0 | |
Total, fair value | 8,004 | |
Total, gross unrealized losses | 0 | (2) |
Agency Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 10,033 | 59,197 |
Less than 12 months, gross unrealized losses | (3) | (148) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 10,033 | 59,197 |
Total, gross unrealized losses | (3) | (148) |
Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 31,086 | 327,263 |
Less than 12 months, gross unrealized losses | (74) | (2,427) |
12 months or longer, fair value | 16,614 | 47,911 |
12 months or longer, gross unrealized losses | (87) | (970) |
Total, fair value | 47,700 | 375,174 |
Total, gross unrealized losses | (161) | (3,397) |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 999 | 500 |
Less than 12 months, gross unrealized losses | 0 | 0 |
12 months or longer, fair value | 989 | 992 |
12 months or longer, gross unrealized losses | (13) | (10) |
Total, fair value | 1,988 | 1,492 |
Total, gross unrealized losses | $ (13) | $ (10) |
Investment Securities (Invest34
Investment Securities (Investment Securities Held to Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 472,934 | $ 473,684 |
Gross unrealized gains | 18,672 | 15,175 |
Gross unrealized losses | (257) | (528) |
Fair value | 491,349 | 488,331 |
Agency Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 4,197 | 4,096 |
Gross unrealized gains | 8 | 9 |
Gross unrealized losses | 0 | (8) |
Fair value | 4,205 | 4,097 |
Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 1,403 | 1,597 |
Gross unrealized gains | 55 | 61 |
Gross unrealized losses | 0 | 0 |
Fair value | 1,458 | 1,658 |
State And Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 457,427 | 458,062 |
Gross unrealized gains | 18,557 | 15,094 |
Gross unrealized losses | (251) | (495) |
Fair value | 475,733 | 472,661 |
Corporate Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 9,907 | 9,929 |
Gross unrealized gains | 52 | 11 |
Gross unrealized losses | (6) | (25) |
Fair value | $ 9,953 | $ 9,915 |
Investment Securities (Securi35
Investment Securities (Securities Held to Maturity by Contractual Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 472,934 | $ 473,684 |
Fair value | 491,349 | $ 488,331 |
Available-for-sale Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less, amortized cost | 11,538 | |
Due after one year through five years, amortized cost | 52,697 | |
Due after five years through ten years, amortized cost | 221,145 | |
Due after ten years, amortized cost | 186,151 | |
Amortized cost | 471,531 | |
Due in one year or less, fair value | 11,589 | |
Due after one year through five years, fair value | 53,797 | |
Due after five years through ten years, fair value | 231,977 | |
Due after ten years, fair value | 192,528 | |
Fair value | $ 489,891 |
Investment Securities (Disclo36
Investment Securities (Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | $ 11,633 | $ 31,350 |
Less than 12 months, gross unrealized losses | (77) | (189) |
12 months or longer, fair value | 9,984 | 18,768 |
12 months or longer, gross unrealized losses | (180) | (339) |
Total, fair value | 21,617 | 50,118 |
Total, gross unrealized losses | (257) | (528) |
Agency Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 1,244 | |
Less than 12 months, gross unrealized losses | (6) | |
12 months or longer, fair value | 278 | |
12 months or longer, gross unrealized losses | (2) | |
Total, fair value | 1,522 | |
Total, gross unrealized losses | (8) | |
State And Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 10,388 | 24,266 |
Less than 12 months, gross unrealized losses | (71) | (165) |
12 months or longer, fair value | 9,984 | 17,746 |
12 months or longer, gross unrealized losses | (180) | (330) |
Total, fair value | 20,372 | 42,012 |
Total, gross unrealized losses | (251) | (495) |
Corporate Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 1,245 | 5,840 |
Less than 12 months, gross unrealized losses | (6) | (18) |
12 months or longer, fair value | 0 | 744 |
12 months or longer, gross unrealized losses | 0 | (7) |
Total, fair value | 1,245 | 6,584 |
Total, gross unrealized losses | $ (6) | $ (25) |
Loans Receivable and Allowanc37
Loans Receivable and Allowance for Loan Losses (Narrative) (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016USD ($)SecurityLoantroubled_debt_restructuringContractborrower | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)SecurityLoantroubled_debt_restructuringContractborrower | May. 30, 2014USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Principal amount of nonaccrual loans | $ 50,600,000 | $ 44,400,000 | ||
Loans less than 90 days past due | $ 13,100,000 | $ 18,300,000 | ||
Number of loans 90 days past due and still accruing | Contract | 0 | 1 | ||
Recorded Investment greater than 90 days accruing | $ 0 | $ 165,000 | ||
Impaired loan defined floor limit (greater than) | $ 1,000,000 | |||
Impaired loans number | SecurityLoan | 151 | 148 | ||
Impaired loans | $ 54,193,000 | $ 50,867,000 | ||
Number of troubled debt restructurings | troubled_debt_restructuring | 119 | 122 | ||
Number of borrowers | borrower | 117 | 120 | ||
Loans and leases receivable, impaired, nonperforming, accrual of interest | $ 25,100,000 | $ 26,000,000 | ||
Weighted average modified interest rate | 5.90% | |||
Weighted average prior modification rate | 5.83% | |||
Interest income | 73,974,000 | $ 72,231,000 | ||
Average balance of impaired loans | 54,500,000 | 51,225,000 | ||
Team Capital Bank [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of acquired loans | $ 5,220,000 | |||
Decrease in PCI loans | 750,000 | |||
Balance of PCI loans | 2,700,000 | 3,400,000 | ||
Interest income | 280,000 | 76,000 | ||
No Allowance For Loan Losses Required [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired financing receivable with no related allowance | 33,400,000 | |||
With Related Allowance For Loan Losses [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Allowances for loan losses | $ 5,100,000 | $ 2,300,000 | ||
Impaired Loans Troubled Debt Restructurings [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Allowances for loan losses | $ 31,000 |
Loans Receivable and Allowanc38
Loans Receivable and Allowance for Loan Losses (Schedule of Summarized Loans Receivable) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | $ 4,599,962 | $ 4,534,400 |
Total gross loans | 6,635,163 | 6,534,022 |
Purchased credit-impaired (PCI) loans | 2,683 | 3,435 |
Premiums on purchased loans | 6,011 | 5,740 |
Unearned discounts | (40) | (41) |
Net deferred fees | (5,690) | (5,482) |
Loans receivable | 6,638,127 | 6,537,674 |
Residential [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | 1,263,109 | 1,254,036 |
Commercial [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | 1,709,054 | 1,714,923 |
Multi-Family [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | 1,318,143 | 1,233,792 |
Construction [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total mortgage loans | 309,656 | 331,649 |
Commercial Loans [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,479,145 | 1,433,447 |
Consumer Loans [Member] | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 556,056 | $ 566,175 |
Loans Receivable and Allowanc39
Loans Receivable and Allowance for Loan Losses (Summary of Aging Loans Receivable by Portfolio Segment and Class) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 50,649 | $ 44,371 |
Recorded Investment greater than 90 days accruing | 0 | 165 |
Total Past Due | 73,717 | 68,727 |
Current | 6,561,446 | 6,465,295 |
Total loans | 6,635,163 | 6,534,022 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 28,527 | 23,875 |
Recorded Investment greater than 90 days accruing | 0 | 165 |
Total Past Due | 29,635 | 25,473 |
Current | 1,449,510 | 1,407,974 |
Total loans | 1,479,145 | 1,433,447 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,996 | 4,109 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 6,199 | 8,906 |
Current | 549,857 | 557,269 |
Total loans | 556,056 | 566,175 |
Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 19,126 | 16,387 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 37,883 | 34,348 |
Current | 4,562,079 | 4,500,052 |
Total loans | 4,599,962 | 4,534,400 |
Mortgage Loans [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 14,063 | 12,031 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 27,556 | 26,448 |
Current | 1,235,553 | 1,227,588 |
Total loans | 1,263,109 | 1,254,036 |
Mortgage Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,306 | 1,263 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 5,772 | 3,538 |
Current | 1,703,282 | 1,711,385 |
Total loans | 1,709,054 | 1,714,923 |
Mortgage Loans [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,240 | 742 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 2,038 | 2,011 |
Current | 1,316,105 | 1,231,781 |
Total loans | 1,318,143 | 1,233,792 |
Mortgage Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 2,517 | 2,351 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 2,517 | 2,351 |
Current | 307,139 | 329,298 |
Total loans | 309,656 | 331,649 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 14,034 | 15,713 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 1,108 | 632 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 2,762 | 3,603 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 10,164 | 11,478 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Mortgage Loans [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 9,002 | 8,983 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Mortgage Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 1,115 | 1,732 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Mortgage Loans [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 47 | 763 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Mortgage Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 9,034 | 8,478 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 0 | 801 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 441 | 1,194 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 8,593 | 6,483 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Mortgage Loans [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 4,491 | 5,434 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Mortgage Loans [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 3,351 | 543 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Mortgage Loans [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 751 | 506 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Mortgage Loans [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | $ 0 | $ 0 |
Loans Receivable and Allowanc40
Loans Receivable and Allowance for Loan Losses (Summary of Loans Receivable by Portfolio Segment and Impairment Method) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 54,193 | $ 50,867 |
Collectively evaluated for impairment | 6,580,970 | 6,483,155 |
Total loans | 6,635,163 | 6,534,022 |
Mortgage Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 26,688 | 26,743 |
Collectively evaluated for impairment | 4,573,274 | 4,507,657 |
Total loans | 4,599,962 | 4,534,400 |
Commercial Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 25,186 | 21,756 |
Collectively evaluated for impairment | 1,453,959 | 1,411,691 |
Total loans | 1,479,145 | 1,433,447 |
Consumer Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 2,319 | 2,368 |
Collectively evaluated for impairment | 553,737 | 563,807 |
Total loans | $ 556,056 | $ 566,175 |
Loans Receivable and Allowanc41
Loans Receivable and Allowance for Loan Losses (Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | $ 5,053 | $ 2,271 | ||
Collectively evaluated for impairment | 57,138 | 59,153 | ||
Total | 62,191 | 61,424 | $ 61,110 | $ 61,734 |
Mortgage Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 2,167 | 2,086 | ||
Collectively evaluated for impairment | 28,682 | 30,008 | ||
Total | 30,849 | 32,094 | 32,886 | 31,977 |
Commercial Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 2,796 | 91 | ||
Collectively evaluated for impairment | 25,459 | 25,738 | ||
Total | 28,255 | 25,829 | 23,697 | 24,381 |
Consumer Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 90 | 94 | ||
Collectively evaluated for impairment | 2,997 | 3,407 | ||
Total | 3,087 | 3,501 | 4,277 | 4,881 |
Total Portfolio Segments [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Individually evaluated for impairment | 5,053 | 2,271 | ||
Collectively evaluated for impairment | 57,138 | 59,153 | ||
Total | $ 62,191 | $ 61,424 | $ 60,860 | $ 61,239 |
Loans Receivable and Allowanc42
Loans Receivable and Allowance for Loan Losses (Schedule of Troubled Debt Restructurings) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)SecurityLoan | Mar. 31, 2015USD ($)SecurityLoan | |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 0 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 322 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 321 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 2,600 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 347 |
Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 0 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 2,922 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 668 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 0 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 6,659 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 6,898 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 44 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 42 |
Finance Leases Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Number of Loans | SecurityLoan | 0 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 9,625 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 7,608 |
Loans Receivable and Allowanc43
Loans Receivable and Allowance for Loan Losses (Number of TDR's and Recorded Investment) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)SecurityLoan | Mar. 31, 2015USD ($)SecurityLoan | |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 0 |
Outstanding Recorded Investment | $ | $ 2,517 | $ 0 |
Mortgage Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 1 | 0 |
Outstanding Recorded Investment | $ | $ 2,517 | $ 0 |
Commercial Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 4 | |
Outstanding Recorded Investment | $ | $ 6,809 | |
Consumer Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 0 | |
Outstanding Recorded Investment | $ | $ 0 | |
Finance Leases Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Loans | SecurityLoan | 5 | 0 |
Outstanding Recorded Investment | $ | $ 9,326 | $ 0 |
Loans Receivable and Allowanc44
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 Allowanc45
Loans Receivable and Allowance for Loan Losses (Change in Accretable Yield) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Beginning balance | $ 676 | $ 695 |
Acquisition | 0 | 0 |
Accretion | (421) | (198) |
Reclassification from non-accretable discount | 248 | 184 |
Ending balance | $ 503 | $ 681 |
Loans Receivable and Allowanc46
Loans Receivable and Allowance for Loan Losses (Schedule of Allowance for Loan Losses by Portfolio Segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | $ 61,424 | $ 61,734 |
Provision charged to operations | 1,500 | 600 |
Recoveries of loans previously charged-off | 579 | 491 |
Loans charged-off | (1,312) | (1,715) |
Balance at end of period | 62,191 | 61,110 |
Mortgage Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 32,094 | 31,977 |
Provision charged to operations | (1,193) | 1,038 |
Recoveries of loans previously charged-off | 172 | 65 |
Loans charged-off | (224) | (194) |
Balance at end of period | 30,849 | 32,886 |
Commercial Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 25,829 | 24,381 |
Provision charged to operations | 2,958 | (477) |
Recoveries of loans previously charged-off | 91 | 215 |
Loans charged-off | (623) | (422) |
Balance at end of period | 28,255 | 23,697 |
Consumer Loans [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 3,501 | 4,881 |
Provision charged to operations | (265) | 284 |
Recoveries of loans previously charged-off | 316 | 211 |
Loans charged-off | (465) | (1,099) |
Balance at end of period | 3,087 | 4,277 |
Total Portfolio Segments [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 61,424 | 61,239 |
Provision charged to operations | 1,500 | 845 |
Recoveries of loans previously charged-off | 579 | 491 |
Loans charged-off | (1,312) | (1,715) |
Balance at end of period | 62,191 | 60,860 |
Unallocated [Member] | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 0 | 495 |
Provision charged to operations | 0 | (245) |
Recoveries of loans previously charged-off | 0 | 0 |
Loans charged-off | 0 | 0 |
Balance at end of period | $ 0 | $ 250 |
Loans Receivable and Allowanc47
Loans Receivable and Allowance for Loan Losses (Summary of Impaired Loans Receivable by Class) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | $ 61,446 | $ 57,962 |
Recorded Investment | 54,193 | 50,867 |
Average Recorded Investment | 54,500 | 51,225 |
Interest Income Recognized | 320 | 1,949 |
Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 26,935 | 27,141 |
Recorded Investment | 22,947 | 23,152 |
Related Allowance | 1,989 | 1,901 |
Average Recorded Investment | 23,013 | 23,579 |
Interest Income Recognized | 253 | 956 |
Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,224 | 1,240 |
Recorded Investment | 1,224 | 1,240 |
Related Allowance | 178 | 185 |
Average Recorded Investment | 1,232 | 1,361 |
Interest Income Recognized | 15 | 63 |
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 | 2,553 | 2,358 |
Recorded Investment | 2,517 | 2,351 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 2,505 | 1,170 |
Interest Income Recognized | 0 | 16 |
Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 30,712 | 30,739 |
Recorded Investment | 26,688 | 26,743 |
Related Allowance | 2,167 | 2,086 |
Average Recorded Investment | 26,750 | 26,110 |
Interest Income Recognized | 268 | 1,035 |
Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 27,907 | 24,366 |
Recorded Investment | 25,186 | 21,756 |
Related Allowance | 2,796 | 91 |
Average Recorded Investment | 25,442 | 22,682 |
Interest Income Recognized | 12 | 799 |
Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 2,827 | 2,857 |
Recorded Investment | 2,319 | 2,368 |
Related Allowance | 90 | 94 |
Average Recorded Investment | 2,345 | 2,433 |
Interest Income Recognized | 40 | 115 |
Loans With No Related Allowance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 30,340 | 39,816 |
Impaired financing receivable with no related allowance | 26,300 | |
Average Recorded Investment | 26,391 | 33,245 |
Interest Income Recognized | 130 | 1,262 |
Loans With No Related Allowance [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 11,046 | 12,144 |
Recorded Investment | 8,121 | 8,799 |
Average Recorded Investment | 8,148 | 9,079 |
Interest Income Recognized | 106 | 451 |
Loans With No Related Allowance [Member] | Commercial [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] | 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 | 2,553 | 2,358 |
Recorded Investment | 2,517 | 2,351 |
Average Recorded Investment | 2,505 | 1,170 |
Interest Income Recognized | 0 | 16 |
Loans With No Related Allowance [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 13,599 | 14,502 |
Recorded Investment | 10,638 | 11,150 |
Average Recorded Investment | 10,653 | 10,249 |
Interest Income Recognized | 106 | 467 |
Loans With No Related Allowance [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 15,198 | 23,754 |
Recorded Investment | 14,570 | 21,144 |
Average Recorded Investment | 14,672 | 21,875 |
Interest Income Recognized | 0 | 747 |
Loans With No Related Allowance [Member] | Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,543 | 1,560 |
Recorded Investment | 1,046 | 1,082 |
Average Recorded Investment | 1,066 | 1,121 |
Interest Income Recognized | 24 | 48 |
Loans With Allowance Recorded [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 31,106 | 18,146 |
Recorded Investment | 27,939 | 17,491 |
Related Allowance | 5,053 | 2,271 |
Average Recorded Investment | 28,146 | 17,980 |
Interest Income Recognized | 190 | 687 |
Loans With Allowance Recorded [Member] | Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 15,889 | 14,997 |
Recorded Investment | 14,826 | 14,353 |
Related Allowance | 1,989 | 1,901 |
Average Recorded Investment | 14,865 | 14,500 |
Interest Income Recognized | 147 | 505 |
Loans With Allowance Recorded [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,224 | 1,240 |
Recorded Investment | 1,224 | 1,240 |
Related Allowance | 178 | 185 |
Average Recorded Investment | 1,232 | 1,361 |
Interest Income Recognized | 15 | 63 |
Loans With Allowance Recorded [Member] | Multi-Family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Loans With Allowance Recorded [Member] | Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Loans With Allowance Recorded [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 17,113 | 16,237 |
Recorded Investment | 16,050 | 15,593 |
Related Allowance | 2,167 | 2,086 |
Average Recorded Investment | 16,097 | 15,861 |
Interest Income Recognized | 162 | 568 |
Loans With Allowance Recorded [Member] | Commercial Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 12,709 | 612 |
Recorded Investment | 10,616 | 612 |
Related Allowance | 2,796 | 91 |
Average Recorded Investment | 10,770 | 807 |
Interest Income Recognized | 12 | 52 |
Loans With Allowance Recorded [Member] | Consumer Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal Balance | 1,284 | 1,297 |
Recorded Investment | 1,273 | 1,286 |
Related Allowance | 90 | 94 |
Average Recorded Investment | 1,279 | 1,312 |
Interest Income Recognized | $ 16 | $ 67 |
Loans Receivable and Allowanc48
Loans Receivable and Allowance for Loan Losses (Summary of Loans Receivable by Credit Quality Risk Rating Indicator) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | $ 4,599,962 | $ 4,534,400 |
Total loans | 6,635,163 | 6,534,022 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,263,109 | 1,254,036 |
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,709,054 | 1,714,923 |
Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,318,143 | 1,233,792 |
Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 309,656 | 331,649 |
Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 4,599,962 | 4,534,400 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,479,145 | 1,433,447 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 556,056 | 566,175 |
Total classified and criticized [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 163,609 | 191,332 |
Total classified and criticized [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 18,554 | 17,465 |
Total classified and criticized [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 40,226 | 48,814 |
Total classified and criticized [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,991 | 2,328 |
Total classified and criticized [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 2,517 | 2,351 |
Total classified and criticized [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 63,288 | 70,958 |
Total classified and criticized [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 96,938 | 115,126 |
Total classified and criticized [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3,383 | 5,248 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 89,437 | 113,535 |
Special Mention [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 4,491 | 5,434 |
Special Mention [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 27,574 | 29,363 |
Special Mention [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 1,080 |
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 | 32,065 | 35,877 |
Special Mention [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 56,931 | 76,464 |
Special Mention [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 441 | 1,194 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 70,170 | 77,789 |
Substandard [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 14,063 | 12,031 |
Substandard [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 12,652 | 19,451 |
Substandard [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,991 | 1,248 |
Substandard [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 2,517 | 2,351 |
Substandard [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 31,223 | 35,081 |
Substandard [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 36,005 | 38,654 |
Substandard [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,942 | 4,054 |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,002 | 8 |
Doubtful [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Doubtful [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Doubtful [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Doubtful [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Doubtful [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 0 | 0 |
Doubtful [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 4,002 | 8 |
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 Mortgage [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 |
Pass/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,471,554 | 6,342,690 |
Pass/Watch [Member] | Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,244,555 | 1,236,571 |
Pass/Watch [Member] | Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,668,828 | 1,666,109 |
Pass/Watch [Member] | Multi-Family [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 1,316,152 | 1,231,464 |
Pass/Watch [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 307,139 | 329,298 |
Pass/Watch [Member] | Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total mortgage loans | 4,536,674 | 4,463,442 |
Pass/Watch [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,382,207 | 1,318,321 |
Pass/Watch [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 552,673 | $ 560,927 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Banking and Thrift [Abstract] | ||
Savings | $ 1,005,430 | $ 985,478 |
Money market | 1,546,619 | 1,468,352 |
NOW | 1,621,395 | 1,540,894 |
Non-interest bearing | 1,185,800 | 1,189,542 |
Certificates of deposit | 795,618 | 739,721 |
Total deposits | $ 6,154,862 | $ 5,923,987 |
Components of Net Periodic Be50
Components of Net Periodic Benefit Cost (Narrative) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2006 | Dec. 31, 2002 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined benefit plan age of attainment | 21 years | ||
Service period for employees of coverage age, years (at least) | 1 year | ||
Defined benefit plan, percentage vested | 100.00% | ||
Retiree benefits eliminated if less than service period, years (less than) | 10 years | 10 years | |
Defined benefit plan, contributions by employer | $ 0 |
Components of Net Periodic Be51
Components of Net Periodic Benefit Cost (Net Periodic Benefit Cost (Increase)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension benefits [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 312 | 284 |
Expected return on plan assets | (612) | (633) |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss | 236 | 194 |
Net periodic benefit (increase) cost | (64) | (155) |
Other post-retirement benefits [Member] | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | 38 | 42 |
Interest cost | 284 | 281 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss | 0 | 0 |
Net periodic benefit (increase) cost | $ 322 | $ 323 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
Maximum [Member] | |
Estimated costs (up to) | 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 | Mar. 31, 2016 | Dec. 31, 2015 |
Securities available for sale: | ||
Securities available for sale, at fair value | $ 984,206 | $ 964,534 |
Derivative liabilities | 15,700 | |
Measured on a non-recurring basis: | ||
Foreclosed assets | 11,029 | 10,546 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 88,168 | 90,853 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 896,038 | 873,681 |
Derivative assets | 14,407 | 6,854 |
Derivative liabilities | 15,565 | 6,745 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
US Treasury Obligations [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 8,047 | 8,004 |
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 | 8,047 | 8,004 |
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 | 79,600 | 82,330 |
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 |
Mortgage-Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 886,641 | 863,861 |
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 |
Mortgage-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 886,641 | 863,861 |
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 | 4,322 | 4,308 |
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 | 4,322 | 4,308 |
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 | 5,075 | 5,512 |
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 | 5,075 | |
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 | 521 | 519 |
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 | 521 | 519 |
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 | 984,206 | 964,534 |
Derivative assets | 14,407 | 6,854 |
Total assets at fair value | 998,613 | 971,388 |
Derivative liabilities | 15,565 | 6,745 |
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 | 88,168 | 90,853 |
Derivative assets | 0 | 0 |
Total assets at fair value | 88,168 | 90,853 |
Derivative liabilities | 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 | 896,038 | 873,681 |
Derivative assets | 14,407 | 6,854 |
Total assets at fair value | 910,445 | 880,535 |
Derivative liabilities | 15,565 | 6,745 |
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 |
Derivative assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Derivative liabilities | 0 | 0 |
Measured on a Recurring Basis [Member] | US Treasury Obligations [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 8,047 | 8,004 |
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 | 8,047 | 8,004 |
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 | 79,600 | 82,330 |
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 | 79,600 | 82,330 |
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] | Mortgage-Backed Securities [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 886,641 | 863,861 |
Measured on a Recurring Basis [Member] | 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] | Mortgage-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale: | ||
Securities available for sale, at fair value | 886,641 | 863,861 |
Measured on a Recurring Basis [Member] | 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 | 4,322 | 4,308 |
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 | 4,322 | 4,308 |
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 | 5,075 | 5,512 |
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 | 5,075 | 5,512 |
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 | 521 | 519 |
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 | 521 | 519 |
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 | 10,136 | 9,481 |
Foreclosed assets | 11,029 | 10,546 |
Fair value, Measured on a non-recurring basis | 21,165 | 20,027 |
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 | 10,136 | 9,481 |
Foreclosed assets | 11,029 | 10,546 |
Fair value, Measured on a non-recurring basis | $ 21,165 | $ 20,027 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Financial Instruments at Carrying and Fair Values) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Financial assets: | ||||
Cash and cash equivalents | $ 108,111 | $ 102,226 | $ 90,874 | $ 103,762 |
Securities available for sale, at fair value | 984,206 | 964,534 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 472,934 | 473,684 | ||
FHLBNY stock | 72,135 | 78,181 | ||
Loans, net of allowance for loan losses | 6,575,936 | 6,476,250 | ||
Financial liabilities: | ||||
Certificates of deposit | 795,618 | 739,721 | ||
Total deposits | 6,154,862 | 5,923,987 | ||
Borrowings | 1,570,141 | 1,707,632 | ||
Derivative liabilities | 15,700 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 108,111 | 102,226 | ||
Securities available for sale, at fair value | 88,168 | 90,853 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 4,205 | 4,097 | ||
FHLBNY stock | 72,135 | 78,181 | ||
Loans, net of allowance for loan losses | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 5,359,244 | 5,184,266 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 5,359,244 | 5,184,266 | ||
Borrowings | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale, at fair value | 896,038 | 873,681 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 487,144 | 484,234 | ||
FHLBNY stock | 0 | 0 | ||
Loans, net of allowance for loan losses | 0 | 0 | ||
Derivative assets | 14,407 | 6,854 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 797,686 | 742,020 | ||
Total deposits | 797,686 | 742,020 | ||
Borrowings | 1,587,301 | 1,726,726 | ||
Derivative liabilities | 15,565 | 6,745 | ||
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 | 6,557,405 | 6,509,502 | ||
Derivative assets | 0 | 0 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Carrying Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 108,111 | 102,226 | ||
Securities available for sale, at fair value | 984,206 | 964,534 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 472,934 | 473,684 | ||
FHLBNY stock | 72,135 | 78,181 | ||
Loans, net of allowance for loan losses | 6,575,936 | 6,476,250 | ||
Derivative assets | 14,407 | 6,854 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 5,359,244 | 5,184,266 | ||
Certificates of deposit | 795,618 | 739,721 | ||
Total deposits | 6,154,862 | 5,923,987 | ||
Borrowings | 1,570,141 | 1,707,632 | ||
Derivative liabilities | 15,565 | 6,745 | ||
Fair Value [Member] | ||||
Financial assets: | ||||
Cash and cash equivalents | 108,111 | 102,226 | ||
Securities available for sale, at fair value | 984,206 | 964,534 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 491,349 | 488,331 | ||
FHLBNY stock | 72,135 | 78,181 | ||
Loans, net of allowance for loan losses | 6,557,405 | 6,509,502 | ||
Derivative assets | 14,407 | 6,854 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 5,359,244 | 5,184,266 | ||
Certificates of deposit | 797,686 | 742,020 | ||
Total deposits | 6,156,930 | 5,926,286 | ||
Borrowings | 1,587,301 | 1,726,726 | ||
Derivative liabilities | 15,565 | 6,745 | ||
US Treasury Obligations [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 8,047 | 8,004 | ||
US Treasury Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 8,047 | 8,004 | ||
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 | 8,047 | 8,004 | ||
US Treasury Obligations [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 8,047 | 8,004 | ||
Agency Obligations [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 79,600 | 82,330 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 4,205 | 4,097 | ||
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 | 79,600 | 82,330 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 4,197 | 4,096 | ||
Agency Obligations [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 79,600 | 82,330 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 4,205 | 4,097 | ||
Mortgage-Backed Securities [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 886,641 | 863,861 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 1,403 | 1,597 | ||
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 | ||
Mortgage-Backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 886,641 | 863,861 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 1,458 | 1,658 | ||
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 | ||
Mortgage-Backed Securities [Member] | Carrying Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 886,641 | 863,861 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 1,403 | 1,597 | ||
Mortgage-Backed Securities [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 886,641 | 863,861 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 1,458 | 1,658 | ||
State And Municipal Obligations [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 4,322 | 4,308 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 457,427 | 458,062 | ||
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 | 4,322 | 4,308 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 475,733 | 472,661 | ||
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 | 4,322 | 4,308 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 457,427 | 458,062 | ||
State And Municipal Obligations [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 4,322 | 4,308 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 475,733 | 472,661 | ||
Corporate Obligations [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 5,075 | 5,512 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 9,907 | 9,929 | ||
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 | 5,075 | |||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 9,953 | 9,915 | ||
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 | 5,075 | 5,512 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 9,907 | 9,929 | ||
Corporate Obligations [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 5,075 | 5,512 | ||
Investment securities held to maturity: | ||||
Investment securities held to maturity | 9,953 | 9,915 | ||
Corporate Obligations [Member] | Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 0 | |||
Corporate Obligations [Member] | Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 5,512 | |||
Corporate Obligations [Member] | Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 0 | |||
Equity Securities [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 521 | 519 | ||
Equity Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | 521 | 519 | ||
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 | 521 | 519 | ||
Equity Securities [Member] | Fair Value [Member] | ||||
Financial assets: | ||||
Securities available for sale, at fair value | $ 521 | $ 519 |
Other Comprehensive Income (Com
Other Comprehensive Income (Components of Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive (loss) income, before tax | $ 11,221 | $ 6,193 |
Total other comprehensive (loss) income, tax effect | (4,506) | (2,487) |
Current - period other comprehensive income | 6,715 | 3,706 |
Unrealized gains on securities available for sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net (losses) gains, before tax | 11,856 | 6,202 |
Reclassification adjustment, before tax | (96) | (2) |
Income tax expense | 39 | 1 |
Total other comprehensive (loss) income, before tax | 11,760 | 6,200 |
Net (losses) gains, tax effect | (4,762) | (2,491) |
Total other comprehensive (loss) income, tax effect | (4,723) | (2,490) |
Net (losses) gains, after tax | 7,094 | 3,711 |
Reclassification adjustment, after tax | (57) | (1) |
Current - period other comprehensive income | 7,037 | 3,710 |
Unrealized losses on derivatives (cash flow hedges) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive (loss) income, before tax | (704) | 0 |
Total other comprehensive (loss) income, tax effect | (283) | 0 |
Current - period other comprehensive income | (421) | 0 |
Post-retirement obligations [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total other comprehensive (loss) income, before tax | 165 | (7) |
Total other comprehensive (loss) income, tax effect | (66) | 3 |
Current - period other comprehensive income | $ 99 | $ (4) |
Other Comprehensive Income (C56
Other Comprehensive Income (Components of Accumulated Other Comprehensive Income, Net of Tax) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,196,065 | $ 1,144,099 |
Current - period other comprehensive income | 6,715 | 3,706 |
Ending Balance | 1,214,122 | 1,157,671 |
Unrealized gains on securities available for sale [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 3,951 | 7,743 |
Current - period other comprehensive income | 7,037 | 3,710 |
Ending Balance | 10,988 | 11,453 |
Post-retirement obligations [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (6,424) | (7,714) |
Current - period other comprehensive income | 99 | (4) |
Ending Balance | (6,325) | (7,718) |
Unrealized losses on derivatives (cash flow hedges) [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (73) | |
Current - period other comprehensive income | (421) | 0 |
Ending Balance | (494) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (2,546) | 29 |
Current - period other comprehensive income | 6,715 | 3,706 |
Ending Balance | $ 4,169 | $ 3,735 |
Other Comprehensive Income (Rec
Other Comprehensive Income (Reclassifications Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income tax expense | $ (8,736) | $ (8,392) |
Net income | 20,973 | 19,802 |
Unrealized gains on securities available for sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Compensation and employee benefits, amortization of actuarial losses (gains) | 96 | 2 |
Income tax expense | 39 | 1 |
Net of tax | 57 | 1 |
Reclassification adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net of tax | 198 | 116 |
Reclassification adjustment [Member] | Unrealized gains on securities available for sale [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net gain on securities transactions | 96 | 2 |
Income tax expense | (39) | (1) |
Net income | 57 | 1 |
Reclassification adjustment [Member] | Post-retirement obligations [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Compensation and employee benefits, amortization of actuarial losses (gains) | 236 | 194 |
Income tax expense | 95 | 79 |
Net of tax | $ 141 | $ 115 |
Derivatives and Hedging Activ58
Derivatives and Hedging Activities (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)instrument | Dec. 31, 2015USD ($)instrument | |
Derivative [Line Items] | ||
Derivative instruments in accumulated other comprehensive income reclassified to interest expense | $ 336 | |
Derivative liability, notional amount | 40,000 | |
Derivative liabilities | 15,700 | |
Collateral against obligations | $ 14,300 | |
Derivatives Not Designated as a Hedging Instruments [Member] | Interest rate products [Member] | ||
Derivative [Line Items] | ||
Number of derivative instruments held (in instrument) | instrument | 26 | 23 |
Derivative notional amount | $ 414,200 | $ 391,400 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Number of outstanding derivatives | instrument | 1 |
Derivatives and Hedging Activ59
Derivatives and Hedging Activities (Fair Value of Derivatives) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives Not Designated as a Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 14,407 | $ 6,854 |
Liability Derivatives | 14,740 | 6,623 |
Derivatives Not Designated as a Hedging Instruments [Member] | Other Assets [Member] | Interest rate products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 14,399 | 6,849 |
Derivatives Not Designated as a Hedging Instruments [Member] | Other Assets [Member] | Credit contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 8 | 5 |
Derivatives Not Designated as a Hedging Instruments [Member] | Other Liabilities [Member] | Interest rate products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 14,714 | 6,623 |
Derivatives Not Designated as a Hedging Instruments [Member] | Other Liabilities [Member] | Credit contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 26 | 0 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Liability Derivatives | 825 | 122 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest rate products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 0 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest rate products [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 825 | $ 122 |
Derivatives and Hedging Activ60
Derivatives and Hedging Activities (Gains and Losses on Derivatives) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivatives Not Designated as a Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income on derivatives for the three months ended | $ (436) | $ (64) |
Derivatives Not Designated as a Hedging Instruments [Member] | Other Income [Member] | Interest rate products [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income on derivatives for the three months ended | (540) | (65) |
Derivatives Not Designated as a Hedging Instruments [Member] | Other Income [Member] | Credit contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income on derivatives for the three months ended | 104 | 1 |
Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income on derivatives for the three months ended | (145) | 0 |
Designated as Hedging Instrument [Member] | Other Income [Member] | Hedge Advances [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income on derivatives for the three months ended | $ (145) | $ 0 |